Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | Apr. 30, 2023 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001625101 | |
Entity Registrant Name | Pulse Biosciences, Inc. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-34899 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 46-5696597 | |
Entity Address, Address Line One | 3957 Point Eden Way | |
Entity Address, City or Town | Hayward | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94545 | |
City Area Code | 510 | |
Local Phone Number | 906-4600 | |
Title of 12(b) Security | Common Stock, par value $0.001 per share | |
Trading Symbol | PLSE | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 37,641,892 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 54,098 | $ 61,139 |
Prepaid expenses and other current assets | 849 | 1,008 |
Total current assets | 54,947 | 62,147 |
Property and equipment, net | 1,865 | 1,961 |
Intangible assets, net | 2,384 | 2,551 |
Goodwill | 2,791 | 2,791 |
Right-of-use assets | 7,869 | 8,062 |
Other assets | 365 | 365 |
Total assets | 70,221 | 77,877 |
Current liabilities: | ||
Accounts payable | 2,160 | 1,573 |
Accrued expenses | 3,091 | 2,595 |
Deferred revenue | 4 | 0 |
Lease liability, current | 935 | 896 |
Related party note payable, current | 801 | 917 |
Total current liabilities | 6,991 | 5,981 |
Lease liability, less current portion | 8,898 | 9,144 |
Related party note payable, less current | 65,000 | 65,000 |
Total liabilities | 80,889 | 80,125 |
Commitments and contingencies (Note 13) | ||
Stockholders’ equity: | ||
Preferred stock, $0.001 par value; authorized – 50,000 shares; no shares issued and outstanding | 0 | 0 |
Common stock, $0.001 par value; authorized – 500,000 shares; issued and outstanding – 37,593 shares and 37,235 shares at March 31, 2023 and December 31, 2022, respectively | 37 | 37 |
Additional paid-in capital | 293,801 | 292,420 |
Accumulated other comprehensive income (loss) | 0 | 0 |
Accumulated deficit | (304,506) | (294,705) |
Total stockholders’ deficit | (10,668) | (2,248) |
Total liabilities and stockholders’ equity | $ 70,221 | $ 77,877 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares shares in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 50,000 | 50,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 500,000 | 500,000 |
Common stock, shares issued (in shares) | 37,593 | 37,235 |
Common stock, shares outstanding (in shares) | 37,593 | 37,235 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenues: | ||
Total revenues | $ 0 | $ 444 |
Cost and expenses: | ||
Cost of revenues | 0 | 909 |
Research and development | 5,829 | 6,769 |
Sales and marketing | 0 | 5,541 |
General and administrative | 3,733 | 4,498 |
Total cost and expenses | 9,562 | 17,717 |
Loss from operations | (9,562) | (17,273) |
Other income (expense): | ||
Interest income (expense), net | (239) | 0 |
Total other income (expense) | (239) | 0 |
Loss from operations, before income taxes | (9,801) | (17,273) |
Income tax benefit | 0 | 0 |
Net loss | (9,801) | (17,273) |
Other comprehensive gain (loss): | ||
Unrealized gain (loss) on available-for-sale securities | 0 | 0 |
Comprehensive loss | $ (9,801) | $ (17,273) |
Net loss per share: | ||
Basic and diluted net loss per share (in dollars per share) | $ (0.26) | $ (0.58) |
Weighted average shares used to compute net loss per common share — basic and diluted (in shares) | 37,390 | 29,745 |
Product [Member] | ||
Revenues: | ||
Total revenues | $ 0 | $ 444 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash flows from operating activities: | ||
Net loss | $ (9,801) | $ (17,273) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 135 | 160 |
Amortization of intangible assets | 167 | 166 |
Stock-based compensation | 896 | 2,007 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 0 | 40 |
Inventory | 0 | (1,663) |
Prepaid expenses and other current assets | 160 | 191 |
Other receivables | (1) | (39) |
Right-of-use assets | 193 | 174 |
Accounts payable | 587 | 609 |
Accrued expenses | 496 | 215 |
Deferred revenue | 4 | 0 |
Lease liabilities | (207) | (182) |
Accrued interest on related party note payable | 801 | 0 |
Accrued interest on note payable | 0 | 1 |
Net cash used in operating activities | (6,570) | (15,594) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (39) | (279) |
Net cash used in investing activities | (39) | (279) |
Cash flows from financing activities: | ||
Proceeds from issuance of common stock under employee stock purchase plan | 291 | 372 |
Proceeds from exercises of warrants | 194 | 0 |
Payments made on insurance loan agreement | 0 | (437) |
Payments made on related party note | (917) | 0 |
Net cash used in financing activities | (432) | (65) |
Net decrease in cash and cash equivalents | (7,041) | (15,938) |
Cash and cash equivalents at beginning of period | 61,139 | 28,614 |
Cash and cash equivalents at end of period | 54,098 | 12,676 |
Supplemental disclosure of noncash investing and financing activities: | ||
Equipment purchases included in accounts payable and accrued expenses | $ 0 | $ (27) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2021 | 29,716 | ||||
Balance at Dec. 31, 2021 | $ 29 | $ 271,861 | $ 0 | $ (236,200) | $ 35,690 |
Issuance of shares under employee stock purchase plan (in shares) | 86 | ||||
Issuance of shares under employee stock purchase plan | $ 0 | 372 | 0 | 0 | 372 |
Stock-based compensation expense | 0 | 2,007 | 0 | 0 | 2,007 |
Net loss | $ 0 | 0 | (17,273) | (17,273) | |
Balance (in shares) at Mar. 31, 2022 | 29,802 | ||||
Balance at Mar. 31, 2022 | $ 29 | 274,240 | 0 | (253,473) | 20,796 |
Balance (in shares) at Dec. 31, 2022 | 37,235 | ||||
Balance at Dec. 31, 2022 | $ 37 | 292,420 | 0 | (294,705) | (2,248) |
Issuance of shares under employee stock purchase plan (in shares) | 262 | ||||
Issuance of shares under employee stock purchase plan | $ 0 | 291 | 0 | 0 | 291 |
Issuance of shares upon exercise of warrants (in shares) | 96 | ||||
Issuance of shares upon exercise of warrants | $ 0 | 194 | 0 | 0 | 194 |
Stock-based compensation expense | 0 | 896 | 0 | 0 | 896 |
Net loss | $ 0 | 0 | 0 | (9,801) | (9,801) |
Balance (in shares) at Mar. 31, 2023 | 37,593 | ||||
Balance at Mar. 31, 2023 | $ 37 | $ 293,801 | $ 0 | $ (304,506) | $ (10,668) |
Note 1 - Description of Busines
Note 1 - Description of Business | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Pulse Biosciences, Inc. is a novel bioelectric medicine company committed to health innovation using its patented Nano-pulse Stimulation (“NPS”) technology, a revolutionary energy modality that delivers nanosecond-duration pulses of electrical energy, each less than a millionth of a second 2022 The Company was incorporated in Nevada on May 19, 2014. June 18, 2018, The Company’s activities are subject to significant risks and uncertainties, including the need for additional capital. The Company does not no |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared on a basis consistent with the Company’s December 31, 2022 December 31, 2022 not 10 December 31, 2022 three March 31, 2023, not Principles of Consolidation The accompanying condensed consolidated financial statements include the financial statements of Pulse Biosciences, Inc. and its wholly-owned subsidiaries. Intercompany balances and transactions, if any, have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions that affect the amounts reported in the Financial Statements and accompanying notes to the condensed consolidated financial statements. Estimates include, but are not Significant Accounting Policies The Company’s significant accounting policies are described in the Company’s Annual Report on Form 10 December 31, 2022 no three March 31, 2023 10 December 31, 2022 Valuation of Inventory Inventory is stated at lower of cost or net realizable value. The Company establishes the inventory basis by determining the cost based on standard costs approximating the purchase costs on a first first December 31, 2022, not Revenue from Contracts with Customers The Company recognized revenue at a point in time when it satisfied performance obligations by transferring control of promised goods to its customers. The amount of revenue recognized was equal to the consideration which the Company was entitled to in exchange for the promised goods, excluding any amounts assessed by government authorities for taxes which might have been collected from a customer. Sales contracts often involved the sale and delivery of multiple products, each of which typically represented a separate performance obligation in the contract. While the Company has sold these products on a stand-alone basis at their respective stand-alone selling prices (“SSP”), initial customer contracts primarily involved the bundling of products which were delivered concurrently to the customer. In such instances, the full consideration of the contract was recognized upon shipment of the products. The Company generally required receipt of full payment prior to shipment, however, from time to time, payment terms were extended to customers upon which the Company performed a necessary credit evaluation to ensure future collectability of the outstanding balance. The accounts receivable balance at March 31, 2023 zero not 10 Product Warranty The Company provides a standard warranty on eligible products which provides the customer assurances that the products comply with the agreed-upon specifications. The standard warranty does not may Warranty accrual activity consisted of the following for the three March 31, 2023 2022 Three Months Ended March 31, 2023 2022 Beginning balance $ 50 $ 80 Add: Accruals for warranties issued during the period — 17 Less: Adjustment for inventory at cost and excessive and obsolete inventory — — Ending balance $ 50 $ 97 Net Loss per Share The Company calculates basic net loss per share by dividing net loss by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by giving effect to all potential dilutive common stock equivalents outstanding during the period. For purposes of this calculation, options to purchase common stock and common stock warrants are considered common stock equivalents. Potential common shares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted net loss per share. Basic and diluted net loss per common share is the same for all periods presented because all warrants, stock options and restricted stock units outstanding are anti-dilutive. The following outstanding stock options, and warrants were excluded from the computation of diluted net loss per share for the periods presented because including them would have had an anti-dilutive effect: Three Months Ended March 31, 2023 2022 Common stock warrants 7,208,193 — Common stock options 5,608,210 5,558,884 Total 12,816,403 5,558,884 Recent Accounting Pronouncements There are no |
Note 3 - Fair Value of Financia
Note 3 - Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 3. The authoritative guidance with respect to fair value established a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three one three Level 1 1 Level 2 1, 2 Level 3 no not 3 The following table sets forth the fair value of the Company’s financial assets measured on a recurring basis as of March 31, 2023 December 31, 2022 March 31, 2023 Assets Classification Level 1 Level 2 Level 3 Total Money market funds Cash and cash equivalents $ 50,700 $ — $ — $ 50,700 Total assets measured at fair value $ 50,700 $ — $ — $ 50,700 December 31, 2022 Assets Classification Level 1 Level 2 Level 3 Total Money market funds Cash and cash equivalents $ 57,973 $ — $ — $ 57,973 Total assets measured at fair value $ 57,973 $ — $ — $ 57,973 The Company did not March 31, 2023 December 31, 2022 |
Note 4 - Balance Sheet Componen
Note 4 - Balance Sheet Components | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Supplemental Balance Sheet Disclosures [Text Block] | 4. Property and Equipment, Net Property and equipment, net consisted of the following (in thousands): March 31, December 31, 2023 2022 Leasehold improvements $ 2,519 $ 2,519 Laboratory equipment 1,149 1,118 Furniture, fixtures and equipment 966 966 Software 289 289 Construction in progress 30 22 4,953 4,914 Less: Accumulated depreciation and amortization (3,088 ) (2,953 ) $ 1,865 $ 1,961 Depreciation expense was $0.1 million and $0.2 million for the three March 31, 2023 2022 Intangible Assets, Net Intangible assets primarily consist of acquired licenses to utilize certain patents, know-how and technology relating to the Company’s NPS technology for biomedical applications acquired from Old Dominion University Research Foundation (“ODURF”), Eastern Virginia Medical School, and the University of Southern California. In addition, the Company entered into a Sponsored Research Agreement with Old Dominion University’s Frank Reidy Research Center for Bioelectrics, which includes certain intellectual property rights arising from the research. The Company is amortizing the intangible assets over an estimated useful life of 12 years. Intangible assets, net consisted of the following (in thousands): March 31, December 31, 2023 2022 Acquired patents and licenses $ 7,985 $ 7,985 Less: Accumulated amortization (5,601 ) (5,434 ) $ 2,384 $ 2,551 A schedule of the amortization of intangible assets for the remainder of 2023 Years ending December 31: 2023 (remaining 9 months) $ 498 2024 665 2025 665 2026 556 $ 2,384 Accrued Expenses Accrued expenses consisted of the following (in thousands): March 31, December 31, 2023 2022 Compensation expense $ 1,615 $ 1,377 Director and officer liability insurance (Note 12) 815 571 Clinical trial fees and costs 49 64 Professional fees 351 318 Warranty 50 50 Other 211 215 $ 3,091 $ 2,595 |
Note 5 - Goodwill
Note 5 - Goodwill | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Goodwill Disclosure [Text Block] | 5. In 2014, 805, Business Combinations In accordance with ASC Topic 350, Intangibles-Goodwill and Other 2017 04 not March 31, 2023 no |
Note 6 - Stockholders' Equity a
Note 6 - Stockholders' Equity and Stock-based Compensation | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 6. Equity and Stock-Based Compensation Rights Offering On June 9, 2022, “2022 one one “2022 one 2022 2022 2022 may 2022 2022 one Common Stock Warrants 2022 At-the-Market Equity Offering On February 4, 2021, may 415 1933, no not three March 31, 2023 2022, Common Stock Warrants In connection with the 2022 2022 2022 fifth 2022 2022 not may not three May 10, 2023, May 9, 2023 may June 16, 2023, three March 31, 2023 March 31, 2023 2022 Equity Plans 2017 2017 The Board of Directors of the Company (the “Board”) previously adopted, and the Company’s stockholders approved, the Company’s 2017 “2017 The 2017 may 2017 2015 “2015 not 2017 2017 January 1, 2023, 2017 2017 2017 December 31 March 31, 2023 2017 In November 2017, 2017 The Inducement Plan has a 10-year term, and provides for the grant of equity-based awards, including nonstatutory stock options, restricted stock units, restricted stock, stock appreciation rights, performance shares and performance units, and its terms are substantially similar to the 2017 may ten first not May 2021, March 31, 2023 A summary of stock option activity under the 2015 2017 three March 31, 2023 Stock Options Outstanding Number of shares Weighted average exercise price Weighted average remaining life (in years) Balances — December 31, 2022 5,250,696 $ 12.67 6.24 Options granted 807,300 2.92 Options exercised — — Options canceled (68,894 ) 11.24 Options expired (380,892 ) 13.07 Balances — March 31, 2023 5,608,210 $ 11.25 6.90 Exercisable — March 31, 2023 3,434,715 $ 14.72 5.66 Time-based Options The Company awards time-based options which vest and become exercisable, subject to the individual’s continued employment or service through the applicable vesting date. Time-based options can have various vesting schedules, most commonly new hire grants which generally vest 25% per year starting upon the first A summary of the time-based stock option activity under the 2015 2017 three March 31, 2023 Stock Options Outstanding Number of shares Weighted average exercise price Weighted average remaining life (in years) Balances — December 31, 2022 4,730,394 $ 12.95 6.16 Options granted 25,000 2.52 Options exercised — — Options canceled (68,894 ) 11.24 Options expired (302,720 ) 13.13 Balances — March 31, 2023 4,383,780 $ 12.91 6.34 Exercisable — March 31, 2023 3,226,526 $ 14.98 5.59 The fair value of the time-based options granted during the three March 31, 2023 Performance Options Certain stock options awarded by the Company contain performance conditions related to certain financial measures and achievements of strategic/operational milestones. The options will vest and become exercisable once the specific performance condition is fulfilled. A summary of the performance option activity under the 2017 three March 31, 2023 Stock Options Outstanding Number of shares Weighted average exercise price Weighted average remaining life (in years) Balances — December 31, 2022 520,302 $ 10.08 7.02 Options granted 782,300 2.92 Options exercised — — Options canceled — — Options expired (78,172 ) 12.84 Balances — March 31, 2023 1,224,430 $ 5.33 8.90 Exercisable — March 31, 2023 208,189 $ 10.72 6.71 The fair value of the performance options granted during the three March 31, 2023 The Company estimates the fair value of employee stock options on the grant date using the Black-Scholes option pricing model. The estimated fair value of employee stock options is amortized on a straight-line basis over the requisite service period of the awards. The Company reviews, and when deemed appropriate, updates the assumptions used on a periodic basis. The fair value of employee stock options was estimated using the following weighted-average assumptions: Three Months Ended March 31, 2023 2022 Expected term in years 6.03 6.3 - 6.8 Expected volatility 94% 83% Risk-free interest rate 3.80% 1.90% Dividend yield — — 2017 The Board previously adopted, and the Company's stockholders approved, the Company’s 2017 “2017 The 2017 2017 2017 December 31 2022 2023 no 2017 three March 31, 2023 2017 March 31, 2023 2017 The Company estimates the fair value of ESPP grants on their grant date using the Black-Scholes option pricing model. The estimated fair value of ESPP grants is amortized on a straight-line basis over the requisite service period of the grants. The Company reviews, and when deemed appropriate, updates the assumptions used on a periodic basis. The Company utilizes its estimated volatility in the Black-Scholes option pricing model to determine the fair value of ESPP grants. The fair value of ESPP grants was estimated using the following weighted-average assumptions: Three Months Ended March 31, 2023 2022 Expected term in years 0.5 - 1.0 0.5 - 1.0 Expected volatility 83% 83% Risk-free interest rate 5.1% - 5.2% 0.6% - 0.9% Dividend yield — — Stock-based Compensation Total stock-based compensation expense consisted of the following (in thousands): Three Months Ended March 31, 2023 2022 Cost of revenues $ — $ 90 Research and development 258 457 Sales and marketing — 454 General and administrative 638 1,006 Total stock-based compensation expense $ 896 $ 2,007 As of March 31, 2023 not Total stock-based compensation expense by type was as follows (in thousands): Three Months Ended March 31, 2023 2022 Time-based options $ 678 $ 1,807 Performance options 117 84 ESPP 101 116 Total stock-based compensation expense $ 896 $ 2,007 |
Note 7 - Research Grants and Ag
Note 7 - Research Grants and Agreements | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Research, Development, and Computer Software Disclosure [Text Block] | 7. Sponsored Research Agreement The Company may March 2021, 12 May 2021, 12 may three March 31, 2023 2022 zero March 31, 2023 not |
Note 8 - Commitments and Contin
Note 8 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 8. 2022 On September 20, 2022, “2022 January 1, 2023, March 20, 2024. March 17, 2023, no September 30, 2024. three March 31, 2023 2022 April 30, 2023, 2022 2022 no 2022 Operating Leases In January 2017, five July 2017. In May 2019, 1 1” 2”, October 2029 1 2. The Company evaluated the lease amendment under the provisions of ASC 842. not 1 November 2019) 2 May 2020) Supplemental balance sheet information related to leases (in thousands): March 31, December 31, Assets: 2023 2022 Right-of-use assets $ 7,869 $ 8,062 March 31, December 31, Liabilities: 2023 2022 Current operating lease liabilities $ 935 $ 896 Non-current operating lease liabilities 8,898 9,144 Total lease liabilities $ 9,833 $ 10,040 Total cash paid for operating lease liabilities (in thousands): Three Months Ended March 31, 2023 2022 Cash paid for operating lease liabilities $ 453 $ 447 Maturities of operating lease liabilities were as follows (in thousands): Year ending December 31: 2023 (remaining 9 months) $ 1,392 2024 1,910 2025 1,977 2026 2,046 2027 2,117 Thereafter 4,075 Total lease payments 13,517 Less imputed interest (3,684 ) Total lease liabilities $ 9,833 Weighted-average remaining lease term and discount rate, as of March 31, 2023, Weighted-average remaining lease term 6.59 Weighted-average discount rate 10 % Rent expense, including common area maintenance charges, was $0.5 million for each of the three March 31, 2023 2022 Legal Proceedings From time to time, we may may In November 2022, not not March 2023, one not |
Note 9 - Controlled Launch
Note 9 - Controlled Launch | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Controlled Launch [Text Block] | 9. Controlled Launch In February 2021, 510 January 2021, June 2021 February 2021, June 2021, As part of the Controlled Launch, the Company selected 70 physicians and their practices to be the first As patient procedures and surveys were completed under the Controlled Launch program, the Company accrued the value of the credits earned, which were recorded in accrued expenses, with a corresponding charge to sales and marketing expense. The Company did not three March 31, 2023 three March 31, 2022 In September 2022, fourth 2022 During the three March 31, 2023 not three March 31, 2022, three March 31, 2022. 10 |
Note 10 - Revenue
Note 10 - Revenue | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 10. The Company recognized revenue at a point in time when it satisfied performance obligations by transferring control of promised goods to its customers. The amount of revenue recognized was equal to the consideration which the Company was entitled to in exchange for the promised goods, excluding any amounts assessed by government authorities for taxes which might be collected from a customer. This consideration may September 20, 2022, three March 31, 2023 2022 zero zero Sales contracts often involve the sale and delivery of multiple performance obligations in the contract. Performance Obligations Systems consist of the CellFX console and its embedded software, handpieces, and disposable tips. The console is a physical piece of hardware used by the customer to perform patient procedures. Individually the console and software are not one Handpieces are attached to the console and used in conjunction with tips to perform patient procedures. Generally, upon initial sale of a system to a customer, the Company will include two Disposable treatment tips are single-patient multiple-use products that come in different sizes, each of which are to be used for specific procedures. Tips are attached to the handpiece for use in patient procedures and, upon detachment from the handpiece, a tip cannot be reused, and it must be disposed of. Tips represent a distinct performance obligation which is satisfied either upon shipment, or upon delivery of the tips to the customer, depending on the specific contract. CUs are credits that authorize the customer to perform a procedure, or cycle. Each procedure requires a specific number of CUs, dependent upon type of tip used and procedure level selected. As the procedure is performed, the applicable number of CUs are decremented. When the customer’s balance of CUs on a specific system is depleted, the system will no not Shipping and handling activities are not Transaction Price The transaction price is the consideration to which the Company expects to be entitled to in exchange for providing the promised goods to customers. Customer orders placed for cash contemplate a fixed amount of consideration. Customer orders placed by physicians participating in the Controlled Launch when they elected to purchase the CellFX System were paid for via conversion of accumulated earned credits for prior services provided by the physicians under the terms of their participation in the Controlled Launch. For these transactions, the transaction price included noncash consideration. The services rendered by the physicians in the Controlled Launch were accounted for separately from the subsequent sales of the CellFX Systems because they were distinct from the system sales. They were distinct because they provided the Company with treatment data that could also be procured, and historically had been procured by the Company, without the corresponding system sales. This data was used by the Company to enhance marketing and promotion of its products. The Company evaluates the possible impact of variable consideration in determining the transaction price, in particular the possibility of future returns or credits. Sales agreements allow for a right of return only if the product does not no The Company has made an accounting policy election to exclude from the measurement of the transaction price all taxes which are imposed on and concurrent with a specific revenue-producing transaction and collected by the entity from a customer. When there are multiple performance obligations present, the total transaction price shall be allocated to each of the performance obligations based upon the relative SSPs of those performance obligations. The Company establishes SSPs based on multiple factors including, prices charged by the Company for similar offerings, product-specific business objectives, and the estimated cost to provide the performance obligation. However, upon the sale of a new CellFX System, all performance obligations are delivered concurrently and therefore there is no not no Controlled Launch Agreements In August 2021 8 |
Note 11 - Segment Reporting
Note 11 - Segment Reporting | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 11. The Company operates and manages the business as one reportable and operating segment. The Company’s Chief Executive Officer acts as the chief operating decision maker (“CODM”) of the Company. The CODM reviews the results of the Company on a consolidated basis, however in making certain operating decisions and assessing performance, the CODM will additionally review the disaggregated revenue results by product and geography. Substantially all of the Company’s long-lived assets are based in the United States. Revenue by product consisted of the following (in thousands): Three Months Ended March 31, 2023 2022 Systems $ — $ 367 Cycle units — 77 Total consolidated revenue $ — $ 444 Revenue by geography consisted of the following (in thousands): Three Months Ended March 31, 2023 2022 North America $ — $ 312 Rest of World — 132 Total consolidated revenue $ — $ 444 |
Note 12 - Related Party Transac
Note 12 - Related Party Transactions | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 12. Related Party Transactions In May 2022, not May 31, 2022, one third May 31, 2023, one March 31, 2023 On September 20, 2022, 2022 April 30, 2023, 2022 2022 no 2022 8 |
Note 13 - Restructuring Charges
Note 13 - Restructuring Charges | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | 13. Restructuring Charges On March 31, 2022, March 31, 2022. March 2022 three March 31, 2022. In February 2023, seven February 2023 three March 31, 2023. |
Note 14 - Subsequent Events
Note 14 - Subsequent Events | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 14. Subsequent Events On April 30, 2023, May 9, 2023, 2022 September 20, 2022, 2022 no 2022 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared on a basis consistent with the Company’s December 31, 2022 December 31, 2022 not 10 December 31, 2022 three March 31, 2023, not |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The accompanying condensed consolidated financial statements include the financial statements of Pulse Biosciences, Inc. and its wholly-owned subsidiaries. Intercompany balances and transactions, if any, have been eliminated in consolidation. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions that affect the amounts reported in the Financial Statements and accompanying notes to the condensed consolidated financial statements. Estimates include, but are not |
Inventory, Policy [Policy Text Block] | Valuation of Inventory Inventory is stated at lower of cost or net realizable value. The Company establishes the inventory basis by determining the cost based on standard costs approximating the purchase costs on a first first December 31, 2022, not |
Revenue from Contract with Customer [Policy Text Block] | Revenue from Contracts with Customers The Company recognized revenue at a point in time when it satisfied performance obligations by transferring control of promised goods to its customers. The amount of revenue recognized was equal to the consideration which the Company was entitled to in exchange for the promised goods, excluding any amounts assessed by government authorities for taxes which might have been collected from a customer. Sales contracts often involved the sale and delivery of multiple products, each of which typically represented a separate performance obligation in the contract. While the Company has sold these products on a stand-alone basis at their respective stand-alone selling prices (“SSP”), initial customer contracts primarily involved the bundling of products which were delivered concurrently to the customer. In such instances, the full consideration of the contract was recognized upon shipment of the products. The Company generally required receipt of full payment prior to shipment, however, from time to time, payment terms were extended to customers upon which the Company performed a necessary credit evaluation to ensure future collectability of the outstanding balance. The accounts receivable balance at March 31, 2023 zero not 10 |
Standard Product Warranty, Policy [Policy Text Block] | Product Warranty The Company provides a standard warranty on eligible products which provides the customer assurances that the products comply with the agreed-upon specifications. The standard warranty does not may Warranty accrual activity consisted of the following for the three March 31, 2023 2022 Three Months Ended March 31, 2023 2022 Beginning balance $ 50 $ 80 Add: Accruals for warranties issued during the period — 17 Less: Adjustment for inventory at cost and excessive and obsolete inventory — — Ending balance $ 50 $ 97 |
Earnings Per Share, Policy [Policy Text Block] | Net Loss per Share The Company calculates basic net loss per share by dividing net loss by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by giving effect to all potential dilutive common stock equivalents outstanding during the period. For purposes of this calculation, options to purchase common stock and common stock warrants are considered common stock equivalents. Potential common shares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted net loss per share. Basic and diluted net loss per common share is the same for all periods presented because all warrants, stock options and restricted stock units outstanding are anti-dilutive. The following outstanding stock options, and warrants were excluded from the computation of diluted net loss per share for the periods presented because including them would have had an anti-dilutive effect: Three Months Ended March 31, 2023 2022 Common stock warrants 7,208,193 — Common stock options 5,608,210 5,558,884 Total 12,816,403 5,558,884 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements There are no |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | Three Months Ended March 31, 2023 2022 Beginning balance $ 50 $ 80 Add: Accruals for warranties issued during the period — 17 Less: Adjustment for inventory at cost and excessive and obsolete inventory — — Ending balance $ 50 $ 97 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Three Months Ended March 31, 2023 2022 Common stock warrants 7,208,193 — Common stock options 5,608,210 5,558,884 Total 12,816,403 5,558,884 |
Note 3 - Fair Value of Financ_2
Note 3 - Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | March 31, 2023 Assets Classification Level 1 Level 2 Level 3 Total Money market funds Cash and cash equivalents $ 50,700 $ — $ — $ 50,700 Total assets measured at fair value $ 50,700 $ — $ — $ 50,700 December 31, 2022 Assets Classification Level 1 Level 2 Level 3 Total Money market funds Cash and cash equivalents $ 57,973 $ — $ — $ 57,973 Total assets measured at fair value $ 57,973 $ — $ — $ 57,973 |
Note 4 - Balance Sheet Compon_2
Note 4 - Balance Sheet Components (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | March 31, December 31, 2023 2022 Leasehold improvements $ 2,519 $ 2,519 Laboratory equipment 1,149 1,118 Furniture, fixtures and equipment 966 966 Software 289 289 Construction in progress 30 22 4,953 4,914 Less: Accumulated depreciation and amortization (3,088 ) (2,953 ) $ 1,865 $ 1,961 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | March 31, December 31, 2023 2022 Acquired patents and licenses $ 7,985 $ 7,985 Less: Accumulated amortization (5,601 ) (5,434 ) $ 2,384 $ 2,551 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Years ending December 31: 2023 (remaining 9 months) $ 498 2024 665 2025 665 2026 556 $ 2,384 |
Schedule of Accrued Liabilities [Table Text Block] | March 31, December 31, 2023 2022 Compensation expense $ 1,615 $ 1,377 Director and officer liability insurance (Note 12) 815 571 Clinical trial fees and costs 49 64 Professional fees 351 318 Warranty 50 50 Other 211 215 $ 3,091 $ 2,595 |
Note 6 - Stockholders' Equity_2
Note 6 - Stockholders' Equity and Stock-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended March 31, 2023 2022 Cost of revenues $ — $ 90 Research and development 258 457 Sales and marketing — 454 General and administrative 638 1,006 Total stock-based compensation expense $ 896 $ 2,007 |
Share-Based Payment Arrangement, Cost by Plan [Table Text Block] | Three Months Ended March 31, 2023 2022 Time-based options $ 678 $ 1,807 Performance options 117 84 ESPP 101 116 Total stock-based compensation expense $ 896 $ 2,007 |
Share-Based Payment Arrangement, Option [Member] | |
Notes Tables | |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Three Months Ended March 31, 2023 2022 Expected term in years 6.03 6.3 - 6.8 Expected volatility 94% 83% Risk-free interest rate 3.80% 1.90% Dividend yield — — |
Performance Options [Member] | |
Notes Tables | |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Stock Options Outstanding Number of shares Weighted average exercise price Weighted average remaining life (in years) Balances — December 31, 2022 520,302 $ 10.08 7.02 Options granted 782,300 2.92 Options exercised — — Options canceled — — Options expired (78,172 ) 12.84 Balances — March 31, 2023 1,224,430 $ 5.33 8.90 Exercisable — March 31, 2023 208,189 $ 10.72 6.71 |
Time-based Options [Member] | |
Notes Tables | |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Stock Options Outstanding Number of shares Weighted average exercise price Weighted average remaining life (in years) Balances — December 31, 2022 4,730,394 $ 12.95 6.16 Options granted 25,000 2.52 Options exercised — — Options canceled (68,894 ) 11.24 Options expired (302,720 ) 13.13 Balances — March 31, 2023 4,383,780 $ 12.91 6.34 Exercisable — March 31, 2023 3,226,526 $ 14.98 5.59 |
The 2017 Employee Stock Purchase Plan [Member] | |
Notes Tables | |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Three Months Ended March 31, 2023 2022 Expected term in years 0.5 - 1.0 0.5 - 1.0 Expected volatility 83% 83% Risk-free interest rate 5.1% - 5.2% 0.6% - 0.9% Dividend yield — — |
The 2015 Plan, 2017 Plan and Inducement Plan [Member] | |
Notes Tables | |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Stock Options Outstanding Number of shares Weighted average exercise price Weighted average remaining life (in years) Balances — December 31, 2022 5,250,696 $ 12.67 6.24 Options granted 807,300 2.92 Options exercised — — Options canceled (68,894 ) 11.24 Options expired (380,892 ) 13.07 Balances — March 31, 2023 5,608,210 $ 11.25 6.90 Exercisable — March 31, 2023 3,434,715 $ 14.72 5.66 |
Note 8 - Commitments and Cont_2
Note 8 - Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Information Related to Right-of-use Assets and Lease Liabilities [Table Text Block] | March 31, December 31, Assets: 2023 2022 Right-of-use assets $ 7,869 $ 8,062 March 31, December 31, Liabilities: 2023 2022 Current operating lease liabilities $ 935 $ 896 Non-current operating lease liabilities 8,898 9,144 Total lease liabilities $ 9,833 $ 10,040 Three Months Ended March 31, 2023 2022 Cash paid for operating lease liabilities $ 453 $ 447 Year ending December 31: 2023 (remaining 9 months) $ 1,392 2024 1,910 2025 1,977 2026 2,046 2027 2,117 Thereafter 4,075 Total lease payments 13,517 Less imputed interest (3,684 ) Total lease liabilities $ 9,833 Weighted-average remaining lease term 6.59 Weighted-average discount rate 10 % |
Note 11 - Segment Reporting (Ta
Note 11 - Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended March 31, 2023 2022 Systems $ — $ 367 Cycle units — 77 Total consolidated revenue $ — $ 444 |
Revenue from External Customers by Geographic Areas [Table Text Block] | Three Months Ended March 31, 2023 2022 North America $ — $ 312 Rest of World — 132 Total consolidated revenue $ — $ 444 |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies - Warrant Accrual Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Beginning balance | $ 50 | $ 80 |
Add: Accruals for warranties issued during the period | 0 | 17 |
Less: Adjustment for inventory at cost and excessive and obsolete inventory | 0 | 0 |
Ending balance | $ 50 | $ 97 |
Note 2 - Summary of Significa_4
Note 2 - Summary of Significant Accounting Policies - Antidilutive Securities (Details) - shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Antidilutive securities (in shares) | 12,816,403 | 5,558,884 |
Warrant [Member] | ||
Antidilutive securities (in shares) | 7,208,193 | 0 |
Share-Based Payment Arrangement, Option [Member] | ||
Antidilutive securities (in shares) | 5,608,210 | 5,558,884 |
Note 3 - Fair Value of Financ_3
Note 3 - Fair Value of Financial Instruments (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value, Recurring [Member] | ||
Liabilities, Fair Value Disclosure | $ 0 | $ 0 |
Note 3 - Investments and Fair V
Note 3 - Investments and Fair Value of Financial Instruments - Financial Assets Measured on a Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Total assets measured at fair value | $ 50,700 | $ 57,973 |
Total assets measured at fair value | (50,700) | (57,973) |
Fair Value, Inputs, Level 1 [Member] | ||
Total assets measured at fair value | 50,700 | 57,973 |
Total assets measured at fair value | (50,700) | (57,973) |
Fair Value, Inputs, Level 2 [Member] | ||
Cash and Cash equivalents | 0 | |
Total assets measured at fair value | 0 | |
Total assets measured at fair value | 0 | |
Fair Value, Inputs, Level 3 [Member] | ||
Total assets measured at fair value | 0 | 0 |
Total assets measured at fair value | 0 | 0 |
Money Market Funds [Member] | ||
Cash and Cash equivalents | 50,700 | 57,973 |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and Cash equivalents | 50,700 | 57,973 |
Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Cash and Cash equivalents | 0 | 0 |
Money Market Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Cash and Cash equivalents | $ 0 | $ 0 |
Note 4 - Balance Sheet Compon_3
Note 4 - Balance Sheet Components (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Depreciation | $ 135 | $ 160 |
Finite-Lived Intangible Asset, Useful Life (Year) | 12 years |
Note 4 - Balance Sheet Compon_4
Note 4 - Balance Sheet Components - Property and Equipment, Net (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Property and equipment, gross | $ 4,953 | $ 4,914 |
Less: Accumulated depreciation and amortization | (3,088) | (2,953) |
Property and equipment, net | 1,865 | 1,961 |
Leasehold Improvements [Member] | ||
Property and equipment, gross | 2,519 | 2,519 |
Laboratory Equipment [Member] | ||
Property and equipment, gross | 1,149 | 1,118 |
Furniture and Fixtures [Member] | ||
Property and equipment, gross | 966 | 966 |
Software and Software Development Costs [Member] | ||
Property and equipment, gross | 289 | 289 |
Construction in Progress [Member] | ||
Property and equipment, gross | $ 30 | $ 22 |
Note 4 - Balance Sheet Compon_5
Note 4 - Balance Sheet Components - Intangible Assets, Net (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Less: Accumulated amortization | $ (5,601) | $ (5,434) |
Finite-Lived Intangible Assets, Net | 2,384 | 2,551 |
Acquired Patents and Licenses [Member] | ||
Acquired patents and licenses | $ 7,985 | $ 7,985 |
Note 4 - Balance Sheet Compon_6
Note 4 - Balance Sheet Components - Schedule of Amortization of Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
2023 (remaining 9 months) | $ 498 | |
2024 | 665 | |
2025 | 665 | |
2026 | 556 | |
Finite-Lived Intangible Assets, Net | $ 2,384 | $ 2,551 |
Note 4 - Balance Sheet Compon_7
Note 4 - Balance Sheet Components - Accrued Expenses (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Compensation expense | $ 1,615 | $ 1,377 | ||
Director and officer liability insurance (Note 12) | 815 | 571 | ||
Clinical trial fees and costs | 49 | 64 | ||
Professional fees | 351 | 318 | ||
Warranty | 50 | 50 | $ 97 | $ 80 |
Other | 211 | 215 | ||
Accrued Liabilities, Current | $ 3,091 | $ 2,595 |
Note 5 - Goodwill (Details Text
Note 5 - Goodwill (Details Textual) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 USD ($) | Dec. 31, 2014 USD ($) | Dec. 31, 2022 USD ($) | |
Goodwill, Ending Balance | $ 2,791 | $ 2,791 | |
Goodwill, Impairment Loss | $ 0 | ||
Series of Individually Immaterial Business Acquisitions [Member] | |||
Number of Businesses Acquired | 3 | ||
Business Combination, Consideration Transferred, Total | $ 5,500 | ||
Goodwill, Ending Balance | $ 2,800 |
Note 6 - Stockholders' Equity_3
Note 6 - Stockholders' Equity and Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Jan. 01, 2023 | Jun. 09, 2022 | May 31, 2021 | Nov. 30, 2017 | Mar. 31, 2023 | Dec. 31, 2017 | Dec. 31, 2022 | Feb. 04, 2021 | |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | $ 0.001 | ||||||
Time-based Options [Member] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Intrinsic Value | $ 49 | |||||||
Time-based Options [Member] | Share-Based Payment Arrangement, Tranche One [Member] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage | 25% | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 1 year | |||||||
Performance Options [Member] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Intrinsic Value | $ 1,800 | |||||||
The 2017 Plan [Member] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year) | 10 years | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 1,500,000 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Additional Shares Authorized (in shares) | 1,200,000 | |||||||
Increase in Shares Available for Issuance, Threshold of Common Stock Outstanding, Number of Shares (in shares) | 1,200,000 | |||||||
Increase in Shares Available for Issuance, Threshold of Common Stock Outstanding, Percent | 4% | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 3,136,838 | |||||||
The 2017 Inducement Equity Incentive Plan [Member] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year) | 10 years | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 1,000,000 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Additional Shares Authorized (in shares) | 1,000,000 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 1,140,501 | |||||||
The 2017 Inducement Equity Incentive Plan [Member] | Share-Based Payment Arrangement, Tranche One [Member] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage | 25% | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 1 year | |||||||
The 2017 Employee Stock Purchase Plan [Member] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 250,000 | |||||||
Increase in Shares Available for Issuance, Threshold of Common Stock Outstanding, Number of Shares (in shares) | 450,000 | |||||||
Increase in Shares Available for Issuance, Threshold of Common Stock Outstanding, Percent | 1.50% | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 198,529 | |||||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans (in shares) | 262,470 | |||||||
Maximum [Member] | The 2017 Inducement Equity Incentive Plan [Member] | Share-Based Payment Arrangement, Option [Member] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year) | 10 years | |||||||
Rights Offering Warrants [Member] | ||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | 1 | |||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 7,317,072 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 2.05 | $ 2.05 | ||||||
Warrants and Rights Outstanding, Term (Year) | 5 years | |||||||
Class of Warrants or Rights, Redemption Price Per Share (in dollars per share) | $ 0.01 | |||||||
Class of Warrant or Right, Period of Written Notice for Exercise (Year) | 30 years | |||||||
Class of Warrant or Right, Percentage Required for Redemption | 200% | |||||||
Class of Warrant or Right, Exercise, Consecutive Trading Days (Year) | 20 years | |||||||
Class of Warrant or Right, Exercised During Period (in shares) | 95,639 | |||||||
Class of Warrant or Right, Outstanding (in shares) | 7,208,193 | |||||||
Rights Offering Warrants [Member] | Maximum [Member] | ||||||||
Additional Proceeds That May be Received Upon Exercise of Warrants | $ 15,000 | |||||||
Rights Offering [Member] | ||||||||
Equity Offering, Units, Sale of Units (in shares) | 7,317,072 | |||||||
Shares Issued, Price Per Share (in dollars per share) | $ 2.05 | |||||||
Number of Shares Per Unit Issued (in shares) | 1 | |||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | |||||||
Number of Warrants Per Unit (in shares) | 1 | |||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | 1 | |||||||
Stock Issued During Period, Shares, New Issues (in shares) | 7,317,072 | |||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 7,317,072 | |||||||
Proceeds from Issuance of Common Stock | $ 15,000 | |||||||
Rights Offering [Member] | Board of Directors Chairman [Member] | ||||||||
Investment Owned, Percent of Net Assets | 56% | |||||||
ATM Offering [Member] | ||||||||
Equity Offering, Maximum Offering Amount | $ 60,000 |
Note 6 - Stockholders' Equity_4
Note 6 - Stockholders' Equity and Stock-based Compensation - Summary of Stock Option Activity (Details) - The 2015 Plan, 2017 Plan and Inducement Plan [Member] - $ / shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Options balances, number of shares (in shares) | 5,250,696 | |
Options balances, weighted average exercise price (in dollars per share) | $ 12.67 | |
Options balances, weighted average remaining life (Year) | 6 years 10 months 24 days | 6 years 2 months 26 days |
Options granted, number of shares (in shares) | 807,300 | |
Options granted, weighted average exercise price (in dollars per share) | $ 2.92 | |
Options exercised, number of shares (in shares) | 0 | |
Options exercised, weighted average exercise price (in dollars per share) | $ 0 | |
Options canceled, number of shares (in shares) | (68,894) | |
Options canceled, weighted average exercise price (in dollars per share) | $ 11.24 | |
Options expired, number of shares (in shares) | (380,892) | |
Options expired, weighted average exercise price (in dollars per share) | $ 13.07 | |
Options balances, number of shares (in shares) | 5,608,210 | 5,250,696 |
Options balances, weighted average exercise price (in dollars per share) | $ 11.25 | $ 12.67 |
Options exercisable, number of shares (in shares) | 3,434,715 | |
Options exercisable, weighted average exercise price (in dollars per share) | $ 14.72 | |
Options exercisable, weighted average remaining life (Year) | 5 years 7 months 28 days |
Note 6 - Stockholders' Equity_5
Note 6 - Stockholders' Equity and Stock-based Compensation - Summary of Time-based Option Activity (Details) - Time-based Options [Member] - $ / shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Options balances, number of shares (in shares) | 4,730,394 | |
Options balances, weighted average exercise price (in dollars per share) | $ 12.95 | |
Options balances, weighted average remaining life (Year) | 6 years 4 months 2 days | 6 years 1 month 28 days |
Options granted, number of shares (in shares) | 25,000 | |
Options granted, weighted average exercise price (in dollars per share) | $ 2.52 | |
Options exercised, number of shares (in shares) | 0 | |
Options exercised, weighted average exercise price (in dollars per share) | $ 0 | |
Options canceled, number of shares (in shares) | (68,894) | |
Options canceled, weighted average exercise price (in dollars per share) | $ 11.24 | |
Options expired, number of shares (in shares) | (302,720) | |
Options expired, weighted average exercise price (in dollars per share) | $ 13.13 | |
Options balances, number of shares (in shares) | 4,383,780 | 4,730,394 |
Options balances, weighted average exercise price (in dollars per share) | $ 12.91 | $ 12.95 |
Options exercisable, number of shares (in shares) | 3,226,526 | |
Options exercisable, weighted average exercise price (in dollars per share) | $ 14.98 | |
Options exercisable, weighted average remaining life (Year) | 5 years 7 months 2 days |
Note 6 - Stockholders' Equity_6
Note 6 - Stockholders' Equity and Stock-based Compensation - Summary of Performance Option Activity (Details) - Performance Options [Member] - $ / shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Options balances, number of shares (in shares) | 520,302 | |
Options balances, weighted average exercise price (in dollars per share) | $ 10.08 | |
Options balances, weighted average remaining life (Year) | 8 years 10 months 24 days | 7 years 7 days |
Options granted, number of shares (in shares) | 782,300 | |
Options granted, weighted average exercise price (in dollars per share) | $ 2.92 | |
Options exercised, number of shares (in shares) | 0 | |
Options exercised, weighted average exercise price (in dollars per share) | $ 0 | |
Options canceled, number of shares (in shares) | 0 | |
Options canceled, weighted average exercise price (in dollars per share) | $ 0 | |
Options expired, number of shares (in shares) | (78,172) | |
Options expired, weighted average exercise price (in dollars per share) | $ 12.84 | |
Options balances, number of shares (in shares) | 1,224,430 | 520,302 |
Options balances, weighted average exercise price (in dollars per share) | $ 5.33 | $ 10.08 |
Options exercisable, number of shares (in shares) | 208,189 | |
Options exercisable, weighted average exercise price (in dollars per share) | $ 10.72 | |
Options exercisable, weighted average remaining life (Year) | 6 years 8 months 15 days |
Note 6 - Stockholders' Equity_7
Note 6 - Stockholders' Equity and Stock-based Compensation - Option Assumptions (Details) - Share-Based Payment Arrangement, Option [Member] | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Expected term in years (Year) | 6 years 10 days | |
Expected volatility | 94% | 83% |
Risk-free interest rate | 3.80% | 1.90% |
Dividend yield | ||
Minimum [Member] | ||
Expected term in years (Year) | 6 years 3 months 18 days | |
Maximum [Member] | ||
Expected term in years (Year) | 6 years 9 months 18 days |
Note 6 - Stockholders' Equity_8
Note 6 - Stockholders' Equity and Stock-based Compensation - ESPP Assumptions (Details) - The 2017 Employee Stock Purchase Plan [Member] | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Expected volatility | 83% | 83% |
Dividend yield | 0% | 0% |
Minimum [Member] | ||
Expected term in years (Year) | 6 months | 6 months |
Risk-free interest rate | 5.10% | 0.60% |
Maximum [Member] | ||
Expected term in years (Year) | 1 year | 1 year |
Risk-free interest rate | 5.20% | 0.90% |
Note 6 - Stockholders' Equity_9
Note 6 - Stockholders' Equity and Stock-based Compensation - Stock-based Compensation Expense by Recorded Location (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Total stock-based compensation expense | $ 896 | $ 2,007 |
Cost of Sales [Member] | ||
Total stock-based compensation expense | 0 | 90 |
Research and Development Expense [Member] | ||
Total stock-based compensation expense | 258 | 457 |
Selling and Marketing Expense [Member] | ||
Total stock-based compensation expense | 0 | 454 |
General and Administrative Expense [Member] | ||
Total stock-based compensation expense | $ 638 | $ 1,006 |
Note 6 - Stockholders' Equit_10
Note 6 - Stockholders' Equity and Stock-based Compensation - Stock-based Compensation Expense by Type (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Total stock-based compensation expense | $ 896 | $ 2,007 |
Time-based Options [Member] | ||
Total stock-based compensation expense | 678 | 1,807 |
Performance Options [Member] | ||
Total stock-based compensation expense | 117 | 84 |
Employee Stock Purchase Plan Award [Member] | ||
Total stock-based compensation expense | $ 101 | $ 116 |
Note 7 - Research Grants and _2
Note 7 - Research Grants and Agreements (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | ||
May 31, 2021 | Mar. 31, 2021 | Mar. 31, 2023 | Mar. 31, 2022 | |
Research and Development Expense | $ 5,829 | $ 6,769 | ||
Old Dominion University Research Foundation [Member] | Sponsored Research Agreement SRA [Member] | ||||
Research and Development Expense | $ 0 | $ 100 | ||
Old Dominion University Research Foundation [Member] | Sponsored Research Agreement SRA [Member] | Research and Development Arrangement [Member] | ||||
Long-Term Purchase Commitment, Amount | $ 300 | $ 300 |
Note 8 - Commitments and Cont_3
Note 8 - Commitments and Contingencies (Details Textual) $ / shares in Units, $ in Millions | 3 Months Ended | ||||||
Apr. 30, 2023 USD ($) $ / shares shares | Mar. 31, 2023 USD ($) $ / shares | Mar. 31, 2022 USD ($) | Dec. 31, 2022 $ / shares | Sep. 20, 2022 USD ($) | May 31, 2019 a | Jul. 31, 2017 a | |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | |||||
Operating Lease, Expense | $ 0.5 | $ 0.5 | |||||
Corporate Headquarters in Hayward, California [Member] | |||||||
Lessee, Operating Lease, Term of Contract (Year) | 5 years | ||||||
Area of Real Estate Property (Acre) | a | 15,700 | ||||||
Corporate Headquarters in Hayward, California [Member] | Expansion Premises 1 [Member] | |||||||
Area of Real Estate Property (Acre) | a | 13,300 | ||||||
Corporate Headquarters in Hayward, California [Member] | Expansion Premises 2 [Member] | |||||||
Area of Real Estate Property (Acre) | a | 21,300 | ||||||
Robert W. Duggan [Member] | Subsequent Event [Member] | Private Placement [Member] | |||||||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 10,022,937 | ||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.001 | ||||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 6.51 | ||||||
Two Thousand Twenty Two Loan Agreement [Member] | Robert W. Duggan [Member] | |||||||
Debt Instrument, Face Amount | $ 65 | ||||||
Debt Instrument Quarterly Interest Rate | 5 | ||||||
Debt Instrument, Increase, Accrued Interest | 0.9 | ||||||
Interest Expense | $ 0.8 | ||||||
Loan Agreement [Member] | Subsequent Event [Member] | |||||||
Debt Instrument, Decrease, Forgiveness | $ 65 |
Note 8 - Commitments and Cont_4
Note 8 - Commitments and Contingencies - Information Related to Right-of-use Assets and Lease Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Right-of-use assets | $ 7,869 | $ 8,062 | |
Current operating lease liabilities | 935 | 896 | |
Non-current operating lease liabilities | 8,898 | 9,144 | |
Total lease liabilities | 9,833 | $ 10,040 | |
Cash paid for operating lease liabilities | 453 | $ 447 | |
2023 (remaining 9 months) | 1,392 | ||
2024 | 1,910 | ||
2025 | 1,977 | ||
2026 | 2,046 | ||
2027 | 2,117 | ||
Thereafter | 4,075 | ||
Total lease payments | 13,517 | ||
Less imputed interest | $ (3,684) | ||
Weighted-average remaining lease term (Year) | 6 years 7 months 2 days | ||
Weighted-average discount rate | 10% |
Note 9 - Controlled Launch (Det
Note 9 - Controlled Launch (Details Textual) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | Feb. 28, 2021 | |
Number of KOLs | 70 | ||
Controlled Launch, Program Expenses | $ 0 | $ 300 | |
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 444 | |
Redemption of Non Cash Credits [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 0 | $ 300 | |
Minimum [Member] | |||
Number of Patients Participating in Procedure | 40 | ||
Maximum [Member] | |||
Number of Patients Participating in Procedure | 50 |
Note 10 - Revenue (Details Text
Note 10 - Revenue (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenue from Contract with Customer, Excluding Assessed Tax | $ 0 | $ 444 |
Redemption of Non Cash Credits [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 0 | $ 300 |
Note 11 - Segment Reporting (De
Note 11 - Segment Reporting (Details Textual) | 3 Months Ended |
Mar. 31, 2023 | |
Number of Reportable Segments | 1 |
Note 11 - Segment Reporting - R
Note 11 - Segment Reporting - Revenue by Product (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Total revenues | $ 0 | $ 444 |
System Products [Member] | ||
Total revenues | 0 | 367 |
Cycle Units Products [Member] | ||
Total revenues | $ 0 | $ 77 |
Note 11 - Segment Reporting -_2
Note 11 - Segment Reporting - Revenue by Geography (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Total revenues | $ 0 | $ 444 |
North America [Member] | ||
Total revenues | 0 | 312 |
Rest of World [Member] | ||
Total revenues | $ 0 | $ 132 |
Note 12 - Related Party Trans_2
Note 12 - Related Party Transactions (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |||
Apr. 30, 2023 | Sep. 20, 2022 | Mar. 31, 2023 | Dec. 31, 2022 | |
Accrued Liabilities, Current | $ 3,091 | $ 2,595 | ||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | $ 0.001 | ||
Subsequent Event [Member] | Loan Agreement [Member] | ||||
Debt Instrument, Decrease, Forgiveness | $ 65,000 | |||
Robert W. Duggan [Member] | Subsequent Event [Member] | Private Placement [Member] | ||||
Stock Issued During Period, Shares, New Issues (in shares) | 10,022,937 | |||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | |||
Shares Issued, Price Per Share (in dollars per share) | $ 6.51 | |||
Letter Agreement [Member] | Robert W. Duggan [Member] | ||||
Directors and Officers Liability Insurance, Period (Year) | 1 year | |||
Fee Payable to Related Party | $ 1,000 | |||
Accrued Liabilities, Current | $ 800 | |||
Related Party Transaction, Amounts of Transaction | $ 65,000 |
Note 13 - Restructuring Charg_2
Note 13 - Restructuring Charges (Details Textual) - Employee Severance [Member] $ in Millions | 1 Months Ended | |
Feb. 28, 2023 USD ($) | Mar. 31, 2022 USD ($) | |
Restructuring and Related Cost, Number of Positions Eliminated | 7 | |
Total Cost and Expenses [Member] | ||
Restructuring Charges | $ 0.1 | |
Total Cost and Expenses [Member] | March 2022 Restructuring Plan [Member] | ||
Restructuring Charges | $ 0.7 |
Note 14 - Subsequent Events (De
Note 14 - Subsequent Events (Details Textual) - USD ($) $ / shares in Units, $ in Millions | Apr. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | $ 0.001 | |
Subsequent Event [Member] | Loan Agreement [Member] | |||
Debt Instrument, Decrease, Forgiveness | $ 65 | ||
Subsequent Event [Member] | Private Placement [Member] | Robert W. Duggan [Member] | |||
Stock Issued During Period, Shares, New Issues (in shares) | 10,022,937 | ||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | ||
Shares Issued, Price Per Share (in dollars per share) | $ 6.51 |