XBiotech (XBIT) 10-K/A 15 Apr 16 2015 FY Annual report (amended) Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2015	Mar. 30, 2016	Jun. 30, 2015
Entity Registrant Name	XBiotech Inc.
Entity Central Index Key	1,626,878
Trading Symbol	xbit
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		32,292,106
Entity Public Float			$ 348,728,794
Document Type	10-K
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Amendment Flag	true
Amendment Description	This Amendment No. 1 on Form 10-K/A is an amendment to the Annual Report on Form 10-K for the year ended December 31, 2015(the "Report") filed with the Securities and Exchange Commission on March 30, 2016. This Form 10-K/A is being field for the purpose of correcting the errors regarding ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA. Except as expressly noted herein, this Form 10-K/A does not alter any other part of the content of the Report and does not affect the information originally set forth in the Report, the remaining portions of which have not been amended.

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 91,051,000	$ 57,329,000
Prepaid expenses and other current assets	$ 1,990,000	411,000
Deferred offering costs		324,000
Total current assets	$ 93,041,000	58,064,000
Property and equipment, net	5,946,000	3,227,000
Building construction in progress	10,371,000	886,000
Total assets	109,358,000	62,177,000
Current liabilities:
Accounts payable	4,825,000	1,629,000
Accrued expenses	1,466,000	1,518,000
Total current liabilities	6,291,000	$ 3,147,000
Long-term liabilities:
Deferred rent	17,000
Total liabilities	6,308,000	$ 3,147,000
Shareholders’ equity:
Preferred Stock, no par value, unlimited shares authorized, no shares outstanding	0	0
Common stock, no par value, unlimited shares authorized, 32,279,106 and 27,546,632 shares outstanding at December 31, 2015 and December 31, 2014, respectively	233,902,000	152,351,000
Accumulated other comprehensive loss	(201,000)	(153,000)
Accumulated deficit	(130,651,000)	(93,168,000)
Total shareholders’ equity	103,050,000	59,030,000
Total liabilities and shareholders’ equity	$ 109,358,000	$ 62,177,000

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares	Dec. 31, 2015	Dec. 31, 2014
Preferred stock, par value (in dollars per share)	$ 0	$ 0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, shares outstanding (in shares)	32,279,106	27,546,632

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Operating expenses:
Research and development	$ 31,310	$ 14,329	$ 7,935
General and administrative	6,200	7,449	1,990
Total operating expenses	37,510	21,778	9,925
Loss from operations	$ (37,510)	(21,778)	(9,925)
Other income (loss):
Interest income		$ 1	$ 1
Other income	$ 21
Foreign exchange gain (loss)	6	$ 53	$ (3)
Total other income (loss)	27	54	(2)
Net loss	$ (37,483)	$ (21,724)	$ (9,927)
Net loss per share—basic and diluted (in dollars per share)	$ (1.22)	$ (0.90)	$ (0.45)
Shares used to compute basic and diluted net loss per share (in shares)	30,801,994	24,162,700	22,220,416

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Net loss	$ (37,483)	$ (21,724)	$ (9,927)
Foreign currency translation adjustment	(48)	(18)	(1)
Comprehensive loss	$ (37,531)	$ (21,742)	$ (9,928)

Consolidaed Statements of Stock

Consolidaed Statements of Stockholders' Equity - USD ($) shares in Thousands	Common Stock [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Dec. 31, 2012	21,548
Balance at Dec. 31, 2012	$ 68,284,000	$ (134,000)	$ (61,517,000)	$ 7,372,000
Net loss			(9,927,000)	(9,927,000)
Foreign currency translation adjustment		(1,000)		(1,000)
Issuance of common stock under stock option plan (in shares)	1,205
Issuance of common stock under stock option plan	$ 12,045,000			12,045,000
Share-based compensation expense	$ 1,478,000			739,000
Balance (in shares) at Dec. 31, 2013	22,752
Balance at Dec. 31, 2013	$ 81,807,000	(135,000)	(71,444,000)	10,228,000
Net loss			(21,724,000)	(21,724,000)
Foreign currency translation adjustment		(18,000)		(18,000)
Issuance of common stock under stock option plan (in shares)	15
Issuance of common stock under stock option plan	$ 150,000			150,000
Share-based compensation expense	$ 7,020,000			7,020,000
Balance (in shares) at Dec. 31, 2014	27,547
Balance at Dec. 31, 2014	$ 152,351,000	(153,000)	(93,168,000)	59,030,000
Stock Issued During Period, Shares, New Issues	4,780
Issuance of common stock, net of issuance cost	$ 63,784,000			63,784,000
Stock subscription receivable	$ (410,000)			(410,000)
Net loss			(37,483,000)	(37,483,000)
Foreign currency translation adjustment		(48,000)		(48,000)
Issuance of common stock under stock option plan (in shares)	359
Issuance of common stock under stock option plan	$ 1,348,000			1,348,000
Share-based compensation expense	$ 4,407,000			4,407,000
Balance (in shares) at Dec. 31, 2015	32,279
Balance at Dec. 31, 2015	$ 233,902,000	$ (201,000)	$ (130,651,000)	103,050,000
Stock Issued During Period, Shares, New Issues	4,373
Issuance of common stock, net of issuance cost	$ 75,386,000			75,386,000
Stock subscription receivable	$ 410,000			$ 410,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Operating activities
Net loss	$ (37,483,000)	$ (21,724,000)	$ (9,927,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	699,000	664,000	784,000
Share-based compensation expense	4,407,000	$ 7,020,000	$ 739,000
Gain on disposal of property and equipment	(157,000)
Changes in operating assets and liabilities:
Prepaid expenses and other current	(1,579,000)	$ 38,000	$ (252,000)
Accounts payable	840,000	1,068,000	103,000
Accrued expenses	(52,000)	$ 1,234,000	(326,000)
Deferred rent	17,000		(29,000)
Net cash used in operating activities	(33,308,000)	$ (11,700,000)	(8,908,000)
Investing activities
Purchase of property and equipment	(2,322,000)	$ (1,397,000)	$ (59,000)
Expenditures on building construction	(8,070,000)
Net cash used in investing activities	(10,392,000)	$ (1,397,000)	$ (59,000)
Financing activities
Issuance of common stock and warrants, net	75,712,000	63,374,000	$ 12,045,000
Issuance of common stock under stock option plan	1,348,000	$ 150,000
Collection of subscription receivable	$ 410,000
Deferred offering costs		$ (324,000)
Net cash provided by financing activities	$ 77,470,000	63,200,000	$ 12,045,000
Effect of foreign exchange rate on cash and cash equivalents	(48,000)	(18,000)	(1,000)
Net change in cash and cash equivalents	33,722,000	50,085,000	3,077,000
Cash and cash equivalents, beginning of period	57,329,000	7,244,000	4,167,000
Cash and cash equivalents, end of period	$ 91,051,000	$ 57,329,000	$ 7,244,000

Note 1 - Organization

Note 1 - Organization	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	1. Organization XBiotech Inc. (XBiotech or the Company) was incorporated in Canada on March 22, 2005. XBiotech USA Inc., a wholly-owned subsidiary of the Company, was incorporated in Delaware, United States in November 2007. XBiotech Schweiz AG, a wholly-owned subsidiary of the Company, was incorporated in Zug, Switzerland in August 2010. XBiotech Japan KK, a wholly-owned subsidiary of the Company, was incorporated in Tokyo, Japan in March 2013. XBiotech GmbH, a wholly-owned subsidiary of the Company, was incorporated in Germany in January 2014. Since its inception, XBiotech has focused on advancing technology to rapidly identify and clone antibodies from individuals that have resistance to disease. At the heart of the Company is a proprietary technical knowhow to translate natural human immunity into therapeutic product candidates. In 2005, the Company began to develop a new framework for commercial manufacturing, using technology that required less capital, fewer operators and provided greater flexibility than standard industry practices. With the manufacturing capability to produce its True Human ™ The Company’s headquarters are located in Austin, Texas. The Company continues to be subject to a number of risks common to companies in similar stages of development. Principal among these risks are the uncertainties of technological innovations, dependence on key individuals, development of the same or similar technological innovations by the Company’s competitors and protection of proprietary technology. The Company’s ability to fund its planned clinical operations, including completion of its planned trials, is expected to depend on the amount and timing of cash receipts from future collaboration or product sales and/or financing transactions. The Company believes that its cash and cash equivalents of $91.0 million at December 31, 2015, will enable the Company to maintain its current and planned operations for the foreseeable future.

Note 2 - Significant Accounting

Note 2 - Significant Accounting Policies	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Significant Accounting Policies [Text Block]	2. Significant Accounting Policies Basis of Presentation These consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States, or US GAAP. Basis of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany transactions have been eliminated upon consolidation. Use of Estimates The preparation of financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported values of amounts in the financial statements and accompanying notes. Actual results could differ from those estimates. Prior to its initial public offering on April 15, 2015, the Company utilized significant estimates and assumptions in determining the fair value of its common stock. The board of directors determined the estimated fair value of the Company’s common stock based on a number of objective and subjective factors, including the prices at which the Company sold shares of its common stock to third parties and external market conditions affecting the biotechnology industry sector. Research and Development Costs All research and development costs are charged to expense as incurred. Research and development costs include salaries and personnel-related costs, consulting fees, fees paid for contract clinical trial research services, the costs of laboratory consumables, equipment and facilities, license fees and other external costs. Costs incurred to acquire licenses for intellectual property to be used in research and development activities with no alternative future use are expensed as incurred as research and development costs. Nonrefundable advance payments for goods or services to be received in the future for use in research and development activities are deferred and capitalized. The capitalized amounts are expensed as the related goods are delivered or the services are performed. Income Taxes The Company makes estimates and judgments in determining the need for a provision for income taxes, including the estimation of its taxable income or loss for the full fiscal year. The Company has accumulated significant deferred tax assets that reflect the tax effects of net operating losses and tax credit carryovers and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Realization of certain deferred tax assets is dependent upon future earnings. The Company is uncertain about the timing and amount of any future earnings. Accordingly, the Company offsets these deferred tax assets with a valuation allowance. The Company may in the future determine that certain deferred tax assets will likely be realized, in which case the Company will reduce its valuation allowance in the period in which such determination is made. If the valuation allowance is reduced, the Company may recognize a benefit from income taxes in its statement of operations in that period. Share-Based Compensation The Company accounts for its share-based compensation awards in accordance with ASC Topic 718, Compensation-Stock Compensation Share-based compensation expense recognized for the years ended December 31, 2015, 2014 and 2013 was included in the following line items on the Consolidated Statements of Operations (in thousands). Year Ended 2015 2014 2013 Research and development $ 2,204 $ 1,303 $ 551 General and administrative 2,203 5,717 188 Total share-based compensation expense $ 4,407 $ 7,020 $ 739 No related tax benefits were recognized for the years ended December 31, 2015, 2014 and 2013. The fair value of each option is estimated on the date of grant using the Black-Scholes method with the following assumptions: Year Ended 2015 2014 2013 Weighted-average grant date fair value per share $17.95 $8.23 $11.37 Expected volatility 66% – 71% 70% – 73% 73% Risk-free interest rate 1.07% – 2.42% 0.69% – 2.73% 2.04% – 3.84% Expected life (in years) 3 – 10 3 – 10 6.25 – 10 Dividend yield – – – Cash and Cash Equivalents The Company considers highly liquid investments with a maturity of 90 days or less when purchased to be cash equivalents. Cash and cash equivalents consisted primarily of cash on deposit in U.S., German, Swiss and Canadian banks. Cash and cash equivalents are stated at cost which approximates fair value. Concentrations of Credit Risk Financial instruments that potentially subject the Company to credit risk consist primarily of cash and cash equivalents. The Company holds these investments in highly-rated financial institutions, and limits the amounts of credit exposure to any one financial institution. These amounts at times may exceed federally insured limits. The Company has not experienced any credit losses in such accounts and does not believe it is exposed to any significant credit risk on these funds. The Company has no off-balance sheet concentrations of credit risk, such as foreign currency exchange contracts, option contracts or other hedging arrangements. Fair Value Measurements The Company follows ASC Topic 820, Fair Value Measurements and Disclosures • Level 1—Unadjusted quoted prices in active markets for identical assets or liabilities. • Level 2—Quoted prices for similar assets and liabilities in active markets, quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability. • Level 3—Unobservable inputs that reflect the Company’s own assumptions about the assumptions market participants would use in pricing the asset or liability in which there is little, if any, market activity for the asset or liability at the measurement date. At December 31, 2015 and 2014, the Company did not have any assets or liabilities that were remeasured at fair value on a recurring basis. The carrying amounts reflected in the balance sheets for cash and cash equivalents, prepaid expenses and other current assets, accounts payable, and accrued expenses approximate their fair values at December 31, 2015and 2014, due to their short-term nature. Property and Equipment Property and equipment, which consists of land, furniture and fixtures, computers and office equipment, scientific equipment, leasehold improvements and vehicles are stated at cost and depreciated over the estimated useful lives of the assets, with the exception of land which is not depreciated, using the straight line method. The useful lives are as follows: • Furniture and fixtures 7 years • Office equipment 5 years • Leasehold improvements Shorter of asset’s useful life or remaining lease term • Scientific equipment 5 years • Vehicles 5 years Costs of major additions and betterments are capitalized; maintenance and repairs, which do not improve or extend the life of the respective assets, are charged to expense as incurred. Upon retirement or sale, the cost of the disposed asset and the related accumulated depreciation are removed from the accounts and the resulting gain or loss is recognized. Building Construction in Progress Building construction in progress consists of the accumulated expenditures to build the new XBiotech manufacturing facility located in Austin, Texas, which includes the cost for land clearing, architecture design, engineering services, city permits, installation of utilities, construction materials and labor and construction management. Once the building is completed and placed into service, the Company will commence depreciation over its estimated useful life. Impairment of Long-Lived Assets The Company periodically evaluates its long-lived assets for potential impairment in accordance with ASC Topic 360, Property, Plant and Equipment Deferred Offering Costs Deferred offering costs, which consist of direct incremental legal, accounting and other professional service fees relating to the Company’s initial public offering (IPO) were capitalized. The deferred offering costs were offset against the proceeds from the IPO in April 2015. Foreign Currency Transactions Certain transactions are denominated in a currency other than the Company’s functional currency of the U.S. dollar, and the Company generates assets and liabilities that are fixed in terms of the amount of foreign currency that will be received or paid. At each balance sheet date, the Company adjusts the assets and liabilities to reflect the current exchange rate, resulting in a translation gain or loss. Transaction gains and losses are also realized upon a settlement of a foreign currency transaction in determining net loss for the period in which the transaction is settled. Comprehensive Income (Loss) ASC Topic 220, Comprehensive Income Segment and Geographic Information Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker, or decision making group, in making decisions on how to allocate resources and assess performance. The Company’s chief operating decision maker is the Chief Executive Officer. The Company and the chief operating decision maker view the Company’s operations and manage its business as one operating segment. Substantially all of the Company’s operations are in the U.S. geographic segment. Net Loss per Share Net loss per share (“EPS”) is computed by dividing net loss by the weighted average number of common shares outstanding during each period. Diluted EPS is computed by dividing net loss by the weighted average number of common shares and common share equivalents outstanding (if dilutive) during each period. The number of common share equivalents, which include stock options, is computed using the treasury stock method. Subsequent Events The Company considered events or transactions occurring after the balance sheet date but prior to the date the consolidated financial statements are available to be issued for potential recognition or disclosure in its consolidated financial statements. We have evaluated subsequent events through the date of filing this Form 10-K. Recent Accounting Pronouncements In June 2014 the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2014-10, Elimination of Certain Financial Reporting Requirements, including an Amendment to Variable Interest Entities Guidance in Topic 810 Consolidation In August 2014 the FASB issued ASU 2014-15 , Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern In February 2016 the FASB issued final guidance that will change the accounting for leases. The FASB issued final guidance that requires lessees to put most leases on their balance sheets but recognize expenses on their income statements in a manner similar to today’s accounting. The guidance also eliminates today’s real estate-specific provisions for all entities. For lessors, the guidance modifies the classification criteria and the accounting for sales-type and direct financing leases. All entities classify leases to determine how to recognize lease-related revenue and expense. Classification continues to affect what lessors record on the balance sheet. For calendar-year public business entities and certain calendar-year not-for-profit entities and employee benefit plans, the guidance is effective in 2019, and interim periods within that year. For other calendar-year entities, it is effective in 2020, and interim periods in 2021. Early adoption is permitted for all entities.

Note 3 - Property and Equipment

Note 3 - Property and Equipment	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	3. Property and Equipment Property and equipment consisted of the following as of December 31, 2015 and 2014 (in thousands): 2015 2014 Computer and office equipment $ 335 $ 262 Furniture and fixtures 132 126 Land 1,418 1,418 Leasehold improvements 770 762 Scientific equipment 5,595 4,648 Vehicle 30 30 Construction in process 2,417 189 Building Construction in process 10,371 885 Accumulated depreciation (4,751 ) (4,207 ) $ 16,317 $ 4,113 Depreciation expenses related to property and equipment amounted to approximately $699,000, $664,000, and $784,000 for the years ended December 31, 2015, 2014 and 2013, respectively. Construction in process is related to R&D and manufactory equipment.

Note 4 - Accrued Expenses

Note 4 - Accrued Expenses	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Accounts Payable and Accrued Liabilities Disclosure [Text Block]	4. Accrued Expenses Accrued expenses consist of the following as of December 31, 2015, and 2014 (in thousands): 2015 2014 Accrued compensation and related $ 441 $ 1,037 Accrued professional fees 119 134 Accrued clinical trial 278 183 Other 628 164 $ 1,466 $ 1,518

Note 5 - Common Stock

Note 5 - Common Stock	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	5. Common Stock Pursuant to its Articles, the Company has an unlimited number of shares available for issuance with no par value. In August 2013, we sold 1.2 million shares of common stock at a price of $10.00 per share for total proceeds of approximately $12.0 million. Each share had one warrant attached, exercisable for 180 days into a single common share in the Company at a price of $10.00 per share. In February 2014, the Company sold 1.2 million shares of common stock for total proceeds of approximately $12.0 million from the exercise of warrants by its warrant holders. From July through November 18, 2014, the Company sold approximately 601,000 shares of common stock at a price of $15.00 per share for total proceeds of approximately $9.0 million. Each share had one warrant attached, which would be exercisable for 180 days into a single common share in the Company at a price of $15.00 per share. As of December 31, 2014, the Company had total warrants outstanding for the purchase of 493,000 shares of common stock at a price of $15.00 per share. From November 24, 2014 through December 31, 2014, the Company sold 3.0 million shares of common stock at $15.00 per share pursuant to stock subscription agreements for total proceeds of $44.8 million of which $410,000 remained uncollected as of December 31, 2014 and was received in January 2015. The Company incurred issuance costs of approximately $1.9 million in cash and $0.4 million in non-cash consideration. In December 2014, 15,000 stock options were exercised at a price of $10.00 for total proceeds of $0.15 million. From January to March 2015, warrants to purchase a total of 164,999 shares of common stock were exercised at $15.00 per share for a total of $2.5 million. Also, the Company received approximately $8,000 in January 2015 from 15,000 exercised stock options at $0.55 per share. On April 17, 2015, the Company sold 4.0 million shares of common stock at $19.00 per share in its Initial Public Offering (“IPO”) resulting in net proceeds of $70.6 million. From April to June 2015, excluding the IPO, the Company issues 208,333 shares of common stock for total proceeds of approximately $3.1 million from the exercise of warrants by common stock shareholders. Also, the Company received $0.7 million from 106,000 exercised stock options. In July 2015, 12,000 stock options were exercised at a price of $2.50 for total proceeds of $30,000. From October through December 31, 2015, 226,141 shares of common stock were issued upon the exercise of stock option at the price $ 0.53 to $10 per share for a total of $639,253.

Note 6 - Common Stock Options

Note 6 - Common Stock Options	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	6. Common Stock Options On November 11, 2005, the board of directors of the Company adopted a stock option plan (“the Plan”) pursuant to which the Company may grant incentive stock and non-qualified stock options to directors, officers, employees or consultants of the Company or an affiliate or other persons as the Compensation Committee may approve. All options will be non-transferable and may be exercised only by the participant, or in the event of the death of the participant, a legal representative until the earlier of the options’ expiry date or the first anniversary of the participant’s death, or such other date as may be specified by the Compensation Committee. The term of the options is at the discretion of the Compensation Committee, but may not exceed 10 years from the grant date. The options expire on the earlier of the expiration date or the date three months following the day on which the participant ceases to be a director, officer or employee of or consultant to the Company, or in the event of the termination of the participant with cause, the date of such termination. The number of common shares reserved for issuance to any one person pursuant to this Plan shall not, in aggregate, exceed 5% of the total number of outstanding common shares. The exercise price per common share under each option will be the fair market value of such shares at the time of the grant. Upon stock option exercise, the Company issues new shares of common stock. A summary of changes in common stock options issued under the Plan is as follows: Options Exercise Price Weighted- Options outstanding at December 31, 2012 3,669,666 $0.60 – $15.00 $ 7.01 Granted 40,000 15.00 15.00 Exercised – Forfeitures (316,167 ) 2.50 – 15.00 8.39 Options outstanding at December 31, 2013 3,393,499 0.60 – 15.00 6.02 Granted 1,563,666 1.00 – 15.00 11.23 Exercised (15,000 ) 10.00 10.00 Forfeitures (58,000 ) 2.50 – 15.00 10.63 Options outstanding at December 31, 2014 4,884,165 $0.55 - $15.00 7.03 Granted 375,928 8.47 - 21.99 17.95 Exercised (359,141 ) 0.53 - 10.00 3.75 Forfeitures (114,375 ) 0.55 - 20.93 11.05 Options outstanding at December 31, 2015 4, 786,577 $0.53 - $21.99 $ 8.56 The weighted average fair value of the options issued to directors, employees and consultants during the fiscal years ended December 31, 2015, 2014 and 2013, was $17.95, $8.23 and $11.37, respectively. Options with an intrinsic value of $2.86, $2.90 and $2.51, became vested during 2015, 2014 and 2013, respectively. The total intrinsic value of options exercisable and total options outstanding at December 31, 2015 was $18,697,000 and $19,044,000, respectively. The total fair value of options vested during the years ended December 31, 2015, 2014 and 2013 was $$5,463,000, $6,999,000 and $632,500, respectively. As of December 31, 2015, there was approximately $5.0 million of unrecognized compensation cost, related to stock options granted under the Plan which will be amortized to stock compensation expense over the next 2.02 years. The following table summarizes information concerning outstanding options under the Plan as of December 31, 2015: Options outstanding Options Vested and Exercise Weighted- Average Weighted- Average Weighted- Average Price Number Remaining Exercise Number Exercise Contractual Life Price Price $ 0.50 15,000 0.22 $ 0.50 15,000 $ 0.50 $ 0.72 20,000 0.95 $ 0.72 20,000 $ 0.72 $ 0.90 255,000 1.44 $ 0.90 255,000 $ 0.90 $ 2.50 632,559 2.81 $ 2.50 619,559 $ 2.50 $ 3.75 1,000,000 4.29 $ 3.75 1,000,000 $ 3.75 $ 5.00 77,700 4.57 $ 5.00 77,700 $ 5.00 $ 7.00 1,000 5.17 $ 7.00 1,000 $ 7.00 $ 7.50 701,999 5.30 $ 7.50 701,999 $ 7.50 $ 8.47 4,500 0.92 $ 8.47 0 $ 8.47 $ 10.00 1,025,433 7.18 $ 10.00 640,308 $ 10.00 $ 14.18 21,000 9.84 $ 14.18 0 $ 14.18 $ 15.00 778,458 7.81 $ 15.00 656,333 $ 15.00 $ 16.91 65,900 9.74 $ 16.91 0 $ 16.91 $ 18.02 15,660 9.48 $ 18.02 15,660 $ 18.02 $ 19.00 22,500 9.26 $ 19.00 0 $ 19.00 $ 19.09 49,000 9.36 $ 19.09 32,000 $ 19.09 $ 19.94 6,000 9.36 $ 19.94 0 $ 19.94 $ 20.11 9,000 9.48 $ 20.11 0 $ 20.11 $ 20.49 4,500 9.48 $ 20.49 0 $ 20.49 $ 20.93 70,368 9.48 $ 20.93 0 $ 20.93 $ 21.99 9,000 9.46 $ 21.99 0 $ 21.99 4,784,577 5.56 8.01 4,114,857 6.89

Note 7 - Net Loss Per Share

Note 7 - Net Loss Per Share	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Earnings Per Share [Text Block]	7. Net Loss Per Share The following summarizes the computation of basic and diluted net loss per share for the years ended December 31, 2015, 2014 and 2013 (in thousands, except share and per share data): Year Ended December 31, 2015 2014 2013 Net loss $ (37,483 ) $ (21,724 ) $ (9,927 ) Weighted-average number of common shares—basic and diluted 30,801,994 24,162,700 22,220,416 Net loss per share—basic and diluted $ (1.22 ) $ (0.90 ) $ (0.45 ) The following potentially dilutive securities outstanding, prior to the use of the treasury stock method or if-converted method, have been excluded from the computation of diluted weighted-average common shares outstanding, because including them would have had an anti-dilutive effect due to the losses reported. Year Ended December 31, 2015 2014 2013 Stock options 4, 786,577 4,884,165 3,393,499 Warrants to purchase common stock - 493,000 1,204,510 Total 4,786,577 5,377,165 4,598,009

Note 8 - Income Taxes

Note 8 - Income Taxes	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Income Tax Disclosure [Text Block]	8. Income Taxes The Company recorded no provision for income taxes for the years ended December 31, 2015, 2014 and 2013 due to the reported net losses in each year. A reconciliation of the Company’s Canadian federal statutory income tax rate to the Company’s effective income tax rate is as follows for the years ended December 31, 2015, 2014 and 2013: 2015 2014 2013 Income tax benefit computed at federal tax rate 26.0 % 26 % 13.50 % Change in valuation allowance (27.2 %) (18 %) (10 %) Stock compensation and other 1.2 % (8 %) (3.5 %) Total — % — % — % During the years ended December 31, 2015, 2014 and 2013, the Company had no interest and penalties related to income taxes. As of December 31, 2015, and 2014, the Company has unused net operating losses of approximately $87.1 million .(approximately $70.8 million in Canada, $11.7 million in the U.S., $4.0 million in Germany and $0.6 million in Switzerland and Japan) and $62.6 million (approximately $51.2 million in Canada, $9.7 million in the U.S., $1.1 million in Germany and $0.6 million in Switzerland and Japan) respectively available to reduce taxable income of future years. The net operating losses begin to expire in 2018. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The Company has established a valuation allowance due to uncertainties regarding the realization of deferred tax assets based upon the Company’s lack of earnings history. Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2015, 2014 and 2013 as follows (in thousands): 2015 2014 2013 Deferred tax assets: Noncapital losses $ 23,038 $ 16,901 8,820 Qualifying research and development credits 1,591 1,311 878 Stock based compensation 3,982 312 — Share issue costs 30 4 — Accrued liabilities 356 160 — Deferred Rent 6 — — Depreciation — — 68 Total deferred tax assets 29,003 18,688 9,766 Deferred tax liabilities: Stock Option Exercised Depreciation 13 40 — Accrued liabilities — — 74 Share issuance costs 23 — 431 Total deferred tax liabilities 36 40 505 Net deferred tax asset 28,967 18,648 9,261 Valuation allowance for deferred tax assets (28,967 ) (18,648 ) (9,261 ) Net deferred tax asset including valuation allowance $ — $ — $ — The valuation allowance increased by approximately $10.3 and $9.4 million during the year ended December 31, 2015 and 2014 respectively. The Company applies the accounting guidance in ASC 740 related to accounting for uncertainty in income taxes. The Company’s reserves related to taxes are based on a determination of whether, and how much of, a tax benefit taken by the Company in its tax filings or positions is more likely than not to be realized following resolution of any potential contingencies present related to the tax benefit. As of December 31, 2015 and 2014, the Company had no unrecognized tax benefits. The Company files federal income tax returns in Canada, US, Switzerland, Germany, and Japan. The Company also files income tax returns in the state of Texas in the US. The statute of limitations for assessment by local taxing authorities is open for tax years ended after December 2011. There are currently no federal or state income tax audits in progress.

Note 9 - Related-Party Transact

Note 9 - Related-Party Transactions	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	9. Related-Party Transactions

Note 10 - Commitments and Conti

Note 10 - Commitments and Contingencies	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Commitments Disclosure [Text Block]	10. Commitments and Contingencies On January 12, 2008, the Company entered a lease agreement to lease its facility in Austin, Texas, U.S. On September 15, 2010, the Company entered into a second lease agreement to lease additional space in Austin, TX, U.S. Both leases expired in 2013. On March 20, 2013, the company extended the lease for another 21 months with the same terms and rental rates as the current leases. On February 28, 2015, the Company extended the leases for another four years with two years early termination right. Rent expense was approximately $688,000, $535,000 and $553,000 for the years ended December 31, 2015, 2014 and 2013, respectively. The future minimum lease payments are as follows as of December 31, 2015 (in thousands): 2016 $ 448 2017 $ 460 2018 $ 471 2019 $ 79 XBiotech Corporate officers, Queena Han (VP of Finance) and John Simard (President and CEO), along with XBiotech Inc. were named defendants in securities class action civil suits filed in federal court at the U.S. District Court for the Western District of Texas, in Austin, Texas and state court at the Los Angeles County Superior Court, in California. In the California action, the underwriter WR Hambrecht & Co., LLC is also named as a defendant. These civil suits were filed on December 1, 2015. The foundation for both suits are similar in that the plaintiffs allege the officers of the company made false and misleading statements, violating the securities laws, in the IPO documents in April 2015. Specifically, these alleged false statements in the IPO documents are in relation to the European Phase III clinical trial for Xilonix™. The allegations focus on a press release posted by XBiotech on November 23, 2015 explaining certain issues with patient data. Plaintiffs allege the company knew of these issues during the IPO and neglected to disclose them in supporting documentation filed with the SEC. As a result of the news release, XBiotech (traded on the Nasdaq) stock tumbled. The resulting securities class action lawsuits are seeking relief for plaintiffs who report financial losses due to the alleged false and misleading statements. Both lawsuits are in the early procedural stages. As of February 2016, a lead plaintiff was assigned in the Texas case with the amended complaint scheduled to be filed with the court in April 2016. In California, motions to challenge venue and personal jurisdiction are due, by defendants, to the court in May 2016.

Significant Accounting Policies

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation These consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States, or US GAAP.
Consolidation, Policy [Policy Text Block]	Basis of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany transactions have been eliminated upon consolidation.
Use of Estimates, Policy [Policy Text Block]	Use of Estimates The preparation of financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported values of amounts in the financial statements and accompanying notes. Actual results could differ from those estimates. Prior to its initial public offering on April 15, 2015, the Company utilized significant estimates and assumptions in determining the fair value of its common stock. The board of directors determined the estimated fair value of the Company’s common stock based on a number of objective and subjective factors, including the prices at which the Company sold shares of its common stock to third parties and external market conditions affecting the biotechnology industry sector.
Research and Development Expense, Policy [Policy Text Block]	Research and Development Costs All research and development costs are charged to expense as incurred. Research and development costs include salaries and personnel-related costs, consulting fees, fees paid for contract clinical trial research services, the costs of laboratory consumables, equipment and facilities, license fees and other external costs. Costs incurred to acquire licenses for intellectual property to be used in research and development activities with no alternative future use are expensed as incurred as research and development costs. Nonrefundable advance payments for goods or services to be received in the future for use in research and development activities are deferred and capitalized. The capitalized amounts are expensed as the related goods are delivered or the services are performed.
Income Tax, Policy [Policy Text Block]	Income Taxes The Company makes estimates and judgments in determining the need for a provision for income taxes, including the estimation of its taxable income or loss for the full fiscal year. The Company has accumulated significant deferred tax assets that reflect the tax effects of net operating losses and tax credit carryovers and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Realization of certain deferred tax assets is dependent upon future earnings. The Company is uncertain about the timing and amount of any future earnings. Accordingly, the Company offsets these deferred tax assets with a valuation allowance. The Company may in the future determine that certain deferred tax assets will likely be realized, in which case the Company will reduce its valuation allowance in the period in which such determination is made. If the valuation allowance is reduced, the Company may recognize a benefit from income taxes in its statement of operations in that period.
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]	Share-Based Compensation The Company accounts for its share-based compensation awards in accordance with ASC Topic 718, Compensation-Stock Compensation Share-based compensation expense recognized for the years ended December 31, 2015, 2014 and 2013 was included in the following line items on the Consolidated Statements of Operations (in thousands). Year Ended 2015 2014 2013 Research and development $ 2,204 $ 1,303 $ 551 General and administrative 2,203 5,717 188 Total share-based compensation expense $ 4,407 $ 7,020 $ 739 No related tax benefits were recognized for the years ended December 31, 2015, 2014 and 2013. The fair value of each option is estimated on the date of grant using the Black-Scholes method with the following assumptions: Year Ended 2015 2014 2013 Weighted-average grant date fair value per share $17.95 $8.23 $11.37 Expected volatility 66% – 71% 70% – 73% 73% Risk-free interest rate 1.07% – 2.42% 0.69% – 2.73% 2.04% – 3.84% Expected life (in years) 3 – 10 3 – 10 6.25 – 10 Dividend yield – – –
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash and Cash Equivalents The Company considers highly liquid investments with a maturity of 90 days or less when purchased to be cash equivalents. Cash and cash equivalents consisted primarily of cash on deposit in U.S., German, Swiss and Canadian banks. Cash and cash equivalents are stated at cost which approximates fair value.
Concentration Risk, Credit Risk, Policy [Policy Text Block]	Concentrations of Credit Risk Financial instruments that potentially subject the Company to credit risk consist primarily of cash and cash equivalents. The Company holds these investments in highly-rated financial institutions, and limits the amounts of credit exposure to any one financial institution. These amounts at times may exceed federally insured limits. The Company has not experienced any credit losses in such accounts and does not believe it is exposed to any significant credit risk on these funds. The Company has no off-balance sheet concentrations of credit risk, such as foreign currency exchange contracts, option contracts or other hedging arrangements.
Fair Value Measurement, Policy [Policy Text Block]	Fair Value Measurements The Company follows ASC Topic 820, Fair Value Measurements and Disclosures • Level 1—Unadjusted quoted prices in active markets for identical assets or liabilities. • Level 2—Quoted prices for similar assets and liabilities in active markets, quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability. • Level 3—Unobservable inputs that reflect the Company’s own assumptions about the assumptions market participants would use in pricing the asset or liability in which there is little, if any, market activity for the asset or liability at the measurement date. At December 31, 2015 and 2014, the Company did not have any assets or liabilities that were remeasured at fair value on a recurring basis. The carrying amounts reflected in the balance sheets for cash and cash equivalents, prepaid expenses and other current assets, accounts payable, and accrued expenses approximate their fair values at December 31, 2015and 2014, due to their short-term nature.
Property, Plant and Equipment, Policy [Policy Text Block]	Property and Equipment Property and equipment, which consists of land, furniture and fixtures, computers and office equipment, scientific equipment, leasehold improvements and vehicles are stated at cost and depreciated over the estimated useful lives of the assets, with the exception of land which is not depreciated, using the straight line method. The useful lives are as follows: • Furniture and fixtures 7 years • Office equipment 5 years • Leasehold improvements Shorter of asset’s useful life or remaining lease term • Scientific equipment 5 years • Vehicles 5 years Costs of major additions and betterments are capitalized; maintenance and repairs, which do not improve or extend the life of the respective assets, are charged to expense as incurred. Upon retirement or sale, the cost of the disposed asset and the related accumulated depreciation are removed from the accounts and the resulting gain or loss is recognized.
Building Construction in Progress Policy [Policy Text Block]	Building Construction in Progress Building construction in progress consists of the accumulated expenditures to build the new XBiotech manufacturing facility located in Austin, Texas, which includes the cost for land clearing, architecture design, engineering services, city permits, installation of utilities, construction materials and labor and construction management. Once the building is completed and placed into service, the Company will commence depreciation over its estimated useful life.
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]	Impairment of Long-Lived Assets The Company periodically evaluates its long-lived assets for potential impairment in accordance with ASC Topic 360, Property, Plant and Equipment
Deferred Charges, Policy [Policy Text Block]	Deferred Offering Costs Deferred offering costs, which consist of direct incremental legal, accounting and other professional service fees relating to the Company’s initial public offering (IPO) were capitalized. The deferred offering costs were offset against the proceeds from the IPO in April 2015.
Foreign Currency Transactions and Translations Policy [Policy Text Block]	Foreign Currency Transactions Certain transactions are denominated in a currency other than the Company’s functional currency of the U.S. dollar, and the Company generates assets and liabilities that are fixed in terms of the amount of foreign currency that will be received or paid. At each balance sheet date, the Company adjusts the assets and liabilities to reflect the current exchange rate, resulting in a translation gain or loss. Transaction gains and losses are also realized upon a settlement of a foreign currency transaction in determining net loss for the period in which the transaction is settled.
Comprehensive Income, Policy [Policy Text Block]	Comprehensive Income (Loss) ASC Topic 220, Comprehensive Income
Segment Reporting, Policy [Policy Text Block]	Segment and Geographic Information Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker, or decision making group, in making decisions on how to allocate resources and assess performance. The Company’s chief operating decision maker is the Chief Executive Officer. The Company and the chief operating decision maker view the Company’s operations and manage its business as one operating segment. Substantially all of the Company’s operations are in the U.S. geographic segment.
Earnings Per Share, Policy [Policy Text Block]	Net Loss per Share Net loss per share (“EPS”) is computed by dividing net loss by the weighted average number of common shares outstanding during each period. Diluted EPS is computed by dividing net loss by the weighted average number of common shares and common share equivalents outstanding (if dilutive) during each period. The number of common share equivalents, which include stock options, is computed using the treasury stock method.
Subsequent Events, Policy [Policy Text Block]	Subsequent Events The Company considered events or transactions occurring after the balance sheet date but prior to the date the consolidated financial statements are available to be issued for potential recognition or disclosure in its consolidated financial statements. We have evaluated subsequent events through the date of filing this Form 10-K.
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements In June 2014 the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2014-10, Elimination of Certain Financial Reporting Requirements, including an Amendment to Variable Interest Entities Guidance in Topic 810 Consolidation In August 2014 the FASB issued ASU 2014-15 , Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern In February 2016 the FASB issued final guidance that will change the accounting for leases. The FASB issued final guidance that requires lessees to put most leases on their balance sheets but recognize expenses on their income statements in a manner similar to today’s accounting. The guidance also eliminates today’s real estate-specific provisions for all entities. For lessors, the guidance modifies the classification criteria and the accounting for sales-type and direct financing leases. All entities classify leases to determine how to recognize lease-related revenue and expense. Classification continues to affect what lessors record on the balance sheet. For calendar-year public business entities and certain calendar-year not-for-profit entities and employee benefit plans, the guidance is effective in 2019, and interim periods within that year. For other calendar-year entities, it is effective in 2020, and interim periods in 2021. Early adoption is permitted for all entities.

Note 2 - Significant Accounti19

Note 2 - Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2015
Notes Tables
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block]	Year Ended 2015 2014 2013 Research and development $ 2,204 $ 1,303 $ 551 General and administrative 2,203 5,717 188 Total share-based compensation expense $ 4,407 $ 7,020 $ 739
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	Year Ended 2015 2014 2013 Weighted-average grant date fair value per share $17.95 $8.23 $11.37 Expected volatility 66% – 71% 70% – 73% 73% Risk-free interest rate 1.07% – 2.42% 0.69% – 2.73% 2.04% – 3.84% Expected life (in years) 3 – 10 3 – 10 6.25 – 10 Dividend yield – – –

Note 3 - Property and Equipme20

Note 3 - Property and Equipment (Tables)	12 Months Ended
	Dec. 31, 2015
Notes Tables
Property, Plant and Equipment [Table Text Block]	2015 2014 Computer and office equipment $ 335 $ 262 Furniture and fixtures 132 126 Land 1,418 1,418 Leasehold improvements 770 762 Scientific equipment 5,595 4,648 Vehicle 30 30 Construction in process 2,417 189 Building Construction in process 10,371 885 Accumulated depreciation (4,751 ) (4,207 ) $ 16,317 $ 4,113

Note 4 - Accrued Expenses (Tabl

Note 4 - Accrued Expenses (Tables)	12 Months Ended
	Dec. 31, 2015
Notes Tables
Schedule of Accrued Liabilities [Table Text Block]	2015 2014 Accrued compensation and related $ 441 $ 1,037 Accrued professional fees 119 134 Accrued clinical trial 278 183 Other 628 164 $ 1,466 $ 1,518

Note 6 - Common Stock Options (

Note 6 - Common Stock Options (Tables)	12 Months Ended
	Dec. 31, 2015
Notes Tables
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]	Options Exercise Price Weighted- Options outstanding at December 31, 2012 3,669,666 $0.60 – $15.00 $ 7.01 Granted 40,000 15.00 15.00 Exercised – Forfeitures (316,167 ) 2.50 – 15.00 8.39 Options outstanding at December 31, 2013 3,393,499 0.60 – 15.00 6.02 Granted 1,563,666 1.00 – 15.00 11.23 Exercised (15,000 ) 10.00 10.00 Forfeitures (58,000 ) 2.50 – 15.00 10.63 Options outstanding at December 31, 2014 4,884,165 $0.55 - $15.00 7.03 Granted 375,928 8.47 - 21.99 17.95 Exercised (359,141 ) 0.53 - 10.00 3.75 Forfeitures (114,375 ) 0.55 - 20.93 11.05 Options outstanding at December 31, 2015 4, 786,577 $0.53 - $21.99 $ 8.56
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block]	Options outstanding Options Vested and Exercise Weighted- Average Weighted- Average Weighted- Average Price Number Remaining Exercise Number Exercise Contractual Life Price Price $ 0.50 15,000 0.22 $ 0.50 15,000 $ 0.50 $ 0.72 20,000 0.95 $ 0.72 20,000 $ 0.72 $ 0.90 255,000 1.44 $ 0.90 255,000 $ 0.90 $ 2.50 632,559 2.81 $ 2.50 619,559 $ 2.50 $ 3.75 1,000,000 4.29 $ 3.75 1,000,000 $ 3.75 $ 5.00 77,700 4.57 $ 5.00 77,700 $ 5.00 $ 7.00 1,000 5.17 $ 7.00 1,000 $ 7.00 $ 7.50 701,999 5.30 $ 7.50 701,999 $ 7.50 $ 8.47 4,500 0.92 $ 8.47 0 $ 8.47 $ 10.00 1,025,433 7.18 $ 10.00 640,308 $ 10.00 $ 14.18 21,000 9.84 $ 14.18 0 $ 14.18 $ 15.00 778,458 7.81 $ 15.00 656,333 $ 15.00 $ 16.91 65,900 9.74 $ 16.91 0 $ 16.91 $ 18.02 15,660 9.48 $ 18.02 15,660 $ 18.02 $ 19.00 22,500 9.26 $ 19.00 0 $ 19.00 $ 19.09 49,000 9.36 $ 19.09 32,000 $ 19.09 $ 19.94 6,000 9.36 $ 19.94 0 $ 19.94 $ 20.11 9,000 9.48 $ 20.11 0 $ 20.11 $ 20.49 4,500 9.48 $ 20.49 0 $ 20.49 $ 20.93 70,368 9.48 $ 20.93 0 $ 20.93 $ 21.99 9,000 9.46 $ 21.99 0 $ 21.99 4,784,577 5.56 8.01 4,114,857 6.89

Note 7 - Net Loss Per Share (Ta

Note 7 - Net Loss Per Share (Tables)	12 Months Ended
	Dec. 31, 2015
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Year Ended December 31, 2015 2014 2013 Net loss $ (37,483 ) $ (21,724 ) $ (9,927 ) Weighted-average number of common shares—basic and diluted 30,801,994 24,162,700 22,220,416 Net loss per share—basic and diluted $ (1.22 ) $ (0.90 ) $ (0.45 )
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	Year Ended December 31, 2015 2014 2013 Stock options 4, 786,577 4,884,165 3,393,499 Warrants to purchase common stock - 493,000 1,204,510 Total 4,786,577 5,377,165 4,598,009

Note 8 - Income Taxes (Tables)

Note 8 - Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2015
Notes Tables
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	2015 2014 2013 Income tax benefit computed at federal tax rate 26.0 % 26 % 13.50 % Change in valuation allowance (27.2 %) (18 %) (10 %) Stock compensation and other 1.2 % (8 %) (3.5 %) Total — % — % — %
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	2015 2014 2013 Deferred tax assets: Noncapital losses $ 23,038 $ 16,901 8,820 Qualifying research and development credits 1,591 1,311 878 Stock based compensation 3,982 312 — Share issue costs 30 4 — Accrued liabilities 356 160 — Deferred Rent 6 — — Depreciation — — 68 Total deferred tax assets 29,003 18,688 9,766 Deferred tax liabilities: Stock Option Exercised Depreciation 13 40 — Accrued liabilities — — 74 Share issuance costs 23 — 431 Total deferred tax liabilities 36 40 505 Net deferred tax asset 28,967 18,648 9,261 Valuation allowance for deferred tax assets (28,967 ) (18,648 ) (9,261 ) Net deferred tax asset including valuation allowance $ — $ — $ —

Note 10 - Commitments and Con25

Note 10 - Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2015
Notes Tables
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]	2016 $ 448 2017 $ 460 2018 $ 471 2019 $ 79

Note 1 - Organization (Details

Note 1 - Organization (Details Textual) - USD ($)	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Cash and Cash Equivalents, at Carrying Value	$ 91,051,000	$ 57,329,000	$ 7,244,000	$ 4,167,000

Note 2 - Significant Accounti27

Note 2 - Significant Accounting Policies (Details Textual)	12 Months Ended
	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Furniture and Fixtures [Member]
Property, Plant and Equipment, Useful Life	7 years
Office Equipment [Member]
Property, Plant and Equipment, Useful Life	5 years
Equipment [Member]
Property, Plant and Equipment, Useful Life	5 years
Vehicles [Member]
Property, Plant and Equipment, Useful Life	5 years
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense	$ 0	$ 0	$ 0
Liabilities, Fair Value Disclosure, Recurring	0	0
Assets, Fair Value Disclosure, Recurring	$ 2,015	$ 0
Number of Operating Segments	1

Note 2 - Share-based Compensati

Note 2 - Share-based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Research and Development Expense [Member]
Share-based compensation expense	$ 2,204	$ 1,303	$ 551
General and Administrative Expense [Member]
Share-based compensation expense	2,203	5,717	188
Share-based compensation expense	$ 4,407	$ 7,020	$ 739

Note 2 - Stock Option Valuation

Note 2 - Stock Option Valuation Assumptions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Minimum [Member]
Expected volatility	66.00%	70.00%
Risk-free interest rate	1.07%	0.69%	2.04%
Expected life (in years)	3 years	3 years	6 years 91 days
Maximum [Member]
Expected volatility	71.00%	73.00%
Risk-free interest rate	2.42%	2.73%	3.84%
Expected life (in years)	10 years	10 years	10 years
Weighted-average grant date fair value per share (in dollars per share)	$ 17.95	$ 8.23	$ 11.37
Expected volatility			73.00%
Dividend yield

Note 3 - Property and Equipme30

Note 3 - Property and Equipment (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Depreciation	$ 699,000	$ 664,000	$ 784,000

Note 3 - Property and Equipme31

Note 3 - Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Office Equipment [Member]
Property, plant, and equipment, gross	$ 335	$ 262
Furniture and Fixtures [Member]
Property, plant, and equipment, gross	132	126
Land [Member]
Property, plant, and equipment, gross	1,418	1,418
Leasehold Improvements [Member]
Property, plant, and equipment, gross	770	762
Scientific Equipment [Member]
Property, plant, and equipment, gross	5,595	4,648
Vehicles [Member]
Property, plant, and equipment, gross	30	30
Construction in Progress [Member]
Property, plant, and equipment, gross	2,417	189
Building Construction in Process [Member]
Property, plant, and equipment, gross	10,371	885
Accumulated depreciation	(4,751)	(4,207)
	$ 16,317	$ 4,113

Note 4 - Accrued Expenses (Deta

Note 4 - Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Accrued compensation and related	$ 441	$ 1,037
Accrued professional fees	119	134
Accrued clinical trial	278	183
Other	628	164
	$ 1,466	$ 1,518

Note 5 - Common Stock (Details

Note 5 - Common Stock (Details Textual) - USD ($)	Apr. 17, 2015	Jul. 31, 2015	Jan. 31, 2015	Dec. 31, 2014	Dec. 31, 2014	Feb. 28, 2014	Aug. 31, 2013	Dec. 31, 2015	Jun. 30, 2015	Mar. 31, 2015	Nov. 18, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Noncash Consideration of Stock Issuance Costs [Member]
Other Significant Noncash Transaction, Value of Consideration Given				$ 400,000
IPO [Member]
Stock Issued During Period, Shares, New Issues	4,000,000
Share Price	$ 19
Minimum [Member]
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price								$ 0.53				$ 0.53
Maximum [Member]
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price								10				10
Common Stock, No Par Value				$ 0	$ 0			$ 0				$ 0	$ 0
Stock Issued During Period, Shares, New Issues				3,000,000			1,200,000		208,333		601,000
Share Price				$ 15	15		$ 10				$ 15		15
Proceeds from Issuance of Common Stock				$ 44,800,000			$ 12,000,000				$ 9,000,000
Class of Warrant or Right, Issued Number of Warrants Per Share							1				1
Class of Warrant or Right, Expiration Period							180 days				180 days
Class of Warrant or Right, Exercise Price of Warrants or Rights				$ 15	$ 15		$ 10			$ 15	$ 15		$ 15
Class of Warrant or Right, Exercised During Period						1,200,000				164,999
Proceeds from Warrant Exercises						$ 12,000,000			$ 3,100,000	$ 2,500,000
Class of Warrant or Right, Outstanding				493,000	493,000								493,000
Common Stock, Share Subscribed but Unissued, Subscriptions Receivable				$ 410,000	$ 410,000			$ (410,000)				$ (410,000)	$ 410,000
Payments of Stock Issuance Costs				$ 1,900,000									$ 324,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period		12,000	15,000		15,000			226,141	106,000			359,141	15,000
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price		$ 2.50	$ 0.55		$ 10							$ 3.75	$ 10
Proceeds from Stock Options Exercised		$ 30,000	$ 8,000		$ 150,000			$ 639,253	$ 700,000
Proceeds from Issuance Initial Public Offering	$ 70,600,000

Note 6 - Common Stock Options34

Note 6 - Common Stock Options (Details Textual) - The Plan [Member] - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period	10 years
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options	$ 5,000,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	2 years 7 days
Any One Person [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Outstanding Stock Maximum	5.00%
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 17.95	$ 8.23	$ 11.37
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Intrinsic Value, Amount Per Share	$ 2.86	$ 2.90	$ 2.51
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value	$ 18,697,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value	19,044,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value	$ 5,463,000	$ 6,999,000	$ 632,500

Note 6 - Changes in Common Stoc

Note 6 - Changes in Common Stock Options Issued (Details) - $ / shares	1 Months Ended			3 Months Ended		12 Months Ended
	Jul. 31, 2015	Jan. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Jun. 30, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Minimum [Member]
Options outstanding at December 31, 2012 (in dollars per share)		$ 0.55				$ 0.55	$ 0.60	$ 0.60
Granted (in dollars per share)						8.47	1
Forfeitures (in dollars per share)						0.55	2.50	2.50
Options outstanding at December 31, 2013 (in dollars per share)			$ 0.55	$ 0.53		0.53	0.55	0.60
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price				0.53		0.53
Forfeitures (in dollars per share)						0.55	2.50	2.50
Maximum [Member]
Options outstanding at December 31, 2012 (in dollars per share)		$ 15				15	15	15
Granted (in dollars per share)						21.99	15
Forfeitures (in dollars per share)						20.93	15	15
Options outstanding at December 31, 2013 (in dollars per share)			$ 15	21.99		21.99	15	15
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price				$ 10		10
Forfeitures (in dollars per share)						$ 20.93	$ 15	$ 15
Options outstanding at December 31, 2012 (in shares)		4,884,165				4,884,165	3,393,499	3,669,666
Options outstanding at December 31, 2012 (in dollars per share)		$ 7.03				$ 7.03	$ 6.02	$ 7.01
Granted (in shares)						375,928	1,563,666	40,000
Granted (in dollars per share)						$ 17.95	$ 11.23	$ 15
Forfeitures (in shares)						(114,375)	(58,000)	(316,167)
Forfeitures (in dollars per share)						$ 11.05	$ 10.63	$ 8.39
Options outstanding at December 31, 2013 (in shares)			4,884,165	4,786,577		4,786,577	4,884,165	3,393,499
Options outstanding at December 31, 2013 (in dollars per share)			$ 7.03	$ 8.56		$ 8.56	$ 7.03	$ 6.02
Exercised (in shares)	(12,000)	(15,000)	(15,000)	(226,141)	(106,000)	(359,141)	(15,000)
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price	$ 2.50	$ 0.55	$ 10			$ 3.75	$ 10
Options outstanding (in shares)		4,884,165	4,884,165	4,786,577		4,884,165	3,393,499	3,669,666
Forfeitures (in dollars per share)						$ 11.05	$ 10.63	$ 8.39

Note 6 - Outstanding Options (D

Note 6 - Outstanding Options (Details)	12 Months Ended
	Dec. 31, 2015$ / sharesshares
Exercise Price Range 1 [Member]
Options outstanding (in shares) | shares	15,000
Options outstanding, weighted- average remaining contractual life	80 days
Options outstanding, weighted- average exercise price (in dollars per share) | $ / shares	$ 0.50
Options Vested and Outstanding (in shares) | shares	15,000
Options Vested and Outstanding, weighted-average exercise price (in dollars per share) | $ / shares	$ 0.50
Exercise Price Range 2 [Member]
Options outstanding (in shares) | shares	20,000
Options outstanding, weighted- average remaining contractual life	346 days
Options outstanding, weighted- average exercise price (in dollars per share) | $ / shares	$ 0.72
Options Vested and Outstanding (in shares) | shares	20,000
Options Vested and Outstanding, weighted-average exercise price (in dollars per share) | $ / shares	$ 0.72
Exercise Price Range 3 [Member]
Options outstanding (in shares) | shares	255,000
Options outstanding, weighted- average remaining contractual life	1 year 160 days
Options outstanding, weighted- average exercise price (in dollars per share) | $ / shares	$ 0.90
Options Vested and Outstanding (in shares) | shares	255,000
Options Vested and Outstanding, weighted-average exercise price (in dollars per share) | $ / shares	$ 0.90
Exercise Price Range 4 [Member]
Options outstanding (in shares) | shares	632,559
Options outstanding, weighted- average remaining contractual life	2 years 295 days
Options outstanding, weighted- average exercise price (in dollars per share) | $ / shares	$ 2.50
Options Vested and Outstanding (in shares) | shares	619,559
Options Vested and Outstanding, weighted-average exercise price (in dollars per share) | $ / shares	$ 2.50
Exercise Price Range 5 [Member]
Options outstanding (in shares) | shares	1,000,000
Options outstanding, weighted- average remaining contractual life	4 years 105 days
Options outstanding, weighted- average exercise price (in dollars per share) | $ / shares	$ 3.75
Options Vested and Outstanding (in shares) | shares	1,000,000
Options Vested and Outstanding, weighted-average exercise price (in dollars per share) | $ / shares	$ 3.75
Exercise Price Range 6 [Member]
Options outstanding (in shares) | shares	77,700
Options outstanding, weighted- average remaining contractual life	4 years 208 days
Options outstanding, weighted- average exercise price (in dollars per share) | $ / shares	$ 5
Options Vested and Outstanding (in shares) | shares	77,700
Options Vested and Outstanding, weighted-average exercise price (in dollars per share) | $ / shares	$ 5
Exercise Price Range 7 [Member]
Options outstanding (in shares) | shares	1,000
Options outstanding, weighted- average remaining contractual life	5 years 62 days
Options outstanding, weighted- average exercise price (in dollars per share) | $ / shares	$ 7
Options Vested and Outstanding (in shares) | shares	1,000
Options Vested and Outstanding, weighted-average exercise price (in dollars per share) | $ / shares	$ 7
Exercise Price Range 8 [Member]
Options outstanding (in shares) | shares	701,999
Options outstanding, weighted- average remaining contractual life	5 years 109 days
Options outstanding, weighted- average exercise price (in dollars per share) | $ / shares	$ 7.50
Options Vested and Outstanding (in shares) | shares	701,999
Options Vested and Outstanding, weighted-average exercise price (in dollars per share) | $ / shares	$ 7.50
Exercise Price Range 9 [Member]
Options outstanding (in shares) | shares	4,500
Options outstanding, weighted- average remaining contractual life	335 days
Options outstanding, weighted- average exercise price (in dollars per share) | $ / shares	$ 8.47
Options Vested and Outstanding (in shares) | shares	0
Options Vested and Outstanding, weighted-average exercise price (in dollars per share) | $ / shares	$ 8.47
Exercise Price Range 10 [Member]
Options outstanding (in shares) | shares	1,025,433
Options outstanding, weighted- average remaining contractual life	7 years 65 days
Options outstanding, weighted- average exercise price (in dollars per share) | $ / shares	$ 10
Options Vested and Outstanding (in shares) | shares	640,308
Options Vested and Outstanding, weighted-average exercise price (in dollars per share) | $ / shares	$ 10
Exercise Price Range 11 [Member]
Options outstanding (in shares) | shares	21,000
Options outstanding, weighted- average remaining contractual life	9 years 306 days
Options outstanding, weighted- average exercise price (in dollars per share) | $ / shares	$ 14.18
Options Vested and Outstanding (in shares) | shares	0
Options Vested and Outstanding, weighted-average exercise price (in dollars per share) | $ / shares	$ 14.18
Exercise Price Range 12 [Member]
Options outstanding (in shares) | shares	778,458
Options outstanding, weighted- average remaining contractual life	7 years 295 days
Options outstanding, weighted- average exercise price (in dollars per share) | $ / shares	$ 15
Options Vested and Outstanding (in shares) | shares	656,333
Options Vested and Outstanding, weighted-average exercise price (in dollars per share) | $ / shares	$ 15
Exercise Price Range 13 [Member]
Options outstanding (in shares) | shares	65,900
Options outstanding, weighted- average remaining contractual life	9 years 270 days
Options outstanding, weighted- average exercise price (in dollars per share) | $ / shares	$ 16.91
Options Vested and Outstanding (in shares) | shares	0
Options Vested and Outstanding, weighted-average exercise price (in dollars per share) | $ / shares	$ 16.91
Exercise Price Range 14 [Member]
Options outstanding (in shares) | shares	15,660
Options outstanding, weighted- average remaining contractual life	9 years 175 days
Options outstanding, weighted- average exercise price (in dollars per share) | $ / shares	$ 18.02
Options Vested and Outstanding (in shares) | shares	15,660
Options Vested and Outstanding, weighted-average exercise price (in dollars per share) | $ / shares	$ 18.02
Exercise Price Range 15 [Member]
Options outstanding (in shares) | shares	22,500
Options outstanding, weighted- average remaining contractual life	9 years 94 days
Options outstanding, weighted- average exercise price (in dollars per share) | $ / shares	$ 19
Options Vested and Outstanding (in shares) | shares	0
Options Vested and Outstanding, weighted-average exercise price (in dollars per share) | $ / shares	$ 19
Exercise Price Range 16 [Member]
Options outstanding (in shares) | shares	49,000
Options outstanding, weighted- average remaining contractual life	9 years 131 days
Options outstanding, weighted- average exercise price (in dollars per share) | $ / shares	$ 19.09
Options Vested and Outstanding (in shares) | shares	32,000
Options Vested and Outstanding, weighted-average exercise price (in dollars per share) | $ / shares	$ 19.09
Exercise Price Range 17 [Member]
Options outstanding (in shares) | shares	6,000
Options outstanding, weighted- average remaining contractual life	9 years 131 days
Options outstanding, weighted- average exercise price (in dollars per share) | $ / shares	$ 19.94
Options Vested and Outstanding (in shares) | shares	0
Options Vested and Outstanding, weighted-average exercise price (in dollars per share) | $ / shares	$ 19.94
Exercise Price Range 18 [Member]
Options outstanding (in shares) | shares	9,000
Options outstanding, weighted- average remaining contractual life	9 years 175 days
Options outstanding, weighted- average exercise price (in dollars per share) | $ / shares	$ 20.11
Options Vested and Outstanding (in shares) | shares	0
Options Vested and Outstanding, weighted-average exercise price (in dollars per share) | $ / shares	$ 20.11
Exercise Price Range 19 [Member]
Options outstanding (in shares) | shares	4,500
Options outstanding, weighted- average remaining contractual life	9 years 175 days
Options outstanding, weighted- average exercise price (in dollars per share) | $ / shares	$ 20.49
Options Vested and Outstanding (in shares) | shares	0
Options Vested and Outstanding, weighted-average exercise price (in dollars per share) | $ / shares	$ 20.49
Exercise Price Range 20 [Member]
Options outstanding (in shares) | shares	70,368
Options outstanding, weighted- average remaining contractual life	9 years 175 days
Options outstanding, weighted- average exercise price (in dollars per share) | $ / shares	$ 20.93
Options Vested and Outstanding (in shares) | shares	0
Options Vested and Outstanding, weighted-average exercise price (in dollars per share) | $ / shares	$ 20.93
Exercise Price Range 21 [Member]
Options outstanding (in shares) | shares	9,000
Options outstanding, weighted- average remaining contractual life	9 years 167 days
Options outstanding, weighted- average exercise price (in dollars per share) | $ / shares	$ 21.99
Options Vested and Outstanding (in shares) | shares	0
Options Vested and Outstanding, weighted-average exercise price (in dollars per share) | $ / shares	$ 21.99
Options outstanding (in shares) | shares	4,784,577
Options outstanding, weighted- average remaining contractual life	5 years 204 days
Options outstanding, weighted- average exercise price (in dollars per share) | $ / shares	$ 8.01
Options Vested and Outstanding (in shares) | shares	4,114,857
Options Vested and Outstanding, weighted-average exercise price (in dollars per share) | $ / shares	$ 6.89

Note 7 - Computation of Basic a

Note 7 - Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Net loss	$ (37,483)	$ (21,724)	$ (9,927)
Weighted-average number of common shares—basic and diluted (in shares)	30,801,994	24,162,700	22,220,416
Net loss per share—basic and diluted (in dollars per share)	$ (1.22)	$ (0.90)	$ (0.45)

Note 7 - Potentially Dilutive S

Note 7 - Potentially Dilutive Securities Outstanding (Details) - shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Employee Stock Option [Member]
Antidilutive securities (in shares)	4,786,577	4,884,165	3,393,499
Warrant [Member]
Antidilutive securities (in shares)		493,000	1,204,510
Antidilutive securities (in shares)	4,786,577	5,377,165	4,598,009

Note 8 - Income Taxes (Details

Note 8 - Income Taxes (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Foreign Tax Authority [Member] | Swiss Federal Tax Administration (FTA) [Member]
Operating Loss Carryforwards	$ 600,000	$ 600,000
Foreign Tax Authority [Member] | National Tax Agency, Japan [Member]
Operating Loss Carryforwards	600,000	0.60
Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member]
Operating Loss Carryforwards	11,700,000	9,700,000
Foreign Tax Authority [Member] | Federal Ministry of Finance, Germany [Member]
Operating Loss Carryforwards	4,000,000	1,100,000
Domestic Tax Authority [Member] | Canada Revenue Agency [Member]
Operating Loss Carryforwards	70,800,000	51,200,000
Domestic Tax Authority [Member]
Operating Loss Carryforwards	87,100,000	62,600,000
Income Tax Expense (Benefit)	0	0
Income Tax Examination, Penalties and Interest Expense	0	0	$ 0
Unrecognized Tax Benefits	0	0
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount	$ 10,300,000	$ 9,400,000

Note 8 - Reconciliation of Cana

Note 8 - Reconciliation of Canadian Federal Statutory Income Tax Rate (Details)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income tax benefit computed at federal tax rate	13.50%	26.00%	26.00%
Change in valuation allowance	(10.00%)	(18.00%)	(27.20%)
Stock compensation and other	(3.50%)	(8.00%)	1.20%

Note 8 - Significant Components

Note 8 - Significant Components of Deferred Tax Assets and Liabilites (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Deferred tax assets:
Noncapital losses	$ 8,820	$ 16,901	$ 23,038
Qualifying research and development credits	$ 878	1,311	1,591
Stock based compensation		312	3,982
Share issue costs		4	30
Accrued liabilities		$ 160	356
Deferred Rent			$ 6
Depreciation	$ 68
Total deferred tax assets	$ 9,766	$ 18,688	$ 29,003
Deferred tax liabilities:
Stock Option Exercised
Depreciation		$ 40	$ 13
Accrued liabilities	$ 74
Share issuance costs	431		$ 23
Total deferred tax liabilities	505	$ 40	36
Net deferred tax asset	9,261	18,648	28,967
Valuation allowance for deferred tax assets	$ (9,261)	$ (18,648)	$ (28,967)
Net deferred tax asset including valuation allowance

Note 9 - Related-Party Transa42

Note 9 - Related-Party Transactions (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Former Director [Member]
Accounts Payable, Related Parties, Current		$ 37,000	$ 0
Legal Fees		$ 37,000	$ 35,000
Related Party Transaction, Amounts of Transaction	$ 0

Note 10 - Commitments and Con43

Note 10 - Commitments and Contingencies (Details Textual) - USD ($)	Feb. 28, 2015	Mar. 20, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Lessee Leasing Arrangements, Operating Leases, Renewal Term	4 years	1 year 270 days
Lessee Leasing Arrangements, Operating Leases, Early Termination Right	2 years
Operating Leases, Rent Expense, Net			$ 688,000	$ 535,000	$ 553,000