Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Mar. 16, 2021 | Jun. 30, 2020 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0001626878 | ||
Entity Registrant Name | XBiotech Inc. | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2020 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Transition Report | false | ||
Entity File Number | 001-37437 | ||
Entity Incorporation, State or Country Code | A1 | ||
Entity Address, Address Line One | 5217 Winnebago Ln | ||
Entity Address, City or Town | Austin | ||
Entity Address, State or Province | TX | ||
Entity Address, Postal Zip Code | 78744 | ||
City Area Code | 512 | ||
Local Phone Number | 386-2900 | ||
Title of 12(b) Security | Common Stock, no par value | ||
Trading Symbol | XBIT | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 293,825,490 | ||
Entity Common Stock, Shares Outstanding | 29,458,762 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 237,366 | $ 714,594 |
Accounts receivable | 4,113 | 0 |
Escrow receivable | 75,063 | 0 |
Deferred cost of goods sold | 2,177 | 0 |
Income tax receivable | 6,574 | 0 |
Prepaid expenses and other current assets | 582 | 1,669 |
Total current assets | 325,875 | 716,263 |
Escrow receivable | 0 | 75,000 |
Deferred tax asset | 533 | 443 |
Property and equipment, net | 27,336 | 25,171 |
Total assets | 353,744 | 816,877 |
Current liabilities: | ||
Accounts payable | 2,491 | 2,149 |
Accrued expenses | 1,351 | 4,180 |
Contract liabilities | 0 | 4,500 |
Income tax payable | 142 | 49,361 |
Total current liabilities | 3,984 | 60,190 |
Long-term liabilities: | ||
Income tax payable | 1,121 | 1,056 |
Total liabilities | 5,105 | 61,246 |
Shareholders’ equity: | ||
Preferred Stock, no par value, unlimited shares authorized, no shares outstanding | 0 | 0 |
Common stock, no par value, unlimited shares authorized, 29,304,396 and 41,519,633 shares outstanding at December 31, 2020 and December 31, 2019, respectively | 249,805 | 324,808 |
Accumulated other comprehensive loss | 1,266 | (106) |
Retained earnings | 97,568 | 430,929 |
Total shareholders’ equity | 348,639 | 755,631 |
Total liabilities and shareholders’ equity | $ 353,744 | $ 816,877 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares $ / shares in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Preferred stock, no par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Preferred stock, shares authorized | Unlimited | Unlimited |
Common stock, no par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized | Unlimited | Unlimited |
Common stock, shares outstanding (in shares) | 29,304,396 | 41,519,633 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue | $ 43,997 | $ 0 | $ 0 |
Cost of goods sold | 34,548 | 0 | 0 |
Gross margin | 9,449 | 0 | 0 |
Operating expenses: | |||
Research and development | 9,527 | 24,090 | 15,725 |
General and administrative | 18,198 | 7,143 | 5,269 |
Total operating expenses | 27,725 | 31,233 | 20,994 |
Loss from operations | (18,276) | (31,233) | (20,994) |
Other income (loss): | |||
Interest income | 2,456 | 564 | 400 |
Gain from Janssen Transaction | 0 | 750,000 | 0 |
Other income (loss) | (503) | 10 | 4 |
Foreign exchange gain (loss) | 3,496 | (888) | (548) |
Total other income (loss) | 5,449 | 749,686 | (144) |
Income before income taxes | (12,827) | 718,453 | (21,138) |
Provision for income taxes | 1,606 | (49,824) | 0 |
Net income (loss) | $ (11,221) | $ 668,629 | $ (21,138) |
Net income (loss) per share—basic (in dollars per share) | $ (0.36) | $ 17.17 | $ (0.59) |
Shares used to compute basic net income (loss) per share (in shares) | 30,823,458 | 38,945,468 | 35,804,304 |
Net income (loss) per share—diluted (in dollars per share) | $ (0.36) | $ 14.44 | $ (0.59) |
Shares used to compute diluted net income (loss) per share (in shares) | 30,823,458 | 46,319,457 | 35,804,304 |
Manufacturing Revenue [Member] | |||
Revenue | $ 18,000 | $ 0 | $ 0 |
Cost of goods sold | 12,859 | 0 | 0 |
Clinical Trial Service Revenue [Member] | |||
Revenue | 25,975 | 0 | 0 |
Cost of goods sold | 21,689 | 0 | 0 |
Product and Service, Other [Member] | |||
Revenue | $ 22 | $ 0 | $ 0 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net income (loss) | $ (11,221) | $ 668,629 | $ (21,138) |
Foreign currency translation adjustment | 1,372 | 149 | 513 |
Comprehensive income (loss) | $ (9,849) | $ 668,778 | $ (20,625) |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands | Common Stock Including Additional Paid in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2017 | 35,439 | |||
Balance at Dec. 31, 2017 | $ 277,492 | $ (768) | $ (216,562) | $ 60,162 |
Net income (loss) | 0 | 0 | (21,138) | (21,138) |
Foreign currency translation adjustment | $ 0 | 513 | 0 | 513 |
Issuance of common stock, net of issuance cost (in shares) | 300 | |||
Issuance of common stock, net of issuance cost | $ 0 | 0 | 0 | 0 |
Issuance of common stock under stock option plan (in shares) | 161 | |||
Issuance of common stock under stock option plan | $ 401 | 0 | 0 | 401 |
Subscription receivable | (200) | 0 | 0 | (200) |
Share-based compensation expense | $ 1,660 | 0 | 0 | 1,660 |
Balance (in shares) at Dec. 31, 2018 | 35,900 | |||
Balance at Dec. 31, 2018 | $ 279,353 | (255) | (237,700) | 41,398 |
Net income (loss) | 0 | 0 | 668,629 | 668,629 |
Foreign currency translation adjustment | $ 0 | 149 | 0 | 149 |
Issuance of common stock, net of issuance cost (in shares) | 4,848 | |||
Issuance of common stock, net of issuance cost | $ 38,062 | 0 | 0 | 38,062 |
Issuance of common stock under stock option plan (in shares) | 771 | |||
Issuance of common stock under stock option plan | $ 3,835 | 0 | 0 | 3,835 |
Subscription receivable | (102) | 0 | 0 | (102) |
Share-based compensation expense | 3,358 | 0 | 0 | 3,358 |
Collection of stock subscription receivable | $ 302 | 0 | 0 | 302 |
Balance (in shares) at Dec. 31, 2019 | 41,519 | |||
Balance at Dec. 31, 2019 | $ 324,808 | (106) | 430,929 | 755,631 |
Net income (loss) | 0 | 0 | (11,221) | (11,221) |
Foreign currency translation adjustment | $ 0 | 1,372 | 0 | 1,372 |
Issuance of common stock under stock option plan (in shares) | 1,785 | |||
Issuance of common stock under stock option plan | $ 10,276 | 0 | 0 | 10,276 |
Share-based compensation expense | $ 12,581 | 0 | 0 | 12,581 |
Tender offer (in shares) | (14,000) | |||
Tender offer | $ (97,860) | 0 | (322,140) | (420,000) |
Balance (in shares) at Dec. 31, 2020 | 29,304 | |||
Balance at Dec. 31, 2020 | $ 249,805 | $ 1,266 | $ 97,568 | $ 348,639 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating activities | |||
Net income (loss) | $ (11,221) | $ 668,629 | $ (21,138) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Depreciation | 2,238 | 2,361 | 2,433 |
Share-based compensation expense | 12,581 | 3,358 | 1,660 |
Gain from Janssen Transaction | 0 | (675,000) | 0 |
Deferred tax asset | (90) | (444) | 0 |
Changes in operating assets and liabilities: | |||
Account receivable | (4,113) | 0 | 0 |
Income tax receivable | (6,574) | 0 | 0 |
Deferred cost of goods sold | (2,177) | 0 | 0 |
Escrow receivable | (63) | (75,000) | 0 |
Prepaid expenses and other current assets | 1,087 | (472) | 372 |
Accounts payable | (334) | 496 | (78) |
Accrued expenses | (2,829) | 2,888 | 229 |
Contract liabilities | (4,500) | 4,500 | 0 |
Other taxes payable | (49,219) | 49,361 | 0 |
Deferred rent | 0 | (3) | (15) |
Income tax payable | 65 | 1,056 | |
Net cash used in operating activities | (65,149) | (18,270) | (16,537) |
Investing activities | |||
Purchase of property and equipment | (3,727) | (204) | (122) |
Cash received from Janssen Transaction | 0 | 675,000 | 0 |
Net cash provided by investing activities | (3,727) | 674,796 | (122) |
Financing activities | |||
Issuance of common stock and warrants, net | (420,000) | 38,062 | 0 |
Issuance of common stock under stock option plan | 10,276 | 3,732 | 201 |
Collection of subscription receivable | 0 | 302 | 0 |
Net cash provided by financing activities | (409,724) | 42,096 | 201 |
Effect of foreign exchange rate on cash and cash equivalents | 1,372 | 149 | 513 |
Net change in cash and cash equivalents | (477,228) | 698,771 | (15,945) |
Cash and cash equivalents, beginning of period | 714,594 | 15,823 | 31,768 |
Cash and cash equivalents, end of period | 237,366 | 714,594 | 15,823 |
Supplemental Information: | |||
Accrued purchases of property and equipment | 676 | 0 | 0 |
Subscription receivable | 0 | 302 | 200 |
Income tax paid | $ 54,087 | $ 0 | $ 0 |
Note 1 - Organization
Note 1 - Organization | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. XBiotech Inc. (XBiotech or the Company) was incorporated in Canada on March 22, 2005. November 2007. August 2010. March 2013. 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, With the manufacturing capability to produce its True Human™ antibody therapy, in 2010, first 2 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 $237.4 million at December 31, 2020, one |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Basis of Presentation These consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States (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 U.S. 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, third Revenue Revenue from Janssen Agreements The Company recognizes revenues from its Janssen Agreements as follows. The Company entered into its clinical manufacturing and clinical trial services arrangements in connection with its sale of certain intellectual property on December 30, 2019. January 1, 2020. not XBiotech is still in the research and development phase; however, the eventual output of the Company’s intended ordinary activities will be the licensing of intellectual property and/or sale of commercialized compounds for use in pharmaceutical treatment of disease, not not not 606, Revenue from Contracts with Customers 606” Under ASC 606, 606 five five 606, Manufacturing Revenue The Company has a Clinical Manufacturing Agreement that it accounts for by analogy to ASC 606, two may 60 two four 60 may not Clinical Trial Service Revenue On December 30, 2019, two may may 30 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 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. Clinical Trial Accruals Expense accruals related to clinical trials are based on the Company’s estimates of services received and efforts expended pursuant to contracts with third may 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 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 certain deferred tax assets with a valuation allowance. The Company may not may Income taxes are recorded in accordance with ASC 740, Accounting for Income Taxes 740” not not ASC 740 may not Share-Based Compensation The Company accounts for its share-based compensation awards in accordance with ASC Topic 718, Compensation-Stock Compensation 718” 718, Share-based compensation expense recognized for the years ended December 31, 2020, 2019 2018 Year Ended December 31, 2020 2019 2018 Research and development $ 3,558 $ 1,635 $ 696 General and administrative 7,537 1,723 964 Cost of goods sold 1,486 - - Total share-based compensation expense $ 12,581 $ 3,358 $ 1,660 The fair value of each option is estimated on the date of grant using the Black-Scholes method with the following assumptions: Year Ended December 31, 2020 2019 2018 Weighted-average grant date fair value per share $ 12.23 $ 9.36 $ 4.32 Expected volatility 87%-97 % 80%-97 % 67%-80 % Risk-free interest rate 0.33%-1.87 % 1.41%-2.64 % 2.38%-3.12 % Expected life (in years) 5.38–10 5.38–10 1–10 Dividend yield — — — Due to the adoption of ASU No. 2016 09, January 1, 2017, Cash and Cash Equivalents The Company considers highly liquid investments with a maturity of 90 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 may not not no Fair Value Measurements The Company follows ASC Topic 820, Fair Value Measurements and Disclosures three • Level 1—Unadjusted • Level 2—Quoted not • Level 3—Unobservable At December 31, 2020 2019, not December 31, 2020 2019, Property and Equipment Property and equipment, which consists of land, construction in process, furniture and fixtures, computers and office equipment, scientific equipment, leasehold improvements, vehicles and building are stated at cost and depreciated over the estimated useful lives of the assets, with the exception of land and construction in process which are not ● Furniture and fixtures (years) 7 ● Office equipment (years) 5 ● Scientific equipment (years) 5 ● Vehicles (years) 5 ● Mobile facility (years) 27.5 ● Building (years) 39 Costs of major additions and betterments are capitalized; maintenance and repairs, which do not 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 may not not December 31, 2020. 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 Income/Loss per Share Net income/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 income/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. The Company has evaluated subsequent events through the date of filing this Form 10 Recent Accounting Pronouncements Recently Issued Accounting Pronouncements In June 2016, No. 2016 13, 326 November 15, 2019, 326 December 15, 2022 not not In February 2016, 842, No. 2016 02, 840, 842 No. 201801, 842; No. 2018 10, 842, No. 201811, 842, 12 first 2019. January 1, 2019, not not In December 2019, 2019 12, 740 740. 740 December 15, 2020, 2019 12 January 1, 2020. 2019 12 no |
Note 3 - Revenue
Note 3 - Revenue | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 3. Revenue On December 30, 2019, two not December 31, 2020, In the year 2020, December 30, 2019 |
Note 4 - Property and Equipment
Note 4 - Property and Equipment and Building Construction in Progress | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 4. Property and equipment consisted of the following as of December 31, 2020 2019 2020 2019 Computer and office equipment $ 557 $ 482 Furniture and fixtures 130 183 Land 1,418 1,418 Leasehold improvements - 802 Scientific equipment 14,433 12,592 Vehicle 82 30 Building 21,013 21,013 Mobile facility 189 194 Construction in process 2,625 186 Accumulated depreciation (13,111 ) (11,729 ) $ 27,336 $ 25,171 Depreciation expenses related to property and equipment amounted to approximately $2.2 million, $2.4 million, and $2.4 million for the years ended December 31, 2020, 2019 2018, |
Note 5 - Accrued Expenses
Note 5 - Accrued Expenses | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 5. Accrued expenses consist of the following as of December 31, 2020, 2019 2020 2019 Accrued compensation and related expenses 443 337 Accrued professional fees 174 566 Accrued clinical trial expenses 497 3,082 Other 237 195 $ 1,351 $ 4,180 |
Note 6 - Common Stock
Note 6 - Common Stock | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 6. Pursuant to its Articles, the Company has an unlimited number of shares available for issuance with no During June 2019, From January December 2019, On January 4, 2020, not not February 12, 2020. On February 19, 2020, December 31, 2020. From January December 31, 2020, |
Note 7 - Common Stock Options
Note 7 - Common Stock Options | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 7. On November 11, 2005, 2005 “2005 March 24, 2015, 2015 2015 may may All options under both Plans will be non-transferable and may first may The term of the options is at the discretion of the Compensation Committee, but may not three The number of common shares reserved for issuance to any one 2005 not, A summary of changes in common stock options issued under the 2005 2015 Options Exercise Price Weighted-Average Exercise Price Options outstanding at December 31, 2017 5,303,624 2.50-21.99 $ 7.69 Granted 1,153,500 2.50-5.93 4.32 Exercised (160,500 ) 2.50 2.50 Forfeitures (761,185 ) 2.50-19.09 6.12 Options outstanding at December 31, 2018 5,535,439 2.50-21.99 $ 7.30 Granted 2,563,500 5.15-19.87 9.36 Exercised (771,376 ) 2.5-15 4.62 Forfeitures (361,833 ) 2.50-16.50 7.53 Options outstanding at December 31, 2019 6,965,730 2.71-21.99 6.09 Granted 230,500 8.89-21.80 16.85 Exercised (1,784,763 ) 2.71-19.09 6.08 Forfeitures (84,042 ) 4.26-21.80 8.55 Options outstanding at December 31, 2020 5,327,425 2.71-21.99 6.09 The weighted average fair value of the options issued to directors, employees and consultants during the fiscal years ended December 31, 2020, 2019 2018, 2020, 2019 2018, December 31, 2020 December 31, 2019 December 31, 2020, 2019 2018 As of December 31, 2020, |
Note 8 - Net Income Loss Per Sh
Note 8 - Net Income Loss Per Share | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 8. The following summarizes the computation of basic and diluted net income(loss) per share for the years ended December 31, 2020, 2019 2018 Year Ended December 31, 2020 2019 2018 Net income (loss) $ (11,221 ) $ 668,629 $ (21,138 ) Weighted-average number of common shares—basic 30,823,458 38,945,468 35,804,304 Net income (loss) per share—basic $ (0.36 ) $ 17.17 $ (0.59 ) Weighted-average number of common shares—diluted 30,823,458 46,319,457 35,804,304 Net income (loss) per share—diluted $ (0.36 ) $ 14.44 $ (0.59 ) 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, 2020 2019 2018 Stock options 5,327,425 6,965,730 5,535,439 Warrants to purchase common stock - - - Total 5,327,425 6,965,730 5,535,439 |
Note 9 - Income Taxes
Note 9 - Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 9. The components of income before income taxes are as follows (in thousands): (In thousands) Years Ended December 31, 2020 2019 2018 United States $ (851 ) $ 53,971 $ (5,102 ) Canada (12,553 ) 664,689 (15,404 ) Other Foreign 577 (207 ) (632 ) Total $ (12,827 ) $ 718,453 $ (21,138 ) The components of the provision for income taxes are as follows for the years ended December 31, 2020, 2019, 2018 Current 2020 2019 2018 United States $ 262 $ 1,806 - Canada (1,821 ) 48,031 - Other Foreign - - - Total $ (1,559 ) 49,837 - Deferred United States - - - Canada (155 ) (13 ) - Other Foreign 108 - - Total (47 ) (13 ) - Total income tax expense $ (1,606 ) $ 49,824 $ - The provision for income taxes differs from the amount computed by applying the Canada statutory rate to pre-tax income as follows for the years ended December 31, 2020, 2019, 2018: 2020 2019 2018 Income tax benefit computed at federal tax rate 27.0 % 27.0 % 26.0 % Capital gains and foreign exchange 1.2 % (13.0 )% - Change in valuation allowance (37.3 )% (6.3 )% (20.3% ) Tax Credits generated 34.5 % - - Prior year adjustments 1.7 % (0.4 )% (2.3% ) Changes in Uncertain Tax Positions (7.7 )% 0.2 % - Stock compensation and other (6.9 )% (0.6 )% (3.4 )% Total 12.5 % 6.9 % — % On December 22, 2017, 35% 21%, January 1, 2018. In connection with TJCA, the Company remeasured certain deferred tax assets and liabilities based on the rates at which they are expected to reverse in the future, which is generally 21%. 118 2017 2018. Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2020, 2019, 2018 2020 2019 2018 Deferred tax assets: Noncapital losses $ 60 $ 43 $ 43,474 Research and other credits 3,020 - 3,119 Stock based compensation 4,036 2,354 1,712 Share issue costs 610 587 128 Accrued liabilities 194 699 229 Foreign Exchange 950 - - Deferred rent - - 1 Total deferred tax assets 8,870 3,683 48,663 Deferred tax liabilities: Depreciation 592 348 166 Prepaid assets 52 98 55 Foreign exchange 108 - - Total deferred tax liabilities 752 446 221 Net deferred tax asset 8,118 3,237 48,442 Valuation allowance for deferred tax assets (7,585 ) (2,794 ) (48,442 ) Net deferred tax asset including valuation allowance $ 533 $ 443 $ — As of December 31, 2020, 2019, 2018, 2022 As of December 31, 2020, 2019, 2018, 2029 The valuation allowance increased by $4.8 million during the year ended December 31, 2020 December 31, 2019 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. With the exception of certain items that will generate cash refunds through loss carryback claims in the next two The Company has not December 31, 2020 December 31, 2020. not The Company applies the accounting guidance in ASC 740 not December 31, 2020, 2019 2018 2020 2019 2018 Balance as of January 1 1,056 0 0 Additions based on tax positions related to the current year 49 46 0 Additions for tax positions of prior years 955 1,010 0 Reductions for tax positions of prior years 0 0 0 Settlements 0 0 0 Balance at December 31 2,060 1,056 - The Company recognized interest and penalties related to unrecognized tax benefits of $27 thousand, $0, and $0 are included as a component of income tax expense for the years ended December 31, 2020, 2019, 2018, December 31, 2020, 2019, 2018, None 12 The Company files federal income tax returns in Canada, U.S, Switzerland, Germany, and Japan. The Company also files income tax returns in the state of Texas in the U.S. The statute of limitations for assessment by local taxing authorities is open for tax years ended after December 2012 2008 2019 no |
Note 10 - Selected Quarterly Fi
Note 10 - Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | 10. Selected Quarterly Financial Data (Unaudited) for the year ended December 31, 2020 2019 2020 First Quarter Second Quarter Third Quarter Fourth Quarter Loss from operations $ (2,171 ) $ (6,514 ) $ (4,670 ) $ (4,922 ) Net Loss (14 ) (6,844 ) (2,526 ) (1,838 ) Net loss per share—basic and diluted (0.00 ) (0.24 ) (0.09 ) (0.06 ) 2019 First Quarter Second Quarter Third Quarter Fourth Quarter Loss from operations $ (5,805 ) $ (6,006 ) $ (6,111 ) $ (13,311 ) Net income (loss) (5,864 ) (5,852 ) (6,150 ) 686,495 Net income (loss) per share—basic (0.16 ) (0.16 ) (0.15 ) 16.67 Net income (loss) per share—diluted (0.16 ) (0.16 ) (0.15 ) 14.82 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
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 (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 U.S. 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, third |
Revenue from Contract with Customer [Policy Text Block] | Revenue Revenue from Janssen Agreements The Company recognizes revenues from its Janssen Agreements as follows. The Company entered into its clinical manufacturing and clinical trial services arrangements in connection with its sale of certain intellectual property on December 30, 2019. January 1, 2020. not XBiotech is still in the research and development phase; however, the eventual output of the Company’s intended ordinary activities will be the licensing of intellectual property and/or sale of commercialized compounds for use in pharmaceutical treatment of disease, not not not 606, Revenue from Contracts with Customers 606” Under ASC 606, 606 five five 606, Manufacturing Revenue The Company has a Clinical Manufacturing Agreement that it accounts for by analogy to ASC 606, two may 60 two four 60 may not Clinical Trial Service Revenue On December 30, 2019, two may may 30 |
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 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. |
Clinical Trial Accruals [Policy Text Block] | Clinical Trial Accruals Expense accruals related to clinical trials are based on the Company’s estimates of services received and efforts expended pursuant to contracts with third may |
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 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 certain deferred tax assets with a valuation allowance. The Company may not may Income taxes are recorded in accordance with ASC 740, Accounting for Income Taxes 740” not not ASC 740 may not |
Share-based Payment Arrangement [Policy Text Block] | Share-Based Compensation The Company accounts for its share-based compensation awards in accordance with ASC Topic 718, Compensation-Stock Compensation 718” 718, Share-based compensation expense recognized for the years ended December 31, 2020, 2019 2018 Year Ended December 31, 2020 2019 2018 Research and development $ 3,558 $ 1,635 $ 696 General and administrative 7,537 1,723 964 Cost of goods sold 1,486 - - Total share-based compensation expense $ 12,581 $ 3,358 $ 1,660 The fair value of each option is estimated on the date of grant using the Black-Scholes method with the following assumptions: Year Ended December 31, 2020 2019 2018 Weighted-average grant date fair value per share $ 12.23 $ 9.36 $ 4.32 Expected volatility 87%-97 % 80%-97 % 67%-80 % Risk-free interest rate 0.33%-1.87 % 1.41%-2.64 % 2.38%-3.12 % Expected life (in years) 5.38–10 5.38–10 1–10 Dividend yield — — — Due to the adoption of ASU No. 2016 09, January 1, 2017, |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents The Company considers highly liquid investments with a maturity of 90 |
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 may not not no |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurements The Company follows ASC Topic 820, Fair Value Measurements and Disclosures three • Level 1—Unadjusted • Level 2—Quoted not • Level 3—Unobservable At December 31, 2020 2019, not December 31, 2020 2019, |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment, which consists of land, construction in process, furniture and fixtures, computers and office equipment, scientific equipment, leasehold improvements, vehicles and building are stated at cost and depreciated over the estimated useful lives of the assets, with the exception of land and construction in process which are not ● Furniture and fixtures (years) 7 ● Office equipment (years) 5 ● Scientific equipment (years) 5 ● Vehicles (years) 5 ● Mobile facility (years) 27.5 ● Building (years) 39 Costs of major additions and betterments are capitalized; maintenance and repairs, which do not |
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 may not not December 31, 2020. |
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 Income/Loss per Share Net income/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 income/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. The Company has evaluated subsequent events through the date of filing this Form 10 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements Recently Issued Accounting Pronouncements In June 2016, No. 2016 13, 326 November 15, 2019, 326 December 15, 2022 not not In February 2016, 842, No. 2016 02, 840, 842 No. 201801, 842; No. 2018 10, 842, No. 201811, 842, 12 first 2019. January 1, 2019, not not In December 2019, 2019 12, 740 740. 740 December 15, 2020, 2019 12 January 1, 2020. 2019 12 no |
Note 2 - Significant Accounti_2
Note 2 - Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Year Ended December 31, 2020 2019 2018 Research and development $ 3,558 $ 1,635 $ 696 General and administrative 7,537 1,723 964 Cost of goods sold 1,486 - - Total share-based compensation expense $ 12,581 $ 3,358 $ 1,660 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Year Ended December 31, 2020 2019 2018 Weighted-average grant date fair value per share $ 12.23 $ 9.36 $ 4.32 Expected volatility 87%-97 % 80%-97 % 67%-80 % Risk-free interest rate 0.33%-1.87 % 1.41%-2.64 % 2.38%-3.12 % Expected life (in years) 5.38–10 5.38–10 1–10 Dividend yield — — — |
Note 4 - Property and Equipme_2
Note 4 - Property and Equipment and Building Construction in Progress (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | 2020 2019 Computer and office equipment $ 557 $ 482 Furniture and fixtures 130 183 Land 1,418 1,418 Leasehold improvements - 802 Scientific equipment 14,433 12,592 Vehicle 82 30 Building 21,013 21,013 Mobile facility 189 194 Construction in process 2,625 186 Accumulated depreciation (13,111 ) (11,729 ) $ 27,336 $ 25,171 |
Note 5 - Accrued Expenses (Tabl
Note 5 - Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | 2020 2019 Accrued compensation and related expenses 443 337 Accrued professional fees 174 566 Accrued clinical trial expenses 497 3,082 Other 237 195 $ 1,351 $ 4,180 |
Note 7 - Common Stock Options (
Note 7 - Common Stock Options (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Options Exercise Price Weighted-Average Exercise Price Options outstanding at December 31, 2017 5,303,624 2.50-21.99 $ 7.69 Granted 1,153,500 2.50-5.93 4.32 Exercised (160,500 ) 2.50 2.50 Forfeitures (761,185 ) 2.50-19.09 6.12 Options outstanding at December 31, 2018 5,535,439 2.50-21.99 $ 7.30 Granted 2,563,500 5.15-19.87 9.36 Exercised (771,376 ) 2.5-15 4.62 Forfeitures (361,833 ) 2.50-16.50 7.53 Options outstanding at December 31, 2019 6,965,730 2.71-21.99 6.09 Granted 230,500 8.89-21.80 16.85 Exercised (1,784,763 ) 2.71-19.09 6.08 Forfeitures (84,042 ) 4.26-21.80 8.55 Options outstanding at December 31, 2020 5,327,425 2.71-21.99 6.09 |
Note 8 - Net Income Loss Per _2
Note 8 - Net Income Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year Ended December 31, 2020 2019 2018 Net income (loss) $ (11,221 ) $ 668,629 $ (21,138 ) Weighted-average number of common shares—basic 30,823,458 38,945,468 35,804,304 Net income (loss) per share—basic $ (0.36 ) $ 17.17 $ (0.59 ) Weighted-average number of common shares—diluted 30,823,458 46,319,457 35,804,304 Net income (loss) per share—diluted $ (0.36 ) $ 14.44 $ (0.59 ) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Year Ended December 31, 2020 2019 2018 Stock options 5,327,425 6,965,730 5,535,439 Warrants to purchase common stock - - - Total 5,327,425 6,965,730 5,535,439 |
Note 9 - Income Taxes (Tables)
Note 9 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | (In thousands) Years Ended December 31, 2020 2019 2018 United States $ (851 ) $ 53,971 $ (5,102 ) Canada (12,553 ) 664,689 (15,404 ) Other Foreign 577 (207 ) (632 ) Total $ (12,827 ) $ 718,453 $ (21,138 ) |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Current 2020 2019 2018 United States $ 262 $ 1,806 - Canada (1,821 ) 48,031 - Other Foreign - - - Total $ (1,559 ) 49,837 - Deferred United States - - - Canada (155 ) (13 ) - Other Foreign 108 - - Total (47 ) (13 ) - Total income tax expense $ (1,606 ) $ 49,824 $ - |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2020 2019 2018 Income tax benefit computed at federal tax rate 27.0 % 27.0 % 26.0 % Capital gains and foreign exchange 1.2 % (13.0 )% - Change in valuation allowance (37.3 )% (6.3 )% (20.3% ) Tax Credits generated 34.5 % - - Prior year adjustments 1.7 % (0.4 )% (2.3% ) Changes in Uncertain Tax Positions (7.7 )% 0.2 % - Stock compensation and other (6.9 )% (0.6 )% (3.4 )% Total 12.5 % 6.9 % — % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2020 2019 2018 Deferred tax assets: Noncapital losses $ 60 $ 43 $ 43,474 Research and other credits 3,020 - 3,119 Stock based compensation 4,036 2,354 1,712 Share issue costs 610 587 128 Accrued liabilities 194 699 229 Foreign Exchange 950 - - Deferred rent - - 1 Total deferred tax assets 8,870 3,683 48,663 Deferred tax liabilities: Depreciation 592 348 166 Prepaid assets 52 98 55 Foreign exchange 108 - - Total deferred tax liabilities 752 446 221 Net deferred tax asset 8,118 3,237 48,442 Valuation allowance for deferred tax assets (7,585 ) (2,794 ) (48,442 ) Net deferred tax asset including valuation allowance $ 533 $ 443 $ — |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | 2020 2019 2018 Balance as of January 1 1,056 0 0 Additions based on tax positions related to the current year 49 46 0 Additions for tax positions of prior years 955 1,010 0 Reductions for tax positions of prior years 0 0 0 Settlements 0 0 0 Balance at December 31 2,060 1,056 - |
Note 10 - Selected Quarterly _2
Note 10 - Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | 2020 First Quarter Second Quarter Third Quarter Fourth Quarter Loss from operations $ (2,171 ) $ (6,514 ) $ (4,670 ) $ (4,922 ) Net Loss (14 ) (6,844 ) (2,526 ) (1,838 ) Net loss per share—basic and diluted (0.00 ) (0.24 ) (0.09 ) (0.06 ) 2019 First Quarter Second Quarter Third Quarter Fourth Quarter Loss from operations $ (5,805 ) $ (6,006 ) $ (6,111 ) $ (13,311 ) Net income (loss) (5,864 ) (5,852 ) (6,150 ) 686,495 Net income (loss) per share—basic (0.16 ) (0.16 ) (0.15 ) 16.67 Net income (loss) per share—diluted (0.16 ) (0.16 ) (0.15 ) 14.82 |
Note 1 - Organization (Details
Note 1 - Organization (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Cash and Cash Equivalents, at Carrying Value, Ending Balance | $ 237,366 | $ 714,594 |
Note 2 - Significant Accounti_3
Note 2 - Significant Accounting Policies (Details Textual) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Jan. 01, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Impairment of Long-Lived Assets Held-for-use | $ 0 | ||||
Number of Operating Segments | 1 | ||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 348,639 | $ 755,631 | $ 41,398 | $ 60,162 | |
Retained Earnings [Member] | |||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 97,568 | 430,929 | $ (237,700) | $ (216,562) | |
Accounting Standards Update 2016-02 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Retained Earnings [Member] | |||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 0 | ||||
Furniture and Fixtures [Member] | |||||
Property, Plant and Equipment, Useful Life (Year) | 7 years | ||||
Office Equipment [Member] | |||||
Property, Plant and Equipment, Useful Life (Year) | 5 years | ||||
Equipment [Member] | |||||
Property, Plant and Equipment, Useful Life (Year) | 5 years | ||||
Vehicles [Member] | |||||
Property, Plant and Equipment, Useful Life (Year) | 5 years | ||||
Mobile Facility [Member] | |||||
Property, Plant and Equipment, Useful Life (Year) | 27 years 6 months | ||||
Building [Member] | |||||
Property, Plant and Equipment, Useful Life (Year) | 39 years | ||||
Fair Value, Recurring [Member] | |||||
Assets, Fair Value Disclosure | $ 0 | 0 | |||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | $ 0 | |||
Janssen [Member] | Manufacturing Revenue [Member] | |||||
Clinical Manufacturing Agreement, Quarterly Payments to Be Received | $ 4,500 |
Note 2 - Significant Accounti_4
Note 2 - Significant Accounting Policies - Share-based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based compensation expense | $ 12,581 | $ 3,358 | $ 1,660 |
Research and Development Expense [Member] | |||
Share-based compensation expense | 3,558 | 1,635 | 696 |
General and Administrative Expense [Member] | |||
Share-based compensation expense | 7,537 | 1,723 | 964 |
Cost of Sales [Member] | |||
Share-based compensation expense | $ 1,486 | $ 0 | $ 0 |
Note 2 - Significant Accounti_5
Note 2 - Significant Accounting Policies - Stock Option Valuation Assumptions (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Weighted-average grant date fair value per share (in dollars per share) | $ 12.23 | $ 9.36 | $ 4.32 |
Dividend yield | 0.00% | 0.00% | 0.00% |
Minimum [Member] | |||
Expected volatility | 87.00% | 80.00% | 67.00% |
Risk-free interest rate | 0.33% | 1.41% | 2.38% |
Expected life (Year) | 5 years 4 months 17 days | 5 years 4 months 17 days | 1 year |
Maximum [Member] | |||
Expected volatility | 97.00% | 97.00% | 80.00% |
Risk-free interest rate | 1.87% | 2.64% | 3.12% |
Expected life (Year) | 10 years | 10 years | 10 years |
Note 3 - Revenue (Details Textu
Note 3 - Revenue (Details Textual) $ in Thousands | Dec. 30, 2019 | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Revenue from Contract with Customer, Including Assessed Tax | $ 43,997 | $ 0 | $ 0 | |
Clinical Trial Service Revenue [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 25,975 | 0 | 0 | |
Manufacturing Revenue [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | $ 18,000 | $ 0 | $ 0 | |
Janssen [Member] | Clinical Trial Service Revenue [Member] | ||||
Transition Services Agreement, Number of Ongoing Clinical Trials Entered Into | 2 | |||
Transition Services Agreement, Markup Percentage | 30.00% | |||
Proceeds from Customers | $ 21,900 | |||
Janssen [Member] | Manufacturing Revenue [Member] | ||||
Proceeds from Customers | $ 18,000 |
Note 4 - Property and Equipme_3
Note 4 - Property and Equipment and Building Construction in Progress (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Depreciation, Total | $ 2,238 | $ 2,361 | $ 2,433 |
Note 4 - Property and Equipme_4
Note 4 - Property and Equipment and Building Construction in Progress - Property and Equipment, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Accumulated depreciation | $ (13,111) | $ (11,729) |
Property, Plant and Equipment, Including Building Construction in Process | 27,336 | 25,171 |
Office Equipment [Member] | ||
Property, plant, and equipment, gross | 557 | 482 |
Furniture and Fixtures [Member] | ||
Property, plant, and equipment, gross | 130 | 183 |
Land [Member] | ||
Property, plant, and equipment, gross | 1,418 | 1,418 |
Leasehold Improvements [Member] | ||
Property, plant, and equipment, gross | 0 | 802 |
Scientific Equipment [Member] | ||
Property, plant, and equipment, gross | 14,433 | 12,592 |
Vehicles [Member] | ||
Property, plant, and equipment, gross | 82 | 30 |
Building [Member] | ||
Property, plant, and equipment, gross | 21,013 | 21,013 |
Mobile Facility [Member] | ||
Property, plant, and equipment, gross | 189 | 194 |
Construction in Progress [Member] | ||
Property, plant, and equipment, gross | $ 2,625 | $ 186 |
Note 5 - Accrued Expenses - Acc
Note 5 - Accrued Expenses - Accrued Expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Accrued compensation and related expenses | $ 443 | $ 337 |
Accrued professional fees | 174 | 566 |
Accrued clinical trial expenses | 497 | 3,082 |
Other | 237 | 195 |
Accrued Liabilities, Current, Total | $ 1,351 | $ 4,180 |
Note 6 - Common Stock (Details
Note 6 - Common Stock (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Feb. 19, 2020 | Jun. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 04, 2020 |
Common Stock, No Par Value (in dollars per share) | $ 0 | $ 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares) | 1,784,763 | 771,376 | 160,500 | |||
Proceeds from Issuance of Common Stock | $ 10,300 | $ 3,800 | ||||
Stock Repurchase Program, Authorized Amount | $ 420,000 | |||||
Stock Repurchased During Period, Shares (in shares) | 14,000,000 | |||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.01 | |||||
Stock Repurchased During Period, Price Per Share (in dollars per share) | $ 30 | |||||
Stock Repurchased During Period, Value | $ 420,000 | |||||
Percentage of Outstanding Shares Repurchased | 32.67% | |||||
Shares Buyback Equity Impact, Amount | (420,000) | |||||
Common Stock [Member] | ||||||
Stock Repurchased During Period, Price Per Share (in dollars per share) | $ 6.99 | |||||
Shares Buyback Equity Impact, Amount | $ 97,900 | |||||
Retained Earnings [Member] | ||||||
Stock Repurchased During Period, Price Per Share (in dollars per share) | $ 23.34 | |||||
Shares Buyback Equity Impact, Amount | $ (322,100) | $ (322,140) | ||||
Minimum [Member] | ||||||
Shares Issued, Price Per Share (in dollars per share) | $ 2.71 | $ 2.50 | ||||
Stock Repurchase Program, Purchase Price Per Share (in dollars per share) | $ 30 | |||||
Maximum [Member] | ||||||
Shares Issued, Price Per Share (in dollars per share) | $ 19.09 | $ 15 | ||||
Stock Repurchase Program, Purchase Price Per Share (in dollars per share) | $ 33 | |||||
Equity Distribution Agreement [Member] | ||||||
Stock Issued During Period, Shares, New Issues (in shares) | 4,800,000 | |||||
Shares Issued, Price Per Share (in dollars per share) | $ 8.25 | |||||
Proceeds from Issuance of Common Stock, Net | $ 37,500 | |||||
Underwriter's Commission Attributable to Issuance of Common Stock | 2,300 | |||||
Other Related Fee Attributable to Issuance of Common Stock | $ 200 |
Note 7 - Common Stock Options_2
Note 7 - Common Stock Options (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 12.23 | $ 9.36 | $ 4.32 |
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 6.3 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 10 months 6 days | ||
The Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 12.23 | 9.36 | 2.97 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Intrinsic Value, Amount Per Share (in dollars per share) | $ 6.10 | $ 10.25 | $ 2.22 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 30 | $ 42.4 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 12.9 | $ 2 | $ 1.7 |
The Plan [Member] | Any One Person [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Outstanding Stock Maximum | 5.00% | ||
The Plan [Member] | Share-based Payment Arrangement, Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years |
Note 7 - Common Stock Options -
Note 7 - Common Stock Options - Changes in Common Stock Options Issued (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Options outstanding (in shares) | 6,965,730 | 5,535,439 | 5,303,624 |
Granted (in shares) | 230,500 | 2,563,500 | 1,153,500 |
Exercised (in shares) | (1,784,763) | (771,376) | (160,500) |
Forfeitures (in shares) | (84,042) | (361,833) | (761,185) |
Options outstanding (in shares) | 5,327,425 | 6,965,730 | 5,535,439 |
Minimum [Member] | |||
Options outstanding, exercise price (in dollars per share) | $ 2.71 | $ 2.50 | $ 2.50 |
Granted, exercise price (in dollars per share) | 8.89 | 5.15 | 2.50 |
Exercised, exercise price (in dollars per share) | 2.71 | 2.5 | |
Forfeitures, exercise price (in dollars per share) | 4.26 | 2.50 | 2.50 |
Options outstanding, exercise price (in dollars per share) | 2.71 | 2.71 | 2.50 |
Maximum [Member] | |||
Options outstanding, exercise price (in dollars per share) | 21.99 | 21.99 | 21.99 |
Granted, exercise price (in dollars per share) | 21.80 | 19.87 | 5.93 |
Exercised, exercise price (in dollars per share) | 19.09 | 15 | |
Forfeitures, exercise price (in dollars per share) | 21.80 | 16.50 | 19.09 |
Options outstanding, exercise price (in dollars per share) | 21.99 | 21.99 | 21.99 |
Weighted Average [Member] | |||
Options outstanding, exercise price (in dollars per share) | 6.09 | 7.30 | 7.69 |
Granted, exercise price (in dollars per share) | 16.85 | 9.36 | 4.32 |
Exercised, exercise price (in dollars per share) | 6.08 | 4.62 | 2.50 |
Forfeitures, exercise price (in dollars per share) | 8.55 | 7.53 | 6.12 |
Options outstanding, exercise price (in dollars per share) | $ 6.09 | $ 6.09 | $ 7.30 |
Note 8 - Net Income Loss Per _3
Note 8 - Net Income Loss Per Share - Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net income (loss) | $ (1,838) | $ (2,526) | $ (6,844) | $ (14) | $ 686,495 | $ (6,150) | $ (5,852) | $ (5,864) | $ (11,221) | $ 668,629 | $ (21,138) |
Weighted-average number of common shares—basic (in shares) | 30,823,458 | 38,945,468 | 35,804,304 | ||||||||
Net income (loss) per share—basic (in dollars per share) | $ 16.67 | $ (0.15) | $ (0.16) | $ (0.16) | $ (0.36) | $ 17.17 | $ (0.59) | ||||
Weighted-average number of common shares—diluted (in shares) | 30,823,458 | 46,319,457 | 35,804,304 | ||||||||
Net income (loss) per share—diluted (in dollars per share) | $ 14.82 | $ (0.15) | $ (0.16) | $ (0.16) | $ (0.36) | $ 14.44 | $ (0.59) |
Note 8 - Net Income Loss Per _4
Note 8 - Net Income Loss Per Share - Potentially Dilutive Securities Outstanding (Details) - shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Antidilutive securities (in shares) | 5,327,425 | 6,965,730 | 5,535,439 |
Share-based Payment Arrangement, Option [Member] | |||
Antidilutive securities (in shares) | 5,327,425 | 6,965,730 | 5,535,439 |
Warrant [Member] | |||
Antidilutive securities (in shares) | 0 | 0 | 0 |
Note 9 - Income Taxes (Details
Note 9 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 4,800 | $ (45,600) | |
Undistributed Earnings of Foreign Subsidiaries | 7,100 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense, Total | 27 | 0 | $ 0 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 1,100 | 1,100 | 0 |
Foreign Tax Authority [Member] | Swiss Federal Tax Administration (FTA) and National Tax Agency, Japan [Member] | |||
Operating Loss Carryforwards, Total | 100 | 100 | 100 |
Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |||
Operating Loss Carryforwards, Total | 0 | 0 | 30,900 |
Tax Credit Carryforward, Amount | 4,000 | 0 | 3,100 |
Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | |||
Operating Loss Carryforwards, Total | $ 0 | $ 0 | $ 141,700 |
Note 9 - Income Taxes - Compone
Note 9 - Income Taxes - Components of Income Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Before Income Taxes | $ (12,827) | $ 718,453 | $ (21,138) |
UNITED STATES | |||
Income Before Income Taxes | (851) | 53,971 | (5,102) |
CANADA | |||
Income Before Income Taxes | (12,553) | 664,689 | (15,404) |
Other Foreign [Member] | |||
Income Before Income Taxes | $ 577 | $ (207) | $ (632) |
Note 9 - Income Taxes - Income
Note 9 - Income Taxes - Income Tax from Continuing Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
United States, current | $ 262 | $ 1,806 | $ 0 |
Canada, current | (1,821) | 48,031 | 0 |
Other Foreign, current | 0 | 0 | 0 |
Total, current | (1,559) | 49,837 | 0 |
United States, deferred | 0 | 0 | 0 |
Canada, deferred | (155) | (13) | 0 |
Other Foreign, deferred | 108 | 0 | 0 |
Total, deferred | (47) | (13) | 0 |
Total income tax expense | $ (1,606) | $ 49,824 | $ 0 |
Note 9 - Income Taxes - Reconci
Note 9 - Income Taxes - Reconciliation of Canadian Federal Statutory Income Tax Rate (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income tax benefit computed at federal tax rate | 27.00% | 27.00% | 26.00% |
Capital gains and foreign exchange | 1.20% | (13.00%) | 0.00% |
Change in valuation allowance | (37.30%) | (6.30%) | (20.30%) |
Tax Credits generated | 34.50% | 0.00% | 0.00% |
Prior year adjustments | 1.70% | (0.40%) | (2.30%) |
Changes in Uncertain Tax Positions | (7.70%) | 0.20% | 0.00% |
Stock compensation and other | (6.90%) | (0.60%) | (3.40%) |
Total | 12.50% | 6.90% | 0.00% |
Note 9 - Income Taxes - Signifi
Note 9 - Income Taxes - Significant Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets: | |||
Noncapital losses | $ 60 | $ 43 | $ 43,474 |
Research and other credits | 3,020 | 0 | 3,119 |
Stock based compensation | 4,036 | 2,354 | 1,712 |
Share issue costs | 610 | 587 | 128 |
Accrued liabilities | 194 | 699 | 229 |
Foreign Exchange | 950 | 0 | 0 |
Deferred rent | 0 | 0 | 1 |
Total deferred tax assets | 8,870 | 3,683 | 48,663 |
Deferred tax liabilities: | |||
Depreciation | 592 | 348 | 166 |
Prepaid assets | 52 | 98 | 55 |
Foreign exchange | 108 | 0 | 0 |
Total deferred tax liabilities | 752 | 446 | 221 |
Net deferred tax asset | 8,118 | 3,237 | 48,442 |
Valuation allowance for deferred tax assets | (7,585) | (2,794) | (48,442) |
Net deferred tax asset including valuation allowance | $ 533 | $ 443 | $ 0 |
Note 9 - Income Taxes - Recon_2
Note 9 - Income Taxes - Reconciliation of Unrecognized Tax Benefit Balances (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Balance | $ 1,056 | $ 0 | $ 0 |
Additions based on tax positions related to the current year | 49 | 46 | 0 |
Additions for tax positions of prior years | 955 | 1,010 | 0 |
Reductions for tax positions of prior years | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 |
Balance | $ 2,060 | $ 1,056 | $ 0 |
Note 10 - Selected Quarterly _3
Note 10 - Selected Quarterly Financial Data (Unaudited) - Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Loss from operations | $ (4,922) | $ (4,670) | $ (6,514) | $ (2,171) | $ (13,311) | $ (6,111) | $ (6,006) | $ (5,805) | $ (18,276) | $ (31,233) | $ (20,994) |
Net income (loss) | $ (1,838) | $ (2,526) | $ (6,844) | $ (14) | $ 686,495 | $ (6,150) | $ (5,852) | $ (5,864) | $ (11,221) | $ 668,629 | $ (21,138) |
Net loss per share—basic and diluted (in dollars per share) | $ (0.06) | $ (0.09) | $ (0.24) | $ 0 | |||||||
Net income (loss) per share—basic (in dollars per share) | $ 16.67 | $ (0.15) | $ (0.16) | $ (0.16) | $ (0.36) | $ 17.17 | $ (0.59) | ||||
Net income (loss) per share—diluted (in dollars per share) | $ 14.82 | $ (0.15) | $ (0.16) | $ (0.16) | $ (0.36) | $ 14.44 | $ (0.59) |