Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Mar. 15, 2023 | Jun. 30, 2022 | |
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 | 2022 | |||
Document Type | 10-K | |||
Document Annual Report | true | |||
Document Period End Date | Dec. 31, 2022 | |||
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 | Non-accelerated Filer | |||
Entity Small Business | true | |||
Entity Emerging Growth Company | false | |||
ICFR Auditor Attestation Flag | false | |||
Entity Shell Company | false | |||
Entity Public Float | $ 132,808,406 | |||
Entity Common Stock, Shares Outstanding | 30,439,275 | |||
Auditor Firm ID | 726 | 42 | ||
Auditor Name | Whitley Penn LLP | Ernst & Young LLP | ||
Auditor Location | Austin, Texas | Austin, Texas |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 157,306 | $ 236,983 |
Interest bearing time deposit | 60,172 | 0 |
Accrued interest receivable | 1,216 | 0 |
Income tax receivable | 548 | 8,953 |
Prepaid expenses and other current assets | 601 | 934 |
Total current assets | 219,843 | 246,870 |
Property and equipment, net | 26,260 | 28,307 |
Total assets | 246,103 | 275,177 |
Current liabilities: | ||
Accounts payable | 2,408 | 2,069 |
Accrued expenses | 1,603 | 1,374 |
Income tax payable | 55 | 10 |
Total current liabilities | 4,066 | 3,453 |
Long-term liabilities: | ||
Income tax payable | 1,576 | 1,466 |
Deferred tax liability | 59 | 873 |
Total liabilities | 5,701 | 5,792 |
Shareholders’ equity: | ||
Preferred stock, no par value, unlimited shares authorized, no shares outstanding | 0 | 0 |
Common stock, no par value, unlimited shares authorized, both 30,439,275 shares issued and outstanding at December 31, 2022 and December 31, 2021 | 267,325 | 262,263 |
Accumulated other comprehensive income | 826 | 1,971 |
(Accumulated deficit) retained earnings | (27,749) | 5,151 |
Total shareholders’ equity | 240,402 | 269,385 |
Total liabilities and shareholders’ equity | $ 246,103 | $ 275,177 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares $ / shares in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
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) | 30,439,275 | 30,439,275 |
Common stock, share issued (in shares) | 30,439,275 | 30,439,275 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue: | ||
Revenue | $ 4,010 | $ 18,394 |
Cost of goods sold: | ||
Cost of goods sold | 651 | 5,820 |
Gross margin | 3,359 | 12,574 |
Operating expenses: | ||
Research and development | 31,544 | 28,268 |
General and administrative | 6,305 | 9,388 |
Total operating expenses | 37,849 | 37,656 |
Loss from operations | (34,490) | (25,082) |
Other income (loss): | ||
Interest income | 3,823 | 467 |
Other expense | (121) | (132) |
Foreign exchange loss | (2,800) | (711) |
Total other income (loss) | 902 | (376) |
Income before income taxes | (33,588) | (25,458) |
Benefit for income taxes | 688 | 8,044 |
Net loss | $ (32,900) | $ (17,414) |
Net loss per share—basic and diluted (in dollars per share) | $ (1.08) | $ (0.58) |
Shares used to compute basic net loss per share (in shares) | 30,439,275 | 30,043,380 |
Net loss per share—diluted (in dollars per share) | $ (1.08) | $ (0.58) |
Shares used to compute diluted net loss per share (in shares) | 30,439,275 | 30,043,380 |
Manufacturing Revenue [Member] | ||
Revenue: | ||
Revenue | $ 4,010 | $ 18,000 |
Cost of goods sold: | ||
Cost of goods sold | 651 | 5,517 |
Clinical Trial Service Revenue [Member] | ||
Revenue: | ||
Revenue | 0 | 394 |
Cost of goods sold: | ||
Cost of goods sold | $ 0 | $ 303 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Net income (loss) | $ (32,900) | $ (17,414) |
Realized comprehensive income | (1,567) | 0 |
Foreign currency translation adjustment | 422 | 705 |
Comprehensive loss | $ (34,045) | $ (16,709) |
Condensed Consolidated Statem_3
Condensed 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, 2020 | 29,304 | |||
Balance at Dec. 31, 2020 | $ 249,805 | $ 1,266 | $ 97,568 | $ 348,639 |
Net income (loss) | 0 | 0 | (17,414) | (17,414) |
Foreign currency translation adjustment | $ 0 | 705 | 0 | 705 |
Issuance of common stock under stock option plan (in shares) | 1,135 | |||
Issuance of common stock under stock option plan | $ 7,995 | 0 | 0 | 7,995 |
Dividends | 0 | 0 | (75,003) | (75,003) |
Share-based compensation expense | 4,463 | 0 | 0 | 4,463 |
Realized comprehensive income | 0 | |||
Share-based compensation expense | $ 4,463 | 0 | 0 | 4,463 |
Balance (in shares) at Dec. 31, 2021 | 30,439 | |||
Balance at Dec. 31, 2021 | $ 262,263 | 1,971 | 5,151 | 269,385 |
Net income (loss) | 0 | 0 | (32,900) | (32,900) |
Foreign currency translation adjustment | 0 | 422 | 0 | 422 |
Share-based compensation expense | 5,062 | 0 | 0 | 5,062 |
Realized comprehensive income | 0 | (1,567) | 0 | (1,567) |
Share-based compensation expense | $ 5,062 | 0 | 0 | 5,062 |
Balance (in shares) at Dec. 31, 2022 | 30,439 | |||
Balance at Dec. 31, 2022 | $ 267,325 | $ 826 | $ (27,749) | $ 240,402 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Operating activities | ||
Net income (loss) | $ (32,900) | $ (17,414) |
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | ||
Depreciation | 2,614 | 2,648 |
Foreign exchange loss | 2,800 | 0 |
Share-based compensation expense | 5,062 | 4,463 |
Changes in operating assets and liabilities: | ||
Account receivable | 0 | 4,113 |
Income tax receivable | 8,556 | (2,380) |
Deferred cost of goods sold | 0 | 2,177 |
Accrued interest receivable | (1,216) | 0 |
Escrow receivable | 0 | 75,063 |
Prepaid expenses and other current assets | 334 | (352) |
Deferred tax asset | 0 | 533 |
Accounts payable | 357 | (514) |
Accrued expenses | 229 | 23 |
Income tax payable | 155 | 212 |
Deferred tax liability | (815) | 873 |
Net cash (used in) provided by operating activities | (14,824) | 69,445 |
Investing activities | ||
Purchase of property and equipment | (585) | (3,525) |
Purchase of interest bearing time deposit | (63,307) | 0 |
Net cash used in investing activities | (63,892) | (3,525) |
Financing activities | ||
Dividends | 0 | (75,003) |
Issuance of common stock under stock option plan | 0 | 7,995 |
Net cash used in financing activities | 0 | (67,008) |
Effect of foreign exchange rate on cash and cash equivalents | (961) | 705 |
Net change in cash and cash equivalents | (79,677) | (383) |
Cash and cash equivalents, beginning of period | 236,983 | 237,366 |
Cash and cash equivalents, end of period | 157,306 | 236,983 |
Purchases of property and equipment in accounts payable | $ 18 | $ 93 |
Note 1 - Organization
Note 1 - Organization | 12 Months Ended |
Dec. 31, 2022 | |
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. 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. The Company has in its pipeline both anti-infective and anti-inflammatory candidate therapeutics derived from this technology. An area of medical focus for XBiotech are therapies that block a potent substance naturally produced by body, known as interleukin- 1 1a 1a 1a may At the end of 2019, 1a 1a 1a 1a 1a 1a one 1a, one 1a 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 $157.3 million at December 31, 2022, 12 |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Basis of Presentation These consolidated financial statements have been prepared in conformity with U.S. Generally Accepted Accounting Principles (“US GAAP”). In the opinion of management, the accompanying consolidated financial statements reflect all adjustments (consisting only of normal recurring items) considered necessary to present fairly the Company’s financial position at December 31, 2022 2021, December 31, 2022, 2021, December 31, 2022, 2021. 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. 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. November 2022. 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 had a Clinical Manufacturing Agreement that it accounts for by analogy to ASC 606, 2020 2021. 2022 November 2022. Clinical Trial Service Revenue On December 30, 2019, two 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 accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. The Company measures deferred tax assets and liabilities using the enacted tax rates for the years and jurisdictions in which the temporary differences are expected to be recovered. A change to the tax rates used to measure the Company’s deferred taxes is recognized in income during the period in which the new rate(s) were enacted. The Company recognizes deferred tax assets to the extent the Company’s assets are more likely than not not, not not not The Company recognizes and measure uncertain tax benefits in accordance with ASC 740 740” two 1 not 2 not fifty Share-Based Compensation The Company accounts for its share-based compensation awards in accordance with ASC Topic 718, Compensation-Stock Compensation 718” Share-based compensation expense recognized for the years ended December 31, 2022, 2021 Year Ended December 31, 2022 2021 Research and development $ 3,641 $ 2,019 General and administrative 1,421 2,162 Cost of goods sold - 282 Total share-based compensation expense $ 5,062 $ 4,463 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, 2022 2021 Weighted-average grant date fair value per share $ 4.92 $ 9.29 Expected volatility 82% - 83% 83% - 91% Risk-free interest rate 1.5% - 4.1% 0.5% - 1.4% Expected life (in years) 5.38 - 6.25 5.38 - 6.25 Dividend yield - - 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 consolidated financial statements include financial instruments for which the fair value of such instruments may 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, 2022 2021, not December 31, 2022 2021, 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 using the straight line method over the estimated useful lives of the assets, with the exception of land and construction in process which are not • Furniture and fixtures 7 • Office equipment 5 • Scientific equipment 5 • Vehicles 5 • Mobile facility 27.5 • Building 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, 2022. 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 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. Recent Accounting Pronouncements Recently Issued Accounting Pronouncements In June 2016, No. 2016 13, 326 November 15, 2019, 326 December 15, 2022 not not |
Note 3 - Revenue
Note 3 - Revenue | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 3. Revenue On December 30, 2019, two not February 2, 2022, 2019 November 2022. December 31, 2022, February 2022 For the year ended December 31, 2021, |
Note 4 - Property and Equipment
Note 4 - Property and Equipment and Building Construction in Progress | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 4. Property and equipment consisted of the following as of December 31, 2022 2021 2022 2021 Computer and office equipment $ 274 $ 557 Furniture and fixtures 129 130 Land 1,418 1,418 Scientific equipment 16,059 16,829 Vehicle 112 82 Building 24,173 22,773 Mobile facility 189 189 Construction in process 401 2,061 Accumulated depreciation (16,495 ) (15,732 ) $ 26,260 $ 28,307 Depreciation expenses related to property and equipment amounted to both approximately $2.6 million, for the years ended December 31, 2022, 2021, |
Note 5 - Accrued Expenses
Note 5 - Accrued Expenses | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 5. Accrued expenses consist of the following as of December 31, 2022, 2021 2022 2021 Accrued compensation and related expenses $ 489 $ 480 Accrued professional fees 117 163 Accrued clinical trial expenses 928 618 Other 69 113 $ 1,603 $ 1,374 |
Note 6 - Common Stock
Note 6 - Common Stock | 12 Months Ended |
Dec. 31, 2022 | |
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 From January 1, 2021 December 31, 2021, No stock options were exercised from January 1, 2022 December 31, 2022. |
Note 7 - Common Stock Options
Note 7 - Common Stock Options | 12 Months Ended |
Dec. 31, 2022 | |
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 10 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, 2020 5,327,425 $2.71 - $21.99 $ 6.09 Granted 809,500 11.35 - 20.20 13.47 Exercised (1,348,374 ) 3.27 - 15.00 7.78 Forfeitures (131,874 ) 4.14 - 21.99 12.23 Options outstanding at December 31, 2021 4,656,677 $2.71 - $21.74 $ 10.68 Granted 152,600 3.65 - 11.25 7.07 Exercised - - - Forfeitures (250,375 ) 3.27 - 21.74 12.31 Options outstanding at December 31, 2022 4,558,902 $2.71 - $21.74 $ 10.47 The weighted average fair value of the options issued to directors, employees and consultants during the fiscal years ended December 31, 2022, 2021, December 31, 2022 December 31, 2022, 2021 As of December 31, 2022, 1.12 December 31, 2022 5.75 December 31, 2022 December 31, 2022 5.42 |
Note 8 - Net Income Loss Per Sh
Note 8 - Net Income Loss Per Share | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022, 2021 Year Ended December 31, 2022 2021 Net loss $ (32,900 ) $ (17,414 ) Weighted-average number of common shares—basic 30,439,275 30,043,380 Net loss per share—basic $ (1.08 ) $ (0.58 ) Weighted-average number of common shares—diluted 30,439,275 30,043,380 Net loss per share—diluted $ (1.08 ) $ (0.58 ) 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, 2022 2021 Stock options 4,558,902 4,656,677 |
Note 9 - Income Taxes
Note 9 - Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 9. The components of income before income taxes are as follows (in thousands): Years Ended December 31, 2022 2021 United States $ (28,161 ) $ 5,301 Canada (4,973 ) (30,127 ) Other Foreign (454 ) (632 ) Total $ (33,588 ) $ (25,458 ) The components of the provision for income taxes are as follows for the years ended December 31, 2022, 2021 Current 2022 2021 United States $ 457 $ 17 Canada (334 ) (9,486 ) Other Foreign 5 14 Total $ 128 $ (9,455 ) Deferred United States - - Canada (805 ) 1,505 Other Foreign (11 ) (94 ) Total (816 ) 1,411 Total income tax expense $ (688 ) $ (8,044 ) 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, 2022, 2021: 2022 2021 Income tax benefit computed at federal tax rate 27.0 % 27.0 % Foreign operations (4.1 )% (0.9 )% Capital gains and foreign exchange 0.0 % 0.0 % Change in valuation allowance (14.6 )% 4.1 % Tax credits generated 3.5 % 1.6 % Prior year adjustments 0.4 % 0.9 % Changes in uncertain tax positions (0.3 )% (1.5 )% Foreign exchange gain and loss (1.6 )% 1.5 % Stock compensation (2.3 )% 2.2 % Non-deductible compensation (5.8 )% (3.0 )% Other (0.2 )% (0.3 )% Total 2.0 % 31.6 % The effective tax rate for the period ended December 31, 2022 no December 31, 2021 The tax effect of temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases that give rise to deferred tax assets and liabilities is as follows: 2022 2021 Net operating loss carryforwards - 112 Research and other credits 3,820 3,360 Stock based compensation 2,703 3,235 Capitalized research expenses 5,210 - Share issue costs 229 425 Accrued liabilities 294 227 Foreign exchange 687 206 Deferred tax assets before Valuation allowance 12,944 7,565 Valuation allowance (11,225 ) (6,474 ) Deferred tax assets 1,719 1,091 Depreciation 710 824 Prepaid assets 93 69 Uncollectible debts 975 1,057 Foreign exchange - 14 Deferred tax liability 1,777 1,964 Net deferred tax asset (liability) (59 ) (873 ) For the year ended December 31, 2022, no December 31, 2022 $5.3M $1.4M 2037. For the year ended December 31, 2022, not no The Company is subject to income tax in multiple jurisdictions, including Canada, USA, and the state of Texas. The Company has Canadian, USA, and Texas income tax returns that are open to examination for the 2019, 2019, 2018 may December 31, 2022, 2021 2022 2021 Balance as of January 1 2,389 2,060 Additions based on tax positions related to the current year 130 42 Additions for tax positions of prior years 346 287 Balance at December 31 2,864 2,389 The Company recognized interest and penalties related to unrecognized tax benefits of $63 thousand, and $56 thousand as a component of income tax expense for the years ended December 31, 2022, 2021, December 31, 2022, 2021, may 12 No 12 |
Note 10 - Selected Quarterly Fi
Note 10 - Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | 10. Selected Quarterly Financial Data (Unaudited) for the year ended December 31, 2022 2021 2022 First Quarter Second Quarter Third Quarter Fourth Quarter Loss from operations $ (7,845 ) $ (12,094 ) $ (6,389 ) $ (8,162 ) Net loss (5,395 ) (11,644 ) (12,658 ) (3,203 ) Net loss per share—basic and diluted (0.18 ) (0.38 ) (0.42 ) (0.10 ) 2021 First Quarter Second Quarter Third Quarter Fourth Quarter Loss from operations $ (3,553 ) $ (10,605 ) $ (3,731 ) $ (7,193 ) Net loss (2,568 ) (5,118 ) (3,261 ) (6,467 ) Net loss per share—basic and diluted (0.09 ) (0.17 ) (0.11 ) (0.21 ) |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation These consolidated financial statements have been prepared in conformity with U.S. Generally Accepted Accounting Principles (“US GAAP”). In the opinion of management, the accompanying consolidated financial statements reflect all adjustments (consisting only of normal recurring items) considered necessary to present fairly the Company’s financial position at December 31, 2022 2021, December 31, 2022, 2021, December 31, 2022, 2021. |
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. |
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. November 2022. 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 had a Clinical Manufacturing Agreement that it accounts for by analogy to ASC 606, 2020 2021. 2022 November 2022. Clinical Trial Service Revenue On December 30, 2019, two |
Research and Development Expense, Policy [Policy Text Block] | Income Taxes The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. The Company measures deferred tax assets and liabilities using the enacted tax rates for the years and jurisdictions in which the temporary differences are expected to be recovered. A change to the tax rates used to measure the Company’s deferred taxes is recognized in income during the period in which the new rate(s) were enacted. The Company recognizes deferred tax assets to the extent the Company’s assets are more likely than not not, not not not The Company recognizes and measure uncertain tax benefits in accordance with ASC 740 740” two 1 not 2 not fifty |
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 |
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” Share-based compensation expense recognized for the years ended December 31, 2022, 2021 Year Ended December 31, 2022 2021 Research and development $ 3,641 $ 2,019 General and administrative 1,421 2,162 Cost of goods sold - 282 Total share-based compensation expense $ 5,062 $ 4,463 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, 2022 2021 Weighted-average grant date fair value per share $ 4.92 $ 9.29 Expected volatility 82% - 83% 83% - 91% Risk-free interest rate 1.5% - 4.1% 0.5% - 1.4% Expected life (in years) 5.38 - 6.25 5.38 - 6.25 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 |
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 consolidated financial statements include financial instruments for which the fair value of such instruments may 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, 2022 2021, not December 31, 2022 2021, |
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 using the straight line method over the estimated useful lives of the assets, with the exception of land and construction in process which are not • Furniture and fixtures 7 • Office equipment 5 • Scientific equipment 5 • Vehicles 5 • Mobile facility 27.5 • Building 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, 2022. |
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 |
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. |
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 |
Note 2 - Significant Accounti_2
Note 2 - Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Year Ended December 31, 2022 2021 Research and development $ 3,641 $ 2,019 General and administrative 1,421 2,162 Cost of goods sold - 282 Total share-based compensation expense $ 5,062 $ 4,463 |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Year Ended December 31, 2022 2021 Weighted-average grant date fair value per share $ 4.92 $ 9.29 Expected volatility 82% - 83% 83% - 91% Risk-free interest rate 1.5% - 4.1% 0.5% - 1.4% Expected life (in years) 5.38 - 6.25 5.38 - 6.25 Dividend yield - - |
Note 4 - Property and Equipme_2
Note 4 - Property and Equipment and Building Construction in Progress (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | 2022 2021 Computer and office equipment $ 274 $ 557 Furniture and fixtures 129 130 Land 1,418 1,418 Scientific equipment 16,059 16,829 Vehicle 112 82 Building 24,173 22,773 Mobile facility 189 189 Construction in process 401 2,061 Accumulated depreciation (16,495 ) (15,732 ) $ 26,260 $ 28,307 |
Note 5 - Accrued Expenses (Tabl
Note 5 - Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | 2022 2021 Accrued compensation and related expenses $ 489 $ 480 Accrued professional fees 117 163 Accrued clinical trial expenses 928 618 Other 69 113 $ 1,603 $ 1,374 |
Note 7 - Common Stock Options (
Note 7 - Common Stock Options (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Options Exercise Price Weighted-Average Exercise Price Options outstanding at December 31, 2020 5,327,425 $2.71 - $21.99 $ 6.09 Granted 809,500 11.35 - 20.20 13.47 Exercised (1,348,374 ) 3.27 - 15.00 7.78 Forfeitures (131,874 ) 4.14 - 21.99 12.23 Options outstanding at December 31, 2021 4,656,677 $2.71 - $21.74 $ 10.68 Granted 152,600 3.65 - 11.25 7.07 Exercised - - - Forfeitures (250,375 ) 3.27 - 21.74 12.31 Options outstanding at December 31, 2022 4,558,902 $2.71 - $21.74 $ 10.47 |
Note 8 - Net Income Loss Per _2
Note 8 - Net Income Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year Ended December 31, 2022 2021 Net loss $ (32,900 ) $ (17,414 ) Weighted-average number of common shares—basic 30,439,275 30,043,380 Net loss per share—basic $ (1.08 ) $ (0.58 ) Weighted-average number of common shares—diluted 30,439,275 30,043,380 Net loss per share—diluted $ (1.08 ) $ (0.58 ) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Year Ended December 31, 2022 2021 Stock options 4,558,902 4,656,677 |
Note 9 - Income Taxes (Tables)
Note 9 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Years Ended December 31, 2022 2021 United States $ (28,161 ) $ 5,301 Canada (4,973 ) (30,127 ) Other Foreign (454 ) (632 ) Total $ (33,588 ) $ (25,458 ) |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Current 2022 2021 United States $ 457 $ 17 Canada (334 ) (9,486 ) Other Foreign 5 14 Total $ 128 $ (9,455 ) Deferred United States - - Canada (805 ) 1,505 Other Foreign (11 ) (94 ) Total (816 ) 1,411 Total income tax expense $ (688 ) $ (8,044 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2022 2021 Income tax benefit computed at federal tax rate 27.0 % 27.0 % Foreign operations (4.1 )% (0.9 )% Capital gains and foreign exchange 0.0 % 0.0 % Change in valuation allowance (14.6 )% 4.1 % Tax credits generated 3.5 % 1.6 % Prior year adjustments 0.4 % 0.9 % Changes in uncertain tax positions (0.3 )% (1.5 )% Foreign exchange gain and loss (1.6 )% 1.5 % Stock compensation (2.3 )% 2.2 % Non-deductible compensation (5.8 )% (3.0 )% Other (0.2 )% (0.3 )% Total 2.0 % 31.6 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2022 2021 Net operating loss carryforwards - 112 Research and other credits 3,820 3,360 Stock based compensation 2,703 3,235 Capitalized research expenses 5,210 - Share issue costs 229 425 Accrued liabilities 294 227 Foreign exchange 687 206 Deferred tax assets before Valuation allowance 12,944 7,565 Valuation allowance (11,225 ) (6,474 ) Deferred tax assets 1,719 1,091 Depreciation 710 824 Prepaid assets 93 69 Uncollectible debts 975 1,057 Foreign exchange - 14 Deferred tax liability 1,777 1,964 Net deferred tax asset (liability) (59 ) (873 ) |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | 2022 2021 Balance as of January 1 2,389 2,060 Additions based on tax positions related to the current year 130 42 Additions for tax positions of prior years 346 287 Balance at December 31 2,864 2,389 |
Note 10 - Selected Quarterly _2
Note 10 - Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | 2022 First Quarter Second Quarter Third Quarter Fourth Quarter Loss from operations $ (7,845 ) $ (12,094 ) $ (6,389 ) $ (8,162 ) Net loss (5,395 ) (11,644 ) (12,658 ) (3,203 ) Net loss per share—basic and diluted (0.18 ) (0.38 ) (0.42 ) (0.10 ) 2021 First Quarter Second Quarter Third Quarter Fourth Quarter Loss from operations $ (3,553 ) $ (10,605 ) $ (3,731 ) $ (7,193 ) Net loss (2,568 ) (5,118 ) (3,261 ) (6,467 ) Net loss per share—basic and diluted (0.09 ) (0.17 ) (0.11 ) (0.21 ) |
Note 1 - Organization (Details
Note 1 - Organization (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash and Cash Equivalents, at Carrying Value, Total | $ 157,306 | $ 236,983 | |
True Human [Member] | |||
Sale of Product, Consideration Received | $ 1,350,000 |
Note 2 - Significant Accounti_3
Note 2 - Significant Accounting Policies (Details Textual) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Revenue from Contract with Customer, Including Assessed Tax | $ 4,010 | $ 18,394 | |
Impairment of Long-Lived Assets Held-for-use | $ 0 | ||
Number of Operating Segments | 1 | ||
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 | ||
Manufacturing Revenue [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | 4,010 | 18,000 | |
Janssen [Member] | Manufacturing Revenue [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | $ 4,000 | $ 4,500 | $ 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, 2022 | Dec. 31, 2021 | |
Share-based compensation expense | $ 5,062 | $ 4,463 |
Research and Development Expense [Member] | ||
Share-based compensation expense | 3,641 | 2,019 |
General and Administrative Expense [Member] | ||
Share-based compensation expense | 1,421 | 2,162 |
Cost of Sales [Member] | ||
Share-based compensation expense | $ 0 | $ 282 |
Note 2 - Significant Accounti_5
Note 2 - Significant Accounting Policies - Stock Option Valuation Assumptions (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Weighted-average grant date fair value per share (in dollars per share) | $ 4.92 | $ 9.29 |
Expected volatility | 0% | |
Minimum [Member] | ||
Expected volatility | 82% | 83% |
Risk-free interest rate | 1.50% | 0.50% |
Expected life (Year) | 5 years 4 months 17 days | 5 years 4 months 17 days |
Maximum [Member] | ||
Expected volatility | 83% | 91% |
Risk-free interest rate | 4.10% | 1.40% |
Expected life (Year) | 6 years 3 months | 6 years 3 months |
Note 3 - Revenue (Details Textu
Note 3 - Revenue (Details Textual) $ in Thousands | 12 Months Ended | |||
Dec. 30, 2019 | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Revenue from Contract with Customer, Including Assessed Tax | $ 4,010 | $ 18,394 | ||
Clinical Trial Service Revenue [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 394 | ||
Manufacturing Revenue [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 4,010 | 18,000 | ||
Janssen [Member] | Clinical Trial Service Revenue [Member] | ||||
Transition Services Agreement, Number of Ongoing Clinical Trials Entered Into | 2 | |||
Transition Services Agreement, Markup Percentage | 30% | |||
Janssen [Member] | Manufacturing Revenue [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | $ 4,000 | $ 4,500 | $ 4,500 |
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, 2022 | Dec. 31, 2021 | |
Depreciation, Total | $ 2,614 | $ 2,648 |
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, 2022 | Dec. 31, 2021 |
Accumulated depreciation | $ (16,495) | $ (15,732) |
Property, Plant and Equipment, Including Building Construction in Process | 26,260 | 28,307 |
Office Equipment [Member] | ||
Property, plant, and equipment, gross | 274 | 557 |
Furniture and Fixtures [Member] | ||
Property, plant, and equipment, gross | 129 | 130 |
Land [Member] | ||
Property, plant, and equipment, gross | 1,418 | 1,418 |
Scientific Equipment [Member] | ||
Property, plant, and equipment, gross | 16,059 | 16,829 |
Vehicles [Member] | ||
Property, plant, and equipment, gross | 112 | 82 |
Building [Member] | ||
Property, plant, and equipment, gross | 24,173 | 22,773 |
Mobile Facility [Member] | ||
Property, plant, and equipment, gross | 189 | 189 |
Construction in Progress [Member] | ||
Property, plant, and equipment, gross | $ 401 | $ 2,061 |
Note 5 - Accrued Expenses - Acc
Note 5 - Accrued Expenses - Accrued Expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Accrued compensation and related expenses | $ 489 | $ 480 |
Accrued professional fees | 117 | 163 |
Accrued clinical trial expenses | 928 | 618 |
Other | 69 | 113 |
Accrued Liabilities, Current, Total | $ 1,603 | $ 1,374 |
Note 6 - Common Stock (Details
Note 6 - Common Stock (Details Textual) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
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) | 0 | 1,100 |
Proceeds from Issuance of Common Stock | $ 8 | |
Minimum [Member] | ||
Shares Issued, Price Per Share (in dollars per share) | $ 3.27 | |
Maximum [Member] | ||
Shares Issued, Price Per Share (in dollars per share) | $ 15 |
Note 7 - Common Stock Options_2
Note 7 - Common Stock Options (Details Textual) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 4.92 | $ 9.29 | |
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 2.8 | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 1 month 13 days | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term (Year) | 5 years 9 months | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Number (in shares) | 4.1 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 10.32 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term (Year) | 5 years 5 months 1 day | ||
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) | $ 4.92 | $ 9.29 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested in Period, Fair Value | $ 5.6 | $ 4.8 | |
The Plan [Member] | Any One Person [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Outstanding Stock Maximum | 5% | ||
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, 2022 | Dec. 31, 2021 | |
Options outstanding (in shares) | 4,656,677 | 5,327,425 |
Granted (in shares) | 152,600 | 809,500 |
Exercised (in shares) | 0 | (1,348,374) |
Forfeitures (in shares) | (250,375) | (131,874) |
Granted (in shares) | 152,600 | 809,500 |
Options outstanding (in shares) | 4,558,902 | 4,656,677 |
Minimum [Member] | ||
Options outstanding, exercise price (in dollars per share) | $ 2.71 | $ 2.71 |
Granted, exercise price (in dollars per share) | 3.65 | 11.35 |
Exercised, exercise price (in dollars per share) | 3.27 | |
Forfeitures, exercise price (in dollars per share) | 3.27 | 4.14 |
Options outstanding, exercise price (in dollars per share) | 2.71 | 2.71 |
Maximum [Member] | ||
Options outstanding, exercise price (in dollars per share) | 21.74 | 21.99 |
Granted, exercise price (in dollars per share) | 11.25 | 20.20 |
Exercised, exercise price (in dollars per share) | 15 | |
Forfeitures, exercise price (in dollars per share) | 21.74 | 21.99 |
Options outstanding, exercise price (in dollars per share) | 21.74 | 21.74 |
Weighted Average [Member] | ||
Options outstanding, exercise price (in dollars per share) | 10.68 | 6.09 |
Granted, exercise price (in dollars per share) | 7.07 | 13.47 |
Exercised, exercise price (in dollars per share) | 0 | 7.78 |
Forfeitures, exercise price (in dollars per share) | 12.31 | 12.23 |
Options outstanding, exercise price (in dollars per share) | $ 10.47 | $ 10.68 |
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, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net income (loss) | $ (3,203) | $ (12,658) | $ (11,644) | $ (5,395) | $ (6,467) | $ (3,261) | $ (5,118) | $ (2,568) | $ (32,900) | $ (17,414) |
Weighted-average number of common shares—basic (in shares) | 30,439,275 | 30,043,380 | ||||||||
Net loss per share—basic (in dollars per share) | $ (0.10) | $ (0.42) | $ (0.38) | $ (0.18) | $ (0.21) | $ (0.11) | $ (0.17) | $ (0.09) | $ (1.08) | $ (0.58) |
Weighted-average number of common shares—diluted (in shares) | 30,439,275 | 30,043,380 | ||||||||
Net loss per share—diluted (in dollars per share) | $ (1.08) | $ (0.58) |
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, 2022 | Dec. 31, 2021 | |
Share-Based Payment Arrangement, Option [Member] | ||
Antidilutive securities (in shares) | 4,558,902 | 4,656,677 |
Note 9 - Income Taxes (Details
Note 9 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Tax Credit Carryforward, Amount | $ 1,400 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense, Total | 63 | $ 56 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 1,600 | $ 1,500 |
Decrease in Unrecognized Tax Benefits is Reasonably Possible | 500 | |
Domestic Tax Authority [Member] | Research Tax Credit Carryforward [Member] | ||
Tax Credit Carryforward, Amount | 5,300 | |
Domestic Tax Authority [Member] | Canada Revenue Agency [Member] | ||
Operating Loss Carryforwards | $ 2,200 |
Note 9 - Income Taxes - Compone
Note 9 - Income Taxes - Components of Income Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Total | $ (33,588) | $ (25,458) |
UNITED STATES | ||
Income Before Income Taxes | (28,161) | 5,301 |
CANADA | ||
Income Before Income Taxes | (4,973) | (30,127) |
Other Foreign [Member] | ||
Income Before Income Taxes | $ (454) | $ (632) |
Note 9 - Income Taxes - Income
Note 9 - Income Taxes - Income Tax from Continuing Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
United States, current | $ 457 | $ 17 |
Canada, current | (334) | (9,486) |
Other Foreign, current | 5 | 14 |
Total, current | 128 | (9,455) |
United States, deferred | 0 | 0 |
Canada, deferred | (805) | 1,505 |
Other Foreign, deferred | (11) | (94) |
Total, deferred | (816) | 1,411 |
Total income tax expense | $ (688) | $ (8,044) |
Note 9 - Income Taxes - Reconci
Note 9 - Income Taxes - Reconciliation of Canadian Federal Statutory Income Tax Rate (Details) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income tax benefit computed at federal tax rate | 27% | 27% |
Foreign operations | (4.10%) | (0.90%) |
Capital gains and foreign exchange | 0% | 0% |
Change in valuation allowance | (14.60%) | 4.10% |
Tax credits generated | 3.50% | 1.60% |
Prior year adjustments | 0.40% | 0.90% |
Changes in uncertain tax positions | (0.30%) | (1.50%) |
Foreign exchange gain and loss | (1.60%) | 1.50% |
Stock compensation | (2.30%) | 2.20% |
Non-deductible compensation | (5.80%) | (3.00%) |
Other | (0.20%) | (0.30%) |
Total | 2% | 31.60% |
Note 9 - Income Taxes - Signifi
Note 9 - Income Taxes - Significant Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Net operating loss carryforwards | $ 0 | $ 112 |
Research and other credits | 3,820 | 3,360 |
Stock based compensation | 2,703 | 3,235 |
Capitalized research expenses | 5,210 | 0 |
Share issue costs | 229 | 425 |
Accrued liabilities | 294 | 227 |
Foreign exchange | 687 | 206 |
Deferred tax assets before Valuation allowance | 12,944 | 7,565 |
Valuation allowance | (11,225) | (6,474) |
Deferred tax assets | 1,719 | 1,091 |
Depreciation | 710 | 824 |
Prepaid assets | 93 | 69 |
Uncollectible debts | 975 | 1,057 |
Foreign exchange | 0 | 14 |
Deferred tax liability | 1,777 | 1,964 |
Net deferred taxliabilities | $ (59) | |
Net deferred tax asset | $ (873) |
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, 2022 | Dec. 31, 2021 | |
Balance | $ 2,389 | $ 2,060 |
Additions based on tax positions related to the current year | 130 | 42 |
Additions for tax positions of prior years | 346 | 287 |
Balance | $ 2,864 | $ 2,389 |
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, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Loss from operations | $ (8,162) | $ (6,389) | $ (12,094) | $ (7,845) | $ (7,193) | $ (3,731) | $ (10,605) | $ (3,553) | $ (34,490) | $ (25,082) |
Net income (loss) | $ (3,203) | $ (12,658) | $ (11,644) | $ (5,395) | $ (6,467) | $ (3,261) | $ (5,118) | $ (2,568) | $ (32,900) | $ (17,414) |
Net loss per share—basic and diluted (in dollars per share) | $ (0.10) | $ (0.42) | $ (0.38) | $ (0.18) | $ (0.21) | $ (0.11) | $ (0.17) | $ (0.09) | $ (1.08) | $ (0.58) |