Avenue Therapeutics (ATXI) 10-Q 11 Aug 23 2023 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2023	Aug. 07, 2023
Document Information [Line Items]
Entity Central Index Key	0001644963
Entity Registrant Name	AVENUE THERAPEUTICS, INC.
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2023
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-38114
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-4113275
Entity Address, Address Line One	1111 Kane Concourse, Suite 301
Entity Address, City or Town	Bay Harbor Islands
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33154
City Area Code	781
Local Phone Number	652‑4500
Title of 12(b) Security	Common Stock
Trading Symbol	ATXI
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		8,182,985

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 1,571	$ 6,708
Prepaid expenses and other current assets	69	137
Total assets	1,666	6,845
Current Liabilities:
Accounts payable and accrued expenses	886	949
Accrued licenses acquired	1,000	0
Warrant liability	5,872	2,609
Total current liabilities	7,812	3,579
Total liabilities	7,812	3,579
Commitments and contingencies
Stockholders’ equity (deficit)
Common stock ($0.0001 par value), 75,000,000 shares authorized Common shares, 6,828,186 and 4,773,841 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively	1	0
Additional paid-in capital	86,757	84,456
Accumulated deficit	(92,094)	(80,551)
Total stockholders’ equity attributed to the Company	(5,336)	3,905
Non-controlling interests	(810)	(639)
Total stockholders’ equity (deficit)	(6,146)	3,266
Total liabilities and stockholders’ equity	1,666	6,845
Preferred Class A [Member]
Stockholders’ equity (deficit)
Preferred stock ($0.0001 par value), 2,000,000 shares authorized Class A Preferred Stock, 250,000 shares issued and outstanding as of March 31, 2023 and December 31, 2022	0	0
Related Party [Member]
Current assets:
Other receivables - related party	26	0
Current Liabilities:
Accounts payable and accrued expenses	886	949
Nonrelated Party [Member]
Current Liabilities:
Accounts payable and accrued expenses	$ 54	$ 21

Unaudited Condensed Consolida_2

Unaudited Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Preferred Stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred Stock, shares authorized (in shares)	2,000,000	2,000,000
Common Stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common Stock, shares authorized (in shares)	75,000,000	75,000,000
Common Stock, shares issued (in shares)	7,920,485	4,773,841
Common Stock, shares outstanding 1 (in shares)	7,920,485	4,773,841
Preferred Class A [Member]
Preferred Stock, shares issued (in shares)	250,000	250,000
Preferred Stock, shares outstanding (in shares)	250,000	250,000

Unaudited Condensed Consolida_3

Unaudited Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		5 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 03, 2022	Jun. 30, 2023
Operating expenses:
Research and development	$ 3,027	$ 151	$ 1,959	$ 4,242
Research and development – licenses acquired	0	0	0	4,230
General and administrative	896	454	1,509	1,880
Loss from operations	(3,923)	(605)	(3,468)	(10,352)
Other income (expense)
Interest income	57	1	3	94
Financing costs – warrant liabilities	0	0	0	(332)
Change in fair value of warrant liabilities	(150)	0	0	(1,028)
Total other income (expense)	(93)	1	3	(1,266)
Net loss	(4,016)	(604)	(3,465)	(11,618)
Net loss attributable to non-controlling interests	9	0	0	75
Net loss attributable to common stockholders	$ (4,007)	$ (604)	$ (3,465)	$ (11,543)
Net loss per common share attributable to common stockholders, basic and diluted (in dollars per share)	$ (0.52)	$ (0.41)	$ (2.42)	$ (1.73)
Weighted average number of common shares outstanding, basic and diluted (in shares)	7,758,153	1,461,067	1,429,283	6,667,550

Unaudited Condensed Consolida_4

Unaudited Condensed Consolidated Statement of Changes in Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Preferred Stock [Member] Preferred Class A [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Noncontrolling Interest [Member]	Total
Balance (in shares) at Dec. 31, 2021	250,000	1,405,977
Balance at Dec. 31, 2021	$ 0	$ 2	$ 80,448	$ (76,999)	$ 0	$ 3,451
Share based compensation (in shares)	0	69,675
Share based compensation	$ 0	$ 0	612	0	0	612
Balance (in shares) at Jun. 30, 2022	250,000	1,475,652
Balance at Jun. 30, 2022	$ 0	$ 2	81,060	(80,464)	0	598
Net loss	$ 0	$ 0	0	(3,465)	0	(3,465)
Balance (in shares) at Mar. 31, 2022	250,000	1,475,652
Balance at Mar. 31, 2022	$ 0	$ 2	81,017	(79,860)	0	1,159
Share based compensation (in shares)	0	0
Share based compensation	$ 0	$ 0	43	0	0	43
Net loss attributable to non-controlling interest						0
Net loss attributable to common stockholders						(604)
Balance (in shares) at Jun. 30, 2022	250,000	1,475,652
Balance at Jun. 30, 2022	$ 0	$ 2	81,060	(80,464)	0	598
Net loss	$ 0	$ 0	0	(604)	0	(604)
Balance (in shares) at Dec. 31, 2022	250,000	4,773,841
Balance at Dec. 31, 2022	$ 0	$ 0	84,456	(80,551)	(639)	3,266
Share based compensation (in shares)	0	0
Share based compensation	$ 0	$ 0	38	0	0	38
Exercise of warrants (in shares)	0	1,492,382
Exercise of warrants	$ 0	$ 0	0	0	0	0
Non-controlling interest in subsidiaries	0	0	96	0	(96)	0
Net loss attributable to non-controlling interest	0	0	0	0	(75)	(75)
Net loss attributable to common stockholders	$ 0	$ 0	0	(11,543)	0	(11,543)
Issuance of common stock to Fortress (in shares)	0	374,644
Issuance of common stock to Fortress	$ 0	$ 0	72	0	0	72
Issuance of common stock and pre-funded warrants, net of offering costs - registered direct offering and private placement (in shares)	0	448,000
Issuance of common stock and pre-funded warrants, net of offering costs - registered direct offering and private placement	$ 0	$ 1	865	0	0	866
Issuance of common stock for license expense (in shares)	0	831,618
Issuance of common stock for license expense	$ 0	$ 0	1,230	0	0	1,230
Balance (in shares) at Jun. 30, 2023	250,000	7,920,485
Balance at Jun. 30, 2023	$ 0	$ 1	86,757	(92,094)	(810)	(6,146)
Net loss						(11,618)
Balance (in shares) at Mar. 31, 2023	250,000	6,828,186
Balance at Mar. 31, 2023	$ 0	$ 1	86,634	(88,087)	(705)	(2,157)
Share based compensation (in shares)	0	0
Share based compensation	$ 0	$ 0	27	0	0	27
Exercise of warrants (in shares)	0	1,092,299
Exercise of warrants	$ 0	$ 0	0	0	0	0
Non-controlling interest in subsidiaries	0	0	96	0	(96)	0
Net loss attributable to non-controlling interest	0	0	0	0	(9)	(9)
Net loss attributable to common stockholders	$ 0	$ 0	0	(4,007)	0	(4,007)
Balance (in shares) at Jun. 30, 2023	250,000	7,920,485
Balance at Jun. 30, 2023	$ 0	$ 1	$ 86,757	$ (92,094)	$ (810)	(6,146)
Net loss						$ (4,016)

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash Flows from Operating Activities:
Net loss	$ (11,618)	$ (3,465)
Reconciliation of net loss to net cash used in operating activities:
Share based compensation	38	612
Change in fair value of warrant liability	1,028	0
Issuance of common stock for licenses acquired	1,230	0
Research and development-licenses acquired, expense	2,000	0
Issuance of common stock to Fortress	72	0
Changes in operating assets and liabilities:
Other receivables - related party	(26)	90
Prepaid expenses and other current assets	68	(8)
Accrued licenses acquired	1,000	0
Net cash used in operating activities	(6,238)	(2,873)
Cash flows from Investing Activities:
Purchase of research and development licenses	(2,000)	0
Net cash used in investing activities	(2,000)	0
Cash flows from Financing Activities:
Issuance of common stock, pre-funded warrants and warrants, net of offering costs - registered direct offering and private placement	3,101	0
Net cash provided by financing activities	3,101	0
Net change in cash and cash equivalents	(5,137)	(2,873)
Cash and cash equivalents, beginning of period	6,708	3,763
Cash and cash equivalents, end of period	1,571	890
Supplemental cash flow information:
Unpaid research and development licenses acquired	1,000	0
Related Party [Member]
Changes in operating assets and liabilities:
Accounts payable and accrued expenses	(63)	(54)
Nonrelated Party [Member]
Changes in operating assets and liabilities:
Accounts payable and accrued expenses	$ 33	$ (48)

Note 1 - Organization, Plan of

Note 1 - Organization, Plan of Business Operations	6 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	1 - Organization, Plan of Business Operations Avenue Therapeutics, Inc. (the “Company” or “Avenue”) was incorporated in Delaware on February 9, 2015, AJ201 101 may Reverse Stock Split As a result of the reverse stock split effective on September 23, 2022, No September 23, 2022. February 2, 2023, 2022 Liquidity and Capital Resources Going Concern These consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") assuming the Company will continue as a going concern. The going concern assumption contemplates the realization of assets and satisfaction of liabilities in the normal course of business. However, as described below, substantial doubt about the Company’s ability to continue as a going concern exists. The Company is not may June 30, 2023 second 12 one not may

Note 2 - Significant Accounting

Note 2 - Significant Accounting Policies	6 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Significant Accounting Policies [Text Block]	Note 2 Basis of Presentation The Company’s consolidated financial statements have been prepared in conformity with U.S. GAAP, include all adjustments necessary for the fair presentation of the Company’s financial position for the periods presented and are stated in U.S. dollars. The Company’s consolidated financial statements include the accounts of the Company and the accounts of the Company’s subsidiary, Baergic. All intercompany balances and transactions have been eliminated in consolidation. In the opinion of management, the unaudited interim condensed consolidated financial statements reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the balances and results for the periods presented. Certain information and footnote disclosures normally included in the Company’s annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. These unaudited interim condensed financial statement results are not December 31, 2022, 10 “2022 10 March 31, 2023. The accompanying consolidated financial statements include the accounts of the Company’s subsidiary. For consolidated entities where the Company owns less than 100% may The preparation of the Company's unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of expenses during the reporting period. Use of Estimates The Company's consolidated financial statements include certain amounts that are based on management's best estimates and judgements. The Company's significant estimates include, but are not may Other Receivables Related Party Other receivables consist of amounts due from Urica Therapeutics, Inc. ("Urica"), a consolidated entity under Fortress, and are recorded at the invoiced amount. Non-Controlling Interests Non-controlling interests in consolidated entities represent the component of equity in consolidated entities held by third Summary of Significant Accounting Policies There have been no 2022 10

Note 3 - License Supplier Agree

Note 3 - License Supplier Agreement	6 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
License Agreement Disclosure [Text Block]	Note 3 Licenses/Supplier Agreements Effective as of February 17, 2015, June 17, 2015, December 2019, On October 29, 2018, eight five Baergic Licenses In December 2019, two 2 3 α2,3 Development milestones totaling approximately $81.5 million in the aggregate are due upon achievement of each milestone. Commercial and sales-based milestone payments totaling approximately $151 million are due upon achievement of each milestone, as well as royalty payments in the low to high single digits on any future aggregate, annual, worldwide net sales. AnnJi License Agreement On February 28, 2023, JM17, Nrf1 Nrf2, AJ201, 1b/2a AJ201 April 27, 2023 180 The license provided under the AnnJi License Agreement is exclusive as to all oral forms of AJ201 AJ201 AJ201 The Company is also obligated to issue shares of its common stock under the Subscription Agreement and make additional payments over the course of the AnnJi License Agreement including: reimbursement payments of up to $10.8 million in connection with the product’s Phase 1b/2a first In connection with the signing of the AnnJi License Agreement, the Company issued 831,618 shares of its common stock to AnnJi (“First Tranche Shares”) at a fair value of $0.9 million on March 30, 2023. eighth 1b/2a February 28, 2023. February 28, 2023, March 30, 2023. In connection with execution of the AnnJi License Agreement, Avenue entered into a registration rights agreement with AnnJi (“AnnJi Registration Rights Agreement”), pursuant to which Avenue filed a registration statement to register the resale of the First Tranche Shares and Second Tranche Shares issued to AnnJi. The Company filed such registration statement on Form S- 3 June 16, 2023, June 27, 2023.

Note 4 - Fair Value Measurement

Note 4 - Fair Value Measurements	6 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block]	Note 4 Fair Value Measurements The Company follows accounting guidance on fair value measurements for financial assets and liabilities measured at fair value on a recurring basis. Under the accounting guidance, fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. The accounting guidance requires fair value measurements be classified and disclosed in one three Level 1: Level 2: 1 Level 3: no The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires management to make judgments and consider factors specific to the asset or liability. Certain of the Company’s financial instruments are not Fair Value of Warrant Liabilities Warrant liabilities are categorized within Level 3 October 2022 January 2023 Warrants Warrants Total Fair value of warrants outstanding as of December 31, 2022 $ 2,609 $ — $ 2,609 Fair value of warrants at issuance as of January 31, 2023 — 2,235 2,235 Change in fair value of warrants 1,458 (430 ) 1,028 Fair value of warrants outstanding as of June 30, 2023 $ 4,067 $ 1,805 $ 5,872 Warrant Liability The Company has issued freestanding warrants to purchase shares of our common stock in connection with financing activities (Warrants as described in Note 8 October 2022 ( “October 2022 January 2023 ( "January 2023 October 2022 October 11, 2022 December 31, 2022. January 2023 January 31, 2023. The fair value of the warrants is re-measured at each financial reporting date with any changes in fair value being recognized in change in fair value of warrant liabilities, a component of other income (expense), in the condensed consolidated statements of operations and comprehensive income (loss). The Company will continue to re-measure the fair value of the October 2022 October 10, 2027 January 2023 January 31, 2026. October 2022 one January 31, 2023 October 2022 October 2022 January 2023 June 30, 2023 The key inputs for the October 2022 June 30, December 31, 2023 2022 (Black-Scholes (Monte Carlo model) simulation) Stock price $ 1.17 $ 1.16 Risk-free interest rate 4.13 % 4.02 % Expected dividend yield — — Expected term in years 4.3 4.8 Expected volatility 137 % 93 % The key inputs for the January 2023 January 31, 2023 June 30, (Initial 2023 measurement) Stock price $ 1.17 $ 1.38 Risk-free interest rate 4.49 % 3.90 % Expected dividend yield — — Expected term in years 2.6 3.0 Expected volatility 162 % 160 %

Note 5 - Accounts Payable and A

Note 5 - Accounts Payable and Accrued Expenses	6 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Accounts Payable and Accrued Liabilities Disclosure [Text Block]	Note 5 Accounts Payable and Accrued Expenses Accounts payable and accrued expenses consisted of the following (in thousands): As of June 30, As of December 31, 2023 2022 Accounts payable $ 446 $ 129 Accrued employee compensation 154 199 InvaGen contingent fee — 208 Accrued contracted services and other 286 413 Total accounts payable and accrued expenses $ 886 $ 949

Note 6 - Related Party Transact

Note 6 - Related Party Transactions	6 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	Note 6 - Related Party Transactions Founders Agreement and Management Services Agreement with Fortress Fortress entered into a Founders Agreement with Avenue in February 2015 ( two one five 5 no two one four one ninety 90 one five 5x twelve 12 four one Effective as of February 17, 2015, five five not 90 may not not first Founders Agreement and Management Services Agreement with Baergic Pursuant to the Share Contribution Agreement between Avenue and Fortress, the Founders Agreement and Management Services Agreement that had previously been existing between Fortress and Baergic were assigned to Avenue, such that they now exist between Avenue and Baergic; those agreements are referred to herein as the Avenue-Baergic Founders Agreement and the Avenue-Baergic MSA, as applicable. The Annual Stock Dividend payable to the Company is 2.5% of common stock calculated as a percentage of fully diluted outstanding capital and became effective as of November 8, 2022. December 31, 2022, December 31, 2022, January 1, 2023. The Avenue-Baergic Founders Agreement has an effective date of March 9, 2017, 15 one As additional consideration under the Avenue-Baergic Founders Agreement, Baergic will also: (i) pay an equity fee in shares of common stock, payable within five 5 no two one four one ninety 90 one five 5x twelve 12 four one The Avenue-Baergic MSA has an effective date of March 9, 2017, five five may not not no first Shared Services Agreement with Urica Therapeutics Effective February 1, 2023, April 30, 2023, July 31, 2023 three three six June 30, 2023. June 30, 2023

Note 7 - Net Loss Per Share

Note 7 - Net Loss Per Share	6 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Earnings Per Share [Text Block]	Note 7 - Net Loss per Share Loss per share is computed by dividing net loss attributable to common stockholders by the weighted-average number of common shares outstanding, excluding unvested restricted stock and stock options and preferred shares, during the period. Dividends declared are paid and set aside among the holders of shares of common stock and Class A Preferred stock pro-rata on an as-if-converted basis. The following table sets forth the potential common shares that could potentially dilute basic income per share in the future that were not For the Three and Six Months Ended June 30, 2023 2022 Unvested restricted stock units/awards 98,137 21,412 Warrants 6,078,132 — Options 1,685,000 — Class A Preferred shares 16,666 16,666 Total potential dilutive effect 7,877,935 38,078

Note 8 - Stockholders' Equity

Note 8 - Stockholders' Equity	6 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Equity [Text Block]	Note 8 - Stockholders' Equity Equity Incentive Plan The Company has in effect the Avenue Therapeutics, Inc. 2015 “2015 2015 January 2015 December 2021. 2015 January 30, 2023. 2015 no Total shares available for the issuance of stock-based awards under the Company’s 2015 June 30, 2023 Stock Options The following table summarizes stock option activity during the six June 30, 2023: Weighted Average Number Weighted Remaining Aggregate of Options Average Contractual Intrinsic Value (in thousands) Exercise Price Term (years) (in thousands) Outstanding at December 31, 2022 — $ — — $ — Granted 1,685,000 $ 1.14 10.0 $ — Exercised — $ — — $ — Cancelled/forfeited — $ — — $ — Expired — $ — — $ — Outstanding at June 30, 2023 1,685,000 $ 1.14 10.0 $ 51 Expected to vest 1,685,000 $ 1.14 10.0 $ 51 Exercisable — $ — — $ — There were no options granted in the first three 2023 six June 30, 2022. June 30, 2023, not The Company estimated the fair value of stock options granted in the periods presented utilizing a Black-Scholes option-pricing model utilizing the following assumptions: Six Months Ended June 30, 2023 2022 Volatility 124.9 - 125.7 % — % Expected term (in years) 5.8 - 5.9 — Risk-free rate 4.1 % — % Expected dividend yield — % — % Restricted Stock Units ("RSU") and Restricted Stock Awards ("RSA") The following table summarizes the aggregate RSU and RSA activity during the six June 30, 2023: Number of Weighted Units and Average Grant Awards Date Fair Value (in thousands) Unvested balance at December 31, 2022 13,137 $ 12.08 Unvested balance at March 31, 2023 13,137 $ 12.08 Granted 85,000 1.14 Unvested balance at June 30, 2023 98,137 $ 2.60 At June 30, 2023 not June 30, 2023 Stock-based compensation expense has been reported in the Company's condensed consolidated statements of operations as follows: For the three months ended For the six months ended June 30, June 30, June 30, June 30, 2023 2022 2023 2022 Research and development $ 6 $ 18 $ 6 $ 289 General and administrative 21 25 32 323 Total stock-based compensation expense $ 27 $ 43 $ 38 $ 612 Stock Warrants The following table summarizes the warrant activity for the six June 30, 2023 2022 Weighted Average Aggregate Exercise Intrinsic Value Warrants Price (in thousands) Outstanding, December 31, 2022 4,137,916 $ 3.30 $ 1 Granted 3,432,598 0.88 — Exercised (400,083 ) — — Outstanding, March 31, 2023 7,170,431 $ 1.32 1,272 Exercised (1,092,299 ) — — Outstanding, June 30, 2023 6,078,132 $ 1.55 $ 1 There was no 6 months ended June 30, 2022. Capital Raises January 2023 On January 27, 2023, On January 27, 2023, January 2023 January 2023 January 2023 one January 2023 January 2023 three January 2023 January 2023 January 31, 2023, InvaGen Share Repurchase Under the Share Repurchase Agreement, we agreed to pay InvaGen an additional amount as a contingent fee, payable in the form of seven January 2023 February 3, 2023.

Significant Accounting Policies

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation The Company’s consolidated financial statements have been prepared in conformity with U.S. GAAP, include all adjustments necessary for the fair presentation of the Company’s financial position for the periods presented and are stated in U.S. dollars. The Company’s consolidated financial statements include the accounts of the Company and the accounts of the Company’s subsidiary, Baergic. All intercompany balances and transactions have been eliminated in consolidation. In the opinion of management, the unaudited interim condensed consolidated financial statements reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the balances and results for the periods presented. Certain information and footnote disclosures normally included in the Company’s annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. These unaudited interim condensed financial statement results are not December 31, 2022, 10 “2022 10 March 31, 2023. The accompanying consolidated financial statements include the accounts of the Company’s subsidiary. For consolidated entities where the Company owns less than 100% may The preparation of the Company's unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of expenses during the reporting period.
Use of Estimates, Policy [Policy Text Block]	Use of Estimates The Company's consolidated financial statements include certain amounts that are based on management's best estimates and judgements. The Company's significant estimates include, but are not may
Accounts Receivable [Policy Text Block]	Other Receivables Related Party Other receivables consist of amounts due from Urica Therapeutics, Inc. ("Urica"), a consolidated entity under Fortress, and are recorded at the invoiced amount.
Noncontrolling Interests [Policy Text Block]	Non-Controlling Interests Non-controlling interests in consolidated entities represent the component of equity in consolidated entities held by third

Note 4 - Fair Value Measureme_2

Note 4 - Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2023
Notes Tables
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]	October 2022 January 2023 Warrants Warrants Total Fair value of warrants outstanding as of December 31, 2022 $ 2,609 $ — $ 2,609 Fair value of warrants at issuance as of January 31, 2023 — 2,235 2,235 Change in fair value of warrants 1,458 (430 ) 1,028 Fair value of warrants outstanding as of June 30, 2023 $ 4,067 $ 1,805 $ 5,872
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block]	June 30, December 31, 2023 2022 (Black-Scholes (Monte Carlo model) simulation) Stock price $ 1.17 $ 1.16 Risk-free interest rate 4.13 % 4.02 % Expected dividend yield — — Expected term in years 4.3 4.8 Expected volatility 137 % 93 % January 31, 2023 June 30, (Initial 2023 measurement) Stock price $ 1.17 $ 1.38 Risk-free interest rate 4.49 % 3.90 % Expected dividend yield — — Expected term in years 2.6 3.0 Expected volatility 162 % 160 %

Note 5 - Accounts Payable and_2

Note 5 - Accounts Payable and Accrued Expenses (Tables)	6 Months Ended
	Jun. 30, 2023
Notes Tables
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block]	As of June 30, As of December 31, 2023 2022 Accounts payable $ 446 $ 129 Accrued employee compensation 154 199 InvaGen contingent fee — 208 Accrued contracted services and other 286 413 Total accounts payable and accrued expenses $ 886 $ 949

Note 7 - Net Loss Per Share (Ta

Note 7 - Net Loss Per Share (Tables)	6 Months Ended
	Jun. 30, 2023
Notes Tables
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	For the Three and Six Months Ended June 30, 2023 2022 Unvested restricted stock units/awards 98,137 21,412 Warrants 6,078,132 — Options 1,685,000 — Class A Preferred shares 16,666 16,666 Total potential dilutive effect 7,877,935 38,078

Note 8 - Stockholders' Equity (

Note 8 - Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2023
Notes Tables
Share-Based Payment Arrangement, Option, Activity [Table Text Block]	Weighted Average Number Weighted Remaining Aggregate of Options Average Contractual Intrinsic Value (in thousands) Exercise Price Term (years) (in thousands) Outstanding at December 31, 2022 — $ — — $ — Granted 1,685,000 $ 1.14 10.0 $ — Exercised — $ — — $ — Cancelled/forfeited — $ — — $ — Expired — $ — — $ — Outstanding at June 30, 2023 1,685,000 $ 1.14 10.0 $ 51 Expected to vest 1,685,000 $ 1.14 10.0 $ 51 Exercisable — $ — — $ —
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	Six Months Ended June 30, 2023 2022 Volatility 124.9 - 125.7 % — % Expected term (in years) 5.8 - 5.9 — Risk-free rate 4.1 % — % Expected dividend yield — % — %
Schedule of Unvested Restricted Stock Units Roll Forward [Table Text Block]	Number of Weighted Units and Average Grant Awards Date Fair Value (in thousands) Unvested balance at December 31, 2022 13,137 $ 12.08 Unvested balance at March 31, 2023 13,137 $ 12.08 Granted 85,000 1.14 Unvested balance at June 30, 2023 98,137 $ 2.60
Share-Based Payment Arrangement, Cost by Plan [Table Text Block]	For the three months ended For the six months ended June 30, June 30, June 30, June 30, 2023 2022 2023 2022 Research and development $ 6 $ 18 $ 6 $ 289 General and administrative 21 25 32 323 Total stock-based compensation expense $ 27 $ 43 $ 38 $ 612
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block]	Weighted Average Aggregate Exercise Intrinsic Value Warrants Price (in thousands) Outstanding, December 31, 2022 4,137,916 $ 3.30 $ 1 Granted 3,432,598 0.88 — Exercised (400,083 ) — — Outstanding, March 31, 2023 7,170,431 $ 1.32 1,272 Exercised (1,092,299 ) — — Outstanding, June 30, 2023 6,078,132 $ 1.55 $ 1

Note 1 - Organization, Plan o_2

Note 1 - Organization, Plan of Business Operations (Details Textual) $ in Thousands	Sep. 23, 2022 shares	Jun. 30, 2023 USD ($) shares	Feb. 02, 2023 shares	Feb. 01, 2023 shares	Dec. 31, 2022 USD ($) shares	Sep. 22, 2022 shares
Common Stock, Shares Authorized (in shares) | shares	20,000,000	75,000,000	75,000,000	20,000,000	75,000,000	50,000,000
Retained Earnings (Accumulated Deficit) | $		$ (92,094)			$ (80,551)
Common Stock [Member]
Ratio of Number of Votes Per Share	1
Reverse Stock Split [Member]
Stockholders' Equity Note, Stock Split, Conversion Ratio	15

Note 3 - License Supplier Agr_2

Note 3 - License Supplier Agreement (Details Textual) - USD ($) $ / shares in Units, $ in Thousands					1 Months Ended	4 Months Ended	6 Months Ended
	Apr. 28, 2023	Mar. 30, 2023	Feb. 28, 2023	Oct. 29, 2018	Dec. 31, 2019	Jun. 17, 2015	Jun. 30, 2023
Contractual Obligation Development Expense					$ 81,500
Contractual Obligation, Commercial Expense					$ 151,000
Stock Issued During Period, Value, License Expense							$ 1,230
AnnJi [Member]
License Agreement, Purchase Consideration			$ 3,000
Payments to Acquire License	$ 2,000
Acquired License Payable Within 180 Days			1,000
Maximum Reimbursement Amount In Connection With Product Clinical Trial			10,800
Maximum Reimbursement Amount In Connection With Certain Development Milestones			14,500
Maximum Reimbursement Amount In Connection With Certain Drug Development Milestone			27,500
Maximum Reimbursement Amount Upon Achievement of Sales Milestone			$ 165,000
Stock Issued During Period, Shares, License Expense (in shares)		831,618
Stock Issued During Period, Value, License Expense		$ 900
Stock Issuable During Period, Shares, Upon Enrollment of Patient (in shares)			276,652
Stock Issuable During Period, Value, Upon Enrollment of Patient			$ 300
AnnJi [Member] | Minimum [Member]
Sales Milestone Required for Maximum Reimbursement			75,000
Annual Sale Threshold for Royalty Payment			50,000
AnnJi [Member] | Maximum [Member]
Sales Milestone Required for Maximum Reimbursement			750,000
Annual Sale Threshold for Royalty Payment			$ 300,000
Revogenex License [Member]
Contractual Obligation, Maximum Future Payments						$ 3,000
Baergic Licenses [Member] | CCHMC [Member]
Percentage of Equity Fee					5%
Polpharma [Member]
Payments to Acquire in Process Research and Development				$ 2,000
Fortress Biotech Inc [Member] | Iv Tramadol [Member] | Upfront Payment [Member]
Payments to Acquire in Process Research and Development						2,000
Percentage of Equity Fee					20%
Fortress Biotech Inc [Member] | Iv Tramadol [Member] | Additional Payment [Member]
Payments to Acquire in Process Research and Development					$ 1,000	$ 1,000
Baergic Licenses [Member] | Upfront Payment [Member] | CCHMC [Member]
Payments to Acquire in Process Research and Development					200
Baergic Licenses [Member] | Upfront Payment [Member] | AZERBAIJAN
Payments to Acquire in Process Research and Development					$ 3,000
AnnJi [Member]
Right to Sell Common Stock, Price Per Share (in dollars per share)			$ 2.10

Note 4 - Fair Value Measureme_3

Note 4 - Fair Value Measurements (Details Textual) - $ / shares	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)	$ 1.55	$ 1.32	$ 3.30
October 2022 Warrants [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)	$ 1.55

Note 4 - Fair Value Measureme_4

Note 4 - Fair Value Measurements - Fair Value of Warrants Liabilities Measured Within Level 3 on Recurring Basis (Details) - Warrant [Member] - Fair Value, Inputs, Level 3 [Member] - Fair Value, Recurring [Member] $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Fair value of warrants outstanding as of December 31, 2022	$ 2,609
Fair value of warrants at issuance as of January 31, 2023	2,235
Change in fair value of warrants	1,028
Fair value of warrants outstanding as of June 30, 2023	5,872
October 2022 Warrants [Member]
Fair value of warrants outstanding as of December 31, 2022	2,609
Fair value of warrants at issuance as of January 31, 2023	0
Change in fair value of warrants	1,458
Fair value of warrants outstanding as of June 30, 2023	4,067
January 2023 Warrants [Member]
Fair value of warrants outstanding as of December 31, 2022	0
Fair value of warrants at issuance as of January 31, 2023	2,235
Change in fair value of warrants	(430)
Fair value of warrants outstanding as of June 30, 2023	$ 1,805

Note 4 - Fair Value Measureme_5

Note 4 - Fair Value Measurements - Inputs (Details)	Jun. 30, 2023	Jan. 31, 2023	Dec. 31, 2022
Measurement Input, Share Price [Member] | October 2022 Warrants [Member]
Warrant Liability	1.17		1.16
Measurement Input, Share Price [Member] | January 2023 Warrants [Member]
Warrant Liability	1.17	1.38
Measurement Input, Risk Free Interest Rate [Member] | October 2022 Warrants [Member]
Warrant Liability	0.0413		0.0402
Measurement Input, Risk Free Interest Rate [Member] | January 2023 Warrants [Member]
Warrant Liability	0.0449	0.0390
Measurement Input, Expected Dividend Rate [Member] | October 2022 Warrants [Member]
Warrant Liability	0		0
Measurement Input, Expected Dividend Rate [Member] | January 2023 Warrants [Member]
Warrant Liability	0	0
Measurement Input, Expected Term [Member] | October 2022 Warrants [Member]
Warrant Liability	4.3		4.8
Measurement Input, Expected Term [Member] | January 2023 Warrants [Member]
Warrant Liability	2.6	3
Measurement Input, Price Volatility [Member] | October 2022 Warrants [Member]
Warrant Liability	1.37		0.93
Measurement Input, Price Volatility [Member] | January 2023 Warrants [Member]
Warrant Liability	1.62	1.60

Note 5 - Accounts Payable and_3

Note 5 - Accounts Payable and Accrued Expenses - Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Accounts payable	$ 446	$ 129
Accrued employee compensation	154	199
InvaGen contingent fee	0	208
Accrued contracted services and other	286	413
Total accounts payable and accrued expenses	$ 886	$ 949

Note 6 - Related Party Transa_2

Note 6 - Related Party Transactions (Details Textual) - USD ($)			6 Months Ended		12 Months Ended
	Mar. 09, 2017	Feb. 17, 2015	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Nov. 08, 2022	Feb. 28, 2015
Increase (Decrease) in Due from Other Related Parties, Current			$ 26,000	$ (90,000)
Fortress [Member]
Percentage of Fully-diluted Outstanding Equity							2.50%
Percentage of Equity or Debt Fnancing							2.50%
Percentage of Annual net Sales							4.50%
Long-Term Debt, Gross			39,634	$ 66,762
Increase (Decrease) in Due from Other Related Parties, Current			$ 26,025
Fortress [Member] | Management Services Agreement [Member]
Term of Agreement (Year)		5 years
Automatic Renewal Term of Agreement (Year)		5 years
Annual Consulting Fee		$ 500,000
Increase in Annual Consulting Fee		1,000,000
Excess in Net Assets Value		$ 100,000,000
Fortress [Member] | Avenue Baergic Founders Agreement [Member]
Excess in Net Assets Value	$ 100,000,000
BaergicBio, Inc.[Member]
Proceeds From Equity Fee					$ 10,500,000
BaergicBio, Inc.[Member] | Founders Agreement and Management Services Agreement [Member]
Percentage of Equity Fee						2.50%
BaergicBio, Inc.[Member] | Avenue Baergic Founders Agreement [Member]
Term of Agreement (Year)	5 years
Annual Consulting Fee	$ 500,000
Increase in Annual Consulting Fee	$ 1,000,000
Percentage Of Additional Consideration Of Equity Fee					2.50%
Percentage Considered For The Calculation Of One-Time Fee					4.50%

Note 7 - Net Loss Per Share - A

Note 7 - Net Loss Per Share - Antidilutive Securities (Details) - shares	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Antidilutive securities (in shares)	7,877,935	38,078
Restricted Stock Units (RSUs) [Member]
Antidilutive securities (in shares)	98,137	21,412
Warrant [Member]
Antidilutive securities (in shares)	6,078,132	0
Share-Based Payment Arrangement, Option [Member]
Antidilutive securities (in shares)	1,685,000	0
Class A Preferred Shares [Member]
Antidilutive securities (in shares)	16,666	16,666

Note 8 - Stockholders' Equity_2

Note 8 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands				3 Months Ended	6 Months Ended		12 Months Ended
	Feb. 03, 2023	Jan. 30, 2023	Jan. 27, 2023	Jun. 30, 2023	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Mar. 31, 2023	Dec. 31, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares)				0	1,685,000,000	0
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount				$ 1,700	$ 1,700
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)				$ 1.55	$ 1.55		$ 3.30	$ 1.32
Invagen Pharmaceuticals Inc [Member]
Contingent Fee, Percentage of Proceeds of Future Financings	7.50%
Contingent Fee, Maximum Allowable Amount	$ 4,000
Payment of Contingent Fee	$ 200
Prefunded Warrant [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)			1,492,299
Class of Warrants or Rights, Price Less Than Stock Issuance Price (in dollars per share)			$ 0.001
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)			$ 0.001
January 2023 Warrants [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)			1,940,299
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)			$ 1.55
Proceeds from Issuance or Sale of Equity			$ 240
Class of Warrants or Rights, Offering Price (in dollars per share)			$ 0.125
Warrants and Rights Outstanding, Term (Year)			3 years
Securities Purchase Agreement [Member]
Stock Issued During Period, Shares, New Issues (in shares)			448,000
Shares Issued, Price Per Share (in dollars per share)			$ 1.55
Proceeds from Issuance or Sale of Equity			$ 3,000
Share-Based Payment Arrangement, Option [Member]
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)					1 year 7 months 6 days
Restricted Stock Units (RSUs) [Member]
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)					1 year 10 months 24 days
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount				$ 200	$ 200
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares)							3,333
Two Thousand Fifteen Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares)		5,266,666							266,666
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year)		10 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares)				3,352,489	3,352,489

Note 8 - Stockholders' Equity -

Note 8 - Stockholders' Equity - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Outstanding, options (in shares)		0
Outstanding, weighted average exercise price (in dollars per share)		$ 0
Outstanding, aggregate intrinsic value	$ 51	$ 51		$ 0
Granted, options (in shares)	0	1,685,000	0
Granted, weighted average exercise price (in dollars per share)		$ 1.14
Granted, remaining term (Year)		10 years
Exercised, options (in shares)		0
Exercised, weighted average exercise price (in dollars per share)		$ 0
Cancelled/forfeited, options (in shares)		0
Cancelled/forfeited, weighted average exercise price (in dollars per share)		$ 0
Expired, options (in shares)		0
Expired, weighted average exercise price (in dollars per share)		$ 0
Outstanding, options (in shares)	1,685,000	1,685,000
Outstanding, weighted average exercise price (in dollars per share)	$ 1.14	$ 1.14
Outstanding, remaining term (Year)		10 years
Expected to vest, options (in shares)	1,685,000	1,685,000
Expected to vest, weighted average exercise price (in dollars per share)	$ 1.14	$ 1.14
Expected to vest, remaining term (Year)		10 years
Expected to vest, aggregate intrinsic value	$ 51	$ 51
Exercisable, options (in shares)	0	0
Exercisable, weighted average exercise price (in dollars per share)	$ 0	$ 0
Exercisable, aggregate intrinsic value	$ 0	$ 0

Note 8 - Stockholders' Equity_3

Note 8 - Stockholders' Equity - Estimate Fair Value of Stock Options (Details)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Volatility, minimum	124.90%
Volatility, maximum	125.70%
Risk-free rate	4.10%	0%
Expected dividend yield	0%	0%
Minimum [Member]
Expected term (in years) (Year)	5 years 9 months 18 days
Maximum [Member]
Expected term (in years) (Year)	5 years 10 months 24 days

Note 8 - Stockholders' Equity_4

Note 8 - Stockholders' Equity - Restricted Stock Unit and Award Activity (Details) - RSU and RSA [Member] - $ / shares	3 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Unvested balance (in shares)	98,137	13,137
Unvested balance, Weighted average grant date fair value (in dollars per share)	$ 2.60	$ 12.08
Unvested balance (in shares)	13,137
Unvested balance, Weighted average grant date fair value (in dollars per share)	$ 12.08
Granted (in shares)	85,000
Granted, Weighted average grant date fair value (in dollars per share)	$ 1.14
Unvested balance (in shares)	98,137
Unvested balance, Weighted average grant date fair value (in dollars per share)	$ 2.60

Note 8 - Stockholders' Equity-

Note 8 - Stockholders' Equity- Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Stock-based compensation	$ 27	$ 43	$ 38	$ 612
Research and Development Expense [Member]
Stock-based compensation	6	18	6	289
General and Administrative Expense [Member]
Stock-based compensation	$ 21	$ 25	$ 32	$ 323

Note 8 - Stockholders' Equity_5

Note 8 - Stockholders' Equity- Stock Warrants (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Warrants, outstanding (in shares)	7,170,431	4,137,916
Outstanding, weighted average exercise price (in dollars per share)	$ 1.32	$ 3.30
Outstanding, December 31, 2022	$ 1	$ 1,272	$ 1
Warrants, Granted (in shares)		3,432,598
Granted, weighted average exercise price (in dollars per share)		$ 0.88
Warrants, Exercised (in shares)	(1,092,299)	(400,083)
Exercised, weighted average exercise price (in dollars per share)	$ 0	$ 0
Warrants, outstanding (in shares)	6,078,132	7,170,431	4,137,916
Outstanding, weighted average exercise price (in dollars per share)	$ 1.55	$ 1.32	$ 3.30