Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | May 04, 2023 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001710340 | |
Entity Registrant Name | Eton Pharmaceuticals, Inc. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-38738 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 37-1858472 | |
Entity Address, Address Line One | 21925 W. Field Parkway, Suite 235 | |
Entity Address, City or Town | Deer Park | |
Entity Address, State or Province | IL | |
Entity Address, Postal Zip Code | 60010-7278 | |
City Area Code | 847 | |
Local Phone Number | 787-7361 | |
Title of 12(b) Security | Common stock, $0.001 par value per share | |
Trading Symbol | ETON | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 25,504,378 |
Condensed Balance Sheets (Curre
Condensed Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 14,708 | $ 16,305 |
Accounts receivable, net | 2,874 | 1,852 |
Inventories | 437 | 557 |
Prepaid expenses and other current assets | 1,099 | 1,290 |
Total current assets | 19,118 | 20,004 |
Property and equipment, net | 56 | 72 |
Intangible assets, net | 4,573 | 4,754 |
Operating lease right-of-use assets, net | 169 | 188 |
Other long-term assets, net | 12 | 12 |
Total assets | 23,928 | 25,030 |
Current liabilities: | ||
Accounts payable | 1,233 | 1,766 |
Current portion of long-term debt | 1,339 | 1,033 |
Accrued liabilities | 4,922 | 3,662 |
Total current liabilities | 7,494 | 6,461 |
Long-term debt, net of discount and including accrued fees | 5,107 | 5,384 |
Operating lease liabilities, noncurrent | 86 | 107 |
Total liabilities | 12,687 | 11,952 |
Commitments and contingencies (Note 11) | ||
Stockholders’ equity | ||
Common stock, $0.001 par value; 50,000,000 shares authorized; 25,504,378 and 25,353,119 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively | 26 | 25 |
Additional paid-in capital | 117,009 | 116,187 |
Accumulated deficit | (105,794) | (103,134) |
Total stockholders’ equity | 11,241 | 13,078 |
Total liabilities and stockholders’ equity | $ 23,928 | $ 25,030 |
Condensed Balance Sheets (Cur_2
Condensed Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Mar. 31, 2023 | Dec. 31, 2022 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, issued (in shares) | 25,504,378 | 25,353,119 |
Common stock, outstanding (in shares) | 25,504,378 | 25,353,119 |
Condensed Statements of Operati
Condensed Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenues: | ||
Total net revenues | $ 5,304 | $ 2,176 |
Cost of sales: | ||
Total cost of sales | 1,958 | 849 |
Gross profit | 3,346 | 1,327 |
Operating expenses: | ||
Research and development | 535 | 1,618 |
General and administrative | 5,345 | 4,796 |
Total operating expenses | 5,880 | 6,414 |
(Loss) income from operations | (2,534) | (5,087) |
Other (expense) income: | ||
Interest and other expense, net | (126) | (243) |
(Loss) income before income tax expense | (2,660) | (5,330) |
Income tax expense | 0 | 0 |
Net (loss) income | $ (2,660) | $ (5,330) |
Net (loss) income per share, basic and diluted (in dollars per share) | $ (100) | $ (210) |
Weighted average number of common shares outstanding, basic and diluted (in shares) | 25,525 | 25,301 |
License [Member] | ||
Revenues: | ||
Total net revenues | $ 0 | $ 0 |
Cost of sales: | ||
Total cost of sales | 0 | 0 |
Product Sales and Royalties [Member] | ||
Revenues: | ||
Total net revenues | 5,304 | 2,176 |
Cost of sales: | ||
Total cost of sales | $ 1,958 | $ 849 |
Condensed Statements of Stockho
Condensed Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balances (in shares) at Dec. 31, 2021 | 24,626,004 | |||
Balances at Dec. 31, 2021 | $ 25 | $ 111,718 | $ (94,113) | $ 17,630 |
Stock-based compensation | 0 | 1,083 | 0 | $ 1,083 |
Stock option exercises (in shares) | 0 | |||
Net loss | $ 0 | 0 | (5,330) | $ (5,330) |
Balances (in shares) at Mar. 31, 2022 | 24,626,004 | |||
Balances at Mar. 31, 2022 | $ 25 | 112,801 | (99,443) | 13,383 |
Balances (in shares) at Dec. 31, 2022 | 25,353,119 | |||
Balances at Dec. 31, 2022 | $ 25 | 116,187 | (103,134) | 13,078 |
Stock-based compensation | $ 0 | 872 | 0 | $ 872 |
Stock option exercises (in shares) | 202,126 | 402,308 | ||
Stock option exercises | $ 1 | 131 | 0 | $ 132 |
Shares withheld related to net share settlement of stock option exercises (in shares) | (50,867) | (50,867) | ||
Shares withheld related to net share settlement of stock option exercises | $ 0 | (181) | 0 | $ (181) |
Net loss | $ 0 | 0 | (2,660) | (2,660) |
Balances (in shares) at Mar. 31, 2023 | 25,504,378 | |||
Balances at Mar. 31, 2023 | $ 26 | $ 117,009 | $ (105,794) | $ 11,241 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash flows from operating activities | ||
Net loss | $ (2,660) | $ (5,330) |
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | ||
Stock-based compensation | 872 | 1,083 |
Depreciation and amortization | 213 | 181 |
Debt discount amortization | 29 | 36 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (1,022) | 4,675 |
Inventories | 120 | 40 |
Prepaid expenses and other assets | 191 | 961 |
Accounts payable | (530) | (393) |
Accrued liabilities | 1,239 | (30) |
Net cash (used in) provided by operating activities | (1,548) | 1,223 |
Cash flows from investing activities | ||
Purchases of property and equipment | 0 | (15) |
Net cash used in investing activities | 0 | (15) |
Cash flows from financing activities | ||
Repayment of long-term debt | 0 | (385) |
Proceeds from employee stock purchase plan and stock option exercises | 132 | 0 |
Payment of tax withholding related to net share settlement of stock option exercises | (181) | |
Net cash used in financing activities | (49) | (385) |
Change in cash and cash equivalents | (1,597) | 823 |
Cash and cash equivalents at beginning of period | 16,305 | 14,406 |
Cash and cash equivalents at end of period | 14,708 | 15,229 |
Supplemental disclosures of cash flow information | ||
Cash paid for interest | 216 | 215 |
Cash paid for income taxes | 0 | 0 |
Supplemental disclosures of non-cash investing activities: | ||
Payable for product license fee | $ 0 | $ 750 |
Note 1 - Company Overview
Note 1 - Company Overview | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1 — Company Overview Eton is an innovative pharmaceutical company focused on developing, acquiring, and commercializing innovative products to address unmet needs in patients suffering from rare diseases. The Company currently has three four 400, 600. In addition, the Company is entitled to royalties or milestone payments from four one |
Note 2 - Liquidity Consideratio
Note 2 - Liquidity Considerations | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Liquidation Basis of Accounting [Text Block] | Note 2 — Liquidity Considerations The Company currently believes its existing cash and cash equivalents of $14,708 as of March 31, 2023 2023 twelve no may |
Note 3 - Summary of Significant
Note 3 - Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | Note 3 — Summary of Significant Accounting Policies Basis of Presentation The Company has prepared the accompanying condensed financial statements in accordance with accounting principles generally accepted in the United States (“GAAP”). Unaudited Interim Financial Information The accompanying interim condensed financial statements are unaudited and have been prepared on the same basis as the audited financial statements and, in the opinion of management, reflect all adjustments necessary for the fair presentation of the Company’s financial position as of March 31, 2023 March 31, 2023 2022 three March 31, 2023 2022 three March 31, 2023 not December 31, 2023 Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Significant estimates and assumptions reflected in these financial statements include, but are not Segment Information The Company operates the business on the basis of a single reportable segment, which is the business of developing and commercializing prescription drug products. The Company’s chief operating decision-maker is the Chief Executive Officer (“CEO”), who evaluates the Company as a single operating segment. Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three March 31, 2023 Accounts Receivable Accounts receivable are recorded at the invoiced amount and are non-interest bearing. Accounts receivable are recorded net of allowances for doubtful accounts, cash discounts for prompt payment, distribution fees, chargebacks and returns and allowances. The total for these reserves amounted to $176 and $262 as of March 31, 2023 December 31, 2022 not not Inventories The Company values its inventories at the lower of cost or net realizable value using the first first March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022 Property and Equipment Property and equipment are stated at cost. Depreciation of property and equipment is computed utilizing the straight-line method based on the following estimated useful lives: computer hardware and software is depreciated over three five not Maintenance and repairs are charged to expense as incurred, while renewals and improvements are capitalized. Intangible Assets The Company capitalizes payments it makes for licensed products when the payment relates to an FDA-approved product and the cost is recoverable based on expected future cash flows from the product. The cost is amortized on a straight-line basis over the estimated useful life of the product commencing on the approval date in accordance with Accounting Standards Codification (“ASC”) 350 November 2021, ten 2019 five 11 June 2022, June 2022 six December 31, 2022. Q1 2022 five three June 30, 2022. September 2022, five March 31, 2023 three March 31, 2023 2022. five 2023 2027 Amortization Year Expense Remainder of 2023 $ 544 2024 725 2025 725 2026 725 2027 608 Thereafter 1,246 Total estimated amortization expense $ 4,573 Impairment of Long-Lived Assets Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not three March 31, 2023 2022. Debt Issuance Costs and Debt Discount and Detachable Debt-Related Warrants Costs incurred to issue debt are deferred and recorded as a reduction to the debt balance in the accompanying balance sheets. The Company amortizes debt issuance costs over the expected term of the related debt using the effective interest method. Debt discounts related to the relative fair value of warrants issued in conjunction with the debt and are also recorded as a reduction to the debt balance and accreted over the expected term of the debt to interest expense using the effective interest method. Leases The Company accounts for leases in accordance with ASC Topic 842 not The Company measures right-of-use assets based on the corresponding lease liabilities adjusted for (i) any prepayments made to the lessor at or before the commencement date, (ii) initial direct costs it incurs, and (iii) any incentives under the lease. In addition, the Company evaluates the recoverability of its right-of-use assets for possible impairment in accordance with its long-lived assets policy. Operating leases are reflected on the balance sheets as operating lease right-of-use assets, current accrued liabilities and long-term operating lease liabilities. The Company does not March 31, 2023 2022. The Company commences recognizing operating lease expense when the lessor makes the underlying asset available for use by the Company and the operating lease expense is recognized on a straight-line basis over the term of the lease. Variable lease payments are expensed as incurred. The Company does not twelve Concentrations of Credit Risk, Sources of Supply and Significant Customers The Company is subject to credit risk for its cash and cash equivalents which are invested in money market funds and U.S. treasury bills from time to time. The Company maintains its cash and cash equivalent balances with one The Company is dependent on third The Company is also subject to credit risk from its accounts receivable related to product sales as it extends credit based on an evaluation of the customer’s financial condition, and collateral is not not March 31, 2023 2022. March 31, 2023 March 31, 2023 March 31, 2022 March 31, 2022 March 31, 2023 March 31, 2023, March 31, 2022 December 31, 2022. Revenue Recognition for Contracts with Customers The Company accounts for contracts with its customers in accordance with ASC 606 606 606, 606, five At contract inception, once the contract is determined to be within the scope of ASC 606, The Company recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) each performance obligation is satisfied at a point in time or over time, and if over time this is based on the use of an output or input method. Any amounts received prior to revenue recognition will be recorded as deferred revenue. Amounts expected to be recognized as revenue within the twelve not twelve Milestone Payments not not not Royalties Significant Financing Component one The Company sells its rare disease products to one may third “3PL” 3PL 3PL no For its rare disease products, the Company bills at the initial product list price which are subject to offsets for patient co-pay assistance and potential state Medicaid reimbursements which are recorded as a reduction of net revenues at the date of sale/shipment. Selling prices initially billed to wholesalers are subject to discounts for prompt payment and subsequent chargebacks when the wholesalers sell products at negotiated discounted prices to members of certain group purchasing organizations (“GPOs”) and government programs. Because of the shelf life of the product and the Company’s lengthy return period, there may The Company estimates the transaction price when it receives each purchase order taking into account the expected reductions of the selling price initially billed to the wholesaler/distributor arising from all of the above factors. The Company has developed estimates for future returns and chargebacks and the impact of other discounts and fees it pays, although rare disease product sales are not no The Company stores its rare disease product inventory at its pharmacy distributor customer location, and sales are recorded when stock is pulled and shipped to fulfill specific patient orders. The Company recognizes revenue and cost of sales from products sold to wholesalers upon delivery to the wholesaler location. At that time, the wholesalers take control of the product as they take title, bear the risk of loss of ownership and have an enforceable obligation to pay the Company. They also have the ability to direct sales of product to their customers on terms and at prices they negotiate. Although wholesalers have product return rights, the Company does not Upon recognition of revenue from product sales, the estimated amounts of credit for product returns, chargebacks, distribution fees, prompt payment discounts, state Medicaid and GPO fees are included in sales reserves, accrued liabilities and net accounts receivable. The Company monitors actual product returns, chargebacks, discounts and fees subsequent to the sale. If these amounts end up differing from its estimates, it will make adjustments to these allowances, which are applied to increase or reduce product sales revenue and earnings in the period of adjustment. In addition, the Company anticipates it will receive revenues from product licensing agreements where it has contracted for milestone payments and royalties from products it has developed or acquired. Cost of Product Sales Cost of product sales consists of the profit-sharing and royalty fees with the Company’s product licensing and development partners, the purchase costs for finished products from third 3PL 3PL Research and Development Expenses Research and development (“R&D”) expenses include both internal R&D activities and external contracted services. Internal R&D activity expenses include salaries, benefits and stock-based compensation and other costs to support the Company’s R&D operations. External contracted services include product development efforts such as certain product licensor milestone payments, clinical trial activities, manufacturing and control-related activities and regulatory costs. R&D expenses are charged to operations as incurred. The Company reviews and accrues R&D expenses based on services performed and relies upon estimates of those costs applicable to the stage of completion of each project. Significant judgments and estimates are made in determining the accrued balances at the end of any reporting period. Actual results could differ from the Company’s estimates. Upfront payments and milestone payments made for the licensing of products that are not Income (Loss) Per Share Basic net income (loss) per share of common stock is computed by dividing net income (loss) attributable to common stockholders for the period by the weighted average number of shares of common stock outstanding during the period. Diluted net income (loss) per share is computed by dividing the net income (loss) attributable to common stockholders for the period by the weighted average number of common and common equivalent shares, such as unvested restricted stock, stock options and warrants that are outstanding during the period. Common stock equivalents are excluded from the computation when their inclusion would be anti-dilutive. For the three March 31, 2023 March 31, 2022 Stock-Based Compensation The Company accounts for stock-based compensation under the provisions of ASC — 718 718 zero zero Fair Value Measurements We measure certain of our assets and liabilities at fair value. Fair value represents the price 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. Fair value accounting requires characterization of the inputs used to measure fair value into a three Level 1 Level 2 Level 3 Fair value measurements are classified based on the lowest level of input that is significant to the measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, which may The Company’s financial instruments included cash and cash equivalents, accounts receivable, accounts payable, accrued liabilities, and long-term debt obligation. The carrying amounts of these financial instruments, except for the long-term debt obligation, approximate their fair values due to the short-term maturities of these instruments. Based on borrowing rates currently available to the Company, the carrying value of the long-term debt obligation approximates its fair value. Impact of Recent Accounting Pronouncements In June 2016, 2016 13, December 15, 2022, November 15, 2019, 2016 13 January 1, 2023. not March 31, 2023, no no |
Note 4 - Property and Equipment
Note 4 - Property and Equipment | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | Note 4 – Property and Equipment Property and equipment consist of the following: March 31, December 31, 2023 2022 Computer hardware and software $ 187 $ 177 Furniture and fixtures 111 112 Equipment 52 52 Leasehold improvements 71 71 Construction in Progress — 12 421 424 Less: accumulated depreciation (365 ) (352 ) Property and equipment, net $ 56 $ 72 Depreciation expense for the three March 31, 2023 2022 |
Note 5 - Long Term Debt
Note 5 - Long Term Debt | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Long-Term Debt [Text Block] | Note 5 — Long-Term Debt SWK Loan On November 13, 2019, second 100/Alaway 100” March 2020, 11 March 2020 100 September 2020. August 11, 2020. five 3 first twelve February 2022 February 15, 2022 three November 13, 2024 March 2020, February 2021, not In connection with the initial $5,000 borrowed in November 2019, seven In connection with the additional $2,000 borrowed in August 2020, seven Note 5 — Long-Term Debt (continued) These warrants (the “SWK Warrants”) are exercisable immediately and have a term of seven On April 5, 2022, May 2023 3 12 March 31, 2023. 2021, June 30, 2023 not Interest expense of $265 was recorded during the three March 31, 2023 three March 31, 2022 March 31, 2023 The table below reflects the future payments for the SWK loan principal and interest as of March 31, 2023 Amount Remainder of 2023 $ 1,643 2024 6,602 Total payments 8,245 Less: amount representing interest (1,630 ) Loan payable, gross 6,615 Less: current portion of long-term debt (1,339 ) Less: unamortized discount (169 ) Long-term debt, net of unamortized discount $ 5,107 |
Note 6 - Common Stock
Note 6 - Common Stock | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Equity [Text Block] | Note 6 — Common Stock The Company has 50,000,000 authorized shares of $0.001 par value common stock under its Amended and Restated Certificate of Incorporation. During the three March 31, 2023 2018 8 three March 31, 2023. not three March 31, 2022 |
Note 7 - Common Stock Warrants
Note 7 - Common Stock Warrants | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Stockholders' Equity Note, Warrants or Rights Warrants Disclosure [TextBlock] | Note 7 — Common Stock Warrants The Company’s outstanding warrants to purchase shares of its common stock at March 31, 2023 Description of Warrants No. of Shares Exercise Price Placement Agent Warrants - IPO 414,000 $ 7.50 SWK Warrants – Debt – Tranche #1 51,239 $ 5.86 SWK Warrants – Debt – Tranche #2 18,141 $ 6.62 Total (Avg) 483,380 $ 7.29 The holders of these warrants or their permitted transferees, are entitled to rights with respect to the registration under the Securities Act of 1933, |
Note 8 - Share-based Payment Aw
Note 8 - Share-based Payment Awards | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | Note 8 — Share-Based Payment Awards The Company’s board of directors and stockholders approved the Eton Pharmaceuticals, Inc. 2017 May 2017 ( “2017 November 2018, 2018 December 2020, “2018 2017 2017 2018 2018 March 31, 2023 Shares that are expired, terminated, surrendered or canceled without having been fully exercised will be available for future awards under the 2018 2018 January 1, 2019 January 1, 2028, December 31, not To date, all stock options issued have been non-qualified stock options, and the exercise prices were set at the fair value for the shares at the dates of grant. Options typically have a ten July 2017 July 2022. For the three March 31, 2023 2022 Stock Options The following table summarizes stock option activity during the three March 31, 2023 Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic Shares Price Term (Yrs) Value Outstanding as of December 31, 2022 4,402,292 $ 4.71 Issued 1,053,291 $ 3.47 Exercised (402,308 ) $ 2.22 Forfeited/Cancelled (61,250 ) $ 1.95 Outstanding as of March 31, 2023 4,992,025 $ 4.68 8.0 $ 2,140 Exerciseable as of March 31, 2023 2,858,033 $ 5.05 7.0 $ 1,321 Vested and expected to vest at March 31, 2023 4,992,025 $ 4.68 8.0 $ 2,140 Note 8 — Share-Based Payment Awards (continued) The aggregate intrinsic value of stock options is calculated as the difference between the exercise price of the stock options and the fair value of the Company’s common stock at March 31, 2023 Stock-based compensation related to stock options was $778 and $1,038 for the three March 31, 2023 2022, March 31, 2023 three March 31, 2023 three March 31, 2023 five three March 31, 2022 Restricted Stock Units (RSUs) The following table summarizes restricted stock unit activity during the three March 31, 2023 Number of Units Weighted Average Grant-Date Fair Value Per Unit Outstanding and unvested as of December 31, 2022 369,606 $ 2.63 Granted — $ — Vested — $ — Forfeited (4,000 ) $ 2.63 Outstanding and unvested as of March 31, 2023 365,606 $ 2.63 Stock-based compensation related to RSUs was $58 for the three March 31, 2023 March 31, 2023 Employee Stock Purchase Plan The Company’s 2018 January 1 December 31 March 31, 2023 The annual offerings consist of two first June second December. 1 first 2 twelve two six In accordance with the June December first three 2023 2022 first three 2023 2022 three March 31, 2023 2022 three March 31, 2023 2022 March 31, 2023 December 31, 2022 |
Note 9 - Related-party Transact
Note 9 - Related-party Transactions | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | Note 9 — Related-Party Transactions Chief Executive Officer The CEO has a partial interest in a company that the Company has partnered with for its EM- 100/Alaway The Company acquired the exclusive rights to sell the EM- 100 August 11, 2017 first first two On February 18, 2019, 100, July 11, 2013, two one first one first first March 31, 2023. 100 February 18, 2019 twelve September 2020, There were no amounts due to Eyemax under the terms of the Amended Agreement as of March 31, 2023 December 31, 2022 Effective March 24, 2023, |
Note 10 - Leases
Note 10 - Leases | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | Note 10 — Leases The Company recognizes a right-of-use (“ROU”) asset and a lease liability on the balance sheet for substantially all leases, including operating leases, and separates lease components from non-lease components related to its office space lease. The Company’s operating lease cost as presented in the “General and Administrative” captions in the condensed statements of operations was $23 for the three March 31, 2023 three March 31, 2022 three March 31, 2023 three March 31, 2022 three March 31, 2023 three March 31, 2022 March 31, 2023 The table below presents the lease-related assets and liabilities recorded on the balance sheet as of March 31, 2023 Assets Classification Operating lease right-of-use assets Operating lease right-of-use assets, net $ 169 Total leased assets $ 169 Liabilities Operating lease liabilities, current Accrued liabilities $ 78 Operating lease liabilities, noncurrent Operating lease liabilities, net of current portion $ 86 Total operating lease liabilities $ 164 The Company’s future lease commitments for its administrative offices in Deer Park, Illinois as of March 31, 2023 Total 2023 2024 2025 Thereafter Undiscounted lease payments $ 179 66 90 23 — Less: Imputed interest (15 ) Total lease liabilities $ 164 |
Note 11 - Commitments and Conti
Note 11 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 11 — Commitments and Contingencies Legal The Company is subject to legal proceedings and claims that may not License and product development agreements The Company has entered into various agreements in addition to those discussed above which are described below. The three three 2021. three may During the years ended December 31, 2021 2020 third 101 October 2020 November 2021, December 2021. December 31, 2021 January 2022. On January 23, 2019, 104” 104. 104 November 2022 On June 12, 2019, 105 two 105 August 2019 On March 27, 2020, September 29, 2020 For the initial licensing milestone fee, the Company paid Diurnal $3,500 in cash and issued 379,474 shares of its common stock to Diurnal which were valued at $1,264 based on the Company’s closing stock price of $3.33 on March 26, 2020. On June 15, 2021, March 2022 On October 28, 2021, October 12, 2021. December 2021. In June 2022, twelve December 31, 2022, 12 12 12 twelve December 31, 2022. On September 13, 2022, January 28, 2022. On March 14, 2023, 600 first Indemnification As permitted under Delaware law and in accordance with the Company’s Amended and Restated Bylaws, the Company is required to indemnify its officers and directors for certain events or occurrences while the officer or director is or was serving in such capacity. The Company is also party to indemnification agreements with its directors and officers. The Company believes the fair value of the indemnification rights and agreements is minimal. Accordingly, the Company has not March 31, 2023 December 31, 2022. |
Note 12 - Subsequent Events
Note 12 - Subsequent Events | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 12 — Subsequent Events The Company has evaluated subsequent events through the filing date of this Form 10 no |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The Company has prepared the accompanying condensed financial statements in accordance with accounting principles generally accepted in the United States (“GAAP”). |
Unaudited Interim Financial Information [Policy Text Block] | Unaudited Interim Financial Information The accompanying interim condensed financial statements are unaudited and have been prepared on the same basis as the audited financial statements and, in the opinion of management, reflect all adjustments necessary for the fair presentation of the Company’s financial position as of March 31, 2023 March 31, 2023 2022 three March 31, 2023 2022 three March 31, 2023 not December 31, 2023 |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Significant estimates and assumptions reflected in these financial statements include, but are not |
Segment Reporting, Policy [Policy Text Block] | Segment Information The Company operates the business on the basis of a single reportable segment, which is the business of developing and commercializing prescription drug products. The Company’s chief operating decision-maker is the Chief Executive Officer (“CEO”), who evaluates the Company as a single operating segment. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three March 31, 2023 |
Accounts Receivable [Policy Text Block] | Accounts Receivable Accounts receivable are recorded at the invoiced amount and are non-interest bearing. Accounts receivable are recorded net of allowances for doubtful accounts, cash discounts for prompt payment, distribution fees, chargebacks and returns and allowances. The total for these reserves amounted to $176 and $262 as of March 31, 2023 December 31, 2022 not not |
Inventory, Policy [Policy Text Block] | Inventories The Company values its inventories at the lower of cost or net realizable value using the first first March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022 |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment are stated at cost. Depreciation of property and equipment is computed utilizing the straight-line method based on the following estimated useful lives: computer hardware and software is depreciated over three five not Maintenance and repairs are charged to expense as incurred, while renewals and improvements are capitalized. |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | Intangible Assets The Company capitalizes payments it makes for licensed products when the payment relates to an FDA-approved product and the cost is recoverable based on expected future cash flows from the product. The cost is amortized on a straight-line basis over the estimated useful life of the product commencing on the approval date in accordance with Accounting Standards Codification (“ASC”) 350 November 2021, ten 2019 five 11 June 2022, June 2022 six December 31, 2022. Q1 2022 five three June 30, 2022. September 2022, five March 31, 2023 three March 31, 2023 2022. five 2023 2027 Amortization Year Expense Remainder of 2023 $ 544 2024 725 2025 725 2026 725 2027 608 Thereafter 1,246 Total estimated amortization expense $ 4,573 |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not three March 31, 2023 2022. |
Debt, Policy [Policy Text Block] | Debt Issuance Costs and Debt Discount and Detachable Debt-Related Warrants Costs incurred to issue debt are deferred and recorded as a reduction to the debt balance in the accompanying balance sheets. The Company amortizes debt issuance costs over the expected term of the related debt using the effective interest method. Debt discounts related to the relative fair value of warrants issued in conjunction with the debt and are also recorded as a reduction to the debt balance and accreted over the expected term of the debt to interest expense using the effective interest method. |
Lessee, Leases [Policy Text Block] | Leases The Company accounts for leases in accordance with ASC Topic 842 not The Company measures right-of-use assets based on the corresponding lease liabilities adjusted for (i) any prepayments made to the lessor at or before the commencement date, (ii) initial direct costs it incurs, and (iii) any incentives under the lease. In addition, the Company evaluates the recoverability of its right-of-use assets for possible impairment in accordance with its long-lived assets policy. Operating leases are reflected on the balance sheets as operating lease right-of-use assets, current accrued liabilities and long-term operating lease liabilities. The Company does not March 31, 2023 2022. The Company commences recognizing operating lease expense when the lessor makes the underlying asset available for use by the Company and the operating lease expense is recognized on a straight-line basis over the term of the lease. Variable lease payments are expensed as incurred. The Company does not twelve |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations of Credit Risk, Sources of Supply and Significant Customers The Company is subject to credit risk for its cash and cash equivalents which are invested in money market funds and U.S. treasury bills from time to time. The Company maintains its cash and cash equivalent balances with one The Company is dependent on third The Company is also subject to credit risk from its accounts receivable related to product sales as it extends credit based on an evaluation of the customer’s financial condition, and collateral is not not March 31, 2023 2022. March 31, 2023 March 31, 2023 March 31, 2022 March 31, 2022 March 31, 2023 March 31, 2023, March 31, 2022 December 31, 2022. |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition for Contracts with Customers The Company accounts for contracts with its customers in accordance with ASC 606 606 606, 606, five At contract inception, once the contract is determined to be within the scope of ASC 606, The Company recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) each performance obligation is satisfied at a point in time or over time, and if over time this is based on the use of an output or input method. Any amounts received prior to revenue recognition will be recorded as deferred revenue. Amounts expected to be recognized as revenue within the twelve not twelve Milestone Payments not not not Royalties Significant Financing Component one The Company sells its rare disease products to one may third “3PL” 3PL 3PL no For its rare disease products, the Company bills at the initial product list price which are subject to offsets for patient co-pay assistance and potential state Medicaid reimbursements which are recorded as a reduction of net revenues at the date of sale/shipment. Selling prices initially billed to wholesalers are subject to discounts for prompt payment and subsequent chargebacks when the wholesalers sell products at negotiated discounted prices to members of certain group purchasing organizations (“GPOs”) and government programs. Because of the shelf life of the product and the Company’s lengthy return period, there may The Company estimates the transaction price when it receives each purchase order taking into account the expected reductions of the selling price initially billed to the wholesaler/distributor arising from all of the above factors. The Company has developed estimates for future returns and chargebacks and the impact of other discounts and fees it pays, although rare disease product sales are not no The Company stores its rare disease product inventory at its pharmacy distributor customer location, and sales are recorded when stock is pulled and shipped to fulfill specific patient orders. The Company recognizes revenue and cost of sales from products sold to wholesalers upon delivery to the wholesaler location. At that time, the wholesalers take control of the product as they take title, bear the risk of loss of ownership and have an enforceable obligation to pay the Company. They also have the ability to direct sales of product to their customers on terms and at prices they negotiate. Although wholesalers have product return rights, the Company does not Upon recognition of revenue from product sales, the estimated amounts of credit for product returns, chargebacks, distribution fees, prompt payment discounts, state Medicaid and GPO fees are included in sales reserves, accrued liabilities and net accounts receivable. The Company monitors actual product returns, chargebacks, discounts and fees subsequent to the sale. If these amounts end up differing from its estimates, it will make adjustments to these allowances, which are applied to increase or reduce product sales revenue and earnings in the period of adjustment. In addition, the Company anticipates it will receive revenues from product licensing agreements where it has contracted for milestone payments and royalties from products it has developed or acquired. |
Cost of Goods and Service [Policy Text Block] | Cost of Product Sales Cost of product sales consists of the profit-sharing and royalty fees with the Company’s product licensing and development partners, the purchase costs for finished products from third 3PL 3PL |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Expenses Research and development (“R&D”) expenses include both internal R&D activities and external contracted services. Internal R&D activity expenses include salaries, benefits and stock-based compensation and other costs to support the Company’s R&D operations. External contracted services include product development efforts such as certain product licensor milestone payments, clinical trial activities, manufacturing and control-related activities and regulatory costs. R&D expenses are charged to operations as incurred. The Company reviews and accrues R&D expenses based on services performed and relies upon estimates of those costs applicable to the stage of completion of each project. Significant judgments and estimates are made in determining the accrued balances at the end of any reporting period. Actual results could differ from the Company’s estimates. Upfront payments and milestone payments made for the licensing of products that are not |
Earnings Per Share, Policy [Policy Text Block] | Income (Loss) Per Share Basic net income (loss) per share of common stock is computed by dividing net income (loss) attributable to common stockholders for the period by the weighted average number of shares of common stock outstanding during the period. Diluted net income (loss) per share is computed by dividing the net income (loss) attributable to common stockholders for the period by the weighted average number of common and common equivalent shares, such as unvested restricted stock, stock options and warrants that are outstanding during the period. Common stock equivalents are excluded from the computation when their inclusion would be anti-dilutive. For the three March 31, 2023 March 31, 2022 |
Share-Based Payment Arrangement [Policy Text Block] | Stock-Based Compensation The Company accounts for stock-based compensation under the provisions of ASC — 718 718 zero zero |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurements We measure certain of our assets and liabilities at fair value. Fair value represents the price 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. Fair value accounting requires characterization of the inputs used to measure fair value into a three Level 1 Level 2 Level 3 Fair value measurements are classified based on the lowest level of input that is significant to the measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, which may The Company’s financial instruments included cash and cash equivalents, accounts receivable, accounts payable, accrued liabilities, and long-term debt obligation. The carrying amounts of these financial instruments, except for the long-term debt obligation, approximate their fair values due to the short-term maturities of these instruments. Based on borrowing rates currently available to the Company, the carrying value of the long-term debt obligation approximates its fair value. |
New Accounting Pronouncements, Policy [Policy Text Block] | Impact of Recent Accounting Pronouncements In June 2016, 2016 13, December 15, 2022, November 15, 2019, 2016 13 January 1, 2023. not March 31, 2023, no no |
Note 3 - Summary of Significa_2
Note 3 - Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Amortization Year Expense Remainder of 2023 $ 544 2024 725 2025 725 2026 725 2027 608 Thereafter 1,246 Total estimated amortization expense $ 4,573 |
Note 4 - Property and Equipme_2
Note 4 - Property and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | March 31, December 31, 2023 2022 Computer hardware and software $ 187 $ 177 Furniture and fixtures 111 112 Equipment 52 52 Leasehold improvements 71 71 Construction in Progress — 12 421 424 Less: accumulated depreciation (365 ) (352 ) Property and equipment, net $ 56 $ 72 |
Note 5 - Long Term Debt (Tables
Note 5 - Long Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
SWK Credit Agreement [Member] | |
Notes Tables | |
Schedule of Maturities of Long-Term Debt [Table Text Block] | Amount Remainder of 2023 $ 1,643 2024 6,602 Total payments 8,245 Less: amount representing interest (1,630 ) Loan payable, gross 6,615 Less: current portion of long-term debt (1,339 ) Less: unamortized discount (169 ) Long-term debt, net of unamortized discount $ 5,107 |
Note 7 - Common Stock Warrants
Note 7 - Common Stock Warrants (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Description of Warrants No. of Shares Exercise Price Placement Agent Warrants - IPO 414,000 $ 7.50 SWK Warrants – Debt – Tranche #1 51,239 $ 5.86 SWK Warrants – Debt – Tranche #2 18,141 $ 6.62 Total (Avg) 483,380 $ 7.29 |
Note 8 - Share-based Payment _2
Note 8 - Share-based Payment Awards (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic Shares Price Term (Yrs) Value Outstanding as of December 31, 2022 4,402,292 $ 4.71 Issued 1,053,291 $ 3.47 Exercised (402,308 ) $ 2.22 Forfeited/Cancelled (61,250 ) $ 1.95 Outstanding as of March 31, 2023 4,992,025 $ 4.68 8.0 $ 2,140 Exerciseable as of March 31, 2023 2,858,033 $ 5.05 7.0 $ 1,321 Vested and expected to vest at March 31, 2023 4,992,025 $ 4.68 8.0 $ 2,140 |
Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | Number of Units Weighted Average Grant-Date Fair Value Per Unit Outstanding and unvested as of December 31, 2022 369,606 $ 2.63 Granted — $ — Vested — $ — Forfeited (4,000 ) $ 2.63 Outstanding and unvested as of March 31, 2023 365,606 $ 2.63 |
Note 10 - Leases (Tables)
Note 10 - Leases (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Lessee, Operating Lease, Disclosure [Table Text Block] | Assets Classification Operating lease right-of-use assets Operating lease right-of-use assets, net $ 169 Total leased assets $ 169 Liabilities Operating lease liabilities, current Accrued liabilities $ 78 Operating lease liabilities, noncurrent Operating lease liabilities, net of current portion $ 86 Total operating lease liabilities $ 164 |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | Total 2023 2024 2025 Thereafter Undiscounted lease payments $ 179 66 90 23 — Less: Imputed interest (15 ) Total lease liabilities $ 164 |
Note 2 - Liquidity Considerat_2
Note 2 - Liquidity Considerations (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Cash and Cash Equivalents, at Carrying Value | $ 14,708 | $ 16,305 |
Note 3 - Summary of Significa_3
Note 3 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Sep. 30, 2022 | Nov. 30, 2021 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2019 | Dec. 31, 2022 | Jun. 30, 2022 | |
Accounts Receivable, Allowance for Credit Loss | $ 176,000 | $ 262,000 | |||||
Inventory Valuation Reserves | 56,000 | 62,000 | |||||
Finite-Lived Intangible Assets, Accumulated Amortization | 2,177 | ||||||
Finite-Lived Intangible Asset, Expected Amortization, Remainder of Fiscal Year | 544,000 | ||||||
Amortization of Intangible Assets | 181 | $ 131 | |||||
Impairment, Long-Lived Asset, Held-for-Use | 0 | 0 | |||||
Finance Lease, Liability | $ 0 | $ 0 | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 5,441,568 | 5,110,852 | |||||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | AnovoRx [Member] | |||||||
Concentration Risk, Percentage | 96.30% | 68.50% | |||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | AnovoRx [Member] | |||||||
Concentration Risk, Percentage | 95.10% | 79.80% | |||||
Carglumic Acid Product Rights [Member] | |||||||
Payments to Acquire Intangible Assets | $ 3,250,000 | ||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years | ||||||
Biorphen [Member] | |||||||
Payments to Acquire Intangible Assets | $ 750,000 | ||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 5 years | ||||||
Finite-Lived Intangible Assets, Accumulated Amortization | $ 275,000 | ||||||
Finite-Lived Intangible Asset, Expected Amortization, Remainder of Fiscal Year | $ 75,000 | ||||||
Rezipres Product [Member] | |||||||
Payments to Acquire Intangible Assets | $ 750,000 | ||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 5 years | ||||||
Finite-Lived Intangible Assets, Accumulated Amortization | $ 738,000 | ||||||
Betaine Anhydrous Product Rights [Member] | |||||||
Payments to Acquire Intangible Assets | $ 2,000,000 | ||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 5 years | ||||||
Computer Equipment [Member] | |||||||
Property, Plant and Equipment, Useful Life (Year) | 3 years | ||||||
Furniture and Fixtures [Member] | |||||||
Property, Plant and Equipment, Useful Life (Year) | 5 years |
Note 3 - Summary of Significa_4
Note 3 - Summary of Significant Accounting Policies - Schedule of Intangible Assets Amortization Expense (Details) $ in Thousands | Mar. 31, 2023 USD ($) |
Remainder of 2023 | $ 544 |
2024 | 725 |
2025 | 725 |
2026 | 725 |
2027 | 608 |
Thereafter | 1,246 |
Total estimated amortization expense | $ 4,573 |
Note 4 - Property and Equipme_3
Note 4 - Property and Equipment (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Depreciation | $ 13 | $ 21 |
Note 4 - Property and Equipme_4
Note 4 - Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 |
Computer hardware and software | $ 187 | $ 177 | |
Furniture and fixtures | 111 | 112 | |
Equipment | 52 | 52 | |
Leasehold improvements | 71 | 71 | |
Construction in Progress | 0 | 12 | |
Property, Plant and Equipment, Gross | 421 | 424 | |
Less: accumulated depreciation | (365) | (352) | |
Property and equipment, net | $ 56 | $ 72 | $ 72 |
Note 5 - Long Term Debt (Detail
Note 5 - Long Term Debt (Details Textual) | 1 Months Ended | 3 Months Ended | 33 Months Ended | |||||||||
Apr. 05, 2022 USD ($) | Nov. 13, 2020 USD ($) | Aug. 11, 2020 USD ($) | Nov. 30, 2019 USD ($) $ / shares shares | Nov. 13, 2019 USD ($) | Aug. 31, 2020 USD ($) $ / shares shares | Nov. 30, 2019 USD ($) $ / shares shares | Mar. 31, 2023 USD ($) $ / shares | Mar. 31, 2022 USD ($) | Nov. 13, 2024 | Dec. 31, 2022 USD ($) $ / shares | Mar. 31, 2020 USD ($) | |
Long-Term Debt, Gross | $ 6,615,000 | |||||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | ||||||||||
Long-Term Debt, Current Maturities | $ 1,339,000 | $ 1,033,000 | ||||||||||
Interest Expense | 265,000 | $ 247,000 | ||||||||||
Amortization of Debt Discount (Premium) | 29,000 | $ 36,000 | ||||||||||
Debt Instrument, Increase, Accrued Interest | $ 251,000 | |||||||||||
SWK Warrants [Member] | ||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | shares | 51,239 | 18,141 | 51,239 | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 5.86 | $ 6.62 | $ 5.86 | |||||||||
Warrants and Rights Outstanding | $ 51,239 | $ 18,141 | $ 51,239 | |||||||||
Fair Value Adjustment of Warrants | $ 94,000 | $ 226,000 | ||||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 5.75 | $ 6.85 | $ 5.75 | |||||||||
Warrants and Rights Outstanding, Term (Year) | 7 years | 7 years | 7 years | |||||||||
SWK Warrants [Member] | Measurement Input, Price Volatility [Member] | ||||||||||||
Warrants and Rights Outstanding, Measurement Input | 95 | 95 | 95 | |||||||||
SWK Warrants [Member] | Measurement Input, Expected Dividend Rate [Member] | ||||||||||||
Warrants and Rights Outstanding, Measurement Input | 0 | 0 | 0 | |||||||||
SWK Warrants [Member] | Measurement Input, Risk Free Interest Rate [Member] | ||||||||||||
Warrants and Rights Outstanding, Measurement Input | 1.8 | 0.4 | 1.8 | |||||||||
SWK Credit Agreement [Member] | SWK Holdings Corporation [Member] | ||||||||||||
Debt Instrument, Face Amount | $ 10,000,000 | |||||||||||
Proceeds from Issuance of Debt | $ 5,000,000 | 5,000,000 | ||||||||||
Debt Instrument, Covenant Agreement, Additional Amount | $ 5,000,000 | |||||||||||
Debt Instrument, Term (Year) | 5 years | |||||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 2% | |||||||||||
Debt Instrument, Exit Fee as a Percentage of Outstanding Amounts | 5% | |||||||||||
Debt Instrument, Covenant Requirements, Minimum Cash Balance | $ 3,000,000 | |||||||||||
SWK Credit Agreement [Member] | SWK Holdings Corporation [Member] | Scenario, Plan [Member] | ||||||||||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 5.50% | |||||||||||
SWK Credit Agreement [Member] | SWK Holdings Corporation [Member] | London Interbank Offered Rate (LIBOR) 1 [Member] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 10% | |||||||||||
Debt Instrument, LIBOR Floor Rate | 2% | |||||||||||
The Amended Agreement [Member] | SWK Holdings Corporation [Member] | ||||||||||||
Proceeds from Issuance of Debt | $ 2,000,000 | $ 2,000,000 | ||||||||||
Debt Instrument, Covenant Agreement, Additional Amount | $ 3,000,000 | |||||||||||
Long-Term Debt, Gross | $ 2,000,000 | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 8% | |||||||||||
Debt Instrument, LIBOR Floor Rate | 2% | |||||||||||
Long-Term Debt, Current Maturities | $ 1,339,000 |
Note 5 - Long Term Debt - Sched
Note 5 - Long Term Debt - Schedule of Future Payments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Remainder of 2023 | $ 1,643 | |
2024 | 6,602 | |
Total payments | 8,245 | |
Less: amount representing interest | (1,630) | |
Long-Term Debt, Gross | 6,615 | |
Less: current portion of long-term debt | (1,339) | $ (1,033) |
Less: unamortized discount | (169) | |
Long-term debt, net of unamortized discount | $ 5,107 | $ 5,384 |
Note 6 - Common Stock (Details
Note 6 - Common Stock (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Common Stock, Shares Authorized (in shares) | 50,000,000 | 50,000,000 | |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | $ 0.001 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period (in shares) | 402,308 | 0 | |
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (in shares) | 50,867 | ||
Share-Based Payment Arrangement, Decrease for Tax Withholding Obligation | $ 181 | ||
The Two Thousand Eighteen Equity Incentive Plan Member | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period (in shares) | 202,126 |
Note 7 - Common Stock Warrant_2
Note 7 - Common Stock Warrants - Schedule of Warrants Outstanding (Details) | Mar. 31, 2023 $ / shares shares |
Outstanding (in shares) | shares | 483,380 |
Weighted Average [Member] | |
Exercise Price (in dollars per share) | $ / shares | $ 7.29 |
Placement Agent Warrants - IPO [Member] | |
Outstanding (in shares) | shares | 414,000 |
Exercise Price (in dollars per share) | $ / shares | $ 7.50 |
SWK Warrants – Debt – Tranche #1 [Member] | |
Outstanding (in shares) | shares | 51,239 |
Exercise Price (in dollars per share) | $ / shares | $ 5.86 |
SWK Warrants – Debt – Tranche #2 [Member] | |
Outstanding (in shares) | shares | 18,141 |
Exercise Price (in dollars per share) | $ / shares | $ 6.62 |
Note 8 - Share-based Payment _3
Note 8 - Share-based Payment Awards (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | |||
Dec. 31, 2018 | Jul. 31, 2017 | Mar. 31, 2023 | Mar. 31, 2022 | May 30, 2017 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 1,053,291 | ||||
Share-Based Payment Arrangement, Expense | $ 872 | $ 1,083 | |||
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 5,473 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 2.29 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period (in shares) | 402,308 | 0 | |||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price (in dollars per share) | $ 2.22 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 601 | ||||
General and Administrative Expense [Member] | |||||
Share-Based Payment Arrangement, Expense | 818 | $ 995 | |||
Research and Development Expense [Member] | |||||
Share-Based Payment Arrangement, Expense | $ 54 | 88 | |||
Consultant [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 50,000 | ||||
Share-Based Payment Arrangement, Option [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year) | 10 years | ||||
Share-Based Payment Arrangement, Expense | $ 778 | 1,038 | |||
Restricted Stock Units (RSUs) [Member] | |||||
Share-Based Payment Arrangement, Expense | 58 | ||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 789 | ||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 3 years 3 months 18 days | ||||
The 2017 Plan [Member] | Common Stock [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 5,000,000 | ||||
The 2018 Plan [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 516,298 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Annual Increase in Share Reserve as a Percent of Outstanding Common Stock | 4% | ||||
The 2018 Employee Stock Purchase Plan [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 710,296 | ||||
Share-Based Payment Arrangement, Expense | $ 36 | $ 45 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 1.11 | $ 1.37 | |||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 150,000 | ||||
Common Stock, Capital Shares Reserved for Future Issuance, Percentage Increase | 1% | ||||
Common Stock, Capital Shares Reserved for Future Issuance, Increase (in shares) | 150,000 | ||||
Employee Stock Purchase Plans, Fair Value of Common Stock Price Per Share on Offering Date, Percentage | 85% | ||||
Employee Stock Purchase Plans, Fair Value of Common Stock Price Per Share on Purchase Date, Percentage | 85% | ||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans (in shares) | 0 | 0 | |||
Employee Stock Purchase Plan (ESPP), Cash Contributions to ESPP | $ 107 | $ 108 | |||
The 2018 Employee Stock Purchase Plan [Member] | Accrued Liabilities [Member] | |||||
Employee-related Liabilities, Current | $ 130 | $ 23 |
Note 8 - Share-based Payment _4
Note 8 - Share-based Payment Awards - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Balance, Options (in shares) | 4,402,292 | |
Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 4.71 | |
Issued, Options (in shares) | 1,053,291 | |
Issued, Weighted Average Exercise Price (in dollars per share) | $ 3.47 | |
Exercised, Options (in shares) | (402,308) | 0 |
Exercised, Weighted Average Exercise Price (in dollars per share) | $ 2.22 | |
Forfeited/Cancelled, Options (in shares) | (61,250) | |
Forfeited/Cancelled, Weighted Average Exercise Price (in dollars per share) | $ 1.95 | |
Balance, Options (in shares) | 4,992,025 | |
Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 4.68 | |
Outstanding, Weighted Average Remaining Contractual Term (Year) | 8 years | |
Outstanding, Aggregate Intrinsic Value | $ 2,140 | |
Exercisable, Options (in shares) | 2,858,033 | |
Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 5.05 | |
Exercisable, Weighted Average Remaining Contractual Term (Year) | 7 years | |
Exercisable, Aggregate Intrinsic Value | $ 1,321 | |
Vested and expected to vest, Options (in shares) | 4,992,025 | |
Vested and expected to vest, Weighted Average Exercise Price (in dollars per share) | $ 4.68 | |
Vested and expected to vest, Weighted Average Remaining Contractual Term (Year) | 8 years | |
Vested and expected to vest, Aggregate Intrinsic Value | $ 2,140 |
Note 8 - Share-based Payment _5
Note 8 - Share-based Payment Awards -Schedule of Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) [Member] | 3 Months Ended |
Mar. 31, 2023 $ / shares shares | |
Outstanding and unvested, balance (in shares) | shares | 369,606 |
Outstanding and unvested, Weighted Average Grant-Date Fair Value Per Unit (in dollars per share) | $ / shares | $ 2.63 |
Granted (in shares) | shares | 0 |
Granted, Weighted Average Grant-Date Fair Value Per Unit (in dollars per share) | $ / shares | $ 0 |
Vested (in shares) | shares | 0 |
Vested, Weighted Average Grant-Date Fair Value Per Unit (in dollars per share) | $ / shares | $ 0 |
Forfeited (in shares) | shares | (4,000) |
Forfeited, Weighted Average Grant-Date Fair Value Per Unit (in dollars per share) | $ / shares | $ 2.63 |
Outstanding and unvested, balance (in shares) | shares | 365,606 |
Outstanding and unvested, Weighted Average Grant-Date Fair Value Per Unit (in dollars per share) | $ / shares | $ 2.63 |
Note 9 - Related-party Transa_2
Note 9 - Related-party Transactions (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Feb. 18, 2019 | Aug. 11, 2017 | Mar. 31, 2023 | Dec. 31, 2022 | |
Related Party, Eyemax LLC [Member] | The Eyemax Agreement [Member] | ||||
Related Party Transaction, Terms (Year) | 10 years | |||
Related Party Transaction, Terms, Renewal (Year) | 2 years | |||
Related Party, Eyemax LLC [Member] | The Eyemax Agreement [Member] | Royalty [Member] | ||||
Related Party Transaction, Rate | 10% | |||
Related Party, Eyemax LLC [Member] | The Eyemax Agreement [Member] | Covenant Based on Approval by The FDA [Member] | ||||
Related Party Transaction, Amounts of Transaction | $ 250 | |||
Related Party, Eyemax LLC [Member] | The Eyemax Agreement [Member] | Research and Development Expense [Member] | ||||
Related Party Transaction, Amounts of Transaction | 250 | |||
Related Party, Eyemax LLC [Member] | Covenant Based on Sale of First Commercial Product [Member] | ||||
Related Party Transaction, Amounts of Transaction | $ 500 | |||
Related Party, Eyemax LLC [Member] | The Amended Agreement [Member] | ||||
Related Party Transaction, Amounts of Transaction | $ 0 | $ 0 | ||
Revenues, Total | $ 2,000 | $ 1,818 | ||
Related Party, Eyemax LLC [Member] | The Amended Agreement [Member] | Covenant Based on Approval by The FDA [Member] | ||||
Related Party Transaction, Amounts of Transaction | 250 | |||
Related Party, Eyemax LLC [Member] | The Amended Agreement [Member] | Covenant Based on Sale of First Commercial Product [Member] | ||||
Related Party Transaction, Amounts of Transaction | $ 500 | |||
Related Party, Bausch Health [Member] | Royalty [Member] | ||||
Related Party Transaction, Rate | 12% |
Note 10 - Leases (Details Textu
Note 10 - Leases (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Operating Lease, Payments | $ 19 | $ 20 |
Operating Lease, Right-of-Use Asset, Periodic Reduction | $ 19 | 20 |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 2 years | |
Operating Lease, Weighted Average Discount Rate, Percent | 8.60% | |
General and Administrative Expense [Member] | ||
Operating Lease, Cost | $ 23 | $ 21 |
Note 10 - Leases - Schedule of
Note 10 - Leases - Schedule of Lease-related Assets and Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Operating lease right-of-use assets | $ 169 | $ 188 |
Liabilities | ||
Operating lease liabilities, noncurrent | 86 | $ 107 |
Total operating lease liabilities | 164 | |
Noncurrent Assets [Member] | ||
Operating lease right-of-use assets | 169 | |
Accrued Liabilities [Member] | ||
Liabilities | ||
Operating lease liabilities, current | $ 78 |
Note 10 - Leases - Schedule o_2
Note 10 - Leases - Schedule of Future Lease Payments (Details) $ in Thousands | Mar. 31, 2023 USD ($) |
Total | $ 179 |
2023 | 66 |
2024 | 90 |
2025 | 23 |
Thereafter | 0 |
Less: Imputed interest | (15) |
Total lease liabilities | $ 164 |
Note 11 - Commitments and Con_2
Note 11 - Commitments and Contingencies (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||||
Sep. 13, 2022 | Oct. 28, 2021 | Jun. 15, 2021 | Mar. 26, 2020 | Jul. 12, 2019 | Jan. 23, 2019 | Jun. 30, 2022 | Oct. 31, 2020 | Mar. 31, 2023 | Mar. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Mar. 14, 2023 | Mar. 27, 2020 | Aug. 31, 2019 | |
Research and Development Expense, Total | $ 535 | $ 1,618 | ||||||||||||||
Cost of Goods and Services Sold | 1,958 | 849 | ||||||||||||||
Common Stock [Member] | ||||||||||||||||
Share Price (in dollars per share) | $ 3.33 | |||||||||||||||
Indemnification Rights and Agreements [Member] | ||||||||||||||||
Other Commitment, Total | 0 | $ 0 | ||||||||||||||
License [Member] | ||||||||||||||||
Cost of Goods and Services Sold | $ 0 | $ 0 | ||||||||||||||
Carglumic Acid Tablets [Member] | ||||||||||||||||
Payments to Acquire Marketing Rights | $ 3,250 | |||||||||||||||
Commitment, Allocation of Profits, Percentage | 50% | |||||||||||||||
Betaine Anhydrous [Member] | ||||||||||||||||
Payments to Acquire Marketing Rights | $ 2,000 | |||||||||||||||
Commitment, Allocation of Profits, Percentage | 65% | |||||||||||||||
Betaine Anhydrous [Member] | Obligation Based on Commercial Success [Member] | ||||||||||||||||
Other Commitment, Total | $ 1,000 | |||||||||||||||
Azurity Pharmaceuticals, Inc. (“Azurity”) [Member] | ||||||||||||||||
Revenues, Total | $ 22,000 | |||||||||||||||
Revenue, Additional Based on Event and Sales-based Milestones Achievements | 20,000 | |||||||||||||||
Tulex Pharmaceuticals, Inc. (“Tulex”) [Member] | Obligation Based on Successful Manufacturing of Registration Batches [Member] | ||||||||||||||||
Other Commitment, Total | $ 450 | |||||||||||||||
Tulex Pharmaceuticals, Inc. (“Tulex”) [Member] | Obligation Based on Acceptance of FDA of NDA for product [Member] | ||||||||||||||||
Other Commitment, Total | $ 200 | |||||||||||||||
Royalties, Percentage of Net Sales, | 12.50% | |||||||||||||||
Tulex Pharmaceuticals, Inc. (“Tulex”) [Member] | Obligation Based on First Commercial Sale of Product [Member] | ||||||||||||||||
Other Commitment, Total | $ 250 | |||||||||||||||
Royalties, Percentage of Net Sales, | 17% | |||||||||||||||
Tulex Pharmaceuticals, Inc. (“Tulex”) [Member] | Topiramate (fka ET-101) [Member] | ||||||||||||||||
Payment of Filing Fee | $ 1,438 | |||||||||||||||
Accounts Receivable, after Allowance for Credit Loss, Total | $ 5,000 | |||||||||||||||
Liqmeds Worldwide Limited (“LMW”) [Member] | Licensing and Supply Agreement (the “Agreement”) [Member] | Obligation Based on Issuance of Orange-book Listed Patent [Member] | ||||||||||||||||
Other Commitment, Total | $ 650 | |||||||||||||||
Liqmeds Worldwide Limited (“LMW”) [Member] | Licensing and Supply Agreement (the “Agreement”) [Member] | Obligation to Pay Based on Net Sales in Excess of $10 Thousands [Member] | ||||||||||||||||
Other Commitment, Total | $ 2,000 | 500 | ||||||||||||||
Net Sales, Threshold | $ 10,000 | |||||||||||||||
Aucta Pharmaceuticals, Inc. (“Aucta”) [Member] | Exclusive Licensing and Supply Agreement (the “ET-105 License Agreement”) [Member] | ||||||||||||||||
Other Commitment, Total | $ 2,000 | |||||||||||||||
Aucta Pharmaceuticals, Inc. (“Aucta”) [Member] | Exclusive Licensing and Supply Agreement (the “ET-105 License Agreement”) [Member] | Obligation Based on Issuance of Orange-book Listed Patent [Member] | ||||||||||||||||
Other Commitment, Total | 1,000 | |||||||||||||||
Aucta Pharmaceuticals, Inc. (“Aucta”) [Member] | Exclusive Licensing and Supply Agreement (the “ET-105 License Agreement”) [Member] | Obligation Based on FDA approval and Commercial Sales of Product Candidate [Member] | ||||||||||||||||
Other Commitment, Total | 2,450 | |||||||||||||||
Aucta Pharmaceuticals, Inc. (“Aucta”) [Member] | Exclusive Licensing and Supply Agreement (the “ET-105 License Agreement”) [Member] | Obligation Based on FDA's Acceptance of Product Filing [Member] | ||||||||||||||||
Other Commitment, Total | 1,500 | |||||||||||||||
Aucta Pharmaceuticals, Inc. (“Aucta”) [Member] | Exclusive Licensing and Supply Agreement (the “ET-105 License Agreement”) [Member] | Obligation to Aucta Based on Milestone Payment for Product's Commercial Success[Member] | ||||||||||||||||
Other Commitment, Total | 3,000 | |||||||||||||||
Aucta Pharmaceuticals, Inc. (“Aucta”) [Member] | Exclusive Licensing and Supply Agreement (the “ET-105 License Agreement”) [Member] | Obligation to Pay Based on Net Sales in Excess of $10 Million [Member] | ||||||||||||||||
Other Commitment, Total | 1,000 | |||||||||||||||
Net Sales, Threshold | 10,000 | |||||||||||||||
Aucta Pharmaceuticals, Inc. (“Aucta”) [Member] | Exclusive Licensing and Supply Agreement (the “ET-105 License Agreement”) [Member] | Obligation to Pay Based on Net Sales in Excess of $20 Million [Member] | ||||||||||||||||
Net Sales, Threshold | $ 20,000 | |||||||||||||||
Diurnal Limited [Member] | Exclusive Licensing and Supply Agreement (the “Alkindi License Agreement”) [Member] | Common Stock [Member] | ||||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 379,474 | |||||||||||||||
Stock Issued During Period, Value, New Issues | $ 1,264 | |||||||||||||||
Diurnal Limited [Member] | Exclusive Licensing and Supply Agreement (the “Alkindi License Agreement”) [Member] | Obligation Based on Exclusivity Status from FDA [Member] | ||||||||||||||||
Other Commitment, Total | $ 2,500 | |||||||||||||||
Diurnal Limited [Member] | License [Member] | Exclusive Licensing and Supply Agreement (the “Alkindi License Agreement”) [Member] | ||||||||||||||||
Commitment, Milestone Fee | $ 3,500 | |||||||||||||||
Crossject [Member] | U.S. and Canadian rights to Crossject S.A.’s [Member] | ||||||||||||||||
Research and Development Expense, Total | $ 500 | |||||||||||||||
Royalty on Net Sales of Products, Percent | 10% | |||||||||||||||
Crossject [Member] | U.S. and Canadian rights to Crossject S.A.’s [Member] | Obligation Based on Development Milestones [Member] | ||||||||||||||||
Other Commitment, Total | $ 3,500 | |||||||||||||||
Crossject [Member] | U.S. and Canadian rights to Crossject S.A.’s [Member] | Obligation Based on Commercial Success [Member] | ||||||||||||||||
Other Commitment, Total | $ 6,000 | |||||||||||||||
Dr. Reddy’s [Member] | License [Member] | ||||||||||||||||
Revenues, Total | $ 5,000 | |||||||||||||||
Revenue, Additional Based on Event and Sales-based Milestones Achievements | 42,500 | |||||||||||||||
Escrow Deposit | $ 250 | $ 250 | ||||||||||||||
Additional Payment Rate | 10% | |||||||||||||||
Sintetica [Member] | ||||||||||||||||
Cost of Goods and Services Sold | $ 812 |