Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 24, 2021 | Jun. 30, 2020 | |
Document Information [Line Items] | |||
Entity Registrant Name | Vaxart, Inc. | ||
Entity Central Index Key | 0000072444 | ||
Trading Symbol | vxrt | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Interactive Data Current | Yes | ||
Entity Common Stock, Shares Outstanding (in shares) | 117,766,672 | ||
Entity Public Float | $ 842,046,746 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Title of 12(b) Security | Common stock, $0.0001 par value |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 126,870 | $ 13,526 |
Accounts receivable | 334 | 3,619 |
Prepaid expenses and other current assets | 1,327 | 453 |
Total current assets | 128,531 | 17,598 |
Property and equipment, net | 1,480 | 210 |
Right-of-use assets, net | 6,838 | 1,990 |
Intangible assets, net | 15,361 | 17,093 |
Other long-term assets | 372 | 141 |
Total assets | 152,582 | 37,032 |
Current liabilities: | ||
Accounts payable | 2,133 | 852 |
Current portion of operating lease liability | 2,052 | 841 |
Liability related to sale of future royalties, current portion | 2,779 | 2,916 |
Other accrued current liabilities | 4,799 | 4,565 |
Total current liabilities | 11,763 | 9,174 |
Operating lease liability, net of current portion | 5,156 | 1,472 |
Liability related to sale of future royalties, net of current portion | 12,150 | 13,416 |
Other long-term liabilities | 109 | 18 |
Total liabilities | 29,178 | 24,080 |
Commitments and contingencies (Note 11) | ||
Stockholders’ equity: | ||
Preferred Stock: $0.0001 par value; 5,000,000 shares authorized; none issued and outstanding as of December 31, 2020 or 2019 | ||
Common Stock: $0.0001 par value; 150,000,000 shares authorized; 110,271,093 and 48,254,994 shares issued and outstanding as of December 31, 2020 and 2019, respectively | 11 | 5 |
Additional paid-in capital | 272,274 | 129,608 |
Accumulated deficit | (148,881) | (116,661) |
Total stockholders’ equity | 123,404 | 12,952 |
Total liabilities and stockholders’ equity | $ 152,582 | $ 37,032 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 150,000,000 | 150,000,000 |
Common stock, shares issued (in shares) | 110,271,093 | 48,254,994 |
Common stock, shares outstanding (in shares) | 110,271,093 | 48,254,994 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue: | |||
Revenue | $ 4,046,000 | $ 9,862,000 | $ 4,159,000 |
Operating expenses: | |||
Research and development | 19,863,000 | 14,540,000 | 17,275,000 |
General and administrative | 15,202,000 | 6,187,000 | 6,681,000 |
Impairment of intangible assets | 1,600,000 | ||
Costs of exit from leased premises | 359,000 | ||
Restructuring charges and (reversals) | (849,000) | 4,920,000 | |
Total operating expenses | 34,216,000 | 25,647,000 | 25,915,000 |
Operating loss | (30,170,000) | (15,785,000) | (21,756,000) |
Other income and (expenses): | |||
Bargain purchase gain | 6,760,000 | ||
Interest income | 75,000 | 149,000 | 58,000 |
Interest expense | (315,000) | (821,000) | |
Non-cash interest expense related to sale of future royalties | (1,874,000) | (2,073,000) | (1,859,000) |
Gain (loss) on sale of equipment | 1,000 | (11,000) | |
Loss on revaluation of financial instruments | (3,000) | ||
Loss on debt extinguishment | (100,000) | ||
Foreign exchange loss, net | (13,000) | (32,000) | (266,000) |
Loss before provision for income taxes | (31,982,000) | (18,155,000) | (17,898,000) |
Provision for income taxes | 238,000 | 490,000 | 109,000 |
Net loss | (32,220,000) | (18,645,000) | (18,007,000) |
Series B and C preferred dividend | (339,000) | ||
Net comprehensive loss attributable to common stockholders | $ (32,220,000) | $ (18,645,000) | $ (18,346,000) |
Net loss per share – basic and diluted (in dollars per share) | $ (0.36) | $ (0.86) | $ (2.90) |
Shares used to compute net loss per share – basic and diluted (in shares) | 88,295,762 | 21,569,523 | 6,316,065 |
Customer Service Contracts [Member] | |||
Revenue: | |||
Revenue | $ 198,000 | $ 406,000 | |
Government Contract [Member] | |||
Revenue: | |||
Revenue | (20,000) | 1,344,000 | |
Royalty [Member] | |||
Revenue: | |||
Revenue | 2,962,000 | 4,446,000 | 1,340,000 |
Non Cash Royalty Revenue [Member] | |||
Revenue: | |||
Revenue | $ 886,000 | $ 5,030,000 | $ 1,475,000 |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Equity (Deficit) - USD ($) $ in Thousands | Cumulative Effect, Period of Adoption, Adjusted Balance [Member]Preferred Stock [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member]Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member]Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member]Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Preferred Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Placement Agents' Designees [Member]Common Stock [Member] | Placement Agents' Designees [Member]Additional Paid-in Capital [Member] | Placement Agents' Designees [Member]Retained Earnings [Member] | Placement Agents' Designees [Member] | Underwriters' Designees [Member]The September 2019 Offering [Member]Common Stock [Member] | Underwriters' Designees [Member]The September 2019 Offering [Member]Additional Paid-in Capital [Member] | Underwriters' Designees [Member]The September 2019 Offering [Member]Retained Earnings [Member] | Underwriters' Designees [Member]The September 2019 Offering [Member] | Underwriters' Designees [Member]The April 2019 Offering [Member]Common Stock [Member] | Underwriters' Designees [Member]The April 2019 Offering [Member]Additional Paid-in Capital [Member] | Underwriters' Designees [Member]The April 2019 Offering [Member]Retained Earnings [Member] | Underwriters' Designees [Member]The April 2019 Offering [Member] | Underwriters' Designees [Member]The March 2020 Offering [Member]Common Stock [Member] | Underwriters' Designees [Member]The March 2020 Offering [Member]Additional Paid-in Capital [Member] | Underwriters' Designees [Member]The March 2020 Offering [Member]Retained Earnings [Member] | Underwriters' Designees [Member]The March 2020 Offering [Member] | The September 2019 Offering [Member]Common Stock [Member] | The September 2019 Offering [Member]Additional Paid-in Capital [Member] | The September 2019 Offering [Member]Retained Earnings [Member] | The September 2019 Offering [Member] | The April 2019 Offering [Member]Common Stock [Member] | The April 2019 Offering [Member]Additional Paid-in Capital [Member] | The April 2019 Offering [Member]Retained Earnings [Member] | The April 2019 Offering [Member] | The March 2020 Offering [Member]Common Stock [Member] | The March 2020 Offering [Member]Additional Paid-in Capital [Member] | The March 2020 Offering [Member]Retained Earnings [Member] | The March 2020 Offering [Member] | The July 2020 Offering [Member]Common Stock [Member] | The July 2020 Offering [Member]Additional Paid-in Capital [Member] | The July 2020 Offering [Member]Retained Earnings [Member] | The July 2020 Offering [Member] | The December 2020 Offering [Member]Common Stock [Member] | The December 2020 Offering [Member]Additional Paid-in Capital [Member] | The December 2020 Offering [Member]Retained Earnings [Member] | The December 2020 Offering [Member] | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balances (in shares) at Dec. 31, 2017 | 1,221,064 | 138,492 | |||||||||||||||||||||||||||||||||||||||||||||||||
Balances at Dec. 31, 2017 | $ 41,260 | $ (79,982) | $ (38,722) | ||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon conversion of convertible promissory notes, related parties (in shares) | 1,571,702 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon conversion of convertible promissory notes, related parties | 35,577 | 35,577 | |||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon conversion of convertible preferred stock (in shares) | (1,221,064) | 1,918,543 | |||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon conversion of convertible preferred stock | |||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification of warrant to equity | 70 | 70 | |||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon reverse merger (in shares) | 3,510,439 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon reverse merger | $ 1 | 31,767 | $ 31,768 | ||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon exercise of stock options (in shares) | 2,013 | 2,013 | |||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon exercise of stock options | 13 | $ 13 | |||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | 539 | 539 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | (18,007) | (18,007) | |||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock warrants to placement agents’ designees | 70 | 70 | |||||||||||||||||||||||||||||||||||||||||||||||||
Balances (in shares) at Dec. 31, 2018 | 7,141,189 | 7,141,189 | |||||||||||||||||||||||||||||||||||||||||||||||||
Balances at Dec. 31, 2018 | $ 1 | $ 109,226 | $ (98,016) | $ 11,211 | $ (27) | $ (27) | $ 1 | 109,226 | (97,989) | $ 11,238 | |||||||||||||||||||||||||||||||||||||||||
Reclassification of warrant to equity | $ 100 | $ 100 | $ 333 | $ 333 | $ 497 | $ 497 | |||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon exercise of stock options (in shares) | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | 627 | $ 627 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | (18,645) | (18,645) | |||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock, net of offering costs (in shares) | 1,200,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock, net of offering costs | 2,440 | 2,440 | |||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock warrants to placement agents’ designees | $ 100 | $ 100 | $ 333 | $ 333 | $ 497 | $ 497 | |||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock, pre-funded warrants and common stock warrants, net of offering costs (in shares) | 925,455 | 26,124,828 | |||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock, pre-funded warrants and common stock warrants, net of offering costs | $ 7,741 | $ 7,741 | $ 3 | $ 7,239 | $ 7,242 | ||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon exercise of pre-funded warrants (in shares) | 12,265,455 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon exercise of pre-funded warrants | $ 1 | 1,225 | 1,226 | ||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon exercise of common stock warrants (in shares) | 598,067 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon exercise of common stock warrants | 180 | 180 | |||||||||||||||||||||||||||||||||||||||||||||||||
Balances (in shares) at Dec. 31, 2019 | 48,254,994 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at Dec. 31, 2019 | $ 5 | 129,608 | (116,661) | $ 12,952 | |||||||||||||||||||||||||||||||||||||||||||||||
Reclassification of warrant to equity | $ 453 | $ 453 | |||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon exercise of stock options (in shares) | 414,676 | 414,676 | |||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon exercise of stock options | 602 | $ 602 | |||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | 4,358 | 4,358 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | (32,220) | (32,220) | |||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock, net of offering costs (in shares) | 12,503,806 | 692,651 | |||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock, net of offering costs | $ 1 | $ 97,033 | $ 97,034 | $ 4,900 | $ 4,900 | ||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock warrants to placement agents’ designees | $ 453 | $ 453 | |||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock, pre-funded warrants and common stock warrants, net of offering costs (in shares) | 4,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock, pre-funded warrants and common stock warrants, net of offering costs | $ 8,722 | $ 8,722 | |||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon exercise of common stock warrants (in shares) | 44,404,966 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon exercise of common stock warrants | $ 5 | 25,946 | 25,951 | ||||||||||||||||||||||||||||||||||||||||||||||||
Disgorgement of short-swing profits, net of costs | 652 | 652 | |||||||||||||||||||||||||||||||||||||||||||||||||
Balances (in shares) at Dec. 31, 2020 | 110,271,093 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at Dec. 31, 2020 | $ 11 | $ 272,274 | $ (148,881) | $ 123,404 |
Consolidated Statement of Sto_2
Consolidated Statement of Stockholders' Equity (Deficit) (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
The September 2019 Offering [Member] | ||
Offering costs from issuance of common stock and warrants | $ 1,579 | |
The April 2019 Offering [Member] | ||
Offering costs from issuance of common stock and warrants | 1,459 | |
The March 2020 Offering [Member] | ||
Offering costs from issuance of common stock and warrants | $ 1,278 | |
The July 2020 Offering [Member] | ||
Offering costs | 2,966 | |
The December 2020 Offering [Member] | ||
Offering costs | $ 563 | |
Offering costs | $ 560 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Cash flows from operating activities: | ||||
Net loss | $ (32,220,000) | $ (18,645,000) | $ (18,007,000) | |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Bargain purchase gain | (6,760,000) | [1] | ||
Depreciation and amortization | 2,710,000 | 3,596,000 | 3,203,000 | |
(Gain) loss on sale of equipment | (1,000) | 11,000 | ||
Impairment of intangible assets | 1,600,000 | |||
Impairment of property and equipment and right-of-use assets | 1,272,000 | 106,000 | ||
Stock-based compensation | 4,358,000 | 627,000 | 539,000 | |
Loss on revaluation of financial instruments | 3,000 | |||
Non-cash interest expense | 88,000 | 448,000 | ||
Amortization of note discount | 18,000 | |||
Loss on debt extinguishment | 100,000 | |||
Non-cash interest expense related to sale of future royalties | 1,874,000 | 2,073,000 | 1,859,000 | |
Non-cash revenue related to sale of future royalties | (3,277,000) | (3,482,000) | (18,000) | |
Change in operating assets and liabilities: | ||||
Accounts receivable | 3,285,000 | (1,823,000) | 13,500,000 | |
Prepaid expenses and other assets | (1,108,000) | 855,000 | (873,000) | |
Accounts payable | 1,207,000 | (62,000) | (3,784,000) | |
Accrued liabilities | (579,000) | 2,312,000 | (6,393,000) | |
Net cash used in operating activities | (23,750,000) | (13,090,000) | (14,548,000) | |
Cash flows from investing activities: | ||||
Purchase of property and equipment | (1,223,000) | (850,000) | (707,000) | |
Proceeds from sale of equipment | 3,000 | |||
Cash acquired in reverse merger | 25,525,000 | |||
Cash paid for fractional shares in merger | (21,000) | |||
Purchases of short-term investments | (573,000) | |||
Proceeds from maturities of short-term investments | 1,988,000 | |||
Net cash (used in) provided by investing activities | (1,220,000) | (850,000) | 26,212,000 | |
Cash flows from financing activities: | ||||
Proceeds from issuance of common stock upon exercise of pre-funded warrants | 1,226,000 | |||
Proceeds from issuance of common stock upon exercise of common stock warrants | 25,951,000 | 180,000 | ||
Proceeds from issuance of common stock upon exercise of stock options | 602,000 | 13,000 | ||
Disgorgement of short-swing profits, net of costs | 652,000 | |||
Repayment of principal on secured promissory note payable to Oxford Finance | (3,799,000) | (1,528,000) | ||
Repayment of short-term note | (214,000) | |||
Net cash provided by (used in) financing activities | 138,314,000 | 15,960,000 | (1,729,000) | |
Net increase in cash and cash equivalents | 113,344,000 | 2,020,000 | 9,935,000 | |
Cash and cash equivalents at beginning of the period | 13,526,000 | 11,506,000 | 1,571,000 | |
Cash and cash equivalents at end of the period | 126,870,000 | 13,526,000 | 11,506,000 | |
Supplemental disclosure of cash flow information: | ||||
Interest paid | 227,000 | 356,000 | ||
Supplemental disclosure of non-cash investing and financing activity: | ||||
Issuance of warrants to placement agents’ designees | 453,000 | 100,000 | ||
Issuance of warrants to underwriters’ designees | 830,000 | |||
Issuance of common stock upon reverse merger, net of cash paid for partial shares | 31,768,000 | |||
Conversion of convertible promissory notes, related parties into common stock upon reverse merger | 35,577,000 | |||
Reclassification of convertible preferred stock warrant liability to equity | 70,000 | |||
Operating lease liabilities arising from obtaining right-of-use assets | 5,664,000 | 1,929,000 | ||
Property and equipment acquired as an incentive to enter an operating lease | 87,000 | |||
Acquisition of property and equipment included in accounts payable | 78,000 | 4,000 | 52,000 | |
Proceeds due for sale of property and equipment included in prepaid expenses and other current assets | 3,000 | |||
Registered Direct Offering [Member] | ||||
Cash flows from financing activities: | ||||
Net proceeds from issuance of common stock | 9,175,000 | 2,540,000 | ||
ATM Program [Member] | ||||
Cash flows from financing activities: | ||||
Net proceeds from issuance of common stock | 101,934,000 | |||
The April 2019 Offering [Member] | ||||
Cash flows from financing activities: | ||||
Net proceeds from issuance of common stock, pre-funded warrants and common warrants in underwritten offering | 8,074,000 | |||
The September 2019 Offering [Member] | ||||
Cash flows from financing activities: | ||||
Net proceeds from issuance of common stock, pre-funded warrants and common warrants in underwritten offering | $ 7,739,000 | |||
[1] | The bargain purchase gain represents the excess of the fair value of tangible and identified intangible assets acquired, less liabilities assumed, over the purchase price. |
Note 1 - Organization and Basis
Note 1 - Organization and Basis of Presentation | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | NOTE 1. General Vaxart Biosciences, Inc. was originally incorporated in California in March 2004, July 2007, On February 13, 2018, 0.22148 Immediately following the completion of the Merger, the Company effected a reverse stock split at a ratio of one eleven Immediately after the Reverse Stock Split there were approximately 7.1 51% 49% 0.0201346 On March 20, 2019, “March 2019 1,200,000 $3.0 $2.5 $320,000. 84,000 March 2019 one $3.125 five March 2019 $100,000 12 On April 11, 2019, “April 2019 925,455 8,165,455 10,454,546 1,363,636 $1.10, $1.00, $0.10. one $0.10, one $1.10, five Pursuant to the terms of an underwriting agreement, the Company paid the underwriters aggregate commissions and reimbursable costs of $750,000. 636,364 April 2019 one $1.375 five $333,000 12 The total gross proceeds from the April 2019 $9.3 $8.1 December 31, 2020, $0.8 8,165,455 $11.3 10,228,580 $0.7 524,433 April 2019 On September 30, 2019, “September 2019 26,124,828 3,558,161 4,000,000 4,100,000 30,666,667 4,000,000 $0.30, $0.20, $0.10. one $0.10, one $0.30, five Pursuant to the terms of an underwriting agreement, the Company paid the underwriters aggregate commissions and reimbursable costs of $713,000. 2,115,738 September 2019 one $0.375 five $497,000 12 The total gross proceeds from the September 2019 $8.7 $7.7 December 31, 2020, $0.4 4,100,000 $9.2 30,661,667 $0.7 1,890,941 September 2019 On March 2, 2020, “March 2020 4,000,000 2,000,000 one $2.50, five $775,000. 280,000 March 2020 one $3.125 five March 2020 $453,000 12 The total gross proceeds from the offering to the Company were $10.0 $9.2 December 31, 2020, $4.2 1,683,416 10,504 March 2020 On June 8, 2020, $0.10 $0.0001 100,000,000 150,000,000. On July 13, 2020, 12,503,806 $100.0 July 8, 2020. $97.0 On October 13, 2020, may $250 $0.3 October 13, 2020, 4.5% December 31, 2020, 692,651 $5.5 $4.9 The Company's principal operations are based in South San Francisco, California, and it operates in one |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 2. Basis of Presentation Basis of Consolidation Use of Estimates Foreign Currencies no Cash and Cash Equivalents three may Concentration of Credit Risk not The primary focus of the Company's investment strategy is to preserve capital and meet liquidity requirements. The Company's investment policy addresses the level of credit exposure by limiting the concentration in any one no Accounts Receivable 6 no December 31, 2020 2019 Property and Equipment The useful lives of the property and equipment are as follows: Laboratory equipment (in years) 5 Office and computer equipment (in years) 3 Leasehold improvements Shorter of remaining lease term or estimated useful life Intangible Assets 5 1.3 11.75 20 not December 31, 2018 ( 5 Impairment of Long-Lived Assets may not December 31, 2018 ( 5 8 December 31, 2019 ( 15 Accrued Clinical and Manufacturing Expenses third not The Company estimates the amount of services provided through discussions with internal personnel and external service providers as to the progress or stage of completion of the services and the agreed-upon fee to be paid for such services. The Company makes significant judgments and estimates in determining the accrued balance in each reporting period. As actual costs become known, it adjusts its accrued estimates. Although the Company does not may third not Leases January 1, 2019, one not not Convertible Preferred Stock Warrant Liability no Revenue Recognition five (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations based on estimated selling prices; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account. Revenue from royalties earned as a percentage of sales, including milestone payments based on achieving a specified level of sales, where a license is deemed to be the predominant item to which the royalties relate, is recognized as revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied), as required under the sales- and usage-based royalty exception. Revenue from contracts with customers is recognized ratably, based on costs incurred, as the Company provides promised services to its customers in amounts that reflect the consideration that the Company expects to receive for those services. The Company performed research and development work under its cost-plus-fixed-fee contract with HHS BARDA. The Company recognizes revenue under research contracts only when a contract has been executed and the contract price is fixed or determinable. Revenue from the HHS BARDA contract is recognized in the period during which the related costs are incurred and the related services are rendered, provided that the applicable conditions under the contract have been met. Costs of contract revenue are recorded as a component of operating expenses in the consolidated statements of operations and comprehensive loss. Under cost reimbursable contracts, the Company recognizes revenue as allowable costs are incurred and the fixed fee is earned. Reimbursable costs under the contract primarily include direct labor, subcontract costs, materials, equipment, travel, and approved overhead and indirect costs. Fixed fees under cost reimbursable contracts are earned in proportion to the allowable costs incurred in performance of the work relative to total estimated contract costs, with such costs incurred representing a reasonable measurement of the proportional performance of the work completed. Payments to the Company under cost reimbursable contracts, such as this contract, are provisional payments subject to adjustment upon annual audit by the government. Management believes that revenue for periods not may Research and Development Costs third Stock-Based Compensation April 1, 2018, April 1, 2018, Net Income (Loss) Per Share Attributable to Common Stockholders Diluted net income (loss) per common share is computed giving effect to all potential dilutive common shares, comprising common stock issuable upon exercise of stock options and warrants. The Company uses the treasury-stock method to compute diluted income (loss) per share with respect to its stock options and warrants. For purposes of this calculation, options and warrants to purchase common stock are considered to be potential common shares and are only included in the calculation of diluted net income per share when their effect is dilutive. In the event of a net loss, the effects of all potentially dilutive shares are excluded from the diluted net loss per share calculation as their inclusion would be antidilutive. Reclassification Prior year data is subject to reclassification to conform to current year presentation. Recently Adopted Accounting Pronouncements The Company did not 2020. Recent Accounting Pronouncements In August 2020, 2020 06, Debt - Debt with Conversion and Other Options (Subtopic 470 20 815 40 none January 1, 2021. The Company has reviewed all other significant newly-issued accounting pronouncements that are not not not |
Note 3 - Business Combination
Note 3 - Business Combination | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | NOTE 3. On February 13, 2018, 1 2 Since the date of the Merger, the results of Aviragen's operations have been included in the consolidated financial statements. As a result of the acquisition, the Company eliminated the majority of its debt and acquired a significant cash balance in exchange for equity securities. The total purchase price for Aviragen is summarized as follows (in thousands): Common stock $ 31,789 Total $ 31,789 In connection with the Aviragen acquisition, the Company allocated the total purchase consideration to the net assets and liabilities acquired, including identifiable intangible assets, based on their respective fair values at the acquisition date. The following table summarizes the preliminary allocation of the purchase price to the fair value of the respective assets and liabilities acquired, adjustments made since the acquisition date and the final allocation as of December 31, 2018 ( As of February 13, 2018 2018 Adjustments As of December 31, 2018 Cash and cash equivalents $ 25,525 $ — $ 25,525 Accounts receivable 14,666 — 14,666 Prepaid expenses 446 (10 ) 436 Property and equipment 170 — 170 Intangible assets: Developed technology (1) 22,400 (300 ) 22,100 In-process research and development (2) 1,600 — 1,600 Total assets 64,807 (310 ) 64,497 Accounts payable (3,379 ) 75 (3,304 ) Other current liabilities (6,351 ) (393 ) (6,744 ) Liability related to sale of future royalties (16,300 ) 400 (15,900 ) Net assets acquired 38,777 (228 ) 38,549 Purchase price (31,789 ) — (31,789 ) Bargain purchase gain (3) $ 6,988 $ (228 ) $ 6,760 ( 1 Developed technology comprises Inavir and Relenza, both influenza vaccines on which the Company is, or was, receiving royalty revenue, which, based on valuations prepared by an independent third 11.75 1.3 ( 2 In-process research and development (see Note 5 BTA074, third ( 3 The bargain purchase gain represents the excess of the fair value of tangible and identified intangible assets acquired, less liabilities assumed, over the purchase price. |
Note 4 - Fair Value of Financia
Note 4 - Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 4. Fair Value of Financial Instruments Fair value accounting is applied for all financial assets and liabilities and nonfinancial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis (at least annually). Financial instruments include cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities that approximate fair value due to their relatively short maturities. Assets and liabilities recorded at fair value on a recurring basis in the balance sheets are categorized based upon the level of judgment associated with inputs used to measure their fair values. The accounting guidance for fair value provides a framework for measuring fair value and requires certain disclosures about how fair value is determined. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The accounting guidance also establishes a three The three Level 1 Level 2 not Level 3 no The Company's money market funds are classified within Level 1 3 The Company's only recurring financial assets that are measured at fair value were $60,005,000, $15,000 $15,000 December 31, 2020, 2019 2018, no December 31, 2020 2019. 3 December 31, 2018 ( Convertible Preferred Stock Warrant Liability Total Balance at January 1, 2018 $ 67 $ 67 Issuances — — Revaluation loss included in loss on revaluation of financial instruments 3 3 Settlements (70 ) (70 ) Balance at December 31, 2018 $ — $ — Total losses included in other income and (expenses) attributable to liabilities still held as of December 31, 2018 $ — $ — |
Note 5 - Balance Sheet Componen
Note 5 - Balance Sheet Components | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Supplemental Balance Sheet Disclosures [Text Block] | NOTE 5. (a) Cash and Cash Equivalents Cash and cash equivalents comprises the following (in thousands): December 31, 2020 December 31, 2019 Cash at banks $ 66,865 $ 13,511 Money market funds 60,005 15 Cash and cash equivalents $ 126,870 $ 13,526 (b) Accounts Receivable Accounts receivable comprises the following (in thousands): December 31, 2020 December 31, 2019 Royalties receivable $ 334 $ 3,438 Customer service contracts – billed — 181 Accounts receivable $ 334 $ 3,619 (c) Property and Equipment, Net Property and equipment, net consists of the following (in thousands): December 31, 2020 December 31, 2019 Laboratory equipment $ 1,759 $ 537 Office and computer equipment 294 132 Total property and equipment 2,053 669 Less: accumulated depreciation (573 ) (459 ) Property and equipment, net $ 1,480 $ 210 Depreciation expense was $114,000, $504,000 $476,000 December 31, 2020, 2019 2018 one 15 December 31, 2019, $1,152,000 November 2018, 8 September 30, 2018, $106,000 (d) Right-of-Use Assets, Net Right-of-use assets consist of the following (in thousands): December 31, 2020 December 31, 2019 Facilities $ 6,836 $ 1,985 Office equipment 2 5 Right-of-use assets, net $ 6,838 $ 1,990 The right of use of one 15 December 31, 2019, $120,000 (e) Intangible Assets, Net Intangible assets comprise developed technology, intellectual property and, until it was considered fully impaired, in-process research and development. Intangible assets are carried at cost less accumulated amortization. Amortization is computed using the straight-line method over useful lives ranging from 1.3 11.75 20 December 31, 2020, 8.9 7.0 December 31, 2020 December 31, 2019 Purchased technology $ 20,300 $ 22,100 Intellectual property 80 80 Total cost 20,380 22,180 Less accumulated amortization (5,019 ) (5,087 ) Intangible assets, net $ 15,361 $ 17,093 Intangible asset amortization expense was $1,732,000, $2,320,000 $2,727,000 December 31, 2020, 2019 2018 2 June 2018, three June 30, 2018, $1.6 3 As of December 31, 2020 Year Ending December 31, Amount 2021 $ 1,732 2022 1,731 2023 1,732 2024 1,732 2025 1,731 Thereafter 6,703 Total $ 15,361 (f) Other Accrued Liabilities Other accrued liabilities consist of the following (in thousands): December 31, 2020 December 31, 2019 Accrued compensation $ 1,618 $ 903 Accrued clinical and manufacturing expenses 1,772 3,228 Accrued professional and consulting services 777 2 Reserve for return of royalties — 178 Other 632 254 Total $ 4,799 $ 4,565 |
Note 6 - Revenue
Note 6 - Revenue | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Revenue [Text Block] | NOTE 6. Service Contracts with Customers Contract Balances. December 31, 2020 2019, nil $181,000, December 31, 2020 2019, $219,000 $21,000, Remaining Performance Obligations. December 31, 2020 2019, no $13,000 $211,000, not 100% December 31, 2020, three not not U.S. Government HHS BARDA Contract In September 2015, May 25 July 18, 2017, June 28, 2018, $14 $1.7 September 30, 2018. $15.7 $1,344,000 December 31, 2018, $20,000 December 31, 2019. December 31, 2020 $20,000 no Billings under the contract are based on approved provisional indirect billing rates, which permit recovery of fringe benefits, overhead and general and administrative expenses. Indirect rates as well as allowable costs are subject to audit by HHS BARDA on an annual basis. Management believes that revenues recognized to date have been recorded in amounts that are expected to be realized upon final audit and settlement. When the final determination of the allowable costs for any year has been made, revenue and billings may three December 31, 2019, $20,000 2018 may not December 31, 2020, Royalty agreements Aviragen entered into a royalty-bearing research and license agreement with GlaxoSmithKline, plc (“GSK”) in 1990 July 2019 2020, 2019, 2018, $193,000, $778,000 $788,000, 7% The Company also generates royalty revenue from the sale of Inavir in Japan, pursuant to a collaboration and license agreement that Aviragen entered into with Daiichi Sankyo Company, Limited (“Daiichi Sankyo”), in 2009. September 2010, 4% December 2029 2020, 2019, 2018, $2,769,000, $3,668,000 $552,000, 7 $886,000, $5,030,000 $1,475,000 2020, 2019 2018, 5% $183,000, $435,000 $102,000 December 31, 2020, 2019 2018, |
Note 7 - Liabilities Related to
Note 7 - Liabilities Related to Sale of Future Royalties | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Liabilities Related to Sale of Future Royalties [Text Block] | NOTE 7. Liabilities Related to Sale of Future Royalties In April 2016, $20.0 first $3.0 15% $1.0 April 1, Under the relevant accounting guidance, due to a limit on the amount of royalties that HCRP can earn under the RIAA, this transaction was accounted for as a liability that is being amortized using the effective interest method over the life of the arrangement. The Company has no not not The following table shows the activity within the liability account during the year ended December 31, 2020 ( Total liability related to sale of future royalties, start of year $ 16,332 Non-cash royalty revenue paid to HCRP (3,277 ) Non-cash interest expense recognized 1,874 Total liability related to sale of future royalties, end of year 14,929 Current portion (2,779 ) Long-term portion $ 12,150 |
Note 8 - Leases
Note 8 - Leases | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | NOTE 8. The Company has obtained the right of use for office and manufacturing facilities under six one one three one The Company obtained the right of use of real estate located in South San Francisco, California, in November 2020 September 30, 2025, no June 2015 April 30, 2020, five July 2019, April 30, 2025. December 31, 2019 ( 15 February 2018, February 28, 2021, no November 30, 2018. two July 31, 2021, no September 2021. 2022. As of December 31, 2020, one 9.94% 4.07 The following table summarizes the Company's undiscounted cash payment obligations for its operating lease liabilities with initial terms of more than twelve December 31, 2020 ( Year Ending December 31, Amount 2021 $ 2,633 2022 1,801 2023 1,585 2024 1,641 2025 1,112 Undiscounted total 8,772 Less: imputed interest (1,564 ) Present value of future minimum payments 7,208 Current portion of operating lease liability (2,052 ) Operating lease liability, net of current portion $ 5,156 The Company presently has no no one Certain operating lease agreements for facilities include non-lease costs, such as common area maintenance, which are recorded as variable lease costs. Operating lease expenses for the years ended December 31, 2020 2019, Year Ended December 31, 2020 2019 Lease cost Operating lease cost $ 1,145 $ 959 Short-term lease cost 13 15 Variable lease cost 264 162 Sublease income (217 ) (217 ) Total lease cost $ 1,205 $ 919 Net cash outflows associated with operating leases totaled $1,111,000 $983,000 December 31, 2020 2019, When the Company subleased its facilities located in Alpharetta, Georgia, for less than it is required to pay under the head lease, it recorded a lease loss charge of $253,000 three December 31, 2018, 5 Liabilities related to costs of exit from leased premises are summarized as follows (in thousands): Balance as of January 1, 2018 $ — Costs of exit from leased premises 359 Deferred rent on cease-use date 19 Impairment of property and equipment (106 ) Cash paid, net of receipts (41 ) Accretion charges, included in rent expense 2 Balance as of December 31, 2018 $ 233 Prior to December 31, 2018, $875,000 December 31, 2018. |
Note 9 - Convertible Promissory
Note 9 - Convertible Promissory Notes, Related Parties | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Convertible Promissory Notes, Related Party [Text Block] | NOTE 9. On December 10, 2014, December 2014 $18.4 On November 20, 2015, second November December 2015 $11.0 2014. As the holders of the convertible promissory notes each had an equity ownership in the Company, the convertible promissory notes were considered to be a related-party transaction. The convertible promissory notes bore interest at a rate of 8.0% As of December 31, 2017, $35.3 $29.4 $6.3 $0.4 $0.3 December 31, 2018, 43 On February 13, 2018, $35.6 $29.4 $6.6 $0.4 1,571,702 $9.05, $14.2 $21.4 |
Note 10 - Secured Promissory No
Note 10 - Secured Promissory Note Payable to Oxford Finance | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Secured Promissory Note Payable [Text Block] | NOTE 10. On December 22, 2016, $5.0 $5.0 30 6.17%, four first 12 36 In conjunction with the execution of the Loan Agreement, all the holders of convertible promissory notes signed subordination agreements, under which they agreed to subordinate in favor of Oxford Finance all amounts due under their promissory notes and any security interest in the Company's property. In addition, the holders of the notes agreed that they would not $325,000 In connection with the Loan Agreement, the Company issued a warrant to Oxford Finance to purchase 7,563 $33.11 $134,000 The Warrant provided that if the share price at the next equity financing was less than the Warrant exercise price, then the Warrant would be for the new class of shares, the exercise price would be the new class share price, and the number of shares would be calculated by dividing $250,000 Due to the antidilution protection, following the Merger, the Warrant was amended to allow the holder to purchase 10,914 $22.99 no $70,000 February 13, 2018, 4 The annual effective interest rate of the note, including the accretion of the final payment and the amortization of the debt discount, was approximately 10.5%. $311,000 $526,000 December 31, 2019 2018, $223,000 $356,000 November 4, 2019. $98,000 $2,000 VAXART, INC. AND SUBSIDIARIES Notes to the Consolidated Financial Statements |
Note 11 - Commitments and Conti
Note 11 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 11. (a) Purchase Commitments As of December 31, 2020 $24.6 eighteen Note 8 (b) Indemnifications In the ordinary course of business, the Company enters into agreements that may may third not may (c) From time to time the Company may not On August 4, 2020, September 4, 2020, second November 25, 2020. second March 24, 2020 June 15, 2020 two June 8, 2020. second no December 30, 2020, second On September 8, 2020, October 20, 2020, March 24, 2020 June 15, 2020 two June 8, 2020. no no October 9, 2020, November 12, 2020, In re Vaxart, Inc. Stockholder Litigation Jaquith v. Latour January 4, 2021, On September 17, 2020, §14 1934 April 24, 2020, March 24, 2020 June 15, 2020, June 8, 2020, no no no November 13, 2020, Two substantially similar securities class actions were filed in the U.S. District Court for the Northern District of California, the first, titled Himmelberg v. Vaxart, Inc. et al. was filed on August 24, 2020 ( second September 1, 2020 ( September 17, 2020, one December 9, 2020, January 29, 2021, two 10b 5, 20 20A OWS On October 23, 2020, 16 no On January 8, 2021, pro se Chan v. Vaxart, Inc. et al. Opt-Out Action two 10 10b 5, 20 19 On February 4, 2021, Barker v. Vaxart, Inc. et al one 141 not The Company's legal costs incurred in its defense against these claims are expensed as incurred. |
Note 12 - Stockholders' Equity
Note 12 - Stockholders' Equity | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 12. (a) Convertible Preferred Stock The Company is authorized to issue 5,000,000 $0.0001 may, 5,000,000 one may No no February 13, 2018, three 1 Series C 2013 $20.0 8%. not no February 13, 2018, $7.3 $188,000 2018. February 13, 2018, 696,028 253,851 Series B 2009 2014 $16.0 8%. not no February 13, 2018, $7.6 $151,000 2018. February 13, 2018, 599,259 265,340 Series A 2007 2012 $2.9 No February 13, 2018, 104,065 (b) Common Stock Except as otherwise required by law or as otherwise provided in any certificate of designation for any series of preferred stock, the holders of common stock possess all voting power for the election of the Company's directors and all other matters requiring stockholder action. Holders of common stock are entitled to one may no December 31, 2020 no In the event of the Company's voluntary or involuntary liquidation, dissolution, distribution of assets or winding-up, the holders of the common stock will be entitled to receive an equal amount per share of all the Company's assets of whatever kind available for distribution to stockholders, after the rights of the holders of the preferred stock have been satisfied. There are no The Company had shares of common stock reserved for issuance as follows: December 31, 2020 December 31, 2019 Options issued and outstanding 6,813,033 1,811,652 Available for future grants of equity awards 1,230,863 295,180 Common stock warrants 1,244,974 43,370,162 Total 9,288,870 45,476,994 (c) Warrants The Company has the following warrants outstanding as of December 31, 2020 none Securities into which warrants are convertible Warrants outstanding Exercise Price Expiration Date Common Stock 5,000 $ 0.30 September 2024 Common Stock 224,797 $ 0.375 September 2024 Common Stock 225,966 $ 1.10 April 2024 Common Stock 111,931 $ 1.375 April 2024 Common Stock 316,584 $ 2.50 March 2025 Common Stock 269,496 $ 3.125 February 2025 Common Stock 80,286 $ 3.125 March 2024 Common Stock 10,914 $ 22.99 December 2026 Total 1,244,974 The aggregate fair value at issuance of the warrants issued to the placement agents' designees at the closing of the March 2019 March 2020 April 2019 September 2019 1 $100,000, $453,000, $333,000 $497,000, Offering March 2019 April 2019 September 2019 March 2020 Aggregate valuation on issuance date $ 100,000 $ 333,000 $ 497,000 $ 453,000 Number of warrants issued 84,000 636,364 2,115,738 280,000 Exercise price $ 3.125 $ 1.375 $ 0.375 $ 3.125 Closing stock price $ 2.08 $ 0.89 $ 0.36 $ 2.34 Risk-free interest rate 2.34 % 2.31 % 1.55 % 0.88 % Expected term (In Years) 5.00 5.00 5.00 4.99 Expected volatility 80 % 83 % 83 % 98 % Dividend yield — % — % — % — % In the event of a Fundamental Transaction (a transfer of ownership of the Company as defined in the warrant) within the Company's control, the holders of the unexercised common stock warrants exercisable for $0.30, $0.375, $1.10 $2.50 $3.125 February 2025 not |
Note 13 - Equity Incentive Plan
Note 13 - Equity Incentive Plans | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | NOTE 13. Prior to the Merger, Private Vaxart issued equity awards for compensation purposes to employees, directors and consultants under the Company's 2007 “2007 2007 July 2017 no may 2007 In November 2016, 2016 “2016 2016 2016 ten 2019 “2019 no 2016 On April 23, 2019, 2019 may 2019 may The aggregate number of shares of common stock authorized for issuance under the 2019 1,600,000 2019 June 8, 2020, 8,000,000 2019 2019 ten may A summary of stock option transactions in each of the three December 31, 2020 Weighted Shares Number of Average Available Options Exercise For Grant Outstanding Price Balance at January 1, 2018 — 304,850 $ 9.50 Assumed on consummation of Merger 291,102 627,106 $ 26.33 Granted (431,100 ) 431,100 $ 5.17 Exercised — (2,013 ) $ 6.49 Forfeited 71,500 (89,903 ) $ 5.90 Canceled 269,148 (405,977 ) $ 34.64 Balance at December 31, 2018 200,650 865,163 $ 8.13 Authorized under 2019 Plan on Adoption 1,600,000 — $ — Removed from 2016 Plan (223,389 ) — $ — Granted (1,791,030 ) 1,791,030 $ 0.67 Forfeited 483,849 (592,528 ) $ 1.57 Canceled 25,100 (252,013 ) $ 9.25 Balance at December 31, 2019 295,180 1,811,652 $ 2.74 Authorized under 2019 Plan Amendment 6,400,000 — $ — Granted (5,579,800 ) 5,579,800 $ 2.66 Exercised — (414,676 ) $ 1.45 Forfeited 105,910 (105,992 ) $ 1.65 Canceled 9,573 (57,751 ) $ 10.57 Balance at December 31, 2020 1,230,863 6,813,033 $ 2.70 As of December 31, 2020 6,813,033 $2.70, 8.99 $22.5 6,502,213 $2.68, 8.97 $21.6 2,886,541 $2.65, 8.65 $9.9 The aggregate intrinsic value represents the total pre-tax value (i.e., the difference between the Company's stock price and the exercise price) of stock options outstanding as of December 31, 2020 $5.71, The intrinsic value of options exercised in the year ended December 31, 2020 $2.2 no December 31, 2019 December 31, 2018, zero In March 2020, 411,000 December 31, 2020, $1.70 September 30, 2020, $632,000 nine September 30, 2020. December 31, 2020, not 411,000 On March 24, 2020, 2,610,000 $1.70 March 24, 2020) ( “March 25% twenty-four 24 May 1, 2020 April 1, 2022; not June 8, 2020, March On June 15, 2020, 900,000 845,280 $2.46 25% first 75% three first 50% 2019 Vesting of the performance-based options would occur if the Company achieved a specified closing price during any ten November 30, 2020, one third $5.00, one third $7.50 one third $10.00, $2.46, 105%, 0.35%, zero 5.23 $0.31 $279,000, November 30, 2020, $5.00, $7.50 $10.00 July 9, 2020, July 20, 2020 July 24, 2020, June 30, 2020, three September 30, 2020. Excluding these performance-based options, the weighted average grant date fair value of options awarded in the years ended December 31, 2020, 2019 2018 $2.49, $0.48 $3.59, Year Ended December 31, 2020 2019 2018 Risk-free interest rate 0.40% 0.88% 1.68% 2.31% 2.79% 2.80% Expected term (in years) 5.22 10.00 5.39 10.00 5.84 6.05 Expected volatility 94% 111% 83% 85% 78% 80% Dividend yield —% —% —% The Company measures the fair value of all stock-based awards on the grant date and records the fair value of these awards, net of estimated forfeitures, to compensation expense over the service period. Total stock-based compensation recognized for options was as follows (in thousands): Year Ended December 31, 2020 2019 2018 Research and development $ 1,563 $ 253 $ 254 General and administrative 2,795 374 285 Total stock-based compensation $ 4,358 $ 627 $ 539 As of December 31, 2020 $8.2 2.31 |
Note 14 - Related Party Transac
Note 14 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE 14. In April 2020, $652,000 16 1934, |
Note 15 - Restructuring Charges
Note 15 - Restructuring Charges and (Reversals) | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | NOTE 15. Restructuring liabilities primarily consisted of the estimated future obligations for contract suspension costs and severance and benefits obligations. These restructuring liabilities, all of which were paid in the year ending December 31, 2020, The Company approved a reduction-in-force during the year ended December 31, 2019, three March 31, 2020. $2,252,000 September 2020 no December 31, 2020, not Cumulative restructuring costs incurred and a reconciliation of the change in related liabilities during the years ended December 31, 2019 2020, Suspension Severance Impairment of Contract Benefits Charges Other Total Cumulative cost incurred as of December 31, 2020 $ 2,252 $ 368 $ 1,272 $ 179 $ 4,071 Reconciliation of liabilities: Balance at January 1, 2019 $ — $ — $ — $ — $ — Period charges 3,223 368 1,272 57 4,920 Settlements — — (1,272 ) — (1,272 ) Balance at December 31, 2019 3,223 368 — 57 3,648 Period charges — — — 122 122 Period reversals (971 ) — — — (971 ) Settlements (2,252 ) (368 ) — (179 ) (2,799 ) Balance at December 31, 2020 $ — $ — $ — $ — $ — |
Note 16 - Benefit Plan
Note 16 - Benefit Plan | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | NOTE 16. The Company provides a tax-qualified employee savings and retirement plan commonly known as a 401 may $19,500 2020, $19,000 2019 $18,500 2018. 50 may $6,500 $6,000 2019 2018. Employees direct their contributions, which vest immediately, across a series of mutual funds. In the years ended December 31, 2020, 2019 2018, 3% $96,000, $140,000 $124,000 December 31, 2020, 2019 2018, $10,000, $14,000 $9,000 December 31, 2020, 2019 2018, |
Note 17 - Income Taxes
Note 17 - Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 17. The provision for income taxes consists of the following (in thousands): Year Ended December 31, 2020 2019 2018 Current: Federal $ — $ — $ — State 3 2 3 Foreign 235 488 106 Total Current 238 490 109 Deferred: Federal — — — State — — — Foreign — — — Total Deferred — — — Provision for income taxes $ 238 $ 490 $ 109 The components of the deferred tax assets are as follows (in thousands): December 31, 2020 December 31, 2019 December 31, 2018 Deferred tax assets: Net operating loss carry-forwards $ 14,161 $ 6,924 $ 43,822 Research and development tax credits 2,497 1,591 3,357 Capitalized research and development 4,534 4,773 2,326 Sale of future royalties 7,178 7,486 8,383 Lease Liability 1,695 492 — Accruals, reserves and other 1,327 1,253 714 Total deferred tax assets 31,392 22,519 58,602 Valuation allowance (21,952 ) (13,365 ) (48,626 ) Deferred tax assets net of valuation allowance 9,440 9,154 9,976 Deferred tax liabilities: Intangible assets (7,832 ) (8,730 ) (9,976 ) Right-of-use assets (1,608 ) (424 ) — Total deferred tax liabilities (9,440 ) (9,154 ) (9,976 ) Net deferred tax assets $ — $ — $ — A reconciliation of the provision for income taxes with the expected provision for income taxes computed by applying the federal statutory income tax rate of 21% Year Ended December 31, 2020 2019 2018 U.S. federal taxes at statutory rate 21.0 % 21.0 % 21.0 % State taxes (net of federal benefit) 2.9 0.4 0.6 Foreign rate differential (0.7 ) (2.6 ) 3.1 Global intangible low-taxed income — — (8.8 ) Permanently non-deductible items 2.2 (3.7 ) (2.5 ) Tax credits 2.8 1.7 2.1 Change in valuation allowance (26.8 ) 194.2 (20.4 ) Tax attributes write-off due to change in control 0.5 (208.3 ) — Prior year true-up (2.5 ) (0.9 ) — NOL and credit adjustments — — (3.8 ) Bargain purchase gain — — 8.1 Other (0.1 ) (4.5 ) — Provision for income taxes (0.7 )% (2.7 )% (0.6 )% The Company's actual tax expense differed from the statutory federal income tax expense using a tax rate of 21% December 31, 2019, December 31, 2020, 2019 2018 21% As of December 31, 2020, 2019 2018 $51.6 $18.0 $92.3 $26.8 $1.6 $76.9 not 2024 2028 2019 As of December 31, 2020 $6.8 not may not December 31, 2020 no no As of December 31, 2020, 2019 2018 $0.9 $0.1 $3.0 $3.4 $2.7 $2.3 2039, not Sections 382 383 may February 13, 2018, December 31, 2020, not September 30, 2019, $62,000, May 15, 2020, $3.2 382 383 not The Company is required to reduce its deferred tax assets by a valuation allowance if it is more likely than not not December 31, 2020, 2019 2018 $8.6 December 31, 2020, $35.3 December 31, 2019 $25.7 December 31, 2018. 2019 September 30, 2019. The Company records unrecognized tax benefits, where appropriate, for all uncertain income tax positions. The Company recorded unrecognized tax benefits for uncertain tax positions of approximately $1.3 December 31, 2020 none A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): Year Ended December 31, 2020 2019 2018 Beginning Balance $ 851 $ 1,582 $ 1,404 Additions based on tax positions related to the current year 431 159 181 Decreases related to prior years' tax positions (1 ) (890 ) (3 ) Ending Balance $ 1,281 $ 851 $ 1,582 The Company's policy is to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. During the years ended December 31, 2020, 2019 2018 no no twelve The Company files income tax returns in the U.S. and Australia, as well as with various U.S. states. The Company is subject to tax audits in all jurisdictions in which it files income tax returns. Tax audits by their very nature are often complex and can require several years to complete. There are currently no Under the tax statute of limitations applicable to the Internal Revenue Code, the Company and its U.S. subsidiary, either standalone or as part of the consolidated group, is no 2017. no 2016 2015 |
Note 18 - Net Loss Per Share At
Note 18 - Net Loss Per Share Attributable to Common Stockholders | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 18. The following table presents the calculation of basic and diluted net loss per share (in thousands, except share and per share amounts): Year Ended December 31, 2020 2019 2018 Net loss $ (32,220 ) $ (18,645 ) $ (18,007 ) Series B and C preferred dividend — — (339 ) Net loss attributable to common stockholders $ (32,220 ) $ (18,645 ) $ (18,346 ) Shares used to compute net loss per share, basic and diluted 88,295,762 21,569,523 6,316,065 Net loss per share attributable to common stockholders, basic and diluted $ (0.36 ) $ (0.86 ) $ (2.90 ) No The following potentially dilutive securities were excluded from the computation of diluted weighted average shares outstanding because they would have been antidilutive: Year Ended December 31, 2020 2019 2018 Options to purchase common stock 4,409,806 1,583,575 839,396 Warrants to purchase common stock 14,773,425 17,579,945 9,658 Warrant to purchase convertible preferred stock — — 891 Series B and C convertible preferred stock outstanding, including cumulative dividends — — 213,760 Series A convertible preferred stock outstanding — — 12,260 Convertible promissory notes, related party (as converted) — — 185,159 Total potentially dilutive securities excluded from denominator of the diluted earnings per share computation 19,183,231 19,163,520 1,261,124 |
Note 19 - Quarterly Financial D
Note 19 - Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | NOTE 19. Selected summarized quarterly financial information for each of the last three Year Ended December 31, 2020 First Second Third Fourth Revenue $ 2,902 $ 523 $ 265 $ 356 Operating expenses $ 3,596 $ 9,049 $ 7,854 $ 13,717 Net loss $ (1,297 ) $ (8,977 ) $ (8,085 ) $ (13,861 ) Net loss per share – basic and diluted $ (0.02 ) $ (0.12 ) $ (0.08 ) $ (0.13 ) Year Ended December 31, 2019 First Second Third Fourth Revenue $ 5,407 $ 85 $ 454 $ 3,916 Operating expenses $ 5,855 $ 5,082 $ 5,168 $ 9,542 Net loss $ (1,339 ) $ (5,637 ) $ (5,260 ) $ (6,409 ) Net loss per share – basic and diluted $ (0.18 ) $ (0.39 ) $ (0.32 ) $ (0.13 ) Year Ended December 31, 2018 First Second Third Fourth Revenue $ 1,503 $ 608 $ 281 $ 1,767 Operating expenses $ 5,418 $ 8,383 $ 6,161 $ 5,953 Net income (loss) $ 2,314 $ (8,871 ) $ (6,548 ) $ (4,902 ) Net income (loss) attributable to common stockholders $ 1,975 $ (8,871 ) $ (6,548 ) $ (4,902 ) Net income (loss) per share – basic $ 0.54 $ (1.24 ) $ (0.92 ) $ (0.69 ) Net income (loss) per share – diluted $ 0.49 $ (1.24 ) $ (0.92 ) $ (0.69 ) |
Note 20 - Subsequent Events
Note 20 - Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 20. Since December 31, 2020, 6,654,367 1 $65.8 830,722 $1.6 Changes in the status of litigation since December 31, 2020, 11. Litigation |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation |
Consolidation, Policy [Policy Text Block] | Basis of Consolidation |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currencies no |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents three may |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk not The primary focus of the Company's investment strategy is to preserve capital and meet liquidity requirements. The Company's investment policy addresses the level of credit exposure by limiting the concentration in any one no |
Receivable [Policy Text Block] | Accounts Receivable 6 no December 31, 2020 2019 |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment The useful lives of the property and equipment are as follows: Laboratory equipment (in years) 5 Office and computer equipment (in years) 3 Leasehold improvements Shorter of remaining lease term or estimated useful life |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | Intangible Assets 5 1.3 11.75 20 not December 31, 2018 ( 5 |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets may not December 31, 2018 ( 5 8 December 31, 2019 ( 15 |
Accrued Clinical And Manufacturing Expenses Policy [Policy Text Block] | Accrued Clinical and Manufacturing Expenses third not The Company estimates the amount of services provided through discussions with internal personnel and external service providers as to the progress or stage of completion of the services and the agreed-upon fee to be paid for such services. The Company makes significant judgments and estimates in determining the accrued balance in each reporting period. As actual costs become known, it adjusts its accrued estimates. Although the Company does not may third not |
Lessee, Leases [Policy Text Block] | Leases January 1, 2019, one not not |
Derivatives, Policy [Policy Text Block] | Convertible Preferred Stock Warrant Liability no |
Revenue [Policy Text Block] | Revenue Recognition five (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations based on estimated selling prices; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account. Revenue from royalties earned as a percentage of sales, including milestone payments based on achieving a specified level of sales, where a license is deemed to be the predominant item to which the royalties relate, is recognized as revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied), as required under the sales- and usage-based royalty exception. Revenue from contracts with customers is recognized ratably, based on costs incurred, as the Company provides promised services to its customers in amounts that reflect the consideration that the Company expects to receive for those services. The Company performed research and development work under its cost-plus-fixed-fee contract with HHS BARDA. The Company recognizes revenue under research contracts only when a contract has been executed and the contract price is fixed or determinable. Revenue from the HHS BARDA contract is recognized in the period during which the related costs are incurred and the related services are rendered, provided that the applicable conditions under the contract have been met. Costs of contract revenue are recorded as a component of operating expenses in the consolidated statements of operations and comprehensive loss. Under cost reimbursable contracts, the Company recognizes revenue as allowable costs are incurred and the fixed fee is earned. Reimbursable costs under the contract primarily include direct labor, subcontract costs, materials, equipment, travel, and approved overhead and indirect costs. Fixed fees under cost reimbursable contracts are earned in proportion to the allowable costs incurred in performance of the work relative to total estimated contract costs, with such costs incurred representing a reasonable measurement of the proportional performance of the work completed. Payments to the Company under cost reimbursable contracts, such as this contract, are provisional payments subject to adjustment upon annual audit by the government. Management believes that revenue for periods not may |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Costs third |
Share-based Payment Arrangement [Policy Text Block] | Stock-Based Compensation April 1, 2018, April 1, 2018, |
Earnings Per Share, Policy [Policy Text Block] | Net Income (Loss) Per Share Attributable to Common Stockholders Diluted net income (loss) per common share is computed giving effect to all potential dilutive common shares, comprising common stock issuable upon exercise of stock options and warrants. The Company uses the treasury-stock method to compute diluted income (loss) per share with respect to its stock options and warrants. For purposes of this calculation, options and warrants to purchase common stock are considered to be potential common shares and are only included in the calculation of diluted net income per share when their effect is dilutive. In the event of a net loss, the effects of all potentially dilutive shares are excluded from the diluted net loss per share calculation as their inclusion would be antidilutive. |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassification Prior year data is subject to reclassification to conform to current year presentation. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Pronouncements The Company did not 2020. Recent Accounting Pronouncements In August 2020, 2020 06, Debt - Debt with Conversion and Other Options (Subtopic 470 20 815 40 none January 1, 2021. The Company has reviewed all other significant newly-issued accounting pronouncements that are not not not |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Property, Plant, and Equipment, Useful Life [Table Text Block] | Laboratory equipment (in years) 5 Office and computer equipment (in years) 3 Leasehold improvements Shorter of remaining lease term or estimated useful life |
Note 3 - Business Combination (
Note 3 - Business Combination (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Business Acquisitions by Acquisition, Equity Interest Issued or Issuable [Table Text Block] | Common stock $ 31,789 Total $ 31,789 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | As of February 13, 2018 2018 Adjustments As of December 31, 2018 Cash and cash equivalents $ 25,525 $ — $ 25,525 Accounts receivable 14,666 — 14,666 Prepaid expenses 446 (10 ) 436 Property and equipment 170 — 170 Intangible assets: Developed technology (1) 22,400 (300 ) 22,100 In-process research and development (2) 1,600 — 1,600 Total assets 64,807 (310 ) 64,497 Accounts payable (3,379 ) 75 (3,304 ) Other current liabilities (6,351 ) (393 ) (6,744 ) Liability related to sale of future royalties (16,300 ) 400 (15,900 ) Net assets acquired 38,777 (228 ) 38,549 Purchase price (31,789 ) — (31,789 ) Bargain purchase gain (3) $ 6,988 $ (228 ) $ 6,760 |
Note 4 - Fair Value of Financ_2
Note 4 - Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Convertible Preferred Stock Warrant Liability Total Balance at January 1, 2018 $ 67 $ 67 Issuances — — Revaluation loss included in loss on revaluation of financial instruments 3 3 Settlements (70 ) (70 ) Balance at December 31, 2018 $ — $ — Total losses included in other income and (expenses) attributable to liabilities still held as of December 31, 2018 $ — $ — |
Note 5 - Balance Sheet Compon_2
Note 5 - Balance Sheet Components (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Cash and Cash Equivalents [Table Text Block] | December 31, 2020 December 31, 2019 Cash at banks $ 66,865 $ 13,511 Money market funds 60,005 15 Cash and cash equivalents $ 126,870 $ 13,526 |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | December 31, 2020 December 31, 2019 Royalties receivable $ 334 $ 3,438 Customer service contracts – billed — 181 Accounts receivable $ 334 $ 3,619 |
Property, Plant and Equipment [Table Text Block] | December 31, 2020 December 31, 2019 Laboratory equipment $ 1,759 $ 537 Office and computer equipment 294 132 Total property and equipment 2,053 669 Less: accumulated depreciation (573 ) (459 ) Property and equipment, net $ 1,480 $ 210 |
Lessee, Operating Lease, Right-of-Use Assets [Table Text Block] | December 31, 2020 December 31, 2019 Facilities $ 6,836 $ 1,985 Office equipment 2 5 Right-of-use assets, net $ 6,838 $ 1,990 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | December 31, 2020 December 31, 2019 Purchased technology $ 20,300 $ 22,100 Intellectual property 80 80 Total cost 20,380 22,180 Less accumulated amortization (5,019 ) (5,087 ) Intangible assets, net $ 15,361 $ 17,093 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Year Ending December 31, Amount 2021 $ 1,732 2022 1,731 2023 1,732 2024 1,732 2025 1,731 Thereafter 6,703 Total $ 15,361 |
Schedule of Accrued Liabilities [Table Text Block] | December 31, 2020 December 31, 2019 Accrued compensation $ 1,618 $ 903 Accrued clinical and manufacturing expenses 1,772 3,228 Accrued professional and consulting services 777 2 Reserve for return of royalties — 178 Other 632 254 Total $ 4,799 $ 4,565 |
Note 7 - Liabilities Related _2
Note 7 - Liabilities Related to Sale of Future Royalties (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Deferred Revenue, by Arrangement, Disclosure [Table Text Block] | Total liability related to sale of future royalties, start of year $ 16,332 Non-cash royalty revenue paid to HCRP (3,277 ) Non-cash interest expense recognized 1,874 Total liability related to sale of future royalties, end of year 14,929 Current portion (2,779 ) Long-term portion $ 12,150 |
Note 8 - Leases (Tables)
Note 8 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Year Ending December 31, Amount 2021 $ 2,633 2022 1,801 2023 1,585 2024 1,641 2025 1,112 Undiscounted total 8,772 Less: imputed interest (1,564 ) Present value of future minimum payments 7,208 Current portion of operating lease liability (2,052 ) Operating lease liability, net of current portion $ 5,156 |
Lease, Cost [Table Text Block] | Year Ended December 31, 2020 2019 Lease cost Operating lease cost $ 1,145 $ 959 Short-term lease cost 13 15 Variable lease cost 264 162 Sublease income (217 ) (217 ) Total lease cost $ 1,205 $ 919 |
Restructuring and Related Costs [Table Text Block] | Balance as of January 1, 2018 $ — Costs of exit from leased premises 359 Deferred rent on cease-use date 19 Impairment of property and equipment (106 ) Cash paid, net of receipts (41 ) Accretion charges, included in rent expense 2 Balance as of December 31, 2018 $ 233 |
Note 12 - Stockholders' Equity
Note 12 - Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Common Stock Reserved for Issuance [Table Text Block] | December 31, 2020 December 31, 2019 Options issued and outstanding 6,813,033 1,811,652 Available for future grants of equity awards 1,230,863 295,180 Common stock warrants 1,244,974 43,370,162 Total 9,288,870 45,476,994 |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Securities into which warrants are convertible Warrants outstanding Exercise Price Expiration Date Common Stock 5,000 $ 0.30 September 2024 Common Stock 224,797 $ 0.375 September 2024 Common Stock 225,966 $ 1.10 April 2024 Common Stock 111,931 $ 1.375 April 2024 Common Stock 316,584 $ 2.50 March 2025 Common Stock 269,496 $ 3.125 February 2025 Common Stock 80,286 $ 3.125 March 2024 Common Stock 10,914 $ 22.99 December 2026 Total 1,244,974 |
Fair Value of Warrants, Assumptions [Table Text Block] | Offering March 2019 April 2019 September 2019 March 2020 Aggregate valuation on issuance date $ 100,000 $ 333,000 $ 497,000 $ 453,000 Number of warrants issued 84,000 636,364 2,115,738 280,000 Exercise price $ 3.125 $ 1.375 $ 0.375 $ 3.125 Closing stock price $ 2.08 $ 0.89 $ 0.36 $ 2.34 Risk-free interest rate 2.34 % 2.31 % 1.55 % 0.88 % Expected term (In Years) 5.00 5.00 5.00 4.99 Expected volatility 80 % 83 % 83 % 98 % Dividend yield — % — % — % — % |
Note 13 - Equity Incentive Pl_2
Note 13 - Equity Incentive Plans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Weighted Shares Number of Average Available Options Exercise For Grant Outstanding Price Balance at January 1, 2018 — 304,850 $ 9.50 Assumed on consummation of Merger 291,102 627,106 $ 26.33 Granted (431,100 ) 431,100 $ 5.17 Exercised — (2,013 ) $ 6.49 Forfeited 71,500 (89,903 ) $ 5.90 Canceled 269,148 (405,977 ) $ 34.64 Balance at December 31, 2018 200,650 865,163 $ 8.13 Authorized under 2019 Plan on Adoption 1,600,000 — $ — Removed from 2016 Plan (223,389 ) — $ — Granted (1,791,030 ) 1,791,030 $ 0.67 Forfeited 483,849 (592,528 ) $ 1.57 Canceled 25,100 (252,013 ) $ 9.25 Balance at December 31, 2019 295,180 1,811,652 $ 2.74 Authorized under 2019 Plan Amendment 6,400,000 — $ — Granted (5,579,800 ) 5,579,800 $ 2.66 Exercised — (414,676 ) $ 1.45 Forfeited 105,910 (105,992 ) $ 1.65 Canceled 9,573 (57,751 ) $ 10.57 Balance at December 31, 2020 1,230,863 6,813,033 $ 2.70 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Year Ended December 31, 2020 2019 2018 Risk-free interest rate 0.40% 0.88% 1.68% 2.31% 2.79% 2.80% Expected term (in years) 5.22 10.00 5.39 10.00 5.84 6.05 Expected volatility 94% 111% 83% 85% 78% 80% Dividend yield —% —% —% |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Year Ended December 31, 2020 2019 2018 Research and development $ 1,563 $ 253 $ 254 General and administrative 2,795 374 285 Total stock-based compensation $ 4,358 $ 627 $ 539 |
Note 15 - Restructuring Charg_2
Note 15 - Restructuring Charges and (Reversals) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | Suspension Severance Impairment of Contract Benefits Charges Other Total Cumulative cost incurred as of December 31, 2020 $ 2,252 $ 368 $ 1,272 $ 179 $ 4,071 Reconciliation of liabilities: Balance at January 1, 2019 $ — $ — $ — $ — $ — Period charges 3,223 368 1,272 57 4,920 Settlements — — (1,272 ) — (1,272 ) Balance at December 31, 2019 3,223 368 — 57 3,648 Period charges — — — 122 122 Period reversals (971 ) — — — (971 ) Settlements (2,252 ) (368 ) — (179 ) (2,799 ) Balance at December 31, 2020 $ — $ — $ — $ — $ — |
Note 17 - Income Taxes (Tables)
Note 17 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended December 31, 2020 2019 2018 Current: Federal $ — $ — $ — State 3 2 3 Foreign 235 488 106 Total Current 238 490 109 Deferred: Federal — — — State — — — Foreign — — — Total Deferred — — — Provision for income taxes $ 238 $ 490 $ 109 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2020 December 31, 2019 December 31, 2018 Deferred tax assets: Net operating loss carry-forwards $ 14,161 $ 6,924 $ 43,822 Research and development tax credits 2,497 1,591 3,357 Capitalized research and development 4,534 4,773 2,326 Sale of future royalties 7,178 7,486 8,383 Lease Liability 1,695 492 — Accruals, reserves and other 1,327 1,253 714 Total deferred tax assets 31,392 22,519 58,602 Valuation allowance (21,952 ) (13,365 ) (48,626 ) Deferred tax assets net of valuation allowance 9,440 9,154 9,976 Deferred tax liabilities: Intangible assets (7,832 ) (8,730 ) (9,976 ) Right-of-use assets (1,608 ) (424 ) — Total deferred tax liabilities (9,440 ) (9,154 ) (9,976 ) Net deferred tax assets $ — $ — $ — |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended December 31, 2020 2019 2018 U.S. federal taxes at statutory rate 21.0 % 21.0 % 21.0 % State taxes (net of federal benefit) 2.9 0.4 0.6 Foreign rate differential (0.7 ) (2.6 ) 3.1 Global intangible low-taxed income — — (8.8 ) Permanently non-deductible items 2.2 (3.7 ) (2.5 ) Tax credits 2.8 1.7 2.1 Change in valuation allowance (26.8 ) 194.2 (20.4 ) Tax attributes write-off due to change in control 0.5 (208.3 ) — Prior year true-up (2.5 ) (0.9 ) — NOL and credit adjustments — — (3.8 ) Bargain purchase gain — — 8.1 Other (0.1 ) (4.5 ) — Provision for income taxes (0.7 )% (2.7 )% (0.6 )% |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | Year Ended December 31, 2020 2019 2018 Beginning Balance $ 851 $ 1,582 $ 1,404 Additions based on tax positions related to the current year 431 159 181 Decreases related to prior years' tax positions (1 ) (890 ) (3 ) Ending Balance $ 1,281 $ 851 $ 1,582 |
Note 18 - Net Loss Per Share _2
Note 18 - Net Loss Per Share Attributable to Common Stockholders (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year Ended December 31, 2020 2019 2018 Net loss $ (32,220 ) $ (18,645 ) $ (18,007 ) Series B and C preferred dividend — — (339 ) Net loss attributable to common stockholders $ (32,220 ) $ (18,645 ) $ (18,346 ) Shares used to compute net loss per share, basic and diluted 88,295,762 21,569,523 6,316,065 Net loss per share attributable to common stockholders, basic and diluted $ (0.36 ) $ (0.86 ) $ (2.90 ) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Year Ended December 31, 2020 2019 2018 Options to purchase common stock 4,409,806 1,583,575 839,396 Warrants to purchase common stock 14,773,425 17,579,945 9,658 Warrant to purchase convertible preferred stock — — 891 Series B and C convertible preferred stock outstanding, including cumulative dividends — — 213,760 Series A convertible preferred stock outstanding — — 12,260 Convertible promissory notes, related party (as converted) — — 185,159 Total potentially dilutive securities excluded from denominator of the diluted earnings per share computation 19,183,231 19,163,520 1,261,124 |
Note 19 - Quarterly Financial_2
Note 19 - Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | Year Ended December 31, 2020 First Second Third Fourth Revenue $ 2,902 $ 523 $ 265 $ 356 Operating expenses $ 3,596 $ 9,049 $ 7,854 $ 13,717 Net loss $ (1,297 ) $ (8,977 ) $ (8,085 ) $ (13,861 ) Net loss per share – basic and diluted $ (0.02 ) $ (0.12 ) $ (0.08 ) $ (0.13 ) Year Ended December 31, 2019 First Second Third Fourth Revenue $ 5,407 $ 85 $ 454 $ 3,916 Operating expenses $ 5,855 $ 5,082 $ 5,168 $ 9,542 Net loss $ (1,339 ) $ (5,637 ) $ (5,260 ) $ (6,409 ) Net loss per share – basic and diluted $ (0.18 ) $ (0.39 ) $ (0.32 ) $ (0.13 ) Year Ended December 31, 2018 First Second Third Fourth Revenue $ 1,503 $ 608 $ 281 $ 1,767 Operating expenses $ 5,418 $ 8,383 $ 6,161 $ 5,953 Net income (loss) $ 2,314 $ (8,871 ) $ (6,548 ) $ (4,902 ) Net income (loss) attributable to common stockholders $ 1,975 $ (8,871 ) $ (6,548 ) $ (4,902 ) Net income (loss) per share – basic $ 0.54 $ (1.24 ) $ (0.92 ) $ (0.69 ) Net income (loss) per share – diluted $ 0.49 $ (1.24 ) $ (0.92 ) $ (0.69 ) |
Note 1 - Organization and Bas_2
Note 1 - Organization and Basis of Presentation (Details Textual) | Oct. 13, 2020USD ($) | Jul. 13, 2020USD ($)shares | Mar. 02, 2020USD ($)$ / sharesshares | Sep. 30, 2019USD ($)$ / sharesshares | Apr. 11, 2019USD ($)$ / sharesshares | Mar. 20, 2019USD ($)$ / sharesshares | Feb. 13, 2018shares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($) | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | Jun. 08, 2020$ / sharesshares | Jun. 07, 2020$ / sharesshares |
Business Combination, Stock Conversion, Shares Issued Per Common Share Of Surviving Entity (in shares) | 0.22148 | |||||||||||||||
Stock Issued During Period, Shares, Reverse Stock Splits (in shares) | 7,100,000 | |||||||||||||||
Exchange Ratio, Number of Shares Exchanged Per Share (in shares) | 0.0201346 | |||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 1,200,000 | |||||||||||||||
Gross Proceeds from Issuance of Common Stock | $ | $ 3,000,000 | |||||||||||||||
Proceeds from Issuance of Common Stock | $ | 2,500,000 | |||||||||||||||
Payments of Stock Issuance Costs | $ | $ 320,000 | |||||||||||||||
Payments for Aggregate Commissions to Underwriters | $ | $ 750,000 | |||||||||||||||
Proceeds From Exercise of Pre-funded Warrants | $ | $ 1,226,000 | |||||||||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.10 | ||||||||
Common Stock, Shares Authorized (in shares) | 150,000,000 | 150,000,000 | 150,000,000 | 150,000,000 | 150,000,000 | 150,000,000 | 150,000,000 | 100,000,000 | ||||||||
Stock Issued During Period, Value, New Issues | $ | $ 2,440,000 | |||||||||||||||
The April 2019 Offering [Member] | ||||||||||||||||
Stock Issued During Period, Shares, New Issues, Excluding Shares Sold to Underwriters (in shares) | 925,455 | |||||||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 1.10 | |||||||||||||||
Proceeds from Issuance or Sale of Equity, Total | $ | $ 9,300,000 | |||||||||||||||
Proceeds from Issuance or Sale of Equity, Net | $ | $ 8,100,000 | |||||||||||||||
The September 2019 Offering [Member] | ||||||||||||||||
Stock Issued During Period, Shares, New Issues, Excluding Shares Sold to Underwriters (in shares) | 26,124,828 | |||||||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 0.30 | |||||||||||||||
Pre-funded Warrant Price (in dollars per share) | $ / shares | 0.20 | |||||||||||||||
Pre-funded Warrant, Accompanying Warrant, Amount Paid Per Share (in dollars per share) | $ / shares | $ 0.10 | |||||||||||||||
Payments for Aggregate Commissions to Underwriters | $ | $ 713,000 | |||||||||||||||
Proceeds from Issuance or Sale of Equity, Total | $ | 8,700,000 | |||||||||||||||
Proceeds from Issuance or Sale of Equity, Net | $ | $ 7,700,000 | |||||||||||||||
The March 2020 Offering [Member] | ||||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 4,000,000 | |||||||||||||||
Payments of Stock Issuance Costs | $ | $ 775,000 | |||||||||||||||
Proceeds from Issuance or Sale of Equity, Total | $ | 10,000,000 | |||||||||||||||
Proceeds from Issuance or Sale of Equity, Net | $ | $ 9,200,000 | |||||||||||||||
ATM Program [Member] | ||||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 12,503,806 | |||||||||||||||
Proceeds from Issuance of Common Stock | $ | $ 97,000,000 | $ 101,934,000 | ||||||||||||||
Stock Issued During Period, Value, New Issues | $ | $ 100,000,000 | |||||||||||||||
Open Market Sale Agreement [Member] | ||||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 692,651 | |||||||||||||||
Proceeds from Issuance of Common Stock | $ | $ 4,900,000 | |||||||||||||||
Payments of Stock Issuance Costs | $ | $ 300,000 | |||||||||||||||
Stock Issued During Period, Value, New Issues | $ | $ 5,500,000 | |||||||||||||||
Open Market Sale Agreement, Maximum Aggregate Offering Price | $ | $ 250,000,000 | |||||||||||||||
Open Market Sale Agreement, Sales Commission, Percentage | 4.50% | |||||||||||||||
Warrants in Connection with March 2019 Offering [Member] | ||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 84,000 | |||||||||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | 1 | |||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 3.125 | |||||||||||||||
Warrants and Rights Outstanding, Term (Year) | 5 years | |||||||||||||||
Warrants and Rights Outstanding | $ | $ 100,000 | |||||||||||||||
Warrants in Connection With the April 2019 Offering [Member] | ||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 10,454,546 | |||||||||||||||
Warrants and Rights Outstanding | $ | $ 333,000 | |||||||||||||||
Class of Warrant Right, Number of Pre-funded Warrants Issued During Period (in shares) | 8,165,455 | |||||||||||||||
Pre-funded Warrant Price (in dollars per share) | $ / shares | $ 1 | |||||||||||||||
Pre-funded Warrant, Accompanying Warrant, Amount Paid Per Share (in dollars per share) | $ / shares | $ 0.10 | |||||||||||||||
Warrants in Connection With the April 2019 Offering [Member] | Over-Allotment Option [Member] | ||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 1,363,636 | |||||||||||||||
Pre-funded Warrants [Member] | ||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | 1 | 1 | ||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 0.10 | $ 0.10 | ||||||||||||||
Class of Warrant Right, Number of Pre-funded Warrants Issued During Period (in shares) | 4,100,000 | |||||||||||||||
Proceeds From Exercise of Pre-funded Warrants | $ | $ 400,000 | $ 800,000 | ||||||||||||||
Class of Warrant or Right, Exercised During Period (in shares) | 4,100,000 | 8,165,455 | ||||||||||||||
Common Warrants [Member] | ||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | 1 | 1 | ||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 0.30 | $ 1.10 | ||||||||||||||
Warrants and Rights Outstanding, Term (Year) | 5 years | 5 years | ||||||||||||||
Class of Warrant or Right, Exercised During Period (in shares) | 30,661,667 | 10,228,580 | ||||||||||||||
Proceeds from Exercise of Common Stock Warrants | $ | $ 9,200,000 | $ 11,300,000 | ||||||||||||||
Underwriter Warrants [Member] | ||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | 1 | |||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 1.375 | |||||||||||||||
Class of Warrant or Right, Issued During Period (in shares) | 636,364 | |||||||||||||||
Class of Warrant or Right, Period to Expiration (Year) | 5 years | |||||||||||||||
Class of Warrant or Right, Issued During Period, Fair Value | $ | $ 333,000 | |||||||||||||||
Class of Warrant or Right, Exercised During Period (in shares) | 524,433 | |||||||||||||||
Proceeds from Exercise of Common Stock Warrants | $ | $ 700,000 | |||||||||||||||
Warrants in Connection with the September 2019 Offering [Member] | ||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 30,666,667 | |||||||||||||||
Warrants and Rights Outstanding | $ | $ 497,000 | |||||||||||||||
Warrants in Connection with the September 2019 Offering [Member] | Over-Allotment Option [Member] | ||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 4,000,000 | |||||||||||||||
Underwriter Warrants, September 2019 [Member] | ||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | 1 | |||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 0.375 | |||||||||||||||
Warrants and Rights Outstanding | $ | $ 497,000 | |||||||||||||||
Class of Warrant or Right, Issued During Period (in shares) | 2,115,738 | |||||||||||||||
Class of Warrant or Right, Period to Expiration (Year) | 5 years | |||||||||||||||
Class of Warrant or Right, Exercised During Period (in shares) | 1,890,941 | |||||||||||||||
Proceeds from Exercise of Common Stock Warrants | $ | $ 700,000 | |||||||||||||||
The March 2020 Offering Warrants [Member] | ||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 2,000,000 | |||||||||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | 1 | |||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 2.50 | |||||||||||||||
Warrants and Rights Outstanding, Term (Year) | 5 years | |||||||||||||||
Warrants and Rights Outstanding | $ | $ 453,000 | |||||||||||||||
Class of Warrant or Right, Exercised During Period (in shares) | 1,683,416 | |||||||||||||||
Proceeds from Exercise of Common Stock Warrants | $ | $ 4,200,000 | |||||||||||||||
The March 2020 Offering Placement Agent Warrants [Member] | ||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | 1 | |||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 3.125 | |||||||||||||||
Warrants and Rights Outstanding | $ | $ 453,000 | |||||||||||||||
Class of Warrant or Right, Issued During Period (in shares) | 280,000 | |||||||||||||||
Class of Warrant or Right, Exercised During Period (in shares) | 10,504 | |||||||||||||||
Private Vaxart's Stockholders, Warrantholders, and Optionholders [Member] | ||||||||||||||||
Ownership Percentage | 51.00% | |||||||||||||||
Aviragens Stockholderrs and Optionholders [Member] | ||||||||||||||||
Ownership Percentage | 49.00% | |||||||||||||||
Reverse Stock Split [Member] | ||||||||||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 11 |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Accounts Receivable, Allowance for Credit Loss, Ending Balance | $ 0 | $ 0 |
Developed Technology Rights [Member] | Minimum [Member] | ||
Finite-Lived Intangible Asset, Useful Life (Year) | 1 year 109 days | |
Developed Technology Rights [Member] | Maximum [Member] | ||
Finite-Lived Intangible Asset, Useful Life (Year) | 11 years 273 days | |
Intellectual Property [Member] | ||
Finite-Lived Intangible Asset, Useful Life (Year) | 20 years |
Note 2 - Summary of Significa_4
Note 2 - Summary of Significant Accounting Policies - Estimated Useful Lives (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Laboratory Equipment [Member] | |
Laboratory equipment (in years) (Year) | 5 years |
Office Equipment [Member] | |
Laboratory equipment (in years) (Year) | 3 years |
Leasehold Improvements [Member] | |
Leasehold improvements | Shorter of remaining lease term or estimated useful life |
Note 3 - Business Combination_2
Note 3 - Business Combination (Details Textual) - Developed Technology Rights [Member] | 12 Months Ended |
Dec. 31, 2020 | |
Maximum [Member] | |
Finite-Lived Intangible Asset, Useful Life (Year) | 11 years 273 days |
Minimum [Member] | |
Finite-Lived Intangible Asset, Useful Life (Year) | 1 year 109 days |
Note 3 - Business Combination -
Note 3 - Business Combination - Total Purchase Price for Aviragen (Details) - USD ($) $ in Thousands | Feb. 13, 2018 | Dec. 31, 2018 |
Common stock | $ 31,789 | |
Total | $ 31,789 | $ 31,789 |
Note 3 - Business Combination_3
Note 3 - Business Combination - Allocation of the Purchase Price to the Fair Value of the Respective Assets and Liabilities Acquired (Details) - USD ($) $ in Thousands | Feb. 13, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Cash and cash equivalents | $ 25,525 | |||||
Accounts receivable | 14,666 | |||||
Prepaid expenses | 436 | |||||
Property and equipment | 170 | |||||
Intangible assets: | ||||||
Developed technology (1) | [1] | 22,100 | ||||
In-process research and development (2) | [2] | 1,600 | ||||
Total assets | 64,497 | |||||
Accounts payable | (3,304) | |||||
Other current liabilities | (6,744) | |||||
Liability related to sale of future royalties | (15,900) | |||||
Net assets acquired | 38,549 | |||||
Purchase price | $ (31,789) | (31,789) | ||||
Bargain purchase gain (3) | 6,760 | [3] | ||||
Previously Reported [Member] | ||||||
Cash and cash equivalents | 25,525 | |||||
Accounts receivable | 14,666 | |||||
Prepaid expenses | 446 | |||||
Property and equipment | 170 | |||||
Intangible assets: | ||||||
Developed technology (1) | [1] | 22,400 | ||||
In-process research and development (2) | [2] | 1,600 | ||||
Total assets | 64,807 | |||||
Accounts payable | (3,379) | |||||
Other current liabilities | (6,351) | |||||
Liability related to sale of future royalties | (16,300) | |||||
Net assets acquired | 38,777 | |||||
Purchase price | (31,789) | |||||
Bargain purchase gain (3) | [3] | $ 6,988 | ||||
Revision of Prior Period, Adjustment [Member] | ||||||
Cash and cash equivalents | ||||||
Accounts receivable | ||||||
Prepaid expenses | (10) | |||||
Property and equipment | ||||||
Intangible assets: | ||||||
Developed technology (1) | [1] | (300) | ||||
In-process research and development (2) | [2] | |||||
Total assets | (310) | |||||
Accounts payable | 75 | |||||
Other current liabilities | (393) | |||||
Liability related to sale of future royalties | 400 | |||||
Net assets acquired | (228) | |||||
Purchase price | ||||||
Bargain purchase gain (3) | [3] | $ (228) | ||||
[1] | Developed technology comprises Inavir and Relenza, both influenza vaccines on which the Company is, or was, receiving royalty revenue, which, based on valuations prepared by an independent third party based on estimated discounted cash flows based on probability-weighted future development expenditures and revenue streams provided by the Company's management, are being, or has been, amortized on a straight-line basis over the estimated periods of future royalties at the time of the acquisition of 11.75 and 1.3 years, respectively. | |||||
[2] | In-process research and development (see Note 5) related to teslexivir, or BTA074, a direct-acting antiviral that, at the time of the Merger, was being actively developed as a treatment for genital warts. The valuation was prepared by an independent third party based on estimated discounted cash flows based on probability-weighted future development expenditures and revenue streams provided by the Company's management. | |||||
[3] | The bargain purchase gain represents the excess of the fair value of tangible and identified intangible assets acquired, less liabilities assumed, over the purchase price. |
Note 4 - Fair Value of Financ_3
Note 4 - Fair Value of Financial Instruments (Details Textual) - Fair Value, Recurring [Member] - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Financial Liabilities Fair Value Disclosure, Total | $ 0 | $ 0 | |
Money Market Funds [Member] | |||
Cash and Cash Equivalents, Fair Value Disclosure | $ 60,005,000 | $ 15,000 | $ 15,000 |
Note 4 - Fair Value of Financ_4
Note 4 - Fair Value of Financial Instruments - Reconciliation of All Liabilities Measured At Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Balance at January 1, 2018 | $ 67 |
Issuances | |
Revaluation loss included in loss on revaluation of financial instruments | 3 |
Settlements | (70) |
Balance at December 31, 2018 | |
Total losses included in other income and (expenses) attributable to liabilities still held as of December 31, 2018 | |
Convertible Preferred Stock Warrant Liability [Member] | |
Balance at January 1, 2018 | 67 |
Issuances | |
Revaluation loss included in loss on revaluation of financial instruments | 3 |
Settlements | (70) |
Balance at December 31, 2018 | |
Total losses included in other income and (expenses) attributable to liabilities still held as of December 31, 2018 |
Note 5 - Balance Sheet Compon_3
Note 5 - Balance Sheet Components (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Jun. 30, 2018 | Sep. 30, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Depreciation, Total | $ 114,000 | $ 504,000 | $ 476,000 | ||
Impairment of Property and Equipment | $ 106,000 | 1,272,000 | 106,000 | ||
Amortization of Intangible Assets, Total | 1,732,000 | 2,320,000 | 2,727,000 | ||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 1,600,000 | ||||
In Process Research and Development 1 [Member] | |||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 1,600,000 | ||||
Developed Technology Rights [Member] | |||||
Finite-Lived Intangible Asset, Remaining Life (Year) | 8 years 328 days | ||||
Intellectual Property [Member] | |||||
Finite-Lived Intangible Asset, Useful Life (Year) | 20 years | ||||
Finite-Lived Intangible Asset, Remaining Life (Year) | 7 years | ||||
Minimum [Member] | Developed Technology Rights [Member] | |||||
Finite-Lived Intangible Asset, Useful Life (Year) | 1 year 109 days | ||||
Maximum [Member] | Developed Technology Rights [Member] | |||||
Finite-Lived Intangible Asset, Useful Life (Year) | 11 years 273 days | ||||
Restructuring Charges [Member] | |||||
Impairment of Right-of-use Asset | 120,000 | ||||
Restructuring Charges [Member] | CALIFORNIA | |||||
Asset Impairment Charges, Total | $ 1,152,000 |
Note 5 - Balance Sheet Compon_4
Note 5 - Balance Sheet Components - Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Cash at banks | $ 66,865 | $ 13,511 | ||
Money market funds | 60,005 | 15 | ||
Cash and cash equivalents | $ 126,870 | $ 13,526 | $ 11,506 | $ 1,571 |
Note 5 - Balance Sheet Compon_5
Note 5 - Balance Sheet Components - Accounts Receivable, Net of Allowance (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Accounts receivable | $ 334 | $ 3,619 |
Royalty [Member] | ||
Accounts receivable | 334 | 3,438 |
Customer Service Contracts [Member] | ||
Accounts receivable | $ 181 |
Note 5 - Balance Sheet Compon_6
Note 5 - Balance Sheet Components - Property and Equipment, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Property and equipment, gross | $ 2,053 | $ 669 |
Less: accumulated depreciation | (573) | (459) |
Property and equipment, net | 1,480 | 210 |
Laboratory Equipment [Member] | ||
Property and equipment, gross | 1,759 | 537 |
Office Equipment [Member] | ||
Property and equipment, gross | $ 294 | $ 132 |
Note 5 - Balance Sheet Compon_7
Note 5 - Balance Sheet Components - Right-of-Use Assets, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Right-of-use assets, net | $ 6,838 | $ 1,990 |
Facilities [Member] | ||
Right-of-use assets, net | 6,836 | 1,985 |
Office Equipment [Member] | ||
Right-of-use assets, net | $ 2 | $ 5 |
Note 5 - Balance Sheet Compon_8
Note 5 - Balance Sheet Components - Intangible assets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Intangible assets, gross | $ 20,380 | $ 22,180 |
Less accumulated amortization | (5,019) | (5,087) |
Intangible assets, net | 15,361 | 17,093 |
Purchased Technology [Member] | ||
Intangible assets, gross | 20,300 | 22,100 |
Intellectual Property [Member] | ||
Intangible assets, gross | $ 80 | $ 80 |
Note 5 - Balance Sheet Compon_9
Note 5 - Balance Sheet Components - Estimated Future Amortization Expense (Details) $ in Thousands | Dec. 31, 2020USD ($) |
2021 | $ 1,732 |
2022 | 1,731 |
2023 | 1,732 |
2024 | 1,732 |
2025 | 1,731 |
Thereafter | 6,703 |
Total | $ 15,361 |
Note 5 - Balance Sheet Compo_10
Note 5 - Balance Sheet Components - Accrued liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Accrued compensation | $ 1,618 | $ 903 |
Accrued clinical and manufacturing expenses | 1,772 | 3,228 |
Accrued professional and consulting services | 777 | 2 |
Reserve for return of royalties | 178 | |
Other | 632 | 254 |
Total | $ 4,799 | $ 4,565 |
Note 6 - Revenue 1 (Details Tex
Note 6 - Revenue 1 (Details Textual) - USD ($) | Jun. 28, 2018 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2015 |
Contract with Customer, Asset, after Allowance for Credit Loss, Current, Total | $ 0 | $ 181,000 | $ 0 | $ 181,000 | |||||||||||||
Contract With Customer, Asset, Revenue Recognized | 219,000 | 21,000 | 219,000 | 21,000 | |||||||||||||
Contract with Customer, Liability, Total | 0 | 0 | 0 | 0 | |||||||||||||
Revenue, Remaining Performance Obligation, Amount | 13,000 | 211,000 | 13,000 | 211,000 | |||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 356,000 | $ 265,000 | $ 523,000 | $ 2,902,000 | $ 3,916,000 | $ 454,000 | $ 85,000 | $ 5,407,000 | $ 1,767,000 | $ 281,000 | $ 608,000 | $ 1,503,000 | 4,046,000 | 9,862,000 | $ 4,159,000 | ||
Income Tax Expense (Benefit), Total | $ 238,000 | 490,000 | 109,000 | ||||||||||||||
Foreign Tax Authority [Member] | National Tax Agency, Japan [Member] | |||||||||||||||||
Royalty Withholding Tax | 5.00% | ||||||||||||||||
Income Tax Expense (Benefit), Total | $ 183,000 | 435,000 | 102,000 | ||||||||||||||
Government Contract [Member] | |||||||||||||||||
Contract Value | $ 15,700,000 | $ 14,000,000 | |||||||||||||||
Contract Value, Adjustment | $ 1,700,000 | ||||||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | (20,000) | 1,344,000 | |||||||||||||||
Contract with Customer, Asset, Credit Loss Expense (Reversal) | 20,000 | ||||||||||||||||
Contract with Customer, Asset, Allowance for Credit Loss, Period Increase (Decrease), Total | (20,000) | ||||||||||||||||
Contract with Customer, Asset, Allowance for Credit Loss, Writeoff | 20,000 | ||||||||||||||||
Royalty [Member] | |||||||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 2,962,000 | 4,446,000 | 1,340,000 | ||||||||||||||
Royalty [Member] | GSK Research and License Agreement [Member] | |||||||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 193,000 | 778,000 | 788,000 | ||||||||||||||
Royalty Percentage | 7.00% | ||||||||||||||||
Royalty [Member] | Daiichi Sankyo Collaberation and License Agreement [Member] | |||||||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 2,769,000 | 3,668,000 | 552,000 | ||||||||||||||
Royalty Percentage | 4.00% | ||||||||||||||||
Non Cash Royalty Revenue [Member] | |||||||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 886,000 | 5,030,000 | 1,475,000 | ||||||||||||||
Non Cash Royalty Revenue [Member] | Daiichi Sankyo Collaberation and License Agreement [Member] | |||||||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 886,000 | $ 5,030,000 | $ 1,475,000 |
Note 6 - Revenue 2 (Details Tex
Note 6 - Revenue 2 (Details Textual) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | Dec. 31, 2020 |
Revenue, Remaining Performance Obligation, Percentage | 100.00% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Month) | 90 days |
Note 7 - Liabilities Related _3
Note 7 - Liabilities Related to Sale of Future Royalties (Details Textual) - HCRP [Member] $ in Millions | 1 Months Ended |
Apr. 30, 2016USD ($) | |
Proceeds from Sale of Future Royalties, Net | $ 20 |
Royalty Interest Due Each Year | $ 3 |
Royalty Interest, Percentage of Additional Royalties Due Each Year | 15.00% |
Royalty Interest, Additional Royalties Due Each Year | $ 1 |
Note 7 - Liabilities Related _4
Note 7 - Liabilities Related to Sale of Future Royalties - Deferred Revenue Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Current portion | $ (2,779) | $ (2,916) |
Long-term portion | 12,150 | $ 13,416 |
HealthCare Royalty Partners III, L.P. [Member] | Royalty Arrangement [Member] | ||
Total liability related to sale of future royalties, start of year | 16,332 | |
Non-cash royalty revenue paid to HCRP | (3,277) | |
Non-cash interest expense recognized | 1,874 | |
Total liability related to sale of future royalties, end of year | 14,929 | |
Current portion | (2,779) | |
Long-term portion | $ 12,150 |
Note 8 - Leases (Details Textua
Note 8 - Leases (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Lessee, Operating Lease, Number of Right-of-Use Leases | 6 | |||
Lessee, Operating Lease, Number of Right-of-Use Leases, Subleased | 1 | |||
Lessee, Operating Lease, Number Leases Exceeding One Year | 3 | |||
Lessee, Operating Lease, Renewal Term (Year) | 5 years | |||
Operating Lease, Weighted Average Discount Rate, Percent | 9.94% | |||
Operating Lease, Weighted Average Remaining Lease Term (Year) | 4 years 25 days | |||
Lessee, Finance Lease, Number of Leases | 0 | |||
Short-term Lease Commitment, Amount | $ 0 | |||
Operating Lease, Payments | $ 1,111,000 | $ 983,000 | $ 875,000 | |
Operating Lease, Impairment Loss | $ 253,000 |
Note 8 - Leases - Lease Liabili
Note 8 - Leases - Lease Liabilities Payment Obligations (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
2021 | $ 2,633 | |
2022 | 1,801 | |
2023 | 1,585 | |
2024 | 1,641 | |
2025 | 1,112 | |
Undiscounted total | 8,772 | |
Less: imputed interest | (1,564) | |
Present value of future minimum payments | 7,208 | |
Current portion of operating lease liability | (2,052) | $ (841) |
Operating lease liability, net of current portion | $ 5,156 | $ 1,472 |
Note 8 - Leases - Operating Lea
Note 8 - Leases - Operating Lease Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Operating lease cost | $ 1,145 | $ 959 |
Short-term lease cost | 13 | 15 |
Variable lease cost | 264 | 162 |
Sublease income | (217) | (217) |
Total lease cost | $ 1,205 | $ 919 |
Note 8 - Leases - Liabilities R
Note 8 - Leases - Liabilities Related to Costs of Exit From Leased Premises (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Balance as of January 1, 2018 | $ 233 | ||
Costs of exit from leased premises | 359 | ||
Deferred rent on cease-use date | 19 | ||
Impairment of property and equipment | (106) | ||
Cash paid, net of receipts | $ (2,799) | $ (1,272) | (41) |
Accretion charges, included in rent expense | 2 | ||
Balance as of December 31, 2018 | $ 233 |
Note 9 - Convertible Promisso_2
Note 9 - Convertible Promissory Notes, Related Parties (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Feb. 13, 2018 | Dec. 10, 2014 | Dec. 31, 2015 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Interest Expense, Total | $ 315 | $ 821 | |||||
Debt Conversion, Converted Instrument, Amount | 35,577 | ||||||
Other Ownership Interests, Contributed Capital | $ 21,400 | ||||||
Convertible Promissory Notes Issued in 2014 and 2015 [Member] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | ||||||
Long-term Debt, Gross | 35,600 | $ 35,300 | |||||
Debt Instrument, Principal Amount | 29,400 | 29,400 | |||||
Debt Instrument, Interest Amount | 6,600 | 6,300 | |||||
Debt Instrument, Unamortized Discount, Total | $ 400 | $ 400 | |||||
Interest Expense, Total | $ 300 | ||||||
Debt Conversion, Converted Instrument, Shares Issued (in shares) | 1,571,702 | ||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ 9.05 | ||||||
Debt Conversion, Converted Instrument, Amount | $ 14,200 | ||||||
Note Purchase Agreement [Member] | |||||||
Proceeds from Convertible Debt | $ 18,400 | ||||||
Second Note Purchase Agreement [Member] | |||||||
Proceeds from Convertible Debt | $ 11,000 |
Note 10 - Secured Promissory _2
Note 10 - Secured Promissory Note Payable to Oxford Finance (Details Textual) - USD ($) | Nov. 04, 2019 | Dec. 22, 2016 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Feb. 13, 2018 |
Debt Conversion, Converted Instrument, Amount | $ 35,577,000 | |||||
Amortization of Debt Issuance Costs | $ 98,000 | |||||
Legal Fees | $ 2,000 | |||||
Warrants in Connection with Loan Agreement [Member] | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 7,563 | 10,914 | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 33.11 | $ 22.99 | ||||
Warrants Not Settleable in Cash, Fair Value Disclosure | $ 134,000 | $ 70,000 | ||||
Loan Agreement [Member] | Oxford Finance [Member] | ||||||
Long-term Debt, Gross | $ 5,000,000 | |||||
Debt Instrument, Term (Year) | 4 years | |||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 325,000 | |||||
Debt Conversion, Converted Instrument, Amount | $ 250,000 | |||||
Debt Instrument, Interest Rate, Effective Percentage | 10.50% | |||||
Interest Expense, Debt, Total | 311,000 | 526,000 | ||||
Interest Paid, Including Capitalized Interest, Operating and Investing Activities, Total | $ 223,000 | $ 356,000 | ||||
Loan Agreement [Member] | Oxford Finance [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 6.17% |
Note 11 - Commitments and Con_2
Note 11 - Commitments and Contingencies (Details Textual) $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Purchase Obligation, Total | $ 24.6 |
Long-term Purchase Commitment, Period (Month) | 1 year 180 days |
Note 12 - Stockholders' Equit_2
Note 12 - Stockholders' Equity (Details Textual) | Feb. 13, 2018USD ($)shares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2013USD ($) | Feb. 13, 2018USD ($)shares | Dec. 31, 2014USD ($) | Dec. 31, 2012USD ($) | Mar. 02, 2020USD ($) | Dec. 31, 2019$ / sharesshares | Sep. 30, 2019USD ($) | Apr. 11, 2019USD ($) | Mar. 20, 2019USD ($) |
Preferred Stock, Shares Authorized (in shares) | shares | 5,000,000 | 5,000,000 | |||||||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | |||||||||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | shares | 0 | 0 | |||||||||
Common Stock, Number of Votes Per Share | 1 | ||||||||||
Dividends, Common Stock, Total | $ 0 | ||||||||||
Warrants in Connection with March 2019 Offering [Member] | |||||||||||
Warrants and Rights Outstanding | $ 100,000 | ||||||||||
The March 2020 Offering Placement Agent Warrants [Member] | |||||||||||
Warrants and Rights Outstanding | $ 453,000 | ||||||||||
Warrants in Connection With the April 2019 Offering [Member] | |||||||||||
Warrants and Rights Outstanding | $ 333,000 | ||||||||||
Underwriter Warrants, September 2019 [Member] | |||||||||||
Warrants and Rights Outstanding | $ 497,000 | ||||||||||
First Set of Warrants Expiring September 2024 [Member] | |||||||||||
Warrant Exercise Price to be Entitled to Receive Cash Consideration, Fundamental Transaction (in dollars per share) | $ / shares | $ 0.30 | ||||||||||
Second Set of Warrants Expiring April 2024 [Member] | |||||||||||
Warrant Exercise Price to be Entitled to Receive Cash Consideration, Fundamental Transaction (in dollars per share) | $ / shares | 0.375 | ||||||||||
First Set of Warrants Expiring April 2024 [Member] | |||||||||||
Warrant Exercise Price to be Entitled to Receive Cash Consideration, Fundamental Transaction (in dollars per share) | $ / shares | 1.10 | ||||||||||
Warrants Expiring March 2025 [Member] | |||||||||||
Warrant Exercise Price to be Entitled to Receive Cash Consideration, Fundamental Transaction (in dollars per share) | $ / shares | 2.50 | ||||||||||
Warrants Expiring February 2025 [Member] | |||||||||||
Warrant Exercise Price to be Entitled to Receive Cash Consideration, Fundamental Transaction (in dollars per share) | $ / shares | $ 3.125 | ||||||||||
Conversion From Series C Preferred Stock to Common Stock [Member] | |||||||||||
Conversion of Stock, Shares Issued (in shares) | shares | 696,028 | ||||||||||
Accumulated and Undeclared Dividends, Shares Issued Upon Conversion (in shares) | shares | 253,851 | 253,851 | |||||||||
Conversion From Series B Preferred Stock to Common Stock [Member] | |||||||||||
Conversion of Stock, Shares Issued (in shares) | shares | 599,259 | ||||||||||
Accumulated and Undeclared Dividends, Shares Issued Upon Conversion (in shares) | shares | 265,340 | 265,340 | |||||||||
Conversion From Series A Preferred Stock to Common Stock [Member] | |||||||||||
Conversion of Stock, Shares Issued (in shares) | shares | 104,065 | ||||||||||
Series C Convertible Preferred Stock [Member] | |||||||||||
Proceeds from Issuance of Convertible Preferred Stock | $ 20,000,000 | ||||||||||
Preferred Stock, Dividend Rate, Percentage | 8.00% | ||||||||||
Dividends, Total | $ 0 | ||||||||||
Accumulated and Undeclared Dividends | $ 7,300,000 | 7,300,000 | |||||||||
Pre-merger Accumulated and Undeclared Dividends | 188,000 | 188,000 | |||||||||
Series B Convertible Preferred Stock [Member] | |||||||||||
Proceeds from Issuance of Convertible Preferred Stock | $ 16,000,000 | ||||||||||
Preferred Stock, Dividend Rate, Percentage | 8.00% | ||||||||||
Accumulated and Undeclared Dividends | 7,600,000 | 7,600,000 | |||||||||
Pre-merger Accumulated and Undeclared Dividends | $ 151,000 | $ 151,000 | |||||||||
Series A Convertible Preferred Stock [Member] | |||||||||||
Proceeds from Issuance of Convertible Preferred Stock | $ 2,900,000 | ||||||||||
Dividends, Total | $ 0 |
Note 12 - Stockholders' Equit_3
Note 12 - Stockholders' Equity - Shares of Common Stock Reserved for Issuance (Details) - shares | Dec. 31, 2020 | Dec. 31, 2019 |
Common stock reserved for issuance (in shares) | 9,288,870 | 45,476,994 |
Options Issued and Outstanding [Member] | ||
Common stock reserved for issuance (in shares) | 6,813,033 | 1,811,652 |
Options Available for Future Grants [Member] | ||
Common stock reserved for issuance (in shares) | 1,230,863 | 295,180 |
Common Warrants [Member] | ||
Common stock reserved for issuance (in shares) | 1,244,974 | 43,370,162 |
Note 12 - Stockholders' Equit_4
Note 12 - Stockholders' Equity - Summary of Warrants Outstanding (Details) | Dec. 31, 2020$ / sharesshares |
Warrants outstanding (in shares) | 1,244,974 |
First Set of Warrants Expiring September 2024 [Member] | |
Warrants outstanding (in shares) | 5,000 |
Exercise Price (in dollars per share) | $ / shares | $ 0.30 |
Second Set of Warrants Expiring September 2024 [Member] | |
Warrants outstanding (in shares) | 224,797 |
Exercise Price (in dollars per share) | $ / shares | $ 0.375 |
First Set of Warrants Expiring April 2024 [Member] | |
Warrants outstanding (in shares) | 225,966 |
Exercise Price (in dollars per share) | $ / shares | $ 1.10 |
Second Set of Warrants Expiring April 2024 [Member] | |
Warrants outstanding (in shares) | 111,931 |
Exercise Price (in dollars per share) | $ / shares | $ 1.375 |
Warrants Expiring March 2025 [Member] | |
Warrants outstanding (in shares) | 316,584 |
Exercise Price (in dollars per share) | $ / shares | $ 2.50 |
Warrants Expiring February 2025 [Member] | |
Warrants outstanding (in shares) | 269,496 |
Exercise Price (in dollars per share) | $ / shares | $ 3.125 |
Warrants Expiring March 2024 [Member] | |
Warrants outstanding (in shares) | 80,286 |
Exercise Price (in dollars per share) | $ / shares | $ 3.125 |
Warrants Expiring December 2026 [Member] | |
Warrants outstanding (in shares) | 10,914 |
Exercise Price (in dollars per share) | $ / shares | $ 22.99 |
Note 12 - Stockholders' Equit_5
Note 12 - Stockholders' Equity - Assumptions for Fair Value of Warrants (Details) | Mar. 02, 2020USD ($)shares | Sep. 30, 2019USD ($)shares | Apr. 11, 2019USD ($)shares | Mar. 20, 2019USD ($)shares |
Warrants in Connection with March 2019 Offering [Member] | ||||
Aggregate valuation on issuance date | $ | $ 100,000 | |||
Number of warrants issued (in shares) | shares | 84,000 | |||
Warrants in Connection with March 2019 Offering [Member] | Measurement Input, Exercise Price [Member] | ||||
Measurement Input | 3.125 | |||
Warrants in Connection with March 2019 Offering [Member] | Measurement Input, Share Price [Member] | ||||
Measurement Input | 2.08 | |||
Warrants in Connection with March 2019 Offering [Member] | Measurement Input, Risk Free Interest Rate [Member] | ||||
Measurement Input | 0.0234 | |||
Warrants in Connection with March 2019 Offering [Member] | Measurement Input, Expected Term [Member] | ||||
Measurement Input | 5 | |||
Warrants in Connection with March 2019 Offering [Member] | Measurement Input, Price Volatility [Member] | ||||
Measurement Input | 0.8 | |||
Warrants in Connection with March 2019 Offering [Member] | Measurement Input, Expected Dividend Rate [Member] | ||||
Measurement Input | ||||
Warrants in Connection With the April 2019 Offering [Member] | ||||
Aggregate valuation on issuance date | $ | $ 333,000 | |||
Number of warrants issued (in shares) | shares | 636,364 | |||
Warrants in Connection With the April 2019 Offering [Member] | Measurement Input, Exercise Price [Member] | ||||
Measurement Input | 1.375 | |||
Warrants in Connection With the April 2019 Offering [Member] | Measurement Input, Share Price [Member] | ||||
Measurement Input | 0.89 | |||
Warrants in Connection With the April 2019 Offering [Member] | Measurement Input, Risk Free Interest Rate [Member] | ||||
Measurement Input | 0.0231 | |||
Warrants in Connection With the April 2019 Offering [Member] | Measurement Input, Expected Term [Member] | ||||
Measurement Input | 5 | |||
Warrants in Connection With the April 2019 Offering [Member] | Measurement Input, Price Volatility [Member] | ||||
Measurement Input | 0.83 | |||
Warrants in Connection With the April 2019 Offering [Member] | Measurement Input, Expected Dividend Rate [Member] | ||||
Measurement Input | ||||
Warrants in Connection with the September 2019 Offering [Member] | ||||
Aggregate valuation on issuance date | $ | $ 497,000 | |||
Number of warrants issued (in shares) | shares | 2,115,738 | |||
Warrants in Connection with the September 2019 Offering [Member] | Measurement Input, Exercise Price [Member] | ||||
Measurement Input | 0.375 | |||
Warrants in Connection with the September 2019 Offering [Member] | Measurement Input, Share Price [Member] | ||||
Measurement Input | 0.36 | |||
Warrants in Connection with the September 2019 Offering [Member] | Measurement Input, Risk Free Interest Rate [Member] | ||||
Measurement Input | 0.0155 | |||
Warrants in Connection with the September 2019 Offering [Member] | Measurement Input, Expected Term [Member] | ||||
Measurement Input | 5 | |||
Warrants in Connection with the September 2019 Offering [Member] | Measurement Input, Price Volatility [Member] | ||||
Measurement Input | 0.83 | |||
Warrants in Connection with the September 2019 Offering [Member] | Measurement Input, Expected Dividend Rate [Member] | ||||
Measurement Input | ||||
Warrants in Connection with March 2020 Offering [Member] | ||||
Aggregate valuation on issuance date | $ | $ 453,000 | |||
Number of warrants issued (in shares) | shares | 280,000 | |||
Warrants in Connection with March 2020 Offering [Member] | Measurement Input, Exercise Price [Member] | ||||
Measurement Input | 3.125 | |||
Warrants in Connection with March 2020 Offering [Member] | Measurement Input, Share Price [Member] | ||||
Measurement Input | 2.34 | |||
Warrants in Connection with March 2020 Offering [Member] | Measurement Input, Risk Free Interest Rate [Member] | ||||
Measurement Input | 0.0088 | |||
Warrants in Connection with March 2020 Offering [Member] | Measurement Input, Expected Term [Member] | ||||
Measurement Input | 4.99 | |||
Warrants in Connection with March 2020 Offering [Member] | Measurement Input, Price Volatility [Member] | ||||
Measurement Input | 0.98 | |||
Warrants in Connection with March 2020 Offering [Member] | Measurement Input, Expected Dividend Rate [Member] | ||||
Measurement Input |
Note 13 - Equity Incentive Pl_3
Note 13 - Equity Incentive Plans (Details Textual) - USD ($) | Jul. 24, 2020 | Jul. 20, 2020 | Jul. 09, 2020 | Jun. 15, 2020 | Mar. 24, 2020 | Apr. 23, 2019 | Mar. 31, 2020 | Nov. 30, 2016 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jun. 23, 2020 | Dec. 31, 2017 | Jul. 30, 2017 |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 1,230,863 | 295,180 | 200,650 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 6,813,033 | 1,811,652 | 865,163 | 304,850 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance (in dollars per share) | $ 2.70 | $ 2.74 | $ 8.13 | $ 9.50 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term (Year) | 8 years 361 days | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 22,500,000 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number (in shares) | 6,502,213 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 2.68 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term (Year) | 8 years 354 days | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | $ 21,600,000 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number (in shares) | 2,886,541 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 2.65 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term (Year) | 8 years 237 days | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 9,900,000 | ||||||||||||||
Share Price (in dollars per share) | $ 1.70 | $ 5.71 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 2,200,000 | $ 0 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares) | 414,676 | 0 | 2,013 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 2,610,000 | 5,579,800 | 1,791,030 | 431,100 | |||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 1.70 | $ 2.66 | $ 0.67 | $ 5.17 | |||||||||||
Performance-based Restricted Stock Units (PRSUs) [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted (in shares) | 411,000 | ||||||||||||||
Share-based Payment Arrangement, Expense | $ 632,000 | ||||||||||||||
Share-based Payment Arrangement, Reversal of Expense | $ 632,000 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Forfeitures and Expirations, Total (in shares) | 411,000 | ||||||||||||||
March Option Awards [Member] | Share-based Payment Arrangement, Tranche One [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Month) | 2 years | ||||||||||||||
Performance-based Options [Member] | Chief Executive Officer [Member] | |||||||||||||||
Share Price (in dollars per share) | $ 2.46 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 900,000 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 105.00% | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.35% | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term (Year) | 5 years 83 days | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 0.31 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Grant Date Fair Value | $ 279,000 | ||||||||||||||
Performance-based Options [Member] | Share-based Payment Arrangement, Tranche One [Member] | Chief Executive Officer [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.33% | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Minimum Closing Price for Ten Consecutive Trading Days (in dollars per share) | $ 5 | $ 5 | |||||||||||||
Performance-based Options [Member] | Share-based Payment Arrangement, Tranche Two [Member] | Chief Executive Officer [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.33% | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Minimum Closing Price for Ten Consecutive Trading Days (in dollars per share) | $ 7.50 | $ 7.50 | |||||||||||||
Performance-based Options [Member] | Share-based Payment Arrangement, Tranche Three [Member] | Chief Executive Officer [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.33% | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Minimum Closing Price for Ten Consecutive Trading Days (in dollars per share) | $ 10 | $ 10 | |||||||||||||
Time-based Options [Member] | Chief Executive Officer [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 845,280 | ||||||||||||||
Time-based Options [Member] | Share-based Payment Arrangement, Tranche One [Member] | Chief Executive Officer [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | ||||||||||||||
Time-based Options [Member] | Share-based Payment Arrangement, Tranche Two [Member] | Chief Executive Officer [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 75.00% | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Month) | 3 years | ||||||||||||||
Time-based Options [Member] | Share-based Payment Arrangement, Tranche Three [Member] | Chief Executive Officer [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Accelerated Vesting Percentage | 50.00% | ||||||||||||||
Performance-based Options and Time-based Options [Member] | Chief Executive Officer [Member] | |||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 2.46 | ||||||||||||||
Share-based Payment Arrangement, Option [Member] | |||||||||||||||
Share-based Payment Arrangement, Expense | $ 4,358,000 | $ 627,000 | $ 539,000 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 2.49 | $ 0.48 | $ 3.59 | ||||||||||||
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 8,200,000 | ||||||||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 113 days | ||||||||||||||
The 2007 Plan [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 0 | ||||||||||||||
The 2016 Equity Plan [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 0 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | ||||||||||||||
The 2019 Plan [Member] | |||||||||||||||
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 Authorized (in shares) | 1,600,000 | 8,000,000 |
Note 13 - Equity Incentive Pl_4
Note 13 - Equity Incentive Plans - Summary of Stock Option Transactions (Details) - $ / shares | Mar. 24, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Shares available for grant, balance (in shares) | 295,180 | 200,650 | ||
Number of options outstanding, beginning balance (in shares) | 1,811,652 | 865,163 | 304,850 | |
Weighted average exercise price, balance (in dollars per share) | $ 2.74 | $ 8.13 | $ 9.50 | |
Shares available for grant, assumed on consummation of Merger (in shares) | 291,102 | |||
Number of options outstanding, assumed on consummation of Merger (in shares) | 627,106 | |||
Weighted average exercise price, assumed on consummation of Merger (in dollars per share) | $ 26.33 | |||
Shares available for grant, granted (in shares) | (5,579,800) | (1,791,030) | (431,100) | |
Number of options outstanding, granted (in shares) | 2,610,000 | 5,579,800 | 1,791,030 | 431,100 |
Weighted average exercise price, granted (in dollars per share) | $ 1.70 | $ 2.66 | $ 0.67 | $ 5.17 |
Number of options outstanding, exercised (in shares) | (414,676) | 0 | (2,013) | |
Weighted average exercise price, exercised (in dollars per share) | $ 1.45 | $ 6.49 | ||
Shares available for grant, forfeited (in shares) | 105,910 | 483,849 | 71,500 | |
Number of options outstanding, forfeited (in shares) | (105,992) | (592,528) | (89,903) | |
Weighted average exercise price, forfeited (in dollars per share) | $ 1.65 | $ 1.57 | $ 5.90 | |
Shares available for grant, canceled (in shares) | 9,573 | 25,100 | 269,148 | |
Number of options outstanding, canceled (in shares) | (57,751) | (252,013) | (405,977) | |
Weighted average exercise price, canceled (in dollars per share) | $ 10.57 | $ 9.25 | $ 34.64 | |
Shares availabe for grant, 2019 Plan Amendment (in shares) | 6,400,000 | 1,600,000 | ||
Shares available for grant, removed from 2016 Plan (in shares) | (223,389) | |||
Shares available for grant, balance (in shares) | 1,230,863 | 295,180 | 200,650 | |
Number of options outstanding, balance (in shares) | 6,813,033 | 1,811,652 | 865,163 | |
Weighted average exercise price, balance (in dollars per share) | $ 2.70 | $ 2.74 | $ 8.13 |
Note 13 - Equity Incentive Pl_5
Note 13 - Equity Incentive Plans - Assumptions of Options (Details) - Share-based Payment Arrangement, Option [Member] | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Minimum [Member] | |||
Risk-free interest rate | 0.40% | 1.68% | 2.79% |
Expected term (in years) (Year) | 5 years 80 days | 5 years 142 days | 5 years 306 days |
Expected volatility | 94.00% | 83.00% | 78.00% |
Maximum [Member] | |||
Risk-free interest rate | 0.88% | 2.31% | 2.80% |
Expected term (in years) (Year) | 10 years | 10 years | 6 years 18 days |
Expected volatility | 111.00% | 85.00% | 80.00% |
Note 13 - Equity Incentive Pl_6
Note 13 - Equity Incentive Plans - Total Stock-based Compensation Recognized for Options (Details) - Share-based Payment Arrangement, Option [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Payment Arrangement, Expense | $ 4,358 | $ 627 | $ 539 |
Research and Development Expense [Member] | |||
Share-based Payment Arrangement, Expense | 1,563 | 253 | 254 |
General and Administrative Expense [Member] | |||
Share-based Payment Arrangement, Expense | $ 2,795 | $ 374 | $ 285 |
Note 14 - Related Party Trans_2
Note 14 - Related Party Transactions (Details Textual) | 1 Months Ended |
Apr. 30, 2020USD ($) | |
Disgorgement of Stockholder Short-swing Profits [Member] | |
Related Party Transaction, Amounts of Transaction | $ 652,000 |
Note 15 - Restructuring Charg_3
Note 15 - Restructuring Charges and (Reversals) (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Payments for Restructuring | $ 2,799,000 | $ 1,272,000 | $ 41,000 | |
Contract Termination [Member] | ||||
Payments for Restructuring | $ 2,252,000 | $ 2,252,000 |
Note 15 - Restructuring Charg_4
Note 15 - Restructuring Charges and (Reversals) - Restructuring Liabilities (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cumulative cost incurred | $ 4,071,000 | |||
Balance | 3,648,000 | |||
Period charges | 122,000 | 4,920,000 | ||
Cash paid, net of receipts | (2,799,000) | (1,272,000) | $ (41,000) | |
Period reversals | (971,000) | |||
Balance | 3,648,000 | |||
Contract Termination [Member] | ||||
Cumulative cost incurred | 2,252,000 | |||
Balance | 3,223,000 | |||
Period charges | 3,223,000 | |||
Cash paid, net of receipts | $ (2,252,000) | (2,252,000) | ||
Period reversals | (971,000) | |||
Balance | 3,223,000 | |||
Employee Severance [Member] | ||||
Cumulative cost incurred | 368,000 | |||
Balance | 368,000 | |||
Period charges | 368,000 | |||
Cash paid, net of receipts | (368,000) | |||
Period reversals | ||||
Balance | 368,000 | |||
Impairment Charges [Member] | ||||
Cumulative cost incurred | 1,272,000 | |||
Balance | ||||
Period charges | 1,272,000 | |||
Cash paid, net of receipts | (1,272,000) | |||
Period reversals | ||||
Balance | ||||
Other Restructuring [Member] | ||||
Cumulative cost incurred | 179,000 | |||
Balance | 57,000 | |||
Period charges | 122,000 | 57,000 | ||
Cash paid, net of receipts | (179,000) | |||
Period reversals | ||||
Balance | $ 57,000 |
Note 16 - Benefit Plan (Details
Note 16 - Benefit Plan (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 3.00% | ||
Defined Contribution Plan, Cost | $ 96,000 | $ 140,000 | $ 124,000 |
Defined Contribution Plan, Administrative Expense | $ 10,000 | $ 14,000 | $ 9,000 |
Note 17 - Income Taxes (Details
Note 17 - Income Taxes (Details Textual) - USD ($) | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | 21.00% | |
Operating Loss Carryforwards, Annual Limitations | $ 3,200,000 | $ 62,000 | ||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 8,600,000 | (35,300,000) | $ 25,700,000 | |
Unrecognized Tax Benefits, Ending Balance | 1,281,000 | 851,000 | 1,582,000 | $ 1,404,000 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense, Total | 0 | 0 | 0 | |
Domestic Tax Authority [Member] | ||||
Operating Loss Carryforwards, Total | 51,600,000 | 18,000,000 | 92,300,000 | |
Domestic Tax Authority [Member] | Research Tax Credit Carryforward [Member] | ||||
Tax Credit Carryforward, Amount | $ 900,000 | 100,000 | 3,000,000 | |
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | ||||
Open Tax Year | 2017 2048 2019 2020 | |||
State and Local Jurisdiction [Member] | ||||
Operating Loss Carryforwards, Total | $ 26,800,000 | 1,600,000 | 76,900,000 | |
Open Tax Year | 2016 2017 2018 2019 2020 | |||
State and Local Jurisdiction [Member] | Research Tax Credit Carryforward [Member] | ||||
Tax Credit Carryforward, Amount | $ 3,400,000 | $ 2,700,000 | $ 2,300,000 | |
Foreign Tax Authority [Member] | ||||
Open Tax Year | 2015 2016 2017 2018 2019 2020 | |||
Foreign Tax Authority [Member] | Australian Taxation Office [Member] | ||||
Operating Loss Carryforwards, Total | $ 6,800,000 |
Note 17 - Income Taxes - Compon
Note 17 - Income Taxes - Components of Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current: | |||
Federal | |||
State | 3 | 2 | 3 |
Foreign | 235 | 488 | 106 |
Total Current | 238 | 490 | 109 |
Deferred: | |||
Federal | |||
State | |||
Foreign | |||
Total Deferred | |||
Provision for income taxes | $ 238 | $ 490 | $ 109 |
Note 17 - Income Taxes - Comp_2
Note 17 - Income Taxes - Components of Deferred Tax Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Net operating loss carry-forwards | $ 14,161 | $ 6,924 | $ 43,822 |
Research and development tax credits | 2,497 | 1,591 | 3,357 |
Capitalized research and development | 4,534 | 4,773 | 2,326 |
Sale of future royalties | 7,178 | 7,486 | 8,383 |
Lease Liability | 1,695 | 492 | |
Accruals, reserves and other | 1,327 | 1,253 | 714 |
Total deferred tax assets | 31,392 | 22,519 | 58,602 |
Valuation allowance | (21,952) | (13,365) | (48,626) |
Deferred tax assets net of valuation allowance | 9,440 | 9,154 | 9,976 |
Intangible assets | (7,832) | (8,730) | (9,976) |
Right-of-use assets | (1,608) | (424) | |
Total deferred tax liabilities | (9,440) | (9,154) | (9,976) |
Net deferred tax assets |
Note 17 - Income Taxes - Reconc
Note 17 - Income Taxes - Reconciliation of Effective Tax Rate (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
U.S. federal taxes at statutory rate | 21.00% | 21.00% | 21.00% |
State taxes (net of federal benefit) | 2.90% | 0.40% | 0.60% |
Foreign rate differential | (0.70%) | (2.60%) | 3.10% |
Global intangible low-taxed income | (8.80%) | ||
Permanently non-deductible items | 2.20% | (3.70%) | (2.50%) |
Tax credits | 2.80% | 1.70% | 2.10% |
Change in valuation allowance | (26.80%) | 194.20% | (20.40%) |
Tax attributes write-off due to change in control | 0.50% | (208.30%) | |
Prior year true-up | (2.50%) | (0.90%) | |
NOL and credit adjustments | (3.80%) | ||
Bargain purchase gain | 8.10% | ||
Other | (0.10%) | (4.50%) | |
Provision for income taxes | (0.70%) | (2.70%) | (0.60%) |
Note 17 - Income Taxes - Unreco
Note 17 - Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Beginning Balance | $ 851 | $ 1,582 | $ 1,404 |
Additions based on tax positions related to the current year | 431 | 159 | 181 |
Decreases related to prior years’ tax positions | (1) | (890) | (3) |
Ending Balance | $ 1,281 | $ 851 | $ 1,582 |
Note 18 - Net Loss Per Share _3
Note 18 - Net Loss Per Share Attributable to Common Stockholders (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Dilutive Securities, Effect on Basic Earnings Per Share, Total | $ 0 | $ 0 | $ 0 |
Note 18 - Net Loss Per Share _4
Note 18 - Net Loss Per Share Attributable to Common Stockholders - Calculation of Basic and Diluted Net (Loss) Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net loss | $ (13,861) | $ (8,085) | $ (8,977) | $ (1,297) | $ (6,409) | $ (5,260) | $ (5,637) | $ (1,339) | $ (4,902) | $ (6,548) | $ (8,871) | $ 2,314 | $ (32,220) | $ (18,645) | $ (18,007) |
Series B and C preferred dividend | (339) | ||||||||||||||
Net loss attributable to common stockholders | $ (4,902) | $ (6,548) | $ (8,871) | $ 1,975 | $ (32,220) | $ (18,645) | $ (18,346) | ||||||||
Shares used to compute net loss per share – basic and diluted (in shares) | 88,295,762 | 21,569,523 | 6,316,065 | ||||||||||||
Net loss per share – basic and diluted (in dollars per share) | $ (0.13) | $ (0.08) | $ (0.12) | $ (0.02) | $ (0.13) | $ (0.32) | $ (0.39) | $ (0.18) | $ (0.36) | $ (0.86) | $ (2.90) |
Note 18 - Net Loss Per Share _5
Note 18 - Net Loss Per Share Attributable to Common Stockholders - Summary of Antidilutive Securities (Details) - shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Potentially dilutive securities excluded from denominator of the diluted earnings per share computation (in shares) | 19,183,231 | 19,163,520 | 1,261,124 |
Share-based Payment Arrangement, Option [Member] | |||
Potentially dilutive securities excluded from denominator of the diluted earnings per share computation (in shares) | 4,409,806 | 1,583,575 | 839,396 |
Warrant [Member] | Common Stock [Member] | |||
Potentially dilutive securities excluded from denominator of the diluted earnings per share computation (in shares) | 14,773,425 | 17,579,945 | 9,658 |
Warrant [Member] | Preferred Stock [Member] | |||
Potentially dilutive securities excluded from denominator of the diluted earnings per share computation (in shares) | 891 | ||
Series B and C Convertible Preferred Stock, Including Cumulative Dividends [Member] | |||
Potentially dilutive securities excluded from denominator of the diluted earnings per share computation (in shares) | 213,760 | ||
Series A Convertible Preferred Stock [Member] | |||
Potentially dilutive securities excluded from denominator of the diluted earnings per share computation (in shares) | 12,260 | ||
Convertible Debt Securities [Member] | |||
Potentially dilutive securities excluded from denominator of the diluted earnings per share computation (in shares) | 185,159 |
Note 19 - Quarterly Financial_3
Note 19 - Quarterly Financial Data (Unaudited) - Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue | $ 356 | $ 265 | $ 523 | $ 2,902 | $ 3,916 | $ 454 | $ 85 | $ 5,407 | $ 1,767 | $ 281 | $ 608 | $ 1,503 | $ 4,046 | $ 9,862 | $ 4,159 |
Operating expenses | 13,717 | 7,854 | 9,049 | 3,596 | 9,542 | 5,168 | 5,082 | 5,855 | 5,953 | 6,161 | 8,383 | 5,418 | 34,216 | 25,647 | 25,915 |
Net loss | $ (13,861) | $ (8,085) | $ (8,977) | $ (1,297) | $ (6,409) | $ (5,260) | $ (5,637) | $ (1,339) | (4,902) | (6,548) | (8,871) | 2,314 | $ (32,220) | $ (18,645) | $ (18,007) |
Net loss per share – basic and diluted (in dollars per share) | $ (0.13) | $ (0.08) | $ (0.12) | $ (0.02) | $ (0.13) | $ (0.32) | $ (0.39) | $ (0.18) | $ (0.36) | $ (0.86) | $ (2.90) | ||||
Net income (loss) attributable to common stockholders | $ (4,902) | $ (6,548) | $ (8,871) | $ 1,975 | $ (32,220) | $ (18,645) | $ (18,346) | ||||||||
Net income (loss) per share – basic (in dollars per share) | $ (0.69) | $ (0.92) | $ (1.24) | $ 0.54 | |||||||||||
Net income (loss) per share – diluted (in dollars per share) | $ (0.69) | $ (0.92) | $ (1.24) | $ 0.49 |
Note 20 - Subsequent Events (De
Note 20 - Subsequent Events (Details Textual) - USD ($) | Mar. 20, 2019 | Feb. 25, 2021 | Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Stock Issued During Period, Shares, New Issues (in shares) | 1,200,000 | |||||
Proceeds from Issuance of Common Stock | $ 2,500,000 | |||||
Proceeds from Warrant Exercises | $ 25,951,000 | $ 180,000 | ||||
Subsequent Event [Member] | Warrants Issued in Connection with Open Market Sale Agreement [Member] | ||||||
Class of Warrant or Right, Exercised During Period (in shares) | 830,722 | |||||
Proceeds from Warrant Exercises | $ 1,600,000 | |||||
Open Market Sale Agreement [Member] | ||||||
Stock Issued During Period, Shares, New Issues (in shares) | 692,651 | |||||
Proceeds from Issuance of Common Stock | $ 4,900,000 | |||||
Open Market Sale Agreement [Member] | Subsequent Event [Member] | ||||||
Stock Issued During Period, Shares, New Issues (in shares) | 6,654,367 | |||||
Proceeds from Issuance of Common Stock | $ 65,800,000 |