Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | May 09, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000810509 | |
Entity Registrant Name | NAVIDEA BIOPHARMACEUTICALS, INC. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-35076 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 31-1080091 | |
Entity Address, Address Line One | 4995 Bradenton Avenue, Suite 240 | |
Entity Address, City or Town | Dublin | |
Entity Address, State or Province | OH | |
Entity Address, Postal Zip Code | 43017-3552 | |
City Area Code | 614 | |
Local Phone Number | 793-7500 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 30,359,792 | |
Preferred Stock [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Preferred Stock Purchase Rights | |
Common Stock [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock | |
Trading Symbol | NAVB | |
Security Exchange Name | NYSE |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 1,217,114 | $ 4,230,865 |
Receivables | 115,845 | 92,992 |
Inventory | 322,992 | 151,155 |
Prepaid expenses and other | 667,439 | 908,273 |
Total current assets | 2,323,390 | 5,383,285 |
Property and equipment | 908,322 | 866,306 |
Less accumulated depreciation and amortization | 756,385 | 745,816 |
Property and equipment, net | 151,937 | 120,490 |
Right-of-use lease assets | 448,940 | 448,940 |
Less accumulated amortization | 351,078 | 320,725 |
Right-of-use lease assets, net | 97,862 | 128,215 |
License agreements, patents and trademarks | 981,825 | 953,424 |
Less accumulated amortization | 180,081 | 167,773 |
License agreements, patents and trademarks, net | 801,744 | 785,651 |
Other assets | 227,192 | 227,192 |
Total assets | 3,602,125 | 6,644,833 |
Current liabilities: | ||
Accounts payable | 1,564,933 | 1,421,317 |
Accrued liabilities and other | 3,023,221 | 3,149,340 |
Notes payable | 113,974 | 453,427 |
Lease liabilities, current | 198,140 | 275,718 |
Total current liabilities | 4,900,268 | 5,299,802 |
Lease liabilities, net of current portion | 11,299 | 20,288 |
Deferred revenue | 800,000 | 700,000 |
Total liabilities | 5,711,567 | 6,020,090 |
Commitments and contingencies (See Note 10) | ||
Stockholders’ (deficit) equity: | ||
Common stock; $.001 par value, 300,000,000 shares authorized; 30,357,292 and 30,279,922 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively | 221,354 | 221,277 |
Additional paid-in capital | 371,151,466 | 370,459,705 |
Accumulated deficit | (373,774,852) | (370,787,610) |
Total stockholders' deficit | (2,401,960) | (106,556) |
Noncontrolling interest | 292,518 | 731,299 |
Total Navidea stockholders’ (deficit) equity | (2,109,442) | 624,743 |
Total liabilities and stockholders’ (deficit) equity | 3,602,125 | 6,644,833 |
Non-Series Preferred Stock [Member] | ||
Stockholders’ (deficit) equity: | ||
Preferred stock | 0 | 0 |
Series D Preferred Stock [Member] | ||
Stockholders’ (deficit) equity: | ||
Preferred stock | 22 | 22 |
Series E Preferred Stock [Member] | ||
Stockholders’ (deficit) equity: | ||
Preferred stock | $ 50 | $ 50 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 300,000,000 | 300,000,000 |
Common stock, shares issued (in shares) | 30,357,292 | 30,279,922 |
Common stock, shares outstanding (in shares) | 30,357,292 | 30,279,922 |
Non-Series Preferred Stock [Member] | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
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 |
Series D Preferred Stock [Member] | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 150,000 | 150,000 |
Preferred stock, shares issued (in shares) | 22,077 | 22,077 |
Preferred stock, shares outstanding (in shares) | 22,077 | 22,077 |
Series E Preferred Stock [Member] | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 50,000 | 50,000 |
Preferred stock, shares issued (in shares) | 50,000 | 50,000 |
Preferred stock, shares outstanding (in shares) | 50,000 | 50,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | ||
Revenue: | |||
Revenue from contract with customer | $ 0 | $ 22,486 | |
Grant and other revenue | 0 | 101,251 | |
Total revenue | 0 | 123,737 | |
Cost of revenue | 0 | 0 | |
Gross profit | 0 | 123,737 | |
Operating expenses: | |||
Research and development | 1,169,254 | 1,222,754 | |
Selling, general and administrative | 1,810,030 | 2,230,745 | |
Total operating expenses | 2,979,284 | 3,453,499 | |
Loss from operations | [1] | (2,979,284) | (3,329,762) |
Other (expense) income: | |||
Interest expense, net | (3,662) | (2,875) | |
Gain on extinguishment of debt | 0 | 366,000 | |
Other, net | (4,299) | (255) | |
Total other (expense) income, net | (7,961) | 362,870 | |
Net loss | (2,987,245) | (2,966,892) | |
Loss attributable to noncontrolling interest | 3 | 2 | |
Loss attributable to common stockholders | $ (2,987,242) | $ (2,966,890) | |
Loss attributable to common stockholders per common share (basic and diluted) (in dollars per share) | $ (0.10) | $ (0.11) | |
Weighted average shares outstanding (in shares) | 30,207,746 | 28,066,296 | |
License [Member] | |||
Revenue: | |||
Revenue from contract with customer | $ 0 | $ 22,486 | |
[1] | Income (loss) from operations does not reflect the allocation of certain selling, general and administrative expenses, excluding depreciation and amortization, to our individual reportable segments, other than those expenses directly incurred by Navidea Europe, Navidea UK and MT. |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' (Deficit) Equity (Unaudited) - USD ($) | Director Fees [Member]Preferred Stock [Member] | Director Fees [Member]Common Stock [Member] | Director Fees [Member]Additional Paid-in Capital [Member] | Director Fees [Member]Retained Earnings [Member] | Director Fees [Member]Noncontrolling Interest [Member] | Director Fees [Member] | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] | Total |
Balance (in shares) at Dec. 31, 2020 | 27,149,691 | |||||||||||
Balance at Dec. 31, 2020 | $ 218,146 | $ 375,428,014 | $ (359,056,683) | $ 731,303 | $ 2,046,907 | |||||||
Issued stock to 401(k) plan (in shares) | 30,018 | 30,018 | ||||||||||
Issued stock to 401(k) plan | $ 30 | 76,816 | $ 76,846 | |||||||||
Stock compensation expense | 121,298 | 121,298 | ||||||||||
Net loss | (2,966,890) | (2) | (2,966,892) | |||||||||
Balance (in shares) at Dec. 31, 2021 | 30,279,922 | |||||||||||
Balance at Dec. 31, 2021 | $ 221,277 | 370,459,705 | (370,787,610) | 731,299 | 624,743 | |||||||
Issued stock in lieu of cash bonuses (in shares) | 0 | 16,632 | ||||||||||
Issued stock in lieu of cash bonuses | $ 0 | $ 17 | 16,948 | 0 | 0 | $ 16,965 | ||||||
Issued stock to 401(k) plan (in shares) | 0 | 53,238 | 53,238 | |||||||||
Issued stock to 401(k) plan | 0 | 0 | $ 44,720 | |||||||||
Issued stock in lieu of cash for payment of director fees (in shares) | 0 | 7,500 | ||||||||||
Issued stock in lieu of cash for payment of director fees | $ 0 | $ 7 | $ 6,518 | $ 0 | $ 0 | $ 6,525 | ||||||
MT Preferred Stock reacquired due to Platinum settlement | $ 0 | $ 0 | 438,778 | 0 | (438,778) | 0 | ||||||
Stock compensation expense | 0 | 0 | 184,850 | 0 | 0 | 184,850 | ||||||
Net loss | $ 0 | $ 0 | $ 0 | $ (2,987,242) | $ (3) | $ (2,987,245) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) | Preferred Stock Subscription [Member]Series D Preferred Stock [Member] | Preferred Stock Subscription [Member] | Preferred Stock Subscriptions Receivable [Member]Series D Preferred Stock [Member] | Preferred Stock Subscriptions Receivable [Member] | Common Stock [Member]Series D Preferred Stock [Member] | Common Stock [Member] | Common Stock Subscription [Member]Series D Preferred Stock [Member] | Common Stock Subscription [Member] | Common Stock Subscriptions Receivable [Member] | Additional Paid-in Capital [Member]Series D Preferred Stock [Member] | Additional Paid-in Capital [Member]Series E Preferred Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] | Preferred Stock [Member]Series D Preferred Stock [Member] | Preferred Stock [Member]Series E Preferred Stock [Member] | Preferred Stock [Member] | Series D Preferred Stock [Member] | Series E Preferred Stock [Member] | Total |
Balance (in shares) at Dec. 31, 2020 | 132,250 | 27,149,691 | 995,000 | |||||||||||||||||
Balance at Dec. 31, 2020 | $ 132 | $ (10,300,000) | $ 218,146 | $ 995 | $ (4,975,000) | $ 375,428,014 | $ (359,056,683) | $ 731,303 | $ 2,046,907 | |||||||||||
Issued restricted stock (in shares) | 12,500 | |||||||||||||||||||
Issued restricted stock | $ 13 | $ 13 | ||||||||||||||||||
Issued stock to 401(k) plan (in shares) | 30,018 | 30,018 | ||||||||||||||||||
Issued stock to 401(k) plan | $ 30 | 76,816 | $ 76,846 | |||||||||||||||||
Issued stock (in shares) | (31,750) | 31,750 | 50,000 | |||||||||||||||||
Issued stock | $ (31) | $ 250,000 | $ 4,980,659 | $ 32 | $ 50 | $ 250,001 | $ 4,980,709 | |||||||||||||
Issued stock upon conversion (in shares) | 1,513,978 | 0 | (31,750) | |||||||||||||||||
Issued stock upon conversion | $ 1,514 | $ (1,482) | $ (32) | |||||||||||||||||
Stock subscribed (in shares) | 0 | |||||||||||||||||||
Stock subscribed | $ 0 | $ 500,000 | $ 0 | $ 500,000 | ||||||||||||||||
Stock compensation expense | 121,298 | 121,298 | ||||||||||||||||||
Net loss | (2,966,890) | (2) | (2,966,892) | |||||||||||||||||
Balance (in shares) at Mar. 31, 2021 | 100,500 | 28,706,187 | 995,000 | 50,000 | ||||||||||||||||
Balance at Mar. 31, 2021 | $ 101 | $ (9,550,000) | $ 219,703 | $ 995 | $ (4,975,000) | 380,605,305 | (362,023,573) | 731,301 | 5,008,882 | |||||||||||
Balance (in shares) at Dec. 31, 2021 | 30,279,922 | |||||||||||||||||||
Balance at Dec. 31, 2021 | $ 221,277 | 370,459,705 | (370,787,610) | 731,299 | $ 624,743 | |||||||||||||||
Issued stock to 401(k) plan (in shares) | 53,238 | 0 | 53,238 | |||||||||||||||||
Issued stock to 401(k) plan | 0 | 0 | $ 44,720 | |||||||||||||||||
Stock compensation expense | $ 0 | 184,850 | 0 | 0 | $ 0 | 184,850 | ||||||||||||||
Net loss | $ 0 | 0 | (2,987,242) | (3) | $ 0 | (2,987,245) | ||||||||||||||
Balance (in shares) at Mar. 31, 2022 | 30,357,292 | 72,077 | ||||||||||||||||||
Balance at Mar. 31, 2022 | $ 221,354 | $ 371,151,466 | $ (373,774,852) | $ 292,518 | $ (2,109,442) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows from operating activities: | ||
Net loss | $ (2,987,245) | $ (2,966,892) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 22,878 | 17,748 |
Non-cash lease expense | 30,354 | 30,378 |
Loss on abandonment of patent applications | 47,774 | 0 |
Stock compensation expense | 184,850 | 121,298 |
Gain on extinguishment of debt | 0 | (366,000) |
Value of stock issued to 401(k) plan for employer matching contributions | 44,720 | 76,846 |
Value of stock issued in payment of employee bonuses | 16,965 | 0 |
Value of stock issued in payment of director fees | 6,525 | 0 |
Changes in operating assets and liabilities: | ||
Receivables | (22,852) | (21,414) |
Inventory | (171,837) | 3,556 |
Prepaid expenses and other assets | 240,832 | 129,970 |
Accounts payable | 143,616 | 72,403 |
Accrued and other liabilities | (149,083) | (106,135) |
Lease liabilities | (86,567) | (77,256) |
Deferred revenue | 122,964 | 22,964 |
Net cash used in operating activities | (2,556,106) | (3,062,534) |
Cash flows from investing activities: | ||
Payments for purchases of equipment | (42,017) | 0 |
Patent and trademark costs | (76,175) | (67,472) |
Net cash used in investing activities | (118,192) | (67,472) |
Cash flows from financing activities: | ||
Proceeds from issuance of preferred stock, including stock subscriptions receivable | 0 | 8,175,000 |
Proceeds from issuance of common stock | 0 | 13 |
Principal payments on notes payable | (339,453) | (188,893) |
Net cash (used in) provided by financing activities | (339,453) | 7,966,830 |
Net (decrease) increase in cash and cash equivalents | (3,013,751) | 4,836,824 |
Cash and cash equivalents, beginning of period | 4,230,865 | 2,670,495 |
Cash and cash equivalents, end of period | 1,217,114 | 7,507,319 |
Preferred Stock Issuance Costs [Member] | ||
Cash flows from financing activities: | ||
Payment of stock issuance costs | $ 0 | $ (19,290) |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 1. Summary of Significant Accounting Policies a. Basis of Presentation: March 31, 2022 three March 31, 2022 2021 March 31, 2022 not December 31, 2021, 10 March 28, 2022 ( “2021 10 Our consolidated financial statements include the accounts of Navidea and our wholly owned subsidiaries, Navidea Biopharmaceuticals Europe Limited (“Navidea Europe”) and Navidea Biopharmaceuticals Limited (“Navidea UK”), as well as those of our majority-owned subsidiary, Macrophage Therapeutics, Inc. (“MT”). All significant inter-company accounts were eliminated in consolidation. b. Revenue Recognition: one We also earn revenues related to our licensing and distribution agreements. The consideration we are eligible to receive under our licensing and distribution agreements typically includes upfront payments, reimbursement for research and development (“R&D”) costs, milestone payments, and royalties. Each licensing and distribution agreement is unique and requires separate assessment in accordance with current accounting standards. See Note 3. c. Research and Development Costs: d. Inventory: first first 6. e. Intangible Assets: no three March 31, 2022 2021, three March 31, 2022 2021, f. Leases: 2018. 12 not 9. g. Contingent Liabilities: 450, Contingencies 10 10. h. Recently Adopted Accounting Standards: May 2021, No. 2021 04, Issuer s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options 2021 04 2021 04 2021 04 2021 04 December 15, 2021, 2021 04 not In November 2021, No. 2021 10, Disclosures by Business Entities about Government Assistance 2021 10 2021 10 1 2 3 2021 10 December 15, 2021. 2021 10 1 2 2021 10 not |
Note 2 - Liquidity
Note 2 - Liquidity | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Substantial Doubt about Going Concern [Text Block] | 2. Liquidity As disclosed in the notes to the consolidated financial statements included in the Company’s 2021 10 10. On April 10, 2022, two second first 16. We do not 19 19 NAV3 32 19 19 The current conflict between Ukraine and Russia has created extreme volatility in the global capital markets and is expected to have further global economic consequences, including disruptions of the global supply chain and energy markets. Any such volatility and disruptions may third may The Company has experienced recurring net losses and has used significant cash to fund its operations. The Company has considerable discretion over the extent of development project expenditures and has the ability to curtail the related cash flows as needed. The Company also continues working to establish new sources of funding, including potential equity investments, collaborations and additional grant funding that can augment the balance sheet. However, based on our current working capital and our projected cash burn, management believes that there is substantial doubt about the Company’s ability to continue as a going concern for a period of one 10 |
Note 3 - Revenue From Contracts
Note 3 - Revenue From Contracts With Customers | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 3. Revenue from Contracts with Customers Navidea is focused on the development and commercialization of precision immunodiagnostic agents and immunotherapeutics. We manage our business based on two Tc99m Tc99m one Tc99 The Company recognizes revenue from up-front license fees and pre-market milestones after the cash has been received from its customers and the performance obligations have been met. Payments for sales-based royalties and milestones are generally received after the related revenue has been recognized and invoiced. Normal payment terms generally range from 15 to 90 days following milestone achievement or royalty invoice, in accordance with each contract. Up-front and milestone payments received related to our license and distribution agreements in India and China are deferred until Tc99m Tc99m March 2022, not Tc99m not no not eight ten The transaction price of a contract is the amount of consideration to which the Company expects to be entitled in exchange for transferring promised goods or services to a customer. Transaction prices do not third not When estimating a contract’s transaction price, the Company considers all the information (historical, current, and forecasted) that is reasonably available to it and identifies possible consideration amounts. Most of the Company’s contracts with customers include both fixed and variable components of the transaction price. Under those contracts, some or all of the consideration for satisfied performance obligations is contingent on events over which the Company has no Tc99m The milestone payments have a binary outcome (that is, the Company will either receive all or none not Royalties are estimated based on the expected value method because they are based on a variable amount of sales representing a range of possible outcomes. However, when taking into account the constraint on variable consideration, the estimate of future royalties included in the transaction price is generally $0. This conclusion is based on the fact that Tc99m not no no The Company also has an agreement in place to provide Meilleur Technologies, Inc. (“Meilleur”), a wholly-owned subsidiary of Cerveau Technologies, Inc. (“Cerveau”), worldwide rights to conduct research using NAV4694, NAV4694 The sublicense of NAV4694 No. 606, Revenue from Contracts with Customers 606” Up-front fees, milestones and royalties are generally non-refundable. Therefore, the Company does not During the three March 31, 2022 2021, three March 31, 2022 2021, not The following table disaggregates the Company’s revenue from contracts with customers for the three March 31, 2022 2021. Three Months Ended March 31, 2022 2021 License revenue: Tc99m tilmanocept - Europe $ — $ 22,486 The following economic factors affect the nature, amount, timing and uncertainty of the Company’s revenue and cash flows as indicated: Geographical Location of Customers: may may Tc99m Status of Regulatory Approval: Tc99m Tc99m Tc99m March 2022, not Tc99m not may NAV4694 not Through March 31, 2022, not The following table summarizes the changes in contract liabilities, the current portion of which is included in accrued liabilities and other in the consolidated balance sheets, during the three March 31, 2022 2021. Three Months Ended March 31, 2022 2021 Total deferred revenue, beginning of period $ 700,000 $ 700,000 Deferred revenue related to milestones achieved 100,000 — Total deferred revenue, end of period $ 800,000 $ 700,000 The Company had license revenue receivable of $100,000 and $1,021 outstanding as of March 31, 2022 December 31, 2021, In addition to revenue from contracts from customers, we also generate revenue from National Institutes of Health (“NIH”) grants to support various product development initiatives. The revenue recognition standard applies to revenue from contracts with customers. A customer is defined as a party that has contracted with an entity to obtain goods or services that are an output of the entity’s ongoing major or central operations in exchange for consideration. The Company’s ongoing major or central operations consist of the development and commercialization of precision immunodiagnostic agents and immunotherapeutics. The NIH and its various institutes are responsible for biomedical and public health research and provide major biomedical research funding to non-NIH research facilities and entities such as Navidea. While the Company will directly benefit from any knowledge gained from the project, there is also a public health benefit provided, which justifies the use of public funds in the form of the grants. Based on the nature of the Company’s operations and the terms of the grant awards, Navidea does not not three March 31, 2022 2021, |
Note 4 - Stock-based Compensati
Note 4 - Stock-based Compensation | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 4. Stock-Based Compensation For the three March 31, 2022 2021, not three March 31, 2022 2021. A summary of the status of our stock options as of March 31, 2022, three Three Months Ended March 31, 2022 Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life (years) Aggregate Intrinsic Value Outstanding, January 1, 2022 919,790 $ 5.67 6.5 $ — Granted 2,500 0.97 Cancelled/Forfeited (27,455 ) 6.29 Expired (6,185 ) 64.17 Outstanding, March 31, 2022 888,650 $ 5.23 6.3 $ — Exercisable, March 31, 2022 634,485 $ 6.73 5.1 $ — The weighted average grant date fair value per stock option granted during the three March 31, 2022 three March 31, 2022 A summary of the status of our unvested restricted stock as of March 31, 2022, three Three Months Ended March 31, 2022 Number of Shares Weighted Average Grant-Date Fair Value Unvested, January 1, 2022 95,000 $ 1.40 Vested (2,500 ) 2.28 Unvested, March 31, 2022 92,500 $ 1.38 As of March 31, 2022, |
Note 5 - Loss Per Share
Note 5 - Loss Per Share | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 5. Loss Per Share Basic loss per share is calculated by dividing net loss attributable to common stockholders by the weighted average number of common shares. Diluted loss per share reflects additional common shares that would have been outstanding if dilutive potential common shares had been issued. Potential common shares that may Diluted loss per common share for the three March 31, 2022 2021 The Company’s unvested restricted stock awards contain nonforfeitable rights to dividends or dividend equivalents, whether paid or unpaid (referred to as “participating securities”). Therefore, the unvested restricted stock awards are required to be included in the number of shares outstanding for both basic and diluted earnings per share calculations. However, due to our loss from continuing operations, 92,500 and 62,500 shares of unvested restricted stock for the three March 31, 2022 2021, |
Note 6 - Inventory
Note 6 - Inventory | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 6. Inventory The components of inventory as of March 31, 2022 December 31, 2021 March 31, 2022 December 31. 2021 Materials $ 214,028 $ 50,000 Finished goods 108,964 101,155 Total inventory $ 322,992 $ 151,155 During the three March 31, 2021, |
Note 7 - Accounts Payable, Accr
Note 7 - Accounts Payable, Accrued Liabilities and Other | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | 7. Accounts Payable, Accrued Liabilities and Other Accounts payable as of March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021. July 1, 2022. |
Note 8 - Notes Payable
Note 8 - Notes Payable | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 8. Notes Payable IPFS Corporation In November 2020, seven June 2021. November 2021, five April 2022. Interest expense related to the IPFS notes payable totaled $3,712 and $2,770 during the three March 31, 2022 2021, March 31, 2022, |
Note 9 - Leases
Note 9 - Leases | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 9. Leases We currently lease approximately 5,000 square feet of office space at 4995 June 2023. In addition, we currently lease approximately 25,000 square feet of office space at 5600 2022. October 2022 five not June 2017, October 2022. We currently lease office equipment at a monthly payment of $136, expiring in October 2024. September 2021. Total operating lease expense was $37,676 and $45,832 for the three March 31, 2022 2021, The following table presents information about the amount, timing and uncertainty of cash flows arising from the Company’s operating leases as of March 31, 2022. Maturity of Lease Liabilities Operating Lease Payments 2022 (remaining) $ 197,222 2023 19,699 2024 1,355 Total undiscounted operating lease payments 218,276 Less imputed interest 8,837 Present value of operating lease liabilities $ 209,439 Balance Sheet Classification Current lease liabilities $ 198,140 Noncurrent lease liabilities 11,299 Total operating lease liabilities $ 209,439 Other Information Weighted-average remaining lease term for operating leases (years) 0.8 Weighted-average discount rate for operating leases 10.9 % Cash paid for amounts included in the present value of operating lease liabilities was $93,889 and $92,711 during the three March 31, 2022 2021, |
Note 10 - Commitments and Conti
Note 10 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 10. Commitments and Contingencies We are subject to legal proceedings and claims that arise in the ordinary course of business. The amount of ultimate liability, if any, with respect to these actions is unknown. CRG Litigation As disclosed in the notes to the financial statements included in the Company’s 2021 10 December 2017, March 3, 2017. March 2017, not June 2016 $66.0 $4.1 $4.1 $7.0 On April 9, 2018, 414, 414” $4.1 $59.0 The Company has also been engaged in ongoing litigation with CRG in the Court of Common Pleas of Franklin County, Ohio (the “Ohio Court”) related to Navidea’s claims that the CRG Lenders fraudulently induced Navidea to enter into a settlement agreement and breached the terms of the same through certain actions taken by the CRG Lenders in connection with the GSA, pursuant to which Navidea agreed to pay up to $66.0 $66.0 $4.1 June 2016 $66.0 $66.0 $7.1 414 May 7, 2019, June 28, 2019. November 27, 2019, $66.0 April 9, 2018, 414 no December 5, 2019, 10th March 27, 2020, September 23, 2020. March 16, 2021, 10th November 27, 2019 not not In April 2018, $7.1 not On November 21, 2021, not August 26, 2022. not Platinum Litigation In November 2017, March 3, 2017, October 31, 2018, no On November 30, 2018, January 22, 2019, September 5, 2019. November 25, 2019, not June 4, 2020, September 2, 2020, September 23, 2020 June 28, 2021. January 2022, 11. Goldberg Agreement and Litigation In August 2018, 1,175,000 November 2018, On February 11, 2019, February 19, 2019, March 1, 2019, February 20, 2019, may February 17, 2022, New York Litigation Involving Dr. Goldberg On February 20, 2019, April 26, 2019, June 13, 2019, third On December 26, 2019, third not The District Court also rejected Dr. Goldberg’s claim for wrongful termination as Chief Executive Officer of MT. In addition, the District Court found that Dr. Goldberg lacked standing to seek injunctive relief to force the removal of Dr. Claudine Bruck and Michael Rice from MT’s Board of Directors, to invalidate all actions taken by the MT Board on or after November 29, 2018 ( In addition, the District Court found Navidea’s breach of fiduciary duty claim against Dr. Goldberg for conduct occurring more than three On January 31, 2020, April 1, 2020, On January 27, 2020, July 9, 2020, 1 2 3 4 On August 24, 2020, not third not On May 27, 2021, 1 2 3 not 4 not third 5 6 not On August 6, 2021, June 23, 2021 ( October 14, 2021, March 7, 2022, September 1, 2020. April 8, 2022, September 1, 2020 March 31, 2022. May 19, 2022. Fact discovery and expert discovery in the New York Action have been completed. The Company has moved to disqualify Dr. Goldberg’s damages expert and briefing in the District Court was submitted on April 1, 2022. not Delaware Litigation Involving Dr. Goldberg On February 20, 2019, June 12, 2019, not May 23, 2019 On June 23, 2021, not not December 9, 2021, NYSE American Continued Listing Standards On January 28, 2022, not $6.0 1003 February 28, 2022 July 28, 2023. On April 8, 2022, not 1003 1003 $2.0 two three $4.0 three four December 31, 2021 five December 31, 2021. The NYSE American has granted the Company a plan period through July 28, 2023 1003 not not may |
Note 11 - Equity
Note 11 - Equity | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 11. Equity As discussed in Note 10, January 2022. six On January 31, 2022, March 2, 2021 ( six 16. During the three March 31, 2022 2021, 401 During the three March 31, 2022, 2021 |
Note 12 - Stock Warrants
Note 12 - Stock Warrants | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Stock Warrants Disclosure [Text Block] | 12. Stock Warrants As of March 31, 2022, |
Note 13 - Income Taxes
Note 13 - Income Taxes | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 13. Income Taxes Income taxes are accounted for under the asset and liability method in accordance with Accounting Standards Codification 740, Income Taxes Current accounting standards require a valuation allowance against DTAs if, based on the weight of available evidence, it is more likely than not may not March 31, 2022 December 31, 2021. In assessing the realizability of DTAs, management considers whether it is more likely than not not not not March 31, 2022. Current accounting standards include guidance on the accounting for uncertainty in income taxes recognized in the financial statements. Such standards also prescribe a recognition threshold and measurement model for the financial statement recognition of a tax position taken, or expected to be taken, and provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. The Company believes that the ultimate deductibility of all tax positions is highly certain, although there is uncertainty about the timing of such deductibility. As a result, no liability for uncertain tax positions was recorded as of March 31, 2022 December 31, 2021 not twelve March 31, 2022, 2018 2021 As of March 31, 2022, 2022 2037. |
Note 14 - Segments
Note 14 - Segments | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 14. Segments We report information about our operating segments using the “management approach” in accordance with current accounting standards. This information is based on the way management organizes and reports the segments within the enterprise for making operating decisions and assessing performance. Our reportable segments are identified based on differences in products, services and markets served. There were no inter-segment sales. We manage our business based on two Tc99m The information in the following tables is derived directly from each reportable segment’s financial reporting. Three Months Ended March 31, 2022 Diagnostics Therapeutics Corporate Total Research and development expenses $ 989,887 $ 179,367 $ — $ 1,169,254 Selling, general and administrative expenses, excluding depreciation and amortization (1) — — 1,787,152 1,787,152 Depreciation and amortization (2) 6,040 — 16,838 22,878 Loss from operations (3) (995,927 ) (179,367 ) (1,803,990 ) (2,979,284 ) Other expense (4) — — (7,961 ) (7,961 ) Net loss (995,927 ) (179,367 ) (1,811,951 ) (2,987,245 ) Total assets, net of depreciation and amortization: United States $ 150,920 $ — $ 3,034,316 $ 3,185,236 International 393,753 — 23,136 416,889 Capital expenditures 40,221 — 1,796 42,017 Three Months Ended March 31, 2021 Diagnostics Therapeutics Corporate Total License revenue $ 22,486 $ — $ — $ 22,486 Grant and other revenue 101,251 — — 101,251 Total revenue 123,737 — — 123,737 Research and development expenses 1,094,390 128,364 — 1,222,754 Selling, general and administrative expenses, excluding depreciation and amortization (1) — 2,006 2,210,991 2,212,997 Depreciation and amortization (2) 6,040 — 11,708 17,748 Loss from operations (3) (976,693 ) (130,370 ) (2,222,699 ) (3,329,762 ) Other income (4) — — 362,870 362,870 Net loss (976,693 ) (130,370 ) (1,859,829 ) (2,966,892 ) Total assets, net of depreciation and amortization: United States $ 160,669 $ — $ 9,723,212 $ 9,883,881 International 193,194 — — 193,194 Capital expenditures — — — — ( 1 General and administrative expenses, excluding depreciation and amortization, represent costs that relate to the general administration of the Company and as such are not ( 2 Depreciation and amortization are reflected in selling, general and administrative expenses ($22,878 and $17,748 for the three March 31, 2022 2021, ( 3 Income (loss) from operations does not ( 4 Amounts consist primarily of gain on extinguishment of debt, interest income and interest expense, which are not |
Note 15 - Supplemental Disclosu
Note 15 - Supplemental Disclosure for Statements of Cash Flows | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | 15. Supplemental Disclosure for Statements of Cash Flows During the three March 31, 2022 2021, three March 31, 2021, 10 December 31, 2020 December 31, 2020. three March 31, 2022 2021, 401 three March 31, 2022, 2021 |
Note 16 - Subsequent Events
Note 16 - Subsequent Events | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 16. Subsequent Events The Company has evaluated events and transactions subsequent to March 31, 2022 10 Rights Agreement On April 7, 2022, 382 December 31, 2021, Under the Rights Agreement, the Board declared a non-taxable dividend of one preferred share purchase right for each outstanding share of common stock of the Company. The rights will be exercisable only if a person or group acquires 4.99% or more of Navidea common stock. Existing shareholders that beneficially own in excess of 4.99% may not The rights issued under the Rights Agreement will expire on the earliest of (i) April 6, 2025; ( 382 no first no may 2022 not Stock Exchange and Loan Agreement On April 10, 2022, two second first As consideration and a partial inducement for Mr. Scott to make the loan, at the closing, Mr. Scott agreed to deliver 50,000 shares of Series E Preferred Stock, representing 100% of the outstanding Series E Preferred Stock, to the Company in exchange for the Company’s issuance of 1,740 shares of Series F Redeemable Convertible Preferred Stock (“Series F Preferred Stock”) and 3,260 shares of Series G Redeemable Preferred Stock (“Series G Preferred Stock”). The number of shares of Common Stock that the Company may may not 33.33% April 12, 2022. In connection with the Purchase Agreement, the Company entered into a Registration Rights Agreement with Mr. Scott, pursuant to which the Company agreed to file a registration statement with the SEC to register the resale of the shares issuable to Mr. Scott upon conversion of the Series F Preferred Stock. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | a. Basis of Presentation: March 31, 2022 three March 31, 2022 2021 March 31, 2022 not December 31, 2021, 10 March 28, 2022 ( “2021 10 Our consolidated financial statements include the accounts of Navidea and our wholly owned subsidiaries, Navidea Biopharmaceuticals Europe Limited (“Navidea Europe”) and Navidea Biopharmaceuticals Limited (“Navidea UK”), as well as those of our majority-owned subsidiary, Macrophage Therapeutics, Inc. (“MT”). All significant inter-company accounts were eliminated in consolidation. |
Revenue [Policy Text Block] | b. Revenue Recognition: one We also earn revenues related to our licensing and distribution agreements. The consideration we are eligible to receive under our licensing and distribution agreements typically includes upfront payments, reimbursement for research and development (“R&D”) costs, milestone payments, and royalties. Each licensing and distribution agreement is unique and requires separate assessment in accordance with current accounting standards. See Note 3. |
Research and Development Expense, Policy [Policy Text Block] | c. Research and Development Costs: |
Inventory, Policy [Policy Text Block] | d. Inventory: first first 6. |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | e. Intangible Assets: no three March 31, 2022 2021, three March 31, 2022 2021, |
Lessee, Leases [Policy Text Block] | f. Leases: 2018. 12 not 9. |
Contingent Liability Reserve Estimate, Policy [Policy Text Block] | g. Contingent Liabilities: 450, Contingencies 10 10. |
New Accounting Pronouncements, Policy [Policy Text Block] | h. Recently Adopted Accounting Standards: May 2021, No. 2021 04, Issuer s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options 2021 04 2021 04 2021 04 2021 04 December 15, 2021, 2021 04 not In November 2021, No. 2021 10, Disclosures by Business Entities about Government Assistance 2021 10 2021 10 1 2 3 2021 10 December 15, 2021. 2021 10 1 2 2021 10 not |
Note 3 - Revenue From Contrac_2
Note 3 - Revenue From Contracts With Customers (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended March 31, 2022 2021 License revenue: Tc99m tilmanocept - Europe $ — $ 22,486 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | Three Months Ended March 31, 2022 2021 Total deferred revenue, beginning of period $ 700,000 $ 700,000 Deferred revenue related to milestones achieved 100,000 — Total deferred revenue, end of period $ 800,000 $ 700,000 |
Note 4 - Stock-based Compensa_2
Note 4 - Stock-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Three Months Ended March 31, 2022 Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life (years) Aggregate Intrinsic Value Outstanding, January 1, 2022 919,790 $ 5.67 6.5 $ — Granted 2,500 0.97 Cancelled/Forfeited (27,455 ) 6.29 Expired (6,185 ) 64.17 Outstanding, March 31, 2022 888,650 $ 5.23 6.3 $ — Exercisable, March 31, 2022 634,485 $ 6.73 5.1 $ — |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Three Months Ended March 31, 2022 Number of Shares Weighted Average Grant-Date Fair Value Unvested, January 1, 2022 95,000 $ 1.40 Vested (2,500 ) 2.28 Unvested, March 31, 2022 92,500 $ 1.38 |
Note 6 - Inventory (Tables)
Note 6 - Inventory (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31, 2022 December 31. 2021 Materials $ 214,028 $ 50,000 Finished goods 108,964 101,155 Total inventory $ 322,992 $ 151,155 |
Note 9 - Leases (Tables)
Note 9 - Leases (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Maturity of Lease Liabilities Operating Lease Payments 2022 (remaining) $ 197,222 2023 19,699 2024 1,355 Total undiscounted operating lease payments 218,276 Less imputed interest 8,837 Present value of operating lease liabilities $ 209,439 |
Lessee, Operating Lease, Assets and Liabilities [Table Text Block] | Balance Sheet Classification Current lease liabilities $ 198,140 Noncurrent lease liabilities 11,299 Total operating lease liabilities $ 209,439 |
Lessee, Leases, Other Information [Table Text Block] | Other Information Weighted-average remaining lease term for operating leases (years) 0.8 Weighted-average discount rate for operating leases 10.9 % |
Note 14 - Segments (Tables)
Note 14 - Segments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended March 31, 2022 Diagnostics Therapeutics Corporate Total Research and development expenses $ 989,887 $ 179,367 $ — $ 1,169,254 Selling, general and administrative expenses, excluding depreciation and amortization (1) — — 1,787,152 1,787,152 Depreciation and amortization (2) 6,040 — 16,838 22,878 Loss from operations (3) (995,927 ) (179,367 ) (1,803,990 ) (2,979,284 ) Other expense (4) — — (7,961 ) (7,961 ) Net loss (995,927 ) (179,367 ) (1,811,951 ) (2,987,245 ) Total assets, net of depreciation and amortization: United States $ 150,920 $ — $ 3,034,316 $ 3,185,236 International 393,753 — 23,136 416,889 Capital expenditures 40,221 — 1,796 42,017 Three Months Ended March 31, 2021 Diagnostics Therapeutics Corporate Total License revenue $ 22,486 $ — $ — $ 22,486 Grant and other revenue 101,251 — — 101,251 Total revenue 123,737 — — 123,737 Research and development expenses 1,094,390 128,364 — 1,222,754 Selling, general and administrative expenses, excluding depreciation and amortization (1) — 2,006 2,210,991 2,212,997 Depreciation and amortization (2) 6,040 — 11,708 17,748 Loss from operations (3) (976,693 ) (130,370 ) (2,222,699 ) (3,329,762 ) Other income (4) — — 362,870 362,870 Net loss (976,693 ) (130,370 ) (1,859,829 ) (2,966,892 ) Total assets, net of depreciation and amortization: United States $ 160,669 $ — $ 9,723,212 $ 9,883,881 International 193,194 — — 193,194 Capital expenditures — — — — |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Patent and Trademark Costs | $ 76,175 | $ 67,472 |
Previously Capitalized Patent Costs Abandoned | $ 47,774 | $ 0 |
Minimum [Member] | ||
Finite-Lived Intangible Asset, Useful Life (Year) | 5 years | |
Maximum [Member] | ||
Finite-Lived Intangible Asset, Useful Life (Year) | 15 years |
Note 2 - Liquidity (Details Tex
Note 2 - Liquidity (Details Textual) - Purchase Agreement [Member] - Vice Chairman of Board of Directors [Member] - Subsequent Event [Member] - USD ($) $ in Millions | Apr. 12, 2022 | Apr. 10, 2022 |
Debt Instrument, Face Amount | $ 2.5 | |
Proceeds from Issuance of Long-Term Debt, Total | $ 1.5 | |
Debt Instrument, Interest Rate, Stated Percentage | 8.00% |
Note 3 - Revenue From Contrac_3
Note 3 - Revenue From Contracts With Customers (Details Textual) - USD ($) | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Contract with Customer, Payment Term, Minimum (Day) | 15 days | ||
Contract with Customer, Payment Term, Maximum (Day) | 90 days | ||
Contract with Customer, Transaction Price of Royalties Using Expected Value Method | $ 0 | ||
Revenue from Contract with Customer, Including Assessed Tax | 0 | $ 22,486 | |
Contract with Customer, Asset, Impairment Loss | 0 | 0 | |
Contract with Customer, Asset, after Allowance for Credit Loss, Total | 100,000 | $ 1,021 | |
Grant [Member] | |||
Revenue Not from Contract with Customer | $ 0 | $ 1,251 | |
INDIA | |||
Contract with Customer, Term of Contract (Year) | 8 years | ||
CHINA | |||
Contract with Customer, Term of Contract (Year) | 10 years |
Note 3 - Revenue From Contrac_4
Note 3 - Revenue From Contracts With Customers - Disaggregation of Revenue (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenue from contract with customer | $ 0 | $ 22,486 |
Diagnostics Segment [Member] | Royalty [Member] | Europe [Member] | ||
Revenue from contract with customer | $ 0 | $ 22,486 |
Note 3 - Revenue From Contrac_5
Note 3 - Revenue From Contracts With Customers - Changes in Contract Liabilities (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Total deferred revenue, beginning of period | $ 700,000 | $ 700,000 |
Deferred revenue related to milestones achieved | 100,000 | 0 |
Total deferred revenue, end of period | $ 800,000 | $ 700,000 |
Note 4 - Stock-based Compensa_3
Note 4 - Stock-based Compensation (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Share-Based Payment Arrangement, Expense | $ 184,850 | $ 121,298 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 0.77 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Maximum | 99.92% | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.69% | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term (Year) | 6 years 3 months | |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 161,015 | |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 7 months 24 days |
Note 4 - Stock-based Compensa_4
Note 4 - Stock-based Compensation - Summary of Stock Option Activity (Details) | 3 Months Ended |
Mar. 31, 2022$ / sharesshares | |
Outstanding at beginning of period (in shares) | shares | 919,790 |
Outstanding at beginning of period, weighted average exercise price (in dollars per share) | $ / shares | $ 5.67 |
Granted (in shares) | shares | 2,500 |
Granted, weighted average exercise price (in dollars per share) | $ / shares | $ 0.97 |
Cancelled/Forfeited (in shares) | shares | (27,455) |
Cancelled/Forfeited, weighted average exercise price (in dollars per share) | $ / shares | $ 6.29 |
Expired (in shares) | shares | (6,185) |
Expired, weighted average exercise price (in dollars per share) | $ / shares | $ 64.17 |
Outstanding at end of period (in shares) | shares | 888,650 |
Outstanding at end of period, weighted average exercise price (in dollars per share) | $ / shares | $ 5.23 |
Outstanding, weighted average remaining contractual life (Year) | 6 years 3 months 18 days |
Exercisable at end of period (in shares) | shares | 634,485 |
Exercisable at end of period, weighted average exercise price (in dollars per share) | $ / shares | $ 6.73 |
Exercisable, weighted average remaining contractual life (Year) | 5 years 1 month 6 days |
Note 4 - Stock-based Compensa_5
Note 4 - Stock-based Compensation - Summary of Unvested Restricted Stock (Details) - Restricted Stock [Member] | 3 Months Ended |
Mar. 31, 2022$ / sharesshares | |
Unvested at beginning of period (in shares) | shares | 95,000 |
Unvested at beginning of period, weighted average grant-date fair value (in dollars per share) | $ / shares | $ 1.40 |
Vested (in shares) | shares | (2,500) |
Vested, weighted average grant-date fair value (in dollars per share) | $ / shares | $ 2.28 |
Unvested at end of period (in shares) | shares | 92,500 |
Unvested at end of period, weighted average grant-date fair value (in dollars per share) | $ / shares | $ 1.38 |
Note 5 - Loss Per Share (Detail
Note 5 - Loss Per Share (Details Textual) - shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Stock Options and Warrants [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 1,310,974 | 1,751,794 |
Restricted Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 92,500 | 62,500 |
Note 6 - Inventory (Details Tex
Note 6 - Inventory (Details Textual) | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Finished Goods [Member] | |
Inventory, Allocated to Research and Development Expense | $ 4,054 |
Note 6 - Inventory - Net Invent
Note 6 - Inventory - Net Inventory (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Materials | $ 214,028 | $ 50,000 |
Finished goods | 108,964 | 101,155 |
Total inventory | $ 322,992 | $ 151,155 |
Note 7 - Accounts Payable, Ac_2
Note 7 - Accounts Payable, Accrued Liabilities and Other (Details Textual) - Director Fees [Member] - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Account Payable [Member] | ||
Due to Related Parties, Current, Total | $ 119,182 | $ 57,099 |
Accrued Liabilities and Other [Member] | ||
Due to Related Parties, Current, Total | $ 948,752 | $ 1,194,719 |
Note 8 - Notes Payable (Details
Note 8 - Notes Payable (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | |||
Nov. 30, 2021 | Nov. 30, 2020 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Notes Payable, Current, Total | $ 113,974 | $ 453,427 | |||
Notes Payable Issued for Prepayment of Insurance Premiums [Member] | FIF [Member] | |||||
Debt Instrument, Face Amount | $ 565,760 | $ 442,041 | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.36% | 3.50% | |||
Debt Instrument, Term (Month) | 5 months | 7 months | |||
Debt Instrument, Periodic Payment, Total | $ 114,388 | $ 63,888 | |||
Interest Expense, Debt, Total | 3,712 | $ 2,770 | |||
Notes Payable, Current, Total | $ 113,974 |
Note 9 - Leases (Details Textua
Note 9 - Leases (Details Textual) | 1 Months Ended | 3 Months Ended | ||
Jun. 30, 2017USD ($) | Mar. 31, 2022USD ($)ft² | Mar. 31, 2021USD ($) | Sep. 30, 2021ft² | |
Operating Lease, Expense | $ 37,676 | $ 45,832 | ||
Operating Lease, Payments | 93,889 | $ 92,711 | ||
Office Space at 4995 Bradenton Avenue, Dublin Ohio [Member] | ||||
Area of Real Estate Property (Square Foot) | ft² | 5,000 | |||
Operating Lease, Monthly Base Rent | $ 3,012 | |||
Office Space at 5600 Blazer Parkway, Dublin, Ohio [Member] | ||||
Area of Real Estate Property (Square Foot) | ft² | 25,000 | |||
Operating Lease, Monthly Base Rent | $ 39,124 | $ 28,149 | ||
Lessee, Operating Lease, Renewal Term (Year) | 5 years | |||
Office Equipment [Member] | ||||
Operating Lease, Monthly Base Rent | $ 136 | |||
Vehicle Lease [Member] | ||||
Operating Lease, Monthly Base Rent | $ 287 |
Note 9 - Leases - Maturity of L
Note 9 - Leases - Maturity of Lease Liabilities (Details) | Mar. 31, 2022USD ($) |
2022 (remaining) | $ 197,222 |
2023 | 19,699 |
2024 | 1,355 |
Total undiscounted operating lease payments | 218,276 |
Less imputed interest | 8,837 |
Present value of operating lease liabilities | $ 209,439 |
Note 9 - Leases - Balance Sheet
Note 9 - Leases - Balance Sheet Classification (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Current lease liabilities | $ 198,140 | $ 275,718 |
Noncurrent lease liabilities | 11,299 | $ 20,288 |
Present value of operating lease liabilities | 209,439 | |
Other Current Liabilities [Member] | ||
Current lease liabilities | 198,140 | |
Other Noncurrent Liabilities [Member] | ||
Noncurrent lease liabilities | $ 11,299 |
Note 9 - Leases - Other Informa
Note 9 - Leases - Other Information (Details) | Mar. 31, 2022 |
Weighted-average remaining lease term for operating leases (years) (Year) | 9 months 18 days |
Weighted-average discount rate for operating leases | 10.90% |
Note 10 - Commitments and Con_2
Note 10 - Commitments and Contingencies (Details Textual) - USD ($) | Dec. 09, 2021 | Nov. 21, 2021 | May 27, 2021 | Mar. 16, 2021 | Nov. 27, 2019 | Aug. 14, 2018 | Apr. 09, 2018 | Nov. 02, 2017 | Mar. 03, 2017 | Nov. 30, 2018 | Apr. 30, 2018 | Jun. 30, 2016 | Mar. 31, 2022 | Jan. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Aug. 31, 2018 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance | $ (2,109,442) | $ 624,743 | $ 5,008,882 | $ 2,046,907 | ||||||||||||||
Common Stock [Member] | ||||||||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance | 221,354 | $ 221,277 | $ 219,703 | $ 218,146 | ||||||||||||||
MT [Member] | ||||||||||||||||||
Ownership Percentage | 60.00% | |||||||||||||||||
Former Chief Executive Officer and President [Member] | ||||||||||||||||||
Common Stock Shares Provided by Agreement (in shares) | 1,175,000 | |||||||||||||||||
Common Stock Shares Provided by Agreement, Escrow Period (Month) | 18 months | |||||||||||||||||
Former Chief Executive Officer and President [Member] | Common Stock [Member] | ||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 925,000 | |||||||||||||||||
Stock Issued During Period, Shares, New Issues Placed in Escrow (in shares) | 250,000 | |||||||||||||||||
Former Chief Executive Officer and President [Member] | MT [Member] | Common Stock [Member] | Dr. Michael Goldberg [Member] | ||||||||||||||||||
Ownership Percentage | 5.00% | |||||||||||||||||
CRG [Member] | ||||||||||||||||||
Draws on Letter of Credit | $ 7,100,000 | |||||||||||||||||
CRG Loan Agreement, Texas Case [Member] | ||||||||||||||||||
Litigation Settlement, Attorneys’ Fees | $ 2,800,000 | |||||||||||||||||
CRG Loan Agreement, Texas Case [Member] | Judicial Ruling [Member] | ||||||||||||||||||
Loss Contingency, Damages Awarded, Value, Additional Amount | $ 7,000,000 | |||||||||||||||||
Loss Contingency, Damages Awarded, Value, Amount not Taken into Consideration | $ 4,100,000 | |||||||||||||||||
Ohio Court of Common Pleas [Member] | ||||||||||||||||||
Litigation Settlement, Amount Awarded from Other Party | $ 4,300,000 | |||||||||||||||||
Litigation Settlement, Reversal of Amount Awarded from Other Party | $ 4,300,000 | |||||||||||||||||
Platinum-Montaur Life Sciences LLC Litigation [Member] | Pending Litigation [Member] | ||||||||||||||||||
Loss Contingency, Damages Sought, Value | $ 1,900,000 | |||||||||||||||||
New York Litigation Involving Former CEO and President [Member] | Judicial Ruling [Member] | ||||||||||||||||||
Litigation Settlement, Amount Can Be Awarded to Other Party for Indemnification for Attorneys’ Fees | $ 14,955 | |||||||||||||||||
Litigation Settlement, Amount Can Be Advanced to Other Party for Attorneys’ Fees Subject to Repayment | $ 1,237.50 | |||||||||||||||||
Litigation Settlement, Advancement for Attorney's Fees and Disbursements | $ 143,172.55 | |||||||||||||||||
Delaware Litigation Involving Former CEO and President [Member] | ||||||||||||||||||
Litigation Settlement, Amount Awarded from Other Party | $ 66,796.33 | |||||||||||||||||
CRG [Member] | Term Loan Agreement [Member] | CRG Loan Agreement, Texas Case [Member] | ||||||||||||||||||
Overpayment of Debt | $ 4,200,000 | |||||||||||||||||
CRG [Member] | Term Loan Agreement [Member] | CRG Loan Agreement, Texas Case [Member] | Judicial Ruling [Member] | ||||||||||||||||||
Repayments of Debt | 59,000,000 | |||||||||||||||||
CRG [Member] | Term Loan Agreement [Member] | Maximum [Member] | ||||||||||||||||||
Debt Instrument, Agreed-upon Final Payoff Amount | $ 66,000,000 |
Note 11 - Equity (Details Textu
Note 11 - Equity (Details Textual) - USD ($) | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Jan. 31, 2022 | Dec. 31, 2021 | |
Stockholders' Equity Attributable to Noncontrolling Interest, Ending Balance | $ 292,518 | $ 731,299 | ||
Additional Paid in Capital, Total | $ 371,151,466 | 370,459,705 | ||
Stock Issued During Period, Shares, Employee Benefit Plan (in shares) | 53,238 | 30,018 | ||
Stock Issued During Period, Value, Employee Benefit Plan | $ 44,720 | $ 76,846 | ||
Issuance of Stock to Defined Contribution Plan for Employer Matching Contribution | $ 44,720 | $ 76,846 | ||
Common Stock [Member] | ||||
Stock Issued During Period, Shares, Employee Benefit Plan (in shares) | 53,238 | 30,018 | ||
Stock Issued During Period, Value, Employee Benefit Plan | $ 30 | |||
Stock Issued During Period, Shares, Issued for Employee Bonuses (in shares) | 16,632 | |||
Employees [Member] | Common Stock [Member] | ||||
Stock Issued During Period, Shares, Issued for Employee Bonuses (in shares) | 16,632 | |||
Issuance of Stock to Defined Contribution Plan for Employer Matching Contribution | $ 16,965 | |||
MT [Member] | ||||
Ownership Percentage | 60.00% | |||
Stockholders' Equity Attributable to Noncontrolling Interest, Ending Balance | $ 731,299 | |||
MT Preferred Stock [Member] | ||||
Preferred Stock, Stock Returned (in shares) | 6 | |||
Additional Paid in Capital, Total | $ 438,779 |
Note 12 - Stock Warrants (Detai
Note 12 - Stock Warrants (Details Textual) | Mar. 31, 2022$ / sharesshares |
Class of Warrant or Right, Outstanding (in shares) | shares | 422,324 |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 2.30 |
Minimum [Member] | |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 0.20 |
Warrants and Rights Outstanding, Term (Year) | 1 year 2 months 12 days |
Maximum [Member] | |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 49.80 |
Warrants and Rights Outstanding, Term (Year) | 13 years 4 months 24 days |
Note 13 - Income Taxes (Details
Note 13 - Income Taxes (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Unrecognized Tax Benefits, Ending Balance | $ 0 | $ 0 |
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | ||
Operating Loss Carryforwards, Total | 164,100 | $ 164,000 |
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Research Tax Credit Carryforward [Member] | ||
Tax Credit Carryforward, Amount | 9,100 | |
State and Local Jurisdiction [Member] | ||
Operating Loss Carryforwards, Total | $ 20,100 |
Note 14 - Segments (Details Tex
Note 14 - Segments (Details Textual) | 3 Months Ended | ||
Mar. 31, 2022USD ($) | Mar. 31, 2021USD ($) | ||
Revenues, Total | $ 0 | $ 123,737 | |
Number of Primary Types of Products Sold | 2 | ||
Depreciation, Depletion and Amortization, Nonproduction, Total | [1] | $ 22,878 | $ 17,748 |
Intersegment Eliminations [Member] | |||
Revenues, Total | $ 0 | ||
[1] | Depreciation and amortization are reflected in selling, general and administrative expenses ($22,878 and $17,748 for the three-month periods ended March 31, 2022 and 2021, respectively). |
Note 14 - Segments - Segment In
Note 14 - Segments - Segment Information (Details) - USD ($) | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | ||
Research and development expenses | $ 1,169,254 | $ 1,222,754 | ||
Selling, general and administrative expenses, excluding depreciation and amortization | [1] | 1,787,152 | 2,212,997 | |
Depreciation, Depletion and Amortization, Nonproduction, Total | [2] | 22,878 | 17,748 | |
Loss from operations | [3] | (2,979,284) | (3,329,762) | |
Other expense (4) | [4] | (7,961) | 362,870 | |
Net loss | (2,987,245) | (2,966,892) | ||
Total assets, net of depreciation and amortization | 3,602,125 | $ 6,644,833 | ||
Capital expenditures | 42,017 | 0 | ||
Revenue from contract with customer | 0 | 22,486 | ||
Grant and other revenue | 0 | 101,251 | ||
Revenues, Total | 0 | 123,737 | ||
Research and development expenses | 1,169,254 | 1,222,754 | ||
UNITED STATES | ||||
Total assets, net of depreciation and amortization | 3,185,236 | 9,883,881 | ||
Non-US [Member] | ||||
Total assets, net of depreciation and amortization | 416,889 | 193,194 | ||
License [Member] | ||||
Revenue from contract with customer | 0 | 22,486 | ||
Diagnostics Segment [Member] | ||||
Research and development expenses | 989,887 | 1,094,390 | ||
Selling, general and administrative expenses, excluding depreciation and amortization | [1] | 0 | 0 | |
Depreciation, Depletion and Amortization, Nonproduction, Total | [2] | 6,040 | 6,040 | |
Loss from operations | [3] | (995,927) | (976,693) | |
Other expense (4) | [4] | 0 | 0 | |
Net loss | (995,927) | (976,693) | ||
Capital expenditures | 40,221 | 0 | ||
Grant and other revenue | 101,251 | |||
Revenues, Total | 123,737 | |||
Research and development expenses | 989,887 | 1,094,390 | ||
Diagnostics Segment [Member] | UNITED STATES | ||||
Total assets, net of depreciation and amortization | 150,920 | 160,669 | ||
Diagnostics Segment [Member] | Non-US [Member] | ||||
Total assets, net of depreciation and amortization | 393,753 | 193,194 | ||
Diagnostics Segment [Member] | License [Member] | ||||
Revenue from contract with customer | 22,486 | |||
Therapeutics Segment [Member] | ||||
Research and development expenses | 179,367 | 128,364 | ||
Selling, general and administrative expenses, excluding depreciation and amortization | [1] | 0 | 2,006 | |
Depreciation, Depletion and Amortization, Nonproduction, Total | [2] | 0 | 0 | |
Loss from operations | [3] | (179,367) | (130,370) | |
Other expense (4) | [4] | 0 | 0 | |
Net loss | (179,367) | (130,370) | ||
Capital expenditures | 0 | 0 | ||
Grant and other revenue | 0 | |||
Revenues, Total | 0 | |||
Research and development expenses | 179,367 | 128,364 | ||
Therapeutics Segment [Member] | UNITED STATES | ||||
Total assets, net of depreciation and amortization | 0 | 0 | ||
Therapeutics Segment [Member] | Non-US [Member] | ||||
Total assets, net of depreciation and amortization | 0 | 0 | ||
Therapeutics Segment [Member] | License [Member] | ||||
Revenue from contract with customer | 0 | |||
Corporate Segment [Member] | ||||
Research and development expenses | 0 | 0 | ||
Selling, general and administrative expenses, excluding depreciation and amortization | [1] | 1,787,152 | 2,210,991 | |
Depreciation, Depletion and Amortization, Nonproduction, Total | [2] | 16,838 | 11,708 | |
Loss from operations | [3] | (1,803,990) | (2,222,699) | |
Other expense (4) | [4] | (7,961) | 362,870 | |
Net loss | (1,811,951) | (1,859,829) | ||
Capital expenditures | 1,796 | 0 | ||
Grant and other revenue | 0 | |||
Revenues, Total | 0 | |||
Research and development expenses | 0 | 0 | ||
Corporate Segment [Member] | UNITED STATES | ||||
Total assets, net of depreciation and amortization | 3,034,316 | 9,723,212 | ||
Corporate Segment [Member] | Non-US [Member] | ||||
Total assets, net of depreciation and amortization | $ 23,136 | 0 | ||
Corporate Segment [Member] | License [Member] | ||||
Revenue from contract with customer | $ 0 | |||
[1] | General and administrative expenses, excluding depreciation and amortization, represent costs that relate to the general administration of the Company and as such are not currently allocated to our individual reportable segments, other than those expenses directly incurred by Navidea Europe, Navidea UK and MT. | |||
[2] | Depreciation and amortization are reflected in selling, general and administrative expenses ($22,878 and $17,748 for the three-month periods ended March 31, 2022 and 2021, respectively). | |||
[3] | Income (loss) from operations does not reflect the allocation of certain selling, general and administrative expenses, excluding depreciation and amortization, to our individual reportable segments, other than those expenses directly incurred by Navidea Europe, Navidea UK and MT. | |||
[4] | Amounts consist primarily of gain on extinguishment of debt, interest income and interest expense, which are not currently allocated to our individual reportable segments. |
Note 15 - Supplemental Disclo_2
Note 15 - Supplemental Disclosure for Statements of Cash Flows (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Interest Paid, Excluding Capitalized Interest, Operating Activities | $ 3,712 | $ 2,900 |
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 0 | $ 8,175,000 |
Stock Issued During Period, Shares, Employee Benefit Plan (in shares) | 53,238 | 30,018 |
Stock Issued During Period, Value, Employee Benefit Plan | $ 44,720 | $ 76,846 |
Issuance of Stock to Defined Contribution Plan for Employer Matching Contribution | $ 44,720 | $ 76,846 |
Common Stock [Member] | ||
Stock Issued During Period, Shares, Employee Benefit Plan (in shares) | 53,238 | 30,018 |
Stock Issued During Period, Value, Employee Benefit Plan | $ 30 | |
Stock Issued During Period, Shares, Issued for Employee Bonuses (in shares) | 16,632 | |
Employees [Member] | Common Stock [Member] | ||
Stock Issued During Period, Shares, Issued for Employee Bonuses (in shares) | 16,632 | |
Issuance of Stock to Defined Contribution Plan for Employer Matching Contribution | $ 16,965 | |
Series D Preferred Stock [Member] | Keystone Capital Partners, LLC [Member] | ||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 2.925 |
Note 16 - Subsequent Events (De
Note 16 - Subsequent Events (Details Textual) - USD ($) $ in Millions | Apr. 12, 2022 | Apr. 10, 2022 | Apr. 07, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Subsequent Event [Member] | Conversion of Series E Preferred Stock to Series F Preferred Stock and Series G Preferred Stock [Member] | |||||
Conversion of Stock, Shares Converted (in shares) | 50,000 | ||||
Percentage of Outstanding Preferred Stock | 100.00% | ||||
Subsequent Event [Member] | Conversion of Series E Preferred Stock to Series F Preferred Stock and Series G Preferred Stock [Member] | Series F Preferred Stock [Member] | |||||
Conversion of Stock, Shares Issued (in shares) | 1,740 | ||||
Subsequent Event [Member] | Conversion of Series E Preferred Stock to Series F Preferred Stock and Series G Preferred Stock [Member] | Series G Preferred Stock [Member] | |||||
Conversion of Stock, Shares Issued (in shares) | 3,260 | ||||
Subsequent Event [Member] | Vice Chairman of Board of Directors [Member] | |||||
Percentage of Common Stock, Cap | 33.33% | ||||
Subsequent Event [Member] | Purchase Agreement [Member] | Vice Chairman of Board of Directors [Member] | |||||
Debt Instrument, Face Amount | $ 2.5 | ||||
Proceeds from Issuance of Long-Term Debt, Total | $ 1.5 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | ||||
Preferred Stock Purchase Rights Agreement [Member] | Subsequent Event [Member] | |||||
Non-taxable Dividend, Preferred Share Purchase Right Per Outstanding Common Stock (in shares) | 1 | ||||
Minimum Percentage of Common Stock | 4.99% | ||||
Additional Percentage of Common Stock Acquired | 0.50% | ||||
Percentage of Discount Entitled in Purchasing Common Stock | 50.00% | ||||
Class of Right, Common Stock Shares Converted (in shares) | 5 | ||||
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |||||
Operating Loss Carryforwards, Total | $ 164.1 | $ 164 |