Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | May 10, 2019 | |
Document Information [Line Items] | ||
Entity Registrant Name | CESCA THERAPEUTICS INC. | |
Entity Central Index Key | 0000811212 | |
Trading Symbol | kool | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Common Stock, Shares Outstanding (in shares) | 23,649,147 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 2,237,000 | $ 2,400,000 |
Accounts receivable, net of allowance for doubtful accounts of $426,000 ($419,000 at December 31, 2018) | 1,994,000 | 1,509,000 |
Inventories, net of reserves of $344,000 ($258,000 at December 31, 2018) | 4,309,000 | 4,493,000 |
Prepaid expenses and other current assets | 313,000 | 224,000 |
Total current assets | 8,853,000 | 8,626,000 |
Restricted cash | 1,000,000 | 1,000,000 |
Equipment and leasehold improvements, net | 2,443,000 | 2,562,000 |
Right-of-use operating lease assets, net | 941,000 | |
Goodwill | 781,000 | 781,000 |
Intangible assets, net | 1,561,000 | 1,591,000 |
Other assets | 51,000 | 51,000 |
Total assets | 15,630,000 | 14,611,000 |
Current liabilities: | ||
Accounts payable | 2,464,000 | 2,423,000 |
Accrued payroll and related expenses | 470,000 | 703,000 |
Deferred revenue | 764,000 | 485,000 |
Interest payable – related party | 461,000 | 1,513,000 |
Other current liabilities | 1,448,000 | 1,241,000 |
Total current liabilities | 5,607,000 | 6,365,000 |
Convertible promissory note – related party, less debt discount of $6,953,000 ($6,026,000 at December 31, 2018) | 1,760,000 | 1,174,000 |
Note payable | 800,000 | |
Derivative obligations | 1,000 | 1,000 |
Long term operating lease obligations | 854,000 | |
Other non-current liabilities | 329,000 | 340,000 |
Total liabilities | 9,351,000 | 7,880,000 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Preferred stock, $0.001 par value; 2,000,000 shares authorized, none outstanding | ||
Common stock, $0.001 par value; 350,000,000 shares authorized; 22,149,147 issued and outstanding (21,649,147 at December 31, 2018) | 22,000 | 22,000 |
Paid in capital in excess of par | 234,624,000 | 235,868,000 |
Accumulated deficit | (229,306,000) | (227,435,000) |
Accumulated other comprehensive loss | (17,000) | (13,000) |
Total Cesca Therapeutics Inc. stockholders’ equity | 5,323,000 | 8,442,000 |
Noncontrolling interests | 956,000 | (1,711,000) |
Total equity | 6,279,000 | 6,731,000 |
Total liabilities and stockholders’ equity | $ 15,630,000 | $ 14,611,000 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Accounts receivable, allowance for doubtful accounts | $ 426,000 | $ 419,000 |
Inventories, reserves | 344,000 | 258,000 |
Debt discount | $ 6,953,000 | $ 6,026,000 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 2,000,000 | 2,000,000 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 350,000,000 | 350,000,000 |
Common stock, shares issued (in shares) | 22,149,147 | 21,649,147 |
Common stock, shares outstanding (in shares) | 22,149,147 | 21,649,147 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Net revenues | $ 2,962,000 | $ 1,867,000 |
Cost of revenues | 1,704,000 | 1,515,000 |
Gross profit | 1,258,000 | 352,000 |
Expenses: | ||
Sales and marketing | 341,000 | 325,000 |
Research and development | 563,000 | 1,041,000 |
General and administrative | 1,260,000 | 2,242,000 |
Total operating expenses | 2,164,000 | 3,608,000 |
Loss from operations | (906,000) | (3,256,000) |
Fair value change of derivative instruments | 0 | 259,000 |
Interest expense | (1,132,000) | (361,000) |
Other expenses | (9,000) | (12,000) |
Net loss | (2,047,000) | (3,370,000) |
Loss attributable to noncontrolling interests | (176,000) | (410,000) |
Net loss attributable to common stockholders | (1,871,000) | (2,960,000) |
Net loss | (2,047,000) | (3,370,000) |
Other comprehensive income: | ||
Foreign currency translation adjustments | (4,000) | 7,000 |
Comprehensive loss | (2,051,000) | (3,363,000) |
Comprehensive loss attributable to noncontrolling interests | (176,000) | (410,000) |
Comprehensive loss attributable to common stockholders | $ (1,875,000) | $ (2,953,000) |
Per share data: | ||
Basic and diluted net loss per common share (in dollars per share) | $ (0.08) | $ (0.27) |
Weighted average common shares outstanding – basic and diluted (in shares) | 24,614,147 | 10,899,225 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Parent [Member] | Noncontrolling Interest [Member] | Total |
Balance (in shares) at Dec. 31, 2017 | 10,872,428 | ||||||
Balance at Dec. 31, 2017 | $ 11,000 | $ 221,371,000 | $ (187,640,000) | $ (43,000) | $ 33,699,000 | $ (487,000) | $ 33,212,000 |
Stock-based compensation expense | 137,000 | 137,000 | 137,000 | ||||
Foreign currency translation | 7,000 | 7,000 | 7,000 | ||||
Net loss | (2,960,000) | (2,960,000) | (410,000) | (3,370,000) | |||
Issuance of common stock and warrants in financing, net of offering costs (in shares) | 609,636 | ||||||
Issuance of common stock and warrants in financing, net of offering costs | 1,213,000 | 1,213,000 | 1,213,000 | ||||
Cumulative-effect adjustment from adoption of ASC 606 | Accounting Standards Update 2014-09 [Member] | (79,000) | (79,000) | (79,000) | ||||
Balance (in shares) at Mar. 31, 2018 | 11,482,064 | ||||||
Balance at Mar. 31, 2018 | $ 11,000 | 222,721,000 | (190,679,000) | (36,000) | 32,017,000 | (897,000) | 31,120,000 |
Balance (in shares) at Dec. 31, 2018 | 21,649,147 | ||||||
Balance at Dec. 31, 2018 | $ 22,000 | 235,868,000 | (227,435,000) | (13,000) | 8,442,000 | (1,711,000) | 6,731,000 |
Stock-based compensation expense, net of stock surrenders (in shares) | |||||||
Stock-based compensation expense | 81,000 | 81,000 | 81,000 | ||||
Exercise of pre-funded warrants (in shares) | 500,000 | ||||||
Exercise of pre-funded warrants | 5,000 | 5,000 | 5,000 | ||||
Discount due to beneficial conversion features | 1,513,000 | 1,513,000 | 1,513,000 | ||||
Reorganization of subsidiary and related change in non-controlling interest | (2,843,000) | (2,843,000) | 2,843,000 | ||||
Foreign currency translation | (4,000) | (4,000) | (4,000) | ||||
Net loss | (1,871,000) | (1,871,000) | (176,000) | (2,047,000) | |||
Balance (in shares) at Mar. 31, 2019 | 22,149,147 | ||||||
Balance at Mar. 31, 2019 | $ 22,000 | $ 234,624,000 | $ (229,306,000) | $ (17,000) | $ 5,323,000 | $ 956,000 | $ 6,279,000 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Cash flows from operating activities: | ||
Net loss | $ (2,047,000) | $ (3,370,000) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 212,000 | 159,000 |
Stock based compensation expense | 81,000 | 137,000 |
Amortization of debt discount | 586,000 | |
(Recovery of) reserve for excess and slow-moving inventories | 86,000 | (29,000) |
Change in fair value of derivative obligation | 0 | (259,000) |
Net change in operating assets and liabilities: | ||
Accounts receivable | (485,000) | 896,000 |
Inventories | 99,000 | (224,000) |
Prepaid expenses and other assets | (90,000) | 39,000 |
Accounts payable | 38,000 | 69,000 |
Accrued payroll and related expenses | (232,000) | (92,000) |
Deferred revenue | 278,000 | 259,000 |
Other current liabilities | (932,000) | 356,000 |
Other noncurrent liabilities | (37,000) | (4,000) |
Net cash used in operating activities | (2,443,000) | (2,063,000) |
Cash flows from investing activities: | ||
Capital expenditures | (38,000) | (290,000) |
Net cash used in investing activities: | (38,000) | (290,000) |
Cash flows from financing activities: | ||
Proceeds from long-term debt-related party | 1,513,000 | 500,000 |
Proceeds from note payable | 800,000 | |
Proceeds from exercise of pre-funded warrants | 5,000 | |
Proceeds from issuance of common stock, net | 1,213,000 | |
Net cash provided by financing activities | 2,318,000 | 1,713,000 |
Effects of foreign currency rate changes on cash and cash equivalents | (1,000) | |
Net decrease in cash, cash equivalents and restricted cash | (163,000) | (641,000) |
Cash, cash equivalents and restricted cash at beginning of period | 3,400,000 | 4,513,000 |
Cash, cash equivalents and restricted cash at end of period | 3,237,000 | 3,872,000 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 1,514,000 | 3,000 |
Supplemental non-cash financing and investing information: | ||
Recording of beneficial conversion feature on debt | 1,513,000 | |
Right-to-use asset acquired under operating lease | 966,000 | |
Transfer of equipment to inventories | $ 172,000 |
Note 1 - Description of Busines
Note 1 - Description of Business and Basis of Presentation | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 1. Description of Business and Basis of Presentation Organization and Basis of Presentation Cesca Therapeutics Inc. (“Cesca Therapeutics,” “Cesca,” the “Company”), a Delaware corporation, develops, commercializes and markets a range of automated technologies for CAR-T and other cell-based therapies. The Company was founded in 1986 ® ® ® On January 1, 2019, July 2017 of ThermoGenesis named CARTXpress Bio, Inc. (“CARTXpress”) and the 20% 20% 80% 100% Cesca is an affiliate of the Boyalife Group, a China-based industry research alliance encompassing top research institutions for stem cell and regenerative medicine. The Company reacquired the non-controlling interest shares in ThermoGenesis with a deficit of $1,711,000 20% $1,100,000. $2,843,000 Liquidity and Going Concern The Company has a Revolving Credit Agreement (“Credit Agreement”) with Boyalife Asset Holding II, Inc. (Refer to Note 3 March 31, 2019, $8,713,000 $10,000,000 may may no At March 31, 2019, $2,237,000 $3,246,000. March 31, 2019 $229,306,000. one The accompanying condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern; however, the above conditions raise substantial doubt about the Company’s ability to do so. The condensed consolidated financial statements do not may Principles of Consolidation The condensed consolidated financial statements include the accounts of Cesca and its wholly-owned subsidiaries, ThermoGenesis and TotipotentRX Cell Therapy, Pvt. Ltd and ThermoGenesis’ majority-owned subsidiary, CARTXpress Bio, Inc. All significant intercompany accounts and transactions have been eliminated upon consolidation. Interim Reporting The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) for interim financial information and with the instructions to Form 10 10 X. three March 31, 2019 not may December 31, 2019. 10 December 31, 2018. |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | 2. Summary of Significant Accounting Policies Recently Adopted Accounting Standards In June 2018, 2018 07, “Compensation-Stock Compensation (Topic 718 718 January 1, 2019. not In February 2016, 2016 02 Leases January 1, 2019. The new standard requires lessees to recognize both the right-of-use assets and lease liabilities in the balance sheet for most leases, whereas under previous GAAP only finance lease liabilities (previously referred to as capital leases) were recognized in the balance sheet. In addition, the definition of a lease has been revised which may not The new standard provides a number of transition practical expedients, which the Company has elected, including: ● A “package of three” expedients that must be taken together and allow entities to ( 1 not 2 3 not ● An implementation expedient which allows the requirements of the standard in the period of adoption with no The impact of adoption did not January 1, 2019 one January 2019, five $966,000 Revenue Recognition Revenue is recognized based on the five 606: The following tables summarize the revenues of the Company’s reportable segments: Three Months Ended March 31, 2019 Device Revenue Service Revenue Other Revenue Total Revenue Device Segment: AXP $ 1,267,000 $ 55,000 $ 1,322,000 BioArchive 599,000 415,000 1,014,000 CAR-TXpress 307,000 -- 307,000 Manual Disposables 294,000 -- 294,000 Other -- -- $ 14,000 14,000 Total Device Segment 2,467,000 470,000 14,000 2,951,000 Clinical Development Segment: Manual Disposables 6,000 -- -- 6,000 Other 5,000 -- -- 5,000 Total Clinical Development 11,000 -- -- 11,000 Total $ 2,478,000 $ 470,000 $ 14,000 $ 2,962,000 Three Months Ended March 31, 2018 Device Revenue Service Revenue Other Revenue Total Revenue Device Segment: AXP $ 685,000 $ 65,000 $ 750,000 BioArchive 423,000 344,000 767,000 Manual Disposables 233,000 -- 233,000 CAR-TXpress 18,000 -- 18,000 Other 20,000 -- $ 17,000 37,000 Total Device Segment 1,379,000 409,000 17,000 1,805,000 Clinical Development Segment: Manual Disposables 22,000 -- -- 22,000 Bone Marrow -- 23,000 -- 23,000 Other -- 17,000 -- 17,000 Total Clinical Development 22,000 40,000 -- 62,000 Total $ 1,401,000 $ 449,000 $ 17,000 $ 1,867,000 Contract Balances Generally, all sales are contract sales (with either an underlying contract or purchase order). The Company does not three March 31, 2019 $383,000. $764,000 $485,000 March 31, 2019 December 31, 2018, $300,000 $303,000 March 31, 2019 December 31, 2018, Backlog of Remaining Customer Performance Obligations The following table includes revenue expected to be recognized and recorded as sales in the future from the backlog of performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period. Remainder of 2019 2020 2021 2022 2023 and Beyond Total Service Revenue $ 1,047,000 $ 683,000 $ 413,000 $ 75,000 -- $ 2,218,000 Clinical Revenue 10,000 14,000 14,000 14,000 $ 198,000 250,000 Total $ 1,057,000 $ 697,000 $ 427,000 $ 89,000 $ 198,000 $ 2,468,000 Revenues are net of normal discounts. Shipping and handling fees billed to customers are included in net revenues, while the related costs are included in cost of revenues. Fair Value Measurements In accordance with ASC 820, Fair Value Measurements and Disclosures The guidance also establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in valuing the asset or liability and are developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the factors that market participants would use in valuing the asset or liability. The guidance establishes three may Level 1: Level 2: Level 3: The carrying values of cash and cash equivalents, accounts receivable and accounts payable approximate fair value due to their short duration. The fair value of the Company’s derivative obligation liability is classified as Level 3 3 Segment Reporting Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the Chief Operating Decision Maker (CODM), or decision-making group, whose function is to allocate resources to and assess the performance of the operating segments. The Company has identified its chief executive officer as the CODM. In determining its reportable segments, the Company considered the markets and the products or services provided to those markets. The Company has two ● The Clinical Development Segment, is developing autologous (utilizing the patient’s own cells) stem cell-based therapeutics that address significant unmet medical needs for applications within the vascular, cardiology and orthopedic markets. ● The Device Segment, engages in the development and commercialization of automated technologies for cell-based therapeutics and bio-processing. The device division is operated through the Company’s ThermoGenesis subsidiary. Net Loss per Share Net loss per share is computed by dividing the net loss by the weighted average number of common shares outstanding plus the pre-funded warrants. For the purpose of calculating basic net loss per share, the additional shares of common stock that are issuable upon exercise of the pre-funded warrants have been included since the shares are issuable for a negligible consideration and have no 2,465,000 March 31, 2019 March 31: 2019 2018 Common stock equivalents of convertible promissory note and accrued interest 50,967,211 -- Vested Series A warrants 404,412 404,412 Unvested Series A warrants (1) 698,529 698,529 Warrants – other 15,578,847 4,030,600 Stock options 2,909,338 1,206,410 Restricted stock units -- 416 Total 70,558,337 6,340,367 ( 1 The unvested Series A warrants were subject to vesting based upon the amount of funds actually received by the Company in the second August 2015 February 2021. Reclassifications Certain prior period amounts have been reclassified to conform to the current period presentation. The reclassifications did not |
Note 3 - Related Party Transact
Note 3 - Related Party Transactions | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 3 . Related Party Transactions Convertible Promissory Note and Revolving Credit Agreement In March 2017, $10,000,000 March 6, 2022 ( $8,713,000 $7,200,000 March 31, 2019 December 31, 2018, $1,287,000 may may no The Credit Agreement and the Convertible Promissory Note issued thereunder (the “Note”) provide that the principal and all accrued and unpaid interest under the Loan will be due and payable on the Maturity Date, with payments of interest-only due on the last day of each calendar year. The Loan bears interest at 22% five The Maturity Date of the Note is subject to acceleration at the option of the Lender upon customary events of default, which include; a breach of the Loan documents, termination of operations, or bankruptcy. The Lender’s obligation to make advances under the Loan is subject to the Company’s representations and warranties in the Credit Agreement continuing to be true at all times and there being no The Credit Agreement and Note were amended in April 2018. $1.61 two 2018, $0.18. It was concluded that the conversion option did contain a beneficial conversion feature and as a result of the modifications to the conversion price, the Company recorded a debt discount in the amount of $7,200,000 $1,513,000 March 31, 2019. $586,000 three March 31, 2019. The Company recorded interest expense of $1,047,000 $360,000 three March 31, 2019 2018, $461,000 $1,513,000 March 31, 2019 December 31, 2018, Distributo r Agreement On August 21, 2017, ® ® ® ® ® The term of the agreement is for three two Revenues During the three March 31, 2019 2018, $266,000 $226,000, License Agreement On March 12, 2018, X ® Pursuant to the terms of the Agreement, ThermoGenesis has granted IncoCell an exclusive license to purchase and use, at a discounted purchase price, X ten may ninety 90 not three March 31, 2019 2018. |
Note 4 - Note Payable
Note 4 - Note Payable | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 4. Note Payable On January 29, 2019, $800,000 six $0.001 $0.18 2 90% $0.05 The Note bears interest at the rate of twenty-four 24% eighteen 18 not fourteen may On the date that is six may 4.99% 9.99% The Note contains customary events of default, including the suspension or failure of the Company’s common stock to be traded on a trading platform, our failure to pay interest or principal when due, or if the Company files for bankruptcy or takes some other similar action for the benefit of creditors. In the event of any default under the Note, the holder may |
Note 5 - Leases
Note 5 - Leases | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 5. Leases The Company determines if a contract contains a lease at inception. Our material operating lease consists of office space which has a remaining term of 5.2 Operating Leases Operating lease assets and liabilities are recognized at the lease commencement date. Operating lease liabilities represent the present value of lease payments not not The following summarizes the Company’s operating leases: March 31, 2019 Right-of-use operating lease assets, net $941,000 Current lease liability 94,000 Non-current lease liability 854,000 March 31, 2019 Weighted average remaining lease term 5.2 Discount rate 22% Maturities of lease liabilities by year for our operating leases are as follows: 2019 (remaining) $ 220,000 2020 301,000 2021 310,000 2022 319,000 2023 329,000 2024 138,000 Total lease payments $ 1,617,000 Less: imputed interest (669,000 ) Present value of operating lease liabilities $ 948,000 Statement of Cash Flows In January 2019, $966,000 first 2019. $71,000 first 2019 Operating Lease Costs Operating lease costs were $103,000 first 2019. 30 Finance Leases Finance leases are included in equipment and other current and non-current liabilities on the condensed consolidated balance sheet. The amortization and interest expense are included in general and administrative expense and interest expense, respectively on the statement of operations. These leases are not March 31, 2019. |
Note 6 - Commitments and Contin
Note 6 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 6 . Commitments and Contingencies Financial Covenants Effective May 15, 2017, one not $2,000,000. March 31, 2019. Warranty The Company offers a warranty on all of its non-disposable products of one two The warranty liability is included in other current liabilities in the unaudited condensed consolidated balance sheets. The change in the warranty liability for the three March 31, 2019 Balance at December 31, 2018 $ 186,000 Warranties issued during the period 43,000 Settlements made during the period (107,000 ) Changes in liability for pre-existing warranties during the period (39,000 ) Balance at March 31, 2019 $ 83,000 Contingen cies and Restricted Cash In fiscal 2016, May 4, 2017, $1,000,000 $300,000 March 31, 2019) August 2016. October 2017, $1,000,000 June 26, 2018. September 24, 2018, No no March 31, 2019. In the normal course of operations, the Company may March 31, 2019, may not |
Note 7 - Derivative Obligations
Note 7 - Derivative Obligations | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Derivatives and Fair Value [Text Block] | 7 . Derivative Obligation s Series A Warrants Series A warrants to purchase 404,412 June 30, 2016. Series A March 31, 2019 December 31, 2018 Market price of common stock $0.29 $0.27 Expected volatility 96% 94% Contractual term (years) 1.9 2.2 Discount rate 2.28% 2.48% Dividend rate 0% 0% Exercise price $8.00 $8.00 Expected volatilities are based on the historical volatility of the Company’s common stock. Contractual term is based on remaining term of the respective warrants. The discount rate represents the yield on U.S. Treasury bonds with a maturity equal to the contractual term. The Company recorded a gain of $0 $259,000 three March 31, 2019 2018, The following table represents the Company’s fair value hierarchy for its financial liabilities measured at fair value on a recurring basis as of March 31, 2019 December 31, 2018: Derivative Obligation March 31, 2019 December 31, 2018 Balance $1,000 $1,000 Level 1 $- $- Level 2 $- $- Level 3 $1,000 $1,000 The following table reflects the change in fair value of the Company’s derivative liabilities for the three March 31, 2019: Amount Balance – December 31, 2018 $ 1,000 Change in fair value of derivative obligation -- Balance – March 31, 2019 $ 1,000 |
Note 8 - Stockholders' Equity
Note 8 - Stockholders' Equity | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 8 . Stockholders ’ Equity Common Stock On March 28, 2018, 609,636 $2.27 $171,000, $1,213,000. 304,818 $2.68 six 5.5 Stock Based Compensation The Company recorded stock-based compensation of $81,000 $137,000 three March 31, 2019 2018, The following is a summary of option activity for the Company’s stock option plans: Number of Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life Aggregate Intrinsic Value Outstanding at December 31, 2018 3,023,639 $ 1.40 Forfeited (114,301 ) $ 1.11 Outstanding at March 31, 2019 2,909,338 $ 1.41 9 -- Vested and expected to vest at March 31, 2019 1,911,105 $ 1.73 8.8 -- Exercisable at March 31, 2019 876,955 $ 2.79 7.9 -- The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the quoted price of the Company’s common stock. There were no three March 31, 2019. Warrants A summary of warrant activity for the three March 31, 2019 Number of Shares Weighted-Average Exercise Price Per Share Balance at December 31, 2018 17,265,208 $ 2.99 Warrants expired (83,420 ) $ 56.20 Warrants exercised (500,000 ) $ 0.01 Outstanding at March 31, 2019 16,681,788 $ 2.81 Exercisable at March 31, 2019 15,983,259 $ 2.58 |
Note 9 - Segment Reporting
Note 9 - Segment Reporting | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 9 . Segment Reporting The Company has two The Clinical Development Segment is developing autologous (utilizing the patient’s own cells) stem cell-based therapeutics that address significant unmet medical needs for applications within the vascular, cardiology and orthopedic markets. The Device Segment is a pioneer and market leader in the development and commercialization of automated technologies for cell-based therapeutics and bio-processing. The following table summarizes the operating results of the Company’s reportable segments: Three Months Ended March 31, 2019 Clinical Development Device Total Net revenues $ 11,000 $ 2,951,000 $ 2,962,000 Cost of revenues 43,000 1,661,000 1,704,000 Gross profit (32,000 ) 1,290,000 1,258,000 Operating expenses 471,000 1,693,000 2,164,000 Operating loss $ (503,000 ) $ (403,000 ) $ (906,000 ) Depreciation and amortization $ 95,000 $ 117,000 $ 212,000 Stock-based compensation expense $ 54,000 $ 27,000 $ 81,000 Goodwill -- $ 781,000 $ 781,000 Total assets $ 4,281,000 $ 11,349,000 $ 15,630,000 Three Months Ended March 31, 2018 Clinical Development Device Total Net revenues $ 62,000 $ 1,805,000 $ 1,867,000 Cost of revenues 71,000 1,444,000 1,515,000 Gross profit (9,000 ) 361,000 352,000 Operating expenses 1,179,000 2,429,000 3,608,000 Operating loss $ (1,188,000 ) $ (2,068,000 ) $ (3,256,000 ) Depreciation and amortization $ 68,000 $ 91,000 $ 159,000 Stock-based compensation expense $ 98,000 $ 39,000 $ 137,000 Goodwill $ 13,195,000 $ 781,000 $ 13,976,000 Total assets $ 38,941,000 $ 11,240,000 $ 50,181,000 |
Note 10 - Subsequent Events
Note 10 - Subsequent Events | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 10 . S ubsequent Event s On April 18, 2019, 4,444,444 $0.17 $755,555. Each pre-funded warrant is immediately exercisable for one $0.01 not 4.99% 9.99%, may not 61st may not 9.99%. The Offering closed on April 26, 2019. three sixty-five 365 In April 2019, 1,500,000 August 2018 $0.01 $15,000 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Standards In June 2018, 2018 07, “Compensation-Stock Compensation (Topic 718 718 January 1, 2019. not In February 2016, 2016 02 Leases January 1, 2019. The new standard requires lessees to recognize both the right-of-use assets and lease liabilities in the balance sheet for most leases, whereas under previous GAAP only finance lease liabilities (previously referred to as capital leases) were recognized in the balance sheet. In addition, the definition of a lease has been revised which may not The new standard provides a number of transition practical expedients, which the Company has elected, including: ● A “package of three” expedients that must be taken together and allow entities to ( 1 not 2 3 not ● An implementation expedient which allows the requirements of the standard in the period of adoption with no The impact of adoption did not January 1, 2019 one January 2019, five $966,000. |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition Revenue is recognized based on the five 606: The following tables summarize the revenues of the Company’s reportable segments: Three Months Ended March 31, 2019 Device Revenue Service Revenue Other Revenue Total Revenue Device Segment: AXP $ 1,267,000 $ 55,000 $ 1,322,000 BioArchive 599,000 415,000 1,014,000 CAR-TXpress 307,000 -- 307,000 Manual Disposables 294,000 -- 294,000 Other -- -- $ 14,000 14,000 Total Device Segment 2,467,000 470,000 14,000 2,951,000 Clinical Development Segment: Manual Disposables 6,000 -- -- 6,000 Other 5,000 -- -- 5,000 Total Clinical Development 11,000 -- -- 11,000 Total $ 2,478,000 $ 470,000 $ 14,000 $ 2,962,000 Three Months Ended March 31, 2018 Device Revenue Service Revenue Other Revenue Total Revenue Device Segment: AXP $ 685,000 $ 65,000 $ 750,000 BioArchive 423,000 344,000 767,000 Manual Disposables 233,000 -- 233,000 CAR-TXpress 18,000 -- 18,000 Other 20,000 -- $ 17,000 37,000 Total Device Segment 1,379,000 409,000 17,000 1,805,000 Clinical Development Segment: Manual Disposables 22,000 -- -- 22,000 Bone Marrow -- 23,000 -- 23,000 Other -- 17,000 -- 17,000 Total Clinical Development 22,000 40,000 -- 62,000 Total $ 1,401,000 $ 449,000 $ 17,000 $ 1,867,000 Contract Balances Generally, all sales are contract sales (with either an underlying contract or purchase order). The Company does not three March 31, 2019 $383,000. $764,000 $485,000 March 31, 2019 December 31, 2018, $300,000 $303,000 March 31, 2019 December 31, 2018, Backlog of Remaining Customer Performance Obligations The following table includes revenue expected to be recognized and recorded as sales in the future from the backlog of performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period. Remainder of 2019 2020 2021 2022 2023 and beyond Total Service Revenue $ 1,047,000 $ 683,000 $ 413,000 $ 75,000 -- $ 2,218,000 Clinical Revenue 10,000 14,000 14,000 14,000 $ 198,000 250,000 Total $ 1,057,000 $ 697,000 $ 427,000 $ 89,000 $ 198,000 $ 2,468,000 Revenues are net of normal discounts. Shipping and handling fees billed to customers are included in net revenues, while the related costs are included in cost of revenues. |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurements In accordance with ASC 820, Fair Value Measurements and Disclosures The guidance also establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in valuing the asset or liability and are developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the factors that market participants would use in valuing the asset or liability. The guidance establishes three may Level 1: Level 2: Level 3: The carrying values of cash and cash equivalents, accounts receivable and accounts payable approximate fair value due to their short duration. The fair value of the Company’s derivative obligation liability is classified as Level 3 3 |
Segment Reporting, Policy [Policy Text Block] | Segment Reporting Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the Chief Operating Decision Maker (CODM), or decision-making group, whose function is to allocate resources to and assess the performance of the operating segments. The Company has identified its chief executive officer as the CODM. In determining its reportable segments, the Company considered the markets and the products or services provided to those markets. The Company has two ● The Clinical Development Segment, is developing autologous (utilizing the patient’s own cells) stem cell-based therapeutics that address significant unmet medical needs for applications within the vascular, cardiology and orthopedic markets. ● The Device Segment, engages in the development and commercialization of automated technologies for cell-based therapeutics and bio-processing. The device division is operated through the Company’s ThermoGenesis subsidiary. |
Earnings Per Share, Policy [Policy Text Block] | Net Loss per Share Net loss per share is computed by dividing the net loss by the weighted average number of common shares outstanding plus the pre-funded warrants. For the purpose of calculating basic net loss per share, the additional shares of common stock that are issuable upon exercise of the pre-funded warrants have been included since the shares are issuable for a negligible consideration and have no 2,465,000 March 31, 2019 March 31: 2019 2018 Common stock equivalents of convertible promissory note and accrued interest 50,967,211 -- Vested Series A warrants 404,412 404,412 Unvested Series A warrants (1) 698,529 698,529 Warrants – other 15,578,847 4,030,600 Stock options 2,909,338 1,206,410 Restricted stock units -- 416 Total 70,558,337 6,340,367 ( 1 The unvested Series A warrants were subject to vesting based upon the amount of funds actually received by the Company in the second August 2015 February 2021. |
Reclassification, Policy [Policy Text Block] | Reclassifications Certain prior period amounts have been reclassified to conform to the current period presentation. The reclassifications did not |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended March 31, 2019 Device Revenue Service Revenue Other Revenue Total Revenue Device Segment: AXP $ 1,267,000 $ 55,000 $ 1,322,000 BioArchive 599,000 415,000 1,014,000 CAR-TXpress 307,000 -- 307,000 Manual Disposables 294,000 -- 294,000 Other -- -- $ 14,000 14,000 Total Device Segment 2,467,000 470,000 14,000 2,951,000 Clinical Development Segment: Manual Disposables 6,000 -- -- 6,000 Other 5,000 -- -- 5,000 Total Clinical Development 11,000 -- -- 11,000 Total $ 2,478,000 $ 470,000 $ 14,000 $ 2,962,000 Three Months Ended March 31, 2018 Device Revenue Service Revenue Other Revenue Total Revenue Device Segment: AXP $ 685,000 $ 65,000 $ 750,000 BioArchive 423,000 344,000 767,000 Manual Disposables 233,000 -- 233,000 CAR-TXpress 18,000 -- 18,000 Other 20,000 -- $ 17,000 37,000 Total Device Segment 1,379,000 409,000 17,000 1,805,000 Clinical Development Segment: Manual Disposables 22,000 -- -- 22,000 Bone Marrow -- 23,000 -- 23,000 Other -- 17,000 -- 17,000 Total Clinical Development 22,000 40,000 -- 62,000 Total $ 1,401,000 $ 449,000 $ 17,000 $ 1,867,000 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block] | Remainder of 2019 2020 2021 2022 2023 and Beyond Total Service Revenue $ 1,047,000 $ 683,000 $ 413,000 $ 75,000 -- $ 2,218,000 Clinical Revenue 10,000 14,000 14,000 14,000 $ 198,000 250,000 Total $ 1,057,000 $ 697,000 $ 427,000 $ 89,000 $ 198,000 $ 2,468,000 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | 2019 2018 Common stock equivalents of convertible promissory note and accrued interest 50,967,211 -- Vested Series A warrants 404,412 404,412 Unvested Series A warrants (1) 698,529 698,529 Warrants – other 15,578,847 4,030,600 Stock options 2,909,338 1,206,410 Restricted stock units -- 416 Total 70,558,337 6,340,367 |
Note 5 - Leases (Tables)
Note 5 - Leases (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Lease, Cost [Table Text Block] | March 31, 2019 Right-of-use operating lease assets, net $941,000 Current lease liability 94,000 Non-current lease liability 854,000 March 31, 2019 Weighted average remaining lease term 5.2 Discount rate 22% |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | 2019 (remaining) $ 220,000 2020 301,000 2021 310,000 2022 319,000 2023 329,000 2024 138,000 Total lease payments $ 1,617,000 Less: imputed interest (669,000 ) Present value of operating lease liabilities $ 948,000 |
Note 6 - Commitments and Cont_2
Note 6 - Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | Balance at December 31, 2018 $ 186,000 Warranties issued during the period 43,000 Settlements made during the period (107,000 ) Changes in liability for pre-existing warranties during the period (39,000 ) Balance at March 31, 2019 $ 83,000 |
Note 7 - Derivative Obligatio_2
Note 7 - Derivative Obligations (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | Series A March 31, 2019 December 31, 2018 Market price of common stock $0.29 $0.27 Expected volatility 96% 94% Contractual term (years) 1.9 2.2 Discount rate 2.28% 2.48% Dividend rate 0% 0% Exercise price $8.00 $8.00 |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | Derivative Obligation March 31, 2019 December 31, 2018 Balance $1,000 $1,000 Level 1 $- $- Level 2 $- $- Level 3 $1,000 $1,000 |
Derivative Instruments, Gain (Loss) [Table Text Block] | Amount Balance – December 31, 2018 $ 1,000 Change in fair value of derivative obligation -- Balance – March 31, 2019 $ 1,000 |
Note 8 - Stockholders' Equity (
Note 8 - Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Number of Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life Aggregate Intrinsic Value Outstanding at December 31, 2018 3,023,639 $ 1.40 Forfeited (114,301 ) $ 1.11 Outstanding at March 31, 2019 2,909,338 $ 1.41 9 -- Vested and expected to vest at March 31, 2019 1,911,105 $ 1.73 8.8 -- Exercisable at March 31, 2019 876,955 $ 2.79 7.9 -- |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Number of Shares Weighted-Average Exercise Price Per Share Balance at December 31, 2018 17,265,208 $ 2.99 Warrants expired (83,420 ) $ 56.20 Warrants exercised (500,000 ) $ 0.01 Outstanding at March 31, 2019 16,681,788 $ 2.81 Exercisable at March 31, 2019 15,983,259 $ 2.58 |
Note 9 - Segment Reporting (Tab
Note 9 - Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | Three Months Ended March 31, 2019 Clinical Development Device Total Net revenues $ 11,000 $ 2,951,000 $ 2,962,000 Cost of revenues 43,000 1,661,000 1,704,000 Gross profit (32,000 ) 1,290,000 1,258,000 Operating expenses 471,000 1,693,000 2,164,000 Operating loss $ (503,000 ) $ (403,000 ) $ (906,000 ) Depreciation and amortization $ 95,000 $ 117,000 $ 212,000 Stock-based compensation expense $ 54,000 $ 27,000 $ 81,000 Goodwill -- $ 781,000 $ 781,000 Total assets $ 4,281,000 $ 11,349,000 $ 15,630,000 Three Months Ended March 31, 2018 Clinical Development Device Total Net revenues $ 62,000 $ 1,805,000 $ 1,867,000 Cost of revenues 71,000 1,444,000 1,515,000 Gross profit (9,000 ) 361,000 352,000 Operating expenses 1,179,000 2,429,000 3,608,000 Operating loss $ (1,188,000 ) $ (2,068,000 ) $ (3,256,000 ) Depreciation and amortization $ 68,000 $ 91,000 $ 159,000 Stock-based compensation expense $ 98,000 $ 39,000 $ 137,000 Goodwill $ 13,195,000 $ 781,000 $ 13,976,000 Total assets $ 38,941,000 $ 11,240,000 $ 50,181,000 |
Note 1 - Description of Busin_2
Note 1 - Description of Business and Basis of Presentation (Details Textual) - USD ($) | 3 Months Ended | ||
Mar. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | |
Stockholders' Equity Attributable to Noncontrolling Interest, Ending Balance | $ 956,000 | $ (1,711,000) | |
Reorganization of Subsidiary and Related Change in Non-controlling Interest | |||
Cash and Cash Equivalents, at Carrying Value, Ending Balance | 2,237,000 | 2,400,000 | |
Working Capital | 3,246,000 | ||
Retained Earnings (Accumulated Deficit), Ending Balance | (229,306,000) | $ (227,435,000) | |
Boyalife Investment Fund II, Inc. [Member] | Revolving Credit Facility [Member] | |||
Long-term Line of Credit, Total | 8,713,000 | ||
Line of Credit Facility, Maximum Borrowing Capacity | 10,000,000 | ||
Noncontrolling Interest [Member] | |||
Reorganization of Subsidiary and Related Change in Non-controlling Interest | 2,843,000 | ||
ThermoGenesis [Member] | |||
Ownership in Subsidiary Exchanged | 20.00% | ||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | ||
Stockholders' Equity Attributable to Noncontrolling Interest, Ending Balance | (1,711,000) | ||
CAR-TXpress [Member] | |||
Minority Interest Acquired Through Exchange | 20.00% | ||
Noncontrolling Interest, Ownership Percentage by Parent | 80.00% | ||
Stockholders' Equity Attributable to Noncontrolling Interest, Ending Balance | $ 1,100,000 |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies (Details Textual) | 3 Months Ended | |||
Mar. 31, 2019USD ($)shares | Mar. 31, 2018shares | Jan. 01, 2019USD ($) | Dec. 31, 2018USD ($) | |
Operating Lease, Right-of-Use Asset | $ 941,000 | |||
Operating Lease, Liability, Total | 948,000 | |||
Contract with Customer, Liability, Revenue Recognized | 383,000 | |||
Contract with Customer, Liability, Current | 764,000 | 485,000 | ||
Contract with Customer, Liability, Noncurrent | $ 300,000 | $ 303,000 | ||
Number of Reportable Segments | 2 | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | shares | 70,558,337 | 6,340,367 | ||
Warrant [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | shares | 2,465,000 | |||
Accounting Standards Update 2016-02 [Member] | ||||
Operating Lease, Right-of-Use Asset | $ 966,000 | |||
Operating Lease, Liability, Total | $ 966,000 |
Note 2 - Summary of Significa_4
Note 2 - Summary of Significant Accounting Policies - Revenues (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Net revenues | $ 2,962,000 | $ 1,867,000 |
Device [Member] | ||
Net revenues | 2,951,000 | 1,805,000 |
Device [Member] | AXP [Member] | ||
Net revenues | 1,322,000 | 750,000 |
Device [Member] | BioArchive [Member] | ||
Net revenues | 1,014,000 | 767,000 |
Device [Member] | CAR-TXpress [Member] | ||
Net revenues | 307,000 | 18,000 |
Device [Member] | Manual Disposables [Member] | ||
Net revenues | 294,000 | 233,000 |
Device [Member] | Other Subsegments [Member] | ||
Net revenues | 14,000 | 37,000 |
Clinical Development [Member] | ||
Net revenues | 11,000 | 62,000 |
Clinical Development [Member] | Manual Disposables [Member] | ||
Net revenues | 6,000 | 22,000 |
Clinical Development [Member] | Other Subsegments [Member] | ||
Net revenues | 5,000 | 17,000 |
Clinical Development [Member] | Bone Marrow [Member] | ||
Net revenues | 23,000 | |
Device Revenue [Member] | ||
Net revenues | 2,478,000 | 1,401,000 |
Device Revenue [Member] | Device [Member] | ||
Net revenues | 2,467,000 | 1,379,000 |
Device Revenue [Member] | Device [Member] | AXP [Member] | ||
Net revenues | 1,267,000 | 685,000 |
Device Revenue [Member] | Device [Member] | BioArchive [Member] | ||
Net revenues | 599,000 | 423,000 |
Device Revenue [Member] | Device [Member] | CAR-TXpress [Member] | ||
Net revenues | 307,000 | 18,000 |
Device Revenue [Member] | Device [Member] | Manual Disposables [Member] | ||
Net revenues | 294,000 | 233,000 |
Device Revenue [Member] | Device [Member] | Other Subsegments [Member] | ||
Net revenues | 20,000 | |
Device Revenue [Member] | Clinical Development [Member] | ||
Net revenues | 11,000 | 22,000 |
Device Revenue [Member] | Clinical Development [Member] | Manual Disposables [Member] | ||
Net revenues | 6,000 | 22,000 |
Device Revenue [Member] | Clinical Development [Member] | Other Subsegments [Member] | ||
Net revenues | 5,000 | |
Device Revenue [Member] | Clinical Development [Member] | Bone Marrow [Member] | ||
Net revenues | ||
Service [Member] | ||
Net revenues | 470,000 | 449,000 |
Service [Member] | Device [Member] | ||
Net revenues | 470,000 | 409,000 |
Service [Member] | Device [Member] | AXP [Member] | ||
Net revenues | 55,000 | 65,000 |
Service [Member] | Device [Member] | BioArchive [Member] | ||
Net revenues | 415,000 | 344,000 |
Service [Member] | Device [Member] | CAR-TXpress [Member] | ||
Net revenues | ||
Service [Member] | Device [Member] | Manual Disposables [Member] | ||
Net revenues | ||
Service [Member] | Device [Member] | Other Subsegments [Member] | ||
Net revenues | ||
Service [Member] | Clinical Development [Member] | ||
Net revenues | 40,000 | |
Service [Member] | Clinical Development [Member] | Manual Disposables [Member] | ||
Net revenues | ||
Service [Member] | Clinical Development [Member] | Other Subsegments [Member] | ||
Net revenues | 17,000 | |
Service [Member] | Clinical Development [Member] | Bone Marrow [Member] | ||
Net revenues | 23,000 | |
Other [Member] | ||
Net revenues | 14,000 | 17,000 |
Other [Member] | Device [Member] | ||
Net revenues | 14,000 | 17,000 |
Other [Member] | Device [Member] | AXP [Member] | ||
Net revenues | ||
Other [Member] | Device [Member] | BioArchive [Member] | ||
Net revenues | ||
Other [Member] | Device [Member] | CAR-TXpress [Member] | ||
Net revenues | ||
Other [Member] | Device [Member] | Manual Disposables [Member] | ||
Net revenues | ||
Other [Member] | Device [Member] | Other Subsegments [Member] | ||
Net revenues | 14,000 | 17,000 |
Other [Member] | Clinical Development [Member] | ||
Net revenues | ||
Other [Member] | Clinical Development [Member] | Manual Disposables [Member] | ||
Net revenues | ||
Other [Member] | Clinical Development [Member] | Other Subsegments [Member] | ||
Net revenues | ||
Other [Member] | Clinical Development [Member] | Bone Marrow [Member] | ||
Net revenues |
Note 2 - Summary of Significa_5
Note 2 - Summary of Significant Accounting Policies - Remaining Performance Obligations (Details) | Mar. 31, 2019USD ($) |
Revenue, Remaining Performance Obligation, Amount | $ 2,468,000 |
Service [Member] | |
Revenue, Remaining Performance Obligation, Amount | 2,218,000 |
Clinical Revenue [Member] | |
Revenue, Remaining Performance Obligation, Amount | $ 250,000 |
Note 2 - Summary of Significa_6
Note 2 - Summary of Significant Accounting Policies - Remaining Performance Obligations 2 (Details) | Mar. 31, 2019USD ($) |
Revenue, Remaining Performance Obligation, Amount | $ 2,468,000 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction (Year) | 1 year |
Revenue, Remaining Performance Obligation, Amount | $ 1,057,000 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction (Year) | 1 year |
Revenue, Remaining Performance Obligation, Amount | $ 697,000 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction (Year) | 1 year |
Revenue, Remaining Performance Obligation, Amount | $ 427,000 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction (Year) | 1 year |
Revenue, Remaining Performance Obligation, Amount | $ 89,000 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction (Year) | 1 year |
Revenue, Remaining Performance Obligation, Amount | $ 198,000 |
Service [Member] | |
Revenue, Remaining Performance Obligation, Amount | $ 2,218,000 |
Service [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction (Year) | 1 year |
Revenue, Remaining Performance Obligation, Amount | $ 1,047,000 |
Service [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction (Year) | 1 year |
Revenue, Remaining Performance Obligation, Amount | $ 683,000 |
Service [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction (Year) | 1 year |
Revenue, Remaining Performance Obligation, Amount | $ 413,000 |
Service [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction (Year) | 1 year |
Revenue, Remaining Performance Obligation, Amount | $ 75,000 |
Service [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction (Year) | 1 year |
Revenue, Remaining Performance Obligation, Amount | |
Clinical Revenue [Member] | |
Revenue, Remaining Performance Obligation, Amount | $ 250,000 |
Clinical Revenue [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction (Year) | 1 year |
Revenue, Remaining Performance Obligation, Amount | $ 10,000 |
Clinical Revenue [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction (Year) | 1 year |
Revenue, Remaining Performance Obligation, Amount | $ 14,000 |
Clinical Revenue [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction (Year) | 1 year |
Revenue, Remaining Performance Obligation, Amount | $ 14,000 |
Clinical Revenue [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction (Year) | 1 year |
Revenue, Remaining Performance Obligation, Amount | $ 14,000 |
Clinical Revenue [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction (Year) | 1 year |
Revenue, Remaining Performance Obligation, Amount | $ 198,000 |
Note 2 - Summary of Significa_7
Note 2 - Summary of Significant Accounting Policies - Anti-dilutive Securities (Details) - shares | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
Anti-dilutive securities (in shares) | 70,558,337 | 6,340,367 | |
Convertible Debt Securities [Member] | |||
Anti-dilutive securities (in shares) | 50,967,211 | ||
Vested Series A Warrants [Member] | |||
Anti-dilutive securities (in shares) | 404,412 | 404,412 | |
Unvested Series A Warrants [Member] | |||
Anti-dilutive securities (in shares) | [1] | 698,529 | 698,529 |
Warrant, Other [Member] | |||
Anti-dilutive securities (in shares) | 15,578,847 | 4,030,600 | |
Share-based Payment Arrangement, Option [Member] | |||
Anti-dilutive securities (in shares) | 2,909,338 | 1,206,410 | |
Restricted Stock Units (RSUs) [Member] | |||
Anti-dilutive securities (in shares) | 416 | ||
[1] | The unvested Series A warrants were subject to vesting based upon the amount of funds actually received by the Company in the second close of the August 2015 financing which never occurred. The warrants will remain outstanding but unvested until they expire in February 2021. |
Note 3 - Related Party Transa_2
Note 3 - Related Party Transactions (Details Textual) - USD ($) | Mar. 12, 2018 | Aug. 21, 2017 | Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | Apr. 16, 2018 | Apr. 01, 2018 |
Amortization of Debt Discount (Premium) | $ 586,000 | ||||||
Interest Expense, Total | 1,132,000 | 361,000 | |||||
Adjustments for New Accounting Principle, Early Adoption [Member] | Accounting Standards Update 2017-11 [Member] | |||||||
Debt Instrument, Unamortized Discount, Total | 1,513,000 | $ 7,200,000 | |||||
Amortization of Debt Discount (Premium) | 586,000 | ||||||
Boyalife Investment Fund II, Inc. [Member] | Convertible Debt [Member] | |||||||
Debt Instrument, Convertible, Conversion Price | $ 0.18 | $ 1.61 | |||||
Boyalife Investment Fund II, Inc. [Member] | Revolving Credit Facility [Member] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | 10,000,000 | ||||||
Proceeds from Long-term Lines of Credit | 8,713,000 | $ 7,200,000 | |||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 1,287,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 22.00% | ||||||
Interest Expense, Total | $ 1,047,000 | 360,000 | |||||
Interest Payable | 461,000 | $ 1,513,000 | |||||
Boyalife W.S.N. [Member] | |||||||
Distributor Agreement Term | 3 years | ||||||
Distributor Agreement, Renewal Term | 2 years | ||||||
Revenue from Related Parties | $ 266,000 | $ 226,000 | |||||
IncoCell [Member] | |||||||
Contract Development Revenue, Term | 10 years |
Note 4 - Note Payable (Details
Note 4 - Note Payable (Details Textual) - USD ($) | Jan. 29, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | $ 0.001 |
Convertible Debt [Member] | Notes [Member] | |||
Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger | 90.00% | ||
Debt Instrument, Interest Rate, Stated Percentage | 24.00% | ||
Debt Instrument, Term | 1 year 180 days | ||
Debt Instrument, Convertible, First Customary Conversion Blockers | 4.99% | ||
Debt Instrument, Convertible, Second customary conversion blockers | 9.99% | ||
Convertible Debt [Member] | Notes [Member] | Maximum [Member] | |||
Debt Instrument, Face Amount | $ 800,000 | ||
Debt Instrument, Convertible, Conversion Price | $ 0.18 | ||
Convertible Debt [Member] | Notes [Member] | Minimum [Member] | |||
Debt Instrument, Convertible, Conversion Price | $ 0.05 |
Note 5 - Leases (Details Textua
Note 5 - Leases (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Operating Lease, Weighted Average Remaining Lease Term | 5 years 73 days | |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 966,000 | |
Operating Lease, Payments | 71,000 | |
Operating Lease, Cost | $ 103,000 |
Note 5 - Leases - Lease Informa
Note 5 - Leases - Lease Information (Details) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Right-of-use operating lease assets, net | $ 941,000 | |
Current lease liability | 94,000 | |
Non-current lease liability | $ 854,000 | |
Weighted average remaining lease term (Year) | 5 years 73 days | |
Discount rate | 22.00% |
Note 5 - Leases - Maturities of
Note 5 - Leases - Maturities of Lease Liabilities (Details) | Mar. 31, 2019USD ($) |
2019 (remaining) | $ 220,000 |
2020 | 301,000 |
2021 | 310,000 |
2022 | 319,000 |
2023 | 329,000 |
2024 | 138,000 |
Total lease payments | 1,617,000 |
Less: imputed interest | (669,000) |
Present value of operating lease liabilities | $ 948,000 |
Note 6 - Commitments and Cont_3
Note 6 - Commitments and Contingencies (Details Textual) - USD ($) | May 04, 2017 | Oct. 31, 2017 | Mar. 31, 2019 |
Payment Terms, Severance Compensation | 1 year | ||
Short Term Investment Minimum | $ 2,000,000 | ||
Litigation Related to Strategic Advisory Services [Member] | |||
Loss Contingency, Damages Sought, Value | $ 1,000,000 | ||
Loss Contingency, Damages Sought, Value, Interest | 300,000 | ||
Loss Contingency, Negotiation Condition Bond | $ 1,000,000 | ||
Loss Contingency Accrual, Ending Balance | $ 0 |
Note 6 - Commitments and Cont_4
Note 6 - Commitments and Contingencies - Changes in Product Liability Included in Accrued Liabilities (Details) | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Balance | $ 186,000 |
Warranties issued during the period | 43,000 |
Settlements made during the period | (107,000) |
Changes in liability for pre-existing warranties during the period | (39,000) |
Balance | $ 83,000 |
Note 7 - Derivative Obligatio_3
Note 7 - Derivative Obligations (Details Textual) - USD ($) | 3 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | Jun. 30, 2016 | |
Class of Warrant or Right, Outstanding | 16,681,788 | 17,265,208 | ||
Derivative, Gain (Loss) on Derivative, Net, Total | $ 0 | $ 259,000 | ||
Series A Warrant [Member] | ||||
Class of Warrant or Right, Outstanding | 404,412 |
Note 7 - Derivative Obligatio_4
Note 7 - Derivative Obligations - Fair Value Assumptions (Details) - Series A Warrant [Member] | Mar. 31, 2019 | Dec. 31, 2018 |
Measurement Input, Share Price [Member] | ||
Valuation assumption | 0.29 | 0.27 |
Measurement Input, Price Volatility [Member] | ||
Valuation assumption | 0.96 | 0.94 |
Measurement Input, Expected Term [Member] | ||
Valuation assumption | 1.9 | 2.2 |
Measurement Input, Discount Rate [Member] | ||
Valuation assumption | 0.0228 | 0.0248 |
Measurement Input, Expected Dividend Rate [Member] | ||
Valuation assumption | 0 | 0 |
Measurement Input, Exercise Price [Member] | ||
Valuation assumption | 8 | 8 |
Note 7 - Derivative Obligatio_5
Note 7 - Derivative Obligations - Fair Value Hierarchy (Details) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Derivative obligations | $ 1,000 | $ 1,000 |
Fair Value, Inputs, Level 1 [Member] | ||
Derivative obligations | ||
Fair Value, Inputs, Level 2 [Member] | ||
Derivative obligations | ||
Fair Value, Inputs, Level 3 [Member] | ||
Derivative obligations | $ 1,000 | $ 1,000 |
Note 7 - Derivative Obligatio_6
Note 7 - Derivative Obligations - Change in Fair Value of Derivative Liabilities (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Balance | $ 1,000 | |
Change in fair value of derivative obligation | 0 | $ (259,000) |
Balance | $ 1,000 |
Note 8 - Stockholders' Equity_2
Note 8 - Stockholders' Equity (Details Textual) - USD ($) | Mar. 28, 2018 | Mar. 31, 2019 | Mar. 31, 2018 |
Stock Issued During Period, Shares, New Issues | 609,636 | ||
Shares Issued, Price Per Share | $ 2.27 | ||
Payments of Stock Issuance Costs | $ 171,000 | ||
Proceeds from Issuance of Common Stock, Net | $ 1,213,000 | $ 1,213,000 | |
Share-based Payment Arrangement, Expense | $ 81,000 | $ 137,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0 | ||
Warrants Issused in Private Placement [Member] | |||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 304,818 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 2.68 | ||
Warrants and Rights Outstanding, Term | 5 years 182 days |
Note 8 - Stockholders' Equity -
Note 8 - Stockholders' Equity - Option Activity for Stock Option Plans (Details) | 3 Months Ended |
Mar. 31, 2019USD ($)$ / sharesshares | |
Outstanding, options (in shares) | shares | 3,023,639 |
Outstanding, weighted average exercise price, options (in dollars per share) | $ / shares | $ 1.40 |
Forfeited, options (in shares) | shares | (114,301) |
Forfeited, weighted average exercise price, options (in dollars per share) | $ / shares | $ 1.11 |
Outstanding, options (in shares) | shares | 2,909,338 |
Outstanding, weighted average exercise price, options (in dollars per share) | $ / shares | $ 1.41 |
Outstanding, weighted average remaining contractual life, options (Year) | 9 years |
Outstanding, aggregate intrinsic value, options | $ | |
Vested and Expected to Vest, options (in shares) | shares | 1,911,105 |
Vested and Expected to Vest, weighted average exercise price, options (in dollars per share) | $ / shares | $ 1.73 |
Vested and Expected to Vest, weighted average remaining contractual life, options (Year) | 8 years 292 days |
Vested and Expected to Vest, aggregate intrinsic value, options | $ | |
Exercisable, options (in shares) | shares | 876,955 |
Exercisable, weighted average exercise price, options (in dollars per share) | $ / shares | $ 2.79 |
Exercisable, weighted average remaining contractual life, options (Year) | 7 years 328 days |
Exercisable, aggregate intrinsic value, options | $ |
Note 8 - Stockholders' Equity_3
Note 8 - Stockholders' Equity - Warrant Activity (Details) | 3 Months Ended |
Mar. 31, 2019$ / sharesshares | |
Outstanding (in shares) | shares | 17,265,208 |
Outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 2.99 |
Warrants expired (in shares) | shares | (83,420) |
Warrants expired (in dollars per share) | $ / shares | $ 56.20 |
Warrants exercised (in shares) | shares | (500,000) |
Warrants exercised, weighted average exercise price (in dollars per share) | $ / shares | $ 0.01 |
Outstanding (in shares) | shares | 16,681,788 |
Outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 2.81 |
Exercisable (in shares) | shares | 15,983,259 |
Exercisable, weighted average exercise price (in dollars per share) | $ / shares | $ 2.58 |
Note 9 - Segment Reporting (Det
Note 9 - Segment Reporting (Details Textual) | 3 Months Ended |
Mar. 31, 2019 | |
Number of Reportable Segments | 2 |
Note 9 - Segment Reporting - Su
Note 9 - Segment Reporting - Summary of Operating Results by Reportable Segments (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Net revenues | $ 2,962,000 | $ 1,867,000 | |
Cost of revenues | 1,704,000 | 1,515,000 | |
Gross profit | 1,258,000 | 352,000 | |
Operating expenses | 2,164,000 | 3,608,000 | |
Operating loss | (906,000) | (3,256,000) | |
Depreciation and amortization | 212,000 | 159,000 | |
Stock-based compensation expense | 81,000 | 137,000 | |
Goodwill | 781,000 | 13,976,000 | $ 781,000 |
Total assets | 15,630,000 | 50,181,000 | 14,611,000 |
Goodwill | 781,000 | 13,976,000 | 781,000 |
Total assets | 15,630,000 | 50,181,000 | $ 14,611,000 |
Clinical Development [Member] | |||
Net revenues | 11,000 | 62,000 | |
Clinical Development [Member] | Operating Segments [Member] | |||
Net revenues | 11,000 | 62,000 | |
Cost of revenues | 43,000 | 71,000 | |
Gross profit | (32,000) | (9,000) | |
Operating expenses | 471,000 | 1,179,000 | |
Operating loss | (503,000) | (1,188,000) | |
Depreciation and amortization | 95,000 | 68,000 | |
Stock-based compensation expense | 54,000 | 98,000 | |
Goodwill | 13,195,000 | ||
Total assets | 4,281,000 | 38,941,000 | |
Goodwill | 13,195,000 | ||
Total assets | 4,281,000 | 38,941,000 | |
Device [Member] | |||
Net revenues | 2,951,000 | 1,805,000 | |
Device [Member] | Operating Segments [Member] | |||
Net revenues | 2,951,000 | 1,805,000 | |
Cost of revenues | 1,661,000 | 1,444,000 | |
Gross profit | 1,290,000 | 361,000 | |
Operating expenses | 1,693,000 | 2,429,000 | |
Operating loss | (403,000) | (2,068,000) | |
Depreciation and amortization | 117,000 | 91,000 | |
Stock-based compensation expense | 27,000 | 39,000 | |
Goodwill | 781,000 | 781,000 | |
Total assets | 11,349,000 | 11,240,000 | |
Goodwill | 781,000 | 781,000 | |
Total assets | $ 11,349,000 | $ 11,240,000 |
Note 10 - Subsequent Events (De
Note 10 - Subsequent Events (Details Textual) - USD ($) | Apr. 18, 2019 | Apr. 30, 2019 | Mar. 31, 2019 |
Class of Warrant or Right, Exercised During Period | 500,000 | ||
Subsequent Event [Member] | April 2019 Pre-funded Warrants [Member] | |||
Class of Warrant or Right, Issued During Period | 4,444,444 | ||
Warrants Issued, Price Per Warrant | $ 0.17 | ||
Proceeds from Issuance of Warrants | $ 755,555 | ||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | 1 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.01 | ||
Subsequent Event [Member] | August 2018 Pre-funded Warrants [Member] | |||
Proceeds from Issuance of Warrants | $ 15,000 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.01 | ||
Class of Warrant or Right, Exercised During Period | 1,500,000 |