Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Oct. 25, 2017 | |
Document Information [Line Items] | ||
Entity Registrant Name | HERON THERAPEUTICS, INC. /DE/ | |
Entity Central Index Key | 818,033 | |
Trading Symbol | hrtx | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 54,504,647 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
ASSETS | ||
Cash and cash equivalents | $ 65,524 | $ 13,414 |
Short-term investments | 8,492 | 37,724 |
Accounts receivable, net | 28,851 | 1,960 |
Inventory | 5,169 | 5,340 |
Prepaid expenses and other current assets | 4,554 | 3,705 |
Total current assets | 112,590 | 62,143 |
Property and equipment, net | 5,343 | 5,076 |
Other assets | 263 | 263 |
Total assets | 118,196 | 67,482 |
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | ||
Accounts payable | 5,337 | 6,814 |
Accrued clinical liabilities | 15,517 | 13,207 |
Accrued payroll and employee liabilities | 7,850 | 8,414 |
Other accrued liabilities | 15,398 | 6,288 |
Deferred revenue | 5,560 | 1,099 |
Convertible notes payable to related parties, net of discount | 3,481 | 2,911 |
Total current liabilities | 53,143 | 38,733 |
Promissory note payable to related party | 25,000 | 50,000 |
Total liabilities | 78,143 | 88,733 |
Stockholders’ equity (deficit): | ||
Common stock | 546 | 394 |
Additional paid-in capital | 760,472 | 564,343 |
Accumulated other comprehensive loss | (17) | |
Accumulated deficit | (720,965) | (585,971) |
Total stockholders’ equity (deficit) | 40,053 | (21,251) |
Total liabilities and stockholders’ equity (deficit) | $ 118,196 | $ 67,482 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Revenues: | ||||
Net product sales | $ 8,572 | $ 20,714 | ||
Operating expenses: | ||||
Cost of product sales | 1,051 | 3,250 | ||
Research and development | 28,844 | 30,242 | 90,825 | 73,620 |
General and administrative | 6,462 | 5,333 | 19,389 | 15,474 |
Sales and marketing | 13,529 | 12,159 | 39,918 | 35,018 |
Total operating expenses | 49,886 | 47,734 | 153,382 | 124,112 |
Loss from operations | (41,314) | (47,734) | (132,668) | (124,112) |
Interest expense, net | (552) | (775) | (2,326) | (1,068) |
Net loss | (41,866) | (48,509) | (134,994) | (125,180) |
Other comprehensive income (loss): | ||||
Unrealized gains (losses) on short-term investments | (16) | 11 | 23 | |
Comprehensive loss | $ (41,866) | $ (48,525) | $ (134,983) | $ (125,157) |
Basic and diluted net loss per share (in dollars per share) | $ (0.77) | $ (1.24) | $ (2.55) | $ (3.34) |
Shares used in computing basic and diluted net loss per share (in shares) | 54,176 | 39,113 | 52,846 | 37,470 |
Condensed Consolidated Stateme4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Operating activities: | ||
Net loss | $ (134,994) | $ (125,180) |
Adjustments to reconcile net loss to net cash used for operating activities: | ||
Stock-based compensation expense | 23,647 | 18,697 |
Depreciation and amortization | 1,146 | 793 |
Amortization of debt discount | 570 | 510 |
Gain on disposal of property and equipment | (7) | |
(Accretion of discount) amortization of premium on short-term investments | (259) | 219 |
Change in operating assets and liabilities: | ||
Accounts receivable | (26,891) | |
Prepaid expenses and other current assets | (849) | 428 |
Inventory | 171 | (1,983) |
Accounts payable | (1,477) | 2,790 |
Accrued clinical liabilities | 2,310 | 4,608 |
Accrued payroll and employee liabilities | (564) | 3,813 |
Deferred revenue | 4,461 | |
Other accrued liabilities | 9,585 | (271) |
Net cash used for operating activities | (123,151) | (95,576) |
Investing activities: | ||
Purchases of short-term investments | (93,776) | (43,318) |
Maturities and sales of short-term investments | 123,284 | 55,829 |
Purchases of property and equipment | (1,419) | (2,446) |
Proceeds from the sale of property and equipment | 13 | |
Net cash provided by investing activities | 28,102 | 10,065 |
Financing activities: | ||
Net proceeds from sale of common stock | 163,747 | |
Proceeds from issuance of promissory note payable | 50,000 | |
Repayment of promissory note payable | (25,000) | |
Proceeds from purchases under the Employee Stock Purchase Plan | 576 | 251 |
Proceeds from stock option exercises | 7,836 | 5,720 |
Net cash provided by financing activities | 147,159 | 55,971 |
Net increase (decrease) in cash and cash equivalents | 52,110 | (29,540) |
Cash and cash equivalents at beginning of year | 13,414 | 75,180 |
Cash and cash equivalents at end of period | 65,524 | 45,640 |
Supplemental disclosure of cash flow information: | ||
Interest paid | $ 2,289 | $ 622 |
Note 1 - Business
Note 1 - Business | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 1. Business Overview We are a commercial-stage biotechnology company focused on improving the lives of patients by developing best-in-class treatments that address some of the most important unmet patient needs. We are developing novel, patient-focused solutions that apply our innovative science and technologies to already approved pharmacological agents for patients suffering from cancer or pain. On August 9, 2016, first ® October 2016. We have two CINVANTI™ (HTX- 019 1 November 12, 2017. HTX- 011 prevention of postoperative pain. By delivering sustained levels of both a potent anesthetic and an anti-inflammatory agent directly to the site of tissue injury, HTX- 011 2 011 2 3 first 2018. 011 2018. 011 72 The accompanying unaudited condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. We have incurred signifi cant operating losses and negative cash flows from operations. As of September 30, 2017, $721.0 $74.0 not may may one 10 not |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Basis of Accounting [Text Block] | 2 . Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10 10 X. not three nine September 30, 2017 , are not may December 31, 2017 . The condensed consolidated balance sheet as of December 31, 2016 , has been derived from the audited financial statements as of that date, but does not 10 December 31, 2016, February 23, 2017 . |
Note 3 - Accounting Policies
Note 3 - Accounting Policies | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 3 . Accounting Policies Principles of Consolidation The accompanying unaudited condensed consolidated financial statements include the accounts of Heron Therapeutics, Inc. and its wholly owned subsidiary, Heron Therapeutics, B.V., which was organized in the Netherlands in March 2015. no no no Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and disclosures made in the accompanying notes to the financial statements. Our critical accounting policies that involve significant judgment and estimates include revenue recognition, inventory, accrued clinical liabilities, income taxes and stock-based compensation. Actual results could differ materially from those estimates. Cash, Cash Equivalents and Short-Term Investments Cash and cash equivalents consist of cash and highly liquid investments with original maturities from purchase date of three Short-term investments consist of securities with contractual maturities of one The following is a summary of our available-for-sale securities (in thousands): September 30, 2017 Gross Gross Amortized Unrealized Unrealized Estimated Cost Gains Losses Fair Value United States commercial paper $ 4,493 $ — $ — $ 4,493 Foreign commercial paper 3,999 — — 3,999 Total $ 8,492 $ — $ — $ 8,492 December 31, 2016 Gross Gross Amortized Unrealized Unrealized Estimated Cost Gains Losses Fair Value United States corporate debt $ 12,048 $ — $ (9 ) $ 12,039 Foreign corporate debt 14,065 — (8 ) 14,057 United States commercial paper 8,635 — — 8,635 Foreign commercial paper 2,993 — — 2,993 Total $ 37,741 $ — $ (17 ) $ 37,724 The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity. We regularly monitor and evaluate the realizable value of our marketable securities. We did not any of the three nine September 30, 2017 2016. Realized gains and losses associated with our investments, if any, are reported in the statement of comprehensive loss. There were no three nine September 30, 2017 2016. Our bank and investment accounts have been placed under control agreements in accordance with the Convertible Notes and the Promissory Note (see Note 6 Concentration of Risk Cash, cash equivalents and short-term investments are financial instruments that potentially subject us to concentrations of credit risk. We deposit our cash in financial institutions. At times, such deposits may may U.S. government and agencies, corporate debt securities and commercial paper. We have established guidelines relative to our diversification of our cash investments and their maturities in an effort to maintain safety and liquidity. These guidelines are periodically reviewed and modified to take advantage of trends in yields and interest rates. Sales of SUSTOL to two 10% nine September 30, 2017. Inventory Inventory is stated at the lower of cost or estimated net realizable value, on a first first may As of September 30, 2017, $5.2 $1.4 $1.3 $2.5 three nine September 30, 2017, $1.1 $3.3 one $0.9 March 2017. Revenue Recognition Product Sales SUSTOL is distributed in the U.S. through a limited number of specialty distributors (“Customers”) that resell SUSTOL to healthcare providers, the end users of SUSTOL. Product sales are recorded net of sales allowances and estimated rebates, chargebacks, distributor fees, and other deductions. Product sales are recognized as revenue when there is persuasive evidence that an arrangement exists, delivery has occurred and title has passed, the price is fixed or determinable and we are reasonably assured of collecting the resulting receivable. Product sales are recorded net of sales allowances and estimated rebates , chargebacks, distributor fees and other deductions. At this point in the SUSTOL commercial launch, we do not third not not September 30, 2017, $5.6 In the fourth third net of estimated allowances for rebates, returns and chargebacks at the point of sale to our Customers (sell-in approach). Product Sales Allowances We recognize product sales allowances as a reduction of product sales in the same period the related revenue is recognized. Product sales allowances are based on amounts owed or to be claimed on the related sales. These estimates take into consideration the terms of our agreements with Customers, historical product returns, rebates or discounts taken, the shelf life of the product, and specific known market events, such as competitive pricing and new product introductions. If actual future results vary from our estimates, we may ● Product Returns — We allow our Customers to return product for credit 12 may ● Distributor Fees — We offer contractually determined discounts to our Customers. These discounts are paid on a quarterly basis within two ● Group Purchasing Organization (“GPO”) Discounts and Rebates — We offer cash discounts to GPO members. These discounts are taken when the GPO members purchase SUSTOL from our Customers, who then charge back to us the discount amount. Additionally, we offer volume and contract-tier rebates to GPO members. Rebates are based on actual purchase levels during the quarterly rebate purchase period. ● GPO Administrative Fees — We pay administrative fees to GPO’s for services and access to data. These fees are based on contracted terms and are paid after the quarter in which the product was purchased by the GPO’s members. ● Medicaid Rebates — We participate in Medicaid rebate programs, which provide assistance to certain low-income patients based on each individual state’s guidelines regarding eligibility and services. Under the Medicaid rebate programs, we pay a rebate to each participating state, generally within three We believe our estimated allowance for product returns requires a high degree of judgment and is subject to change based on our experience and certain quantitative and qualitative factors. We believe our estimated allowances for distributor fees, GPO discounts, rebates and administrative fees, and Medicaid rebates do not Our product sales allowances and related accruals are evaluated each reporting period and adjusted when trends or significant events indicate that a change in estimate is appropriate. Changes in sales allowance estimates could materially affect our results of operations and financial position. The following provides a summary of activity with respect to our accrued distributor fees, rebates and chargebacks and product returns for the nine September 30, 2017, ted balance sheets (in thousands): Product Returns Distributor Fees GPO Fees, Rebates and Chargebacks Total Balance at December 31, 2016 $ 49 $ 72 $ 221 $ 342 Provision 291 1,328 10,049 11,668 Payments/credits (1 ) (816 ) (5,005 ) (5,822 ) Balance at September 30, 2017 $ 339 $ 584 $ 5,265 $ 6,188 Comprehensive Income (Loss) Comprehensive income (loss) is defined as the change in equity during a period from transactions and other events and circumstances from non-owner sources. Unrealized gains and losses on available-for-sale securities are included in other comprehensive loss and represent the difference between our net loss and comprehensive loss for all periods presented. Earnings per Share Basic earnings per share (“EPS”) is calculated by dividing the net loss by the weighted-average number of common shares outstanding for the period, without consideratio n of common share equivalents. Diluted EPS is computed by dividing the net loss by the weighted-average number of common shares and common share equivalents outstanding for the period determined using the treasury stock method. For purposes of this calculation, stock options, warrants and shares of common stock underlying Convertible Notes are considered to be common stock equivalents and are included in the calculation of diluted EPS only when their effect is dilutive. Because we have incurred a net loss for all periods presented in the unaudited condensed consolidated statements of comprehensive loss, stock options, warrants and shares of common stock underlying Convertible Notes are not not As of September 30 , 2017 2016 Stock options outstanding 11,198 8,517 Warrants outstanding 620 600 Shares of c ommon stock underlying Convertible Notes outstanding 7,865 7,410 Recent Accounting Pronouncements Recently Adopted In March 2016 , the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016 09, Compensation – Stock Compensation: Improvements to Employee Share-Based Payment Accounting 2016 09” 2016 09 2016 09 first 2017. 2016 09 $3.6 2016 09 not July 2015, No. 2015 11, Inventory (Topic 330 2015 11” 2015 11 2015 11 first 2017, not Not In May 2017, FASB issued ASU No. 2017 09, Compensatio n – Stock Compensation (Topic 718 S cope of Modification Accounting 2017 09” 2017 09 718. 2017 09 December 15, 2017. 1 not 2 not 2017 09 first 2018. not 2017 09 In February 2016, No. 2016 02, Leases 2016 02” 2016 02 12 2016 02 2016 02 December 15, 2018, 2016 02 first 2019, In May 2014, No. 2014 09, Revenue from Contracts with Customers (Topic 606 2014 09” 2014 09 2014 09 December 15, 2017, 2014 09 2014 09 first 2018 2014 09 not 2014 09 September 30, 2017. 2014 09, second 2017, 2014 09 may |
Note 4 - Fair Value Measurement
Note 4 - Fair Value Measurements | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 4. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The fair value hierarchy based on three first two may ● Level 1 ● Level 2 1 not ● Level 3 no We measure the following financial assets at fair value on a recurring basis. The fair values of these financial assets at September 30, 2017 December 31, 2016 Fair Value Measurements at Reporting Date Using Quoted Prices in Significant Active Markets Other Significant Balance at for Identical Observable Unobservable September 30 , Assets Inputs Inputs 201 7 (Level 1) (Level 2) (Level 3) M oney market funds $ 62,512 $ 62,512 $ — $ — United States commercial paper 4,493 — 4,493 — Foreign commercial paper 3,999 — 3,999 — Total $ 71,004 $ 62,512 $ 8,492 $ — Fair Value Measurements at Reporting Date Using Quoted Prices in Significant Active Markets Other Significant Balance at for Identical Observable Unobservable December 31, Assets Inputs Inputs 201 6 (Level 1) (Level 2) (Level 3) M oney market funds $ 11,493 $ 11,493 $ — $ — United States corporate debt securities 12,039 — 12,039 — Foreign corporate debt securities 14,057 — 14,057 — United States commercial paper 8,635 — 8,635 — Foreign commercial paper 2,993 — 2,993 — Total $ 49,217 $ 11,493 $ 37,724 $ — As of September 30, 2017, $8.5 one December 31, 2016, $37.7 one September 30, 2017 December 31, 2016 A company may not third not not We consider the carrying amount of cash and cash equivalents, receivables, inventory, prepaid expenses and other current assets, accounts payable and accrued liabilities to be representative of their respective fair values because of the short-term nature of those instruments. |
Note 5 - Realignment of Goals a
Note 5 - Realignment of Goals and Objectives and New Development Focus | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | 5. Realignment of Goals and Objectives and New Development Focus Following the approval of SUSTOL and consistent with our transition into a commercial -stage biotechnology company, we realigned our goals and objectives and refocused our development efforts to the area of postoperative pain management. On October 18, 2016, December 2016. September 30, 2016, three one We expect to incur total expenses of $9.9 $6.0 $3.9 September 30, 2016 September 30, 2017 $9.7 $0.2 fourth 2017 We expect to make the final payment resulting from the realignment of our goals and objectives and new development focus in the second 2018. September 30, 2017, $4.5 $6.0 For the three September 30, 2017, $0.2 nine September 30, 2017, $1.9 $1.6 $0.3 The expenses we expect to incur are subject to a number of assumptions, and actual results may We may not may No. 420, Exit or Disposal Cost Obligations |
Note 6 - Secured Notes to Relat
Note 6 - Secured Notes to Related Party | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 6 . Secured Notes to Related Party Convertible Notes In April 2011, $4.5 no $4.3 The Convertible Notes are secured by substantially all of our assets, including placing our bank and investment accounts under a control agreement. The Convertible Notes bear interest at 6% ble Notes mature on May 2, 2021; may The Convertible Notes are convertible into shares of our common stock at a rate of 1,250 $1,000 outstanding principal due under the Convertible Notes. There is no 9.99% not 61 As of September 30, 2017, In 2011, SEC to register for resale 3.5 July 29, 2011. The Convertible Notes contain an embedded conversion feature that was in-the-money on the issuance dates. Based on an effective fixed conversion rate of 1,250 $1,000 10 year term of the Convertible Notes. During the nine September 30, 2017, $0.3 $0.3 three September 30, 2017 2016, $0.1 $0.1 $0.2 $0.2 nine September 30, 2017 2016, $ 0.3 $0.6 $0.5 As of September 30, 2017, $3.5 $6.3 $2.8 September 30, 2017, 7.9 Promissory Note In August 2016, up to $100.0 two 8% first $50.0 August 5, 2016. second $50.0 $50.0 not no no no second no For the three nine September 30, 2017, $0.5 $2.3 $ 0.6 three nine September 30, 2016. September 30, 2017, $25.0 $25.0 second 2017. |
Note 7 - Stockholders' Equity
Note 7 - Stockholders' Equity | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 7 . Stockholders’ Equity 2017 In January 2017, 14.1 $12.20 $163.7 $8.8 Private Placement Warrants In June 2011, 4.0 $3.60 July 1, 2016. Stock Option Activity The following table summarizes the stock option activity for the nine September 30, 2017: Weighted- Average Weighted- Remaining Average Contractual Shares Exercise Term (in thousands) Price (Years) Balance at January 1, 2017 11,845 $ 14.44 7.60 Granted 1,218 $ 14.45 Exercised (952 ) $ 8.23 Expired and forfeited (913 ) $ 19.53 Balance at September 30, 2017 11,198 $ 14.56 7.32 For the nine September 30, 2017, 952,000 $7.8 Stock -Based Compensation The following table summarizes stock-based compensation expense related to stock-based payment awards granted pursuant to all of our equity compensation arrangements for the three nine September 30, 2017 2016 Three Months Ended September 30 , Nine Months Ended September 30, 2017 2016 2017 2016 Research and development $ 2,595 $ 3,946 $ 8,758 $ 8,347 General and administrative 2,419 1,763 7,345 5,229 Sales and marketing 2,462 1,802 7,544 5,121 Stock -based compensation expense included in operating expenses $ 7,476 $ 7,511 $ 23,647 $ 18,697 Impact on basic and diluted net loss per share $ 0.14 $ 0.19 $ 0.45 $ 0.50 As of September 30, 2017, 62.1 2.5 We estimated the fair value of each option grant on the grant date using the Black-Scholes option pricing model with the following weighted-average assumptions: September 30 , 20 17 20 16 Risk-free interest rate 2.0 % 1.5 % Dividend yield 0.0 % 0.0 % Volatility 80.2 % 90.6 % Expected life (years) 6 6 We estimate the fair value of each purchase right granted under our 1997 no three September 30, 2017 2016. |
Note 8 - Income Taxes
Note 8 - Income Taxes | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 8 . Income Taxes Deferred income tax assets and liabilities are recognized for temporary differences between financial statements and income tax carrying values using tax rates in effect for the years such differ ences are expected to reverse. Due to uncertainties surrounding our ability to generate future taxable income and consequently realize such deferred income tax assets, a full valuation allowance has been established. We continue to maintain a full valuation allowance against our deferred tax assets as of September 30, 2017. The impact of an uncertain income tax position on the income tax return must be recognized at the largest amount that is more likely than not not 2017, 2016 09, $ 3.6 2016 10 December 31, 2016 three nine September 30, 2017. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The accompanying unaudited condensed consolidated financial statements include the accounts of Heron Therapeutics, Inc. and its wholly owned subsidiary, Heron Therapeutics, B.V., which was organized in the Netherlands in March 2015. no no no |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and disclosures made in the accompanying notes to the financial statements. Our critical accounting policies that involve significant judgment and estimates include revenue recognition, inventory, accrued clinical liabilities, income taxes and stock-based compensation. Actual results could differ materially from those estimates. |
Cash, Cash Equivalents, and Short-Term Investments [Policy Text Block] | Cash, Cash Equivalents and Short-Term Investments Cash and cash equivalents consist of cash and highly liquid investments with original maturities from purchase date of three Short-term investments consist of securities with contractual maturities of one The following is a summary of our available-for-sale securities (in thousands): September 30, 2017 Gross Gross Amortized Unrealized Unrealized Estimated Cost Gains Losses Fair Value United States commercial paper $ 4,493 $ — $ — $ 4,493 Foreign commercial paper 3,999 — — 3,999 Total $ 8,492 $ — $ — $ 8,492 December 31, 2016 Gross Gross Amortized Unrealized Unrealized Estimated Cost Gains Losses Fair Value United States corporate debt $ 12,048 $ — $ (9 ) $ 12,039 Foreign corporate debt 14,065 — (8 ) 14,057 United States commercial paper 8,635 — — 8,635 Foreign commercial paper 2,993 — — 2,993 Total $ 37,741 $ — $ (17 ) $ 37,724 The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity. We regularly monitor and evaluate the realizable value of our marketable securities. We did not any of the three nine September 30, 2017 2016. Realized gains and losses associated with our investments, if any, are reported in the statement of comprehensive loss. There were no three nine September 30, 2017 2016. Our bank and investment accounts have been placed under control agreements in accordance with the Convertible Notes and the Promissory Note (see Note 6 |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Risk Cash, cash equivalents and short-term investments are financial instruments that potentially subject us to concentrations of credit risk. We deposit our cash in financial institutions. At times, such deposits may may U.S. government and agencies, corporate debt securities and commercial paper. We have established guidelines relative to our diversification of our cash investments and their maturities in an effort to maintain safety and liquidity. These guidelines are periodically reviewed and modified to take advantage of trends in yields and interest rates. Sales of SUSTOL to two 10% nine September 30, 2017. |
Inventory, Policy [Policy Text Block] | Inventory Inventory is stated at the lower of cost or estimated net realizable value, on a first first may As of September 30, 2017, $5.2 $1.4 $1.3 $2.5 three nine September 30, 2017, $1.1 $3.3 one $0.9 March 2017. |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition Product Sales SUSTOL is distributed in the U.S. through a limited number of specialty distributors (“Customers”) that resell SUSTOL to healthcare providers, the end users of SUSTOL. Product sales are recorded net of sales allowances and estimated rebates, chargebacks, distributor fees, and other deductions. Product sales are recognized as revenue when there is persuasive evidence that an arrangement exists, delivery has occurred and title has passed, the price is fixed or determinable and we are reasonably assured of collecting the resulting receivable. Product sales are recorded net of sales allowances and estimated rebates , chargebacks, distributor fees and other deductions. At this point in the SUSTOL commercial launch, we do not third not not September 30, 2017, $5.6 In the fourth third net of estimated allowances for rebates, returns and chargebacks at the point of sale to our Customers (sell-in approach). Product Sales Allowances We recognize product sales allowances as a reduction of product sales in the same period the related revenue is recognized. Product sales allowances are based on amounts owed or to be claimed on the related sales. These estimates take into consideration the terms of our agreements with Customers, historical product returns, rebates or discounts taken, the shelf life of the product, and specific known market events, such as competitive pricing and new product introductions. If actual future results vary from our estimates, we may ● Product Returns — We allow our Customers to return product for credit 12 may ● Distributor Fees — We offer contractually determined discounts to our Customers. These discounts are paid on a quarterly basis within two ● Group Purchasing Organization (“GPO”) Discounts and Rebates — We offer cash discounts to GPO members. These discounts are taken when the GPO members purchase SUSTOL from our Customers, who then charge back to us the discount amount. Additionally, we offer volume and contract-tier rebates to GPO members. Rebates are based on actual purchase levels during the quarterly rebate purchase period. ● GPO Administrative Fees — We pay administrative fees to GPO’s for services and access to data. These fees are based on contracted terms and are paid after the quarter in which the product was purchased by the GPO’s members. ● Medicaid Rebates — We participate in Medicaid rebate programs, which provide assistance to certain low-income patients based on each individual state’s guidelines regarding eligibility and services. Under the Medicaid rebate programs, we pay a rebate to each participating state, generally within three We believe our estimated allowance for product returns requires a high degree of judgment and is subject to change based on our experience and certain quantitative and qualitative factors. We believe our estimated allowances for distributor fees, GPO discounts, rebates and administrative fees, and Medicaid rebates do not Our product sales allowances and related accruals are evaluated each reporting period and adjusted when trends or significant events indicate that a change in estimate is appropriate. Changes in sales allowance estimates could materially affect our results of operations and financial position. The following provides a summary of activity with respect to our accrued distributor fees, rebates and chargebacks and product returns for the nine September 30, 2017, ted balance sheets (in thousands): Product Returns Distributor Fees GPO Fees, Rebates and Chargebacks Total Balance at December 31, 2016 $ 49 $ 72 $ 221 $ 342 Provision 291 1,328 10,049 11,668 Payments/credits (1 ) (816 ) (5,005 ) (5,822 ) Balance at September 30, 2017 $ 339 $ 584 $ 5,265 $ 6,188 |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income (Loss) Comprehensive income (loss) is defined as the change in equity during a period from transactions and other events and circumstances from non-owner sources. Unrealized gains and losses on available-for-sale securities are included in other comprehensive loss and represent the difference between our net loss and comprehensive loss for all periods presented. |
Earnings Per Share, Policy [Policy Text Block] | Earnings per Share Basic earnings per share (“EPS”) is calculated by dividing the net loss by the weighted-average number of common shares outstanding for the period, without consideratio n of common share equivalents. Diluted EPS is computed by dividing the net loss by the weighted-average number of common shares and common share equivalents outstanding for the period determined using the treasury stock method. For purposes of this calculation, stock options, warrants and shares of common stock underlying Convertible Notes are considered to be common stock equivalents and are included in the calculation of diluted EPS only when their effect is dilutive. Because we have incurred a net loss for all periods presented in the unaudited condensed consolidated statements of comprehensive loss, stock options, warrants and shares of common stock underlying Convertible Notes are not not As of September 30 , 2017 2016 Stock options outstanding 11,198 8,517 Warrants outstanding 620 600 Shares of c ommon stock underlying Convertible Notes outstanding 7,865 7,410 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements Recently Adopted In March 2016 , the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016 09, Compensation – Stock Compensation: Improvements to Employee Share-Based Payment Accounting 2016 09” 2016 09 2016 09 first 2017. 2016 09 $3.6 2016 09 not July 2015, No. 2015 11, Inventory (Topic 330 2015 11” 2015 11 2015 11 first 2017, not Not In May 2017, FASB issued ASU No. 2017 09, Compensatio n – Stock Compensation (Topic 718 S cope of Modification Accounting 2017 09” 2017 09 718. 2017 09 December 15, 2017. 1 not 2 not 2017 09 first 2018. not 2017 09 In February 2016, No. 2016 02, Leases 2016 02” 2016 02 12 2016 02 2016 02 December 15, 2018, 2016 02 first 2019, In May 2014, No. 2014 09, Revenue from Contracts with Customers (Topic 606 2014 09” 2014 09 2014 09 December 15, 2017, 2014 09 2014 09 first 2018 2014 09 not 2014 09 September 30, 2017. 2014 09, second 2017, 2014 09 may |
Note 3 - Accounting Policies (T
Note 3 - Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Available-for-sale Securities [Table Text Block] | September 30, 2017 Gross Gross Amortized Unrealized Unrealized Estimated Cost Gains Losses Fair Value United States commercial paper $ 4,493 $ — $ — $ 4,493 Foreign commercial paper 3,999 — — 3,999 Total $ 8,492 $ — $ — $ 8,492 December 31, 2016 Gross Gross Amortized Unrealized Unrealized Estimated Cost Gains Losses Fair Value United States corporate debt $ 12,048 $ — $ (9 ) $ 12,039 Foreign corporate debt 14,065 — (8 ) 14,057 United States commercial paper 8,635 — — 8,635 Foreign commercial paper 2,993 — — 2,993 Total $ 37,741 $ — $ (17 ) $ 37,724 |
Valuation Allowances and Reserves [Table Text Block] | Product Returns Distributor Fees GPO Fees, Rebates and Chargebacks Total Balance at December 31, 2016 $ 49 $ 72 $ 221 $ 342 Provision 291 1,328 10,049 11,668 Payments/credits (1 ) (816 ) (5,005 ) (5,822 ) Balance at September 30, 2017 $ 339 $ 584 $ 5,265 $ 6,188 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | As of September 30 , 2017 2016 Stock options outstanding 11,198 8,517 Warrants outstanding 620 600 Shares of c ommon stock underlying Convertible Notes outstanding 7,865 7,410 |
Note 4 - Fair Value Measureme15
Note 4 - Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Fair Value Measurements at Reporting Date Using Quoted Prices in Significant Active Markets Other Significant Balance at for Identical Observable Unobservable September 30 , Assets Inputs Inputs 201 7 (Level 1) (Level 2) (Level 3) M oney market funds $ 62,512 $ 62,512 $ — $ — United States commercial paper 4,493 — 4,493 — Foreign commercial paper 3,999 — 3,999 — Total $ 71,004 $ 62,512 $ 8,492 $ — Fair Value Measurements at Reporting Date Using Quoted Prices in Significant Active Markets Other Significant Balance at for Identical Observable Unobservable December 31, Assets Inputs Inputs 201 6 (Level 1) (Level 2) (Level 3) M oney market funds $ 11,493 $ 11,493 $ — $ — United States corporate debt securities 12,039 — 12,039 — Foreign corporate debt securities 14,057 — 14,057 — United States commercial paper 8,635 — 8,635 — Foreign commercial paper 2,993 — 2,993 — Total $ 49,217 $ 11,493 $ 37,724 $ — |
Note 7 - Stockholders' Equity (
Note 7 - Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Weighted- Average Weighted- Remaining Average Contractual Shares Exercise Term (in thousands) Price (Years) Balance at January 1, 2017 11,845 $ 14.44 7.60 Granted 1,218 $ 14.45 Exercised (952 ) $ 8.23 Expired and forfeited (913 ) $ 19.53 Balance at September 30, 2017 11,198 $ 14.56 7.32 |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Three Months Ended September 30 , Nine Months Ended September 30, 2017 2016 2017 2016 Research and development $ 2,595 $ 3,946 $ 8,758 $ 8,347 General and administrative 2,419 1,763 7,345 5,229 Sales and marketing 2,462 1,802 7,544 5,121 Stock -based compensation expense included in operating expenses $ 7,476 $ 7,511 $ 23,647 $ 18,697 Impact on basic and diluted net loss per share $ 0.14 $ 0.19 $ 0.45 $ 0.50 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | September 30 , 20 17 20 16 Risk-free interest rate 2.0 % 1.5 % Dividend yield 0.0 % 0.0 % Volatility 80.2 % 90.6 % Expected life (years) 6 6 |
Note 1 - Business (Details Text
Note 1 - Business (Details Textual) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Retained Earnings (Accumulated Deficit) | $ (720,965) | $ (585,971) |
Cash, Cash Equivalents, and Short-term Investments | $ 74,000 |
Note 3 - Accounting Policies (D
Note 3 - Accounting Policies (Details Textual) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Dec. 31, 2016USD ($) | |
Asset Impairment Charges | $ 0 | $ 0 | $ 0 | $ 0 | ||
Available-for-sale Securities, Gross Realized Gains | 0 | 0 | 0 | 0 | ||
Inventory, Net | 5,169 | 5,169 | $ 5,340 | |||
Inventory, Raw Materials, Net of Reserves | 1,400 | 1,400 | ||||
Inventory, Work in Process, Net of Reserves | 1,300 | 1,300 | ||||
Inventory, Finished Goods, Net of Reserves | 2,500 | 2,500 | ||||
Cost of Goods Sold | 1,051 | 3,250 | ||||
Deferred Revenue, Current | 5,560 | 5,560 | $ 1,099 | |||
Available-for-sale Securities, Gross Realized Losses | 0 | $ 0 | 0 | $ 0 | ||
Accounting Standards Update 2016-09 [Member] | ||||||
Deferred Tax Assets, Gross | 3,600 | 3,600 | ||||
Deferred Tax Assets, Valuation Allowance | 3,600 | 3,600 | ||||
Cost of Sales [Member] | ||||||
Inventory Write-down | $ 900 | |||||
SUSTOL [Member] | ||||||
Cost of Goods Sold | $ 1,100 | $ 3,300 | ||||
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | SUSTOL [Member] | ||||||
Number of Major Customers | 2 |
Note 3 - Accounting Policies -
Note 3 - Accounting Policies - Available-for-sale Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Amortized cost | $ 8,492 | $ 37,741 |
Gross unrealized gains | ||
Gross unrealized losses | (17) | |
Estimated fair value | 8,492 | 37,724 |
United States Commercial Paper [Member] | ||
Amortized cost | 4,493 | 8,635 |
Gross unrealized gains | ||
Gross unrealized losses | ||
Estimated fair value | 4,493 | 8,635 |
Domestic Corporate Debt Securities [Member] | ||
Amortized cost | 12,048 | |
Gross unrealized gains | ||
Gross unrealized losses | (9) | |
Estimated fair value | 12,039 | |
Foreign Commercial Paper [Member] | ||
Amortized cost | 3,999 | 2,993 |
Gross unrealized gains | ||
Gross unrealized losses | ||
Estimated fair value | $ 3,999 | 2,993 |
Foreign Corporate Debt Securities [Member] | ||
Amortized cost | 14,065 | |
Gross unrealized gains | ||
Gross unrealized losses | (8) | |
Estimated fair value | $ 14,057 |
Note 3 - Accounting Policies 20
Note 3 - Accounting Policies - Summary of Product Sales Allowance (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2017USD ($) | |
Balance | $ 342 |
Provision | 11,668 |
Payments/credits | (5,822) |
Balance | 6,188 |
Allowance for Sales Returns [Member] | |
Balance | 49 |
Provision | 291 |
Payments/credits | (1) |
Balance | 339 |
Allowance for Distributor Fees [Member] | |
Balance | 72 |
Provision | 1,328 |
Payments/credits | (816) |
Balance | 584 |
Allowance for Rebates and Chargebacks [Member] | |
Balance | 221 |
Provision | 10,049 |
Payments/credits | (5,005) |
Balance | $ 5,265 |
Note 3 - Accounting Policies 21
Note 3 - Accounting Policies - Securities Excluded From Calculation of Diluted Earnings Per Share (Details) - shares shares in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Employee Stock Option [Member] | ||
Antidilutive securities (in shares) | 11,198 | 8,517 |
Warrant [Member] | ||
Antidilutive securities (in shares) | 620 | 600 |
Convertible Debt Securities [Member] | ||
Antidilutive securities (in shares) | 7,865 | 7,410 |
Note 4 - Fair Value Measureme22
Note 4 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Available-for-sale Securities, Current | $ 8,492 | $ 37,724 |
Note 4 - Fair Value Measureme23
Note 4 - Fair Value Measurements - Financial Assets Measured on a Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Available-for-sale securities | $ 8,492 | $ 37,724 |
United States Commercial Paper [Member] | ||
Available-for-sale securities | 4,493 | 8,635 |
Domestic Corporate Debt Securities [Member] | ||
Available-for-sale securities | 12,039 | |
Foreign Commercial Paper [Member] | ||
Available-for-sale securities | 3,999 | 2,993 |
Foreign Corporate Debt Securities [Member] | ||
Available-for-sale securities | 14,057 | |
Fair Value, Measurements, Recurring [Member] | ||
Total | 71,004 | 49,217 |
Fair Value, Measurements, Recurring [Member] | United States Commercial Paper [Member] | ||
Available-for-sale securities | 4,493 | 8,635 |
Fair Value, Measurements, Recurring [Member] | Domestic Corporate Debt Securities [Member] | ||
Available-for-sale securities | 12,039 | |
Fair Value, Measurements, Recurring [Member] | Foreign Commercial Paper [Member] | ||
Available-for-sale securities | 3,999 | 2,993 |
Fair Value, Measurements, Recurring [Member] | Foreign Corporate Debt Securities [Member] | ||
Available-for-sale securities | 14,057 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Total | 62,512 | 11,493 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | United States Commercial Paper [Member] | ||
Available-for-sale securities | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Domestic Corporate Debt Securities [Member] | ||
Available-for-sale securities | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Foreign Commercial Paper [Member] | ||
Available-for-sale securities | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Foreign Corporate Debt Securities [Member] | ||
Available-for-sale securities | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Total | 8,492 | 37,724 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | United States Commercial Paper [Member] | ||
Available-for-sale securities | 4,493 | 8,635 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Domestic Corporate Debt Securities [Member] | ||
Available-for-sale securities | 12,039 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Foreign Commercial Paper [Member] | ||
Available-for-sale securities | 3,999 | 2,993 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Foreign Corporate Debt Securities [Member] | ||
Available-for-sale securities | 14,057 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Total | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | United States Commercial Paper [Member] | ||
Available-for-sale securities | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Domestic Corporate Debt Securities [Member] | ||
Available-for-sale securities | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Foreign Commercial Paper [Member] | ||
Available-for-sale securities | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Foreign Corporate Debt Securities [Member] | ||
Available-for-sale securities | ||
Fair Value, Measurements, Recurring [Member] | Money Market Funds [Member] | ||
Money market funds | 62,512 | 11,493 |
Fair Value, Measurements, Recurring [Member] | Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Money market funds | 62,512 | 11,493 |
Fair Value, Measurements, Recurring [Member] | Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Money market funds | ||
Fair Value, Measurements, Recurring [Member] | Money Market Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Money market funds |
Note 5 - Realignment of Goals24
Note 5 - Realignment of Goals and Objectives and New Development Focus (Details Textual) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2017USD ($) | |
Restructuring and Related Cost, Expected Cost | $ 9.9 | $ 9.9 | $ 9.9 |
Restructuring Plan [Member] | |||
Restructuring Charges | 1.9 | 9.7 | |
Payments for Restructuring | 4.5 | ||
Restructuring Plan [Member] | Research and Development Expense [Member] | |||
Restructuring Charges | 0.2 | 1.6 | |
Restructuring Plan [Member] | General and Administrative Expense [Member] | |||
Restructuring Charges | 0.3 | ||
Restructuring Plan [Member] | Employee Severance [Member] | |||
Restructuring and Related Cost, Expected Cost | 6 | 6 | 6 |
Restructuring Plan [Member] | Accelerated Non-Cash Stock Option Expense [Member] | |||
Restructuring and Related Cost, Expected Cost | 3.9 | 3.9 | 3.9 |
Restructuring Plan [Member] | Employee Related Liabilities [Member] | |||
Restructuring and Related Cost, Expected Cost Remaining | $ 0.2 | $ 0.2 | $ 0.2 |
Note 6 - Secured Notes to Rel25
Note 6 - Secured Notes to Related Party (Details Textual) - USD ($) | Aug. 05, 2016 | Aug. 02, 2016 | Jul. 29, 2011 | Apr. 30, 2011 | Sep. 30, 2017 | Jun. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 |
Convertible Debt Issuable in Connection with Private Placement | $ 4,500,000 | |||||||||
Proceeds from Convertible Debt | $ 4,300,000 | |||||||||
Amortization of Debt Discount (Premium) | $ 570,000 | $ 510,000 | ||||||||
Convertible Notes Payable, Related Parties, Current | $ 3,481,000 | 3,481,000 | $ 2,911,000 | |||||||
Notes Payable, Related Parties, Noncurrent | 25,000,000 | 25,000,000 | $ 50,000,000 | |||||||
Repayments of Long-term Debt | 25,000,000 | |||||||||
Convertible Debt [Member] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | |||||||||
Debt Instrument Conversion Ratio Multiple of Principal | $ 1,000 | |||||||||
Beneficial Ownership after Conversion | 9.99% | |||||||||
Notice Period Associated with Beneficial Ownership Percentage Limitation Convertible Notes | 61 days | |||||||||
Common Shares Registered for Resale in Connection with Convertible Notes | 3,500,000 | |||||||||
Debt Instrument, Term | 10 years | |||||||||
Paid-in-Kind Interest | 300,000 | |||||||||
Debt Instrument, Increase (Decrease), Other, Net | 300,000 | |||||||||
Interest Expense, Debt, Excluding Amortization | 100,000 | $ 100,000 | 300,000 | 300,000 | ||||||
Amortization of Debt Discount (Premium) | 200,000 | 200,000 | 600,000 | 500,000 | ||||||
Debt Instrument, Face Amount | 6,300,000 | 6,300,000 | ||||||||
Debt Instrument, Unamortized Discount | 2,800,000 | $ 2,800,000 | ||||||||
Debt Instrument, Convertible, Number Shares of Equity Insturments | 7,900,000 | |||||||||
Convertible Debt [Member] | Common Stock [Member] | ||||||||||
Debt Instrument Conversion Ratio Shares | 1,250 | |||||||||
Term Loan [Member] | Tang Capital [Member] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | |||||||||
Debt Instrument, Term | 2 years | |||||||||
Debt Agreement, Maximum Borrowing Capacity | $ 100,000,000 | |||||||||
Proceeds from Issuance of Long-term Debt | $ 50,000,000 | |||||||||
Proceeds from Issuance of Long-term Debt, Subject to Achievement of Corporate Milestone | 50,000,000 | |||||||||
Debt Instrument, Fee Amount | $ 0 | |||||||||
Debt Instrument, Number of Warrants | 0 | |||||||||
Debt Instrument, Convertible, Beneficial Conversion Feature | $ 0 | |||||||||
Interest Expense | 500,000 | $ 600,000 | $ 2,300,000 | $ 600,000 | ||||||
Notes Payable, Related Parties, Noncurrent | $ 25,000,000 | $ 25,000,000 | ||||||||
Repayments of Long-term Debt | $ 25,000,000 |
Note 7 - Stockholders' Equity26
Note 7 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 9 Months Ended | ||
Jan. 31, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Jun. 30, 2011 | |
Proceeds from Issuance of Common Stock, Net of Issuance Costs | $ 163,700 | $ 163,747 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Net | 952,000 | |||
Proceeds from Stock Options Exercised | $ 7,836 | $ 5,720 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 62,100 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 182 days | |||
Private Placement 2011 [Member] | ||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 4,000,000 | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 3.60 | |||
Common Stock [Member] | ||||
Stock Issued During Period, Shares, New Issues | 14,100,000 | |||
Share Price | $ 12.20 | |||
Payments of Stock Issuance Costs | $ 8,800 |
Note 7 - Stockholders' Equity -
Note 7 - Stockholders' Equity - Stock Option Activity (Details) - $ / shares shares in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Number of shares outstanding (in shares) | 11,845 | |
Number of shares outstanding, weighted average exercise price (in dollars per share) | $ 14.44 | |
Number of shares outstanding, weighted average remaining contractual term (Year) | 7 years 116 days | 7 years 219 days |
Number of shares granted (in shares) | 1,218 | |
Number of shares granted, weighted average exercise price (in dollars per share) | $ 14.45 | |
Number of shares exercised (in shares) | (952) | |
Number of shares exercised, weighted average exercise price (in dollars per share) | $ 8.23 | |
Number of shares expired and forfeited (in shares) | (913) | |
Number of shares expired and forfeited, weighted average exercise price (in dollars per share) | $ 19.53 | |
Number of shares outstanding (in shares) | 11,198 | 11,845 |
Number of shares outstanding, weighted average exercise price (in dollars per share) | $ 14.56 | $ 14.44 |
Note 7 - Stockholders' Equity28
Note 7 - Stockholders' Equity - Stock-based Compensation Expense (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Stock-based compensation expense | $ 7,476 | $ 7,511 | $ 23,647 | $ 18,697 |
Impact on basic and diluted net loss per share (in dollars per share) | $ 0.14 | $ 0.19 | $ 0.45 | $ 0.50 |
Research and Development Expense [Member] | ||||
Stock-based compensation expense | $ 2,595 | $ 3,946 | $ 8,758 | $ 8,347 |
General and Administrative Expense [Member] | ||||
Stock-based compensation expense | 2,419 | 1,763 | 7,345 | 5,229 |
Selling and Marketing Expense [Member] | ||||
Stock-based compensation expense | $ 2,462 | $ 1,802 | $ 7,544 | $ 5,121 |
Note 7 - Stockholders' Equity29
Note 7 - Stockholders' Equity - Stock Option Valuation Assumptions (Details) - Employee Stock Option [Member] | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Risk-free interest rate | 2.00% | 1.50% |
Dividend yield | 0.00% | 0.00% |
Volatility | 80.20% | 90.60% |
Expected life (years) (Year) | 6 years | 6 years |
Note 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) - Accounting Standards Update 2016-09 [Member] $ in Thousands | Sep. 30, 2017USD ($) |
Deferred Tax Assets, Gross | $ 3,600 |
Deferred Tax Assets, Valuation Allowance | $ 3,600 |