Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | Apr. 25, 2018 | |
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 | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 71,951,009 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 46,575 | $ 144,583 |
Short-term investments | 67,363 | 27,796 |
Accounts receivable, net | 37,713 | 41,874 |
Inventory | 19,418 | 10,108 |
Prepaid expenses and other current assets | 5,494 | 3,702 |
Total current assets | 176,563 | 228,063 |
Property and equipment, net | 6,504 | 5,981 |
Other assets | 316 | 263 |
Total assets | 183,383 | 234,307 |
Current liabilities: | ||
Accounts payable | 11,458 | 18,769 |
Accrued clinical liabilities | 24,934 | 26,920 |
Accrued payroll and employee liabilities | 5,248 | 8,860 |
Other accrued liabilities | 20,643 | 17,175 |
Deferred revenue | 2,763 | |
Promissory note payable to related party | 25,000 | 25,000 |
Convertible notes payable to related parties, net of discount | 3,894 | 3,684 |
Total current liabilities | 91,177 | 103,171 |
Stockholders’ equity: | ||
Common stock | 650 | 646 |
Additional paid-in capital | 925,745 | 913,955 |
Accumulated other comprehensive loss | (42) | (10) |
Retained earnings | (834,147) | (783,455) |
Total stockholders’ equity | 92,206 | 131,136 |
Total liabilities and stockholders’ equity | $ 183,383 | $ 234,307 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Revenues: | ||
Net product sales | $ 11,567 | $ 3,632 |
Operating expenses: | ||
Cost of product sales | 3,133 | 1,186 |
Research and development | 39,561 | 33,384 |
General and administrative | 7,028 | 6,742 |
Sales and marketing | 13,835 | 11,619 |
Total operating expenses | 63,557 | 52,931 |
Loss from operations | (51,990) | (49,299) |
Other expense, net | (275) | (1,030) |
Net loss | (52,265) | (50,329) |
Other comprehensive loss: | ||
Unrealized loss on short-term investments | (32) | (13) |
Comprehensive loss | $ (52,297) | $ (50,342) |
Basic and diluted net loss per share (in dollars per share) | $ (0.81) | $ (1) |
Shares used in computing basic and diluted net loss per share (in shares) | 64,724 | 50,530 |
Condensed Consolidated Stateme4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Operating activities: | ||
Net loss | $ (52,265) | $ (50,329) |
Adjustments to reconcile net loss to net cash used for operating activities: | ||
Stock-based compensation expense | 7,701 | 8,021 |
Depreciation and amortization | 381 | 329 |
Amortization of debt discount | 210 | 185 |
Loss on disposal of property and equipment | 5 | |
Accretion of discount on short-term investments | (211) | (13) |
Change in operating assets and liabilities: | ||
Accounts receivable | 4,161 | (8,367) |
Prepaid expenses and other current assets | (1,845) | 274 |
Inventory | (9,508) | 699 |
Accounts payable | (7,311) | (2,337) |
Accrued clinical liabilities | (1,986) | (1,983) |
Accrued payroll and employee liabilities | (3,612) | (2,292) |
Deferred revenue | 4,136 | |
Other accrued liabilities | 2,572 | 1,091 |
Net cash used for operating activities | (61,713) | (50,581) |
Investing activities: | ||
Purchases of short-term investments | (39,388) | (69,374) |
Maturities and sales of short-term investments | 25,395 | |
Purchases of property and equipment | (904) | (938) |
Net cash used for investing activities | (40,292) | (44,917) |
Financing activities: | ||
Net proceeds from sale of common stock | (205) | 163,747 |
Proceeds from stock option exercises | 4,202 | 1,850 |
Net cash provided by financing activities | 3,997 | 165,597 |
Net (decrease) increase in cash and cash equivalents | (98,008) | 70,099 |
Cash and cash equivalents at beginning of year | 144,583 | 13,414 |
Cash and cash equivalents at end of period | 46,575 | 83,513 |
Supplemental disclosure of cash flow information: | ||
Interest paid | 500 | 1,000 |
Cumulative effect of adoption of new accounting standard | $ 1,573 |
Note 1 - Business
Note 1 - Business | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 1. 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 ® 5 HT3 ® ≥5 October 2016. On November 9, 2017, second ® 1 1 1 80 January 2018. HTX- 011, ® 011 In March 2018, EPOCH1 EPOCH2, 3 011 011 3 72 011 011 2 011 fourth 2017. second 2018, 011. We have incurred significant operating losses and negative cash flows from operations. As of March 31, 2018, $834.1 $113.9 April 2018, $168.7 March 31, 2018, April 2018 $282.6 one 10 |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation | 3 Months Ended |
Mar. 31, 2018 | |
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 U.S. (“GAAP”) for interim financial information and with the instructions to Form 10 10 X. not three March 31, 2018 not may December 31, 2018. December 31, 2017 not 10 December 31, 2017, February 27, 2018. |
Note 3 - Accounting Policies
Note 3 - Accounting Policies | 3 Months Ended |
Mar. 31, 2018 | |
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. Ca sh, Cash Equivalents and Short-t erm Investments Cash and cash equivalents consist of cash and highly liquid investments with original maturities from the purchase date of three Short-term investments consist of securities with contractual maturities of greater than three one The following is a summary of our short-term investments (in thousands): March 31, 2018 Gross Gross Amortized Unrealized Unrealized Estimated Cost Gains Losses Fair Value U.S. corporate debt securities $ 16,202 $ — $ (42 ) $ 16,160 U.S. commercial paper 17,402 — — 17,402 Foreign commercial paper 33,801 — — 33,801 Total $ 67,405 $ — $ (42 ) $ 67,363 D ecember 31, 2017 Gross Gross Amortized Unrealized Unrealized Estimated Cost Gains Losses Fair Value U.S. corporate debt securities $ 13,003 $ — $ (10 ) $ 12,993 U.S. commercial paper 4,929 — — 4,929 Foreign commercial paper 9,874 — — 9,874 Total $ 27,806 $ — $ (10 ) $ 27,796 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 three March 31, 2018 2017. Realized gains and losses associated with our investments, if any, are reported in the statements of operations and comprehensive loss. There were no three March 31, 2018 2017. Our bank and investment accounts have been placed under control agreements in accordance with our Senior Secured Convertible Notes (“Convertible Notes”) and our Subordinated Secured Promissory Note (“Promissory Note”) (see Note 7 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 Sales of SUSTOL to two 10% three March 31, 2018. three 10% three March 31, 2018. Inventory Inventory is stated at the lower of cost or estimated net realizable value on a first first may As of March 31, 2018, $19.4 $5.0 $8.1 $6.3 March 31, 2018, $8.5 $10.9 December 31, 2017, $10.1 $2.7 $4.2 $3.2 December 31, 2017, $7.1 $3.0 For the three March 31, 2018, $3.1 three March 31, 2017, $1.2 Revenue Recognition In May 2014, No. 2014 09, Revenue from Contracts with Customers 606” 606 606 December 15, 2017, first 2018, 606 2018 606, $1.6 January 1, 2018. $2.9 $1.1 $0.2 5 Comprehensive Loss Comprehensive 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 both periods presented. Net L oss per Share Basic net loss per share is calculated by dividing the net loss by the weighted-average number of common shares outstanding for the period, without consideration of common share equivalents. Diluted net loss per share 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 net loss per share only when their effect is dilutive. Because we have incurred a net loss for both periods presented in the unaudited condensed consolidated statements of operations and comprehensive loss, stock options, warrants and shares of common stock underlying Convertible Notes are not not As of March 3 1 , 2018 2017 Stock options outstanding 12,906 11,849 Warrants outstanding 640 625 Shares of common stock underlying Convertible Notes outstanding 8,103 7,634 Recent Accounting Pronouncements Recently Adopted In May 2017, No. 2017 09, Compensation – Stock Compensation : Scope of Modification Accounting 2017 09” 2017 09 718. first 2018, 2017 09, not Not In February 2016, No. 2016 02, Leases 2016 02” 2016 02 12 2016 02 2016 02 December 15, 2018, 2016 02 first 2019, |
Note 4 - Fair Value Measurement
Note 4 - Fair Value Measurements | 3 Months Ended |
Mar. 31, 2018 | |
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 March 31, 2018 December 31, 2017 Fair Value Measurements at Reporting Date Using Quoted Prices in Significant Active Markets Other Significant Balance at for Identical Observable Unobservable March 31 , Assets Inputs Inputs 201 8 (Level 1) (Level 2) (Level 3) Money market funds $ 37,883 $ 37,883 $ — $ — U.S. corporate debt securities 16,160 — 16,160 — U.S. commercial paper 17,402 — 17,402 — Foreign commercial paper 36,641 — 36,641 — Total $ 108,086 $ 37,883 $ 70,203 $ — 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 7 (Level 1) (Level 2) (Level 3) Money market funds $ 91,386 $ 91,386 $ — $ — U.S. corporate debt securities 17,520 — 17,520 — U.S. commercial paper 39,863 — 39,863 — Foreign commercial paper 19,854 — 19,854 — Total $ 168,623 $ 91,386 $ 77,237 $ — As of March 31, 2018, $2.8 three $67.4 three one December 31, 2017, $49.4 three $27.8 three one March 31, 2018 December 31, 2017 A company may not third not not Financial instruments, including cash, cash equivalents, receivables, inventory, prepaid expenses, other current assets, accounts payable and accrued expenses are carried at cost, which is considered to be representative of their respective fair values because of the short-term maturity of these instruments. Short-term available-for-sale investments are carried at fair value. Our Convertible Notes and Promissory Note outstanding at March 31, 2018 December 31, 2017 not |
Note 5 - Revenue Recognition
Note 5 - Revenue Recognition | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 5. 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. CINVANTI is distributed in the U.S. through a limited number of specialty distributors and full line wholesalers (“Customers”) that resell CINVANTI to healthcare providers and hospitals, the end users of CINVANTI. Adoption of Topic 606 On January 1, 2018, 606 not January 1, 2018. January 1, 2018 606, not 605, Revenue Recognition 605” 606, 606, 605 606 Revenue is recognized in an amount that reflects the consideration that we expect to receive in exchange for our products. To determine revenue recognition for contracts with customers within the scope of Topic 606, five The following table shows the reconciliation of assets and liabilities disclosed in our Annual Report on Form 10 December 31, 2017, 606 January 1, 2018 ( As Reported U nder Topic 605 Effect of Change As Adjusted U nder Topic 606 Inventory $ 10,108 $ (198 ) $ 9,910 Other accrued liabilities 17,175 992 18,167 Deferred revenue 2,763 (2,763 ) — Retained earnings (783,455 ) 1,573 (781,882 ) The following table shows the unaudited condensed consolidated financial statement line items for the first 2018, 605 As R eported U nder Topic 606 Effect of Change As Revised Under Topic 605 Consolidated Balance Sheet: Inventory $ 19,418 $ 610 $ 20,028 Other accrued liabilities 20,643 (538 ) 20,105 Deferred revenue — 2,345 2,345 Retained earnings (834,147 ) (1,197 ) (835,344 ) Consolidated Statement of Operations and Comprehensive Loss Net product sales $ 11,567 $ (36 ) $ 11,531 Cost of product sales 3,133 (412 ) 2,721 Loss from operations (51,990 ) 376 (51,614 ) Net loss (52,265 ) 376 (51,889 ) Basic and diluted net loss per share (0.81 ) 0.01 (0.80 ) Consolidated Statement of Cash Flows Net loss $ (52,265 ) $ 376 $ (51,889 ) Adjustments to reconcile net loss to net cash used in operating activities: Inventory (9,508 ) (412 ) (9,920 ) Other accrued liabilities 2,572 454 3,026 Deferred revenue — (418 ) (418 ) 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 no 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 or CINVANTI 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 GPOs 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 table provides a summary of activity with respect to our product returns, distributor fees and discounts, rebates and administrative fees for the three March 31, 2018, Product Returns Distributor Fees Discounts, Rebates and Administrative Fees Total Balance at December 31, 2017 $ 521 $ 580 $ 8,218 $ 9,319 Provision 142 1,160 11,446 12,748 Payments/credits — (706 ) (8,757 ) (9,463 ) Balance at March 31, 2018 $ 663 $ 1,034 $ 10,907 $ 12,604 |
Note 6 - Realignment of Goals a
Note 6 - Realignment of Goals and Objectives and New Development Focus | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | 6. 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 The total expense for these activities was $9.6 $5.7 $3.9 September 30, 2016 December 31, 2017. We expect to make the final payment resulting from the realignment of our goals and objectives and new development focus in the third 2018. March 31, 2018, $5.3 $5.7 In March 2018, three March 31, 2018, $0.5 We have accounted for these expenses in accordance with ASC Topic 420, Exit or Disposal Cost Obligations |
Note 7 - Secured Notes to Relat
Note 7 - Secured Notes to Related Party | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 7. 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 a rate of 6% May 2, 2021; may The Convertible Notes are convertible into shares of our common stock at a rate of 1,250 $1,000 no 9.99% not 61 As of March 31, 2018, In 2011, 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 three March 31, 2018, $0.1 $0.1 three March 31, 2018 2017, $0.1 $0.1 $0.2 $0.2 As of March 31, 2018, $3.9 $6.5 $2.6 March 31, 2018, 8.1 Promissory Note In August 2016, $100.0 two 8% first $50.0 August 5, 2016. second $50.0 not no no no second no For the three March 31, 2018, $0.5 $1.0 three March 31, 2017. March 31, 2018, $25.0 |
Note 8 - Stockholders' Equity
Note 8 - Stockholders' Equity | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 8. Common Stock Offering s In January 2017, 14.1 $12.20 $163.7 $8.8 In December 2017, 9.7 $15.50 $142.6 $7.4 In April 2018, 6.9 $26.00 $168.7 $9.3 10 Stock Option Activity The following table summarizes the stock option activity for the three March 31, 2018: Weighted- a verage Weighted- Remaining a verage Contractual Shares Exercise Term (in thousands) Price (Years) Balance at December 31, 2017 13,463 $ 15.03 8.01 Granted 122 $ 23.06 Exercised (435 ) $ 9.66 Expired and forfeited (244 ) $ 19.02 Balance at March 31, 2018 12,906 $ 15.22 7.86 For the three March 31, 2018, 435,000 $4.2 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 March 31, 2018 2017 Three Months Ended March 31, 2018 2017 Research and development $ 3,036 $ 3,208 General and administrative 2,276 2,374 Sales and marketing 2,389 2,439 Total stock-based compensation expense $ 7,701 $ 8,021 As of March 31, 2018, $79.7 2.8 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: March 31 , 20 18 20 17 Risk-free interest rate 2.6 % 2.1 % Dividend yield 0.0 % 0.0 % Volatility 71.4 % 87.3 % Expected life (years) 6 6 We estimate the fair value of each purchase right granted under our 1997 no three March 31, 2018 2017. |
Note 9 - Income Taxes
Note 9 - Income Taxes | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 9 . 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 differences 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 March 31, 2018. 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 10 December 31, 2017 three March 31, 2018. |
Note 10 - Subsequent Events
Note 10 - Subsequent Events | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 10 . Subsequent Events In April 2018, 6.9 $26.00 $168.7 $9.3 In connection with the public offering, TCP executed a waiver (the “Waiver”) pursuant to which TCP waived: (i) our obligation under the Securities Purchase Agreement, dated April 24, 2011, September 28, 2018. not On May 8, 2018, AP3 SD1 October 18, 2016, March 15, 2017 ( 4242 87 $0.9 first 12 $1.4 three $0.1 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
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] | Ca sh, Cash Equivalents and Short-t erm Investments Cash and cash equivalents consist of cash and highly liquid investments with original maturities from the purchase date of three Short-term investments consist of securities with contractual maturities of greater than three one The following is a summary of our short-term investments (in thousands): March 31, 2018 Gross Gross Amortized Unrealized Unrealized Estimated Cost Gains Losses Fair Value U.S. corporate debt securities $ 16,202 $ — $ (42 ) $ 16,160 U.S. commercial paper 17,402 — — 17,402 Foreign commercial paper 33,801 — — 33,801 Total $ 67,405 $ — $ (42 ) $ 67,363 D ecember 31, 2017 Gross Gross Amortized Unrealized Unrealized Estimated Cost Gains Losses Fair Value U.S. corporate debt securities $ 13,003 $ — $ (10 ) $ 12,993 U.S. commercial paper 4,929 — — 4,929 Foreign commercial paper 9,874 — — 9,874 Total $ 27,806 $ — $ (10 ) $ 27,796 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 three March 31, 2018 2017. Realized gains and losses associated with our investments, if any, are reported in the statements of operations and comprehensive loss. There were no three March 31, 2018 2017. Our bank and investment accounts have been placed under control agreements in accordance with our Senior Secured Convertible Notes (“Convertible Notes”) and our Subordinated Secured Promissory Note (“Promissory Note”) (see Note 7 |
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 Sales of SUSTOL to two 10% three March 31, 2018. three 10% three March 31, 2018. |
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 March 31, 2018, $19.4 $5.0 $8.1 $6.3 March 31, 2018, $8.5 $10.9 December 31, 2017, $10.1 $2.7 $4.2 $3.2 December 31, 2017, $7.1 $3.0 For the three March 31, 2018, $3.1 three March 31, 2017, $1.2 |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition In May 2014, No. 2014 09, Revenue from Contracts with Customers 606” 606 606 December 15, 2017, first 2018, 606 2018 606, $1.6 January 1, 2018. $2.9 $1.1 $0.2 5 |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Loss Comprehensive 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 both periods presented. |
Earnings Per Share, Policy [Policy Text Block] | Net L oss per Share Basic net loss per share is calculated by dividing the net loss by the weighted-average number of common shares outstanding for the period, without consideration of common share equivalents. Diluted net loss per share 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 net loss per share only when their effect is dilutive. Because we have incurred a net loss for both periods presented in the unaudited condensed consolidated statements of operations and comprehensive loss, stock options, warrants and shares of common stock underlying Convertible Notes are not not As of March 3 1 , 2018 2017 Stock options outstanding 12,906 11,849 Warrants outstanding 640 625 Shares of common stock underlying Convertible Notes outstanding 8,103 7,634 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements Recently Adopted In May 2017, No. 2017 09, Compensation – Stock Compensation : Scope of Modification Accounting 2017 09” 2017 09 718. first 2018, 2017 09, not Not In February 2016, No. 2016 02, Leases 2016 02” 2016 02 12 2016 02 2016 02 December 15, 2018, 2016 02 first 2019, |
Note 3 - Accounting Policies (T
Note 3 - Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Available-for-sale Securities [Table Text Block] | March 31, 2018 Gross Gross Amortized Unrealized Unrealized Estimated Cost Gains Losses Fair Value U.S. corporate debt securities $ 16,202 $ — $ (42 ) $ 16,160 U.S. commercial paper 17,402 — — 17,402 Foreign commercial paper 33,801 — — 33,801 Total $ 67,405 $ — $ (42 ) $ 67,363 D ecember 31, 2017 Gross Gross Amortized Unrealized Unrealized Estimated Cost Gains Losses Fair Value U.S. corporate debt securities $ 13,003 $ — $ (10 ) $ 12,993 U.S. commercial paper 4,929 — — 4,929 Foreign commercial paper 9,874 — — 9,874 Total $ 27,806 $ — $ (10 ) $ 27,796 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | As of March 3 1 , 2018 2017 Stock options outstanding 12,906 11,849 Warrants outstanding 640 625 Shares of common stock underlying Convertible Notes outstanding 8,103 7,634 |
Note 4 - Fair Value Measureme17
Note 4 - Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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 March 31 , Assets Inputs Inputs 201 8 (Level 1) (Level 2) (Level 3) Money market funds $ 37,883 $ 37,883 $ — $ — U.S. corporate debt securities 16,160 — 16,160 — U.S. commercial paper 17,402 — 17,402 — Foreign commercial paper 36,641 — 36,641 — Total $ 108,086 $ 37,883 $ 70,203 $ — 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 7 (Level 1) (Level 2) (Level 3) Money market funds $ 91,386 $ 91,386 $ — $ — U.S. corporate debt securities 17,520 — 17,520 — U.S. commercial paper 39,863 — 39,863 — Foreign commercial paper 19,854 — 19,854 — Total $ 168,623 $ 91,386 $ 77,237 $ — |
Note 5 - Revenue Recognition (T
Note 5 - Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Assets and Liabilities as Adjusted due to Adoption of Topic 606 [Table Text Block] | As Reported U nder Topic 605 Effect of Change As Adjusted U nder Topic 606 Inventory $ 10,108 $ (198 ) $ 9,910 Other accrued liabilities 17,175 992 18,167 Deferred revenue 2,763 (2,763 ) — Retained earnings (783,455 ) 1,573 (781,882 ) |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | As R eported U nder Topic 606 Effect of Change As Revised Under Topic 605 Consolidated Balance Sheet: Inventory $ 19,418 $ 610 $ 20,028 Other accrued liabilities 20,643 (538 ) 20,105 Deferred revenue — 2,345 2,345 Retained earnings (834,147 ) (1,197 ) (835,344 ) Consolidated Statement of Operations and Comprehensive Loss Net product sales $ 11,567 $ (36 ) $ 11,531 Cost of product sales 3,133 (412 ) 2,721 Loss from operations (51,990 ) 376 (51,614 ) Net loss (52,265 ) 376 (51,889 ) Basic and diluted net loss per share (0.81 ) 0.01 (0.80 ) Consolidated Statement of Cash Flows Net loss $ (52,265 ) $ 376 $ (51,889 ) Adjustments to reconcile net loss to net cash used in operating activities: Inventory (9,508 ) (412 ) (9,920 ) Other accrued liabilities 2,572 454 3,026 Deferred revenue — (418 ) (418 ) |
Valuation Allowances and Reserves [Table Text Block] | Product Returns Distributor Fees Discounts, Rebates and Administrative Fees Total Balance at December 31, 2017 $ 521 $ 580 $ 8,218 $ 9,319 Provision 142 1,160 11,446 12,748 Payments/credits — (706 ) (8,757 ) (9,463 ) Balance at March 31, 2018 $ 663 $ 1,034 $ 10,907 $ 12,604 |
Note 8 - Stockholders' Equity (
Note 8 - Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Weighted- a verage Weighted- Remaining a verage Contractual Shares Exercise Term (in thousands) Price (Years) Balance at December 31, 2017 13,463 $ 15.03 8.01 Granted 122 $ 23.06 Exercised (435 ) $ 9.66 Expired and forfeited (244 ) $ 19.02 Balance at March 31, 2018 12,906 $ 15.22 7.86 |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Three Months Ended March 31, 2018 2017 Research and development $ 3,036 $ 3,208 General and administrative 2,276 2,374 Sales and marketing 2,389 2,439 Total stock-based compensation expense $ 7,701 $ 8,021 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | March 31 , 20 18 20 17 Risk-free interest rate 2.6 % 2.1 % Dividend yield 0.0 % 0.0 % Volatility 71.4 % 87.3 % Expected life (years) 6 6 |
Note 1 - Business (Details Text
Note 1 - Business (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | ||||
Apr. 30, 2018 | Dec. 31, 2017 | Jan. 31, 2017 | Mar. 31, 2018 | Jan. 01, 2018 | |
Retained Earnings (Accumulated Deficit), Ending Balance | $ (783,455) | $ (834,147) | |||
Cash, Cash Equivalents, and Short-term Investments, Total | $ 113,900 | ||||
Proceeds from Issuance of Common Stock | $ 142,600 | $ 163,700 | |||
Pro Forma [Member] | |||||
Retained Earnings (Accumulated Deficit), Ending Balance | $ (781,882) | ||||
Subsequent Event [Member] | |||||
Proceeds from Issuance of Common Stock | $ 168,700 | ||||
Subsequent Event [Member] | Pro Forma [Member] | |||||
Cash, Cash Equivalents, and Short-term Investments, Total | $ 282,600 |
Note 3 - Accounting Policies (D
Note 3 - Accounting Policies (Details Textual) $ in Thousands | Jan. 01, 2018USD ($) | Mar. 31, 2018USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2017USD ($) |
Asset Impairment Charges, Total | $ 0 | $ 0 | ||
Available-for-sale Securities, Gross Realized Gains | 0 | 0 | ||
Inventory, Net, Total | 19,418 | $ 10,108 | ||
Inventory, Raw Materials, Net of Reserves | 5,000 | 2,700 | ||
Inventory, Work in Process, Net of Reserves | 8,100 | 4,200 | ||
Inventory, Finished Goods, Net of Reserves | 6,300 | 3,200 | ||
Cost of Goods and Services Sold, Total | 3,133 | 1,186 | ||
Revenue from Contract with Customer, Including Assessed Tax | 11,567 | 3,632 | ||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount, Ending Balance | 12,604 | 9,319 | ||
Accounting Standards Update 2014-09 [Member] | ||||
Cost of Goods and Services Sold, Total | $ 200 | |||
Revenue from Contract with Customer, Including Assessed Tax | 2,900 | |||
Accounting Standards Update 2014-09 [Member] | Product Sales Allowance [Member] | ||||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount, Ending Balance | 1,100 | |||
Retained Earnings [Member] | Accounting Standards Update 2014-09 [Member] | ||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 1,600 | |||
SUSTOL [Member] | ||||
Inventory, Net, Total | 8,500 | 7,100 | ||
Cost of Goods and Services Sold, Total | $ 1,200 | |||
CINVANTI [Member] | ||||
Inventory, Net, Total | $ 10,900 | $ 3,000 | ||
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | SUSTOL [Member] | ||||
Number of Major Customers | 2 | |||
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | CINVANTI [Member] | ||||
Number of Major Customers | 3 |
Note 3 - Accounting Policies -
Note 3 - Accounting Policies - Available-for-sale Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Amortized cost | $ 67,405 | $ 27,806 |
Gross unrealized gains | ||
Gross unrealized losses | (42) | (10) |
Estimated fair value | 67,363 | 27,796 |
Debt Security, Corporate, US [Member] | ||
Amortized cost | 16,202 | 13,003 |
Gross unrealized gains | ||
Gross unrealized losses | (42) | (10) |
Estimated fair value | 16,160 | 12,993 |
United States Commercial Paper [Member] | ||
Amortized cost | 17,402 | 4,929 |
Gross unrealized gains | ||
Gross unrealized losses | ||
Estimated fair value | 17,402 | 4,929 |
Foreign Commercial Paper [Member] | ||
Amortized cost | 33,801 | 9,874 |
Gross unrealized gains | ||
Gross unrealized losses | ||
Estimated fair value | $ 33,801 | $ 9,874 |
Note 3 - Accounting Policies 23
Note 3 - Accounting Policies - Securities Excluded From Calculation of Diluted Earnings Per Share (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Employee Stock Option [Member] | ||
Shares excluded (in shares) | 12,906 | 11,849 |
Warrant [Member] | ||
Shares excluded (in shares) | 640 | 625 |
Convertible Debt Securities [Member] | ||
Shares excluded (in shares) | 8,103 | 7,634 |
Note 4 - Fair Value Measureme24
Note 4 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Cash Equivalents, at Carrying Value, Total | $ 2,800 | $ 49,400 |
Available-for-sale Securities, Current, Total | $ 67,363 | $ 27,796 |
Note 4 - Fair Value Measureme25
Note 4 - Fair Value Measurements - Financial Assets Measured on a Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Available-for-sale securities | $ 67,363 | $ 27,796 |
Debt Security, Corporate, US [Member] | ||
Available-for-sale securities | 16,160 | 12,993 |
United States Commercial Paper [Member] | ||
Available-for-sale securities | 17,402 | 4,929 |
Foreign Commercial Paper [Member] | ||
Available-for-sale securities | 33,801 | 9,874 |
Fair Value, Measurements, Recurring [Member] | ||
Total | 108,086 | 168,623 |
Fair Value, Measurements, Recurring [Member] | Foreign Commercial Paper [Member] | ||
Available-for-sale securities | 36,641 | |
Fair Value, Measurements, Recurring [Member] | Debt Security, Corporate, US [Member] | ||
Available-for-sale securities | 16,160 | 17,520 |
Fair Value, Measurements, Recurring [Member] | United States Commercial Paper [Member] | ||
Available-for-sale securities | 17,402 | 39,863 |
Fair Value, Measurements, Recurring [Member] | Foreign Commercial Paper [Member] | ||
Available-for-sale securities | 19,854 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Total | 37,883 | 91,386 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Debt Security, Corporate, US [Member] | ||
Available-for-sale securities | ||
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] | Foreign Commercial Paper [Member] | ||
Available-for-sale securities | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Total | 70,203 | 77,237 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Debt Security, Corporate, US [Member] | ||
Available-for-sale securities | 16,160 | 17,520 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | United States Commercial Paper [Member] | ||
Available-for-sale securities | 17,402 | 39,863 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Foreign Commercial Paper [Member] | ||
Available-for-sale securities | 36,641 | 19,854 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Total | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Debt Security, Corporate, US [Member] | ||
Available-for-sale securities | ||
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] | Foreign Commercial Paper [Member] | ||
Available-for-sale securities | ||
Fair Value, Measurements, Recurring [Member] | Money Market Funds [Member] | ||
Money market funds | 37,883 | 91,386 |
Fair Value, Measurements, Recurring [Member] | Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Money market funds | 37,883 | 91,386 |
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 - Revenue Recognition -
Note 5 - Revenue Recognition - Reconciliation of Assets and Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Inventory | $ 19,418 | $ 10,108 | |
Other accrued liabilities | 20,643 | 17,175 | |
Deferred revenue | 2,763 | ||
Retained earnings | $ (834,147) | $ (783,455) | |
Pro Forma [Member] | |||
Inventory | $ 9,910 | ||
Other accrued liabilities | 18,167 | ||
Deferred revenue | |||
Retained earnings | (781,882) | ||
Pro Forma [Member] | Accounting Standards Update 2014-09 [Member] | |||
Inventory | (198) | ||
Other accrued liabilities | 992 | ||
Deferred revenue | (2,763) | ||
Retained earnings | $ 1,573 |
Note 5 - Revenue Recognition 27
Note 5 - Revenue Recognition - Condensed Consolidated Financial Statement as if Revenue from Contracts with Customers Had Been Accounted For (Details) - USD ($) $ / shares in Units, $ in Thousands | Jan. 01, 2018 | Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 |
Inventory | $ 19,418 | $ 10,108 | ||
Other accrued liabilities | 20,643 | 17,175 | ||
Deferred revenue | 2,763 | |||
Retained earnings | (834,147) | $ (783,455) | ||
Net product sales | 11,567 | $ 3,632 | ||
Cost of product sales | 3,133 | 1,186 | ||
Loss from operations | (51,990) | (49,299) | ||
Net loss | $ (52,265) | $ (50,329) | ||
Basic and diluted net loss per share (in dollars per share) | $ (0.81) | $ (1) | ||
Inventory | $ (9,508) | $ 699 | ||
Other accrued liabilities | 2,572 | 1,091 | ||
Deferred revenue | $ 4,136 | |||
Accounting Standards Update 2014-09 [Member] | ||||
Net product sales | $ 2,900 | |||
Cost of product sales | $ 200 | |||
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | ||||
Inventory | 610 | |||
Other accrued liabilities | (538) | |||
Deferred revenue | 2,345 | |||
Retained earnings | (1,197) | |||
Net product sales | (36) | |||
Cost of product sales | (412) | |||
Loss from operations | 376 | |||
Net loss | $ 376 | |||
Basic and diluted net loss per share (in dollars per share) | $ 0.01 | |||
Inventory | $ (412) | |||
Other accrued liabilities | 454 | |||
Deferred revenue | (418) | |||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | ||||
Inventory | 20,028 | |||
Other accrued liabilities | 20,105 | |||
Deferred revenue | 2,345 | |||
Retained earnings | (835,344) | |||
Net product sales | 11,531 | |||
Cost of product sales | 2,721 | |||
Loss from operations | (51,614) | |||
Net loss | $ (51,889) | |||
Basic and diluted net loss per share (in dollars per share) | $ (0.80) | |||
Inventory | $ (9,920) | |||
Other accrued liabilities | 3,026 | |||
Deferred revenue | $ (418) |
Note 5 - Revenue Recognition 28
Note 5 - Revenue Recognition - Summary of Product Sales Allowance (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Balance | $ 9,319 |
Provision | 12,748 |
Payments/credits | (9,463) |
Balance | 12,604 |
Allowance for Sales Returns 1 [Member] | |
Balance | 521 |
Provision | 142 |
Payments/credits | |
Balance | 663 |
Allowance for Distributor Fees [Member] | |
Balance | 580 |
Provision | 1,160 |
Payments/credits | (706) |
Balance | 1,034 |
Allowance for Rebates and Chargebacks [Member] | |
Balance | 8,218 |
Provision | 11,446 |
Payments/credits | (8,757) |
Balance | $ 10,907 |
Note 6 - Realignment of Goals29
Note 6 - Realignment of Goals and Objectives and New Development Focus (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | |
Restructuring and Related Cost, Expected Cost, Total | $ 9.6 | |
Restructuring Plan [Member] | ||
Payments for Restructuring | $ 5.3 | |
Restructuring Plan [Member] | General and Administrative Expense [Member] | ||
Restructuring Charges, Total | $ 0.5 | |
Restructuring Plan [Member] | Employee Severance [Member] | ||
Restructuring and Related Cost, Expected Cost, Total | 5.7 | |
Restructuring Plan [Member] | Accelerated Non-Cash Stock Option Expense [Member] | ||
Restructuring and Related Cost, Expected Cost, Total | $ 3.9 |
Note 7 - Secured Notes to Rel30
Note 7 - Secured Notes to Related Party (Details Textual) - USD ($) | Aug. 05, 2016 | Aug. 02, 2016 | Jul. 29, 2011 | Apr. 30, 2011 | Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 |
Convertible Debt Issuable in Connection with Private Placement | $ 4,500,000 | ||||||
Proceeds from Convertible Debt | $ 4,300,000 | ||||||
Amortization of Debt Discount (Premium) | $ 210,000 | $ 185,000 | |||||
Convertible Notes Payable, Related Parties, Current | 3,894,000 | $ 3,684,000 | |||||
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 | 100,000 | ||||||
Debt Instrument, Increase (Decrease), Other, Net | 100,000 | ||||||
Interest Expense, Debt, Excluding Amortization | 100,000 | 100,000 | |||||
Amortization of Debt Discount (Premium) | 200,000 | 200,000 | |||||
Debt Instrument, Face Amount | 6,500,000 | ||||||
Debt Instrument, Unamortized Discount, Total | $ 2,600,000 | ||||||
Debt Instrument, Convertible, Number Shares of Equity Insturments | 8,100,000 | ||||||
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, Total | $ 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, Total | $ 500,000 | $ 1,000,000 | |||||
Notes Payable, Related Parties, Noncurrent | $ 25,000,000 |
Note 8 - Stockholders' Equity31
Note 8 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | |||
Apr. 30, 2018 | Dec. 31, 2017 | Jan. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Proceeds from Issuance of Common Stock | $ 142,600 | $ 163,700 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Net | 435,000 | ||||
Proceeds from Stock Options Exercised | $ 4,202 | $ 1,850 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ 79,700 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 292 days | ||||
Subsequent Event [Member] | |||||
Proceeds from Issuance of Common Stock | $ 168,700 | ||||
Common Stock [Member] | |||||
Stock Issued During Period, Shares, New Issues | 9,700,000 | 14,100,000 | |||
Share Price | $ 15.50 | $ 12.20 | |||
Payments of Stock Issuance Costs | $ 7,400 | $ 8,800 | |||
Common Stock [Member] | Subsequent Event [Member] | |||||
Stock Issued During Period, Shares, New Issues | 6,900,000 | ||||
Share Price | $ 26 | ||||
Payments of Stock Issuance Costs | $ 9,300 |
Note 8 - Stockholders' Equity -
Note 8 - Stockholders' Equity - Stock Option Activity (Details) - $ / shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Number of shares outstanding (in shares) | 13,463 | |
Number of shares outstanding, weighted average exercise price (in dollars per share) | $ 15.03 | |
Number of shares outstanding, weighted average remaining contractual term (Year) | 7 years 313 days | 8 years 3 days |
Number of shares granted (in shares) | 122 | |
Number of shares granted, weighted average exercise price (in dollars per share) | $ 23.06 | |
Number of shares exercised (in shares) | (435) | |
Number of shares exercised, weighted average exercise price (in dollars per share) | $ 9.66 | |
Expired and forfeited (in shares) | (244) | |
Number of shares expired and forfeited, weighted average exercise price (in dollars per share) | $ 19.02 | |
Number of shares outstanding (in shares) | 12,906 | 13,463 |
Number of shares outstanding, weighted average exercise price (in dollars per share) | $ 15.22 | $ 15.03 |
Note 8 - Stockholders' Equity33
Note 8 - Stockholders' Equity - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Stock-based compensation expense | $ 7,701 | $ 8,021 |
Research and Development Expense [Member] | ||
Stock-based compensation expense | 3,036 | 3,208 |
General and Administrative Expense [Member] | ||
Stock-based compensation expense | 2,276 | 2,374 |
Selling and Marketing Expense [Member] | ||
Stock-based compensation expense | $ 2,389 | $ 2,439 |
Note 8 - Stockholders' Equity34
Note 8 - Stockholders' Equity - Valuation Assumptions (Details) - Employee Stock Option [Member] | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Risk-free interest rate | 2.60% | 2.10% |
Dividend yield | 0.00% | 0.00% |
Volatility | 71.40% | 87.30% |
Expected life (years) (Year) | 6 years | 6 years |
Note 9 - Income Taxes (Details
Note 9 - Income Taxes (Details Textual) $ in Millions | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Accounting Standards Update 2014-09 [Member] | |
Unrecognized Tax Benefits, Period Increase (Decrease), Total | $ (3.6) |
Note 10 - Subsequent Events (De
Note 10 - Subsequent Events (Details Textual) - USD ($) $ / shares in Units, $ in Millions | May 08, 2018 | Apr. 30, 2018 | Dec. 31, 2017 | Jan. 31, 2017 |
Proceeds from Issuance of Common Stock | $ 142.6 | $ 163.7 | ||
Common Stock [Member] | ||||
Stock Issued During Period, Shares, New Issues | 9,700,000 | 14,100,000 | ||
Share Price | $ 15.50 | $ 12.20 | ||
Payments of Stock Issuance Costs | $ 7.4 | $ 8.8 | ||
Subsequent Event [Member] | ||||
Proceeds from Issuance of Common Stock | $ 168.7 | |||
Subsequent Event [Member] | Lease Amendment to Lease for Additional Office Space in Campus Point Court, San Diego, California [Member] | ||||
Lessee, Operating Lease, Term of Contract | 7 years 90 days | |||
Lessee, Operating Lease, Liability, Annual Payments, Due Next Twelve Months | $ 0.9 | |||
Lessee, Operating Lease, Liability, Annual Payments Due in Final Three Months of Agreement | 1.4 | |||
Payments for Security Deposit | $ 0.1 | |||
Subsequent Event [Member] | Common Stock [Member] | ||||
Stock Issued During Period, Shares, New Issues | 6,900,000 | |||
Share Price | $ 26 | |||
Payments of Stock Issuance Costs | $ 9.3 |