Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | May 08, 2018 | |
Document Information [Line Items] | ||
Entity Registrant Name | BIOLIFE SOLUTIONS INC | |
Entity Central Index Key | 834,365 | |
Trading Symbol | blfs | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 15,104,743 | |
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 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Current assets | ||
Cash and cash equivalents | $ 7,032,513 | $ 6,663,318 |
Accounts receivable, trade, net of allowance for doubtful accounts of $5,575 at March 31, 2018 and December 31, 2017 | 1,043,815 | 1,021,315 |
Inventories | 1,836,666 | 1,846,746 |
Prepaid expenses and other current assets | 330,904 | 399,502 |
Total current assets | 10,243,898 | 9,930,881 |
Property and equipment | ||
Leasehold improvements | 1,284,491 | 1,284,491 |
Furniture and computer equipment | 692,270 | 682,466 |
Manufacturing and other equipment | 1,194,659 | 1,148,006 |
Subtotal | 3,171,420 | 3,114,963 |
Less: Accumulated depreciation | (2,084,769) | (2,008,927) |
Net property and equipment | 1,086,651 | 1,106,036 |
Investment in SAVSU | 926,364 | 1,070,120 |
Long-term deposits | 36,166 | 36,166 |
Total assets | 12,293,079 | 12,143,203 |
Current liabilities | ||
Accounts payable | 586,334 | 690,702 |
Accrued expenses and other current liabilities | 202,779 | 200,548 |
Accrued compensation | 392,248 | 491,432 |
Deferred rent, current portion | 130,216 | 130,216 |
Total current liabilities | 1,311,577 | 1,512,898 |
Deferred rent, long-term | 457,518 | 492,207 |
Other long-term liabilities | 52,520 | 45,512 |
Total liabilities | 1,821,615 | 2,050,617 |
Commitments and Contingencies (Note 8) | ||
Shareholders’ equity | ||
Preferred stock, $0.001 par value; 1,000,000 shares authorized, Series A, 4,250 shares designated, and 4,250 shares issued and outstanding at March 31, 2018 and December 31, 2017 | 4 | 4 |
Common stock, $0.001 par value; 150,000,000 shares authorized, 14,145,413 and 14,021,422 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively | 14,145 | 14,021 |
Additional paid-in capital | 84,517,966 | 84,036,444 |
Accumulated deficit | (74,060,651) | (73,957,883) |
Total shareholders’ equity | 10,471,464 | 10,092,586 |
Total liabilities and shareholders’ equity | $ 12,293,079 | $ 12,143,203 |
Consolidated Balance Sheets (C3
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Accounts receivable, allowance for doubtful accounts | $ 5,575 | $ 5,575 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, issued (in shares) | 4,250 | 4,250 |
Preferred stock, outstanding (in shares) | 4,250 | 4,250 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, authorized (in shares) | 150,000,000 | 150,000,000 |
Common stock, issued (in shares) | 14,145,413 | 14,021,422 |
Common stock, outstanding (in shares) | 14,145,413 | 14,021,422 |
Series A Preferred Stock [Member] | ||
Preferred stock, designated (in shares) | 4,250 | 4,250 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Product revenue | $ 3,814,882 | $ 2,366,201 |
Cost of product sales | 1,363,829 | 928,402 |
Gross profit | 2,451,053 | 1,437,799 |
Operating expenses | ||
Research and development | 346,454 | 286,751 |
Sales and marketing | 611,502 | 511,944 |
General and administrative | 1,353,377 | 1,103,143 |
Total operating expenses | 2,311,333 | 1,901,838 |
Operating income (loss) | 139,720 | (464,039) |
Other income (expense), net | ||
Interest Income | 8,418 | 48 |
Interest Expense | (900) | (83,333) |
Amortization of debt discount | (93,598) | |
Loss from equity-method investment in SAVSU | (143,756) | (229,368) |
Total other income (expenses), net | (136,238) | (406,251) |
Net income (loss) | 3,482 | (870,290) |
Less: Preferred stock dividends | (106,250) | |
Net loss attributable to common stockholders | $ (102,768) | $ (870,290) |
Basic and diluted net loss per common share (in dollars per share) | $ (0.01) | $ (0.07) |
Basic and diluted weighted average common shares used to calculate net loss per common share (in shares) | 14,098,610 | 12,964,639 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Cash flows from operating activities | ||
Net income (loss) | $ 3,482 | $ (870,290) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | ||
Depreciation | 77,823 | 89,549 |
Stock-based compensation expense | 373,425 | 329,895 |
Amortization of deferred rent related to lease incentives | (31,749) | (31,750) |
Amortization of debt discount | 93,598 | |
Loss from equity-method investment in SAVSU | 143,756 | 229,368 |
Change in operating assets and liabilities | ||
Accounts receivable, trade | (22,500) | 132,873 |
Inventories | 10,080 | (54,388) |
Prepaid expenses and other current assets | 11,598 | (138,029) |
Accounts payable | (68,743) | (11,970) |
Accrued compensation and other current liabilities | (102,643) | 41,447 |
Accrued interest, related party | 83,333 | |
Deferred rent | (2,940) | (62,984) |
Net cash provided by (used in) operating activities | 391,589 | (169,348) |
Cash flows from investing activities | ||
Purchase of property and equipment | (40,834) | (37,152) |
Net cash used in investing activities | (40,834) | (37,152) |
Cash flows from financing activities | ||
Proceeds from note payable | 1,000,000 | |
Payments on equipment loan | (1,635) | |
Payments on capital lease obligation | (3,271) | |
Proceeds from exercise of common stock options and warrants | 129,596 | 120,000 |
Payments of preferred stock dividends | (106,250) | |
Deferred costs related to security issuance | (29,400) | |
Net cash provided by financing activities | 18,440 | 1,090,600 |
Net increase in cash and cash equivalents | 369,195 | 884,100 |
Cash and cash equivalents - beginning of period | 6,663,318 | 1,405,826 |
Cash and cash equivalents - end of period | 7,032,513 | 2,289,926 |
Non-cash financing activity | ||
Stock issued for services provided in prior period included in liabilities at year-end | 35,625 | 35,624 |
Purchase of equipment with debt | 17,604 | |
Series A preferred stock dividends accrued not yet paid | 106,250 | |
Deferred costs related to security issuance not yet paid as of quarter end | $ 7,856 |
Note 1 - Organization and Signi
Note 1 - Organization and Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Basis of Presentation and Significant Accounting Policies [Text Block] | 1. Business BioLife Solutions, Inc. (“BioLife,” “us,” “we,” “our,” or the “Company”) is a developer, manufacturer and marketer of proprietary clinical grade cell and tissue hypothermic storage and cryopreservation freeze media. Our proprietary HypoThermosol® and CryoStor® platform of solutions are highly valued in the biobanking, drug discovery, and regenerative medicine markets. Our biopreservation media products are serum-free and protein-free, fully defined, and are formulated to reduce preservation-induced cell damage and death. Our enabling technology provides commercial companies and clinical researchers significant improvement in shelf life and post-preservation viability and function of cells, tissues, and organs. Additionally, for our direct, distributor, and contract customers, we perform custom formulation, fill, and finish services. Basis of Presentation We have prepared the accompanying unaudited financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Pursuant to these rules and regulations, we have condensed or omitted certain information and footnote disclosures we normally include in our annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). In management’s opinion, we have made all adjustments (consisting only of normal, recurring adjustments) necessary to fairly present our financial position, results of operations and cash flows. Our interim period operating results do not may 10 December 31, 2017 There have been no 10 December 31, 2017, No. 2014 09, 606 Significant Accounting Policies Update Revenue Recognition On January 1, 2018, No. 2014 09, 606 January 1, 2018. January 1, 2018 not 605, not no To determine revenue recognition for contractual arrangements that we determine are within the scope of Topic 606, five five not one We invoice and receive payment from our customers after we recognize revenue, resulting in receivables from our customers that are presented as accounts receivable on our balance sheet. Accounts receivable consist of short-term amounts due from our customers (generally 30 90 Equity Method Investments We account for our ownership in our biologistex CCM, LLC joint venture (“SAVSU”) using the equity method of accounting. This method states that if the investment provides us the ability to exercise significant influence, but not 20% 50%, 35% 26.7% three March 31, 2018 three March 31, 2018 2017, $538,413 $509,706, $143,756 $229,368 Concentrations of credit risk and business risk In the three March 31, 2018, 30% two three March 31, 2017, 21% two No 10% three March 31, 2018 2017. March 31, 2018, two 34% December 31, 2017, two 41% Revenue from customers located in foreign countries represented 13% 22% three March 31, 2018 2017, Recent Accounting Pronouncements In August 2016, No. 2016 15, 230 2016 15 January 1, 2018, no In February 2016, No. 2016 02, 842 2016 02 2016 02. 2016 02 December 15, 2018, 2016 02 In January 2016, No. 2016 01, 825 2016 01 January 1, 2018, no With the exception of the new standards discussed above, there have been no not |
Note 2 - Fair Value Measurement
Note 2 - Fair Value Measurement | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 2. Fair Value Measurement In accordance with FASB ASC Topic 820, 820” 820 820 three Level 1 Level 2 1 not Level 3 As of March 31, 2018 December 31, 2017, not The following tables set forth the Company’s financial assets measured at fair value on a recurring basis as of March 31, 2018 December 31, 2017, three As of March 31, 201 8 Level 1 Level 2 Total Bank deposits $ 6,979,336 $ — $ 6,979,336 Money market funds 53,177 — 53,177 Total Cash and cash equivalents $ 7,032,513 $ — $ 7,032,513 As of December 31, 2017 Level 1 Level 2 Total Bank deposits $ 6,610,183 $ — $ 6,610,183 Money market funds 53,135 — 53,135 Total Cash and cash equivalents $ 6,663,318 $ — $ 6,663,318 The fair values of bank deposits and money market funds classified as Level 1 no 2 3 not 1 2 three March 31, 2018 twelve December 31, 2017. |
Note 3 - Inventory
Note 3 - Inventory | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 3. Inventory consists of the following at March 31, 2018 December 31, 2017: March 31, 2018 December 31, 2017 Raw materials $ 573,331 $ 582,816 Work in progress 517,027 453,890 Finished goods 746,308 810,040 Total $ 1,836,666 $ 1,846,746 |
Note 4 - Deferred Rent
Note 4 - Deferred Rent | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Deferred Rent [Text Block] | 4. Deferred Rent Deferred rent consists of the following at March 31, 2018 December 31, 2017: March 31, 2018 December 31, 2017 Landlord-funded leasehold improvements $ 1,124,790 $ 1,124,790 Less accumulated amortization (661,274 ) (629,525 ) Total 463,516 495,265 Straight line rent adjustment 124,218 127,158 Total deferred rent $ 587,734 $ 622,423 During the three March 31, 2018 2017, $31,749 $31,750, Straight line rent adjustment represents the difference between cash rent payments and the recognition of rent expense on a straight-line basis over the terms of the lease. |
Note 5 - Share-based Compensati
Note 5 - Share-based Compensation | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 5. Share-based Compensation Service Vesting - Based Stock Options The following is a summary of service vesting based stock option activity for the three March 31, 2018, March 31, 2018: Three Month Period Ended March 31, 2018 Wtd. Avg. Exercise Options Price Outstanding at beginning of year 2,390,012 $ 1.85 Granted — $ N/A Exercised (62,438 ) $ 1.16 Forfeited (730 ) $ 2.62 Expired — $ N/A Outstanding at March 31, 2018 2,326,844 $ 1.87 Stock options exercisable at March 31, 2018 1,637,951 $ 1.76 We recognized stock compensation expense of $152,703 $170,323 three March 31, 2018 2017, March 31, 2018, $7,640,555 $5,551,232 March 31, 2018. March 31, 2018 2017 $270,241 $70,714, three March 31, 2018 March 31, 2017 none $1.13 March 31, 2018, 6.1 March 31, 2018 $1,019,680 2.0 Performance-based Stock Options The Company’s Board of Directors implemented a Management Performance Bonus Plan for 2017. December 31, 2017, 1,000,000 may $1.64, 2017 50% 2017, 50% one not no February 27, 2018, 2017 999,997 50% March 8, 2018 50% March 8, 2019. We recognized stock compensation expense of $125,507 $125,508 three March 31, 2018 2017, March 31, 2018, $3,489,990 $1,745,003 March 31, 2018. March 31, 2018 2017 no March 31, 2018, 3.7 March 31, 2018 $383,493 0.75 The fair value of stock options to employees and non-employee directors is estimated on the measurement date using the Black-Scholes model using the following weighted average assumptions (N/A for 2018 no Three Month Period Ended March 31, 201 8 201 7 Risk free interest rate N/A 2.07 % Dividend yield N/A 0.0 % Expected term (in years) N/A 5.18 Volatility N/A 75 % Restricted Stock The following is a summary of restricted stock activity for the three March 31, 2018, March 31, 2018: Three Month Period Ended March 31, 2018 Number of Grant-Date Unvested outstanding at beginning of year 237,926 $ 1.79 Granted 161,768 $ 6.00 Vested (55,613 ) $ 1.78 Forfeited (6,100 ) $ 1.76 Unvested outstanding at March 31, 2018 337,981 $ 3.80 The aggregate fair value of the awards granted during the three March 31, 2018 2017 $970,608 $364,936, $307,058 $41,097 three March 31, 2018 March 31, 2017, We recognized stock compensation expense of $95,215 $34,064 three March 31, 2018 March 31, 2017, March 31, 2018, $1,208,936 3.4 We recorded total stock compensation expense for the three March 31, 2018 2017, Three Month Period Ended March 31, 2018 2017 Research and development costs $ 65,595 $ 59,265 Sales and marketing costs 68,513 59,619 General and administrative costs 190,949 168,198 Cost of product sales 48,368 42,813 Total $ 373,425 $ 329,895 |
Note 6 - Warrants
Note 6 - Warrants | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Warrants [Text Block] | 6. At March 31, 2018 December 31, 2017, 6,676,849 6,688,849 $4.50 three March 31, 2018, 12,000 $4.75, $57,000 April 3, 2018. May 8, 2018, 920,116 $4.75, $4.4 |
Note 7 - Net Loss Per Common Sh
Note 7 - Net Loss Per Common Share | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 7. Basic net loss per common share is calculated by dividing the net loss by the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated using the weighted average number of common shares outstanding plus dilutive common stock equivalents outstanding during the period. Common stock equivalents are excluded for the three March 31, 2018 2017, Basic weighted average common shares outstanding, and the potentially dilutive securities excluded from loss per share computations because they are anti-dilutive, are as follows as of March 31, 2018 2017, Three Month Period Ended March 31, 2018 2017 Basic and diluted weighted average common stock shares outstanding 14,098,610 12,964,639 Potentially dilutive securities excluded from loss per share computations: Common stock options 3,326,841 3,387,581 Common stock purchase warrants 6,676,849 7,603,141 Restricted stock unvested 337,981 282,350 |
Note 8 - Commitments & Continge
Note 8 - Commitments & Contingencies | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 8. and Contingencies Leases We lease approximately 30,000 July 31, 2021 two five first August 1, 2021, second first $58,000 March 31, 2018, August October Employment agreements We have employment agreements with our Chief Executive Officer, Chief Financial Officer, Chief Technology Officer, Vice President of Operations, Vice President of Marketing, and Vice President of Sales. None may Litigation From time to time, the Company is subject to various legal proceedings that arise in the ordinary course of business, none |
Note 9 - Preferred Stock
Note 9 - Preferred Stock | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 9. As of March 31, 2018, $106,250 March 31, 2018. April 2, 2018. |
Note 10 - Revenue
Note 10 - Revenue | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 10. Revenue We currently operate as one The following table disaggregates revenue by market segment and distributors: Three Months Ended March 31, 2018 2017 Net product sales: Regenerative medicine $ 2,103,552 $ 1,051,170 Drug discovery 376,975 277,914 BioBanking 295,112 277,429 Distributors 1,039,243 759,688 Total revenues 3,814,882 2,366,201 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Business, Policy [Policy Text Block] | Business BioLife Solutions, Inc. (“BioLife,” “us,” “we,” “our,” or the “Company”) is a developer, manufacturer and marketer of proprietary clinical grade cell and tissue hypothermic storage and cryopreservation freeze media. Our proprietary HypoThermosol® and CryoStor® platform of solutions are highly valued in the biobanking, drug discovery, and regenerative medicine markets. Our biopreservation media products are serum-free and protein-free, fully defined, and are formulated to reduce preservation-induced cell damage and death. Our enabling technology provides commercial companies and clinical researchers significant improvement in shelf life and post-preservation viability and function of cells, tissues, and organs. Additionally, for our direct, distributor, and contract customers, we perform custom formulation, fill, and finish services. |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation We have prepared the accompanying unaudited financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Pursuant to these rules and regulations, we have condensed or omitted certain information and footnote disclosures we normally include in our annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). In management’s opinion, we have made all adjustments (consisting only of normal, recurring adjustments) necessary to fairly present our financial position, results of operations and cash flows. Our interim period operating results do not may 10 December 31, 2017 There have been no 10 December 31, 2017, No. 2014 09, 606 |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition On January 1, 2018, No. 2014 09, 606 January 1, 2018. January 1, 2018 not 605, not no To determine revenue recognition for contractual arrangements that we determine are within the scope of Topic 606, five five not one We invoice and receive payment from our customers after we recognize revenue, resulting in receivables from our customers that are presented as accounts receivable on our balance sheet. Accounts receivable consist of short-term amounts due from our customers (generally 30 90 |
Equity Method Investments [Policy Text Block] | Equity Method Investments We account for our ownership in our biologistex CCM, LLC joint venture (“SAVSU”) using the equity method of accounting. This method states that if the investment provides us the ability to exercise significant influence, but not 20% 50%, 35% 26.7% three March 31, 2018 three March 31, 2018 2017, $538,413 $509,706, $143,756 $229,368 |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations of credit risk and business risk In the three March 31, 2018, 30% two three March 31, 2017, 21% two No 10% three March 31, 2018 2017. March 31, 2018, two 34% December 31, 2017, two 41% Revenue from customers located in foreign countries represented 13% 22% three March 31, 2018 2017, |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In August 2016, No. 2016 15, 230 2016 15 January 1, 2018, no In February 2016, No. 2016 02, 842 2016 02 2016 02. 2016 02 December 15, 2018, 2016 02 In January 2016, No. 2016 01, 825 2016 01 January 1, 2018, no With the exception of the new standards discussed above, there have been no not |
Note 2 - Fair Value Measureme17
Note 2 - Fair Value Measurement (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | As of March 31, 201 8 Level 1 Level 2 Total Bank deposits $ 6,979,336 $ — $ 6,979,336 Money market funds 53,177 — 53,177 Total Cash and cash equivalents $ 7,032,513 $ — $ 7,032,513 As of December 31, 2017 Level 1 Level 2 Total Bank deposits $ 6,610,183 $ — $ 6,610,183 Money market funds 53,135 — 53,135 Total Cash and cash equivalents $ 6,663,318 $ — $ 6,663,318 |
Note 3 - Inventory (Tables)
Note 3 - Inventory (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31, 2018 December 31, 2017 Raw materials $ 573,331 $ 582,816 Work in progress 517,027 453,890 Finished goods 746,308 810,040 Total $ 1,836,666 $ 1,846,746 |
Note 4 - Deferred Rent (Tables)
Note 4 - Deferred Rent (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Deferred Rent [Table Text Block] | March 31, 2018 December 31, 2017 Landlord-funded leasehold improvements $ 1,124,790 $ 1,124,790 Less accumulated amortization (661,274 ) (629,525 ) Total 463,516 495,265 Straight line rent adjustment 124,218 127,158 Total deferred rent $ 587,734 $ 622,423 |
Note 5 - Share-based Compensa20
Note 5 - Share-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Three Month Period Ended March 31, 2018 Wtd. Avg. Exercise Options Price Outstanding at beginning of year 2,390,012 $ 1.85 Granted — $ N/A Exercised (62,438 ) $ 1.16 Forfeited (730 ) $ 2.62 Expired — $ N/A Outstanding at March 31, 2018 2,326,844 $ 1.87 Stock options exercisable at March 31, 2018 1,637,951 $ 1.76 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Three Month Period Ended March 31, 201 8 201 7 Risk free interest rate N/A 2.07 % Dividend yield N/A 0.0 % Expected term (in years) N/A 5.18 Volatility N/A 75 % |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | Three Month Period Ended March 31, 2018 Number of Grant-Date Unvested outstanding at beginning of year 237,926 $ 1.79 Granted 161,768 $ 6.00 Vested (55,613 ) $ 1.78 Forfeited (6,100 ) $ 1.76 Unvested outstanding at March 31, 2018 337,981 $ 3.80 |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Three Month Period Ended March 31, 2018 2017 Research and development costs $ 65,595 $ 59,265 Sales and marketing costs 68,513 59,619 General and administrative costs 190,949 168,198 Cost of product sales 48,368 42,813 Total $ 373,425 $ 329,895 |
Note 7 - Net Loss Per Common 21
Note 7 - Net Loss Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Month Period Ended March 31, 2018 2017 Basic and diluted weighted average common stock shares outstanding 14,098,610 12,964,639 Potentially dilutive securities excluded from loss per share computations: Common stock options 3,326,841 3,387,581 Common stock purchase warrants 6,676,849 7,603,141 Restricted stock unvested 337,981 282,350 |
Note 10 - Revenue (Tables)
Note 10 - Revenue (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended March 31, 2018 2017 Net product sales: Regenerative medicine $ 2,103,552 $ 1,051,170 Drug discovery 376,975 277,914 BioBanking 295,112 277,429 Distributors 1,039,243 759,688 Total revenues 3,814,882 2,366,201 |
Note 1 - Organization and Sig23
Note 1 - Organization and Significant Accounting Policies (Details Textual) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2017 | |
Equity Method Investment, Ownership Percentage | 26.70% | 35.00% | |
Net Income (Loss) Attributable to Parent, Total | $ 3,482 | $ (870,290) | |
Income (Loss) from Equity Method Investments, Total | $ (143,756) | $ (229,368) | |
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | |||
Number of Major Customers | 2 | 2 | |
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Two Customers [Member] | |||
Concentration Risk, Percentage | 30.00% | 21.00% | |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | |||
Number of Major Customers | 2 | 2 | |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Two Customers [Member] | |||
Concentration Risk, Percentage | 34.00% | 41.00% | |
Geographic Concentration Risk [Member] | Sales Revenue, Net [Member] | Foreign Countries [Member] | |||
Concentration Risk, Percentage | 13.00% | 22.00% | |
SAVSU [Member] | |||
Income (Loss) from Equity Method Investments, Total | $ (143,756) | $ (229,368) | |
SAVSU [Member] | |||
Net Income (Loss) Attributable to Parent, Total | $ (538,413) | $ (509,706) |
Note 2 - Fair Value Measureme24
Note 2 - Fair Value Measurement (Details Textual) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | $ 0 | $ 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value Disclosure | $ 0 | $ 0 |
Note 2 - Fair Value Measureme25
Note 2 - Fair Value Measurement - Financial Assets on Recurring Basis (Details) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Fair Value, Inputs, Level 2 [Member] | ||
Total Cash and cash equivalents | $ 0 | $ 0 |
Fair Value, Measurements, Recurring [Member] | ||
Total Cash and cash equivalents | 7,032,513 | 6,663,318 |
Fair Value, Measurements, Recurring [Member] | Bank Time Deposits [Member] | ||
Cash and cash equivalents | 6,979,336 | 6,610,183 |
Fair Value, Measurements, Recurring [Member] | Money Market Funds [Member] | ||
Cash and cash equivalents | 53,177 | 53,135 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Total Cash and cash equivalents | 7,032,513 | 6,663,318 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Bank Time Deposits [Member] | ||
Cash and cash equivalents | 6,979,336 | 6,610,183 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] | ||
Cash and cash equivalents | 53,177 | 53,135 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Total Cash and cash equivalents | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Bank Time Deposits [Member] | ||
Cash and cash equivalents | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Money Market Funds [Member] | ||
Cash and cash equivalents |
Note 3 - Inventory - Summary of
Note 3 - Inventory - Summary of Inventory (Details) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Raw materials | $ 573,331 | $ 582,816 |
Work in progress | 517,027 | 453,890 |
Finished goods | 746,308 | 810,040 |
Total | $ 1,836,666 | $ 1,846,746 |
Note 4 - Deferred Rent (Details
Note 4 - Deferred Rent (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Amortization of Deferred Rent | $ 31,749 | $ 31,750 |
Note 4 - Deferred Rent - Summar
Note 4 - Deferred Rent - Summary of Deferred Rent (Details) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Landlord-funded leasehold improvements | $ 1,124,790 | $ 1,124,790 |
Less accumulated amortization | (661,274) | (629,525) |
Total | 463,516 | 495,265 |
Straight line rent adjustment | 124,218 | 127,158 |
Total deferred rent | $ 587,734 | $ 622,423 |
Note 5 - Share-based Compensa29
Note 5 - Share-based Compensation (Details Textual) - USD ($) | Feb. 27, 2018 | Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 |
Allocated Share-based Compensation Expense, Total | $ 373,425 | $ 329,895 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 62,438 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | ||||
Employee Stock Option [Member] | ||||
Allocated Share-based Compensation Expense, Total | $ 152,703 | 170,323 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | 7,640,555 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | 5,551,232 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 270,241 | $ 70,714 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 0 | $ 1.13 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 6 years 36 days | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ 1,019,680 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years | |||
Performance Shares [Member] | Management Performance Bonus Plan 2017 [Member] | ||||
Allocated Share-based Compensation Expense, Total | $ 125,507 | $ 125,508 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | 3,489,990 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 1,745,003 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 3 years 255 days | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ 383,493 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 273 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,000,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price | $ 1.64 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 999,997 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0 | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | |||
Performance Shares [Member] | Management Performance Bonus Plan 2017 [Member] | Vesting on Release of Audited Financial Statements for 2017 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | |||
Performance Shares [Member] | Management Performance Bonus Plan 2017 [Member] | Vesting One Year After Release of Audited Financial Statements for 2017 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | |||
Performance Shares [Member] | Management Performance Bonus Plan 2017 [Member] | Share-based Compensation Award, Tranche One [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | |||
Restricted Stock [Member] | ||||
Allocated Share-based Compensation Expense, Total | $ 95,215 | $ 34,064 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ 1,208,936 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 146 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Fair Value | $ 970,608 | 364,936 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 307,058 | $ 41,097 |
Note 5 - Share-based Compensa30
Note 5 - Share-based Compensation - Stock Option Activity (Details) | 3 Months Ended |
Mar. 31, 2018$ / sharesshares | |
Outstanding at beginning of year (in shares) | shares | 2,390,012 |
Outstanding at beginning of year, weighted average exercise price (in dollars per share) | $ / shares | $ 1.85 |
Granted (in shares) | shares | |
Granted, weighted average exercise price (in dollars per share) | $ / shares | |
Exercised (in shares) | shares | (62,438) |
Exercised, weighted average exercise price (in dollars per share) | $ / shares | $ 1.16 |
Forfeited (in shares) | shares | (730) |
Forfeited, weighted average exercise price (in dollars per share) | $ / shares | $ 2.62 |
Expired (in shares) | shares | |
Expired, weighted average exercise price (in dollars per share) | $ / shares | |
Outstanding at March 31, 2018 (in shares) | shares | 2,326,844 |
Outstanding at end of year, weighted average exercise price (in dollars per share) | $ / shares | $ 1.87 |
Stock options exercisable at March 31, 2018 (in shares) | shares | 1,637,951 |
Stock options exercisable, weighted average exercise price (in dollars per share) | $ / shares | $ 1.76 |
Note 5 - Share-based Compensa31
Note 5 - Share-based Compensation - Fair Value Assumptions (Details) - Employee Stock Option [Member] | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Risk free interest rate | 2.07% | |
Dividend yield | 0.00% | |
Expected term (Year) | 5 years 65 days | |
Volatility | 75.00% |
Note 5 - Share-based Compensa32
Note 5 - Share-based Compensation - Restricted Stock Activity (Details) | 3 Months Ended |
Mar. 31, 2018$ / sharesshares | |
Unvested outstanding at beginning of year (in shares) | shares | 237,926 |
Unvested outstanding at beginning of year, grant date fair value (in dollars per share) | $ / shares | $ 1.79 |
Unvested granted (in shares) | shares | 161,768 |
Granted, grant date fair value (in dollars per share) | $ / shares | $ 6 |
Vested (in shares) | shares | (55,613) |
Vested, grant date fair value (in dollars per share) | $ / shares | $ 1.78 |
Unvested forfeited (in shares) | shares | (6,100) |
Forfeited, grant date fair value (in dollars per share) | $ / shares | $ 1.76 |
Unvested outstanding at March 31, 2018 (in shares) | shares | 337,981 |
Unvested outstanding at end of year, grant date fair value (in dollars per share) | $ / shares | $ 3.80 |
Note 5 - Share-based Compensa33
Note 5 - Share-based Compensation - Stock Compensation Expense (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Stock compensation expense | $ 373,425 | $ 329,895 |
Research and Development Expense [Member] | ||
Stock compensation expense | 65,595 | 59,265 |
Selling and Marketing Expense [Member] | ||
Stock compensation expense | 68,513 | 59,619 |
General and Administrative Expense [Member] | ||
Stock compensation expense | 190,949 | 168,198 |
Cost of Sales [Member] | ||
Stock compensation expense | $ 48,368 | $ 42,813 |
Note 6 - Warrants (Details Text
Note 6 - Warrants (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | |
May 08, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | |
Class of Warrant or Right, Outstanding | 6,676,849 | 6,688,849 | |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 4.50 | $ 4.50 | |
Class of Warrant or Right, Exercised During Period | 12,000 | ||
Class of Warrant or Right, Exercised During Period, Exercise Price | $ 4.75 | ||
Proceeds from Warrant Exercises | $ 57,000 | ||
Subsequent Event [Member] | |||
Class of Warrant or Right, Exercised During Period | 920,116 | ||
Class of Warrant or Right, Exercised During Period, Exercise Price | $ 4.75 | ||
Proceeds from Warrant Exercises | $ 4,400,000 |
Note 7 - Net Loss Per Common 35
Note 7 - Net Loss Per Common Share - Earnings Per Share (Details) - shares | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Basic and diluted weighted average common stock shares outstanding (in shares) | 14,098,610 | 12,964,639 |
Employee Stock Option [Member] | ||
Potentially dilutive securities excluded from loss per share computations (in shares) | 3,326,841 | 3,387,581 |
Warrant [Member] | ||
Potentially dilutive securities excluded from loss per share computations (in shares) | 6,676,849 | 7,603,141 |
Restricted Stock [Member] | ||
Potentially dilutive securities excluded from loss per share computations (in shares) | 337,981 | 282,350 |
Note 8 - Commitments & Contin36
Note 8 - Commitments & Contingencies (Details Textual) - Bothell, Washington Headquarters [Member] | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Lessee, Operating Lease, Renewal Term | 5 years |
Monthly Base Rent Expense | $ 58,000 |
Note 9 - Preferred Stock (Detai
Note 9 - Preferred Stock (Details Textual) | Mar. 31, 2018USD ($) |
Dividends Payable, Current | $ 106,250 |
Note 10 - Revenue - Disaggregat
Note 10 - Revenue - Disaggregate Revenue (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Net product sales | $ 3,814,882 | $ 2,366,201 |
Regenerative Medicine [Member] | ||
Net product sales | 2,103,552 | 1,051,170 |
Drug Discovery [Member] | ||
Net product sales | 376,975 | 277,914 |
BioBanking [Member] | ||
Net product sales | 295,112 | 277,429 |
Distribution Service [Member] | ||
Net product sales | $ 1,039,243 | $ 759,688 |