Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | May 04, 2020 | |
Document Information [Line Items] | ||
Entity Registrant Name | Progenics Pharmaceuticals Inc | |
Entity Central Index Key | 0000835887 | |
Trading Symbol | pgnx | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 86,596,633 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Title of 12(b) Security | Common stock, par value $0.0013 per share |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
ASSETS | ||
Cash and cash equivalents | $ 29,531 | $ 42,049 |
Accounts receivable, net | 6,190 | 15,976 |
Other current assets | 4,825 | 5,707 |
Total current assets | 40,546 | 63,732 |
Property and equipment, net | 14,673 | 11,688 |
Intangible assets, net | 6,547 | 6,823 |
Goodwill | 17,847 | 17,847 |
Operating right-of-use lease assets | 13,279 | 13,493 |
Other assets | 5,452 | 5,887 |
Total assets | 98,344 | 119,470 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Accounts payable | 2,860 | 1,249 |
Accrued expenses | 8,383 | 13,103 |
Current portion of debt, net | 7,240 | 7,117 |
Operating lease liabilities | 616 | 599 |
Total current liabilities | 19,099 | 22,068 |
Long-term debt, net | 30,166 | 31,910 |
Operating lease liabilities | 14,832 | 15,005 |
Contingent consideration liability | 3,600 | 3,900 |
Deferred tax liability | 34 | 34 |
Total liabilities | 67,731 | 72,917 |
Commitments and Contingencies | ||
Stockholders’ equity: | ||
Preferred stock, $0.001 par value Authorized - 20,000 shares; issued and outstanding - none | 0 | 0 |
Common stock, $0.0013 par value Authorized - 160,000 shares; issued - 86,796 shares in 2020 and 86,760 shares in 2019 | 113 | 113 |
Additional paid-in capital | 728,129 | 727,089 |
Treasury stock at cost, 200 shares of common stock | (2,741) | (2,741) |
Accumulated other comprehensive loss | (327) | (148) |
Accumulated deficit | (694,561) | (677,760) |
Total stockholders’ equity | 30,613 | 46,553 |
Total liabilities and stockholders’ equity | $ 98,344 | $ 119,470 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares shares in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 20,000 | 20,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.0013 | $ 0.0013 |
Common stock, shares authorized (in shares) | 160,000 | 160,000 |
Common stock, shares issued (in shares) | 86,796 | 86,760 |
Treasury stock at cost, shares (in shares) | 200 | 200 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenues: | ||
Revenue | $ 6,248 | $ 4,281 |
Operating expenses: | ||
Cost of goods sold | 1,558 | |
Research and development | 10,367 | 12,392 |
Selling, general and administrative | 10,509 | 9,224 |
Change in contingent consideration liability | (300) | 900 |
Total operating expenses | 22,134 | 22,516 |
Operating loss | (15,886) | (18,235) |
Other (expense) income: | ||
Interest (expense) income and other income, net | (915) | (500) |
Total other (expense) income | (915) | (500) |
Net loss | $ (16,801) | $ (18,735) |
Net loss per share - basic and diluted (in dollars per share) | $ (0.19) | $ (0.22) |
Weighted-average shares - basic and diluted (in shares) | 86,582 | 84,542 |
Product [Member] | ||
Revenues: | ||
Revenue | $ 1,359 | |
Royalty [Member] | ||
Revenues: | ||
Revenue | 4,789 | 4,161 |
License and Other [Member] | ||
Revenues: | ||
Revenue | $ 100 | $ 120 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Net loss | $ (16,801) | $ (18,735) |
Other comprehensive loss: | ||
Foreign currency translation adjustments | (179) | (42) |
Comprehensive loss | $ (16,980) | $ (18,777) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Treasury Stock [Member] | Total |
Balance (in shares) at Dec. 31, 2018 | 84,742,000 | (200,000) | ||||
Balance at Dec. 31, 2018 | $ 110 | $ 713,019 | $ (609,208) | $ (105) | $ (2,741) | $ 101,075 |
Net loss | (18,735) | (18,735) | ||||
Foreign currency translation adjustments | (42) | (42) | ||||
Stock-based compensation expense | 1,077 | $ 1,077 | ||||
Exercise of stock options (in shares) | 0 | |||||
Balance (in shares) at Mar. 31, 2019 | 84,742,000 | (200,000) | ||||
Balance at Mar. 31, 2019 | $ 110 | 714,096 | (627,943) | (147) | $ (2,741) | $ 83,375 |
Balance (in shares) at Dec. 31, 2019 | 86,760,000 | (200,000) | ||||
Balance at Dec. 31, 2019 | $ 113 | 727,089 | (677,760) | (148) | $ (2,741) | 46,553 |
Net loss | (16,801) | (16,801) | ||||
Foreign currency translation adjustments | (179) | (179) | ||||
Stock-based compensation expense | 878 | $ 878 | ||||
Exercise of stock options (in shares) | 36,000 | 36,000 | ||||
Exercise of stock options | 162 | $ 162 | ||||
Balance (in shares) at Mar. 31, 2020 | 86,796,000 | (200,000) | ||||
Balance at Mar. 31, 2020 | $ 113 | $ 728,129 | $ (694,561) | $ (327) | $ (2,741) | $ 30,613 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash flows from operating activities: | ||
Net loss | $ (16,801) | $ (18,735) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation expense | 878 | 1,077 |
Depreciation and amortization | 742 | 557 |
Non-cash interest expense | 61 | 71 |
Other | 11 | |
Change in fair value of contingent consideration liability | (300) | 900 |
Changes in assets and liabilities: | ||
Accounts receivable | 9,786 | (1,136) |
Other current assets | 968 | (447) |
Other assets | 286 | 146 |
Accounts payable | 1,618 | 124 |
Accrued expenses | (4,888) | (991) |
Other current liabilities | 217 | 18 |
Other liabilities | (174) | (114) |
Net cash used in operating activities | (7,607) | (18,519) |
Cash flows from investing activities: | ||
Acquisition of AZEDRA manufacturing assets | (8,000) | |
Purchases of property and equipment | (3,553) | (491) |
Net cash used in investing activities | (3,553) | (8,491) |
Cash flows from financing activities: | ||
Repayment of debt | (1,682) | (1,037) |
Proceeds from exercise of stock options | 162 | |
Net cash used in financing activities | (1,520) | (1,037) |
Effect of currency rate changes on cash, cash equivalents and restricted cash | (201) | (46) |
Net decrease in cash, cash equivalents, and restricted cash | (12,881) | (28,093) |
Cash, cash equivalents, and restricted cash at beginning of period | 45,065 | 139,220 |
Cash, cash equivalents, and restricted cash at end of period | 32,184 | 111,127 |
Supplemental disclosure of cash flow information | ||
Cash paid for interest | 939 | 1,077 |
Cash, cash equivalents and restricted cash information | ||
Cash and cash equivalents at beginning of period | 42,049 | 137,686 |
Restricted cash included in long-term assets at the beginning of period | 3,016 | 1,534 |
Cash, cash equivalents, and restricted cash at beginning of period | 45,065 | 139,220 |
Cash and cash equivalents at end of period | 29,531 | 109,587 |
Restricted cash included in long-term assets at the end of period | 2,653 | 1,540 |
Cash, cash equivalents, and restricted cash at end of period | $ 32,184 | $ 111,127 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Business Description and Accounting Policies [Text Block] | Note 1. Business Progenics Pharmaceuticals, Inc. (and its subsidiaries collectively the “Company,” “Progenics”, “we”, or “us”) is an oncology company focused on the development and commercialization of innovative targeted medicines and artificial intelligence to find, fight and follow cancer. Our recent progress includes the enrollment completion of our pivotal phase 3 ® 1095 1404 Our current principal sources of revenue are AZEDRA sales, royalties, and development and commercial milestones from strategic partnerships. Royalty and further milestone payments from Bausch or Bayer depend on success in development and commercialization of RELISTOR and our PSMA-TTC, respectively, which is dependent on many factors, such as Bausch or Bayer’s efforts, decisions by the FDA and other regulatory bodies, competition from drugs for the same or similar indications, and the outcome of clinical and other testing of the licensed products. We commenced principal operations in 1988, 1997, Pending Merger with Lantheus Holdings, Inc. On February 20, 2020, October 1, 2019. 0.31 0.2502 one two no 19.9% 40% 35% On April 2, 2020, April 28, 2020 June 16, 2020. 19 second 2020, On April 14, 2020, $1.3 September 18, 2019 8 Table of Contents In addition, on April 14, 2020, AZEDRA AZEDRA is the first 12 First quarter sales of AZEDRA totaled approximately $1.4 March 31, 2020. 19 19 19 PyL We recently completed two third 2020. Several abstracts pertaining to PyL were recently published in the Journal of Urology, including the results of the Phase 3 84.8% 87.0% three 95% 77.8% 80.4% 1095 Following the removal of the import alert on Centre for Probe Development & Commercialization (CPDC), we have initiated eleven six 2 Progenics’1095 19 2 131 1095 1095 19 9 Table of Contents Liquidity The Company is not no March 31, 2020 $694.6 19 third At March 31, 2020, $29.5 $12.5 $42.0 December 31, 2019. February 20, 2020, March 15, 2020, May 1, 2020 $10 September 30, 2020 one third 9.5% Consistent with regular practice for a growth-stage pharmaceutical or biotechnology company, and as we have done in the past, we anticipate the need, and are exploring options for, additional financing in order to meet our cash requirements if the proposed merger with Lantheus Holdings is not no one one 10 not Basis of Presentation Our unaudited condensed consolidated financial statements have been prepared in accordance with applicable presentation requirements, and accordingly, do not not Our unaudited condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto contained in our Annual Report on Form 10 December 31, 2019. not Principles of Consolidation The condensed consolidated financial statements include the accounts of Progenics as well as its wholly-owned subsidiaries. All material intercompany transactions and balances have been eliminated in consolidation. 10 Table of Contents Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results may Revenue Recognition We recognize revenue when our customers obtain control of the promised goods or services, in an amount that reflects the consideration which we expect to receive in exchange for those goods or services. To account for our revenue arrangements, we perform the following five For contracts determined to be within the scope of ASU 2014 09, Revenue from Contracts with Customers (Topic 606 2014 09” 606” not The transaction price is then determined and allocated to the identified performance obligations in proportion to their estimated fair value, which requires significant judgment. Variable consideration, which is estimated using the expected value method or the most likely amount method, is included in the transaction price only if, in our judgment, it is probable that a significant future reversal of cumulative revenue under the contract will not For arrangements that include development, regulatory or sales milestone payments, we evaluate whether the milestones are probable of being reached and estimate the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not not not We then recognize as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. The following table summarizes our revenue streams from contracts with customers for the three March 31, 2020 2019 Three months ended March 31, 2020 2019 Product sales $ 1,359 $ - Royalty income 4,789 4,161 License and other revenue 100 120 Total revenue $ 6,248 $ 4,281 P roduct sales 60 Royalty income 11 Table of Contents License and o ther revenue not We had receivable contract balances of $6.2 $16.0 March 31, 2020 December 31, 2019, December 31, 2019 Note 5. Restricted Cash Restricted cash included in long-term assets of $2.7 $3.0 March 31, 2020 December 31, 2019, 617 Foreign Currency Translation Our international subsidiaries generally consider their respective local currency to be their functional currency. Assets and liabilities of these international subsidiaries are translated into U.S. dollars at quarter-end exchange rates and revenues and expenses are translated at average exchange rates during the quarter and year-to-date period. Foreign currency translation adjustments for the reported periods are included in accumulated other comprehensive loss in our condensed consolidated statements of comprehensive loss, and the cumulative effect is included in the stockholders’ equity section of our condensed consolidated balance sheets. Realized gains and losses denominated in foreign currencies are recorded in operating expenses in our condensed consolidated statements of operations and were not three March 31, 2020 2019. Leases We determine whether an arrangement is or contains a lease at its inception. We recognize lease liabilities based on the present value of the minimum lease payments not not may The operating lease liabilities are reported in other current liabilities and other noncurrent liabilities and the related ROU lease assets are reported in other noncurrent assets on our condensed consolidated balance sheets. Lease expense for our operating leases is calculated on a straight-line basis over the lease term and is reported in research and development and selling, general and administrative expenses on our condensed consolidated statements of operations. We do not twelve Property and Equipment Property and equipment is recorded at historical cost, net of accumulated depreciation and amortization of $4.3 $3.8 March 31, 2020 December 31, 2019, March 31, December 31, 2020 2019 Machinery and equipment $ 6,809 $ 5,204 Leasehold improvements 3,621 3,204 Computer equipment 710 691 Furniture and fixtures 908 908 Construction in progress 6,884 5,475 Property and equipment, gross 18,932 15,482 Less - accumulated depreciation (4,259 ) (3,794 ) Property and equipment, net $ 14,673 $ 11,688 12 Table of Contents |
Note 2 - New Accounting Pronoun
Note 2 - New Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | Note 2. Recently Adopted In August 2018, 2018 13 2018 13” Fair Value Measurement - Disclosure Framework (Topic 820 January 1, 2020. not Recently Issued In June 2016, 2016 13, Financial Instruments - Credit Losses (Topic 326 November 2018, 2018 19, Codification Improvements to Topic 326, April 2019, 2019 04, Codification Improvements to Topic 326, 815, 825, 2016 13. May 2019, 2019 05, Financial Instruments—Credit Losses (Topic 326 may 2016 13 November 2019, 2019 10, Financial Instruments—Credit Losses (Topic 326 815 842 one two 2016 13 December 15, 2019 December 15, 2022 In December 2019, 2019 12, Income Taxes (Topic 740 740. 740 December 15, 2020. December 15, 2021, December 15, 2022. |
Note 3 - Net Loss Per Share
Note 3 - Net Loss Per Share | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 3 . Net Loss Per Share Our basic net loss per share amounts have been computed by dividing net loss by the weighted-average number of common shares outstanding during the period. For the three March 31, 2020 2019, not The calculations of net loss per share, basic and diluted, are as follows (amounts in thousands, except per share data): Weighted-Average Shares Net Loss Outstanding Per Share (Numerator) (Denominator) Amount Three months ended March 31, 2020 Basic and diluted $ (16,801 ) 86,582 $ (0.19 ) Three months ended March 31, 2019 Basic and diluted $ (18,735 ) 84,542 $ (0.22 ) The following table summarizes anti-dilutive common shares or common shares where performance conditions have not Three Months Ended March 31, 2020 2019 Stock options 6,597 6,522 Contingent consideration liability (1) 947 2,565 Total securities excluded 7,544 9,087 ___________________________________ ( 1 |
Note 4 - Fair Value Measurement
Note 4 - Fair Value Measurements | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 4 . Fair Value Measurements To estimate the fair values of our financial assets and liabilities, we use valuation approaches within a hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from sources independent of us. Unobservable inputs are inputs that reflect our assumptions about the inputs that market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances. The fair value hierarchy is divided into three ● Level 1 ● Level 2 1 ● Level 3 The availability of observable inputs can vary among the various types of financial assets and liabilities. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. In certain cases, the inputs used for measuring fair value may We believe the carrying amounts of our cash equivalents, restricted cash, accounts receivable, other current assets, other assets, accounts payable and accrued expenses approximated their fair values as of March 31, 2020 December 31, 2019. We record the contingent consideration liability resulting from our acquisition of MIP at fair value in accordance with Accounting Standards Codification (“ASC”) 820 820, Fair Value Measurement The following tables summarize each major class of our financial assets and liabilities measured at fair value on a recurring basis as of the dates indicated, classified by valuation hierarchy (in thousands): Fair Value Measurements at March 31, 2020 Quoted Prices in Significant Other Significant Markets for Observable Unobservable Balance at Identical Assets Inputs Inputs March 31, 2020 (Level 1) (Level 2) (Level 3) Assets: Money market funds $ 20,744 $ 20,744 $ - $ - Total assets $ 20,744 $ 20,744 $ - $ - Liabilities: Contingent consideration liability $ 3,600 $ - $ - $ 3,600 Total liabilities $ 3,600 $ - $ - $ 3,600 Fair Value Measurements at December 31, 2019 Quoted Prices in Active Significant Other Significant Balance at Markets for Observable Unobservable December 31, Identical Assets Inputs Inputs 2019 (Level 1) (Level 2) (Level 3) Assets: Money market funds $ 35,775 $ 35,775 $ - $ - Total assets $ 35,775 $ 35,775 $ - $ - Liabilities: Contingent consideration liability $ 3,900 $ - $ - $ 3,900 Total liabilities $ 3,900 $ - $ - $ 3,900 The contingent consideration liability of $3.6 March 31, 2020 Milestone payments due upon first Program Consideration Form of Payment 1095 5,000 Cash or Progenics common stock 1404 9,984 Cash or Progenics common stock or cash in the case of license revenue $ 14,984 Net sales milestone payments due upon first Consideration Form of Payment at Progenics' Option $30 million $ 5,000 Cash or Progenics common stock $60 million 5,000 Cash or Progenics common stock $100 million 10,000 Cash or Progenics common stock $250 million 20,000 Cash or Progenics common stock $500 million 30,000 Cash or Progenics common stock $ 70,000 We consider this liability a Level 3 one Significant changes in any of the probabilities of success or the probabilities as to the periods in which milestones will be achieved would result in a significantly higher or lower fair value measurement. We record the contingent consideration liability at fair value with changes in estimated fair values recorded in change in contingent consideration liability in our condensed consolidated statements of operations. The following table summarizes quantitative information and assumptions pertaining to the fair value measurement of the Level 3 March 31, 2020 December 31, 2019 ( $0.3 three March 31, 2020 Fair Value at March 31, 2020 Valuation Technique Unobservable Input Assumption Contingent Consideration Liability: 1095 commercialization $ 400 Probability adjusted discounted Probability of success 18% cash flow model Period of expected milestone achievement 2027 Discount rate 10% 1404 commercialization 200 Probability adjusted discounted Probability of success 43% cash flow model Period of expected milestone achievement 2023 - 2035 Discount rate 10% Net sales targets 3,000 Monte-Carlo simulation Probability of success 18% - 90% Discount rate 10% Total $ 3,600 Fair Value at December 31, 2019 Valuation Technique Unobservable Input Assumption Contingent Consideration Liability: 1095 commercialization $ 500 Probability adjusted discounted Probability of success 18% cash flow model Period of expected milestone achievement 2026 Discount rate 10% 1404 commercialization 300 Probability adjusted discounted Probability of success 43% cash flow model Period of expected milestone achievement 2022 - 2035 Discount rate 10% Net sales targets 3,100 Monte-Carlo simulation Probability of success 18% - 90% Discount rate 10% Total $ 3,900 For those financial instruments with significant Level 3 Liability - Contingent Consideration Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Three Months Ended March 31, 2020 2019 Balance at beginning of period $ 3,900 $ 11,000 Fair value change included in net loss (300 ) 900 Balance at end of period $ 3,600 $ 11,900 Changes in unrealized gains or losses for the period included in earnings (or changes in net assets) for liabilities held at the end of the reporting period $ (300 ) $ 900 |
Note 5 - Accounts Receivable
Note 5 - Accounts Receivable | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Note 5 . Accounts Receivable Our accounts receivable represents amounts due to us from royalties, collaborators, AZEDRA product sales and, to a small extent, sales of research reagents, and consisted of the following at March 31, 2020 December 31, 2019 ( March 31, December 31, 2020 2019 Royalties $ 4,789 $ 4,304 Product sales, license and other 1,401 11,672 Accounts receivable, net $ 6,190 $ 15,976 |
Note 6 - Goodwill, In-process R
Note 6 - Goodwill, In-process Research and Development and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | Note 6 . Goodwill, In-Process Research and Development and Other Intangible Assets Goodwill, In-Process Research and Development and Other Intangible Assets The fair values of in-process research and development (“IPR&D”) and other identified intangible assets acquired in business combinations are capitalized. We utilize the “income method,” which applies a probability weighting that considers the risk of development and commercialization to the estimated future net cash flows that are derived from projected sales revenues and estimated costs or “replacement costs”, whichever is greater. These projections are based on factors such as relevant market size, patent protection, historical pricing of similar products and expected industry trends. The estimated future net cash flows are then discounted to the present value using an appropriate discount rate. This analysis is performed for each IPR&D project and other identified intangible assets, independently. IPR&D assets are treated as indefinite-lived intangible assets until completion or abandonment of the projects, at which time the assets are amortized over the remaining useful life or written off, as appropriate. Other identified intangible assets, which include the technology asset acquired as part of the EXINI business combination, AZEDRA product rights intangible and Somerset intangible, are amortized over the relevant estimated useful lives. The IPR&D assets are tested for impairment at least annually or when a triggering event occurs that could indicate a potential impairment and any impairment loss is recognized in our condensed consolidated statements of operations. Goodwill represents excess consideration in a business combination over the fair value of identifiable net assets acquired. Goodwill is not may one No March 31, 2020 2019. The following tables summarize the activity related to our goodwill and intangible assets (in thousands): Other Intangible Goodwill IPR&D Assets Balance at January 1, 2020 $ 17,847 $ 600 $ 6,223 Amortization expense - - (276 ) Balance at March 31, 2020 $ 17,847 $ 600 $ 5,947 Other Intangible Goodwill IPR&D Assets Balance at January 1, 2019 $ 13,074 $ 600 $ 6,066 Increase related to Somerset acquisition $ 4,773 $ - $ 1,245 Amortization expense - - (260 ) Balance at March 31, 2019 $ 17,847 $ 600 $ 7,051 The following table reflects the components of the finite-lived intangible assets as of March 31, 2020 ( Gross Amount Accumulated Amortization Net Carrying Value Intangible assets - AZEDRA product rights $ 4,900 $ 1,167 $ 3,733 Intangible assets - Somerset 1,245 223 1,022 Intangible assets - EXINI technology 2,120 928 1,192 Total $ 8,265 $ 2,318 $ 5,947 |
Note 7 - Accrued Expenses
Note 7 - Accrued Expenses | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | Note 7 . Accrued Expenses The carrying value of our accrued expenses approximates fair value, as it represents amounts that will be satisfied within one March 31, 2020 December 31, 2019 ( March 31, December 31, 2020 2019 Accrued legal and professional fees $ 1,783 $ 1,889 Accrued payroll and related costs 1,241 2,795 Accrued contract manufacturing costs 1,906 5,114 Accrued clinical trial costs 1,805 1,489 Accrued consulting costs 554 1,117 Other 1,094 699 Accrued expenses $ 8,383 $ 13,103 |
Note 8 - Commitments and Contin
Note 8 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 8 . Commitments and Contingencies Consulting Agreement On March 4, 2020, March 27, 2020 May 15, 2020 July 1, 2020, $180,000 not Legal Proceedings We are or may not one Abbreviate d New Drug App lication Litigations RELISTOR Subcutaneous Injection Paragraph IV Certifications - Mylan On or about October 6, 2015, November 20, 2015, December 22, 2015, December 23, 2015, four Paragraph IV Certification – Actavis On or about October 27, 2015, January 5, 2016, January 8, 2016, three District Court Actions Progenics, Salix, Valeant (now Bausch Health Companies Inc., “Bausch”), and Wyeth filed suit against Mylan Pharmaceuticals, Inc. and Mylan Inc. in the District of New Jersey on November 19, 2015 ( 2:15 8180 8,247,425, 8,420,663, 8,552,025, 8,822,490 February 4, 2016, No. 9,180,125. January 4, 2016 ( 2:16 00035 8,247,425, 8,420,663, 8,552,025, 8,822,490 January 25, 2016, No. 9,180,125. September 1, 2017 ( 2:17 06714 No. 9,669,096 September 18, 2017, No. 9,492,445. Progenics, Salix, Bausch, and Wyeth filed suit against Actavis LLC, Actavis, Inc., Actavis Elizabeth LLC, and Allergan PLC fka Actavis PLC in the District of New Jersey on November 30, 2015 ( 2:15 08353 8,247,425, 8,420,663, 8,552,025, 8,822,490 February 18, 2016, No. 9,180,125. February 18, 2016 ( 2:16 00889 8,247,425, 8,420,663, 8,552,025 8,822,490 August 18, 2017 ( 2:17 07206 9,669,096 9,492,445 The 2:15 8180 2:16 00035 2:15 08353 2:16 00889 2:15 08180 May 1, 2018, 8 No. 8,552,025. May 23, 2018, 54 8 ’025 May 16, 2018, 15 8180 17 6714 The 2:17 06714 2:17 07206 2:17 06714 2:17 06714 not 2:15 8180 Settlement Agreement - Actavis On May 25, 2018, No. 2:15 08180 No. 2:17 06714. 30 Under the Actavis Agreement, Plaintiffs grant Actavis a non-exclusive, royalty-free, non-transferable, non-sublicensable, limited license under the Patents-In-Suit to make, import, and sell each of the Actavis Products in the U.S. beginning on the earliest of (a) January 1, 2028; ( 21. 355 5 not 180 180 not not 180 181 third ® third not 180 first third ® first No. 021964 ® ® first third Federal Circuit Appeal On May 25, 2018, On July 9, 2018, July 17, 2018, September 12, 2018. February 8, 2019, April 9, 2019. July 2, 2019. August 6, 2019. February 4, 2020. April 8, 2020, May 8, 2020. April 22, 2020, June 22, 2020. Paragraph IV Certification - Par On or about July 15, 2017, District Court Actions Progenics, Salix, Bausch, and Wyeth filed suit against Par Sterile Products, Par Pharmaceutical, Inc. (“Par Pharmaceutical” and, together with Par Sterile, “Par”), and Endo International plc in the District of New Jersey on August 25, 2017 ( 2:17 06449 8,247,425, 8,420,663, 8,552,025, 8,822,490, 9,180,125, 9,669,096 Progenics, Salix, Bausch, and Wyeth filed suit against Par Sterile Products, Par Pharmaceutical, and Endo International plc in the Southern District of New York on August 25, 2017 ( 1:17 06557 8,247,425, 8,420,663, 8,552,025, 8,822,490, 9,180,125, 9,669,096 November 30, 2017. Settlement Agreement - Par On May 10, 2018, No. 17 06449 The Par Agreement provides for a full settlement and release by both Plaintiffs and Par of all claims that were or could have been asserted in the district court case and all resulting damages or other remedies. Plaintiffs and Par have agreed to and, in fact, filed a Stipulated Consent Judgment and Injunction after the execution of the Par Agreement. Plaintiffs and Par have further acknowledged and agreed that the 30 Under the Par Agreement, Plaintiffs grant Par a non-exclusive, royalty-free, non-transferable, non-sublicensable, limited license under the Patents-In-Suit to make, import, and sell the Par Products in the U.S., or make outside the U.S. solely for importation into the U.S. (the “Par License”) beginning on the earliest of (i) September 30, 2030; ( one hundred eighty-one 181 third 21. 355 5 ® third ® ® third not 180 first not one hundred fifty 150 RELISTOR Tablets - Actavis Paragraph IV Certifications On or about October 24, 2016 October 24, 2017, two District Court Actions Progenics, Salix, Bausch, and Wyeth filed suit against Actavis, Actavis LLC, Teva Pharmaceuticals USA, Inc., and Teva Pharmaceuticals Industries Ltd. in the District of New Jersey on December 6, 2016 ( 2:16 09038 8,420,663, 8,524,276, 8,956,651, 9,180,125, 9,314,461 Progenics, Salix, Bausch, and Wyeth filed suit against Actavis, Actavis LLC, Teva Pharmaceuticals USA, Inc., and Teva Pharmaceuticals Industries Ltd. in the District of New Jersey on December 8, 2017 ( 2:17 12857 9,724,343 9,492,445 The 2:16 09038 2:17 12857 2:16 09038 four May 6, 2019 May 9, 2019. July 17, 2019, No. 8,524,276 No. 209615 may not No. 8,524,276. Progenics, Salix, Bausch, and Wyeth filed suit against Actavis, Actavis LLC, Teva Pharmaceuticals USA, Inc., and Teva Pharmaceuticals Industries Ltd. in the District of New Jersey on June 13, 2019 ( 2:19 13722 No. 10,307,417 2:19 13722 not Federal Circuit Appeal Actavis filed an appeal of the District Court decision with the Court of Appeals for the Federal Circuit on August 13, 2019. February 6, 2020. July 17, 2020. European Opposition Proceedings In addition to the above described ANDA notifications, in October 2015, three EP1615646 September 24, 2015 EP2368553 September 29, 2015 September 30, 2015 EP2368554 September 24, 2015 May 11, 2017, EP2368553 June 28, 2017, EP1615646 July 4, 2017, EP2368554 EP1615646 September 22, 2020. EP2368554 EP2368553, March 9 March 10, 2020, March 9, 2020, November 18, 2020 EP2368554 November 17, 2020 EP2368553. For each of the above-described proceedings, we and Bausch continue to cooperate closely to vigorously defend and enforce RELISTOR intellectual property rights. Pursuant to the RELISTOR license agreement between Progenics and Bausch, Bausch has the first We are or may PSMA- 617 German District Court Litigation We announced a lawsuit and associated worldwide patent ownership dispute based on our claims to certain inventions related to PSMA- 617, On November 8, 2018, 617 617 February 27, 2019, On November 27, 2018, 3038996 A1 14799340.6 18172716.5, 18184296.4, 18203547.7 December 10, 2018, November 27, 2018. December 20, 2018, 15/131,118; 15/805,900; 16/038,729 16/114,988 November 12, 2019, February 21, 2020, December 20, 2018, 16/551,198 16/510,495. March 6, 2020, 16/551,198 16/510,495 On February 27, 2019, €416,000 February 28, 2019, August 6, 2019 first October 1, 2019 January 31, 2020 April 8, 2020. 2020. Third Party Patents Post-Grant Review of U.S. Patent No. 10,112,974 On July 29, 2019 No. 10,112,974 ‘974 ‘974 1 15 31 On August 13, 2019, three 3 not January 29, 2020, ‘974 April 22, 2020 March 13, 2020, 1 5, 7, 9, 13 15 31. April 27, 2020, 6, 8, 10 12 not Litigation Related to the Merger Six lawsuits - four two November 12, 2019 no March 16, 2020 March 19, 2020. On November 22, 2019, Johnson v. Progenics Pharmaceuticals, Inc., et al. No. 1:19 02183, 10 Johnson I March 5, 2020, Johnson I November 25, 2019, second Thompson v. Progenics Pharmaceuticals, Inc., et al. No. 1:19 02194, 10 Thompson March 10, 2020, Thompson November 26, 2019, third Wang v. Progenics Pharmaceuticals, Inc., et al. No. 1:19 10936, 10 Wang December 9, 2019, fourth Michael A. Bernstein IRA v. Progenics Pharmaceuticals, Inc. et al. No. 2:19 21200, 10 Bernstein IRA April 21, 2020 Bernstein IRA May 6, 2020, Bernstein IRA No. 1:20 03521. December 12, 2019, fifth Pill v. Progenics Pharmaceuticals, Inc., et al. No. 1:19 02268, March 10, 2020. December 20, 2019, sixth Hess v. Progenics Pharmaceuticals, Inc., et al. No. 1:19 11683, 10 Hess April 8, 2020, Hess On April 2, 2020, seventh Goldstone v. Progenics Pharmaceuticals, Inc., et al. No. 1:20 02750, 10 Goldstone April 6, 2020, Johnson Johnson v. Progenics Pharmaceuticals, Inc., et al. No. 1:20 02847, 10 Johnson II April 8, 2020, eighth Krueger v. Progenics Pharmaceuticals, Inc., et al. No. 1:20 02913, 10 Krueger The complaints in the Wang Bernstein IRA Hess Goldstone Johnson II Krueger 14 20 17 244.100 14a 9 November 12, 2019 March 16, 2020, March 19, 2020. Goldstone In addition, by letter dated October 14, 2019, 220 may Whistleblower Complaint In July 2019, 806 2002 March 2020, not 180 May 26, 2020. |
Note 9 - Operating Leases
Note 9 - Operating Leases | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | Note 9. Operating Leases We lease office and manufacturing space and certain office equipment under noncancelable operating leases. We determine whether an arrangement is or contains a lease at its inception. We recognize lease liabilities based on the present value of the minimum lease payments not not 9.5% three March 31, 2020 2019, $0.6 $0.5 one 10.5 one five three March 31, 2020 2019, $0.5 The information related to our leases is as follows (in thousands): March 31, December 31, Operating leases 2020 2019 Operating ROU lease assets, noncurrent $ 13,279 $ 13,493 Operating lease liabilities, current 616 599 Operating lease liabilities, noncurrent 14,832 15,005 At March 31, 2020, 2020 (excluding the three months ending March 31, 2020) $ 1,524 2021 2,069 2022 2,213 2023 2,255 2024 2,297 Thereafter 14,510 Total future minimum lease payments 24,868 Less imputed interest (9,420 ) Total lease liabilities $ 15,448 |
Note 10 - Non-recourse Long-ter
Note 10 - Non-recourse Long-term Debt, Net | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 10 . Non-Recourse Long-Term Debt, Net On November 4, 2016, $50.0 no 9.5%. Under the terms of the loan agreement, payments of interest and principal, if any, are made on the last day of each calendar quarter out of RELISTOR royalty payments received since the immediately-preceding payment date. On each payment date prior to March 31, 2018, March 31, 2018, 50% September 30, 2021, June 30, 2025. In connection with the Royalty-Backed Loan, the debt issuance costs have been recorded as a debt discount in our consolidated balance sheets and are being amortized and recorded as interest expense throughout the life of the loan using the effective interest method. The following tables summarize the components of the Royalty-Backed Loan in our condensed consolidated financial statements for the periods presented (in thousands): March 31, December 31, Condensed Consolidated Balance Sheets 2020 2019 Outstanding principal balance, current portion $ 7,456 $ 7,349 Unamortized debt discount, current portion (216 ) (232 ) Current portion of debt, net $ 7,240 $ 7,117 Outstanding principal balance, long-term portion $ 30,381 $ 32,170 Unamortized debt discount, long-term portion (215 ) (260 ) Long-term debt, net $ 30,166 $ 31,910 Three Months Ended March 31, Condensed Consolidated Statements of Operations 2020 2019 Interest expense $ 939 $ 1,077 Non-cash interest expense 61 71 Total interest expense included in interest (expense) income, net $ 1,000 $ 1,148 As of March 31, 2020, no |
Note 11 - Stockholders' Equity
Note 11 - Stockholders' Equity | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | Note 1 1 . Stockholders ’ Equity Common Stock and Preferred Stock We are authorized to issue 160.0 $0.0013, 20.0 $0.001. Shelf Registration In October 2018, no $250.0 $250.0 $75.0 one In addition, in October 2018 “2018 2018 may $75.0 2018 may ten |
Note 12 - Stock-based Compensat
Note 12 - Stock-based Compensation | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | Note 1 2 . Stock-Based Compensation Equity Incentive Plans We adopted the following stockholder-approved equity incentive plans: ● The 2005 “2005 11,450,000 2005 June 2018 2018 2005 2018 2005 ● The 2018 “2018 4,800,000 2018 March 27, 2028. The stock option plans provide that options may 100% may ten three five Stock Options The following table summarizes stock options activity for the three March 31, 2020 ( Weighted Weighted Average Number Average Remaining of Shares Exercise Price Contractual Life Outstanding at January 1, 2020 6,940 $ 6.35 6.09 Granted 1,233 $ 4.77 Cancelled (1,486 ) $ 6.54 Exercised (36 ) $ 4.52 Outstanding at March 31, 2020 6,651 $ 6.03 7.03 Exercisable at March 31, 2020 4,136 $ 6.61 5.65 Vested and expected to vest at March 31, 2020 5,822 $ 6.17 6.69 The weighted-average fair value of options granted during the three March 31, 2020 2019 $2.65 $2.87 The total intrinsic value (the excess of the market price over the exercise price) was zero March 31, 2020. three March 31, 2020 $6 No three March 31, 2019. Stock-Based Compensation Expense We account for stock-based awards issued to employees in accordance with the provisions of ASC 718 718, Compensation – Stock Compensation three five 718 505 50 50 505, Equity 718, We estimated the fair value of the stock options granted on the date of grant using a Black-Scholes valuation model that used the weighted-average assumptions noted in the following table. The risk-free interest rate assumption we use is based upon United States Treasury interest rates appropriate for the expected life of the awards. The expected life (estimated period of time that we expect employees, directors, and consultants to hold their stock options) was estimated based on historical rates for three zero not not The following table presents assumptions used in computing the fair value of option grants during the three March 31, 2020 2019. Three Months Ended March 31, 2020 2019 Risk-free interest rate 0.94% 2.62% Expected life (in years) 6.07 6.54 Expected volatility 61% 66% Expected dividend yield -- -- Stock-based compensation expense for the three March 31, 2020 2019 Three Months Ended March 31, 2020 2019 Research and development expenses $ 487 $ 450 Selling, general and administrative expenses 391 627 Total stock-based compensation expense $ 878 $ 1,077 At March 31, 2020, $4.8 2.8 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation Our unaudited condensed consolidated financial statements have been prepared in accordance with applicable presentation requirements, and accordingly, do not not Our unaudited condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto contained in our Annual Report on Form 10 December 31, 2019. not |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The condensed consolidated financial statements include the accounts of Progenics as well as its wholly-owned subsidiaries. All material intercompany transactions and balances have been eliminated in consolidation. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results may |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition We recognize revenue when our customers obtain control of the promised goods or services, in an amount that reflects the consideration which we expect to receive in exchange for those goods or services. To account for our revenue arrangements, we perform the following five For contracts determined to be within the scope of ASU 2014 09, Revenue from Contracts with Customers (Topic 606 2014 09” 606” not The transaction price is then determined and allocated to the identified performance obligations in proportion to their estimated fair value, which requires significant judgment. Variable consideration, which is estimated using the expected value method or the most likely amount method, is included in the transaction price only if, in our judgment, it is probable that a significant future reversal of cumulative revenue under the contract will not For arrangements that include development, regulatory or sales milestone payments, we evaluate whether the milestones are probable of being reached and estimate the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not not not We then recognize as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. The following table summarizes our revenue streams from contracts with customers for the three March 31, 2020 2019 Three months ended March 31, 2020 2019 Product sales $ 1,359 $ - Royalty income 4,789 4,161 License and other revenue 100 120 Total revenue $ 6,248 $ 4,281 P roduct sales 60 Royalty income License and o ther revenue not We had receivable contract balances of $6.2 $16.0 March 31, 2020 December 31, 2019, December 31, 2019 Note 5. |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restricted Cash Restricted cash included in long-term assets of $2.7 $3.0 March 31, 2020 December 31, 2019, 617 |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Translation Our international subsidiaries generally consider their respective local currency to be their functional currency. Assets and liabilities of these international subsidiaries are translated into U.S. dollars at quarter-end exchange rates and revenues and expenses are translated at average exchange rates during the quarter and year-to-date period. Foreign currency translation adjustments for the reported periods are included in accumulated other comprehensive loss in our condensed consolidated statements of comprehensive loss, and the cumulative effect is included in the stockholders’ equity section of our condensed consolidated balance sheets. Realized gains and losses denominated in foreign currencies are recorded in operating expenses in our condensed consolidated statements of operations and were not three March 31, 2020 2019. |
Lessee, Leases [Policy Text Block] | Leases We determine whether an arrangement is or contains a lease at its inception. We recognize lease liabilities based on the present value of the minimum lease payments not not may The operating lease liabilities are reported in other current liabilities and other noncurrent liabilities and the related ROU lease assets are reported in other noncurrent assets on our condensed consolidated balance sheets. Lease expense for our operating leases is calculated on a straight-line basis over the lease term and is reported in research and development and selling, general and administrative expenses on our condensed consolidated statements of operations. We do not twelve |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment is recorded at historical cost, net of accumulated depreciation and amortization of $4.3 $3.8 March 31, 2020 December 31, 2019, March 31, December 31, 2020 2019 Machinery and equipment $ 6,809 $ 5,204 Leasehold improvements 3,621 3,204 Computer equipment 710 691 Furniture and fixtures 908 908 Construction in progress 6,884 5,475 Property and equipment, gross 18,932 15,482 Less - accumulated depreciation (4,259 ) (3,794 ) Property and equipment, net $ 14,673 $ 11,688 |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three months ended March 31, 2020 2019 Product sales $ 1,359 $ - Royalty income 4,789 4,161 License and other revenue 100 120 Total revenue $ 6,248 $ 4,281 |
Property, Plant and Equipment [Table Text Block] | March 31, December 31, 2020 2019 Machinery and equipment $ 6,809 $ 5,204 Leasehold improvements 3,621 3,204 Computer equipment 710 691 Furniture and fixtures 908 908 Construction in progress 6,884 5,475 Property and equipment, gross 18,932 15,482 Less - accumulated depreciation (4,259 ) (3,794 ) Property and equipment, net $ 14,673 $ 11,688 |
Note 3 - Net Loss Per Share (Ta
Note 3 - Net Loss Per Share (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Weighted-Average Shares Net Loss Outstanding Per Share (Numerator) (Denominator) Amount Three months ended March 31, 2020 Basic and diluted $ (16,801 ) 86,582 $ (0.19 ) Three months ended March 31, 2019 Basic and diluted $ (18,735 ) 84,542 $ (0.22 ) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Three Months Ended March 31, 2020 2019 Stock options 6,597 6,522 Contingent consideration liability (1) 947 2,565 Total securities excluded 7,544 9,087 |
Note 4 - Fair Value Measureme_2
Note 4 - Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Fair Value Measurements at March 31, 2020 Quoted Prices in Significant Other Significant Markets for Observable Unobservable Balance at Identical Assets Inputs Inputs March 31, 2020 (Level 1) (Level 2) (Level 3) Assets: Money market funds $ 20,744 $ 20,744 $ - $ - Total assets $ 20,744 $ 20,744 $ - $ - Liabilities: Contingent consideration liability $ 3,600 $ - $ - $ 3,600 Total liabilities $ 3,600 $ - $ - $ 3,600 Fair Value Measurements at December 31, 2019 Quoted Prices in Active Significant Other Significant Balance at Markets for Observable Unobservable December 31, Identical Assets Inputs Inputs 2019 (Level 1) (Level 2) (Level 3) Assets: Money market funds $ 35,775 $ 35,775 $ - $ - Total assets $ 35,775 $ 35,775 $ - $ - Liabilities: Contingent consideration liability $ 3,900 $ - $ - $ 3,900 Total liabilities $ 3,900 $ - $ - $ 3,900 |
Schedule of Business Acquisitions by Acquisition, Contingent Consideration [Table Text Block] | Program Consideration Form of Payment 1095 5,000 Cash or Progenics common stock 1404 9,984 Cash or Progenics common stock or cash in the case of license revenue $ 14,984 Consideration Form of Payment at Progenics' Option $30 million $ 5,000 Cash or Progenics common stock $60 million 5,000 Cash or Progenics common stock $100 million 10,000 Cash or Progenics common stock $250 million 20,000 Cash or Progenics common stock $500 million 30,000 Cash or Progenics common stock $ 70,000 |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Table Text Block] | Fair Value at March 31, 2020 Valuation Technique Unobservable Input Assumption Contingent Consideration Liability: 1095 commercialization $ 400 Probability adjusted discounted Probability of success 18% cash flow model Period of expected milestone achievement 2027 Discount rate 10% 1404 commercialization 200 Probability adjusted discounted Probability of success 43% cash flow model Period of expected milestone achievement 2023 - 2035 Discount rate 10% Net sales targets 3,000 Monte-Carlo simulation Probability of success 18% - 90% Discount rate 10% Total $ 3,600 Fair Value at December 31, 2019 Valuation Technique Unobservable Input Assumption Contingent Consideration Liability: 1095 commercialization $ 500 Probability adjusted discounted Probability of success 18% cash flow model Period of expected milestone achievement 2026 Discount rate 10% 1404 commercialization 300 Probability adjusted discounted Probability of success 43% cash flow model Period of expected milestone achievement 2022 - 2035 Discount rate 10% Net sales targets 3,100 Monte-Carlo simulation Probability of success 18% - 90% Discount rate 10% Total $ 3,900 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Liability - Contingent Consideration Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Three Months Ended March 31, 2020 2019 Balance at beginning of period $ 3,900 $ 11,000 Fair value change included in net loss (300 ) 900 Balance at end of period $ 3,600 $ 11,900 Changes in unrealized gains or losses for the period included in earnings (or changes in net assets) for liabilities held at the end of the reporting period $ (300 ) $ 900 |
Note 5 - Accounts Receivable (T
Note 5 - Accounts Receivable (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | March 31, December 31, 2020 2019 Royalties $ 4,789 $ 4,304 Product sales, license and other 1,401 11,672 Accounts receivable, net $ 6,190 $ 15,976 |
Note 6 - Goodwill, In-process_2
Note 6 - Goodwill, In-process Research and Development and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | Other Intangible Goodwill IPR&D Assets Balance at January 1, 2020 $ 17,847 $ 600 $ 6,223 Amortization expense - - (276 ) Balance at March 31, 2020 $ 17,847 $ 600 $ 5,947 Other Intangible Goodwill IPR&D Assets Balance at January 1, 2019 $ 13,074 $ 600 $ 6,066 Increase related to Somerset acquisition $ 4,773 $ - $ 1,245 Amortization expense - - (260 ) Balance at March 31, 2019 $ 17,847 $ 600 $ 7,051 |
Components of Finite Lived Intangible Assets [Table Text Block] | Gross Amount Accumulated Amortization Net Carrying Value Intangible assets - AZEDRA product rights $ 4,900 $ 1,167 $ 3,733 Intangible assets - Somerset 1,245 223 1,022 Intangible assets - EXINI technology 2,120 928 1,192 Total $ 8,265 $ 2,318 $ 5,947 |
Note 7 - Accrued Expenses (Tabl
Note 7 - Accrued Expenses (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | March 31, December 31, 2020 2019 Accrued legal and professional fees $ 1,783 $ 1,889 Accrued payroll and related costs 1,241 2,795 Accrued contract manufacturing costs 1,906 5,114 Accrued clinical trial costs 1,805 1,489 Accrued consulting costs 554 1,117 Other 1,094 699 Accrued expenses $ 8,383 $ 13,103 |
Note 9 - Operating Leases (Tabl
Note 9 - Operating Leases (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Lease, Cost [Table Text Block] | March 31, December 31, Operating leases 2020 2019 Operating ROU lease assets, noncurrent $ 13,279 $ 13,493 Operating lease liabilities, current 616 599 Operating lease liabilities, noncurrent 14,832 15,005 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | 2020 (excluding the three months ending March 31, 2020) $ 1,524 2021 2,069 2022 2,213 2023 2,255 2024 2,297 Thereafter 14,510 Total future minimum lease payments 24,868 Less imputed interest (9,420 ) Total lease liabilities $ 15,448 |
Note 10 - Non-recourse Long-t_2
Note 10 - Non-recourse Long-term Debt, Net (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | March 31, December 31, Condensed Consolidated Balance Sheets 2020 2019 Outstanding principal balance, current portion $ 7,456 $ 7,349 Unamortized debt discount, current portion (216 ) (232 ) Current portion of debt, net $ 7,240 $ 7,117 Outstanding principal balance, long-term portion $ 30,381 $ 32,170 Unamortized debt discount, long-term portion (215 ) (260 ) Long-term debt, net $ 30,166 $ 31,910 Three Months Ended March 31, Condensed Consolidated Statements of Operations 2020 2019 Interest expense $ 939 $ 1,077 Non-cash interest expense 61 71 Total interest expense included in interest (expense) income, net $ 1,000 $ 1,148 |
Note 12 - Stock-based Compens_2
Note 12 - Stock-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Weighted Weighted Average Number Average Remaining of Shares Exercise Price Contractual Life Outstanding at January 1, 2020 6,940 $ 6.35 6.09 Granted 1,233 $ 4.77 Cancelled (1,486 ) $ 6.54 Exercised (36 ) $ 4.52 Outstanding at March 31, 2020 6,651 $ 6.03 7.03 Exercisable at March 31, 2020 4,136 $ 6.61 5.65 Vested and expected to vest at March 31, 2020 5,822 $ 6.17 6.69 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Three Months Ended March 31, 2020 2019 Risk-free interest rate 0.94% 2.62% Expected life (in years) 6.07 6.54 Expected volatility 61% 66% Expected dividend yield -- -- |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended March 31, 2020 2019 Research and development expenses $ 487 $ 450 Selling, general and administrative expenses 391 627 Total stock-based compensation expense $ 878 $ 1,077 |
Note 1 - Summary of Significa_3
Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||||||
Mar. 31, 2020 | Mar. 31, 2019 | Apr. 14, 2020 | Feb. 20, 2020 | Dec. 31, 2019 | Oct. 01, 2019 | Dec. 31, 2018 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 6,248 | $ 4,281 | |||||
Retained Earnings (Accumulated Deficit), Ending Balance | (694,561) | $ (677,760) | |||||
Cash and Cash Equivalents, at Carrying Value, Ending Balance | 29,531 | 109,587 | 42,049 | $ 137,686 | |||
Cash and Cash Equivalents, Period Increase (Decrease), Total | (12,500) | ||||||
Accounts Receivable, after Allowance for Credit Loss, Current, Total | 6,190 | 15,976 | |||||
Restricted Cash and Cash Equivalents, Noncurrent, Total | 2,653 | 1,540 | 3,016 | $ 1,534 | |||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment, Ending Balance | 4,259 | $ 3,794 | |||||
Bridge Loan [Member] | |||||||
Debt Agreement, Maximum Borrowing Capacity | $ 10,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.50% | ||||||
Product [Member] | |||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 1,359 | ||||||
Pending Merger with Lantheus Holdings, Inc [Member] | |||||||
Conversion of Stock, Shares Converted per Common Stock Issued and Outstanding (in shares) | 0.31 | 0.2502 | |||||
Business Combination, Maximum Consideration Paid, Percentage of Total Consideration Received | 19.90% | ||||||
Ownership Percentage After Merger | 40.00% | 35.00% | |||||
Pending Merger with Lantheus Holdings, Inc [Member] | Velan Stockholders [Member] | Subsequent Event [Member] | |||||||
Liabilities from Reimbursement for Expenses with Stockholders Involvement | $ 1,300 |
Note 1 - Summary of Significa_4
Note 1 - Summary of Significant Accounting Policies - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenue | $ 6,248 | $ 4,281 |
AZEDRA Product Sales [Member | ||
Revenue | 1,359 | |
Royalty [Member] | ||
Revenue | 4,789 | 4,161 |
License and Other [Member] | ||
Revenue | $ 100 | $ 120 |
Note 1 - Summary of Significa_5
Note 1 - Summary of Significant Accounting Policies - Property and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Property and equipment, gross | $ 18,932 | $ 15,482 |
Less - accumulated depreciation | (4,259) | (3,794) |
Property and equipment, net | 14,673 | 11,688 |
Machinery and Equipment [Member] | ||
Property and equipment, gross | 6,809 | 5,204 |
Leasehold Improvements [Member] | ||
Property and equipment, gross | 3,621 | 3,204 |
Computer Equipment [Member] | ||
Property and equipment, gross | 710 | 691 |
Furniture and Fixtures [Member] | ||
Property and equipment, gross | 908 | 908 |
Construction in Progress [Member] | ||
Property and equipment, gross | $ 6,884 | $ 5,475 |
Note 3 - Net Loss Per Share - C
Note 3 - Net Loss Per Share - Calculations of Net Loss Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Basic and diluted, net loss attributable to Progenics | $ (16,801) | $ (18,735) |
Basic and diluted, weighted average shares outstanding (in shares) | 86,582 | 84,542 |
Basic and diluted, per share amount (in dollars per share) | $ (0.19) | $ (0.22) |
Note 3 - Net Loss Per Share -_2
Note 3 - Net Loss Per Share - Common Shares Excluded from Calculation of Diluted Net Loss Per Share (Details) - shares shares in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Antidilutive securities (in shares) | 7,544 | 9,087 | |
Share-based Payment Arrangement, Option [Member] | |||
Antidilutive securities (in shares) | 6,597 | 6,522 | |
Contingent Consideration Liability [Member] | |||
Antidilutive securities (in shares) | [1] | 947 | 2,565 |
[1] | Calculated as follows: (a) the contingent consideration liability balance divided by (b) the closing stock price of our common stock. |
Note 4 - Fair Value Measureme_3
Note 4 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Business Combination, Contingent Consideration, Liability, Total | $ 3,600 | $ 3,900 | |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | (300) | $ 900 | |
AZERDA Commercial Sale Milestone [Member] | |||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ 300 |
Note 4 - Fair Value Measureme_4
Note 4 - Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Money market funds | $ 20,744 | $ 35,775 |
Total assets | 20,744 | 35,775 |
Contingent consideration liability | 3,600 | 3,900 |
Total liabilities | 3,600 | 3,900 |
Money market funds | 20,744 | 35,775 |
Total assets | 20,744 | 35,775 |
Fair value | 3,600 | 3,900 |
Total liabilities | 3,600 | 3,900 |
Fair Value, Inputs, Level 1 [Member] | ||
Money market funds | 20,744 | 35,775 |
Total assets | 20,744 | 35,775 |
Contingent consideration liability | ||
Total liabilities | ||
Money market funds | 20,744 | 35,775 |
Total assets | 20,744 | 35,775 |
Fair value | ||
Total liabilities | ||
Fair Value, Inputs, Level 2 [Member] | ||
Money market funds | ||
Total assets | ||
Contingent consideration liability | ||
Total liabilities | ||
Money market funds | ||
Total assets | ||
Fair value | ||
Total liabilities | ||
Fair Value, Inputs, Level 3 [Member] | ||
Money market funds | ||
Total assets | ||
Contingent consideration liability | 3,600 | 3,900 |
Total liabilities | 3,600 | 3,900 |
Money market funds | ||
Total assets | ||
Fair value | 3,600 | 3,900 |
Total liabilities | $ 3,600 | $ 3,900 |
Note 4 - Fair Value Measureme_5
Note 4 - Fair Value Measurements - Contingent Consideration Liabilities (Details) $ in Thousands | Mar. 31, 2020USD ($) |
Molecular Insight Pharmaceuticals, Inc. [Member] | Milestone Payment upon First Commercial Sale [Member] | |
Contingent Consideration | $ 14,984 |
Molecular Insight Pharmaceuticals, Inc. [Member] | Milestone Payment upon Achievement of All Levels of Net Sales [Member] | |
Contingent Consideration | 70,000 |
Molecular Insight Pharmaceuticals, Inc. [Member] | Milestone Payment upon Achievement of Net Sales Level 2 [Member] | |
Contingent Consideration | 5,000 |
Molecular Insight Pharmaceuticals, Inc. [Member] | Milestone Payment upon Achievement of Net Sales Level 3 [Member] | |
Contingent Consideration | 10,000 |
Molecular Insight Pharmaceuticals, Inc. [Member] | Milestone Payment upon Achievement of Net Sales Level 4 [Member] | |
Contingent Consideration | 20,000 |
Molecular Insight Pharmaceuticals, Inc. [Member] | Milestone Payment upon Achievement of Net Sales Level 5 [Member] | |
Contingent Consideration | 30,000 |
Milestone Payment upon Achievement of Net Sales Level 1 [Member] | Milestone Payment upon Achievement of All Levels of Net Sales [Member] | |
Contingent Consideration | 5,000 |
The 1095 Program[Member] | Molecular Insight Pharmaceuticals, Inc. [Member] | Milestone Payment upon First Commercial Sale [Member] | |
Contingent Consideration | 5,000 |
The 1404 Program [Member] | Molecular Insight Pharmaceuticals, Inc. [Member] | Milestone Payment upon First Commercial Sale [Member] | |
Contingent Consideration | $ 9,984 |
Note 4 - Fair Value Measureme_6
Note 4 - Fair Value Measurements - Quantitative Information for Fair Value Measurement of Level 3 (Details) $ in Millions | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Fair value | $ 3.6 | $ 3.9 |
MIP-1095 Commercialization [Member] | ||
Fair value | $ 0.4 | $ 0.5 |
MIP-1095 Commercialization [Member] | Measurement Input, Probability of Success [Member] | ||
Measurement input | 0.18 | 0.18 |
MIP-1095 Commercialization [Member] | Measurement Input, Period of Expected Milestone Achievement [Member] | ||
Measurement input | 2,027 | 2,026 |
MIP-1095 Commercialization [Member] | Measurement Input, Discount Rate [Member] | ||
Measurement input | 0.1 | 0.1 |
The 1404 Commercialization [Member] | ||
Fair value | $ 0.2 | $ 0.3 |
The 1404 Commercialization [Member] | Measurement Input, Probability of Success [Member] | ||
Measurement input | 0.43 | 0.43 |
The 1404 Commercialization [Member] | Measurement Input, Period of Expected Milestone Achievement [Member] | Minimum [Member] | ||
Measurement input | 2,023 | 2,022 |
The 1404 Commercialization [Member] | Measurement Input, Period of Expected Milestone Achievement [Member] | Maximum [Member] | ||
Measurement input | 2,035 | 2,035 |
The 1404 Commercialization [Member] | Measurement Input, Discount Rate [Member] | ||
Measurement input | 0.1 | 0.1 |
Net sales targets [Member] | ||
Fair value | $ 3 | $ 3.1 |
Net sales targets [Member] | Measurement Input, Probability of Success [Member] | Minimum [Member] | ||
Measurement input | 0.18 | 0.18 |
Net sales targets [Member] | Measurement Input, Probability of Success [Member] | Maximum [Member] | ||
Measurement input | 0.9 | 0.9 |
Net sales targets [Member] | Measurement Input, Discount Rate [Member] | ||
Measurement input | 0.1 | 0.1 |
Note 4 - Fair Value Measureme_7
Note 4 - Fair Value Measurements - Summary of Activities in Financial Instruments With Level 3 Inputs (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Balance | $ 3.9 | $ 11 |
Fair value change included in net loss | (0.3) | 0.9 |
Balance | 3.6 | 11.9 |
Changes in unrealized gains or losses for the period included in earnings (or changes in net assets) for liabilities held at the end of the reporting period | $ (0.3) | $ 0.9 |
Note 5 - Accounts Receivable -
Note 5 - Accounts Receivable - Summary of Accounts Receivable (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Accounts receivable, net | $ 6,190 | $ 15,976 |
Royalties [Member] | ||
Accounts receivable, net | 4,789 | 4,304 |
Product Sales, License and Other [Member] | ||
Accounts receivable, net | $ 1,401 | $ 11,672 |
Note 6 - Goodwill, In-process_3
Note 6 - Goodwill, In-process Research and Development and Other Intangible Assets (Details Textual) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | |
Number of Reporting Units | 1 | |
Goodwill, Impairment Loss | $ 0 | $ 0 |
Note 6 - Goodwill, In-process_4
Note 6 - Goodwill, In-process Research and Development and Other Intangible Assets - Summary of Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Balance, Goodwill | $ 17,847 | $ 13,074 |
Amortization expense | ||
Balance, Goodwill | 17,847 | 17,847 |
Balance, Finite-lived Intangible Assets | 5,947 | |
Increase related to Somerset acquisition | 4,773 | |
In Process Research and Development [Member] | ||
Balance, Finite-lived Intangible Assets | 600 | 600 |
Amortization expense, Finite-lived Intangible Assets | ||
Balance, Finite-lived Intangible Assets | 600 | 600 |
Increase related to Somerset acquisition | ||
Other Intangible Assets [Member] | ||
Balance, Finite-lived Intangible Assets | 6,223 | 6,066 |
Amortization expense, Finite-lived Intangible Assets | (276) | (260) |
Balance, Finite-lived Intangible Assets | $ 5,947 | 7,051 |
Increase related to Somerset acquisition | $ 1,245 |
Note 6 - Goodwill, In-process_5
Note 6 - Goodwill, In-process Research and Development and Other Intangible Assets - Components of Finite-lived Intangible Assets (Details) $ in Thousands | Mar. 31, 2020USD ($) |
Gross amount | $ 8,265 |
Accumulated amortization | 2,318 |
Net carrying value | 5,947 |
AZEDRA Product Rights [Member] | |
Gross amount | 4,900 |
Accumulated amortization | 1,167 |
Net carrying value | 3,733 |
Somerset [Member] | |
Gross amount | 1,245 |
Accumulated amortization | 223 |
Net carrying value | 1,022 |
EXINI Technology [Member] | |
Gross amount | 2,120 |
Accumulated amortization | 928 |
Net carrying value | $ 1,192 |
Note 7 - Accrued Expenses - Sum
Note 7 - Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Accrued legal and professional fees | $ 1,783 | $ 1,889 |
Accrued payroll and related costs | 1,241 | 2,795 |
Accrued contract manufacturing costs | 1,906 | 5,114 |
Accrued clinical trial costs | 1,805 | 1,489 |
Accrued consulting costs | 554 | 1,117 |
Other | 1,094 | 699 |
Accrued expenses | $ 8,383 | $ 13,103 |
Note 8 - Commitments and Cont_2
Note 8 - Commitments and Contingencies (Details Textual) | Mar. 04, 2020USD ($) | Feb. 27, 2019EUR (€) |
Deposit With Court as Security [Member] | Pending Litigation [Member] | ||
Estimated Litigation Liability | € | € 416,000 | |
Patrick Fabbio [Member] | ||
Expected Payment for Consulting Services Upon Consummation of Proposed Merger | $ | $ 180,000 |
Note 9 - Operating Leases (Deta
Note 9 - Operating Leases (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Operating Lease, Weighted Average Discount Rate, Percent | 9.50% | |
Operating Lease, Expense | $ 0.6 | $ 0.5 |
Lessee, Operating Lease, Renewal Term (Year) | 5 years | |
Operating Lease, Payments | $ 0.5 | $ 0.5 |
Minimum [Member] | ||
Lessee, Operating Lease, Remaining Lease Term (Year) | 1 year | |
Maximum [Member] | ||
Lessee, Operating Lease, Remaining Lease Term (Year) | 10 years 182 days |
Note 9 - Operating Leases - Lea
Note 9 - Operating Leases - Lease Information (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Operating ROU lease assets, noncurrent | $ 13,279 | $ 13,493 |
Operating lease liabilities, current | 616 | 599 |
Operating lease liabilities, noncurrent | $ 14,832 | $ 15,005 |
Note 9 - Operating Leases - Fut
Note 9 - Operating Leases - Future Lease Payments (Details) $ in Thousands | Mar. 31, 2020USD ($) |
2020 (excluding the three months ending March 31, 2020) | $ 1,524 |
2021 | 2,069 |
2022 | 2,213 |
2023 | 2,255 |
2024 | 2,297 |
Thereafter | 14,510 |
Total future minimum lease payments | 24,868 |
Less imputed interest | (9,420) |
Total lease liabilities | $ 15,448 |
Note 10 - Non-recourse Long-t_3
Note 10 - Non-recourse Long-term Debt, Net (Details Textual) - Royalty-backed Loan [Member] - USD ($) $ in Millions | Nov. 04, 2016 | Mar. 31, 2020 |
Proceeds from Issuance of Long-term Debt, Total | $ 50 | |
Debt Instrument, Interest Rate, Stated Percentage | 9.50% | |
Percentage of Royalty Payments in Excess of Accrued Loan Interest to be Applied to Principal | 50.00% |
Note 10 - Non-recourse Long-t_4
Note 10 - Non-recourse Long-term Debt, Net - Summary of Royalty-backed Loan (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Current portion of debt, net | $ 7,240 | $ 7,117 | |
Long-term debt, net | 30,166 | 31,910 | |
Royalty-backed Loan [Member] | |||
Outstanding principal balance, current portion | 7,456 | 7,349 | |
Unamortized debt discount, current portion | (216) | (232) | |
Current portion of debt, net | 7,240 | 7,117 | |
Outstanding principal balance, long-term portion | 30,381 | 32,170 | |
Unamortized debt discount, long-term portion | (215) | (260) | |
Long-term debt, net | 30,166 | $ 31,910 | |
Interest expense | 939 | $ 1,077 | |
Non-cash interest expense | 61 | 71 | |
Total interest expense included in interest (expense) income, net | $ 1,000 | $ 1,148 |
Note 11 - Stockholders' Equity
Note 11 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 1 Months Ended | ||
Oct. 31, 2018 | Mar. 31, 2020 | Dec. 31, 2019 | |
Common Stock, Shares Authorized (in shares) | 160,000 | 160,000 | |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.0013 | $ 0.0013 | |
Preferred Stock, Shares Authorized (in shares) | 20,000 | 20,000 | |
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | $ 0.001 | |
Replacement Shelf Registration | $ 250 | ||
Common Stock Sales Agreement with Agent, Maximum Aggregate Offering Price | $ 75 |
Note 12 - Stock-based Compens_3
Note 12 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 2.65 | $ 2.87 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 6 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares) | 36,000 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | 0.00% |
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 4,800 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 292 days | |
Share-based Payment Arrangement, Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | |
Share-based Payment Arrangement, Option [Member] | Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | |
Share-based Payment Arrangement, Option [Member] | Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 5 years | |
The 2005 Stock Incentive Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 11,450,000 | |
The 2018 Stock Incentive Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 4,800,000 |
Note 12 - Stock-based Compens_4
Note 12 - Stock-based Compensation - Summary of Option Activity Under the Plans (Details) - $ / shares | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Outstanding, shares (in shares) | 6,940,000 | ||
Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 6.35 | ||
Outstanding, Weighted Average Remaining Contractual Life (Year) | 7 years 10 days | 6 years 32 days | |
Granted, shares (in shares) | 1,233,000 | ||
Granted, Weighted Average Exercise Price (in dollars per share) | $ 4.77 | ||
Cancelled, shares (in shares) | (1,486,000) | ||
Cancelled, Weighted Average Exercise Price (in dollars per share) | $ 6.54 | ||
Exercised, shares (in shares) | (36,000) | 0 | |
Exercised, Weighted Average Exercise Price (in dollars per share) | $ 4.52 | ||
Outstanding, shares (in shares) | 6,651,000 | 6,940,000 | |
Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 6.03 | $ 6.35 | |
Exercisable, shares (in shares) | 4,136,000 | ||
Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 6.61 | ||
Exercisable, Weighted Average Remaining Contractual Life (Year) | 5 years 237 days | ||
Vested and expected to vest, shares (in shares) | 5,822,000 | ||
Vested and expected to vest, Weighted Average Exercise Price (in dollars per share) | $ 6.17 | ||
Vested and expected to vest, Weighted Average Remaining Contractual Life (Year) | 6 years 251 days |
Note 12 - Stock-based Compens_5
Note 12 - Stock-based Compensation - Assumptions Used in Computing the Fair Value of Option Grants (Details) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Risk-free interest rate | 0.94% | 2.62% |
Expected life (in years) (Year) | 6 years 25 days | 6 years 197 days |
Expected volatility | 61.00% | 66.00% |
Expected dividend yield | 0.00% | 0.00% |
Note 12 - Stock-based Compens_6
Note 12 - Stock-based Compensation - Allocation of Recognized Period Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Total compensation expense recognized | $ 878 | $ 1,077 |
Research and Development Expense [Member] | ||
Total compensation expense recognized | 487 | 450 |
Selling, General and Administrative Expenses [Member] | ||
Total compensation expense recognized | $ 391 | $ 627 |