Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | May 14, 2024 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000882361 | |
Entity Registrant Name | APTOSE BIOSCIENCES INC. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2024 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
Securities Act File Number | 1-32001 | |
Entity Incorporation, State or Country Code | Z4 | |
Entity Tax Identification Number | 98-1136802 | |
Entity Address, Address Line One | 251 Consumers Road, Suite 1105 | |
Entity Address, City or Town | Toronto | |
Entity Address, State or Province | ON | |
Entity Address, Postal Zip Code | M2J 4R3 | |
City Area Code | 647 | |
Local Phone Number | 479-9828 | |
Title of 12(b) Security | Common Shares, no par value | |
Trading Symbol | APTO | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 16,309,393 |
Condensed Consolidated Interim
Condensed Consolidated Interim Statements of Financial Position (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 7,346 | $ 9,252 |
Investments | 1,982 | |
Prepaid expenses | 1,819 | 2,042 |
Other current assets | 674 | 600 |
Total current assets | 11,821 | 11,894 |
Non-current assets: | ||
Property and equipment | 125 | 152 |
Right-of-use assets, operating leases | 850 | 943 |
Total non-current assets | 975 | 1,095 |
Total assets | 12,796 | 12,989 |
Current liabilities: | ||
Accounts payable to related parties | 2,554 | |
Accounts payable | 2,421 | 3,492 |
Accrued liabilities | 9,319 | 8,829 |
Current portion of lease liability, operating leases | 399 | 394 |
Total current liabilities | 12,139 | 15,269 |
Non-current liabilities: | ||
Lease liability, operating leases | 520 | 621 |
Total liabilities | 12,659 | 15,890 |
Shareholders' equity: | ||
Common shares, no par value, unlimited authorized shares, 15,717,701 and 7,942,363 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively | 450,485 | 444,806 |
Additional paid-in capital | 79,146 | 72,146 |
Accumulated other comprehensive loss | (4,317) | (4,316) |
Deficit | (525,177) | (515,537) |
Total shareholders’ equity | 137 | (2,901) |
Total liabilities and shareholders’ equity | $ 12,796 | $ 12,989 |
Condensed Consolidated Interi_2
Condensed Consolidated Interim Statements of Financial Position (Current Period Unaudited) (Parentheticals) - $ / shares | Mar. 31, 2024 | Dec. 31, 2023 |
Common Stock, No Par Value | $ 0 | $ 0 |
Common Stock, Share issued | 15,717,701 | 7,942,363 |
Common Stock, Shares Outstanding | 15,717,701 | 7,942,363 |
Condensed Consolidated Interi_3
Condensed Consolidated Interim Statements of Loss and Comprehensive Loss (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenue | $ 0 | $ 0 |
Expenses: | ||
Research and development | 6,445 | 8,811 |
General and administrative | 3,315 | 5,285 |
Operating expenses | 9,760 | 14,096 |
Other income/(expense): | ||
Interest income | 121 | 422 |
Foreign exchange loss | (1) | (2) |
Total other income | 120 | 420 |
Net loss | (9,640) | (13,676) |
Other comprehensive loss: | ||
Unrealized (loss) gain on available-for-sale securities | (1) | 4 |
Total comprehensive loss | $ (9,641) | $ (13,672) |
Basic loss per common share (in dollars per share) | $ (0.73) | $ (2.22) |
Diluted loss per common share (in dollars per share) | $ (0.73) | $ (2.22) |
Weighted average number of common shares outstanding (in thousands) used in the calculation of basic loss per common share (in shares) | 13,133 | 6,171 |
Weighted average number of common shares outstanding used in the calculation of diluted loss per common share ( in shares) | 13,133 | 6,171 |
Condensed Consolidated Interi_4
Condensed Consolidated Interim Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | The 2022 ATM Offering [Member] | The 2022 ATM Offering [Member] Common Stock [Member] | 2023 Committed Equity Facility [Member] Common Stock [Member] |
Balance (in shares) at Dec. 31, 2022 | 6,158,000 | |||||||
Balance at Dec. 31, 2022 | $ 37,741 | $ 437,520 | $ 68,869 | $ (4,318) | $ (464,330) | |||
Common shares issued in exchange for RSUs (in shares) | 38,000 | |||||||
Common shares issued in exchange for RSUs | $ 376 | (376) | ||||||
Common shares issued under 2022 ATM/ 2023 Committed Equity Facility (in shares) | 3,095 | 3,000 | ||||||
Common shares issued under 2022 ATM/ 2023 Committed Equity Facility | $ 34 | $ 34 | ||||||
Common shares issued under the ESPP plan (in shares) | 1,438 | 1,000 | ||||||
Common shares issued under the ESPP plan | $ 16 | $ 16 | ||||||
Stock-based compensation | 1,874 | 1,874 | ||||||
Other comprehensive gain (loss) | 4 | 4 | ||||||
Net loss | (13,676) | (13,676) | ||||||
Balance (in shares) at Mar. 31, 2023 | 6,200,000 | |||||||
Balance at Mar. 31, 2023 | 25,993 | $ 437,946 | 70,367 | (4,314) | (478,006) | |||
Balance (in shares) at Dec. 31, 2022 | 6,158,000 | |||||||
Balance at Dec. 31, 2022 | 37,741 | $ 437,520 | 68,869 | (4,318) | (464,330) | |||
Balance (in shares) at Dec. 31, 2023 | 7,942,000 | |||||||
Balance at Dec. 31, 2023 | (2,901) | $ 444,806 | 72,146 | (4,316) | (515,537) | |||
Common shares and warrants issued under the Hanmi Subscription Agreement (in shares) | 2,105,000 | |||||||
Common shares and warrants issued under the Hanmi Subscription Agreement | 3,702 | $ 2,043 | 1,659 | |||||
Common shares and warrants issued in S-1 financing (in shares) | 5,649,000 | |||||||
Common shares and warrants issued in S-1 financing | 8,127 | $ 3,595 | 4,532 | |||||
Common shares issued under 2022 ATM/ 2023 Committed Equity Facility (in shares) | 10,000 | |||||||
Common shares issued under 2022 ATM/ 2023 Committed Equity Facility | $ 23 | $ 23 | ||||||
Common shares issued under the ESPP plan (in shares) | 10,891 | 11,000 | ||||||
Common shares issued under the ESPP plan | $ 18 | $ 18 | ||||||
Stock-based compensation | 809 | 809 | ||||||
Other comprehensive gain (loss) | (1) | (1) | ||||||
Net loss | (9,640) | (9,640) | ||||||
Balance (in shares) at Mar. 31, 2024 | 15,717,000 | |||||||
Balance at Mar. 31, 2024 | $ 137 | $ 450,485 | $ 79,146 | $ (4,317) | $ (525,177) |
Condensed Consolidated Interi_5
Condensed Consolidated Interim Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | 16 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Mar. 31, 2024 | |
Cash flows used in operating activities: | ||||
Net loss | $ (9,640) | $ (13,676) | ||
Items not involving cash: | ||||
Stock-based compensation | 809 | 1,874 | ||
Depreciation and amortization | 16 | 28 | ||
Loss on disposal of property and equipment | 10 | 0 | ||
Amortization of right-of-use assets | 93 | 103 | ||
Interest on lease liabilities | 19 | 25 | ||
Unrealized (gain)/loss on short-term investment | (1) | (4) | ||
Accrued interest on investments | 9 | (5) | ||
Changes in non-cash operating assets and liabilities: | ||||
Prepaid expenses | 246 | 256 | ||
Other current assets | (74) | 95 | ||
Operating lease liabilities | (115) | (128) | ||
Accounts payable to related parties | (2,554) | 0 | ||
Accounts payable | (1,071) | (807) | ||
Accrued liabilities | 490 | 937 | ||
Cash used in operating activities | (11,763) | (11,302) | ||
Cash flows from financing activities: | ||||
Issuance of common shares under the S-1 Filing | 8,127 | 0 | ||
Shares issuances to Hanmi under subscription agreement | 3,702 | 0 | ||
Issuance of common shares under the ESPP plan | 18 | 16 | ||
Cash from financing activities | 11,847 | 50 | ||
Cash flows from/(used in) investing activities: | ||||
Disposal of property and equipment, net of purchases | 1 | 0 | ||
Maturity (acquisition) of investments, net | (1,992) | (2,960) | ||
Cash used in investing activities | (1,991) | (2,960) | ||
Effect of exchange rate fluctuations on cash and cash equivalents | 1 | 4 | ||
Decrease in cash and cash equivalents | (1,906) | (14,208) | ||
Cash and cash equivalents, beginning of period | 9,252 | 36,970 | $ 36,970 | |
Cash and cash equivalents, end of period | 7,346 | 22,762 | $ 9,252 | $ 7,346 |
The 2022 ATM Offering [Member] | ||||
Cash flows from financing activities: | ||||
Issuance of common shares | $ 0 | $ 34 | $ 1,900 |
Note 1 - Reporting Entity
Note 1 - Reporting Entity | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Reporting entity | 1. Reporting entity: Aptose Biosciences Inc. (“Aptose,” “the Company,” “we,” “us,” or “our”) is a science-driven, clinical-stage biotechnology company committed to the development and commercialization of precision medicines addressing unmet clinical needs in oncology, with an initial focus on hematology. The Company's small molecule cancer therapeutics pipeline includes products designed to provide single agent efficacy and to enhance the efficacy of other anti-cancer therapies and regimens without overlapping toxicities. The Company’s executive offices are located in San Diego, California, and our head office is located in Toronto, Canada. We are advancing targeted agents to treat life-threatening hematologic cancers that, in most cases, are not elective for patients and require immediate treatment. We have two clinical-stage investigational products for hematological malignancies: tuspetinib, an oral, potent myeloid kinase inhibitor, and luxeptinib, an oral, dual lymphoid and myeloid kinase inhibitor. Since our inception, we have financed our operations and technology acquisitions primarily from equity financing, proceeds from the exercise of warrants and stock options, and interest income on funds held for future investment. Our uses of cash for operating activities have primarily consisted of salaries and wages for our employees, facility and facility-related costs for our offices and laboratories, fees paid in connection with preclinical and clinical studies, licensing fees, drug manufacturing costs, laboratory supplies and materials, and professional fees. Management recognizes that in order for us to meet our capital requirements, and continue to operate, additional financing will be necessary. We plan to raise additional funds to fund our business operations but there is no assurance that such additional funds will be available for us to finance our operations on acceptable terms, if at all. The Company's current cash, cash equivalents and investments will enable the support of operations through August 2024. These conditions raise substantial doubt about the Company’s ability to continue as a going concern, see Note 2(a). The financial statements do not include any adjustments that might result from the outcome of this uncertainty. Our ability to raise additional funds could be affected by adverse market conditions, the status of our product pipeline, possible delays in enrollment in our trial, and various other factors and we may be unable to raise capital when needed, or on terms favorable to us. If necessary funds are not available, we may have to delay, reduce the scope of, or eliminate some of our development programs, potentially delaying the time to market for any of our product candidates. We do not expect to generate positive cash flow from operations for the foreseeable future due to the early stage of our clinical trials. It is expected that negative cash flow will continue until such time, if ever, that we receive regulatory approval to commercialize any of our products under development and/or royalty or milestone revenue from any such products exceeds expenses. Our cash needs for the next twelve months include estimates of the number of patients and rate of enrollment of our clinical trials, the amount of drug product that we will require to support our clinical trials, and our general corporate overhead costs to support our operations, and our reliance on our manufacturers. We have based these estimates on assumptions and plans which may change and which could impact the magnitude and/or timing of operating expenses and our cash runway, See Note 2(a). The Company's financial statements are prepared using generally accepted accounting principles in the United States of America applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. As of March 31, 2024, the Company had positive shareholder's equity of $ 0.1 million (December 31, 2023 negative shareholder's equity of $ 2.9 million); an accumulated deficit of approximately $ 525.2 million (December 31, 2023, $ 515.5 million); cash and cash equivalents and investment balances of approximately $ 9.3 million (December 31, 2023, $ 9.3 million); and negative working capital of approximately $ 0.3 million (December 31, 2023, negative working capital of $ 3.4 million). Management recognizes that in order to meet the capital requirements, and continue to operate, additional financing will be necessary. The Company plans to raise additional funds to fund our business operations through equity financing under the 2022 ATM Facility and other financing activities, as further described in Note 11 and Note 13. Management continues considering other options for raising capital including debt, equity, collaborations, and reorganization to reduce operational expenses. However, given the impact of the financial markets and the matter in Note 13, Subsequent events, that may impact the Company's ability to raise financing in the capital markets, the Company may be unable to access financing when needed. As such, there can be no assurance that the Company will be able to obtain additional liquidity when needed or under acceptable terms, if at all. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. For information about financing events and the regulatory matter that may impact the Company's ability to raise financing in the capital markets which arose subsequent to March 31, 2024, see Note 13, Subsequent events. On May 23, 2023, during the Aptose Annual and Special Meeting of Shareholders, our shareholders voted to approve special resolutions providing for an amendment to our articles of incorporation to effect a reverse share split of our outstanding Common Shares, at a ratio in the range of 1-for-10 to 1-for-20. Our Board of Directors then approved a ratio of 1-for-15 on May 23, 2023. On May 24, 2023, we filed articles of amendment under the Canada Business Corporations Act ("CBCA") to give effect to the reverse stock split (consolidation) of our Common Shares on the basis of one post-consolidation Common Share for each 15 pre-consolidation Common Shares (the “Reverse Stock Split”). The Common Shares commenced trading on a post-Reverse Stock Split basis at market open on Tuesday, June 6, 2023. All references in this report to historical Common Share prices, numbers of Common Shares, and earnings per share calculations have been presented to reflect the effect of the Reverse Stock Split. |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Significant accounting policies | 2. Significant accounting policies: a. Basis of presentation - Going concern These unaudited condensed consolidated interim financial statements have been prepared in conformity with generally accepted accounting principles in the United States, or GAAP and the rules and regulations of the Securities and Exchange Commission, or SEC, related to quarterly reports filed on Form 10-Q, assuming the Company will continue as a going concern. The going concern assumption contemplates the realization of assets and satisfaction of liabilities in the normal course of business. However, substantial doubt about the Company's ability to continue as a going concern exists. As of March 31, 2024, the Company had positive shareholder's equity of $ 0.1 million (December 31, 2023 negative shareholder's equity of $ 2.9 million); an accumulated deficit of approximately $ 525.2 million (December 31, 2023, $ 515.5 million); cash and cash equivalents and investment balances of approximately $ 9.3 million (December 31, 2023, $ 9.3 million); and negative working capital of approximately $ 0.3 million (December 31, 2023, negative working capital of $ 3.4 million). Management recognizes that in order to meet the capital requirements, and continue to operate, additional financing will be necessary. The Company is evaluating strategies to obtain the required additional funding for future operations. These strategies may include, but are not limited to, obtaining equity financing, debt financing, committed equity facilities or other financing instruments and restructuring of operations to decrease expenses. However, given the impact of the financial markets and the matter in Note 13, Subsequent events, the Company may be unable to access further equity when needed. As the Company is primarily pursuing one compound that is licensed from a related party with significant licensing payments who will have influence on the Company, other investors may not be willing to invest in the Company. As such, there can be no assurance that the Company will be able to obtain additional liquidity when needed or under acceptable terms, if at all. The Company's current cash, cash equivalents and investments will enable the support of operations through August 2024. The unaudited condensed consolidated interim financial statements do not reflect any adjustments to the carrying amounts and classification of assets, liabilities, and reported expenses that may be necessary if the Company were unable to continue as a going concern. Such adjustments may be material. b. Basis of consolidation: These condensed consolidated interim financial statements include the accounts of the Company and its subsidiaries. All intercompany transactions, balances, revenue, and expenses are eliminated on consolidation. c. Significant accounting policies, estimates and judgments: During the three months ended March 31, 2024, there have been no changes to our significant accounting policies as described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 filed with the SEC on March 26, 2024. The preparation of the unaudited condensed consolidated interim financial statements requires management to make judgments, estimates and assumptions that affect the application of accounting policies and reported amounts of assets and liabilities at the date of the unaudited condensed consolidated interim financial statements and reported amounts of revenue and expenses during the reporting period. Actual outcomes could differ from those estimates. The unaudited condensed consolidated interim financial statements include estimates, which, by their nature, are uncertain. The impacts of such estimates are pervasive throughout the unaudited condensed consolidated interim financial statements and may require accounting adjustments based on future occurrences. The estimates and underlying assumptions are reviewed on a regular basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised and in any future periods affected. d. Recent Accounting Pronouncements We have adopted no new accounting pronouncements during the three months ended March 31, 2024. There were various accounting standards and interpretations issued recently, none of which are expected to have a material impact on our financial position, operations or cash flows. e. Foreign currency: The functional and presentation currency of the Company is the US dollar. f. Concentration of risk: The Company is subject to credit risk from the Company’s cash and cash equivalents and investments. The carrying amount of the financial assets represents the maximum credit exposure. The Company manages credit risk associated with its cash and cash equivalents and investments by maintaining minimum standards of R1‑low or A‑low investments and the Company invests only in highly rated corporations and treasury bills, which are capable of prompt liquidation. |
Note 3 - Cash and Cash Equivale
Note 3 - Cash and Cash Equivalents | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Cash and cash equivalents | 3. Cash and cash equivalents: Cash and cash equivalents as of March 31, 2024, consist of cash of $ 2,898 thousand (December 31, 2023 ‑ $ 2,764 thousand), deposits in high interest savings accounts, money market funds and accounts with maturities of less than 90 days tot aling of $ 4,448 thousand (December 31, 2023 ‑ $ 6,488 thousand). |
Note 4 - Prepaid Expenses
Note 4 - Prepaid Expenses | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Prepaid expenses | 4. Prepaid expenses: Prepaid expenses as of March 31, 2024 and December 31, 2023 are shown below. Other prepaid expenses primarily consist of subscriptions, software, conference deposits and deposits for general and administrative items. March 31, December 31, 2024 2023 Prepaid research and development expenses $ 852 $ 720 Prepaid insurance 610 882 Other prepaid operating expenses 357 440 Total $ 1,819 $ 2,042 |
Note 5 - Right-of-use Assets
Note 5 - Right-of-use Assets | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Right-of-use assets | 5. Right-of-use assets: March 31, December 31, 2024 2023 Right-of-use assets, beginning of period $ 3,124 $ 3,100 Additions to right-of-use assets — 24 Right-of-use assets, end of period 3,124 3,124 Accumulated amortization ( 2,274 ) ( 2,181 ) Right-of use assets, NBV $ 850 $ 943 |
Note 6 - Investments
Note 6 - Investments | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Investments | 6. Investments: Investments consisted of the following as of March 31, 2024 and December 31, 2023: March 31, 2024 Cost Unrealized gain/(loss) Market value United States Treasury Bills 1,983 ( 1 ) 1,982 Total $ 1,983 $ ( 1 ) $ 1,982 December 31, 2023 Cost Unrealized gain/(loss) Market value United States Treasury Bills $ — $ — $ — Total $ — $ — $ — |
Note 7 - Fair Value Measurement
Note 7 - Fair Value Measurements and Financial Instruments | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Fair value measurements and financial instruments | 7. Fair value measurements and financial instruments: The fair value hierarchy establishes three levels to classify the inputs to valuation techniques used to measure fair value. Level 1 ‑ inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 ‑ inputs are quoted prices in markets that are not active, quoted prices for similar assets or liabilities in active markets, inputs other than quoted prices that are observable for the asset or liability, or inputs that are derived principally from or corroborated by observable market data or other means; and Level 3 ‑ inputs are unobservable (supported by little or no market activity). The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. The following table presents the fair value of Company's assets that are measured at fair value on a recurring basis for the periods presented: March 31, Level 1 Level 2 Level 3 Assets High interest savings account $ 1,461 — $ 1,461 — United States Treasury Bills 4,969 — 4,969 — Total $ 6,430 — $ 6,430 — December 31, Level 1 Level 2 Level 3 Assets High interest savings accounts $ 2,002 — $ 2,002 — United States Treasury Bills 4,486 — 4,486 — Total $ 6,488 — $ 6,488 — |
Note 8 - Accrued Liabilities
Note 8 - Accrued Liabilities | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Accrued liabilities | 8. Accrued liabilities: Accrued liabilities as of March 31, 2024 and December 31, 2023 consisted of the following: March 31, December 31, 2024 2023 Accrued personnel related costs $ 1,144 $ 1,989 Accrued research and development expenses 8,052 6,527 Other accrued expenses 123 313 Total $ 9,319 $ 8,829 |
Note 9 - Lease Liability
Note 9 - Lease Liability | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Lease liability | 9. Lease liability: Aptose leases office space in San Diego, California and Toronto, Canada. The lease for the San Diego office space is scheduled to expire in May 31, 2026. We lease office space in Toronto, Ontario, Canada, with this lease scheduled to expire on June 30, 2024. The Company has not included any extension periods in calculating its right-to-use assets and lease liabilities. The Company also enters into leases for small office equipment. Minimum payments, undiscounted, under our operating leases are as follows: Years ending December 31, 2024 $ 344 2025 462 2026 197 Total $ 1,003 The following table presents the weighted average remaining term of the leases and the weighted average discount rate: March 31, December 31, Weighted-average remaining term – operating leases (years) 1.9 2.4 Weighted-average discount rate – operating leases 7.38 % 7.38 % Lease liability, current portion $ 399 $ 394 Lease liability, long-term portion 520 621 Total $ 919 $ 1,015 Operating lease costs and operating cash flows from our operating leases are as follows: Three months ended March 31, 2024 2023 Operating lease cost $ 112 $ 128 Operating cash flows from operating leases $ 115 $ 128 |
Note 10 - Related party transac
Note 10 - Related party transactions | 3 Months Ended |
Mar. 31, 2024 | |
Related Party Transactions [Abstract] | |
Related party transactions | 10. Related party transactions: Hanmi Pharmaceutical Co. Ltd. On November 4, 2021, Aptose entered a licensing agreement with the South Korean company Hanmi Pharmaceutical Co. Ltd. ("Hanmi" and the "Hanmi Licensing Agreement") for the clinical and commercial development of tuspetinib. Under the terms of the Hanmi Licensing Agreement, Hanmi granted Aptose exclusive worldwide rights to tuspetinib for all indications. Hanmi received an upfront payment of $ 12.5 million, including $ 5 million in cash and $ 7.5 million in Common Shares. Aptose issued Hanmi 215,703 Common Shares in this upfront licensing payment. Hanmi will also receive up to $ 407.5 million in future milestone payments contingent upon achieving certain clinical, regulatory and sales milestones across several potential indications, as well as tiered royalties on net sales. The Hanmi milestone payments are based on the progression of research as outlined in Note 14, Collaborative Agreements, to the Annual report on Form 10-K for the year ended December 31, 2023. The term of the agreement will continue on a product-by-product and country-by-country basis until the expiration of the royalty period for such product in such country. The licenses to Aptose pursuant to the Hanmi Licensing Agreement will survive and become non-exclusive, perpetual, irrevocable and fully paid-up on a product-by-product and country-by-country basis, upon their natural expiration under the terms of the Hanmi Licensing Agreement. In 2022, the Company and Hanmi also entered into a separate supply agreement for additional production of new drug substance ("API") and drug product to support further tuspetinib clinical development, for which the Company pays Hanmi per batch of production. Expenses related to this supply agreement have been recognized by the Company, amounting to nil and $ 0.6 million for the three months ended March 31, 2024 and 2023, respectively. Since inception to March 31, 2024, $ 7.1 million has been recognized for the period under the supply agreement. The Company paid supply costs to Hanmi of $ 2.6 million and $ 1.6 million in the three months ended March 31, 2024 and 2023, respectively. Since inception to March 31, 2024, payments of $ 7.1 million have been made under the supply agreement. At March 31, 2024, the Company did no t have either accounts payable or accrued liabilities related to the Hanmi supply agreement. At December 31, 2023, there was $ 2.6 million in accounts payable and nil in accrued liabilities. See Note 11, Share capital, for share capital transactions with Hanmi. |
Note 11 - Share Capital
Note 11 - Share Capital | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Share capital | 11. Share capital: The Company has authorized share capital of an unlimited number of Common Shares. a. Equity issuances: (i) Hanmi 2023 Investment On August 10, 2023, the Company entered into a binding term sheet with Hanmi whereby Hanmi agreed at their sole discretion to invest, up to a maximum of $ 7 million in Aptose up to a total ownership of 19.99 percent of Aptose by Hanmi. On September 6, 2023, the Company entered into a subscription agreement with Hanmi, pursuant to which the Corporation agreed to sell 668,449 Common Shares to Hanmi for proceeds of $ 3 million. (ii) January 2024 Public Offering and Private Placement On January 31, 2024, the Company announced the closing of a $ 9.7 million public offering (the “Public Offering”) and a $ 4 million private placement (the “Private Placement”) with Hanmi Pharmaceutical. The Public Offering comprised 5,649,122 common shares of the Company (the “Common Shares”) and warrants at a combined offering price of US $ 1.71 per share. This included 736,842 Common Shares and warrants pursuant to a full exercise by the underwriter of its over-allotment option (the “Over-Allotment Option”). The Private Placement comprised 2,105,263 Common Shares of the Company sold at a price of $ 1.90 , representing an 11 % premium over the price of the Common Shares issued as part of the Public Offering. Nasdaq subsequently issued a letter to the Company regarding the value and the date of the Private Placement, as discussed in this note, below. Financing costs of approximately $ 1.4 million included underwriting costs of 7 % and approximately $ 0.4 million in professional fees. The Company also issued Hanmi warrants to purchase Common Shares at an exercise price of US $ 1.71 per Warrant Share. On February 29, 2024, the Company received a deficiency letter (the “2024 Deficiency Letter”) from the Nasdaq Listing Qualifications Department of Nasdaq notifying the Company that the Company’s January 2024 Private Placement of securities to Hanmi violated 5635(d) because the Company did not obtain shareholder approval prior to such issuance. Nasdaq stated that the Private Placement involved the issuance of greater than 20 % of the issued and outstanding Common Shares of the Company at a discount to the Nasdaq official closing price on January 25, 2024, the date of the subscription agreement between the Company and Hanmi. The 2024 Deficiency Letter had no immediate effect on the listing of the Company’s Common Shares. In accordance with the Nasdaq Listing Rules, the Company was given forty-five (45) calendar days to submit a plan to regain compliance. See Note 13, Subsequent events. (iii) 2023 Committed Equity Facility On May 25, 2023, the Company and Keystone Capital Partners, LLC ("Keystone") entered into a committed equity facility, (the "2023 Committed Equity Facility"), which provides that subject to the terms and conditions set forth therein, we may sell to Keystone up to the lesser of (i) $ 25.0 million of the Common Shares and (ii) a number of Common Shares equal to 19.99 % of the Common Shares outstanding immediately prior to the execution of the 2023 Committed Equity Facility Agreement. with Keystone which respect to the 2023 Committed Equity Facility (subject to certain exceptions) (the “Total Commitment”), from time to time during the 24-month term of the 2023 Committed Equity Facility. Additionally, on May 25, 2023, the Company entered into a Registration Rights Agreement with Keystone, pursuant to which the Company agreed to file a registration statement with the SEC covering the resale of Common Shares that are issued to Keystone under the 2023 Committed Equity Facility. This registration statement became effective on June 30, 2023 and the 2023 Committed Equity Facility commencement date was July 12, 2023 (the "Commencement Date"). Upon entering into the 2023 Committed Equity Facility, the Company agreed to issue to Keystone an aggregate of 25,156 Common Shares (the “Commitment Shares”) as consideration for Keystone’s commitment to purchase Common Shares upon the Company’s direction under the 2023 Committed Equity Facility. The Company issued 7,547 Common Shares, or 30 % of the Commitment Shares, on the date of the 2023 Committed Equity Facility Agreement. An additional 7,547 Common Shares, or 30 % of the Commitment Shares, were issued to Keystone in October 2023. In the three months ended March 31, 2024, the Company's issuance of Common Shares to Keystone consisted of the 10,062 Commitment Shares issued in January 2024. In the year ended December 31, 2023, the Company's issuance of Common Shares to Keystone comprised 720,494 Common shares sold to Keystone at an average price of $ 2.91 per Common share for cash proceeds of $ 2.1 million and 15,094 Commitment Shares. See Note 13, Subsequent events. (iv) 2022 At-The-Market Facility ("ATM") On December 9, 2022, the Company entered into an equity distribution agreement pursuant to which the Company may, from time to time, sell Common Shares having an aggregate offering value of up to $ 50 million through Jones Trading Institutional Services LLC ("Jones Trading") on Nasdaq (the "2022 ATM Facility"). During the three months ended March 31, 2023, the Company issued 3,095 shares under this 2022 ATM Facility at an average price of $ 11.32 per Common Share for gross proceeds of $ 35 thousand ($ 34 thousand net of share issuance costs). The Company did not issue shares under the 2022 ATM Facility in the three months ended March 31, 2024. Since inception to March 31, 2024, the Company has raised a total of $ 1.9 million of gross proceeds ($ 1.9 million net of share issuance costs) under the 2022 ATM Facility. Costs associated with the proceeds consisted of a 3 % cash commission. See Note 13, Subsequent events. b. Loss per share: Loss per share is calculated using the weighted average number of Common Shares outstanding and is presented in the table below: Three months ended 2024 2023 Net loss $ ( 9,640 ) $ ( 13,676 ) Weighted-average common shares – basic and 13,133 6,171 Net loss per share – basic and diluted $ ( 0.73 ) $ ( 2.22 ) The effects of any potential exercise of the Company’s stock options outstanding during the three-month periods ended March 31, 2024, and March 31, 2023 have been excluded from the calculation of diluted loss per share, since such securities would be anti‑dilutive. |
Note 12 - Stock-based Compensat
Note 12 - Stock-based Compensation | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Stock-based compensation | 12. Stock‑based compensation: All references in this report to historical Common Share prices, numbers of Common Shares, and earnings per share calculations have been presented to reflect the effect of the Reverse Stock Split. a. Stock option plan and employee stock purchase plan Effective June 1, 2021, the Company adopted a new stock incentive plan (“New Incentive Plan”) and an employee stock purchase plan (“ESPP”). The New Incentive Plan authorizes the Board of Directors to administer the New Incentive Plan to provide equity-based compensation in the form of stock options, stock appreciation rights, restricted stock, restricted stock units and dividend equivalents. The Corporation currently maintains its existing Share Option Plan and 2015 Stock Incentive Plan (2015 SIP). Effective June 1, 2021 no further grants will be made under the Share Option Plan or 2015 SIP, though existing grants under the Share Option Plan will remain in effect in accordance with their terms. The aggregate number of our Common Shares, no par value, that may be issued under all awards under the New Incentive Plan is (i) 691,400 , plus (ii) any of our Common Shares subject to any outstanding award under our prior plans that, after June 1, 2021, are not purchased or are forfeited or reacquired by us, or otherwise not delivered to the participant due to termination, cancellation or cash settlement of such award subject to the share counting provisions of the New Incentive Plan. Under both the Share Option Plan and the New Incentive Plan, the exercise price of each option equals the closing trading price of the Company’s stock on the day prior to the grant if the grant is made during the trading day or the closing trading price on the day of grant if the grant is issued after markets have closed. Vesting is provided for at the discretion of the Board of Directors and the expiration of options is to be no greater than ten years from the date of grant. The Company uses the fair value-based method of accounting for employee awards granted under both plans. The Company calculates the fair value of each stock option grant using the Black-Scholes option pricing model at the grant date. The stock-based compensation cost of the options is recognized as stock-based compensation expense over the relevant vesting period of the stock options using an estimate of the number of options that will eventually vest. The ESPP, which is administered by the Board of Directors, allows eligible employees of the Company to purchase Common Shares through accumulated payroll deductions up to a maximum 15 % of eligible compensation. The ESPP is implemented in consecutive offering periods with a new offering period commencing on the first trading day on or after February 1 and August 1 each year, or on such other date as the Board of Directors will determine and continuing thereafter until terminated in accordance with the Plan. Unless the Board of Directors provides otherwise, the purchase price will be equal to eighty-five percent ( 85 %) of the fair market value of a Common Share on the offering date or the exercise date, whichever is lower. The maximum number of Common Shares which will be available for sale under the ESPP is 113,333 Common Shares. There were 10,891 and 1,438 Common Shares issued under the ESPP during the three months ended March 31, 2024 and March 31, 2023, respectively. Stock option transactions for the three months ended March 31, 2024 and March 31, 2023 are summarized as follows: Three months ended Options (in thousands) Weighted average Weighted average remaining contractual life Outstanding, beginning of period 1,184 $ 44.78 — Granted 408 2.00 — Exercised — — — Forfeited ( 87 ) 11.46 — Outstanding, end of the period 1,505 $ 34.98 7.04 Exercisable, end of the period 896 $ 53.41 5.56 Vested and expected to vest, end of period 1,340 $ 36.76 7.03 Three months ended Options (in thousands) Weighted average Weighted average remaining Outstanding, beginning of period 1,100 $ 52.20 — Granted 215 8.40 — Exercised — 0.00 — Forfeited ( 59 ) 18.00 — Outstanding, end of the period 1,256 $ 46.65 7.01 Exercisable, end of the period 733 $ 62.55 5.54 Vested and expected to vest, end of period 1,162 $ 48.30 6.84 As of March 31, 2024, th ere was $ 1.12 million of total un recognized compensation cost related to non-vested stock options, which is expected to be recognized over an estimated weighted-average period of 1.73 years. A s of March 31, 2024, total compensation cost not yet recognized related to grants under the ESPP was approxim ately $ 7 thousand, which is expected to be recognized over four months. The following table presents the weighted average assumptions that were used in the Black‑Scholes option pricing model to determine the fair value of stock options granted during the period, and the resulting weighted-average fair values: Three months ended Three months ended Risk-free interest rate 4.07 % 3.41 % Expected dividend yield — — Expected volatility 83.1 % 80.3 % Expected life of options (years) 5 years 5 years Grant date fair value $ 1.36 $ 6.60 The Company uses historical data to estimate the expected dividend yield and expected volatility of its Common Shares in determining the fair value of stock options. The expected life of the options represents the estimated length of time the options are expected to remain outstanding. The following table presents the vesting terms of options granted in the period: Three months ended Three months ended Number of options Number of options 3-year vesting ( 50 %- 25 %- 25 %) 20 48 4-year vesting ( 50 %- 16 2/3 %- 16 2/3 %- 16 2/3% ) 388 167 Total stock options granted in the period 408 215 The Company has a stock incentive plan (SIP) pursuant to which the Board may grant stock-based awards comprised of restricted stock units or dividend equivalents to employees, officers, consultants, independent contractors, advisors and non-employee directors of the Company. Each restricted unit is automatically redeemed for one common share of the Company upon vesting. During the three-month period ended March 31, 2024, the Company granted nil (March 31, 2023 - 38,000 ) restricted stock units ("RSUs") with immediate vesting and an exercise price of $ 9.90 . On February 6, 2023, all of these RSUs were redeemed for 38,000 Common Shares. The following table presents the vesting and redemption of the RSUs granted in the three months ended March 31, 2024 and 2023. Three months ended Three months ended Number of options Weighted average grant date fair value Number of options Weighted average grant date fair value Outstanding, beginning of period — $ — — $ — Granted — — 38 9.90 Vested and redeemed — — ( 38 ) 9.90 Outstanding, ending of period — $ — — $ — b. Share-based payment expense The Company recorded share-based payment expense related to stock options and RSUs as follows: Three months ended 2024 2023 Research and development $ 328 $ 652 General and administrative 481 1,222 $ 809 $ 1,874 |
Note 13 - Subsequent Event
Note 13 - Subsequent Event | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Subsequent events | 13. Subsequent events In April 2024, the Company issued 510,101 Common Shares to Keystone at an average price of $ 1.36 per Common Share for cash proceeds of $ 694,000 . In April 2024, the Company's issuances of Common Shares to Keystone reached the Total Commitment of the Committed Equity Facility, i.e. 19.99 % of the Common Shares outstanding immediately prior to the execution of the 2023 Committed Equity Facility Agreement. Subsequent to March 31, 2024, the Company issued 81,591 Common Shares under this 2022 ATM Facility at an average price of $ 1.22 for gross proceeds of $ 100 thousand ($ 97 thousand net of share issuance costs). On April 2, 2024, the Company received a letter (the “Notification Letter”) from Nasdaq stating that the Company was not in compliance with Nasdaq Listing Rule 5550(b)(1) (the “Rule”) because the stockholders’ equity of the Company as of December 31, 2023, as reported in the Company’s Annual Report on Form 10-K, was below the minimum requirement of $ 2.5 million (the " Stockholders’ Equity Requirement"). The Company's stockholder's equity as of March 31, 2024 was positive $ 0.1 million. As of t he date of this report, the Company does not have a market value of listed securities of $ 35 million, or net income from continued operations of $ 500,000 in the most recently completed fiscal year or in two of the last three most recently completed fiscal years, the alternative quantitative standards for continued listing on the Nasdaq Capital Market. The Notification Letter received has no immediate effect on the Company's continued listing on the Nasdaq Capital Market, subject to the Company's compliance with the other continued listing requirements. Pursuant to Nasdaq’s Listing Rules, the Company has 45 calendar days to submit a plan to evidence compliance with the Rule (a “Compliance Plan”). The Company intends to submit a Compliance Plan within the required time, although there can be no assurance that the Compliance Plan will be accepted by Nasdaq. If the Compliance Plan is accepted by Nasdaq, the Company will be granted an extension of up to 180 calendar days from April 2, 2024 to evidence compliance with the Rule. In the event the Compliance Plan is not accepted by Nasdaq, or in the event the Compliance Plan is accepted but the Company fails to evidence compliance within the extension period, the Company will have the right to a hearing before Nasdaq’s Hearing Panel. The hearing request would stay any suspension or delisting action pending the conclusion of the hearing process and the expiration of any additional extension period granted by the panel following the hearing. The Company intends to submit the Compliance Plan on or before May 17, 2024, monitor its stockholders’ equity and, if appropriate, consider further available options to evidence compliance with the Stockholders’ Equity Requirement. In response to the 2024 Deficiency Letter from Nasdaq received on February 29, 2024 regarding the Private Placement with Hanmi, the Company submitted a plan to regain compliance on April 15, 2024. On April 25, 2024, the Company received a letter (the “ April Letter ”) from the Listing Qualifications Department (the “ Staff ”) of Nasdaq notifying the Company of the Staff’s determination that the Company had regained compliance with Nasdaq Listing Rule 5635(d) and the Staff has determined that the matter is now closed. Pursuant to the Company's plan to regain compliance, on April 26, 2024, the Company announced that it had amended the warrant agreement with Hanmi to prohibit the exercise of the Hanmi warrants in excess of the Nasdaq 19.99% limitation (the "Nasdaq 19.99% cap"), unless shareholder approval is first obtained to exceed the Nasdaq 19.99% Cap. On April 29, 2024, the Company entered into (a) a Second Amended and Restated Executive Employment Agreement with its Chairman, President, and Chief Executive Officer, Dr. William G. Rice (the “ Rice Amendment ”); (b) an Amended and Restated Executive Employment Agreement with its Senior Vice President and Chief Medical Officer, Dr. Rafael Bejar (the “B ejar Amendment ”); and (c) an Amended and Restated Executive Employment Agreement with its Senior Vice President, Chief Financial Officer, Chief Business Officer, and Corporate Secretary, Mr. Fletcher Payne (the “ Payne Amendment ”), each of which amended the compensation agreements currently in place with such individuals to harmonize the change of control provisions in the compensation agreements of such individuals. The Rice Amendment updated the terms of the severance paid to Mr. Rice in connection with a change of control and its potential tax consequences. The amendment also clarified Mr. Rice’s job description and compensation package. Mr. Rice’s annual base salary increased to $ 648,960 as of January 1, 2024. Mr. Rice is entitled to receive an annual bonus of up to 55 % of his current base salary and an annual automobile allowance of $ 18,000 . All other terms of Mr. Rice’s employment agreement remain in full force and effect. The Bejar Amendment increased Mr. Bejar’s annual base salary to $ 509,600 as of January 1, 2024 and updated the terms of the severance paid to Mr. Bejar in connection with a change of control. The amendment also added the title of Senior Vice President to Mr. Bejar’s position, and added a provision requiring Mr. Bejar’s cooperation in any internal investigation, any administrative, regulatory or judicial investigation or proceeding, or any dispute with a third party. All other terms of Mr. Bejar’s employment agreement remain in full force and effect. The Payne Amendment increased Mr. Payne’s annual base salary to $ 479,440 as of January 1, 2024 and updated the terms of the severance paid to Mr. Payne in connection with a change of control. The amendment also added the titles of Chief Business Officer and Corporate Secretary to Mr. Payne’s position. All other terms of Mr. Payne’s employment agreement remain in full force and effect. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Basis of presentation - Going concern | a. Basis of presentation - Going concern These unaudited condensed consolidated interim financial statements have been prepared in conformity with generally accepted accounting principles in the United States, or GAAP and the rules and regulations of the Securities and Exchange Commission, or SEC, related to quarterly reports filed on Form 10-Q, assuming the Company will continue as a going concern. The going concern assumption contemplates the realization of assets and satisfaction of liabilities in the normal course of business. However, substantial doubt about the Company's ability to continue as a going concern exists. As of March 31, 2024, the Company had positive shareholder's equity of $ 0.1 million (December 31, 2023 negative shareholder's equity of $ 2.9 million); an accumulated deficit of approximately $ 525.2 million (December 31, 2023, $ 515.5 million); cash and cash equivalents and investment balances of approximately $ 9.3 million (December 31, 2023, $ 9.3 million); and negative working capital of approximately $ 0.3 million (December 31, 2023, negative working capital of $ 3.4 million). Management recognizes that in order to meet the capital requirements, and continue to operate, additional financing will be necessary. The Company is evaluating strategies to obtain the required additional funding for future operations. These strategies may include, but are not limited to, obtaining equity financing, debt financing, committed equity facilities or other financing instruments and restructuring of operations to decrease expenses. However, given the impact of the financial markets and the matter in Note 13, Subsequent events, the Company may be unable to access further equity when needed. As the Company is primarily pursuing one compound that is licensed from a related party with significant licensing payments who will have influence on the Company, other investors may not be willing to invest in the Company. As such, there can be no assurance that the Company will be able to obtain additional liquidity when needed or under acceptable terms, if at all. The Company's current cash, cash equivalents and investments will enable the support of operations through August 2024. The unaudited condensed consolidated interim financial statements do not reflect any adjustments to the carrying amounts and classification of assets, liabilities, and reported expenses that may be necessary if the Company were unable to continue as a going concern. Such adjustments may be material. |
Basis of consolidation | b. Basis of consolidation: These condensed consolidated interim financial statements include the accounts of the Company and its subsidiaries. All intercompany transactions, balances, revenue, and expenses are eliminated on consolidation. |
Significant accounting policies, estimates and judgments | c. Significant accounting policies, estimates and judgments: During the three months ended March 31, 2024, there have been no changes to our significant accounting policies as described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 filed with the SEC on March 26, 2024. The preparation of the unaudited condensed consolidated interim financial statements requires management to make judgments, estimates and assumptions that affect the application of accounting policies and reported amounts of assets and liabilities at the date of the unaudited condensed consolidated interim financial statements and reported amounts of revenue and expenses during the reporting period. Actual outcomes could differ from those estimates. The unaudited condensed consolidated interim financial statements include estimates, which, by their nature, are uncertain. The impacts of such estimates are pervasive throughout the unaudited condensed consolidated interim financial statements and may require accounting adjustments based on future occurrences. The estimates and underlying assumptions are reviewed on a regular basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised and in any future periods affected. |
Recent Accounting Pronouncements | d. Recent Accounting Pronouncements We have adopted no new accounting pronouncements during the three months ended March 31, 2024. There were various accounting standards and interpretations issued recently, none of which are expected to have a material impact on our financial position, operations or cash flows. |
Foreign currency | e. Foreign currency: The functional and presentation currency of the Company is the US dollar. |
Concentration of risk | f. Concentration of risk: The Company is subject to credit risk from the Company’s cash and cash equivalents and investments. The carrying amount of the financial assets represents the maximum credit exposure. The Company manages credit risk associated with its cash and cash equivalents and investments by maintaining minimum standards of R1‑low or A‑low investments and the Company invests only in highly rated corporations and treasury bills, which are capable of prompt liquidation. |
Note 4 - Prepaid Expenses (Tabl
Note 4 - Prepaid Expenses (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Prepaid Expense and Other Assets [Abstract] | |
Summary of Prepaid Expenses and Other Assets | March 31, December 31, 2024 2023 Prepaid research and development expenses $ 852 $ 720 Prepaid insurance 610 882 Other prepaid operating expenses 357 440 Total $ 1,819 $ 2,042 |
Note 5 - Right-of-use Assets (T
Note 5 - Right-of-use Assets (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Assets and Liabilities, Lessee [Abstract] | |
Schedule of Right-of-use Assets | March 31, December 31, 2024 2023 Right-of-use assets, beginning of period $ 3,124 $ 3,100 Additions to right-of-use assets — 24 Right-of-use assets, end of period 3,124 3,124 Accumulated amortization ( 2,274 ) ( 2,181 ) Right-of use assets, NBV $ 850 $ 943 |
Note 6 - Investments (Tables)
Note 6 - Investments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Investments [Abstract] | |
Summary of Investments | March 31, 2024 Cost Unrealized gain/(loss) Market value United States Treasury Bills 1,983 ( 1 ) 1,982 Total $ 1,983 $ ( 1 ) $ 1,982 December 31, 2023 Cost Unrealized gain/(loss) Market value United States Treasury Bills $ — $ — $ — Total $ — $ — $ — |
Note 7 - Fair Value Measureme_2
Note 7 - Fair Value Measurements and Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Assets Measured on a Recurring Basis | The following table presents the fair value of Company's assets that are measured at fair value on a recurring basis for the periods presented: March 31, Level 1 Level 2 Level 3 Assets High interest savings account $ 1,461 — $ 1,461 — United States Treasury Bills 4,969 — 4,969 — Total $ 6,430 — $ 6,430 — December 31, Level 1 Level 2 Level 3 Assets High interest savings accounts $ 2,002 — $ 2,002 — United States Treasury Bills 4,486 — 4,486 — Total $ 6,488 — $ 6,488 — |
Note 8 - Accrued Liabilities (T
Note 8 - Accrued Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Accrued Liabilities, Current [Abstract] | |
Schedule of Accrued liabilities | Accrued liabilities as of March 31, 2024 and December 31, 2023 consisted of the following: March 31, December 31, 2024 2023 Accrued personnel related costs $ 1,144 $ 1,989 Accrued research and development expenses 8,052 6,527 Other accrued expenses 123 313 Total $ 9,319 $ 8,829 |
Note 9 - Lease Liability (Table
Note 9 - Lease Liability (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Lessee Disclosure [Abstract] | |
Summary of Minimum Payments, Undiscounted, Under Operating Leases | Minimum payments, undiscounted, under our operating leases are as follows: Years ending December 31, 2024 $ 344 2025 462 2026 197 Total $ 1,003 |
Summary of Weighted Average Remaining Term of Leases and Weighted Average Discount Rate | The following table presents the weighted average remaining term of the leases and the weighted average discount rate: March 31, December 31, Weighted-average remaining term – operating leases (years) 1.9 2.4 Weighted-average discount rate – operating leases 7.38 % 7.38 % Lease liability, current portion $ 399 $ 394 Lease liability, long-term portion 520 621 Total $ 919 $ 1,015 |
Summary of Operating Lease Costs and Operating Cash Flows from Operating Leases | Operating lease costs and operating cash flows from our operating leases are as follows: Three months ended March 31, 2024 2023 Operating lease cost $ 112 $ 128 Operating cash flows from operating leases $ 115 $ 128 |
Note 11 - Share Capital (Tables
Note 11 - Share Capital (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes To Financial Statements [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Loss per share is calculated using the weighted average number of Common Shares outstanding and is presented in the table below: Three months ended 2024 2023 Net loss $ ( 9,640 ) $ ( 13,676 ) Weighted-average common shares – basic and 13,133 6,171 Net loss per share – basic and diluted $ ( 0.73 ) $ ( 2.22 ) |
Note 12 - Stock-based Compens_2
Note 12 - Stock-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes To Financial Statements [Abstract] | |
Share-based Payment Arrangement, Option, Activity | Stock option transactions for the three months ended March 31, 2024 and March 31, 2023 are summarized as follows: Three months ended Options (in thousands) Weighted average Weighted average remaining contractual life Outstanding, beginning of period 1,184 $ 44.78 — Granted 408 2.00 — Exercised — — — Forfeited ( 87 ) 11.46 — Outstanding, end of the period 1,505 $ 34.98 7.04 Exercisable, end of the period 896 $ 53.41 5.56 Vested and expected to vest, end of period 1,340 $ 36.76 7.03 Three months ended Options (in thousands) Weighted average Weighted average remaining Outstanding, beginning of period 1,100 $ 52.20 — Granted 215 8.40 — Exercised — 0.00 — Forfeited ( 59 ) 18.00 — Outstanding, end of the period 1,256 $ 46.65 7.01 Exercisable, end of the period 733 $ 62.55 5.54 Vested and expected to vest, end of period 1,162 $ 48.30 6.84 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The following table presents the weighted average assumptions that were used in the Black‑Scholes option pricing model to determine the fair value of stock options granted during the period, and the resulting weighted-average fair values: Three months ended Three months ended Risk-free interest rate 4.07 % 3.41 % Expected dividend yield — — Expected volatility 83.1 % 80.3 % Expected life of options (years) 5 years 5 years Grant date fair value $ 1.36 $ 6.60 |
Schedule of Share-based Payment Award, Options, Grants in Period | The following table presents the vesting terms of options granted in the period: Three months ended Three months ended Number of options Number of options 3-year vesting ( 50 %- 25 %- 25 %) 20 48 4-year vesting ( 50 %- 16 2/3 %- 16 2/3 %- 16 2/3% ) 388 167 Total stock options granted in the period 408 215 |
Share-based Payment Arrangement, Vesting and Redemption of the RSUs Granted | Three months ended Three months ended Number of options Weighted average grant date fair value Number of options Weighted average grant date fair value Outstanding, beginning of period — $ — — $ — Granted — — 38 9.90 Vested and redeemed — — ( 38 ) 9.90 Outstanding, ending of period — $ — — $ — |
Share-based Payment Arrangement, Expensed and Capitalized, Amount | The Company recorded share-based payment expense related to stock options and RSUs as follows: Three months ended 2024 2023 Research and development $ 328 $ 652 General and administrative 481 1,222 $ 809 $ 1,874 |
Note 1 - Reporting entity (Deta
Note 1 - Reporting entity (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Notes To Financial Statements [Abstract] | ||||
Accumulated deficit | $ (525,177) | $ (515,537) | ||
Cash and investment | 9,300 | 9,300 | ||
Positive shareholder's equity | 137 | (2,901) | $ 25,993 | $ 37,741 |
Negative shareholder's equity | (2,900) | |||
Negative working capital | $ (300) | $ (3,400) |
Note 2 - Significant Accounti_2
Note 2 - Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Accounting Policies [Abstract] | ||||
Positive shareholder's equity | $ 137 | $ (2,901) | $ 25,993 | $ 37,741 |
Negative shareholder's equity | (2,900) | |||
Accumulated deficit | (525,177) | (515,537) | ||
Cash and investment | 9,300 | 9,300 | ||
Negative working capital | $ (300) | $ (3,400) |
Note 3 - Cash and Cash Equiva_2
Note 3 - Cash and Cash Equivalents (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Cash and Cash Equivalents [Abstract] | ||
Cash | $ 2,898 | $ 2,764 |
Cash and cash equivalents | $ 4,448 | $ 6,488 |
Note 4 - Prepaid Expenses - Pre
Note 4 - Prepaid Expenses - Prepaid Expenses and Other Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Prepaid Expense and Other Assets [Abstract] | ||
Prepaid research and development expenses | $ 852 | $ 720 |
Prepaid insurance | 610 | 882 |
Other prepaid Operating expenses | 357 | 440 |
Total | $ 1,819 | $ 2,042 |
Note 5 - Right-of-use Assets -
Note 5 - Right-of-use Assets - Schedule of Right-of-use Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Assets and Liabilities, Lessee [Abstract] | ||
Right-of-use assets, beginning of period | $ 3,124 | $ 3,100 |
Additions to right-of-use assets | 0 | 24 |
Right-of-use assets, end of period | 3,124 | 3,124 |
Accumulated amortization | (2,274) | (2,181) |
Right-of use assets, NBV | $ 850 | $ 943 |
Note 6 - Investments - Investme
Note 6 - Investments - Investments (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Schedule of Investments [Line Items] | ||
Investment, Cost | $ 1,983 | $ 0 |
Investment, Unrealized gain/(loss) | (1) | 0 |
Investment, Market value | 1,982 | 0 |
United States Treasury Bills [Member] | ||
Schedule of Investments [Line Items] | ||
Investment, Cost | 1,983 | 0 |
Investment, Unrealized gain/(loss) | (1) | 0 |
Investment, Market value | $ 1,982 | $ 0 |
Note 7 - Fair Value Measureme_3
Note 7 - Fair Value Measurements and Financial Instruments - Assets Measured on a Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Assets, Fair Value Disclosure | $ 6,430 | $ 6,488 |
Level 1 [Member] | ||
Assets, Fair Value Disclosure | 0 | 0 |
Level 2 [Member] | ||
Assets, Fair Value Disclosure | 6,430 | 6,488 |
Level 3 [Member] | ||
Assets, Fair Value Disclosure | 0 | 0 |
High Interest Savings Account [Member] | ||
Assets, Fair Value Disclosure | 1,461 | 2,002 |
High Interest Savings Account [Member] | Level 1 [Member] | ||
Assets, Fair Value Disclosure | 0 | 0 |
High Interest Savings Account [Member] | Level 2 [Member] | ||
Assets, Fair Value Disclosure | 1,461 | 2,002 |
High Interest Savings Account [Member] | Level 3 [Member] | ||
Assets, Fair Value Disclosure | 0 | 0 |
United States Treasury Bills [Member] | ||
Assets, Fair Value Disclosure | 4,969 | 4,486 |
United States Treasury Bills [Member] | Level 1 [Member] | ||
Assets, Fair Value Disclosure | 0 | 0 |
United States Treasury Bills [Member] | Level 2 [Member] | ||
Assets, Fair Value Disclosure | 4,969 | 4,486 |
United States Treasury Bills [Member] | Level 3 [Member] | ||
Assets, Fair Value Disclosure | $ 0 | $ 0 |
Note 8 - Accrued Liabilities -
Note 8 - Accrued Liabilities - Accrued Expenses (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Accrued Liabilities, Current [Abstract] | ||
Accrued personnel related costs | $ 1,144 | $ 1,989 |
Accrued research and development expenses | 8,052 | 6,527 |
Other accrued expenses | 123 | 313 |
Total | $ 9,319 | $ 8,829 |
Note 9- Lease Liability - Sched
Note 9- Lease Liability - Schedule of Minimum Payments Under Operating Leases (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
2024 | $ 344 |
2025 | 462 |
2026 | 197 |
Total | $ 1,003 |
Note 9 - Lease Liability - Leas
Note 9 - Lease Liability - Lease Liability (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Weighted-average remaining term - operating leases (years) | 1 year 10 months 24 days | 2 years 4 months 24 days |
Weighted-average discount rate - operating leases | 7.38% | 7.38% |
Lease liability, current portion | $ 399 | $ 394 |
Lease liability, long term portion | 520 | 621 |
Total | $ 919 | $ 1,015 |
Note 9 - Lease Liability - Oper
Note 9 - Lease Liability - Operating Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Operating lease cost | $ 112 | $ 128 |
Operating cash flows from operating leases | $ 115 | $ 128 |
Note 10 - Related party trans_2
Note 10 - Related party transactions (Details Textual) - USD ($) | 3 Months Ended | 29 Months Ended | ||||||
Jan. 31, 2024 | Sep. 06, 2023 | Nov. 04, 2021 | Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2024 | Dec. 31, 2023 | Aug. 10, 2023 | |
Schedule of Equity Method Investments [Line Items] | ||||||||
Financing costs including underwriting costs, professional fees and recognition of deferred financing costs | $ 1,400,000 | |||||||
Common Stock, Shares Outstanding | 15,717,701 | 15,717,701 | 7,942,363 | |||||
Accrued liabilities | $ 9,319,000 | $ 9,319,000 | $ 8,829,000 | |||||
Accounts payable | 2,421,000 | 2,421,000 | 3,492,000 | |||||
Public Offering [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Common shares issued (in shares) | 5,649,122 | |||||||
Over-Allotment Option [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Common shares issued upon exercise of stock options | $ 736,842 | |||||||
Common Shares [Member] | Warrant [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Common warrants offering price | $ 1.71 | |||||||
Supply Agreement [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Expenses | 0 | $ 600,000 | 7,100,000 | |||||
Payment of supply costs | 7,100,000 | |||||||
Accrued liabilities | 0 | 0 | 0 | |||||
Accounts payable | 0 | $ 0 | $ 2,600,000 | |||||
Hanmi Licensing Agreement [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
License Fee, Total | $ 12,500,000 | |||||||
Payments for License Fee | 5,000,000 | |||||||
Stock Issued During Period, Value, Licensing Fee | $ 7,500,000 | |||||||
Hanmi Pharmaceuticals Co., Ltd. [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Number of common shares held | 215,703 | |||||||
Future milestone payments | $ 407,500,000 | |||||||
Proceeds from Issuance of Common Stock | $ 3,000,000 | |||||||
Underwriting costs (as percent) | 7% | |||||||
Professional Fees | $ 400,000 | |||||||
Warrants to purchase common shares, exchange price | $ 1.71 | |||||||
Investment Owned, Balance, Shares | 215,703 | |||||||
Payment of supply costs | $ 2,600,000 | $ 1,600,000 | ||||||
Hanmi Pharmaceuticals Co., Ltd. [Member] | Public Offering [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Proceeds from Issuance of Common Stock | $ 9,700,000 | |||||||
Premium share price (as a percent) | 11% | |||||||
Hanmi Pharmaceuticals Co., Ltd. [Member] | Private Placement [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Proceeds from Issuance of Common Stock | $ 4,000,000 | |||||||
Common shares issued (in shares) | 2,105,263 | |||||||
Shares Issued, Price Per Share | $ 1.9 | |||||||
Hanmi Pharmaceuticals Co., Ltd. [Member] | Common Shares [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Number of shares sold | 668,449 | |||||||
Maximum [Member] | Hanmi Pharmaceuticals Co., Ltd. [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Investment for ownership interest | $ 7,000,000 | |||||||
Percentage of investment | 19.99% |
Note 11 - Share Capital (Detail
Note 11 - Share Capital (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | 16 Months Ended | |||||||||
Apr. 01, 2024 | Jan. 31, 2024 | Sep. 06, 2023 | May 25, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Mar. 31, 2024 | Feb. 29, 2024 | Aug. 10, 2023 | Dec. 09, 2022 | Nov. 04, 2021 | |
Financing costs including underwriting costs, professional fees and recognition of deferred financing costs | $ 1,400,000 | |||||||||||
Common Stock, Shares Outstanding | 15,717,701 | 7,942,363 | 15,717,701 | |||||||||
Cash proceeds from issuing shares | $ 23,000 | |||||||||||
Common Shares [Member] | ||||||||||||
Cash proceeds from issuing shares | $ 23,000 | |||||||||||
Warrant [Member] | Common Shares [Member] | ||||||||||||
Common warrants offering price | $ 1.71 | |||||||||||
Hanmi Pharmaceuticals Co Ltd [Member] | ||||||||||||
Proceeds from Issuance of Common Stock | $ 3,000,000 | |||||||||||
Underwriting costs (as percent) | 7% | |||||||||||
Professional fees | $ 400,000 | |||||||||||
Warrants to purchase common shares, exchange price | $ 1.71 | |||||||||||
Number of common shares held | 215,703 | |||||||||||
Hanmi Pharmaceuticals Co Ltd [Member] | Common Shares [Member] | ||||||||||||
Number of shares sold | 668,449 | |||||||||||
Maximum [Member] | Hanmi Pharmaceuticals Co Ltd [Member] | ||||||||||||
Investment for ownership interest | $ 7,000,000 | |||||||||||
Percentage of investment | 19.99% | |||||||||||
Minimum [Member] | ||||||||||||
Private placement issuance percentage | 20% | |||||||||||
2023 Committed Equity Facility [Member] | ||||||||||||
Stock issuance program authorized shares | 25,156 | |||||||||||
Common shares issued (in shares) | 720,494 | |||||||||||
Proceeds from Issuance of Common Stock | $ 2,100,000 | |||||||||||
Stock Issuance Program, Authorized Amount | $ 25,000,000 | |||||||||||
Percentage of common shares outstanding. | 19.99% | 19.99% | ||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ 2.91 | |||||||||||
2023 Committed Equity Facility [Member] | Initial Commitment Shares [Member] | ||||||||||||
Common shares issued (in shares) | 7,547 | |||||||||||
Stock Issuance, Percent of Cash Commission to Broker | 30% | |||||||||||
2023 Committed Equity Facility [Member] | First Back-End Commitment Shares [Member] | ||||||||||||
Common shares issued (in shares) | 7,547 | |||||||||||
Stock Issuance, Percent of Cash Commission to Broker | 30% | |||||||||||
2023 Committed Equity Facility [Member] | Commitment Shares [Member] | ||||||||||||
Common shares issued (in shares) | 10,062 | 15,094 | ||||||||||
The 2022 ATM Offering [Member] | ||||||||||||
Common shares issued (in shares) | 3,095 | |||||||||||
Proceeds from Issuance of Common Stock | $ 0 | $ 34,000 | $ 1,900,000 | |||||||||
Stock Issuance Program, Authorized Amount | $ 50,000,000 | |||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ 11.32 | |||||||||||
Proceeds from Issuance of Common Stock, Gross | $ 35,000 | $ 1,900,000 | ||||||||||
Stock Issuance, Percent of Cash Commission to Broker | 3% | 3% | ||||||||||
Cash proceeds from issuing shares | $ 34,000 | |||||||||||
The 2022 ATM Offering [Member] | Common Shares [Member] | ||||||||||||
Common shares issued (in shares) | 3,000 | |||||||||||
Cash proceeds from issuing shares | $ 34,000 | |||||||||||
The 2022 ATM Offering [Member] | Subsequent Event [Member] | ||||||||||||
Common shares issued (in shares) | 81,591 | |||||||||||
Proceeds from Issuance of Common Stock | $ 97,000 | |||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ 1.22 | |||||||||||
Proceeds from Issuance of Common Stock, Gross | $ 100,000 | |||||||||||
Private Placement [Member] | Hanmi Pharmaceuticals Co Ltd [Member] | ||||||||||||
Common shares issued (in shares) | 2,105,263 | |||||||||||
Proceeds from Issuance of Common Stock | $ 4,000,000 | |||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ 1.9 | |||||||||||
Public Offering [Member] | ||||||||||||
Common shares issued (in shares) | 5,649,122 | |||||||||||
Public Offering [Member] | Hanmi Pharmaceuticals Co Ltd [Member] | ||||||||||||
Proceeds from Issuance of Common Stock | $ 9,700,000 | |||||||||||
Premium Share Price Percent | 11% | |||||||||||
Over-Allotment Option [Member] | ||||||||||||
Common shares issued upon exercise of stock options | $ 736,842 |
Note 11 - Share Capital - Loss
Note 11 - Share Capital - Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net loss | $ (9,640) | $ (13,676) |
Weighted-average common shares - basic | 13,133 | 6,171 |
Weighted-average common shares - diluted | 13,133 | 6,171 |
Net loss per share - basic | $ (0.73) | $ (2.22) |
Net loss per share - diluted | $ (0.73) | $ (2.22) |
Note 12 - Stock-based Compens_3
Note 12 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||||
Feb. 06, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Jun. 01, 2021 | |
Common Stock, No Par Value | $ 0 | $ 0 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 113,333 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | ||||
Employee Stock Purchase Plan, Maximum Payroll Deduction, Percent | 15% | ||||
Employee Stock Purchase Plan, Stock Purchase Price, Percent | 85% | ||||
Common shares issued under the ESPP plan (Shares) | 10,891 | 1,438 | |||
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 1,120 | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 8 months 23 days | ||||
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 7 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Number | 896,000 | 733,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 53.41 | $ 62.55 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 5 years 6 months 21 days | 5 years 6 months 14 days | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 7 years 10 days | 6 years 10 months 2 days | |||
Share-based Payment Arrangement, Expense | $ 809 | $ 1,874 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 408,000 | 215,000 | |||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 2 | $ 8.4 | |||
Weighted average grant date fair value, exercise price | $ 9.9 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 0 | 38,000 | |||
Common shares issued upon redemption of restricted share units, shares | 38,000 | ||||
New Incentive Plan [Member] | |||||
Common Stock, No Par Value | $ 0 | ||||
New Incentive Plan [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 691,400 |
Note 12 - Stock-based Compens_4
Note 12 - Stock-based Compensation - Stock Option Transactions (Details) - $ / shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Outstanding, options (in shares) | 1,184 | 1,100 |
Outstanding, weighted average exercise price (in dollars per share) | $ 44.78 | $ 52.2 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 408 | 215 |
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 2 | $ 8.4 |
Exercised, options (in shares) | 0 | 0 |
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 0 | $ 0 |
Forfeited, options (in shares) | (87) | (59) |
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price | $ 11.46 | $ 18 |
Outstanding, options (in shares) | 1,505 | 1,256 |
Outstanding, weighted average exercise price (in dollars per share) | $ 34.98 | $ 46.65 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 7 years 14 days | 7 years 3 days |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Number | 896 | 733 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 53.41 | $ 62.55 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 5 years 6 months 21 days | 5 years 6 months 14 days |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 1,340 | 1,162 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ 36.76 | $ 48.3 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 7 years 10 days | 6 years 10 months 2 days |
Note 12 - Stock-based Compens_5
Note 12 - Stock-based Compensation - Weighted Average Assumptions (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Risk-free interest rate | 4.07% | 3.41% |
Expected dividend yield | 0% | 0% |
Expected volatility | 83.10% | 80.30% |
Expected life of options (years) | 5 years | 5 years |
Grant date fair value | $ 1.36 | $ 6.6 |
Note 12 - Stock-based Compens_6
Note 12 - Stock-based Compensation - Vesting Terms of Options Granted (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Stock options granted in the period (in shares) | 408 | 215 |
Options with Three Year Vesting [Member] | ||
Stock options granted in the period (in shares) | 20 | 48 |
Options with Four Year Vesting [Member] | ||
Stock options granted in the period (in shares) | 388 | 167 |
Note 12 - Stock-based Compens_7
Note 12 - Stock-based Compensation - Vesting Terms of Options Granted (Details) (Parentheticals) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Options with Three Year Vesting [Member] | Share-Based Payment Arrangement, Tranche One [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage | 50% | 50% |
Options with Three Year Vesting [Member] | Share-Based Payment Arrangement, Tranche Two [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage | 25% | 25% |
Options with Three Year Vesting [Member] | Share-Based Payment Arrangement, Tranche Three [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage | 25% | 25% |
Options with Four Year Vesting [Member] | Share-Based Payment Arrangement, Tranche One [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage | 50% | 50% |
Options with Four Year Vesting [Member] | Share-Based Payment Arrangement, Tranche Two [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage | 16.67% | 16.67% |
Options with Four Year Vesting [Member] | Share-Based Payment Arrangement, Tranche Three [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage | 16.67% | 16.67% |
Options with Four Year Vesting [Member] | Share-based Payment Arrangement, Tranche Four [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage | 16.67% | 16.67% |
Note 12 - Stock-based Compens_8
Note 12 - Stock-based Compensation - Vesting and Redemption of the RSUs Granted (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Number of options, Granted | 0 | 38,000 |
Weighted average grant date fair value, Granted | $ 9.9 | |
Restricted Stock Units (RSUs) [Member] | ||
Number of options, Beginning Balance | 0 | 0 |
Number of options, Granted | 0 | 38,000 |
Number of options, Vested and redeemed | 0 | (38,000) |
Number of options, Ending Balance | 0 | 0 |
Weighted average grant date fair value, Beginning Balance | $ 0 | $ 0 |
Weighted average grant date fair value, Granted | 0 | 9.9 |
Weighted average grant date fair value, Vested and redeemed | 0 | 9.9 |
Weighted average grant date fair value, Ending Balance | $ 0 | $ 0 |
Note 12 - Stock-based Compens_9
Note 12 - Stock-based Compensation - Share-based Payment Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share-based Payment Arrangement, Expense | $ 809 | $ 1,874 |
Research and Development Expense [Member] | ||
Share-based Payment Arrangement, Expense | 328 | 652 |
General and Administrative Expense [Member] | ||
Share-based Payment Arrangement, Expense | $ 481 | $ 1,222 |
Note 13 - Subsequent Event (Det
Note 13 - Subsequent Event (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | 16 Months Ended | ||||||
Apr. 29, 2024 | Apr. 01, 2024 | Jan. 01, 2024 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Mar. 31, 2024 | May 25, 2023 | Dec. 31, 2022 | |
Nasdaq Listing Rule, minimum requirement for stockholders' equity | $ 2,500,000 | ||||||||
Positive shareholder's equity | $ 137,000 | $ 25,993,000 | $ (2,901,000) | $ 137,000 | $ 37,741,000 | ||||
Net income from continued operations | 500,000 | ||||||||
Minimum market value of listed securities | 35,000,000 | ||||||||
Rice Amendment [Member] | |||||||||
Increase on annual base salary | $ 648,960 | ||||||||
Bejar Amendment [Member] | |||||||||
Increase on annual base salary | 509,600 | ||||||||
Payne Amendment [Member] | |||||||||
Increase on annual base salary | $ 479,440 | ||||||||
Subsequent Event [Member] | Rice Amendment [Member] | |||||||||
Annual bonus | 55% | ||||||||
Annual automobile allowance | $ 18,000 | ||||||||
Keystone [Member] | Subsequent Event [Member] | |||||||||
Common shares issued | 510,101 | ||||||||
Shares issued, price per share | $ 1.36 | ||||||||
Issuance of common shares | $ 694,000 | ||||||||
The 2022 Atm Offering [Member] | |||||||||
Common shares issued | 3,095 | ||||||||
Shares issued, price per share | $ 11.32 | ||||||||
Issuance of common shares | $ 0 | $ 34,000 | 1,900,000 | ||||||
Proceeds from Issuance of Common Stock, Gross | $ 35,000 | $ 1,900,000 | |||||||
The 2022 Atm Offering [Member] | Subsequent Event [Member] | |||||||||
Common shares issued | 81,591 | ||||||||
Shares issued, price per share | $ 1.22 | ||||||||
Issuance of common shares | $ 97,000 | ||||||||
Proceeds from Issuance of Common Stock, Gross | $ 100,000 | ||||||||
2023 Committed Equity Facility [Member] | |||||||||
Common shares issued | 720,494 | ||||||||
Shares issued, price per share | $ 2.91 | ||||||||
Issuance of common shares | $ 2,100,000 | ||||||||
Percentage of common shares outstanding. | 19.99% | 19.99% |