Aptose Biosciences (APTO) 10-Q 6 Aug 19 2019 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2019	Aug. 06, 2019
Document Information [Line Items]
Entity Registrant Name	Aptose Biosciences Inc.
Entity Central Index Key	0000882361
Trading Symbol	apto
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Small Business	true
Entity Common Stock, Shares Outstanding (in shares)		55,446,564
Entity Shell Company	false
Document Type	10-Q
Document Period End Date	Jun. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Amendment Flag	false
Title of 12(b) Security	Common Stock

Condensed Consolidated Interim

Condensed Consolidated Interim Statements of Financial Position (Current Period Unaudited) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 26,898	$ 15,299
Investments	8,477	440
Prepaid expenses	722	646
Other current assets	168	101
Total current assets	36,265	16,486
Non-current assets:
Property and equipment	352	384
Operating Lease, Right-of-Use Asset	1,573
Total non-current assets	1,925	384
Total assets	38,190	16,870
Current liabilities:
Accounts payable	1,240	1,315
Accrued liabilities	1,486	1,474
Current portion of lease liability, operating leases	493
Total current liabilities	3,219	2,789
Non-current liabilities:
Lease liability, operating leases	1,215
Total liabilities	4,434	2,789
Shareholders’ equity:
Common shares, no par value, unlimited authorized shares, 55,435,937 and 38,161,808 shares issued and outstanding at June 30, 2019 and December 31, 2018, respectively	291,238	261,072
Additional paid-in capital	34,178	32,963
Accumulated other comprehensive loss	(4,298)	(4,316)
Deficit	(287,362)	(275,638)
Total shareholders’ equity	33,756	14,081
Total liabilities and shareholders’ equity	$ 38,190	$ 16,870

Condensed Consolidated Interi_2

Condensed Consolidated Interim Statements of Financial Position (Current Period Unaudited) (Parentheticals) - $ / shares $ / shares in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized	Unlimited	Unlimited
Common stock, shares issued (in shares)	55,435,937	38,161,808
Common stock, shares outstanding (in shares)	55,435,937	38,161,808

Condensed Consolidated Interi_3

Condensed Consolidated Interim Statement of Loss and Comprehensive Loss (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenue
Expenses:
Research and development	3,491	7,818	6,831	10,958
General and administrative	2,855	2,511	5,115	6,213
Operating Expenses	6,346	10,329	11,946	17,171
Other income (expense):
Interest income	128	74	220	118
Foreign exchange gains (losses)		(7)	2	(23)
Total other income	128	67	222	95
Net loss	(6,218)	(10,262)	(11,724)	(17,076)
Unrealized gain/(loss) on securities available-for-sale	9	(4)	18	(6)
Total comprehensive loss	$ (6,209)	$ (10,266)	$ (11,706)	$ (17,082)
Basic and diluted loss per common share (in dollars per share)	$ (0.13)	$ (0.30)	$ (0.27)	$ (0.56)
Weighted average number of common shares outstanding used in the calculation of basic and diluted loss per common share (in thousands) (in shares)	46,474	33,950	43,178	30,744

Condensed Consolidated Interi_4

Condensed Consolidated Interim Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Public Offering [Member]Common Stock [Member]	Public Offering [Member]Additional Paid-in Capital [Member]	Public Offering [Member]AOCI Attributable to Parent [Member]	Public Offering [Member]Retained Earnings [Member]	Public Offering [Member]	The 2018 Purchase Agreement [Member]Common Stock [Member]	The 2018 Purchase Agreement [Member]Additional Paid-in Capital [Member]	The 2018 Purchase Agreement [Member]AOCI Attributable to Parent [Member]	The 2018 Purchase Agreement [Member]Retained Earnings [Member]	The 2018 Purchase Agreement [Member]	The 2018 ATM Offering [Member]Common Stock [Member]	The 2018 ATM Offering [Member]Additional Paid-in Capital [Member]	The 2018 ATM Offering [Member]AOCI Attributable to Parent [Member]	The 2018 ATM Offering [Member]Retained Earnings [Member]	The 2018 ATM Offering [Member]	The 2017 Purchase Agreement [Member]Common Stock [Member]	The 2017 Purchase Agreement [Member]Additional Paid-in Capital [Member]	The 2017 Purchase Agreement [Member]AOCI Attributable to Parent [Member]	The 2017 Purchase Agreement [Member]Retained Earnings [Member]	The 2017 Purchase Agreement [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Dec. 31, 2017																					27,502,000
Balance at Dec. 31, 2017																					$ 231,923	$ 29,365	$ (4,316)	$ (246,770)	$ 10,202
Common shares issued (in shares)						170,000					1,430,000				1,429,847	5,232,000				5,231,953
Common shares issued						$ 600				$ 600	$ 5,246				$ 5,246	$ 14,995				$ 14,995
Common shares issued upon exercise of stock options (in shares)																					77,000
Common shares issued upon exercise of stock options																					$ 317	(134)			183
Stock-based compensation																						2,743			2,743
Other comprehensive gain (loss)																							(6)		(6)
Net loss																								(17,076)	(17,076)
Balance (in shares) at Jun. 30, 2018																					34,411,000
Balance at Jun. 30, 2018																					$ 253,081	31,974	(4,332)	(263,846)	16,887
Balance (in shares) at Dec. 31, 2018																					38,162,000
Balance at Dec. 31, 2018																					$ 261,072	32,963	(4,316)	(275,638)	$ 14,081
Common shares issued (in shares)	11,500,000					171,000				5,502,433	77,000				77,349	5,502,000
Common shares issued	$ 19,594				$ 19,594	$ 360				$ 360	$ 178				$ 178	$ 10,000				$ 10,000
Common shares issued upon exercise of stock options (in shares)																					23,000				23,000
Common shares issued upon exercise of stock options																					$ 34	(15)			$ 19
Stock-based compensation																						1,230			1,230
Other comprehensive gain (loss)																							18		18
Net loss																								(11,724)	(11,724)
Balance (in shares) at Jun. 30, 2019																					55,435,000
Balance at Jun. 30, 2019																					$ 291,238	$ 34,178	$ (4,298)	$ (287,362)	$ 33,756

Condensed Consolidated Interi_5

Condensed Consolidated Interim Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended		6 Months Ended		13 Months Ended	15 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2019
Cash flows from (used in) operating activities:
Net loss for the period	$ (6,218,000)	$ (10,262,000)	$ (11,724,000)	$ (17,076,000)
Items not involving cash:
Stock-based compensation	568,000	515,000	1,230,000	2,743,000
Shares issued to Aspire Capital as commitment fees	360,000	600,000	360,000	600,000
Depreciation and amortization	53,000	19,000	82,000	35,000
Amortization of right-of-use assets	107,000		231,000
Interest on lease liabilities	23,000		47,000
Operating lease payments amortized to lease liabilities	(120,000)		(219,000)
Unrealized foreign exchange (loss) gain	(1,000)	(4,000)	(3,000)	22,000
Accrued interest on investments	(19,000)		(19,000)
Change in non-cash operating working capital:
Prepaid expenses	(183,000)	(139,000)	(76,000)	(66,000)
Other current assets	(73,000)	(108,000)	(67,000)	(131,000)
Account payable	70,000	784,000	(75,000)	557,000
Accrued liabilities	164,000	(588,000)	90,000	79,000
Cash used in operating activities	(5,269,000)	(9,183,000)	(10,143,000)	(13,237,000)
Cash flows from financing activities:
Cost of offerings	(142,000)	(2,000)	(142,000)	(7,000)
Issuance of common shares upon exercise of stock options	19,000	183,000	19,000	183,000
Cash provided by financing activities	23,613,000	11,569,000	29,791,000	20,424,000
Cash flows from (used in) investing activities:
Maturity (acquisition) of investments	(8,000,000)	250,000	(8,000,000)	250,000
Purchase of property and equipment	(26,000)	(100,000)	(50,000)	(124,000)
Cash provided by (used in) investing activities	(8,026,000)	150,000	(8,050,000)	126,000
Effect of exchange rate fluctuations on cash and cash equivalents held	(1,000)		1,000
Increase in cash and cash equivalents	10,317,000	2,536,000	11,599,000	7,313,000
Cash and cash equivalents, beginning of period	16,581,000	15,408,000	15,299,000	10,631,000
Cash and cash equivalents, end of period	26,898,000	17,944,000	26,898,000	17,944,000	$ 26,898,000	$ 26,898,000
Public Offering [Member]
Cash flows from financing activities:
Proceeds from Issuance of Common Stock	19,736,000		19,736,000
The 2018 Purchase Agreement [Member]
Cash flows from financing activities:
Proceeds from Issuance of Common Stock			10,000,000		11,900,000
Issuance of common shares	4,000,000		10,000,000		$ 11,900,000
The 2017 Purchase Agreement [Member]
Cash flows from financing activities:
Proceeds from Issuance of Common Stock				15,000,000
Issuance of common shares		6,140,000		15,000,000
The 2018 ATM Offering [Member]
Cash flows from financing activities:
Proceeds from Issuance of Common Stock			183,000	5,410,000		11,200,000
Issuance of common shares		$ 5,248,000	$ 178,000	$ 5,248,000		$ 10,900,000

Note 1 - Reporting Entity

Note 1 - Reporting Entity	6 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	1. Reporting entity: Aptose Biosciences Inc. (“Aptose” or the “Company”) is a clinical-stage biotechnology company committed to discovering and developing personalized therapies addressing unmet medical needs in oncology. The Company’s executive offices are located in San Diego, California and its head office is located in Toronto, Canada. Aptose has two second CG026806 806” 3 1 , multicenter, open label, dose-escalation study with expansions to assess the safety, tolerability, PK, and preliminary efficacy of CG- 806 Aptose plans to seek allowance from the FDA to move into patient populations that include relapsed or refractory acute myeloid leukemia (AML) and myelodysplastic syndromes (MDS) in a separate Phase 1 253, second 1b

Note 2 - Significant Accounting

Note 2 - Significant Accounting Policies	6 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Significant Accounting Policies [Text Block]	2. Significant accounting policies (a) Basis of consolidation: These condensed consolidated interim financial statements include the accounts of its subsidiaries. All intercompany transactions, balances, revenue and expenses are eliminated on consolidation. (b) Basis of presentation: The accompanying unaudited condensed consolidated interim financial statements have been prepared in conformity with generally accepted accounting principles in the United States, or GAAP, for the interim financial information and the rules and regulations of the Securities and Exchange Commission, or SEC, related to quarterly reports on Form 10 not 10 March 12, 2019. not may (c) Significant accounting policies, estimates and judgments: During the three six June 30, 2019, no 10 December 31, 2018, The preparation of the 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 consolidated financial statements and reported amounts of revenue and expenses during the reporting period. Actual outcomes could differ from those estimates. The condensed consolidated interim financial statements include estimates, which, by their nature, are uncertain. The impacts of such estimates are pervasive throughout the condensed consolidated interim financial statements and may 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) Foreign currency: The functional and presentation currency of the Company is the US dollar. (e) Leases Effective January 1, 2019, No. 2016 02, 842 twelve Impact of adoption: As a result of adopting Topic 842, January 1, 2019, $1.570 $1.647 $78 (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

Note 3 - Cash and Cash Equivale

Note 3 - Cash and Cash Equivalents	6 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Cash and Cash Equivalents Disclosure [Text Block]	3. Cash and cash equivalents: Cash and cash equivalents consists of cash of $327 December 31, 2018 $621 90 $26.571 December 31, 2018 $14.678

Note 4 - Right-of-use Assets, O

Note 4 - Right-of-use Assets, Operating Leases	6 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Right-of-use Assets Disclosure [Text Block]	4. Right-of-use assets, operating leases: Six months ended 2019 Year ended 2018 Right-of-use assets, January 1, 2019 $ 1,570 - Additions to right-of-use assets 234 - Right-of-use assets, June 30, 2019 1,804 - Accumulated amortization (231 ) - Right-of use assets, NBV 1,573 -

Note 5 - Investments

Note 5 - Investments	6 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]	5. Investments: Investments consisted of the following as of June 30, 2019 December 31, 2018: June 30, 2019 Cost Unrealized gain Market value Guaranteed investment certificate(s) 8,459 18 8,477 December 31, 2018 Cost Unrealized loss Market value Guaranteed investment certificate(s) 458 (18 ) 440

Note 6 - Fair Value Measurement

Note 6 - Fair Value Measurements and Financial Instruments	6 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Fair Value Disclosures [Text Block]	6. Fair value measurements and financial instruments: The fair value hierarchy establishes three Level 1 Level 2 not Level 3 no The fair value hierarchy gives the highest priority to Level 1 3 The following table presents the Company’s assets that are measured at fair value on a recurring basis for the periods presented: June 30, 2019 Level 1 Level 2 Level 3 Assets High interest savings account $ 3,917 $ - $ 3,917 - United States treasury bills 5,480 - 5,480 - Commercial notes 4,978 4,978 Government of Canada promissory notes 2,492 2,492 Canadian provincial promissory notes 4,489 - 4,489 - Guaranteed investment certificates, Royal Bank of Canada 13,692 - 13,692 - $ 35,048 $ - $ 35,048 $ - December 31, 2018 Level 1 Level 2 Level 3 Assets High interest savings account 496 - 496 - United Sates treasury bills 3,989 - 3,989 - Canadian provincial promissory notes 5,991 - 5,991 - Guaranteed investment certificates, Royal Bank of Canada 4,642 - 4,642 - $ 15,118 $ - $ 15,118 $ -

Note 7 - Accrued Liabilities

Note 7 - Accrued Liabilities	6 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Accounts Payable and Accrued Liabilities Disclosure [Text Block]	7. Accrued liabilities: Accrued liabilities as of June 30, 2019 December 31, 2018 June 30, December 31, 2019 2018 Accrued personnel related costs $ 786 $ 955 Accrued research and development expenses 464 257 Other accrued expenses 236 262 $ 1,486 $ 1,474

Note 8 - Lease Liability

Note 8 - Lease Liability	6 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Lessee, Operating Leases [Text Block]	8. Lease liability Aptose leases office space and lab space in San Diego, California. The lease for the office space expires on March 31, 2023 5 February 29, 2019, February 18, 2019 February 28, 2022. June 30, 2023 5 not Minimum payments, undiscounted, under our operating leases are as follows: Years ending December 31, 2019 $ 246 2020 521 2021 532 2022 460 2023 119 Thereafter - $ 1,878 To calculate the lease liability, the lease payments in the table above were discounted over the remaining term of the leases using the Company’s incremental borrowing rate as at January 1, 2019 842, Six months ended Weighted-average remaining term – operating leases 3.8 Years Weighted-average discount rate – operating leases 5.42 % Lease liability, current portion 493 Lease liability, long term portion 1,215 Lease liability, total 1,708 Right-of-use assets obtained in exchange for new operating lease liabilities are as follows: Six months ended Right-of-use assets recorded upon adoption of Topic 842, January 1, 2019 $ 1,570 Right-of-use assets obtained in exchange for new operatinglease liabilities in the period $ 234 Operating lease costs and operating cash flows from our operating leases are as follows: Six months ended Operating lease cost $ 289 Operating cash flows from operating leases $ 219 Comparable figures are not

Note 9 - Share Capital

Note 9 - Share Capital	6 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	9. Share capital: The Company has authorized share capital of an unlimited number of common voting shares. (a) Equity issuances: (i) 2019 On June 3, 2019, 11,500,000 $1.85 $21.275 $19.736 $19.594 7% (ii) 2019 On May 7, 2019, 2019 $20 30 2019 one 9.99% 19.99% 2019 19.99% $2.10. May 13, 2019, 171,428 2019 $360 June 30, 2019, not 2019 (iii) 2018 On May 30, 2018, 2018 $20 30 June 8, 2018, 170,261 2018 $600 six June 30, 2019, 5,502,433 2018 $1.82 $10 June 30, 2019, $11.9 2018 June 30, 2019, 6,409,980, May 7, 2019 (iv) 2017 On October 27, 2017, 2017 $15,500,000 30 December 31, 2017, 357,143 $500 $324 321,429 During the six June 30, 2018, 5,231,953 $2.87 $15 June 30, 2018, $15.5 (v) 2019 On May 24, 2019, may, $40 six June 30, 2019, not (vi) 2018 On March 27, 2018, may, $30 six June 30, 2019, 77,349 $2.37 $183 $178 six June 30, 2018, 1,429,847 $3.78 $5.41 $5.25 3% June 30, 2019, $11.2 $10.9 May 24, 2019. (b) Loss per share: Loss per common share is calculated using the weighted average number of common shares outstanding and is presented in the table below: Three months ended Six months ended (in thousands) 2019 2018 2019 2018 Net loss $ (6,218 ) $ (10,262 ) $ (11,724 ) $ (17,076 ) Weighted-average common shares – basic and diluted 46,474 33,950 43,178 30,744 Net loss per share – basic and diluted $ (0.13 ) $ (0.30 ) $ (0.27 ) $ (0.56 ) The effect of any potential exercise of the Company’s stock options outstanding during the three six June 30, 2019 June 30, 2018

Note 10 - Stock-based Compensat

Note 10 - Stock-based Compensation	6 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Share-based Payment Arrangement [Text Block]	10. Stock-based compensation: (a) Stock options Under the Company’s stock option plan, options, rights and other entitlements may 17.5% 9.7 June 30, 2019. four 10 Stock option transactions for the six June 30, 2019, Option numbers are in (000’s) Options Six months ended Weighted Outstanding, beginning of period 4,489 $ 3.11 Granted 1,789 1.93 Exercised (23 ) 1.11 Forfeited (130 ) 2.59 Expired (47 ) 4.23 Outstanding, end of the period 6,078 2.83 8.0 Exercisable, end of the period 3,257 3.36 7.0 Vested and expected to vest, end of period 5,654 2.87 7.9 As of June 30, 2019, $2.10 1.68 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 resultant weighted average fair values: Six months ended Six months ended Risk-free interest rate 2.30 % 2.39 % Expected dividend yield - - Expected volatility 83.9 % 93.9 % Expected life of options (in years) 5 5 Grant date fair value $ 1.30 $ 2.14 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. Stock options granted by the Company during the six June 30, 2019, 50% one 16.67% three 335,000 100% one Stock options granted by the Company during the six June 30, 2018 50% one 16.67% three 116,000 50% one 25% two 850,000 (b) Restricted share units The Company has a stock incentive plan (SIP) pursuant to which the Board may one six June 30, 2019 2018 Six months ended, Six months ended, Number Weighted average grant date fair value Number Weighted average grant date fair value Outstanding, beginning of period - $ - - $ - Granted 80,000 2.0 - - Redeemed - - - - Outstanding, end of period 80,000 $ 2.0 - $ - On June 3, 2019, 80,000 40,000 three one The grant date fair value of the June 3, 2019 (c) Share-based payment expense The Company recorded share-based payment expense related to stock options and RSUs as follows: Three months ended Six months ended 2019 2018 2019 2018 Research and development $ 157 $ 152 $ 275 $ 518 General and administrative 411 363 955 2,225 $ 568 $ 515 $ 1,230 $ 2,743

Note 11 - Related Party Transac

Note 11 - Related Party Transactions	6 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	11. Related party transactions: The Company uses Moores Cancer Center at the University of California San Diego (UCSD) to provide pharmacology lab services to the Company. Dr. Stephen Howell is the Acting Chief Medical Officer of Aptose and is also a Professor of Medicine at UCSD and oversees the laboratory work. The work is completed under the terms of research services agreements executed in March 2015 March 2019, twelve $300,000. During the six June 30, 2019, $135 2018 $143

Significant Accounting Policies

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Consolidation, Policy [Policy Text Block]	(a) Basis of consolidation: These condensed consolidated interim financial statements include the accounts of its subsidiaries. All intercompany transactions, balances, revenue and expenses are eliminated on consolidation.
Basis of Accounting, Policy [Policy Text Block]	(b) Basis of presentation: The accompanying unaudited condensed consolidated interim financial statements have been prepared in conformity with generally accepted accounting principles in the United States, or GAAP, for the interim financial information and the rules and regulations of the Securities and Exchange Commission, or SEC, related to quarterly reports on Form 10 not 10 March 12, 2019. not may
Use of Estimates, Policy [Policy Text Block]	(c) Significant accounting policies, estimates and judgments: During the three six June 30, 2019, no 10 December 31, 2018, The preparation of the 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 consolidated financial statements and reported amounts of revenue and expenses during the reporting period. Actual outcomes could differ from those estimates. The condensed consolidated interim financial statements include estimates, which, by their nature, are uncertain. The impacts of such estimates are pervasive throughout the condensed consolidated interim financial statements and may 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.
Foreign Currency Transactions and Translations Policy [Policy Text Block]	(d) Foreign currency: The functional and presentation currency of the Company is the US dollar.
Lessee, Leases [Policy Text Block]	(e) Leases Effective January 1, 2019, No. 2016 02, 842 twelve Impact of adoption: As a result of adopting Topic 842, January 1, 2019, $1.570 $1.647 $78
Concentration Risk, Credit Risk, Policy [Policy Text Block]	(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

Note 4 - Right-of-use Assets,_2

Note 4 - Right-of-use Assets, Operating Leases (Tables)	6 Months Ended
	Jun. 30, 2019
Notes Tables
Schedule of Right-of-use Assets [Table Text Block]	Six months ended 2019 Year ended 2018 Right-of-use assets, January 1, 2019 $ 1,570 - Additions to right-of-use assets 234 - Right-of-use assets, June 30, 2019 1,804 - Accumulated amortization (231 ) - Right-of use assets, NBV 1,573 -

Note 5 - Investments (Tables)

Note 5 - Investments (Tables)	6 Months Ended
	Jun. 30, 2019
Notes Tables
Investment [Table Text Block]	June 30, 2019 Cost Unrealized gain Market value Guaranteed investment certificate(s) 8,459 18 8,477 December 31, 2018 Cost Unrealized loss Market value Guaranteed investment certificate(s) 458 (18 ) 440

Note 6 - Fair Value Measureme_2

Note 6 - Fair Value Measurements and Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2019
Notes Tables
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	June 30, 2019 Level 1 Level 2 Level 3 Assets High interest savings account $ 3,917 $ - $ 3,917 - United States treasury bills 5,480 - 5,480 - Commercial notes 4,978 4,978 Government of Canada promissory notes 2,492 2,492 Canadian provincial promissory notes 4,489 - 4,489 - Guaranteed investment certificates, Royal Bank of Canada 13,692 - 13,692 - $ 35,048 $ - $ 35,048 $ - December 31, 2018 Level 1 Level 2 Level 3 Assets High interest savings account 496 - 496 - United Sates treasury bills 3,989 - 3,989 - Canadian provincial promissory notes 5,991 - 5,991 - Guaranteed investment certificates, Royal Bank of Canada 4,642 - 4,642 - $ 15,118 $ - $ 15,118 $ -

Note 7 - Accrued Liabilities (T

Note 7 - Accrued Liabilities (Tables)	6 Months Ended
	Jun. 30, 2019
Notes Tables
Schedule of Accrued Liabilities [Table Text Block]	June 30, December 31, 2019 2018 Accrued personnel related costs $ 786 $ 955 Accrued research and development expenses 464 257 Other accrued expenses 236 262 $ 1,486 $ 1,474

Note 8 - Lease Liability (Table

Note 8 - Lease Liability (Tables)	6 Months Ended
	Jun. 30, 2019
Notes Tables
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	Years ending December 31, 2019 $ 246 2020 521 2021 532 2022 460 2023 119 Thereafter - $ 1,878
Lessee, Operating Lease Liability and Weighted Average [Table Text Block]	Six months ended Weighted-average remaining term – operating leases 3.8 Years Weighted-average discount rate – operating leases 5.42 % Lease liability, current portion 493 Lease liability, long term portion 1,215 Lease liability, total 1,708
Schedule of Right-of-use Asset Obtained in Exchange For Operating Lease Liability [Table Text Block]	Six months ended Right-of-use assets recorded upon adoption of Topic 842, January 1, 2019 $ 1,570 Right-of-use assets obtained in exchange for new operatinglease liabilities in the period $ 234
Lease, Cost [Table Text Block]	Six months ended Operating lease cost $ 289 Operating cash flows from operating leases $ 219

Note 9 - Share Capital (Tables)

Note 9 - Share Capital (Tables)	6 Months Ended
	Jun. 30, 2019
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three months ended Six months ended (in thousands) 2019 2018 2019 2018 Net loss $ (6,218 ) $ (10,262 ) $ (11,724 ) $ (17,076 ) Weighted-average common shares – basic and diluted 46,474 33,950 43,178 30,744 Net loss per share – basic and diluted $ (0.13 ) $ (0.30 ) $ (0.27 ) $ (0.56 )

Note 10 - Stock-based Compens_2

Note 10 - Stock-based Compensation (Tables)	6 Months Ended
	Jun. 30, 2019
Notes Tables
Share-based Payment Arrangement, Option, Activity [Table Text Block]	Option numbers are in (000’s) Options Six months ended Weighted Outstanding, beginning of period 4,489 $ 3.11 Granted 1,789 1.93 Exercised (23 ) 1.11 Forfeited (130 ) 2.59 Expired (47 ) 4.23 Outstanding, end of the period 6,078 2.83 8.0 Exercisable, end of the period 3,257 3.36 7.0 Vested and expected to vest, end of period 5,654 2.87 7.9
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	Six months ended Six months ended Risk-free interest rate 2.30 % 2.39 % Expected dividend yield - - Expected volatility 83.9 % 93.9 % Expected life of options (in years) 5 5 Grant date fair value $ 1.30 $ 2.14
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]	Six months ended, Six months ended, Number Weighted average grant date fair value Number Weighted average grant date fair value Outstanding, beginning of period - $ - - $ - Granted 80,000 2.0 - - Redeemed - - - - Outstanding, end of period 80,000 $ 2.0 - $ -
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]	Three months ended Six months ended 2019 2018 2019 2018 Research and development $ 157 $ 152 $ 275 $ 518 General and administrative 411 363 955 2,225 $ 568 $ 515 $ 1,230 $ 2,743

Note 2 - Significant Accounti_2

Note 2 - Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands	Jun. 30, 2019	Jan. 01, 2019	Dec. 31, 2018
Operating Lease, Right-of-Use Asset	$ 1,573	$ 1,570
Operating Lease, Liability, Total	$ 1,708	1,647
Accounting Standards Update 2016-02 [Member]
Landlord Inducements		$ (78)

Note 3 - Cash and Cash Equiva_2

Note 3 - Cash and Cash Equivalents (Details Textual) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Cash, Ending Balance	$ 327	$ 621
Cash Equivalents, at Carrying Value, Total	$ 26,571	$ 14,678

Note 4 - Right-of-use Assets,_3

Note 4 - Right-of-use Assets, Operating Leases - Schedule of Right-of-use Assets (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jan. 01, 2019	Dec. 31, 2018
Right-of-use assets	$ 1,573	$ 1,570
Additions to right-of-use assets	234
Right-of-use assets before Accumulated amortization	1,804
Accumulated amortization	(231)
Right-of use assets	$ 1,573	$ 1,570

Note 5 - Investments - Investme

Note 5 - Investments - Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Guaranteed investment certificate, cost	$ 8,459	$ 458
Guaranteed investment certificate, unrealized loss	18	(18)
Guaranteed investment certificate, market value	$ 8,477	$ 440

Note 6 - Fair Value Measureme_3

Note 6 - Fair Value Measurements and Financial Instruments - Assets Measured on a Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Assets, fair value	$ 35,048	$ 15,118
Fair Value, Inputs, Level 1 [Member]
Assets, fair value
Fair Value, Inputs, Level 2 [Member]
Assets, fair value	35,048	15,118
Fair Value, Inputs, Level 3 [Member]
Assets, fair value
Bank Time Deposits [Member]
Assets, fair value	3,917	496
Bank Time Deposits [Member] | Fair Value, Inputs, Level 1 [Member]
Assets, fair value
Bank Time Deposits [Member] | Fair Value, Inputs, Level 2 [Member]
Assets, fair value	3,917	496
Bank Time Deposits [Member] | Fair Value, Inputs, Level 3 [Member]
Assets, fair value
US Treasury Securities [Member]
Assets, fair value	5,480	3,989
US Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Assets, fair value
US Treasury Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Assets, fair value	5,480	3,989
US Treasury Securities [Member] | Fair Value, Inputs, Level 3 [Member]
Assets, fair value
Corporate Debt Securities [Member]
Assets, fair value	4,978
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Assets, fair value
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Assets, fair value	4,978
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member]
Assets, fair value
Canadian Provincial Promissory Notes [Member]
Assets, fair value	4,489	5,991
Canadian Provincial Promissory Notes [Member] | Fair Value, Inputs, Level 1 [Member]
Assets, fair value
Canadian Provincial Promissory Notes [Member] | Fair Value, Inputs, Level 2 [Member]
Assets, fair value	4,489	5,991
Canadian Provincial Promissory Notes [Member] | Fair Value, Inputs, Level 3 [Member]
Assets, fair value
Debt Security, Government, Non-US [Member]
Assets, fair value	2,492
Debt Security, Government, Non-US [Member] | Fair Value, Inputs, Level 1 [Member]
Assets, fair value
Debt Security, Government, Non-US [Member] | Fair Value, Inputs, Level 2 [Member]
Assets, fair value	2,492
Debt Security, Government, Non-US [Member] | Fair Value, Inputs, Level 3 [Member]
Assets, fair value
Investments [Member]
Assets, fair value	13,692	4,642
Investments [Member] | Fair Value, Inputs, Level 1 [Member]
Assets, fair value
Investments [Member] | Fair Value, Inputs, Level 2 [Member]
Assets, fair value	13,692	4,642
Investments [Member] | Fair Value, Inputs, Level 3 [Member]
Assets, fair value

Note 7 - Accrued Liabilities -

Note 7 - Accrued Liabilities - Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Accrued personnel related costs	$ 786	$ 955
Accrued research and development expenses	464	257
Other accrued expenses	236	262
	$ 1,486	$ 1,474

Note 8 - Lease Liability - Sche

Note 8 - Lease Liability - Schedule of Minimum Payments Under Operating Leases (Details) $ in Thousands	Jun. 30, 2019USD ($)
2019	$ 246
2020	521
2021	532
2022	460
2023	119
Thereafter
	$ 1,878

Note 8 - Lease Liability - Leas

Note 8 - Lease Liability - Lease Liability (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Jan. 01, 2019	Dec. 31, 2018
Weighted-average remaining term – operating leases (Year)	3 years 292 days
Weighted-average discount rate – operating leases	5.42%
Lease liability, current portion	$ 493
Lease liability, long term portion	1,215
Operating Lease, Liability, Total	$ 1,708	$ 1,647

Note 8 - Lease Liability - Sc_2

Note 8 - Lease Liability - Schedule of Right-of-use Asset Obtained in Exchange for Operating Lease Liability (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jan. 01, 2019	Dec. 31, 2018
Operating Lease, Right-of-Use Asset	$ 1,573	$ 1,570
Right-of-use assets obtained in exchange for new operatinglease liabilities in the period	$ 234

Note 8 - Lease Liability - Oper

Note 8 - Lease Liability - Operating Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Operating lease cost			$ 289
Operating cash flows from operating leases	$ 120		$ 219

Note 9 - Share Capital (Details

Note 9 - Share Capital (Details Textual) - USD ($)	Jun. 03, 2019	May 13, 2019	May 07, 2019	Jun. 08, 2018	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2019	Jun. 30, 2019	May 24, 2019	May 30, 2018	Mar. 28, 2018	Oct. 27, 2017
Public Offering [Member]
Stock Issued During Period, Shares, New Issues	11,500,000
Shares Issued, Price Per Share	$ 1.85
Proceeds from Issuance of Common Stock, Gross	$ 21,275,000
Proceeds from Issuance of Common Stock	19,736,000				$ 19,736,000		$ 19,736,000
Stock Issued During Period, Value, New Issues	$ 19,594,000						$ 19,594,000
Stock Issuance, Percent of Cash Commission to Broker	7.00%
The 2019 Share Purchase Agreement [Member]
Stock Issued During Period, Shares, New Issues		171,428
Stock Issued During Period, Value, New Issues			$ 360,000
Stock Issuance Program, Authorized Amount			$ 20,000,000
The 2019 Share Purchase Agreement [Member] | Aspire [Member]
Stock Purchase Agreement, Maximum Percent of Issued and Outstanding Common Shares Ownable			9.99%
Stock Purchase Agreement, Maximum Percent of Shares Issued			19.99%
The 2018 Purchase Agreement [Member]
Stock Issued During Period, Shares, New Issues				170,261			5,502,433				6,409,980
Shares Issued, Price Per Share					$ 1.82		$ 1.82				$ 1.82	$ 1.82
Proceeds from Issuance of Common Stock							$ 10,000,000				$ 11,900,000
Stock Issued During Period, Value, New Issues				$ 600,000			360,000	600,000
Stock Issuance Program, Authorized Amount														$ 20,000,000
Proceeds from Issuance of Common Stock, Net					$ 4,000,000		10,000,000				$ 11,900,000
The 2017 Purchase Agreement [Member]
Stock Issued During Period, Shares, New Issues								5,231,953		357,143
Shares Issued, Price Per Share						$ 2.87		$ 2.87	$ 2.87
Proceeds from Issuance of Common Stock								$ 15,000,000
Stock Issued During Period, Value, New Issues							10,000,000	14,995,000
Stock Issuance Program, Authorized Amount																$ 15,500,000
Proceeds from Issuance of Private Placement									$ 15,500,000	$ 500,000
Proceeds from Issuance of Private Placement, Net										$ 324,000
Stock Issued During Period, Shares, Issued for Services										321,429
Proceeds from Issuance of Common Stock, Net						$ 6,140,000		$ 15,000,000
The 2019 ATM Offering [Member]
Stock Issued During Period, Shares, New Issues							0
Stock Issuance Program, Authorized Amount													$ 40,000,000
The 2018 ATM Offering [Member]
Stock Issued During Period, Shares, New Issues							77,349	1,429,847
Shares Issued, Price Per Share					$ 2.37	$ 3.78	$ 2.37	$ 3.78	$ 3.78		$ 2.37	$ 2.37
Proceeds from Issuance of Common Stock							$ 183,000	$ 5,410,000				$ 11,200,000
Stock Issued During Period, Value, New Issues							178,000	$ 5,246,000
Stock Issuance, Percent of Cash Commission to Broker						3.00%		3.00%	3.00%
Stock Issuance Program, Authorized Amount															$ 30,000,000
Proceeds from Issuance of Common Stock, Net						$ 5,248,000	$ 178,000	$ 5,248,000				$ 10,900,000

Note 9 - Share Capital - Loss P

Note 9 - Share Capital - Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Net loss	$ (6,218)	$ (10,262)	$ (11,724)	$ (17,076)
Weighted-average common shares – basic and diluted (in shares)	46,474	33,950	43,178	30,744
Net loss per share – basic and diluted (in dollars per share)	$ (0.13)	$ (0.30)	$ (0.27)	$ (0.56)

Note 10 - Stock-based Compens_3

Note 10 - Stock-based Compensation (Details Textual) - USD ($) $ in Millions	Jun. 03, 2019	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Subscription Rate		17.50%
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Number of Shares		9,700,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		4 years
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period		10 years
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount		$ 2.1
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition		1 year 248 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance		6,078,000		4,489,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period		80,000,000
Employee Stock Option Vesting Schedule II [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance		335,000	850,000
Employee Stock Option Vesting Schedule I [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance			116,000
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	80,000
Share-based Payment Arrangement, Tranche One [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage		50.00%	50.00%
Share-based Payment Arrangement, Tranche One [Member] | Employee Stock Option Vesting Schedule II [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage		100.00%
Share-based Payment Arrangement, Tranche One [Member] | Employee Stock Option Vesting Schedule I [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage			50.00%
Share-based Payment Arrangement, Tranche One [Member] | Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	90 days
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	40,000
Share-based Payment Arrangement, Tranche Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage		16.67%	16.67%
Share-based Payment Arrangement, Tranche Two [Member] | Employee Stock Option Vesting Schedule II [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage			25.00%
Share-based Payment Arrangement, Tranche Two [Member] | Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	1 year
Share-based Compensation Award, Tranche Four [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage		16.67%	16.67%
Share-based Payment Arrangement, Tranche Three [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage		16.67%	16.67%

Note 10 - Stock-based Compens_4

Note 10 - Stock-based Compensation - Stock Option Transactions (Details) shares in Thousands	6 Months Ended
	Jun. 30, 2019$ / sharesshares
Outstanding, options (in shares) | shares	4,489
Outstanding, weighted average exercise price (in dollars per share) | $ / shares	$ 3.11
Granted, options (in shares) | shares	1,789
Granted, weighted average exercise price (in dollars per share) | $ / shares	$ 1.93
Exercised, options (in shares) | shares	(23)
Exercised, weighted average exercise price (in dollars per share) | $ / shares	$ 1.11
Forfeited, options (in shares) | shares	(130)
Forfeited, weighted average exercise price (in dollars per share) | $ / shares	$ 2.59
Expired, options (in shares) | shares	(47)
Expired, weighted average exercise price (in dollars per share) | $ / shares	$ 4.23
Outstanding, options (in shares) | shares	6,078
Outstanding, weighted average exercise price (in dollars per share) | $ / shares	$ 2.83
Outstanding, weighted average remaining contractual life (Year)	8 years
Exercisable, end of the period, options (in shares) | shares	3,257
Exercisable, end of the Exercisable, weighted average exercise price (in dollars per share) | $ / shares	$ 3.36
Exercisable, weighted average remaining contractual life (Year)	7 years
Vested and expected to vest, end of period, options (in shares) | shares	5,654
Vested and expected to vest, weighted average exercise price (in dollars per share) | $ / shares	$ 2.87
Vested and expected to vest, weighted average remaining contractual life (Year)	7 years 328 days

Note 10 - Stock-based Compens_5

Note 10 - Stock-based Compensation - Weighted Average Assumptions (Details) - $ / shares	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Risk-free interest rate	2.30%	2.39%
Expected dividend yield
Expected volatility	83.90%	93.90%
Expected life of options (Year)	5 years	5 years
Grant date fair value (in dollars per share)	$ 1.30	$ 2.14

Note 10 - Stock-based Compens_6

Note 10 - Stock-based Compensation - Restricted Stock Units (Details) - $ / shares shares in Millions	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Outstanding, beginning of period (in shares)
Outstanding, weighted average grant date fair value (in dollars per share)
Granted (in shares)	80
Granted, weighted average grant date fair value (in dollars per share)	$ 2
Redeemed (in shares)
Redeemed, weighted average grant date fair value (in dollars per share)
Outstanding, end of period (in shares)	80
Outstanding, end of Outstanding, weighted average grant date fair value (in dollars per share)	$ 2

Note 10 - Stock-based Compens_7

Note 10 - Stock-based Compensation - Share-based Payment Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Share-based payment expense	$ 568	$ 515	$ 1,230	$ 2,743
Research and Development Expense [Member]
Share-based payment expense	157	152	275	518
General and Administrative Expense [Member]
Share-based payment expense	$ 411	$ 363	$ 955	$ 2,225

Note 11 - Related Party Trans_2

Note 11 - Related Party Transactions (Details Textual) - Moores Cancer Center at University of California San Diego [Member] - USD ($)	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Mar. 31, 2019
Extension for Services Agreement, Amount, Related Parties			$ 300,000
us-gaap_ResearchAndDevelopmentExpenseMember
Related Party Transaction, Amounts of Transaction	$ 135,000	$ 143,000