Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Mar. 24, 2017 | Jun. 30, 2016 | |
Document Information [Line Items] | |||
Entity Registrant Name | BioCardia, Inc. | ||
Entity Central Index Key | 925,741 | ||
Trading Symbol | bcda | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Common Stock, Shares Outstanding (in shares) | 457,655,631 | ||
Entity Public Float | $ 11,511,284 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 21,352,000 | $ 3,557,000 |
Accounts receivable, net of allowance for doubtful accounts of $2 and $4 at December 31, 2016 and 2015, respectively | 74,000 | 107,000 |
Inventory | 135,000 | 759,000 |
Prepaid expenses and other current assets | 356,000 | 246,000 |
Total current assets | 21,917,000 | 4,669,000 |
Property and equipment, net | 111,000 | 150,000 |
Other assets | 54,000 | 43,000 |
Total assets | 22,082,000 | 4,862,000 |
Current liabilities: | ||
Accounts payable | 525,000 | 542,000 |
Accrued liabilities | 544,000 | 692,000 |
Deferred rent | 30,000 | |
Deferred revenue | 71,000 | 39,000 |
Grant liability | 304,000 | |
Convertible preferred stock warrant liability | 275,000 | |
Maturity date preferred stock warrant liability | 10,000 | |
Convertible shareholder notes derivative liability | 1,044,000 | |
Convertible shareholder notes, net of debt discount of $1,528 at December 31, 2015 | 5,672,000 | |
Total current liabilities | 1,444,000 | 8,304,000 |
Deferred rent | 56,000 | |
Total liabilities | 1,500,000 | 8,304,000 |
Stockholders’ equity (deficit): | ||
Convertible preferred stock, $0.001 par value, 0 and 43,502,124 shares authorized at December 31, 2016 and 2015, respectively; 0 and 110,500,514 shares issued and outstanding at December 31, 2016 and 2015, respectively | ||
Common stock, $0.001 par value, 750,000,000 and 60,000,000 shares authorized at December 31, 2016 and 2015, respectively; 457,575,631 shares and 18,947,536 shares issued and outstanding at December 31, 2016 and 2015, respectively | 458,000 | 19,000 |
Additional paid-in capital | 80,266,000 | 341,000 |
Accumulated deficit | (60,142,000) | (49,832,000) |
Total stockholders’ equity (deficit) | 20,582,000 | (3,442,000) |
Total liabilities and stockholders’ equity (deficit) | 22,082,000 | 4,862,000 |
Convertible Preferred Stock [Member] | ||
Stockholders’ equity (deficit): | ||
Convertible preferred stock, $0.001 par value, 0 and 43,502,124 shares authorized at December 31, 2016 and 2015, respectively; 0 and 110,500,514 shares issued and outstanding at December 31, 2016 and 2015, respectively | $ 46,030,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Allowance for doubtful accounts | $ 2 | $ 4 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 750,000,000 | 60,000,000 |
Common stock, shares issued (in shares) | 457,575,631 | 18,947,536 |
Common stock, shares outstanding (in shares) | 457,575,631 | 18,947,536 |
Convertible Preferred Stock [Member] | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 0 | 43,502,124 |
Preferred stock, shares issued (in shares) | 0 | 110,500,514 |
Preferred stock, shares outstanding (in shares) | 0 | 110,500,514 |
Convertible Debt [Member] | ||
Convertible shareholder notes, debt discount | $ 1,528 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Revenue: | ||
Net product revenue | $ 517,000 | $ 860,000 |
Collaboration agreement revenue | 59,000 | 44,000 |
Total revenue | 576,000 | 904,000 |
Costs and expenses: | ||
Cost of goods sold | 746,000 | 1,061,000 |
Research and development | 3,330,000 | 1,518,000 |
Selling, general and administrative | 4,108,000 | 3,734,000 |
Total costs and expenses | 8,184,000 | 6,313,000 |
Operating loss | (7,608,000) | (5,409,000) |
Other income (expense): | ||
Interest expense, net | (1,736,000) | (1,386,000) |
Write-off of deferred offering costs | (1,634,000) | |
Change in fair value of convertible preferred stock warrant liability | 250,000 | 274,000 |
Change in fair value of maturity date preferred stock warrant liability | 10,000 | 87,000 |
Change in fair value of convertible shareholder notes derivative liability | (1,224,000) | 1,373,000 |
Other expense | (2,000) | (2,000) |
Total other expense, net | (2,702,000) | (1,288,000) |
Net loss | $ (10,310,000) | $ (6,697,000) |
Net loss per share, basic and diluted (in dollars per share) | $ (0.10) | $ (0.36) |
Weighted-average shares used in computing net loss per share, basic and diluted (in shares) | 100,419,402 | 18,723,511 |
Consolidated Statements of Conv
Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) - USD ($) | Preferred Stock [Member]Convertible Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2014 | 98,354,541 | 18,494,023 | |||
Balance at Dec. 31, 2014 | $ 38,213,000 | ||||
Balance at Dec. 31, 2014 | $ 18 | $ (43,135) | $ (43,117) | ||
Reclassification from temporary equity to permanent equity (in shares) | (98,354,541) | ||||
Reclassification from temporary equity to permanent equity | $ (38,213,000) | ||||
Permanent equity, reclassified from temporary equity (in shares) | 98,354,541 | ||||
Permanent equity, reclassified from temporary equity | $ 38,213,000 | 38,213,000 | |||
Conversion of convertible notes (in shares) | 12,075,610 | ||||
Conversion of convertible notes | $ 7,781,000 | 7,781,000 | |||
Exercise of convertible preferred stock warrants for series D preferred shares (in shares) | 67,884 | ||||
Exercise of convertible preferred stock warrants for series D preferred shares | $ 34,000 | 34,000 | |||
Exercise of convertible preferred stock warrants for series F preferred shares (in shares) | 2,479 | ||||
Exercise of convertible preferred stock warrants for series F preferred shares | $ 2,000 | 2,000 | |||
Exercise of stock options (in shares) | 453,513 | ||||
Exercise of stock options | $ 1,000 | $ 58,000 | 59,000 | ||
Share-based compensation | 283,000 | 283,000 | |||
Net loss | (6,697,000) | (6,697,000) | |||
Balance (in shares) at Dec. 31, 2015 | 110,500,514 | 18,947,536 | |||
Balance at Dec. 31, 2015 | $ 46,030,000 | $ 19,000 | 341,000 | (49,832,000) | (3,442,000) |
Conversion of convertible notes (in shares) | 97,093,236 | ||||
Conversion of convertible notes | $ 97,000 | 12,059,000 | $ 12,156,000 | ||
Exercise of stock options (in shares) | 161,521 | 161,521 | |||
Exercise of stock options | 22,000 | $ 22,000 | |||
Share-based compensation | 942,000 | 942,000 | |||
Net loss | (10,310,000) | (10,310,000) | |||
Balance (in shares) at Dec. 31, 2016 | 457,575,631 | ||||
Balance at Dec. 31, 2016 | $ 458,000 | 80,266,000 | $ (60,142,000) | 20,582,000 | |
Exchange of convertible preferred stock warrants to common stock (in shares) | 129,683 | ||||
Exchange of convertible preferred stock warrants to common stock | 25,000 | 25,000 | |||
Reclassification of convertible shareholder notes derivative liability | 2,268,000 | 2,268,000 | |||
Conversion of preferred stock into common stock (in shares) | (110,500,514) | 110,500,514 | |||
Conversion of preferred stock into common stock | $ (46,030,000) | $ 111,000 | 45,919,000 | ||
Issuance of common stock upon reverse merger (in shares) | 230,743,141 | ||||
Issuance of common stock upon reverse merger | $ 231,000 | $ 18,690,000 | $ 18,921,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Operating activities: | ||
Net loss | $ (10,310,000) | $ (6,697,000) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Write-off of inventory | 597,000 | |
Depreciation and amortization | 39,000 | 47,000 |
Change in fair value of convertible preferred stock warrant liability | (250,000) | (274,000) |
Change in fair value of maturity date preferred stock warrant liability | (10,000) | (87,000) |
Change in fair value of convertible shareholder notes derivative liability | 1,224,000 | (1,373,000) |
Share-based compensation | 942,000 | 283,000 |
Non-cash interest expense on convertible shareholder notes | 1,736,000 | 1,387,000 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 33,000 | 65,000 |
Inventory | 27,000 | (82,000) |
Prepaid expenses and other current assets | (110,000) | (129,000) |
Deferred financing costs | 48,000 | |
Other assets | (11,000) | |
Accounts payable | (17,000) | 228,000 |
Accrued liabilities excluding accrued interest on convertible note | 226,000 | (416,000) |
Deferred revenue | 32,000 | |
Deferred rent | 26,000 | (23,000) |
Grant liability | 304,000 | |
Net cash used in operating activities | (5,522,000) | (7,023,000) |
Investing activities: | ||
Purchase of property and equipment | (125,000) | |
Cash acquired in reverse merger | 19,017,000 | |
Payment of transaction costs of reverse merger | (96,000) | |
Net cash provided by (used in) investing activities | 18,921,000 | (125,000) |
Financing activities: | ||
Proceeds from the exercise of convertible preferred stock warrants | 27,000 | |
Proceeds from issuance of convertible notes and warrants | 4,374,000 | 7,435,000 |
Proceeds from the exercise of stock options | 22,000 | 59,000 |
Net cash provided by financing activities | 4,396,000 | 7,521,000 |
Net increase in cash and cash equivalents | 17,795,000 | 373,000 |
Cash and cash equivalents at beginning of year | 3,557,000 | 3,184,000 |
Cash and cash equivalents at end of year | 21,352,000 | 3,557,000 |
Supplemental disclosure for noncash investing and financing activities: | ||
Exchange of convertible preferred stock warrants for common stock | 25,000 | |
Conversion of convertible shareholder notes and related interest payable | 12,156,000 | 7,781,000 |
Reclassification of convertible shareholder notes derivative liability | 2,268,000 | |
Conversion of preferred stock | $ 46,030,000 |
Note 1 - Summary of Business
Note 1 - Summary of Business | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | (1) Summary of Business (a) Description of Business The Company is a clinical-stage regenerative medicine company developing novel therapeutics for cardiovascular diseases with large unmet medical needs. Its lead therapeutic candidate is the CardiAMP cell therapy system and its second The Company has three (b) Reverse Merger On August 22, 2016, October 24, 2016, 54% Exchange Ratio Pursuant to the Merger Agreement, each of the shares of BioCardia Lifesciences common stock issued and outstanding prior to the Merger, including shares of common stock underlying outstanding preferred stock, convertible notes (which converted into common stock immediately prior to the Merger), and stock options were converted into the right to receive 19.3678009 (c) Reverse Stock Split On July 2, 2015, 1 7.131 |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | (2) Significant Accounting Policies (a) Basis of Presentation and Consolidation These consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (GAAP) and include all adjustments necessary for the fair presentation of the Company’s financial position for the periods presented. The consolidated financial statements include the accounts of the Company and its wholly owned subsidiary. All material intercompany accounts and transactions have been eliminated during the consolidation process. The Company manages its operations as a single segment for the purposes of assessing performance and making operating decisions. (b) Liquidity The Company has incurred significant net losses and negative cash flows from operations since its inception and had an accumulated deficit of $60.1 December 31, 2016. Upon closing of the Merger Agreement, the combined company had approximately $24.0 $19 $4.4 October 2016. December 31, 2016 twelve may may (c) Use of Estimates The preparation of the financial statements in accordance with GAAP requires Company management to make certain estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ materially from those estimates. Significant items subject to such estimates and assumptions include the useful lives of property and equipment; allowances for doubtful accounts and sales returns; inventory valuation and reserves; fair value of the convertible preferred stock warrant liability; fair value of the maturity date preferred stock warrant liability; fair value of the convertible shareholder notes derivative liability; and share-based compensation. (d) Cash Equivalents The Company classifies all highly liquid investments with original maturities of three (e) Concentration of Credit Risk Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash. The Company maintains its cash at financial institutions, which at times, exceed federally insured limits. At December 31, 2016, one (f) Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable are recorded at the invoiced amount and do not bear interest. The Company considers the creditworthiness of its customers, but does not require collateral in advance of a sale. The Company evaluates collectability and maintains an allowance for doubtful accounts for estimated losses inherent in its accounts receivable portfolio when necessary. The estimate is based on the Company’s historical write-off experience, customer creditworthiness, facts and circumstances specific to outstanding balances and payment terms. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The allowance for doubtful accounts was $2,000 $4,000 December 31, 2016 2015, (g) Inventory Inventory is stated at the lower of cost or net realizable value. Cost is determined using the average-cost method. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The Company analyzes its inventory levels quarterly and writes down inventory that has become obsolete or has a cost basis in excess of its expected net realizable value or inventory quantities in excess of expected requirements. Excess requirements are determined based on comparison of existing inventories to forecasted sales, with consideration given to inventory shelf life. Expired inventory is disposed of and the related costs are recognized in cost of goods sold. (h) Deferred Financing Costs Deferred financing costs represent direct costs associated with future issuances of our corporate securities. Direct costs include, but are not limited to the legal, accounting and printing costs. Indirect costs associated with future issuance of corporate securities are expensed as incurred. Upon the completion of the proposed issuances, the deferred financing costs will be offset against the proceeds from the security issuance. If the proposed issuances are not completed, the deferred financing costs will be charged to expense. The Company deferred costs incurred for an initial public offering of BioCardia Lifesciences common stock, or the IPO, totaling approximately $1,586,000 2015. 2015, $1,634,000 2015. (i) Property and Equipment, Net Property and equipment, net are carried at cost less accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the related assets, as described in the table below. Maintenance and repairs are expensed as incurred. When assets are retired or otherwise disposed of, the cost and the related accumulated depreciation and amortization are removed from the accounts and any resulting gain or loss is reflected in the accompanying consolidated statements of operations. Asset Estimated useful lives (in years) Computer equipment and software 3 Laboratory and manufacturing equipment 3 Furniture and fixtures 3 Leasehold improvements 5 years or lease term, if shorter (j) Long-Lived Assets The Company evaluates long-lived assets such as property and equipment whenever events or changes in circumstances indicate the carrying amount of an asset may no (k) Clinical Trial Accruals As part of the process of preparing its consolidated financial statements, the Company is required to estimate its expenses resulting from its obligations under contracts with vendors and consultants and clinical site agreements in connection with conducting clinical trials. The financial terms of these contracts are subject to negotiation and may may may (l) Derivatives Fair value accounting requires bifurcation of embedded derivative instruments such as conversion features in equity instruments and warrants granted, and measurement of their fair value. In determining the appropriate fair value, the Company uses Monte Carlo simulation to calculate potential payouts in each of three (m) Deferred Rent The Company’s lease for its facility provides for fixed increases in minimum annual rental payments. The total amount of rental payments due over the lease term is charged to rent expense ratably over the life of the lease. Deferred rent consists of the difference between cash payments and the recognition of rent expense on a straight-line basis. (n) Revenue Recognition The Company recognizes revenue when persuasive evidence of an arrangement exists, delivery has occurred, the price to the buyer is fixed or determinable, and collection from the customer is reasonably assured. Net product revenue Revenue is recognized net of provisions made for discounts, expected sales returns and allowances. Estimated returns and allowances are based on historical experience and other relevant factors. The Company accepts returns for unused, unopened and resellable product in its original packaging, subject to a restocking fee. The sales return reserve was approximately $1,000 $3,000 December 31, 2016 2015, Amounts received from customers in advance of revenue recognition are recorded as deferred revenue on the consolidated balance sheets. Collaboration agreement revenue two ● The delivered items have value to the customer on a stand-alone basis ● If there is a general right of return relative to the delivered items, delivery or performance of the undelivered items is considered probable and within the Company’s control Factors considered in this determination include, among other things, whether any other vendors sell the items separately and if the customer could use the delivered item for its intended purpose without receipt of the remaining deliverables. If an arrangement includes multiple deliverables that are separable into different units of accounting, the Company allocates the arrangement consideration to those units of accounting based on their relative selling prices and recognizes the associated revenue when the appropriate recognition criteria are met for those deliverables. The amount of allocable arrangement consideration is limited to the amounts that are fixed and determinable. (o) Shipping Costs Costs incurred for the shipping of products to customers totaled approximately $7,000 $11,000 December 31, 2016 2015, (p) Product Warranties The Company provides a standard warranty of serviceability on all its products for the duration of the product’s shelf life, which is two not December 31, 2016 2015. (q) Research and Development The Company’s research and development costs are expensed as incurred. Research and development expense includes the costs of basic research activities as well as other research, engineering, and technical effort required to develop new products or services or make significant improvement to an existing product or manufacturing process. Research and development costs also include pre-approval regulatory and clinical trial expenses and support costs for collaborative partnering programs wherein the Company provides biotherapeutic delivery systems and customer training and support for their use in clinical trials and studies. The Company’s research and development costs consist primarily of: ● Salaries, benefits and other personnel-related expenses, including share-based compensation ● Fees paid for services provided by clinical research organizations, research institutions, consultants and other outside service providers ● Costs to acquire and manufacture materials used in research and development activities and clinical trials ● Laboratory consumables and supplies ● Facility-related expenses allocated to research and development activities ● Fees to collaborators to license technology ● Depreciation expense for equipment used for research and development and clinical purposes. (r) Share-Based Compensation The Company measures and recognizes share-based compensation expense for equity awards to employees, directors and consultants based on fair value at the grant date. The unearned portion of nonemployee awards are remeasured at each reporting date. The Company uses the Black-Scholes-Merton (“BSM”) option pricing model to calculate fair value. Share-based compensation expense recognized in the consolidated statements of operations is based on options ultimately expected to vest, taking into consideration estimated forfeitures, and is recognized in the period the services are performed. Share-based compensation expense is revised in subsequent periods, if necessary, if actual forfeitures differ from these estimates. When estimating forfeitures, the Company considers historic voluntary termination behaviors as well as trends of actual option forfeitures. For options granted to nonemployees, the Company revalues the unearned portion of the share-based compensation and the resulting change in fair value is recognized in the consolidated statements of operations over the period the related services are rendered. The BSM option pricing model requires the input of highly subjective assumptions, including the risk-free interest rate, the expected volatility in the value of the Company’s common stock, and the expected term of the option. These estimates involve inherent uncertainties and the application of management’s judgment. If factors change and different assumptions are used, our share-based compensation expense could be materially different in the future. These assumptions are estimated as follows: Risk-free Interest Rate The risk free interest rate assumption is based on the zero Expected Volatility As the Company does not have a sufficient trading history for its common stock, the expected stock price volatility is estimated based on volatilities of a peer group of similar companies by taking the average historic volatility for these peers for a period equivalent to the expected term of the stock option grants. The peer group was developed based on companies in the biotechnology and medical device industries whose shares are publicly-traded. Expected Term The expected term represents the period of time that options are expected to be outstanding. As the Company does not have sufficient historical experience for determining the expected term of the stock options awards granted, the expected life is determined using the simplified method, which is an average of the contractual terms of the option and its ordinary vesting period. Common Stock Valuation Prior to the completion of the Merger, due to the absence of a public market for the BioCardia Lifesciences common stock, it was necessary to estimate the fair value of the common stock underlying the share-based awards when performing fair value calculations using the BSM option pricing model. The fair value of the common stock underlying the share-based awards was assessed on each grant date by the board of directors of BioCardia Lifesciences. All options to purchase shares of the Company’s common stock have been granted with an exercise price per share no less than the fair value per share of the common stock underlying those options on the grant date. For stock options granted subsequent to the Merger, the fair value is based on the closing price of common stock as reported on the OTC Markets on the date of grant. (s) Income Taxes The Company accounts for income taxes based on the asset and liability method whereby deferred tax asset and liability account balances are determined based on differences between the financial reporting and tax bases of assets, liabilities, operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. A valuation allowance is provided when it is more likely than not that some portion or all of the deferred tax assets will not be realized. In evaluating the ability to recover its deferred income tax assets, the Company considers all available positive and negative evidence, including its operating results, forecasts of future taxable income, and ongoing tax planning. In the event the Company was to determine that it would be able to realize its deferred tax assets in the future in excess of their net recorded amount, it would make an adjustment to the valuation allowance, which would reduce the provision for income taxes. Conversely, in the event that all or part of the net deferred tax assets are determined not to be realizable in the future, an adjustment to the valuation allowance would be charged to earnings in the period such determination is made. The Company recognizes and measures benefits for uncertain tax positions using a two first second 50% No (t) Fair Value of Financial Instruments The Company applies fair value accounting for all financial assets and liabilities and nonfinancial assets and liabilities that are required to be recognized or disclosed at fair value in the consolidated financial statements. The Company defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where observable prices or inputs are not available, valuation models are applied. These valuation techniques involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments complexity. The Company’s financial assets and liabilities consist principally of cash and cash equivalents, accounts receivable, accounts payable, warrants for convertible preferred stock, convertible notes and the convertible shareholder notes derivative liability. The fair value of the Company’s cash equivalents is determined based on quoted prices in active markets for identical assets. The recorded values of the Company’s accounts receivable and accounts payable approximate their current fair values due to the relatively short-term nature of these accounts. The fair value of the Company’s convertible preferred stock warrants is measured using the BSM option pricing model. Convertible notes are recorded at amortized cost. The fair value of the Company’s convertible shareholder notes derivative liability is measured utilizing a Monte Carlo simulation model. Based on borrowing rates currently available for loans with similar terms, the carrying value of convertible notes approximates fair value. (u) Net Loss per Share Basic net loss per share is calculated by dividing the net loss by the weighted average number of shares of common stock outstanding. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of common share equivalents outstanding for the period determined using the treasury-stock method. Common stock equivalents are comprised of convertible preferred stock, notes convertible into preferred stock, warrants to purchase convertible preferred stock and options outstanding under our stock option plans. For all periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding since the effects of potentially dilutive securities are antidilutive due to our net loss position. (v) Recently Adopted Accounting Pronouncements In August 2014, 2014 15, 205 40): one 2014 15 December 31, 2016. In July 2015, 2015 11, first December 15, 2016, 2015 11 October 1, 2016. (w) Recently Issued Accounting Pronouncements In May 2014, 2014 09, 606), 2014 09 In August 2015, 2015 14 December 15, 2017 December 15, 2016, may Given the relatively small volume of revenue arrangements, the Company believes that the analysis will be completed in sufficient time to adopt the new standard when required. In February 2016, 2016 02 842), 840)” 2016 02 December 15, 2018; 2016 02 In March 2016, 2016 09, 718): 2016 09 December 15, 2016, Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, and the American Institute of Certified Public Accountants did not or are not believed by management to have a material impact on the Company’s financial statement presentation or disclosures. |
Note 3 - Reverse Merger
Note 3 - Reverse Merger | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Assets Acquired Through Merger [Text Block] | (3) Reverse Merger On October 24, 2016, 1. For financial reporting purposes, the Merger is accounted for as an asset acquisition by BioCardia Lifesciences rather than a business combination because we did not meet the definition of a business as defined by US GAAP as of immediately prior to the Merger. The fair value of the purchase consideration, consisting of Company common stock, was determined based on the fair value of the cash acquired by BioCardia Lifesciences of $19 $96,000 The Merger is considered a tax free reverse triangular merger for tax purposes pursuant to Internal Revenue Code Sections 368(a) 368(a)(2)(E) 382 |
Note 4 - Fair Value Measurement
Note 4 - Fair Value Measurements | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | (4) Fair Value Measurements The fair value of financial instruments reflects the amounts that the Company estimates to receive in connection with the sale of an asset or paid in connection with the transfer of a liability in an orderly transaction between market participants at the measurement date (exit price). The Company follows a fair value hierarchy that prioritizes the use of inputs used in valuation techniques into the following three Level 1 Level 2 Level 3 The following table sets forth the fair value of our financial assets measured on a recurring basis as of December 31, 2016 Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 21,352 $ — $ — $ 21,352 The following table sets forth the fair value of our financial assets and liabilities measured on a recurring basis as of December 31, 2015 Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 3,557 $ — $ — $ 3,557 Liabilities: Convertible preferred stock warrant liability $ — $ — $ 275 $ 275 Maturity date preferred stock warrant liability $ — $ — $ 10 $ 10 Convertible shareholder notes derivative liability $ — $ — $ 1,044 $ 1,044 As discussed more fully in Notes 11 12, In May 2015, $7.2 “2015 12, 2015 June 30, 2016. 2015 October 24, 2016. The following tables set forth the fair value of our financial liabilities that the Company remeasured on a recurring basis (in thousands): Convertible Preferred Stock Warrant Liability Maturity Date Preferred Stock Warrant Liability Convertible Shareholder Note Derivative Liability Fair value December 31, 2015 $ 275 $ 10 $ 1,044 Change in fair value (250 ) (10 ) 1,224 Exchange of convertible preferred stock warrants (25 ) — — Conversion of convertible notes — — (2,268 ) Fair value December 31, 2016 $ — $ — $ — |
Note 5 - Inventories
Note 5 - Inventories | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | (5) Inventories Inventories are stated at the lower of cost or net realizable value using the average cost method. Inventories consist of the following (in thousands): December 31, 2016 2015 Raw materials $ 59 194 Work in process — 36 Finished goods 76 529 Total $ 135 759 Write downs for excess or expired inventory are based on management’s estimates of forecasted usage of inventories and are included in cost of goods sold. A significant change in the timing or level of demand for certain products as compared to forecasted amounts may $52,000 $261,000 December 31, 2016 2015, $597,000 |
Note 6 - Prepaid Expenses and O
Note 6 - Prepaid Expenses and Other Current Assets | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Other Current Assets [Text Block] | (6) Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following (in thousands): December 31, 2016 2015 Prepaid expenses $ 356 146 Refund receivable of deferred financing costs — 100 Total $ 356 246 |
Note 7 - Property and Equipment
Note 7 - Property and Equipment, Net | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | (7) Property and Equipment, Net Property and equipment, net consist of the following (in thousands): December 31, 2016 2015 Computer equipment and software $ 143 143 Laboratory and manufacturing equipment 366 366 Furniture and fixtures 48 48 Leasehold improvements 325 325 Property and equipment, gross 882 882 Less accumulated depreciation (771 ) (732 ) Property and equipment, net $ 111 150 Depreciation expense totaled approximately $39,000 $47,000 December 31, 2016 2015, |
Note 8 - Commitments
Note 8 - Commitments | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Commitments Disclosure [Text Block] | (8) Commitments In November 2016, 60 January 1, 2017 December 31, 2021. $321,000 $266,000 December 31, 2016 2015, December 31, 2016 Years ending December 31: 2017 $ 576 2018 594 2019 612 2020 631 2021 and thereafter 649 Total $ 3,062 |
Note 9 - Collaborative Agreemen
Note 9 - Collaborative Agreements | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Collaborative Arrangement Disclosure [Text Block] | (9) Collaborative Agreements The Company has entered into various collaborations related to clinical development. These agreements allow partners to utilize the Company’s enabling biotherapeutic delivery systems, including training and support during clinical and pre-clinical delivery of biotherapeutics. Under the terms of these agreements, the Company typically receives a use fee and payments for the systems and services provided. The Company gains access to certain data generated by its partners for use in its own product development efforts and also receives nonexclusive patent rights to any BioCardia technology improvement inventions. |
Note 10 - Accrued Liabilites
Note 10 - Accrued Liabilites | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | (10) Accrued Liabilities Accrued liabilities consisted of the following (in thousands): December 31, 2016 2015 Accrued expenses $ 478 229 Accrued interest — 374 Customer deposits 66 89 Total $ 544 692 |
Note 11 - Convertible Preferred
Note 11 - Convertible Preferred Stock Warrant Liability | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Convertible Preferred Stock Warrant [Text Block] | (11) Convertible Preferred Stock Warrant Liability The Company has historically issued warrants to purchase shares of the Company’s preferred stock in connection with certain preferred stock offerings and note financings. As of December 31, 2015, Exercise Value Shares Estimated Fair Value price at grant Issue Expiration December 31, December 31, Share class per share date date date 2015 2015 Series D $ 0.37 $ 0.30 January 2006 January 2016 325,861 $ 2 Series D $ 0.37 $ 0.30 July 2007 July 2017 203,691 20 Series D $ 0.37 $ 0.30 August 2007 August 2017 203,691 20 Series D $ 0.37 $ 0.30 September 2007 September 2017 203,691 20 Series F $ 0.64 $ 0.27 April 2013 April 2016 888,176 94 Series F $ 0.64 $ 0.28 April 2013 October 2017 482,699 115 Series F $ 0.64 $ 0.28 April 2013 November 2017 11,620 3 Series F $ 0.64 $ 0.27 May 2013 May 2016 13,169 1 2,332,598 $ 275 Upon the completion of the Merger, the Company exchanged 20% 10% 81,460 48,223 $25,000, The fair value of the warrants at December 31, 2015 December 31, 2015 Risk-free interest rate 0.14 – 0.86% Volatility 98.5 – 116.25% Dividend yield None Contractual term (in years) 0.1 – 1.8 The contractual term of the warrants represents the period of time remaining before the warrant expires. Since prior to the Merger, the Company’s shares were not publicly traded and its shares were rarely traded privately, expected volatility was estimated based on the average historical volatility of similar entities with publicly traded shares. The risk free rate was based on the U.S. Treasury yield curve with a maturity equal to the remaining contractual term of the warrant. |
Note 12 - Convertible Notes
Note 12 - Convertible Notes | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | (12) Convertible Notes In May 2015, $7.2 “2015 8% 18 1933, 80% $5.0 may 80% 8% $0.07 8% In August 2016, August 31, 2016 80% October 2016, August 31, 2016, 2015 67,443,988 The 2015 2015 In October 2016, $4.4 8% 29,649,248 The Company recognized interest expense, including amortization of the debt discount of approximately $1.7 $1.4 December 31, 2016 2015, |
Note 13 - Convertible Preferred
Note 13 - Convertible Preferred Stock | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Preferred Stock [Text Block] | (13) Convertible Preferred Stock At December 31, 2015, Shares Liquidation amount Carrying Value Authorized Outstanding Series A 7,703,785 20,923,195 $ 3,082 $ 3,082 Series B 2,567,390 6,972,887 2,567 2,567 Series C 3,256,601 8,606,455 1,806 1,806 Series D 11,773,243 31,004,350 11,415 11,425 Series E 2,212,960 6,010,107 3,319 3,319 Series F 15,988,145 36,983,520 23,830 23,831 Total convertible preferred stock 43,502,124 110,500,514 $ 46,019 $ 46,030 The conversion price of all convertible preferred stock outstanding at December 31, 2015 $1. 110,500,514 |
Note 14 - Share-based Compensat
Note 14 - Share-based Compensation | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | (14) Share-Based Compensation BioCardia Lifesciences adopted, and the BioCardia Lifesciences shareholders approved, the 2002 2002 “2002 2002 2002 2016, 2016 “2016 2016 2016 2002 2016 four ten The Company recognizes in the consolidated statements of operations the grant-date fair value of stock options and other equity-based compensation. Stock compensation attributable to manufacturing operations was not significant and was expensed directly to cost of goods sold in the consolidated statements of operations. Share-based compensation expense for the years ended December 31, 2016 2015 Years ended December 31, 2016 2015 Cost of goods sold $ 14 $ 4 Research and development 127 29 Selling, general and administrative 801 250 Share-based compensation expense $ 942 $ 283 As discussed in Note 3, 2002 2016 19.3678009 As discussed in Note 3, The exchange of options to purchase shares of BioCardia Lifesciences common stock for options to purchase shares of the Company, was accounted for as a modification of the awards because the legal exchange of the awards is considered a modification of BioCardia Lifesciences stock options. The modification of the stock options did not result in any incremental compensation expense as the modification did not increase the fair value of the stock options. The following table summarizes activity under the Company’s stock option plans, including the 2002 2016 Options outstanding Weighted Weighted average average remaining Aggregate Number of exercise contractual intrinsic shares price term (years) value (In thousands) Balance, December 31, 2015 13,788,475 0.15 6.6 Options assumed in the Merger 80,000 0.22 Stock options granted 32,177,804 0.15 Stock options exercised (161,521 ) 0.14 Stock options cancelled (3,981,030 ) 0.15 Balance, December 31, 2016 41,903,728 0.15 8.7 $ 39,046 Exercisable, December 31, 2016 9,306,443 0.14 5.7 $ 8,731 Vested and expected to vest, December 31, 2016 40,273,850 0.15 8.6 $ 37,530 The total intrinsic value of options exercised during the years ended December 31, 2016 2015 $144,000 $137,000, 2016 $0.11 Employee Share-Based Compensation During the year ended December 31, 2016, 26,287,617 no December 31, 2015. 2016 Risk-free interest rate 1.28 - 1.58% Volatility 88% Dividend yield None Expected term (in years) 6.25 Unrecognized share-based compensation for employee options granted through December 31, 2016 $2.8 3.6 The Company estimates forfeitures at the time of grant and revises those estimates in subsequent periods if actual forfeitures differ from those estimates. The Company uses historical data to estimate pre-vesting option forfeitures and records share-based compensation expense only for those awards that are expected to vest. Nonemployee Share-Based Compensation During the year ended December 31, 2016, 5,890,187 . These options were granted in exchange for consulting services to be rendered and vest over the term specified in the grant, which correlates to the period the services are rendered. No options to non-employees were granted during the year ended December 31, 2015. $545,000 $10,000 December 31, 2016 2015, The Company accounts for share-based compensation arrangements with nonemployees, using the BSM option pricing model, based on the fair value as these instruments vest. Accordingly, at each reporting date, the Company revalues the unearned portion of the share-based compensation and the resulting change in fair value is recognized in the consolidated statements of operations over the period the related services are rendered. The following assumptions were used to value the awards. 2016 2015 Risk-free interest rate 1.60 - 2.42% 1.26 - 2.30% Volatility 89 - 91% 71 - 95% Dividend yield None None Expected term (in years) 9.6 - 9.9 8.5 - 9.7 |
Note 15 - Concentrations
Note 15 - Concentrations | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | (15) Concentrations Most of the Company’s customers are located in the United States. No 10% 2016 one 29% December 31, 2016. No 10% 2015 three 23% December 31, 2015. |
Note 16 - Net Loss and Net Loss
Note 16 - Net Loss and Net Loss Per Share | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | (16) Net Loss per Share The following table sets forth the computation of the basic and diluted net loss per share for the years ended December 31, 2016 2015 Years Ended December 31, 2016 2015 Numerator: Net loss $ (10,310 ) $ (6,697 ) Denominator Weighted average shares used to compute net loss per share, basic and diluted 100,419,402 18,723,511 Net loss per share, basic and diluted $ (0.10 ) $ (0.36 ) The following weighted-average outstanding common stock equivalents were excluded from the computation of diluted net loss per share for the periods presented because including them would have been antidilutive: December 31, 2016 2015 Convertible preferred stock — 110,500,514 Notes convertible into shares — 104,779,880 Stock options to purchase common stock 41,903,728 13,788,475 Convertible preferred stock warrants — 2,332,598 Total 41,903,728 231,401,467 |
Note 17 - Income Taxes
Note 17 - Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | (17) Income Taxes The Company’s provision for income taxes for the years ended December 31, 2016 2015 $0 The provision for income taxes differs from the amount which would result by applying the federal statutory income tax rate to pre-tax income/(loss) for the years ended December 31, 2016 2015. 2016 2015 Tax at federal statutory rate $ (3,505 ) $ (2,277 ) State, net of federal benefit (315 ) (335 ) Research and development credit (89 ) (51 ) Stock-based compensation 136 89 Nondeductible interest 590 471 Warrant and derivative revaluation 328 (589 ) Merger cost 90 - Other 4 5 Increase in valuation allowance 2,761 2,687 Total provision for income taxes $ - $ - Deferred income taxes reflect the net tax effects of temporary differences between carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes as well as net operating loss and tax credit carryforwards, net of any adjustment for unrecognized tax benefits. The components of the net deferred income tax assets as of December 31, 2016 2015 2016 2015 Accrued compensation $ 154 $ 69 Inventory adjustments 708 279 Deferred rent 22 12 Deferred revenue 23 15 Deferred financing costs - 643 Depreciation and amortization - noncurrent 252 293 Share-based compensation 273 57 Net operating loss and tax credit carryforwards - noncurrent 20,196 17,529 Section 481A Adjustment - (32 ) Other 2 5 Gross deferred tax asset 21,630 18,870 Valuation allowance (21,630 ) (18,870 ) Net deferred tax asset $ - $ - The Company has approximately $48.0 $40.8 December 31, 2016. 2022 2017 may may may one 50% three At December 31, 2016, $1.3 $1.1 2028. The Company does not believe that these assets are realizable on a more-likely-than-not basis; therefore, the net deferred tax assets have been fully offset by a valuation allowance. The Company did not December 31, 2016 2015. December 31, 2016 2015 $2.8 2.7 No The aggregate changes in the balance of gross unrecognized tax benefits were as follows (in thousands): 2016 2015 Balance, beginning of year $ 531 $ 486 Additions based on tax positions related to the current year 77 45 Additions for tax positions related to prior years - - Reductions for tax positions related to prior years - - Balance, end of year $ 608 $ 531 Recognition of approximately $398,000 $344,000 December 31, 2016 2015, The Company is subject to U.S. federal, California, Colorado, Georgia, Michigan, and New Jersey income taxes. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations and require significant judgment to apply. The Company was incorporated in 2002 |
Note 18 - Contingencies
Note 18 - Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Contingencies Disclosure [Text Block] | (18) Contingencies The Company may |
Note 19 - Grant Funding
Note 19 - Grant Funding | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Grant Funding [Text Block] | (19) Grant Funding In June 2016, 1998 $750,000 three The Company received approximately $312,000 $8,000 December 31, 2016. $304,000 December 31, 2016. |
Note 20 - Related Party Transac
Note 20 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | (20) Related Party Transactions In August 2016, 5,027,726 4 $0.15 $466,000 December 31, 2016. $5.3 4 one 5% 5% |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | (a) Basis of Presentation and Consolidation These consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (GAAP) and include all adjustments necessary for the fair presentation of the Company’s financial position for the periods presented. The consolidated financial statements include the accounts of the Company and its wholly owned subsidiary. All material intercompany accounts and transactions have been eliminated during the consolidation process. The Company manages its operations as a single segment for the purposes of assessing performance and making operating decisions. |
Going Concern and Liquidity [Policy Text Block] | (b) Liquidity The Company has incurred significant net losses and negative cash flows from operations since its inception and had an accumulated deficit of $60.1 December 31, 2016. Upon closing of the Merger Agreement, the combined company had approximately $24.0 $19 $4.4 October 2016. December 31, 2016 twelve may may |
Use of Estimates, Policy [Policy Text Block] | (c) Use of Estimates The preparation of the financial statements in accordance with GAAP requires Company management to make certain estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ materially from those estimates. Significant items subject to such estimates and assumptions include the useful lives of property and equipment; allowances for doubtful accounts and sales returns; inventory valuation and reserves; fair value of the convertible preferred stock warrant liability; fair value of the maturity date preferred stock warrant liability; fair value of the convertible shareholder notes derivative liability; and share-based compensation. |
Fiscal Period, Policy [Policy Text Block] | (d) Cash Equivalents The Company classifies all highly liquid investments with original maturities of three |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | (e) Concentration of Credit Risk Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash. The Company maintains its cash at financial institutions, which at times, exceed federally insured limits. At December 31, 2016, one |
Trade and Other Accounts Receivable, Policy [Policy Text Block] | (f) Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable are recorded at the invoiced amount and do not bear interest. The Company considers the creditworthiness of its customers, but does not require collateral in advance of a sale. The Company evaluates collectability and maintains an allowance for doubtful accounts for estimated losses inherent in its accounts receivable portfolio when necessary. The estimate is based on the Company’s historical write-off experience, customer creditworthiness, facts and circumstances specific to outstanding balances and payment terms. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The allowance for doubtful accounts was $2,000 $4,000 December 31, 2016 2015, |
Inventory, Policy [Policy Text Block] | (g) Inventory Inventory is stated at the lower of cost or net realizable value. Cost is determined using the average-cost method. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The Company analyzes its inventory levels quarterly and writes down inventory that has become obsolete or has a cost basis in excess of its expected net realizable value or inventory quantities in excess of expected requirements. Excess requirements are determined based on comparison of existing inventories to forecasted sales, with consideration given to inventory shelf life. Expired inventory is disposed of and the related costs are recognized in cost of goods sold. |
Deferred Charges, Policy [Policy Text Block] | (h) Deferred Financing Costs Deferred financing costs represent direct costs associated with future issuances of our corporate securities. Direct costs include, but are not limited to the legal, accounting and printing costs. Indirect costs associated with future issuance of corporate securities are expensed as incurred. Upon the completion of the proposed issuances, the deferred financing costs will be offset against the proceeds from the security issuance. If the proposed issuances are not completed, the deferred financing costs will be charged to expense. The Company deferred costs incurred for an initial public offering of BioCardia Lifesciences common stock, or the IPO, totaling approximately $1,586,000 2015. 2015, $1,634,000 2015. |
Property, Plant and Equipment, Policy [Policy Text Block] | (i) Property and Equipment, Net Property and equipment, net are carried at cost less accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the related assets, as described in the table below. Maintenance and repairs are expensed as incurred. When assets are retired or otherwise disposed of, the cost and the related accumulated depreciation and amortization are removed from the accounts and any resulting gain or loss is reflected in the accompanying consolidated statements of operations. Asset Estimated useful lives (in years) Computer equipment and software 3 Laboratory and manufacturing equipment 3 Furniture and fixtures 3 Leasehold improvements 5 years or lease term, if shorter |
Property, Plant and Equipment, Impairment [Policy Text Block] | (j) Long-Lived Assets The Company evaluates long-lived assets such as property and equipment whenever events or changes in circumstances indicate the carrying amount of an asset may |
Clinical Trial Accruals, Policy [Policy Text Block] | (k) Clinical Trial Accruals As part of the process of preparing its consolidated financial statements, the Company is required to estimate its expenses resulting from its obligations under contracts with vendors and consultants and clinical site agreements in connection with conducting clinical trials. The financial terms of these contracts are subject to negotiation and may may may |
Derivatives, Policy [Policy Text Block] | (l) Derivatives Fair value accounting requires bifurcation of embedded derivative instruments such as conversion features in equity instruments and warrants granted, and measurement of their fair value. In determining the appropriate fair value, the Company uses Monte Carlo simulation to calculate potential payouts in each of three |
Lease, Policy [Policy Text Block] | (m) Deferred Rent The Company’s lease for its facility provides for fixed increases in minimum annual rental payments. The total amount of rental payments due over the lease term is charged to rent expense ratably over the life of the lease. Deferred rent consists of the difference between cash payments and the recognition of rent expense on a straight-line basis. |
Revenue Recognition, Policy [Policy Text Block] | (n) Revenue Recognition The Company recognizes revenue when persuasive evidence of an arrangement exists, delivery has occurred, the price to the buyer is fixed or determinable, and collection from the customer is reasonably assured. Net product revenue Revenue is recognized net of provisions made for discounts, expected sales returns and allowances. Estimated returns and allowances are based on historical experience and other relevant factors. The Company accepts returns for unused, unopened and resellable product in its original packaging, subject to a restocking fee. The sales return reserve was approximately $1,000 $3,000 December 31, 2016 2015, Amounts received from customers in advance of revenue recognition are recorded as deferred revenue on the consolidated balance sheets. Collaboration agreement revenue two ● The delivered items have value to the customer on a stand-alone basis ● If there is a general right of return relative to the delivered items, delivery or performance of the undelivered items is considered probable and within the Company’s control Factors considered in this determination include, among other things, whether any other vendors sell the items separately and if the customer could use the delivered item for its intended purpose without receipt of the remaining deliverables. If an arrangement includes multiple deliverables that are separable into different units of accounting, the Company allocates the arrangement consideration to those units of accounting based on their relative selling prices and recognizes the associated revenue when the appropriate recognition criteria are met for those deliverables. The amount of allocable arrangement consideration is limited to the amounts that are fixed and determinable. |
Shipping and Handling Cost, Policy [Policy Text Block] | (o) Shipping Costs Costs incurred for the shipping of products to customers totaled approximately $7,000 $11,000 December 31, 2016 2015, |
Standard Product Warranty, Policy [Policy Text Block] | (p) Product Warranties The Company provides a standard warranty of serviceability on all its products for the duration of the product’s shelf life, which is two December 31, 2016 2015. |
Research and Development Expense, Policy [Policy Text Block] | (q) Research and Development The Company’s research and development costs are expensed as incurred. Research and development expense includes the costs of basic research activities as well as other research, engineering, and technical effort required to develop new products or services or make significant improvement to an existing product or manufacturing process. Research and development costs also include pre-approval regulatory and clinical trial expenses and support costs for collaborative partnering programs wherein the Company provides biotherapeutic delivery systems and customer training and support for their use in clinical trials and studies. The Company’s research and development costs consist primarily of: ● Salaries, benefits and other personnel-related expenses, including share-based compensation ● Fees paid for services provided by clinical research organizations, research institutions, consultants and other outside service providers ● Costs to acquire and manufacture materials used in research and development activities and clinical trials ● Laboratory consumables and supplies ● Facility-related expenses allocated to research and development activities ● Fees to collaborators to license technology ● Depreciation expense for equipment used for research and development and clinical purposes. |
Compensation Related Costs, Policy [Policy Text Block] | (r) Share-Based Compensation The Company measures and recognizes share-based compensation expense for equity awards to employees, directors and consultants based on fair value at the grant date. The unearned portion of nonemployee awards are remeasured at each reporting date. The Company uses the Black-Scholes-Merton (“BSM”) option pricing model to calculate fair value. Share-based compensation expense recognized in the consolidated statements of operations is based on options ultimately expected to vest, taking into consideration estimated forfeitures, and is recognized in the period the services are performed. Share-based compensation expense is revised in subsequent periods, if necessary, if actual forfeitures differ from these estimates. When estimating forfeitures, the Company considers historic voluntary termination behaviors as well as trends of actual option forfeitures. For options granted to nonemployees, the Company revalues the unearned portion of the share-based compensation and the resulting change in fair value is recognized in the consolidated statements of operations over the period the related services are rendered. The BSM option pricing model requires the input of highly subjective assumptions, including the risk-free interest rate, the expected volatility in the value of the Company’s common stock, and the expected term of the option. These estimates involve inherent uncertainties and the application of management’s judgment. If factors change and different assumptions are used, our share-based compensation expense could be materially different in the future. These assumptions are estimated as follows: Risk-free Interest Rate The risk free interest rate assumption is based on the zero Expected Volatility As the Company does not have a sufficient trading history for its common stock, the expected stock price volatility is estimated based on volatilities of a peer group of similar companies by taking the average historic volatility for these peers for a period equivalent to the expected term of the stock option grants. The peer group was developed based on companies in the biotechnology and medical device industries whose shares are publicly-traded. Expected Term The expected term represents the period of time that options are expected to be outstanding. As the Company does not have sufficient historical experience for determining the expected term of the stock options awards granted, the expected life is determined using the simplified method, which is an average of the contractual terms of the option and its ordinary vesting period. Common Stock Valuation Prior to the completion of the Merger, due to the absence of a public market for the BioCardia Lifesciences common stock, it was necessary to estimate the fair value of the common stock underlying the share-based awards when performing fair value calculations using the BSM option pricing model. The fair value of the common stock underlying the share-based awards was assessed on each grant date by the board of directors of BioCardia Lifesciences. All options to purchase shares of the Company’s common stock have been granted with an exercise price per share no less than the fair value per share of the common stock underlying those options on the grant date. For stock options granted subsequent to the Merger, the fair value is based on the closing price of common stock as reported on the OTC Markets on the date of grant. |
Income Tax, Policy [Policy Text Block] | (s) Income Taxes The Company accounts for income taxes based on the asset and liability method whereby deferred tax asset and liability account balances are determined based on differences between the financial reporting and tax bases of assets, liabilities, operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. A valuation allowance is provided when it is more likely than not that some portion or all of the deferred tax assets will not be realized. In evaluating the ability to recover its deferred income tax assets, the Company considers all available positive and negative evidence, including its operating results, forecasts of future taxable income, and ongoing tax planning. In the event the Company was to determine that it would be able to realize its deferred tax assets in the future in excess of their net recorded amount, it would make an adjustment to the valuation allowance, which would reduce the provision for income taxes. Conversely, in the event that all or part of the net deferred tax assets are determined not to be realizable in the future, an adjustment to the valuation allowance would be charged to earnings in the period such determination is made. The Company recognizes and measures benefits for uncertain tax positions using a two first second 50% |
Fair Value of Financial Instruments, Policy [Policy Text Block] | (t) Fair Value of Financial Instruments The Company applies fair value accounting for all financial assets and liabilities and nonfinancial assets and liabilities that are required to be recognized or disclosed at fair value in the consolidated financial statements. The Company defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where observable prices or inputs are not available, valuation models are applied. These valuation techniques involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments complexity. The Company’s financial assets and liabilities consist principally of cash and cash equivalents, accounts receivable, accounts payable, warrants for convertible preferred stock, convertible notes and the convertible shareholder notes derivative liability. The fair value of the Company’s cash equivalents is determined based on quoted prices in active markets for identical assets. The recorded values of the Company’s accounts receivable and accounts payable approximate their current fair values due to the relatively short-term nature of these accounts. The fair value of the Company’s convertible preferred stock warrants is measured using the BSM option pricing model. Convertible notes are recorded at amortized cost. The fair value of the Company’s convertible shareholder notes derivative liability is measured utilizing a Monte Carlo simulation model. Based on borrowing rates currently available for loans with similar terms, the carrying value of convertible notes approximates fair value. |
Earnings Per Share, Policy [Policy Text Block] | (u) Net Loss per Share Basic net loss per share is calculated by dividing the net loss by the weighted average number of shares of common stock outstanding. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of common share equivalents outstanding for the period determined using the treasury-stock method. Common stock equivalents are comprised of convertible preferred stock, notes convertible into preferred stock, warrants to purchase convertible preferred stock and options outstanding under our stock option plans. For all periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding since the effects of potentially dilutive securities are antidilutive due to our net loss position. |
New Accounting Pronouncements, Policy [Policy Text Block] | (v) Recently Adopted Accounting Pronouncements In August 2014, 2014 15, 205 40): one 2014 15 December 31, 2016. In July 2015, 2015 11, first December 15, 2016, 2015 11 October 1, 2016. (w) Recently Issued Accounting Pronouncements In May 2014, 2014 09, 606), 2014 09 In August 2015, 2015 14 December 15, 2017 December 15, 2016, may Given the relatively small volume of revenue arrangements, the Company believes that the analysis will be completed in sufficient time to adopt the new standard when required. In February 2016, 2016 02 842), 840)” 2016 02 December 15, 2018; 2016 02 In March 2016, 2016 09, 718): 2016 09 December 15, 2016, Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, and the American Institute of Certified Public Accountants did not or are not believed by management to have a material impact on the Company’s financial statement presentation or disclosures. |
Note 2 - Significant Accounti28
Note 2 - Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Property, Plant and Equipment, Useful Life [Table Text Block] | Asset Estimated useful lives (in years) Computer equipment and software 3 Laboratory and manufacturing equipment 3 Furniture and fixtures 3 Leasehold improvements 5 years or lease term, if shorter |
Note 4 - Fair Value Measureme29
Note 4 - Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 21,352 $ — $ — $ 21,352 Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 3,557 $ — $ — $ 3,557 Liabilities: Convertible preferred stock warrant liability $ — $ — $ 275 $ 275 Maturity date preferred stock warrant liability $ — $ — $ 10 $ 10 Convertible shareholder notes derivative liability $ — $ — $ 1,044 $ 1,044 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Convertible Preferred Stock Warrant Liability Maturity Date Preferred Stock Warrant Liability Convertible Shareholder Note Derivative Liability Fair value December 31, 2015 $ 275 $ 10 $ 1,044 Change in fair value (250 ) (10 ) 1,224 Exchange of convertible preferred stock warrants (25 ) — — Conversion of convertible notes — — (2,268 ) Fair value December 31, 2016 $ — $ — $ — |
Note 5 - Inventories (Tables)
Note 5 - Inventories (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | December 31, 2016 2015 Raw materials $ 59 194 Work in process — 36 Finished goods 76 529 Total $ 135 759 |
Note 6 - Prepaid Expenses and31
Note 6 - Prepaid Expenses and Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Other Current Assets [Table Text Block] | December 31, 2016 2015 Prepaid expenses $ 356 146 Refund receivable of deferred financing costs — 100 Total $ 356 246 |
Note 7 - Property and Equipme32
Note 7 - Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, 2016 2015 Computer equipment and software $ 143 143 Laboratory and manufacturing equipment 366 366 Furniture and fixtures 48 48 Leasehold improvements 325 325 Property and equipment, gross 882 882 Less accumulated depreciation (771 ) (732 ) Property and equipment, net $ 111 150 |
Note 8 - Commitments (Tables)
Note 8 - Commitments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Operating Leases of Lessee Disclosure [Table Text Block] | Years ending December 31: 2017 $ 576 2018 594 2019 612 2020 631 2021 and thereafter 649 Total $ 3,062 |
Note 10 - Accrued Liabilites (T
Note 10 - Accrued Liabilites (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | December 31, 2016 2015 Accrued expenses $ 478 229 Accrued interest — 374 Customer deposits 66 89 Total $ 544 692 |
Note 11 - Convertible Preferr35
Note 11 - Convertible Preferred Stock Warrant Liability (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Exercise Value Shares Estimated Fair Value price at grant Issue Expiration December 31, December 31, Share class per share date date date 2015 2015 Series D $ 0.37 $ 0.30 January 2006 January 2016 325,861 $ 2 Series D $ 0.37 $ 0.30 July 2007 July 2017 203,691 20 Series D $ 0.37 $ 0.30 August 2007 August 2017 203,691 20 Series D $ 0.37 $ 0.30 September 2007 September 2017 203,691 20 Series F $ 0.64 $ 0.27 April 2013 April 2016 888,176 94 Series F $ 0.64 $ 0.28 April 2013 October 2017 482,699 115 Series F $ 0.64 $ 0.28 April 2013 November 2017 11,620 3 Series F $ 0.64 $ 0.27 May 2013 May 2016 13,169 1 2,332,598 $ 275 |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block] | December 31, 2015 Risk-free interest rate 0.14 – 0.86% Volatility 98.5 – 116.25% Dividend yield None Contractual term (in years) 0.1 – 1.8 |
Note 13 - Convertible Preferr36
Note 13 - Convertible Preferred Stock (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Stock by Class [Table Text Block] | Shares Liquidation amount Carrying Value Authorized Outstanding Series A 7,703,785 20,923,195 $ 3,082 $ 3,082 Series B 2,567,390 6,972,887 2,567 2,567 Series C 3,256,601 8,606,455 1,806 1,806 Series D 11,773,243 31,004,350 11,415 11,425 Series E 2,212,960 6,010,107 3,319 3,319 Series F 15,988,145 36,983,520 23,830 23,831 Total convertible preferred stock 43,502,124 110,500,514 $ 46,019 $ 46,030 |
Note 14 - Share-based Compens37
Note 14 - Share-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Share-based Compensation, Expense [Table Text Block] | Years ended December 31, 2016 2015 Cost of goods sold $ 14 $ 4 Research and development 127 29 Selling, general and administrative 801 250 Share-based compensation expense $ 942 $ 283 |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Options outstanding Weighted Weighted average average remaining Aggregate Number of exercise contractual intrinsic shares price term (years) value (In thousands) Balance, December 31, 2015 13,788,475 0.15 6.6 Options assumed in the Merger 80,000 0.22 Stock options granted 32,177,804 0.15 Stock options exercised (161,521 ) 0.14 Stock options cancelled (3,981,030 ) 0.15 Balance, December 31, 2016 41,903,728 0.15 8.7 $ 39,046 Exercisable, December 31, 2016 9,306,443 0.14 5.7 $ 8,731 Vested and expected to vest, December 31, 2016 40,273,850 0.15 8.6 $ 37,530 |
Non-employee Stock Options [Member] | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2016 2015 Risk-free interest rate 1.60 - 2.42% 1.26 - 2.30% Volatility 89 - 91% 71 - 95% Dividend yield None None Expected term (in years) 9.6 - 9.9 8.5 - 9.7 |
Employee Stock Option [Member] | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2016 Risk-free interest rate 1.28 - 1.58% Volatility 88% Dividend yield None Expected term (in years) 6.25 |
Note 16 - Net Loss and Net Lo38
Note 16 - Net Loss and Net Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Years Ended December 31, 2016 2015 Numerator: Net loss $ (10,310 ) $ (6,697 ) Denominator Weighted average shares used to compute net loss per share, basic and diluted 100,419,402 18,723,511 Net loss per share, basic and diluted $ (0.10 ) $ (0.36 ) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | December 31, 2016 2015 Convertible preferred stock — 110,500,514 Notes convertible into shares — 104,779,880 Stock options to purchase common stock 41,903,728 13,788,475 Convertible preferred stock warrants — 2,332,598 Total 41,903,728 231,401,467 |
Note 17 - Income Taxes (Tables)
Note 17 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2016 2015 Tax at federal statutory rate $ (3,505 ) $ (2,277 ) State, net of federal benefit (315 ) (335 ) Research and development credit (89 ) (51 ) Stock-based compensation 136 89 Nondeductible interest 590 471 Warrant and derivative revaluation 328 (589 ) Merger cost 90 - Other 4 5 Increase in valuation allowance 2,761 2,687 Total provision for income taxes $ - $ - |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2016 2015 Accrued compensation $ 154 $ 69 Inventory adjustments 708 279 Deferred rent 22 12 Deferred revenue 23 15 Deferred financing costs - 643 Depreciation and amortization - noncurrent 252 293 Share-based compensation 273 57 Net operating loss and tax credit carryforwards - noncurrent 20,196 17,529 Section 481A Adjustment - (32 ) Other 2 5 Gross deferred tax asset 21,630 18,870 Valuation allowance (21,630 ) (18,870 ) Net deferred tax asset $ - $ - |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | 2016 2015 Balance, beginning of year $ 531 $ 486 Additions based on tax positions related to the current year 77 45 Additions for tax positions related to prior years - - Reductions for tax positions related to prior years - - Balance, end of year $ 608 $ 531 |
Note 1 - Summary of Business (D
Note 1 - Summary of Business (Details Textual) | Jul. 02, 2015 | Oct. 24, 2016shares |
Reverse Stock Split [Member] | ||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 7.131 | |
Merger [Member] | ||
Business Combination, Percentage of Combined Company Owned By Acquirer Immediately After Merger | 54.00% | |
Business Combination, Number of Shares of Post-merger Entity for Each Share of Pre-merger Entity | 19.3678009 |
Note 2 - Significant Accounti41
Note 2 - Significant Accounting Policies (Details Textual) - USD ($) | 12 Months Ended | |||||
Dec. 31, 2016 | Dec. 31, 2015 | Oct. 31, 2016 | Oct. 24, 2016 | Aug. 22, 2016 | Dec. 31, 2014 | |
Retained Earnings (Accumulated Deficit) | $ (60,142,000) | $ (49,832,000) | ||||
Cash and Cash Equivalents, at Carrying Value | 21,352,000 | 3,557,000 | $ 24,000,000 | $ 3,184,000 | ||
Allowance for Doubtful Accounts Receivable, Current | 2,000 | 4,000 | ||||
Deferred Offering Costs Incurred in 2015 | 1,586,000 | |||||
Write-off of Deferred Offering Costs | 1,634,000 | |||||
Impairment of Long-Lived Assets Held-for-use | 0 | 0 | ||||
Sales Returns Reserve | $ 1,000 | 3,000 | ||||
Standard Product Warranty, Term | 2 years | |||||
Standard Product Warranty Accrual | $ 0 | 0 | ||||
Income Tax Examination, Penalties and Interest Accrued | 0 | 0 | ||||
Cost of Goods Sold [Member] | ||||||
Shipping, Handling and Transportation Costs | $ 7,000 | $ 11,000 | ||||
Proceeds from Convertible Notes [Member] | ||||||
Cash and Cash Equivalents, at Carrying Value | $ 4,400,000 | |||||
Tiger X [Member] | ||||||
Cash and Cash Equivalents, at Carrying Value | $ 19,000,000 |
Note 2 - Significant Accounti42
Note 2 - Significant Accounting Policies - Estimated Useful Lives of Property and Equipment (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Computer Equipment and Software [Member] | |
Estimated useful lives (Year) | 3 years |
Laboratory and Manufacturing Equipment [Member] | |
Estimated useful lives (Year) | 3 years |
Furniture and Fixtures [Member] | |
Estimated useful lives (Year) | 3 years |
Leasehold Improvements [Member] | |
Estimated useful lives | 5 years or lease term, if shorter |
Note 3 - Reverse Merger (Detail
Note 3 - Reverse Merger (Details Textual) - USD ($) | Oct. 24, 2016 | Dec. 31, 2016 | Dec. 31, 2015 |
Cash Acquired in Reverse Merger | $ 19,017,000 | ||
Payments of Transaction Costs for Reverse Merger | $ 96,000 | ||
Assets Acquired from Tiger X [Member] | |||
Cash Acquired in Reverse Merger | $ 19,000,000 | ||
Payments of Transaction Costs for Reverse Merger | $ 96,000 |
Note 4 - Fair Value Measureme44
Note 4 - Fair Value Measurements (Details Textual) $ in Millions | May 31, 2015USD ($) |
The 2015 Notes [Member] | |
Debt Instrument, Face Amount | $ 7.2 |
Note 4 - Fair Value Measureme45
Note 4 - Fair Value Measurements - Fair Value of Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Liabilities: | ||
Convertible preferred stock warrant liability | $ 275 | |
Maturity date preferred stock warrant liability | 10 | |
Convertible shareholder notes derivative liability | 1,044 | |
Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Cash and cash equivalents | 21,352 | 3,557 |
Liabilities: | ||
Convertible preferred stock warrant liability | 275 | |
Maturity date preferred stock warrant liability | 10 | |
Convertible shareholder notes derivative liability | 1,044 | |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Cash and cash equivalents | 21,352 | 3,557 |
Liabilities: | ||
Convertible preferred stock warrant liability | ||
Maturity date preferred stock warrant liability | ||
Convertible shareholder notes derivative liability | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Cash and cash equivalents | ||
Liabilities: | ||
Convertible preferred stock warrant liability | ||
Maturity date preferred stock warrant liability | ||
Convertible shareholder notes derivative liability | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Cash and cash equivalents | ||
Liabilities: | ||
Convertible preferred stock warrant liability | 275 | |
Maturity date preferred stock warrant liability | 10 | |
Convertible shareholder notes derivative liability | $ 1,044 |
Note 4 - Fair Value Measureme46
Note 4 - Fair Value Measurements - Remeasurement of Fair Value Liabilities (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Convertible Preferred Stock Warrant Liability [Member] | |
Fair value, period end | $ 275 |
Change in fair value | (250) |
Exchange of convertible preferred stock warrants | (25) |
Fair value, period end | 0 |
Maturity Date Preferred Stock Warrant Liability [Member] | |
Fair value, period end | 10 |
Change in fair value | (10) |
Fair value, period end | 0 |
Convertible Shareholder Note Derivative Liability [Member] | |
Fair value, period end | 1,044 |
Change in fair value | 1,224 |
Conversion of convertible notes | (2,268) |
Fair value, period end | $ 0 |
Note 5 - Inventories (Details T
Note 5 - Inventories (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Inventory Write-down | $ 597,000 | |
Cost of Goods Sold [Member] | ||
Inventory Write-down | 52,000 | $ 261,000 |
Research and Development Expense [Member] | ||
Inventory Write-down | $ 597,000 |
Note 5 - Inventories - Inventor
Note 5 - Inventories - Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Raw materials | $ 59 | $ 194 |
Work in process | 36 | |
Finished goods | 76 | 529 |
Total | $ 135 | $ 759 |
Note 6 - Prepaid Expenses and49
Note 6 - Prepaid Expenses and Other Current Assets - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Prepaid expenses | $ 356 | $ 146 |
Refund receivable of deferred financing costs | 100 | |
Total | $ 356 | $ 246 |
Note 7 - Property and Equipme50
Note 7 - Property and Equipment, Net (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Depreciation | $ 39,000 | $ 47,000 |
Note 7 - Property and Equipme51
Note 7 - Property and Equipment, Net - Property and Equipment, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Property and equipment, gross | $ 882 | $ 882 |
Less accumulated depreciation | (771) | (732) |
Property and equipment, net | 111 | 150 |
Computer Equipment and Software [Member] | ||
Property and equipment, gross | 143 | 143 |
Laboratory and Manufacturing Equipment [Member] | ||
Property and equipment, gross | 366 | 366 |
Furniture and Fixtures [Member] | ||
Property and equipment, gross | 48 | 48 |
Leasehold Improvements [Member] | ||
Property and equipment, gross | $ 325 | $ 325 |
Note 8 - Commitments (Details T
Note 8 - Commitments (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | |
Nov. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | |
Lessee Leasing Arrangements, Operating Leases, Term of Contract | 5 years | ||
Operating Leases, Rent Expense, Net | $ 321,000 | $ 266,000 |
Note 8 - Commitments - Future M
Note 8 - Commitments - Future Minimum Lease Payments (Details) $ in Thousands | Dec. 31, 2016USD ($) |
2,017 | $ 576 |
2,018 | 594 |
2,019 | 612 |
2,020 | 631 |
2021 and thereafter | 649 |
Total | $ 3,062 |
Note 10 - Accrued Liabilities -
Note 10 - Accrued Liabilities - Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Accrued expenses | $ 478 | $ 229 |
Accrued interest | 374 | |
Customer deposits | 66 | 89 |
Total | $ 544 | $ 692 |
Note 11 - Convertible Preferr55
Note 11 - Convertible Preferred Stock Warrant Liability (Details Textual) - USD ($) | Oct. 24, 2016 | Dec. 31, 2016 |
Stock Issued During Period, Value, Exchange of Convertible Preferred Stock Warrants to Common Stock | $ 25,000 | $ 25,000 |
Warrant to Purchase Series D Convertible Preferred Stock [Member] | ||
Exchange of Convertible Preferred Stock Warrants for Common Stock, Percentage | 20.00% | |
Stock Issued During Period, Shares, Exchange of Convertible Preferred Stock Warrants to Common Stock | 81,460 | |
Warrant to Purchase Series F Convertible Preferred Stock [Member] | ||
Exchange of Convertible Preferred Stock Warrants for Common Stock, Percentage | 10.00% | |
Stock Issued During Period, Shares, Exchange of Convertible Preferred Stock Warrants to Common Stock | 48,223 |
Note 11 - Convertible Preferr56
Note 11 - Convertible Preferred Stock Warrant Liability - Warrants Outstanding (Details) - USD ($) $ / shares in Units, $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Shares (in shares) | 2,332,598 | |
Estimated Fair Value | $ 275 | |
Preferred Series D Warrant Issued January 2006 [Member] | ||
Exercise price per share (in dollars per share) | $ 0.37 | |
Value at grant date (in dollars per share) | $ 0.30 | |
Shares (in shares) | 325,861 | |
Estimated Fair Value | 2 | |
Preferred Series D Warrant Issued July 2007 [Member] | ||
Exercise price per share (in dollars per share) | $ 0.37 | |
Value at grant date (in dollars per share) | $ 0.30 | |
Shares (in shares) | 203,691 | |
Estimated Fair Value | 20 | |
Preferred Series D Warrant Issued August 2007 [Member] | ||
Exercise price per share (in dollars per share) | $ 0.37 | |
Value at grant date (in dollars per share) | $ 0.30 | |
Shares (in shares) | 203,691 | |
Estimated Fair Value | 20 | |
Preferred Series D Warrants Issued September 2007 [Member] | ||
Exercise price per share (in dollars per share) | $ 0.37 | |
Value at grant date (in dollars per share) | $ 0.30 | |
Shares (in shares) | 203,691 | |
Estimated Fair Value | 20 | |
Preferred Series F Warrant Issued April 2013 [Member] | ||
Exercise price per share (in dollars per share) | $ 0.64 | |
Value at grant date (in dollars per share) | $ 0.27 | |
Shares (in shares) | 888,176 | |
Estimated Fair Value | 94 | |
Preferred Series F Warrant Issued April 2013 1 [Member] | ||
Exercise price per share (in dollars per share) | $ 0.64 | |
Value at grant date (in dollars per share) | $ 0.28 | |
Shares (in shares) | 482,699 | |
Estimated Fair Value | 115 | |
Preferred Series F Warrant Issued April 2013 2 [Member] | ||
Exercise price per share (in dollars per share) | $ 0.64 | |
Value at grant date (in dollars per share) | $ 0.28 | |
Shares (in shares) | 11,620 | |
Estimated Fair Value | 3 | |
Preferred Series F Warrant Issued May 2013 [Member] | ||
Exercise price per share (in dollars per share) | $ 0.64 | |
Value at grant date (in dollars per share) | $ 0.27 | |
Shares (in shares) | 13,169 | |
Estimated Fair Value | $ 1 |
Note 11 - Convertible Preferr57
Note 11 - Convertible Preferred Stock Warrant Liability - Fair Value Assumptions, Warrants (Details) - Warrant [Member] | 12 Months Ended |
Dec. 31, 2015 | |
Minimum [Member] | |
Risk-free interest rate | 0.14% |
Volatility | 98.50% |
Dividend yield | 0.00% |
Contractual term (in years) (Year) | 36 days |
Maximum [Member] | |
Risk-free interest rate | 0.86% |
Volatility | 116.25% |
Contractual term (in years) (Year) | 1 year 292 days |
Note 12 - Convertible Notes (De
Note 12 - Convertible Notes (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Oct. 24, 2016 | May 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Oct. 23, 2016 | Aug. 31, 2016 |
Interest Expense | $ 1,736 | $ 1,386 | ||||
The 2015 Notes [Member] | ||||||
Debt Instrument, Face Amount | $ 7,200 | |||||
The 2015 Notes [Member] | Convertible Debt [Member] | ||||||
Debt Instrument, Face Amount | $ 7,200 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | |||||
Debt Instrument, Term | 1 year 180 days | |||||
Debt Instrument, Convertible, Automatic Conversion of Principle and Accrued Interest into Shares of Common Stock, Percentage of Price of Shares Purchased in IPO | 80.00% | |||||
Debt Instrument, Convertible, Optional Conversion Right, Trigger, Private Placement of Preferred Stock, Aggregate Sales Proceeds | $ 5,000 | |||||
Debt Instrument, Convertible, Optional Conversion Right, Conversion Price, Percentage of the Price of the Preferred Shares | 80.00% | |||||
Debt Instrument, Convertible, Optional Conversion Right, Warrant Coverage, Percent | 8.00% | |||||
Debt Instrument, Convertible, Conversion Price | $ 0.07 | |||||
Debt Instrument, Convertible, Optional Conversion Right at Maturity, Warrant Coverage, Percent | 8.00% | |||||
Debt Instrument, Convertible, Conversion to Common Stock, Conversion Price, Percentage of the Price of the Convertible Notes to Be Issued | 80.00% | |||||
The 2015 Notes [Member] | Convertible Debt [Member] | Merger [Member] | ||||||
Debt Conversion, Converted Instrument, Shares Issued | 67,443,988 | |||||
The October 2016 Convertible Notes [Member] | Convertible Debt [Member] | ||||||
Debt Instrument, Face Amount | $ 4,400 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | |||||
The October 2016 Convertible Notes [Member] | Convertible Debt [Member] | Merger [Member] | Common Stock [Member] | ||||||
Debt Conversion, Converted Instrument, Shares Issued | 29,649,248 |
Note 13 - Convertible Preferr59
Note 13 - Convertible Preferred Stock (Details Textual) - Conversion from Convertible Preferred Stock to Common Stock [Member] - Merger [Member] | Oct. 24, 2016$ / sharesshares |
Conversion of Stock, Conversion Price Per Share | $ / shares | $ 1 |
Conversion of Stock, Shares Issued | shares | 110,500,514 |
Note 13 - Convertible Preferr60
Note 13 - Convertible Preferred Stock - Convertible Preferred Stock (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Shares Authorized (in shares) | 50,000,000 | 50,000,000 |
Shares Outstanding (in shares) | 0 | 0 |
Carrying Value | ||
Convertible Preferred Stock [Member] | ||
Shares Authorized (in shares) | 43,502,124 | |
Shares Outstanding (in shares) | 110,500,514 | |
Liquidation Amount | $ 46,019 | |
Carrying Value | $ 46,030 | |
Series A Preferred Stock [Member] | Convertible Preferred Stock [Member] | ||
Shares Authorized (in shares) | 7,703,785 | |
Shares Outstanding (in shares) | 20,923,195 | |
Liquidation Amount | $ 3,082 | |
Carrying Value | $ 3,082 | |
Series B Preferred Stock [Member] | Convertible Preferred Stock [Member] | ||
Shares Authorized (in shares) | 2,567,390 | |
Shares Outstanding (in shares) | 6,972,887 | |
Liquidation Amount | $ 2,567 | |
Carrying Value | $ 2,567 | |
Series C Preferred Stock [Member] | Convertible Preferred Stock [Member] | ||
Shares Authorized (in shares) | 3,256,601 | |
Shares Outstanding (in shares) | 8,606,455 | |
Liquidation Amount | $ 1,806 | |
Carrying Value | $ 1,806 | |
Series D Preferred Stock [Member] | Convertible Preferred Stock [Member] | ||
Shares Authorized (in shares) | 11,773,243 | |
Shares Outstanding (in shares) | 31,004,350 | |
Liquidation Amount | $ 11,415 | |
Carrying Value | $ 11,425 | |
Series E Preferred Stock [Member] | Convertible Preferred Stock [Member] | ||
Shares Authorized (in shares) | 2,212,960 | |
Shares Outstanding (in shares) | 6,010,107 | |
Liquidation Amount | $ 3,319 | |
Carrying Value | $ 3,319 | |
Series F Preferred Stock [Member] | Convertible Preferred Stock [Member] | ||
Shares Authorized (in shares) | 15,988,145 | |
Shares Outstanding (in shares) | 36,983,520 | |
Liquidation Amount | $ 23,830 | |
Carrying Value | $ 23,831 |
Note 14 - Share-based Compens61
Note 14 - Share-based Compensation (Details Textual) | 12 Months Ended | |
Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Mulitplier for Pre-merger Common Stock | 19.3678009 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ | $ 144,000 | $ 137,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 0.11 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares | 32,177,804 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ | $ 2,800,000 | |
Share-based Compensation | $ | $ 942,000 | $ 283,000 |
Employees [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares | 26,287,617 | 0 |
Consultants [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares | 5,890,187 | |
Non-employees [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares | 0 | |
Share-based Compensation | $ | $ 545,000 | $ 10,000 |
Employee Stock Option [Member] | ||
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 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 219 days |
Note 14 - Share-based Compens62
Note 14 - Share-based Compensation - Share-based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Employee share-based compensation expense | $ 942 | $ 283 |
Cost of Goods Sold [Member] | ||
Employee share-based compensation expense | 14 | 4 |
Research and Development Expense [Member] | ||
Employee share-based compensation expense | 127 | 29 |
Selling, General and Administrative Expenses [Member] | ||
Employee share-based compensation expense | $ 801 | $ 250 |
Note 14 - Share-based Compens63
Note 14 - Share-based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Stock options outstanding, beginning of period (in shares) | 13,788,475 | |
Balance, weighted average exercise price, beginning of period (in dollars per share) | $ 0.15 | |
Stock options outstanding, weighted average remaining contractual term (Year) | 8 years 255 days | 6 years 219 days |
Options assumed in the Merger (in shares) | 80,000 | |
Options assumed in the Merger, weighted average exercise price (in dollars per share) | $ 0.22 | |
Stock options granted (in shares) | 32,177,804 | |
Stock options granted (in dollars per share) | $ 0.15 | |
Stock options exercised (in shares) | (161,521) | |
Stock options exercised, weighted average exercise price (in dollars per share) | $ 0.14 | |
Stock options cancelled (in shares) | (3,981,030) | |
Stock options cancelled, weighted average exercise price (in dollars per share) | $ 0.15 | |
Stock options outstanding, end of period (in shares) | 41,903,728 | 13,788,475 |
Balance, weighted average exercise price, end of period (in dollars per share) | $ 0.15 | $ 0.15 |
Stock options outstanding, aggregate intrinsic value | $ 39,046 | |
Exercisable options outstanding (in shares) | 9,306,443 | |
Stock options exercisable, weighted average exercise price (in dollars per share) | $ 0.14 | |
Stock options exercisable, weighted average remaining contractual term (Year) | 5 years 255 days | |
Stock options exercisable, aggregate intrinsic value | $ 8,731 | |
Vested and expected to vest options outstanding (in shares) | 40,273,850 | |
Stock options vested and expected to vest, weighted average exercise price (in dollars per share) | $ 0.15 | |
Stock options vested and expected to vest, weighted average remaining contractual term (Year) | 8 years 219 days | |
Stock options vested and expected to vest, aggregate intrinsic value | $ 37,530 |
Note 14 - Share-based Compens64
Note 14 - Share-based Compensation - Valuation Assumptions for Employee Stock Options (Details) - Employee Stock Option [Member] | 12 Months Ended |
Dec. 31, 2016 | |
Risk-free interest rate, minimum | 1.28% |
Risk-free interest rate, maximum | 1.58% |
Volatility | 88.00% |
Dividend yield | 0.00% |
Expected term (Year) | 6 years 91 days |
Note 14 - Share-based Compens65
Note 14 - Share-based Compensation - Nonemployee Stock Option Valuation Assumptions (Details) - Non-employee Stock Options [Member] | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Risk-free interest rate, minimum | 1.60% | 1.26% |
Risk-free interest rate, maximum | 2.42% | 2.30% |
Volatility, minimum | 89.00% | 71.00% |
Volatility, maximum | 91.00% | 95.00% |
Minimum [Member] | ||
Expected term (in years) (Year) | 9 years 219 days | 8 years 182 days |
Maximum [Member] | ||
Expected term (in years) (Year) | 9 years 328 days | 9 years 255 days |
Note 15 - Concentrations (Detai
Note 15 - Concentrations (Details Textual) - Customer Concentration Risk [Member] | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Accounts Receivable [Member] | ||
Number of Major Customers | 1 | 3 |
Accounts Receivable [Member] | One Customer [Member] | ||
Concentration Risk, Percentage | 29.00% | 23.00% |
Sales Revenue, Net [Member] | ||
Number of Major Customers | 0 | 0 |
Note 16 - Net Loss and Net Lo67
Note 16 - Net Loss and Net Loss Per Share - Basic and Diluted Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Net loss | $ (10,310) | $ (6,697) |
Weighted-average shares used in computing net loss per share, basic and diluted (in shares) | 100,419,402 | 18,723,511 |
Net loss per share, basic and diluted (in dollars per share) | $ (0.10) | $ (0.36) |
Note 16 - Net Loss and Net Lo68
Note 16 - Net Loss and Net Loss Per Share - Antidilutive Securities (Details) - shares | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Antidilutive securities (in shares) | 41,903,728 | 231,401,467 |
Convertible Preferred Stock [Member] | ||
Antidilutive securities (in shares) | 110,500,514 | |
Convertible Debt Securities [Member] | ||
Antidilutive securities (in shares) | 104,779,880 | |
Employee Stock Option [Member] | ||
Antidilutive securities (in shares) | 41,903,728 | 13,788,475 |
Warrant [Member] | ||
Antidilutive securities (in shares) | 2,332,598 |
Note 17 - Income Taxes (Details
Note 17 - Income Taxes (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Expense (Benefit) | $ 0 | $ 0 |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 2,800,000 | 2,700,000 |
Unrecognized Tax Benefits that Would Not Impact Effective Tax Rate | 398,000 | 344,000 |
Deferred Tax Liabilities, Net | 0 | $ 0 |
Liability for Uncertainty in Income Taxes, Current | 0 | |
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | ||
Operating Loss Carryforwards | 48,000,000 | |
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Research Tax Credit Carryforward [Member] | ||
Tax Credit Carryforward, Amount | 1,300,000 | |
State and Local Jurisdiction [Member] | ||
Operating Loss Carryforwards | 40,800,000 | |
State and Local Jurisdiction [Member] | Research Tax Credit Carryforward [Member] | ||
Tax Credit Carryforward, Amount | $ 1,100,000 |
Note 17 - Income Taxes - Effect
Note 17 - Income Taxes - Effective Income Tax Reconciliation (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Tax at federal statutory rate | $ (3,505,000) | $ (2,277,000) |
State, net of federal benefit | (315,000) | (335,000) |
Research and development credit | (89,000) | (51,000) |
Stock-based compensation | 136,000 | 89,000 |
Nondeductible interest | 590,000 | 471,000 |
Warrant and derivative revaluation | 328,000 | (589,000) |
Merger cost | 90,000 | |
Other | 4,000 | 5,000 |
Increase in valuation allowance | 2,761,000 | 2,687,000 |
Total provision for income taxes | $ 0 | $ 0 |
Note 17 - Income Taxes - Compon
Note 17 - Income Taxes - Components of the Net Deferred Income Tax Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Accrued compensation | $ 154 | $ 69 |
Inventory adjustments | 708 | 279 |
Deferred rent | 22 | 12 |
Deferred revenue | 23 | 15 |
Deferred financing costs | 643 | |
Depreciation and amortization - noncurrent | 252 | 293 |
Share-based compensation | 273 | 57 |
Net operating loss and tax credit carryforwards - noncurrent | 20,196 | 17,529 |
Section 481A Adjustment | (32) | |
Other | 2 | 5 |
Gross deferred tax asset | 21,630 | 18,870 |
Valuation allowance | (21,630) | (18,870) |
Net deferred tax asset |
Note 17 - Income Taxes - Aggreg
Note 17 - Income Taxes - Aggregate Changes in the Balance of Gross Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Balance, beginning of year | $ 531 | $ 486 |
Additions based on tax positions related to the current year | 77 | 45 |
Additions for tax positions related to prior years | ||
Reductions for tax positions related to prior years | ||
Balance, end of year | $ 608 | $ 531 |
Note 19 - Grant Funding (Detail
Note 19 - Grant Funding (Details Textual) - USD ($) | 1 Months Ended | 7 Months Ended | |
Jun. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | |
Deferred Revenue from Grants, Current | $ 304,000 | ||
Grant Agreement [Member] | TEDCO [Member] | |||
Grant Funding Available | $ 750,000 | ||
Grant Funding, Term of Grant | 3 years | ||
Proceeds from Grant Funding | 312,000 | ||
Research and Development Expense Reduction from Qualified Grant Funding | 8,000 | ||
Deferred Revenue from Grants, Current | $ 304,000 |
Note 20 - Related Party Trans74
Note 20 - Related Party Transactions (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Aug. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Oct. 24, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 32,177,804 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 0.15 | $ 0.15 | ||
Share-based Compensation | $ 942,000 | $ 283,000 | ||
OPKO [Member] | ||||
Related Party, Ownership Percentage | 5.00% | |||
OPKO [Member] | Consulting Services [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 5,027,726 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 0.15 | |||
Share-based Compensation | $ 466,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested Grant Date Fair Value | $ 5,300,000 | |||
Consulting Agreement, Term | 4 years | |||
Consulting Agreement, Term, Length of Automatic Renewal Periods | 1 year | |||
Chairman and Chief Executive Officer of OPKO [Member] | ||||
Related Party, Ownership Percentage | 5.00% |