BioCardia (BCDA) 10-Q 11 May 17 2017 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2017	May 09, 2017
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)		457,682,784
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 19,032	$ 21,352
Accounts receivable, net of allowance for doubtful accounts of $1 and $2 at March 31, 2017 and December 31, 2016, respectively	121	74
Inventory	144	135
Prepaid expenses	252	356
Total current assets	19,549	21,917
Property and equipment, net	177	111
Other assets	54	54
Total assets	19,780	22,082
Current liabilities:
Accounts payable	291	525
Accrued liabilities	720	544
Deferred revenue	72	71
Grant liability	285	304
Total current liabilities	1,368	1,444
Deferred rent	62	56
Total liabilities	1,430	1,500
Stockholders’ equity:
Preferred stock, $0.001 par value, 50,000,000 shares authorized, no shares issued and outstanding at March 31, 2017 and December 31, 2016
Common stock, $0.001 par value, 750,000,000 shares authorized at March 31, 2017 and December 31, 2016, 457,682,784 shares and 457,575,631 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively	458	458
Additional paid-in capital	80,910	80,266
Accumulated deficit	(63,018)	(60,142)
Total stockholders’ equity	18,350	20,582
Total liabilities and stockholders’ equity	$ 19,780	$ 22,082

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Allowance for doubtful accounts	$ 1	$ 2
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	750,000,000
Common stock, shares issued (in shares)	457,682,784	457,575,631
Common stock, shares outstanding (in shares)	457,682,784	457,575,631

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenue:
Net product revenue	$ 109,000	$ 168,000
Collaboration agreement revenue	28,000	10,000
Total revenue	137,000	178,000
Costs and expenses:
Cost of goods sold	175,000	226,000
Research and development	1,033,000	441,000
Selling, general and administrative	1,804,000	587,000
Total costs and expenses	3,012,000	1,254,000
Operating loss	(2,875,000)	(1,076,000)
Other income (expense):
Interest expense, net	0	(550,000)
Change in fair value of convertible preferred stock warrant liability		53,000
Change in fair value of maturity date preferred stock warrant liability		(1,000)
Change in fair value of convertible shareholder notes derivative liability		78,000
Other expense	(1,000)
Total other expense, net	(1,000)	(420,000)
Net loss	$ (2,876,000)	$ (1,496,000)
Net loss per share, basic and diluted (in dollars per share)	$ (0.01)	$ (0.08)
Weighted-average shares used in computing net loss per share, basic and diluted (in shares)	457,654,570	18,947,536

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Operating activities:
Net loss	$ (2,876)	$ (1,496)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	13	10
Change in fair value of convertible preferred stock warrant liability		(53)
Change in fair value of maturity date preferred stock warrant liability		1
Change in fair value of convertible shareholder notes derivative liability		(78)
Share-based compensation	622	30
Non-cash interest expense on convertible shareholder notes		550
Changes in operating assets and liabilities:
Accounts receivable	(47)	(4)
Inventory	(9)	42
Prepaid expenses	104	28
Accounts payable	(249)	103
Accrued liabilities excluding accrued interest on convertible note	176	86
Deferred revenue	1	40
Deferred rent	6	(7)
Grant liability	(19)
Net cash used in operating activities	(2,278)	(748)
Investing activities:
Purchase of property and equipment	(64)
Net cash used in investing activities	(64)
Financing activities:
Proceeds from the exercise of stock options	22
Net cash provided by financing activities	22
Net decrease in cash and cash equivalents	(2,320)	(748)
Cash and cash equivalents at beginning of period	21,352	3,557
Cash and cash equivalents at end of period	19,032	2,809
Supplemental disclosures for noncash investing activity:
Accounts payable recognized for the purchase of equipment	$ 15

Note 1 - Summary of Business an

Note 1 - Summary of Business and Basis of Presentation	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Business Description and Basis of Presentation [Text Block]	(1) Summary of Business and Basis of Presentation (a) Description of Business BioCardia, Inc., or 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 (1) (2) (3) The Company manages its operations as a single segment for the purposes of assessing performance and making operating decisions. (b) Reverse Merger On August 22, 2016, , entered into an Agreement and Plan of Merger, or the Merger Agreement. The transactions contemplated by the Merger Agreement closed on October 24, 2016, 54% Exchange Ratio Pursuant to the Merger Agreement, each share 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

Note 2 - Significant Accounting

Note 2 - Significant Accounting Policies	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Significant Accounting Policies [Text Block]	( 2 ) Significant Accounting Policies (a) Basis of Preparation The accompanying condensed consolidated balance sheets, statements of operations and cash flows as of March 31, 2017 three March 31, 2017 2016 March 31, 2017, three March 31, 2017 2016. three March 31, 2017 December 31, 2017 These condensed consolidated financial statements should be read in conjunction with the audited financial statements and related notes included in the Company’s Annual Report on Form 10 December 31, 2016, March 30, 2017. (b) Liquidity The Company has incurred net losses and negative cash flows from operations since its inception and had an accumulated deficit of $63.0 March 31, 2017. Upon closing of the Merger Agreement, the combined company had approximately $24.0 $19.0 $4.4 October 2016. $19.0 March 31, 2017 twelve may may (c) Use of Estimates The preparation of the financial statements in accordance with U.S. 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; 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) Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiary. All intercompany accounts and transactions have been eliminated during the consolidation process. (e) Significant Accounting Policies The Company’s significant accounting policies are described in Note 2 2016 10 (f) Recently Adopted Accounting Pronouncement In March 2016, 2016 09, 718): 2016 09). 2016 09 January 1, 2017. The impact of adopting ASU 2016 09 ● We will classify the excess income tax benefits from stock-based compensation arrangement as a discrete item within income tax expense, rather than recognizing such excess income tax benefits in additional paid-in capital. The adoption of this guidance had no material impact to our condensed consolidated financial statements due to a full valuation allowance recognized against our deferred tax assets. ● We elected to recognize forfeitures as they occur. The cumulative effect adjustment as a result of the adoption of this guidance on a modified retrospective basis was insignificant. ● We applied the change in classification of cash flows resulting from excess tax benefits and cash paid by us when directly withholding shares for tax-withholding purposes on a retrospective basis. The adoption of these provisions did not result in changes in our condensed consolidated statements of cash flow. There were no other material impacts to our condensed consolidated financial statements as a result of adopting this updated standard. (g) 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 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 - Fair Value Measurement

Note 3 - Fair Value Measurement	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Fair Value Disclosures [Text Block]	(3) Fair Value Measurement 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 March 31, 2017 Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 19,032 $ — $ — $ 19,032 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 As discussed in Note 7, 2015, No warrants are outstanding as of March 31, 2017. In May 2015, $7.2 2015 7, 2015 June 30, 2016. 2015 October 24, 2016. No notes are outstanding as of March 31, 2017.

Note 4 - Inventories

Note 4 - Inventories	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Inventory Disclosure [Text Block]	(4 ) 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): March 31, 2017 December 31, 2016 Raw materials $ 53 $ 59 Work in process 48 — Finished goods 43 76 Total $ 144 $ 135 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 $9,000 $18 ,000 three March 31, 2017 2016,

Note 5 - Property and Equipment

Note 5 - Property and Equipment, Net	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	(5 ) Property and Equipment, Net Property and equipment, net consist of the following (in thousands): March 31, 2017 December 31, 2016 Computer equipment and software $ 172 $ 143 Laboratory and manufacturing equipment 415 366 Furniture and fixtures 48 48 Leasehold improvements 326 325 Property and equipment, gross 961 882 Less accumulated depreciation (784 ) (771 ) Property and equipment, net $ 177 $ 111 Depreciation expense totaled approximately $13,000 $10,000 three March 31, 2017 2016,

Note 6 - Accrued Liabilities

Note 6 - Accrued Liabilities	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Accounts Payable and Accrued Liabilities Disclosure [Text Block]	(6 ) Accrued Liabilities Accrued liabilities consisted of the following (in thousands): March 31, 2017 December 31, 2016 Accrued expenses $ 572 $ 478 Accrued clinical trial costs 86 — Customer deposits 62 66 Total $ 720 $ 544

Note 7 - Convertible Notes

Note 7 - Convertible Notes	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Debt Disclosure [Text Block]	(7 ) Convertible Notes In May 2015, $7.2 2015 2015 8% 18 1933, 80% $5.0 may 80% 8% $0.07 8% In August 2016, 2015 2015 August 31, 2016 80% October 2016. August 31, 2016, 2015 67,443,988 The 2015 2015 The Company recognized interest expense, including amortization of the debt discount of approximately $0 $550,000 three March 31, 2017 2016,

Note 8 - Share-based Compensati

Note 8 - Share-based Compensation	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	(8 ) Share-Based Compensation BioCardia Lifesciences adopted, and the BioCardia Lifesciences shareholders approved, the 2002 2002, 2002 2002 2002 2016, 2016 2016 2016 2016 Stock compensation attributable to manufacturing operations was not significant and was expensed directly to cost of goods sold in the condensed consolidated statements of operations. Share-based compensation expense for the three March 31, 2017 2016 Three Months ended March 31, 2017 2016 Cost of goods sold $ 41 $ 1 Research and development 172 1 Selling, general and administrative 409 28 Share-based compensation expense $ 622 $ 30 The following table summarizes the activity of stock options and related information: Options outstanding Weighted average Number of exercise shares price Balance, December 31, 2016 41,903,728 $ 0.15 Stock options granted 4,413,930 0.90 Stock options exercised (107,153 ) 0.20 Stock options cancelled (407,382 ) 0.04 Balance, March 31, 2017 45,803,123 $ 0.22 The weighted average grant-date fair value of options granted during the three March 31, 2017 $0.72 Employee Share-Based Compensation (Stock Options) During the three March 31, 2017, 2,466,147 Risk-free interest rate 2.05 – 2.07% Volatility 88 – 89% Dividend yield None Expected terms (in years) 6.00 – 6.25 Unrecognized share-based compensation for employee options granted through March 31, 2017 $4.1 3.4 Employee Share-Based Compensation (RSUs) During the three March 31, 2017, 736,000 The following summarizes the activity of non-vested RSUs: Weighted average grant date Number of fair value shares per share Non-vested units, December 31, 2016 — RSUs granted 736,000 $ 0.92 RSUs vested — RSUs forfeited — Non-vested units, March 31, 2017 736,000 $ 0.92 Unrecognized share-based compensation for employee RSUs granted through March 31, 2017 $630,000 2.8 Nonemployee Share-Based Compensation During the three March 31, 2017, 1,947,783 $233,000 $1,000 three March 31, 2017 2016, 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 as of March 31, 2017: Risk-free interest rate 2.37 – 2.40% Volatility 89% Dividend yield None Expected terms (in years) 9.4 – 9.8%

Note 9 - Net Loss Per Share

Note 9 - Net Loss Per Share	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Earnings Per Share [Text Block]	(9) Net Loss per Share Basic net loss per share is computed by dividing net loss by the weighted-average number of common shares outstanding for the period. Since we were in a loss position for all periods presented, diluted net loss per share is the same as basic net loss per share for all periods as the inclusion of all potential common shares outstanding would have been anti-dilutive. The following 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: March 31, 2017 2016 Stock options to purchase common stock 45,803,123 12,595,578 Unvested restricted stock units 736,000 - Total 46,539,123 12,595,578

Note 10 - Income Taxes

Note 10 - Income Taxes	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Income Tax Disclosure [Text Block]	(1 0 ) Income Taxes During the three March 31, 2017 2016, no As of March 31, 2017, ealization of the Company’s deferred tax assets depends primarily on its ability to generate future taxable income which is uncertain. The Company does not assets are realizable on a more-likely-than-not basis; therefore, the net deferred tax assets have been fully offset by a valuation allowance.

Note 11 - Grant Funding

Note 11 - Grant Funding	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Grant Funding [Text Block]	(1 1 ) Grant Funding In June 2016, 1998 $750,000 three In the fourth 2016, $312,000 $27,000 March 31, 2017. $285,000 March 31, 2017.

Note 12 - Related Party Transac

Note 12 - Related Party Transactions	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	(1 2 ) Related Party Transactions In August 2016, 5,027,726 4 $0.15 March 31, 2017, $122,000 three March 31, 2017. 4 one 5% 5%

Significant Accounting Policies

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	(a) Basis of Preparation The accompanying condensed consolidated balance sheets, statements of operations and cash flows as of March 31, 2017 three March 31, 2017 2016 March 31, 2017, three March 31, 2017 2016. three March 31, 2017 December 31, 2017 These condensed consolidated financial statements should be read in conjunction with the audited financial statements and related notes included in the Company’s Annual Report on Form 10 December 31, 2016, March 30, 2017.
Going Concern and Liquidity [Policy Text Block]	(b) Liquidity The Company has incurred net losses and negative cash flows from operations since its inception and had an accumulated deficit of $63.0 March 31, 2017. Upon closing of the Merger Agreement, the combined company had approximately $24.0 $19.0 $4.4 October 2016. $19.0 March 31, 2017 twelve may may
Use of Estimates, Policy [Policy Text Block]	(c) Use of Estimates The preparation of the financial statements in accordance with U.S. 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; 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.
Consolidation, Policy [Policy Text Block]	(d) Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiary. All intercompany accounts and transactions have been eliminated during the consolidation process.
New Accounting Pronouncements, Policy [Policy Text Block]	(e) Significant Accounting Policies The Company’s significant accounting policies are described in Note 2 2016 10 (f) Recently Adopted Accounting Pronouncement In March 2016, 2016 09, 718): 2016 09). 2016 09 January 1, 2017. The impact of adopting ASU 2016 09 ● We will classify the excess income tax benefits from stock-based compensation arrangement as a discrete item within income tax expense, rather than recognizing such excess income tax benefits in additional paid-in capital. The adoption of this guidance had no material impact to our condensed consolidated financial statements due to a full valuation allowance recognized against our deferred tax assets. ● We elected to recognize forfeitures as they occur. The cumulative effect adjustment as a result of the adoption of this guidance on a modified retrospective basis was insignificant. ● We applied the change in classification of cash flows resulting from excess tax benefits and cash paid by us when directly withholding shares for tax-withholding purposes on a retrospective basis. The adoption of these provisions did not result in changes in our condensed consolidated statements of cash flow. There were no other material impacts to our condensed consolidated financial statements as a result of adopting this updated standard. (g) 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 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 - Fair Value Measureme19

Note 3 - Fair Value Measurement (Tables)	3 Months Ended
	Mar. 31, 2017
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 $ 19,032 $ — $ — $ 19,032 Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 21,352 $ — $ — $ 21,352

Note 4 - Inventories (Tables)

Note 4 - Inventories (Tables)	3 Months Ended
	Mar. 31, 2017
Notes Tables
Schedule of Inventory, Current [Table Text Block]	March 31, 2017 December 31, 2016 Raw materials $ 53 $ 59 Work in process 48 — Finished goods 43 76 Total $ 144 $ 135

Note 5 - Property and Equipme21

Note 5 - Property and Equipment, Net (Tables)	3 Months Ended
	Mar. 31, 2017
Notes Tables
Property, Plant and Equipment [Table Text Block]	March 31, 2017 December 31, 2016 Computer equipment and software $ 172 $ 143 Laboratory and manufacturing equipment 415 366 Furniture and fixtures 48 48 Leasehold improvements 326 325 Property and equipment, gross 961 882 Less accumulated depreciation (784 ) (771 ) Property and equipment, net $ 177 $ 111

Note 6 - Accrued Liabilities (T

Note 6 - Accrued Liabilities (Tables)	3 Months Ended
	Mar. 31, 2017
Notes Tables
Schedule of Accrued Liabilities [Table Text Block]	March 31, 2017 December 31, 2016 Accrued expenses $ 572 $ 478 Accrued clinical trial costs 86 — Customer deposits 62 66 Total $ 720 $ 544

Note 8 - Share-based Compensa23

Note 8 - Share-based Compensation (Tables)	3 Months Ended
	Mar. 31, 2017
Notes Tables
Schedule of Share-based Compensation, Expense [Table Text Block]	Three Months ended March 31, 2017 2016 Cost of goods sold $ 41 $ 1 Research and development 172 1 Selling, general and administrative 409 28 Share-based compensation expense $ 622 $ 30
Share-based Compensation, Stock Options, Activity [Table Text Block]	Options outstanding Weighted average Number of exercise shares price Balance, December 31, 2016 41,903,728 $ 0.15 Stock options granted 4,413,930 0.90 Stock options exercised (107,153 ) 0.20 Stock options cancelled (407,382 ) 0.04 Balance, March 31, 2017 45,803,123 $ 0.22
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]	Weighted average grant date Number of fair value shares per share Non-vested units, December 31, 2016 — RSUs granted 736,000 $ 0.92 RSUs vested — RSUs forfeited — Non-vested units, March 31, 2017 736,000 $ 0.92
Non-employee Stock Options [Member]
Notes Tables
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	Risk-free interest rate 2.37 – 2.40% Volatility 89% Dividend yield None Expected terms (in years) 9.4 – 9.8%
Employee Stock Option [Member]
Notes Tables
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	Risk-free interest rate 2.05 – 2.07% Volatility 88 – 89% Dividend yield None Expected terms (in years) 6.00 – 6.25

Note 9 - Net Loss Per Share (Ta

Note 9 - Net Loss Per Share (Tables)	3 Months Ended
	Mar. 31, 2017
Notes Tables
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	March 31, 2017 2016 Stock options to purchase common stock 45,803,123 12,595,578 Unvested restricted stock units 736,000 - Total 46,539,123 12,595,578

Note 1 - Summary of Business 25

Note 1 - Summary of Business and Basis of Presentation (Details Textual) - Merger [Member]	Oct. 24, 2016shares
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 Accounti26

Note 2 - Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016	Oct. 31, 2016	Oct. 24, 2016	Mar. 31, 2016	Dec. 31, 2015
Retained Earnings (Accumulated Deficit)	$ (63,018)	$ (60,142)
Cash and Cash Equivalents, at Carrying Value	$ 19,032	$ 21,352		$ 24,000	$ 2,809	$ 3,557
Proceeds from Convertible Notes [Member]
Cash and Cash Equivalents, at Carrying Value			$ 4,400
Tiger X [Member]
Cash and Cash Equivalents, at Carrying Value				$ 19,000

Note 3 - Fair Value Measureme27

Note 3 - Fair Value Measurement (Details Textual) - USD ($) $ in Thousands	Mar. 31, 2017	May 31, 2015
Notes Payable	$ 0
The 2015 Notes [Member]
Debt Instrument, Face Amount		$ 7,200

Note 3 - Fair Value Measureme28

Note 3 - Fair Value Measurement - Fair Value of Assets and Liabilities Measured on a Recurring Basis (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Assets:
Cash and cash equivalents	$ 19,032	$ 21,352
Fair Value, Inputs, Level 1 [Member]
Assets:
Cash and cash equivalents	19,032	21,352
Fair Value, Inputs, Level 2 [Member]
Assets:
Cash and cash equivalents
Fair Value, Inputs, Level 3 [Member]
Assets:
Cash and cash equivalents

Note 4 - Inventories (Details T

Note 4 - Inventories (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Inventory Write-down	$ 9,000	$ 18,000

Note 4 - Inventories - Inventor

Note 4 - Inventories - Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Raw materials	$ 53	$ 59
Work in process	48
Finished goods	43	76
Total	$ 144	$ 135

Note 5 - Property and Equipme31

Note 5 - Property and Equipment, Net (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Depreciation	$ 13,000	$ 10,000

Note 5 - Property and Equipme32

Note 5 - Property and Equipment, Net - Property and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Property and equipment, gross	$ 961	$ 882
Less accumulated depreciation	(784)	(771)
Property and equipment, net	177	111
Computer Equipment and Software [Member]
Property and equipment, gross	172	143
Laboratory and Manufacturing Equipment [Member]
Property and equipment, gross	415	366
Furniture and Fixtures [Member]
Property and equipment, gross	48	48
Leasehold Improvements [Member]
Property and equipment, gross	$ 326	$ 325

Note 6 - Accrued Liabilities -

Note 6 - Accrued Liabilities - Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Accrued expenses	$ 572	$ 478
Accrued clinical trial costs	86
Customer deposits	62	66
Total	$ 720	$ 544

Note 7 - Convertible Notes (Det

Note 7 - Convertible Notes (Details Textual) - USD ($)	Oct. 24, 2016	May 31, 2015	Mar. 31, 2017	Mar. 31, 2016	Aug. 31, 2016
Interest Expense			$ 0	$ 550,000
The 2015 Notes [Member]
Debt Instrument, Face Amount		$ 7,200,000
The 2015 Notes [Member] | Convertible Debt [Member]
Debt Instrument, Face Amount		$ 7,200,000
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		$ 5,000,000
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

Note 8 - Share-based Compensa35

Note 8 - Share-based Compensation (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 0.72
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	4,413,930
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options	$ 4,100,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	3 years 146 days
Share-based Compensation	$ 622,000	$ 30,000
Restricted Stock Units (RSUs) [Member]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	2 years 292 days
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	736,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options	$ 630,000
Non-employee Directors and Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	2,466,147
Non-employee Directors [Member] | Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	736,000
Consultants [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	1,947,783
Non-employees [Member]
Share-based Compensation	$ 233,000	$ 1,000

Note 8 - Share-based Compensa36

Note 8 - Share-based Compensation - Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Employee share-based compensation expense	$ 622	$ 30
Cost of Goods Sold [Member]
Employee share-based compensation expense	41	1
Research and Development Expense [Member]
Employee share-based compensation expense	172	1
Selling, General and Administrative Expenses [Member]
Employee share-based compensation expense	$ 409	$ 28

Note 8 - Share-based Compensa37

Note 8 - Share-based Compensation - Stock Option Activity (Details)	3 Months Ended
	Mar. 31, 2017$ / sharesshares
Stock options outstanding, beginning of period (in shares) | shares	41,903,728
Balance, weighted average exercise price, beginning of period (in dollars per share) | $ / shares	$ 0.15
Stock options granted (in shares) | shares	4,413,930
Stock options granted (in dollars per share) | $ / shares	$ 0.90
Stock options exercised (in shares) | shares	(107,153)
Stock options exercised, weighted average exercise price (in dollars per share) | $ / shares	$ 0.20
Stock options cancelled (in shares) | shares	(407,382)
Stock options cancelled, weighted average exercise price (in dollars per share) | $ / shares	$ 0.04
Stock options outstanding, end of period (in shares) | shares	45,803,123
Balance, weighted average exercise price, end of period (in dollars per share) | $ / shares	$ 0.22

Note 8 - Share-based Compensa38

Note 8 - Share-based Compensation - Valuation Assumptions for Employee Stock Options (Details) - Employee Stock Option [Member]	3 Months Ended
	Mar. 31, 2017
Risk-free interest rate, minimum	2.05%
Risk-free interest rate, maximum	2.07%
Volatility, minimum	88.00%
Volatility, maximum	89.00%
Dividend yield	0.00%
Minimum [Member]
Expected terms (Year)	6 years
Maximum [Member]
Expected terms (Year)	6 years 91 days

Note 8 - Share-based Compensa39

Note 8 - Share-based Compensation - Summary of Non-vested RSUs (Details) - Restricted Stock Units (RSUs) [Member]	3 Months Ended
	Mar. 31, 2017$ / sharesshares
Balance (in shares) | shares
Balance (in dollars per share) | $ / shares
RSUs granted (in shares) | shares	736,000
RSUs granted (in dollars per share) | $ / shares	$ 0.92
RSUs vested (in shares) | shares
RSUs vested (in dollars per share) | $ / shares
RSUs forfeited (in shares) | shares
RSUs forfeited (in dollars per share) | $ / shares
Balance (in shares) | shares	736,000
Balance (in dollars per share) | $ / shares	$ 0.92

Note 8 - Share-based Compensa40

Note 8 - Share-based Compensation - Nonemployee Stock Option Valuation Assumptions (Details) - Non-employee Stock Options [Member]	3 Months Ended
	Mar. 31, 2017
Risk-free interest rate, minimum	2.37%
Risk-free interest rate, maximum	2.40%
Volatility	89.00%
Dividend yield	0.00%
Minimum [Member]
Expected terms (Year)	9 years 146 days
Maximum [Member]
Expected terms (Year)	9 years 292 days

Note 9 - Net Loss Per Share - A

Note 9 - Net Loss Per Share - Antidilutive Securities (Details) - shares	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Antidilutive securities (in shares)	46,539,123	12,595,578
Employee Stock Option [Member]
Antidilutive securities (in shares)	45,803,123	12,595,578
Restricted Stock Units (RSUs) [Member]
Antidilutive securities (in shares)	736,000

Note 10 - Income Taxes (Details

Note 10 - Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income Tax Expense (Benefit)	$ 0	$ 0
Deferred Tax Liabilities, Net	$ 0

Note 11 - Grant Funding (Detail

Note 11 - Grant Funding (Details Textual) - USD ($)	1 Months Ended	3 Months Ended	10 Months Ended
	Jun. 30, 2016	Dec. 31, 2016	Mar. 31, 2017
Deferred Revenue from Grants, Current		$ 304,000	$ 285,000
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			27,000
Deferred Revenue from Grants, Current			$ 285,000

Note 12 - Related Party Trans44

Note 12 - Related Party Transactions (Details Textual) - USD ($)	1 Months Ended	3 Months Ended
	Aug. 31, 2016	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016	Oct. 24, 2016
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross		4,413,930
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price		$ 0.22		$ 0.15
Share-based Compensation		$ 622,000	$ 30,000
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		$ 122,000
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%