BioCardia (BCDA) 10-Q 14 Aug 17 2017 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Aug. 14, 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)		457,818,571
Document Type	10-Q
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 15,109	$ 21,352
Accounts receivable, net of allowance for doubtful accounts of $1 and $2 at June 30, 2017 and December 31, 2016, respectively	142	74
Inventory	193	135
Short-term investments	1,796
Prepaid expenses	282	356
Total current assets	17,522	21,917
Property and equipment, net	180	111
Other assets	54	54
Total assets	17,756	22,082
Current liabilities:
Accounts payable	590	525
Accrued expenses and other current liabilities	864	848
Deferred revenue	153	71
Total current liabilities	1,607	1,444
Deferred rent	68	56
Total liabilities	1,675	1,500
Stockholders’ equity:
Preferred stock, $0.001 par value, 50,000,000 shares authorized, no shares issued and outstanding at June 30, 2017 and December 31, 2016
Common stock, $0.001 par value, 750,000,000 shares authorized at June 30, 2017 and December 31, 2016, 457,682,784 shares and 457,575,631 shares issued and outstanding at June 30, 2017 and December 31, 2016, respectively	458	458
Additional paid-in capital	81,586	80,266
Accumulated deficit	(65,963)	(60,142)
Total stockholders’ equity	16,081	20,582
Total liabilities and stockholders’ equity	$ 17,756	$ 22,082

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 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		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenue:
Net product revenue	$ 101,000	$ 138,000	$ 210,000	$ 306,000
Collaboration agreement revenue	11,000	6,000	39,000	16,000
Total revenue	112,000	144,000	249,000	322,000
Costs and expenses:
Cost of goods sold	203,000	156,000	378,000	382,000
Research and development	1,295,000	497,000	2,328,000	938,000
Selling, general and administrative	1,582,000	869,000	3,386,000	1,456,000
Total costs and expenses	3,080,000	1,522,000	6,092,000	2,776,000
Operating loss	(2,968,000)	(1,378,000)	(5,843,000)	(2,454,000)
Other income (expense):
Interest income	23,000		23,000
Interest expense	0	(557,000)	0	(1,107,000)
Change in fair value of convertible preferred stock warrant liability		167,000		220,000
Change in fair value of maturity date preferred stock warrant liability		8,000		7,000
Change in fair value of convertible shareholder notes derivative liability		(217,000)		(139,000)
Other income (expense), net		(1,000)	(1,000)	(1,000)
Total other income (expense), net	23,000	(600,000)	22,000	(1,020,000)
Net loss	$ (2,945,000)	$ (1,978,000)	$ (5,821,000)	$ (3,474,000)
Net loss per share, basic and diluted (in dollars per share)	$ (0.01)	$ (0.11)	$ (0.01)	$ (0.19)
Weighted-average shares used in computing net loss per share, basic and diluted (in shares)	457,682,784	18,723,511	457,668,755	18,723,511

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Operating activities:
Net loss	$ (5,821)	$ (3,474)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	36	21
Change in fair value of convertible preferred stock warrant liability		(220)
Change in fair value of maturity date preferred stock warrant liability		(7)
Change in fair value of convertible shareholder notes derivative liability		139
Stock based compensation	1,298	58
Non-cash interest expense on convertible shareholder notes		1,107
Changes in operating assets and liabilities:
Accounts receivable	(68)	22
Inventory	(58)	18
Prepaid expenses	74	98
Accounts payable	60	185
Accrued expenses and other current liabilities, excluding accrued interest on convertible note	16	161
Deferred revenue	82	37
Deferred rent	12	(15)
Net cash used in operating activities	(4,369)	(1,870)
Investing activities:
Purchase of property and equipment	(100)
Purchase of short-term investments	(1,796)
Net cash used in investing activities	(1,896)
Financing activities:
Proceeds from the exercise of stock options	22
Net cash provided by financing activities	22
Net decrease in cash and cash equivalents	(6,243)	(1,870)
Cash and cash equivalents at beginning of period	21,352	3,557
Cash and cash equivalents at end of period	15,109	1,687
Supplemental disclosures for noncash investing activity:
Accounts payable recognized for the purchase of equipment	$ 5

Note 1 - Summary of Business an

Note 1 - Summary of Business and Basis of Presentation	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Business Description and Basis of Presentation [Text Block]	( 1 S ummary 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 (b) Reverse Merger On August 22, 2016, 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	6 Months Ended
	Jun. 30, 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, comprehensive loss and cash flows as of June 30, 2017 three six June 30, 2017 2016 June 30, 2017, three six June 30, 2017 2016, six June 30, 2017 2016. three six June 30, 2017 not 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 $66 June 30, 2017. Based on management’s current plans, management believes cash and cash equivalents of $15.1 $1.8 June 30, 2017 third 2018. second Q3 2018, not may may no (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 no (f ) Investments Short-term investments consist of debt securities classified as available-for-sale and have maturities greater than 90 365 Premiums and discounts on debt securities are amortized or accreted over the life of the security as an adjustment to yield using the effective-interest method. Such amortization and accretion is reported as interest income (expense) in the statement of operations. Dividend and interest income are recognized when earned. (g ) 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 classified 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 ● 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 There were no (g) Recently Issued Accounting Pronouncements In May 2014, No. 2014 09, 606 2014 09 In August 2015, 2015 14 December 15, 2017 December 15, 2016, not may In February 2016, 2016 02 842 840 2016 02 December 15, 2018; not 2016 02 In May 2017, 2017 09 718 2017 09 718. 2017 09, December 15, 2017, not Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, and the American Institute of Certified Public Accountants did not not

Note 3 - Fair Value Measurement

Note 3 - Fair Value Measurement	6 Months Ended
	Jun. 30, 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 not Level 3 no The Company’s money market instruments are classified as Level 2 2 The following table sets forth the fair value of our financial assets measured on a recurring basis as of June 30, 2017 Level 1 Level 2 Level 3 Total Cash and cash equivalents: Cash $ 3,901 $ — $ — $ 3,901 Money market instruments — 8,711 — 8,711 US government securities — 649 — 649 US government agency securities — 1,848 — 1,848 Total cash and cash equivalents $ 3,901 $ 11,208 $ — $ 15,109 Marketable securities: US government securities — 1,796 — 1,796 Total marketable securities $ — $ 1,796 $ — $ 1,796 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 $ 21,352 $ — $ — $ 21,352 As discussed in Note 8, 2015, No June 30, 2017. In May 2015, $7.2 2015 8, 2015 June 30, 2016. 2015 not October 24, 2016. No June 30, 2017.

Note 4 - Investments

Note 4 - Investments	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Investment [Text Block]	( 4 ) Investments The following table summarizes the estimated value of the Company’s cash equivalents and marketable securities and the gross unrealized gains and losses as of June 30, 2017 ( Amortized cost Unrealized gain Unrealized loss Estimated Fair Value US government securities $ 1,796 $ — $ — $ 1,796 Total marketable securities $ 1,796 $ — $ — $ 1,796 As of June 30, 2017, one no 6 months ended June 30, 2017.

Note 5 - Inventories

Note 5 - Inventories	6 Months Ended
	Jun. 30, 2017
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): June 30, 2017 December 31, 2016 Raw materials $ 62 59 Work in process 16 — Finished goods 115 76 Total $ 193 135 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 $1,000 $19,000 three June 30, 2017 2016, $10,000 $37,000 six June 30, 2017 2016,

Note 6 - Property and Equipment

Note 6 - Property and Equipment, Net	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	( 6 ) Property and Equipment, Net Property and equipment, net consist of the following (in thousands): June 30, 2017 December 31, 2016 Computer equipment and software $ 183 143 Laboratory and manufacturing equipment 431 366 Furniture and fixtures 48 48 Leasehold improvements 325 325 Property and equipment, gross 987 882 Less accumulated depreciation (807 ) (771 ) Property and equipment, net $ 180 111 Depreciation expense totaled approximately $23,000 $11,000 three June 30, 2017 2016, $36,000 $21,000 six June 30, 2017 2016,

Note 7 - Accrued Expenses and O

Note 7 - Accrued Expenses and Other Current Liabilities	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Accrued Liabilities and Other Current Liabilities Disclosure [Text Block]	( 7 ) Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following (in thousands): June 30, 2017 December 31, 2016 Accrued expenses $ 406 478 Accrued clinical trial costs 126 — Grant liability 269 304 Customer deposits 63 66 Total $ 864 848

Note 8 - Convertible Notes

Note 8 - Convertible Notes	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Debt Disclosure [Text Block]	( 8 ) 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 not The Company recognized interest expense, including amortization of the debt discount of approximately $0 $557,000 three June 30, 2017 2016, $0 $1.1 six June 30, 2017 2016,

Note 9 - Share-based Compensati

Note 9 - Share-based Compensation	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	( 9 ) Share-Based Compensation BioCardia Lifesciences adopted, and the BioCardia Lifesciences shareholders approved, the 2002 2002, 2002 2002 not 2002 2016, 2016 2016 2016 2016 Stock compensation attributable to manufacturing operations was not three six June 30, 2017 2016 Three Months ended June 30, Six Months ended June 30, 2017 2016 2017 2016 Cost of goods sold $ 33 $ — $ 74 $ 1 Research and development 154 — 326 1 Selling, general and administrative 489 28 898 56 Share-based compensation expense $ 676 $ 28 $ 1,298 $ 58 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 6,714,410 0.73 Stock options exercised (107,153 ) 0.20 Stock options cancelled (407,382 ) 0.04 Balance, June 30, 2017 48,103,603 $ 0.23 The weighted average grant-date fair value of options granted during the six June 30, 2017 $0.57 Employee Share-Based Compensation (Stock Options) During the six June 30, 2017, 4,766,627 Risk-free interest rate 1.88 – 2.12% Volatility 85 – 89% Dividend yield None Expected terms (in years) 5.50 – 6.25 Unrecognized share-based compensation for employee options granted through June 30, 2017 $4.4 3.0 Employee Share-Based Compensation (RSUs) During the six June 30, 2017, 1,176,000 The following summarizes the activity of non-vested RSUs: Weighted average grant date Number of fair value shares per share Balance, December 31, 2016 — RSUs granted 1,176,000 $ 0.73 RSUs vested — RSUs forfeited — Balance, June 30, 2017 1,176,000 $ 0.73 Unrecognized share-based compensation for employee RSUs granted through June 30, 2017 $742,000 2.1 Nonemployee Share-Based Compensation During the six June 30, 2017, 1,947,783 $277,000 $1,000 three June 30, 2017 2016, $510,000 $2,000 six June 30, 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 June 30, 2017: Risk-free interest rate 2.25 – 2.28% Volatility 87% Dividend yield None Expected terms (in years) 9.1 – 9.5

Note 10 - Net Loss Per Share

Note 10 - Net Loss Per Share	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Earnings Per Share [Text Block]	( 10 ) 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: June 30, 2017 2016 Stock options to purchase common stock 48,103,603 12,464,656 Restricted stock units 1,176,000 - Total 49,279,603 12,464,656

Note 11 - Income Taxes

Note 11 - Income Taxes	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Income Tax Disclosure [Text Block]	( 11 Income Taxes During the six June 30, 2017 2016, no As of June 30, 2017, not not

Note 12 - Related Party Transac

Note 12 - Related Party Transactions	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	( 12 Related Party Transactions In August 2016, 5,027,726 4 June 30, 2017, $184,000 $306,000 three six June 30, 2017, 4 one 5% 5%

Significant Accounting Policies

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	(a) Basis of Preparation The accompanying condensed consolidated balance sheets, statements of operations, comprehensive loss and cash flows as of June 30, 2017 three six June 30, 2017 2016 June 30, 2017, three six June 30, 2017 2016, six June 30, 2017 2016. three six June 30, 2017 not 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 $66 June 30, 2017. Based on management’s current plans, management believes cash and cash equivalents of $15.1 $1.8 June 30, 2017 third 2018. second Q3 2018, not may may no
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.
Investment, Policy [Policy Text Block]	(f ) Investments Short-term investments consist of debt securities classified as available-for-sale and have maturities greater than 90 365 Premiums and discounts on debt securities are amortized or accreted over the life of the security as an adjustment to yield using the effective-interest method. Such amortization and accretion is reported as interest income (expense) in the statement of operations. Dividend and interest income are recognized when earned.
New Accounting Pronouncements, Policy [Policy Text Block]	(g ) 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 classified 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 ● 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 There were no (g) Recently Issued Accounting Pronouncements In May 2014, No. 2014 09, 606 2014 09 In August 2015, 2015 14 December 15, 2017 December 15, 2016, not may In February 2016, 2016 02 842 840 2016 02 December 15, 2018; not 2016 02 In May 2017, 2017 09 718 2017 09 718. 2017 09, December 15, 2017, not Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, and the American Institute of Certified Public Accountants did not not

Note 3 - Fair Value Measureme19

Note 3 - Fair Value Measurement (Tables)	6 Months Ended
	Jun. 30, 2017
Notes Tables
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	Level 1 Level 2 Level 3 Total Cash and cash equivalents: Cash $ 3,901 $ — $ — $ 3,901 Money market instruments — 8,711 — 8,711 US government securities — 649 — 649 US government agency securities — 1,848 — 1,848 Total cash and cash equivalents $ 3,901 $ 11,208 $ — $ 15,109 Marketable securities: US government securities — 1,796 — 1,796 Total marketable securities $ — $ 1,796 $ — $ 1,796 Level 1 Level 2 Level 3 Total Assets: Cash $ 21,352 $ — $ — $ 21,352

Note 4 - Investments (Tables)

Note 4 - Investments (Tables)	6 Months Ended
	Jun. 30, 2017
Notes Tables
Unrealized Gain (Loss) on Investments [Table Text Block]	Amortized cost Unrealized gain Unrealized loss Estimated Fair Value US government securities $ 1,796 $ — $ — $ 1,796 Total marketable securities $ 1,796 $ — $ — $ 1,796

Note 5 - Inventories (Tables)

Note 5 - Inventories (Tables)	6 Months Ended
	Jun. 30, 2017
Notes Tables
Schedule of Inventory, Current [Table Text Block]	June 30, 2017 December 31, 2016 Raw materials $ 62 59 Work in process 16 — Finished goods 115 76 Total $ 193 135

Note 6 - Property and Equipme22

Note 6 - Property and Equipment, Net (Tables)	6 Months Ended
	Jun. 30, 2017
Notes Tables
Property, Plant and Equipment [Table Text Block]	June 30, 2017 December 31, 2016 Computer equipment and software $ 183 143 Laboratory and manufacturing equipment 431 366 Furniture and fixtures 48 48 Leasehold improvements 325 325 Property and equipment, gross 987 882 Less accumulated depreciation (807 ) (771 ) Property and equipment, net $ 180 111

Note 7 - Accrued Expenses and23

Note 7 - Accrued Expenses and Other Current Liabilities (Tables)	6 Months Ended
	Jun. 30, 2017
Notes Tables
Schedule of Accrued Liabilities and Other Current Liabilities [Table Text Block]	June 30, 2017 December 31, 2016 Accrued expenses $ 406 478 Accrued clinical trial costs 126 — Grant liability 269 304 Customer deposits 63 66 Total $ 864 848

Note 9 - Share-based Compensa24

Note 9 - Share-based Compensation (Tables)	6 Months Ended
	Jun. 30, 2017
Notes Tables
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]	Weighted average grant date Number of fair value shares per share Balance, December 31, 2016 — RSUs granted 1,176,000 $ 0.73 RSUs vested — RSUs forfeited — Balance, June 30, 2017 1,176,000 $ 0.73
Schedule of Share-based Compensation, Expense [Table Text Block]	Three Months ended June 30, Six Months ended June 30, 2017 2016 2017 2016 Cost of goods sold $ 33 $ — $ 74 $ 1 Research and development 154 — 326 1 Selling, general and administrative 489 28 898 56 Share-based compensation expense $ 676 $ 28 $ 1,298 $ 58
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 6,714,410 0.73 Stock options exercised (107,153 ) 0.20 Stock options cancelled (407,382 ) 0.04 Balance, June 30, 2017 48,103,603 $ 0.23
Non-employee Stock Options [Member]
Notes Tables
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	Risk-free interest rate 2.25 – 2.28% Volatility 87% Dividend yield None Expected terms (in years) 9.1 – 9.5
Employee Stock Option [Member]
Notes Tables
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	Risk-free interest rate 1.88 – 2.12% Volatility 85 – 89% Dividend yield None Expected terms (in years) 5.50 – 6.25

Note 10 - Net Loss Per Share (T

Note 10 - Net Loss Per Share (Tables)	6 Months Ended
	Jun. 30, 2017
Notes Tables
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	June 30, 2017 2016 Stock options to purchase common stock 48,103,603 12,464,656 Restricted stock units 1,176,000 - Total 49,279,603 12,464,656

Note 1 - Summary of Business 26

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 Accounti27

Note 2 - Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016	Jun. 30, 2016	Dec. 31, 2015
Retained Earnings (Accumulated Deficit)	$ (65,963)	$ (60,142)
Cash and Cash Equivalents, at Carrying Value	15,109	21,352	$ 1,687	$ 3,557
Short-term Investments	$ 1,796

Note 3 - Fair Value Measureme28

Note 3 - Fair Value Measurement (Details Textual) - USD ($) $ in Thousands	Jun. 30, 2017	May 31, 2015
Warrants and Rights Outstanding	$ 0
Notes Payable	$ 0
The 2015 Notes [Member]
Debt Instrument, Face Amount		$ 7,200

Note 3 - Fair Value Measureme29

Note 3 - Fair Value Measurement - Fair Value of Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Marketable securities	$ 1,796
Fair Value, Measurements, Recurring [Member]
Cash and cash equivalents	15,109	$ 21,352
Marketable securities	1,796
Fair Value, Measurements, Recurring [Member] | U.S. States and Political Subdivisions Debt Securities [Member]
Marketable securities	1,796
Fair Value, Measurements, Recurring [Member] | Cash [Member]
Cash and cash equivalents	3,901
Fair Value, Measurements, Recurring [Member] | Money Market Funds [Member]
Cash and cash equivalents	8,711
Fair Value, Measurements, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member]
Cash and cash equivalents	649
Fair Value, Measurements, Recurring [Member] | US Government Corporations and Agencies Securities [Member]
Cash and cash equivalents	1,848
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member]
Cash and cash equivalents	3,901	21,352
Marketable securities
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | U.S. States and Political Subdivisions Debt Securities [Member]
Marketable securities
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Cash [Member]
Cash and cash equivalents	3,901
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Money Market Funds [Member]
Cash and cash equivalents
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member]
Cash and cash equivalents
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | US Government Corporations and Agencies Securities [Member]
Cash and cash equivalents
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member]
Cash and cash equivalents	11,208
Marketable securities	1,796
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | U.S. States and Political Subdivisions Debt Securities [Member]
Marketable securities	1,796
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Cash [Member]
Cash and cash equivalents
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Money Market Funds [Member]
Cash and cash equivalents	8,711
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member]
Cash and cash equivalents	649
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | US Government Corporations and Agencies Securities [Member]
Cash and cash equivalents	1,848
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member]
Cash and cash equivalents
Marketable securities
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | U.S. States and Political Subdivisions Debt Securities [Member]
Marketable securities
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Cash [Member]
Cash and cash equivalents
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Money Market Funds [Member]
Cash and cash equivalents
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member]
Cash and cash equivalents
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | US Government Corporations and Agencies Securities [Member]
Cash and cash equivalents

Note 4 - Investments (Details T

Note 4 - Investments (Details Textual) $ in Thousands	6 Months Ended
	Jun. 30, 2017USD ($)
Other than Temporary Impairment Losses, Investments	$ 0

Note 4 - Investments - Summary

Note 4 - Investments - Summary of Cash Equivalents and Marketable Securities (Details) $ in Thousands	Jun. 30, 2017USD ($)
Marketable securities, amortized cost	$ 1,796
Marketable securities, unrealized gain
Marketable securities, unrealized loss
Marketable securities	1,796
US States and Political Subdivisions Debt Securities [Member]
Marketable securities, amortized cost	1,796
Marketable securities, unrealized gain
Marketable securities, unrealized loss
Marketable securities	$ 1,796

Note 5 - Inventories (Details T

Note 5 - Inventories (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Inventory Write-down	$ 1,000	$ 19,000	$ 10,000	$ 37,000

Note 5 - Inventories - Inventor

Note 5 - Inventories - Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Raw materials	$ 62	$ 59
Work in process	16
Finished goods	115	76
Total	$ 193	$ 135

Note 6 - Property and Equipme34

Note 6 - Property and Equipment, Net (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Depreciation	$ 23,000	$ 11,000	$ 36,000	$ 21,000

Note 6 - Property and Equipme35

Note 6 - Property and Equipment, Net - Property and Equipment, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Property and equipment, gross	$ 987	$ 882
Less accumulated depreciation	(807)	(771)
Property and equipment, net	180	111
Computer Equipment and Software [Member]
Property and equipment, gross	183	143
Laboratory and Manufacturing Equipment [Member]
Property and equipment, gross	431	366
Furniture and Fixtures [Member]
Property and equipment, gross	48	48
Leasehold Improvements [Member]
Property and equipment, gross	$ 325	$ 325

Note 7 - Accrued Expenses and36

Note 7 - Accrued Expenses and Other Current Liabilities - Accrued Liabilities and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Accrued expenses	$ 406	$ 478
Accrued clinical trial costs	126
Grant liability	269	304
Customer deposits	63	66
Total	$ 864	$ 848

Note 8 - Convertible Notes (Det

Note 8 - Convertible Notes (Details Textual) - USD ($)	Oct. 24, 2016	May 31, 2015	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Aug. 31, 2016
Interest Expense			$ 0	$ 557,000	$ 0	$ 1,107,000
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 9 - Share-based Compensa38

Note 9 - Share-based Compensation (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options	$ 4,400,000		$ 4,400,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value			$ 0.57
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross			6,714,410
Share-based Compensation			$ 1,298,000	$ 58,000
Employee Stock Option [Member]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition			3 years
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			1,176,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options	742,000		$ 742,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition			2 years 36 days
Non-employee Directors and Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross			4,766,627
Non-employee Directors and Employees [Member] | Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			1,176,000
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	$ 277,000	$ 1,000	$ 510,000	$ 2,000

Note 9 - Share-based Compensa39

Note 9 - Share-based Compensation - Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Employee share-based compensation expense	$ 676	$ 28	$ 1,298	$ 58
Cost of Goods Sold [Member]
Employee share-based compensation expense	33		74	1
Research and Development Expense [Member]
Employee share-based compensation expense	154		326	1
Selling, General and Administrative Expenses [Member]
Employee share-based compensation expense	$ 489	$ 28	$ 898	$ 56

Note 9 - Share-based Compensa40

Note 9 - Share-based Compensation - Stock Option Activity (Details)	6 Months Ended
	Jun. 30, 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	6,714,410
Stock options granted (in dollars per share) | $ / shares	$ 0.73
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	48,103,603
Balance, weighted average exercise price, end of period (in dollars per share) | $ / shares	$ 0.23

Note 9 - Share-based Compensa41

Note 9 - Share-based Compensation - Valuation Assumptions for Employee Stock Options (Details) - Employee Stock Option [Member]	6 Months Ended
	Jun. 30, 2017
Risk-free interest rate, minimum	1.88%
Risk-free interest rate, maximum	2.12%
Volatility, minimum	85.00%
Volatility, maximum	89.00%
Dividend yield	0.00%
Minimum [Member]
Expected terms (Year)	5 years 182 days
Maximum [Member]
Expected terms (Year)	6 years 91 days

Note 9 - Share-based Compensa42

Note 9 - Share-based Compensation - Summary of Non-vested RSUs (Details) - Restricted Stock Units (RSUs) [Member]	6 Months Ended
	Jun. 30, 2017$ / sharesshares
Balance (in shares) | shares
Balance (in dollars per share) | $ / shares
RSUs granted (in shares) | shares	1,176,000
RSUs granted (in dollars per share) | $ / shares	$ 0.73
RSUs vested (in shares) | shares
RSUs vested (in dollars per share) | $ / shares
Balance (in dollars per share) | $ / shares	$ 0.73
RSUs forfeited (in shares) | shares
RSUs forfeited (in dollars per share) | $ / shares
Balance (in shares) | shares	1,176,000

Note 9 - Share-based Compensa43

Note 9 - Share-based Compensation - Nonemployee Stock Option Valuation Assumptions (Details) - Non-employee Stock Options [Member]	6 Months Ended
	Jun. 30, 2017
Risk-free interest rate, minimum	2.25%
Risk-free interest rate, maximum	2.28%
Volatility	87.00%
Dividend yield	0.00%
Minimum [Member]
Expected terms (Year)	9 years 36 days
Maximum [Member]
Expected terms (Year)	9 years 182 days

Note 10 - Net Loss Per Share -

Note 10 - Net Loss Per Share - Antidilutive Securities (Details) - shares	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Antidilutive securities (in shares)	49,279,603	12,464,656
Employee Stock Option [Member]
Antidilutive securities (in shares)	48,103,603	12,464,656
Restricted Stock Units (RSUs) [Member]
Antidilutive securities (in shares)	1,176,000

Note 11 - Income Taxes (Details

Note 11 - Income Taxes (Details Textual) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Income Tax Expense (Benefit)	$ 0	$ 0
Deferred Tax Liabilities, Net	$ 0

Note 12 - Related Party Trans46

Note 12 - Related Party Transactions (Details Textual) - USD ($)	1 Months Ended	3 Months Ended	6 Months Ended
	Aug. 31, 2016	Jun. 30, 2017	Jun. 30, 2017	Jun. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross			6,714,410
Share-based Compensation			$ 1,298,000	$ 58,000
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		$ 184,000	$ 306,000
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%