BioCardia (BCDA) 10-Q 9 Aug 18 2018 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2018	Aug. 09, 2018
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	Accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		38,277,908
Document Type	10-Q
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 6,834	$ 12,689
Accounts receivable, net of allowance for doubtful accounts of $3 and $6 at June 30, 2018 and December 31, 2017, respectively	191	95
Inventory	136	191
Prepaid expenses	282	340
Total current assets	7,443	13,315
Property and equipment, net	164	169
Other assets	54	54
Total assets	7,661	13,538
Current liabilities:
Accounts payable	505	902
Accrued expenses and other current liabilities	1,314	1,263
Deferred revenue		167
Total current liabilities	1,819	2,332
Deferred rent	84	81
Total liabilities	1,903	2,413
Stockholders’ equity:
Preferred stock, $0.001 par value, 25,000,000 shares authorized; no shares issued and outstanding as of June 30, 2018 and December 31, 2017
Common stock, $0.001 par value, 100,000,000 shares authorized as of June 30, 2018 and December 31, 2017 respectively; 38,277,908 and 38,218,660 shares issued and outstanding as of June 30, 2018 and December 31, 2017, respectively	38	38
Additional paid-in capital	84,895	83,537
Accumulated deficit	(79,175)	(72,450)
Total stockholders’ equity	5,758	11,125
Total liabilities and stockholders’ equity	$ 7,661	$ 13,538

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Allowance for doubtful accounts	$ 3	$ 6
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	25,000,000	25,000,000
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)	100,000,000	100,000,000
Common stock, shares issued (in shares)	38,277,908	38,218,660
Common stock, shares outstanding (in shares)	38,277,908	38,218,660

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenue:
Total revenue	$ 239	$ 112	$ 438	$ 249
Costs and expenses:
Cost of goods sold	135	203	292	378
Research and development	2,031	1,295	3,986	2,328
Selling, general and administrative	1,325	1,582	3,032	3,386
Total costs and expenses	3,491	3,080	7,310	6,092
Operating loss	(3,252)	(2,968)	(6,872)	(5,843)
Other income (expense):
Interest income	35	23	71	23
Other expense, net				(1)
Total other income, net	35	23	71	22
Net loss	$ (3,217)	$ (2,945)	$ (6,801)	$ (5,821)
Net loss per share, basic and diluted (in dollars per share)	$ (0.08)	$ (0.08)	$ (0.18)	$ (0.15)
Weighted-average shares used in computing net loss per share, basic and diluted (in shares)	38,247,288	38,140,232	38,242,728	38,139,063
Product [Member]
Revenue:
Total revenue	$ 89	$ 101	$ 171	$ 210
Collaboration Agreement [Member]
Revenue:
Total revenue	$ 150	$ 11	$ 267	$ 39

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Operating activities:
Net loss	$ (6,801)	$ (5,821)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	44	36
Share-based compensation	1,353	1,298
Changes in operating assets and liabilities:
Accounts receivable	(96)	(68)
Inventory	55	(58)
Prepaid expenses	58	74
Accounts payable	(390)	60
Accrued liabilities	25	16
Deferred revenue	(65)	82
Deferred rent	3	12
Net cash used in operating activities	(5,814)	(4,369)
Investing activities:
Purchase of property and equipment	(46)	(100)
Purchase of short-term investments		(1,796)
Net used in in investing activities	(46)	(1,896)
Financing activities:
Proceeds from the exercise of common stock options	5	22
Net cash provided by financing activities	5	22
Net decrease in cash and cash equivalents	(5,855)	(6,243)
Cash and cash equivalents at beginning of period	12,689	21,352
Cash and cash equivalents at end of period	$ 6,834	$ 15,109

Note 1 - Summary of Business an

Note 1 - Summary of Business and Basis of Presentation	6 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Business Description and Basis of Presentation [Text Block]	( 1 Summary of Business and Basis of Presentation Description of Business BioCardia, Inc., (“we” or “the Company”), is a clinical-stage regenerative medicine company developing novel therapeutics for cardiovascular diseases with large unmet medical needs. Our lead therapeutic candidate is the CardiAMP Cell Therapy System, an investigational autologous bone marrow derived cell therapy being advanced for two second not We have three one 1 2 3

Note 2 - Significant Accounting

Note 2 - Significant Accounting Policies	6 Months Ended
	Jun. 30, 2018
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 and for the three six June 30, 2018 2017 three six June 30, 2018 not December 31, 2018 These condensed consolidated financial statements should be read in conjunction with the audited financial statements and related notes included in our Annual Report on Form 10 December 31, 2017, March 16, 2018. (b) Liquidity We have incurred net losses and negative cash flows from operations since our inception and had an accumulated deficit of $79.2 June 30, 2018. $6.8 June 30, 2018 December 2018. one not Our ability to continue as a going concern and to continue further development of our lead therapeutic candidate, the CardiAMP Cell Therapy System, and our second December 2018, not may may no (c) Use of Estimates The preparation of the financial statements in accordance with U.S. GAAP requires 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 share-based compensation, the useful lives of property and equipment, allowances for doubtful accounts and sales returns and inventory valuation. (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) Changes to Significant Accounting Policies Our significant accounting policies are described in Note 2 10 December 31, 2017. No. 2014 09, 606 January 1, 2018 no Revenue Recognition Net product revenue Collaboration agreement revenue Revenue is recognized when control of products and services is transferred to the customer in an amount that reflects the consideration that we expect to receive from the customer in exchange for those products and services. This process involves identifying the contract with the customer, determining the performance obligations in the contract, determining the contract price, allocating the contract price to the distinct performance obligations in the contract, and recognizing revenue when the performance obligations have been satisfied. A performance obligation is considered distinct from other obligations in a contract when it provides a benefit to the customer either on its own or together with other resources that are readily available to the customer and is separately identifiable from other promises in the contract. We consider a performance obligation satisfied once control of a good or service has been transferred to the customer, meaning the customer has the ability to use and obtain the benefit of the good or service. Amounts received from customers in advance of revenue recognition are recorded as deferred revenue on the consolidated balance sheets. ( f ) Recently Adopted Accounting Pronouncement In May 2014, 606, 606 On January 1, 2018, 606 January 1, 2018 606, not 605. $76,000 January 1, 2018 606, In January 2016, No. 2016 01 2016 01 2016 01 2016 01 January 1, 2018 not In May 2017, No. 2017 09 718 2017 09 2017 09 718. 2017 09 January 1, 2018, not ( g ) Recently Issued Accounting Pronouncements In February 2016, No. 2016 02 842 2016 02 840 2016 02 December 15, 2018; not 2016 02 may January 1, 2019. In June 2018, 2018 07 718 2018 07 2018 07 718 2018 07 December 15, 2018 January 1, 2019 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, 2018
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 following table sets forth the fair value of our financial assets measured on a recurring basis as of June 30, 2018 December 31, 2017 As of June 30, 2018 Level 1 Level 2 Level 3 Total Assets: Cash equivalents $ 6,383 $ — $ — $ 6,383 As of December 31, 2017 Level 1 Level 2 Level 3 Total Assets: Cash equivalents $ 12,063 $ — $ — $ 12,063

Note 4 - Inventories

Note 4 - Inventories	6 Months Ended
	Jun. 30, 2018
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 consisted of the following (in thousands): June 30, December 31, 2017 Raw materials $ 63 $ 70 Work in process 29 92 Finished goods 44 29 Total $ 136 $ 191 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 $12,000 $1,000 three June 30, 2018 2017 $15,000 $10,000 six June 30, 2018 2017,

Note 5 - Property and Equipment

Note 5 - Property and Equipment, Net	6 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	( 5 ) Property and Equipment, Net Property and equipment, net consisted of the following (in thousands): June 30, December 31, Computer equipment and software $ 114 $ 106 Laboratory and manufacturing equipment 471 447 Furniture and fixtures 55 48 Leasehold improvements 326 326 Property and equipment, gross 966 927 Less accumulated depreciation (802 ) (758 ) Property and equipment, net $ 164 $ 169

Note 6 - Accrued Expenses and O

Note 6 - Accrued Expenses and Other Current Liabilities	6 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Accrued Liabilities and Other Current Liabilities Disclosure [Text Block]	( 6 ) Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following (in thousands): June 30, December 31, Accrued expenses $ 180 $ 129 Accrued employee costs 412 410 Grant liability 635 663 Customer deposits 87 61 Total $ 1,314 $ 1,263

Note 7 - Share-based Compensati

Note 7 - Share-based Compensation	6 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	( 7 ) Share-Based Compensation The share-based compensation expense is recorded in cost of goods sold, research and development, and selling, general and administrative expenses based on the employee's respective function. No three six June 30, 2018 2017 Three months ended June 30, Six months ended June 30, 2018 2017 2018 2017 Cost of goods sold $ 36 $ 33 $ 66 $ 74 Research and development 264 154 461 326 Selling, general and administrative 438 489 826 898 Share-based compensation expense $ 738 $ 676 $ 1,353 $ 1,298 The following table summarizes the activity of stock options and related information: Weighted average Number of exercise shares price Balance, December 31, 2017 4,213,100 $ 2.96 Stock options granted 1,603,075 2.48 Stock options exercised (2,488 ) 1.80 Stock options cancelled (135,487 ) 2.69 Balance, June 30, 2018 5,678,200 $ 2.83 The weighted average grant-date fair value of options granted during the six June 30, 2018 $1.77 Employee Share-Based Compensation (Stock Options) During the six June 30, 2018, 1,603,075 Risk-free interest rate 2.66% - 2.87% Volatility 81% Dividend yield None Expected term (in years) 6.25 Unrecognized share-based compensation for employee options as of June 30, 2018 $6.3 2.8 Restricted Stock Units (RSUs) The following summarizes the activity of non-vested RSUs: Weighted average grant date Number of fair value shares per share Balance, December 31, 2017 97,996 $ 8.71 RSUs vested (57,108 ) 7.03 Balance, June 30, 2018 40,888 $ 11.04 Unrecognized share-based compensation for employee RSUs granted as of June 30, 2018 $348,000 1.5 Nonemployee Share-Based Compensation During the six June 30, 2018, not $31,000 $277,000 three June 30, 2018 2017, $76,000 $510,000 six June 30, 2018 2017, We account for share-based compensation arrangements with nonemployees, using the Black-Scholes option pricing model, based on the fair value as these instruments vest. Accordingly, at each reporting date, we revalue 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 for the six June 30, 2018: Risk-free interest rate 2.80% - 2.84% Volatility 78% - 80% Dividend yield None Expected term (in years) 8.1 - 8.8

Note 8 - Net Loss Per Share

Note 8 - Net Loss Per Share	6 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Earnings Per Share [Text Block]	( 8 ) 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. 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. For all periods presented, there is no 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, 2018 2017 Stock options to purchase common stock 5,678,200 4,008,634 Unvested restricted stock units 40,888 98,000 Total 5,719,088 4,106,634

Note 9 - Income Taxes

Note 9 - Income Taxes	6 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Income Tax Disclosure [Text Block]	( 9 ) Income Taxes During the six June 30, 2018 2017, no As of June 30, 2018, not not On December 22, 2017, 1 35% 21% The 2017 2018 118, No six June 30, 2018.

Note 10 - Related Party Transac

Note 10 - Related Party Transactions	6 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	( 1 0 ) Related Party Transactions In August 2016, 418,977 four $1.80 $62,000 $306,000 six June 30, 2018 2017, $5.3 four one 5% 5%

Significant Accounting Policies

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2018
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 and for the three six June 30, 2018 2017 three six June 30, 2018 not December 31, 2018 These condensed consolidated financial statements should be read in conjunction with the audited financial statements and related notes included in our Annual Report on Form 10 December 31, 2017, March 16, 2018.
Going Concern and Liquidity [Policy Text Block]	(b) Liquidity We have incurred net losses and negative cash flows from operations since our inception and had an accumulated deficit of $79.2 June 30, 2018. $6.8 June 30, 2018 December 2018. one not Our ability to continue as a going concern and to continue further development of our lead therapeutic candidate, the CardiAMP Cell Therapy System, and our second December 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 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 share-based compensation, the useful lives of property and equipment, allowances for doubtful accounts and sales returns and inventory valuation.
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.
Revenue from Contract with Customer [Policy Text Block]	(e) Changes to Significant Accounting Policies Our significant accounting policies are described in Note 2 10 December 31, 2017. No. 2014 09, 606 January 1, 2018 no Revenue Recognition Net product revenue Collaboration agreement revenue Revenue is recognized when control of products and services is transferred to the customer in an amount that reflects the consideration that we expect to receive from the customer in exchange for those products and services. This process involves identifying the contract with the customer, determining the performance obligations in the contract, determining the contract price, allocating the contract price to the distinct performance obligations in the contract, and recognizing revenue when the performance obligations have been satisfied. A performance obligation is considered distinct from other obligations in a contract when it provides a benefit to the customer either on its own or together with other resources that are readily available to the customer and is separately identifiable from other promises in the contract. We consider a performance obligation satisfied once control of a good or service has been transferred to the customer, meaning the customer has the ability to use and obtain the benefit of the good or service. Amounts received from customers in advance of revenue recognition are recorded as deferred revenue on the consolidated balance sheets.
New Accounting Pronouncements, Policy [Policy Text Block]	( f ) Recently Adopted Accounting Pronouncement In May 2014, 606, 606 On January 1, 2018, 606 January 1, 2018 606, not 605. $76,000 January 1, 2018 606, In January 2016, No. 2016 01 2016 01 2016 01 2016 01 January 1, 2018 not In May 2017, No. 2017 09 718 2017 09 2017 09 718. 2017 09 January 1, 2018, not ( g ) Recently Issued Accounting Pronouncements In February 2016, No. 2016 02 842 2016 02 840 2016 02 December 15, 2018; not 2016 02 may January 1, 2019. In June 2018, 2018 07 718 2018 07 2018 07 718 2018 07 December 15, 2018 January 1, 2019 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 Measureme17

Note 3 - Fair Value Measurement (Tables)	6 Months Ended
	Jun. 30, 2018
Notes Tables
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	As of June 30, 2018 Level 1 Level 2 Level 3 Total Assets: Cash equivalents $ 6,383 $ — $ — $ 6,383 As of December 31, 2017 Level 1 Level 2 Level 3 Total Assets: Cash equivalents $ 12,063 $ — $ — $ 12,063

Note 4 - Inventories (Tables)

Note 4 - Inventories (Tables)	6 Months Ended
	Jun. 30, 2018
Notes Tables
Schedule of Inventory, Current [Table Text Block]	June 30, December 31, 2017 Raw materials $ 63 $ 70 Work in process 29 92 Finished goods 44 29 Total $ 136 $ 191

Note 5 - Property and Equipme19

Note 5 - Property and Equipment, Net (Tables)	6 Months Ended
	Jun. 30, 2018
Notes Tables
Property, Plant and Equipment [Table Text Block]	June 30, December 31, Computer equipment and software $ 114 $ 106 Laboratory and manufacturing equipment 471 447 Furniture and fixtures 55 48 Leasehold improvements 326 326 Property and equipment, gross 966 927 Less accumulated depreciation (802 ) (758 ) Property and equipment, net $ 164 $ 169

Note 6 - Accrued Expenses and20

Note 6 - Accrued Expenses and Other Current Liabilities (Tables)	6 Months Ended
	Jun. 30, 2018
Notes Tables
Schedule of Accrued Liabilities and Other Current Liabilities [Table Text Block]	June 30, December 31, Accrued expenses $ 180 $ 129 Accrued employee costs 412 410 Grant liability 635 663 Customer deposits 87 61 Total $ 1,314 $ 1,263

Note 7 - Share-based Compensa21

Note 7 - Share-based Compensation (Tables)	6 Months Ended
	Jun. 30, 2018
Notes Tables
Schedule of Share-based Compensation, Expense [Table Text Block]	Three months ended June 30, Six months ended June 30, 2018 2017 2018 2017 Cost of goods sold $ 36 $ 33 $ 66 $ 74 Research and development 264 154 461 326 Selling, general and administrative 438 489 826 898 Share-based compensation expense $ 738 $ 676 $ 1,353 $ 1,298
Share-based Compensation, Stock Options, Activity [Table Text Block]	Weighted average Number of exercise shares price Balance, December 31, 2017 4,213,100 $ 2.96 Stock options granted 1,603,075 2.48 Stock options exercised (2,488 ) 1.80 Stock options cancelled (135,487 ) 2.69 Balance, June 30, 2018 5,678,200 $ 2.83
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]	Weighted average grant date Number of fair value shares per share Balance, December 31, 2017 97,996 $ 8.71 RSUs vested (57,108 ) 7.03 Balance, June 30, 2018 40,888 $ 11.04
Non-employee Stock Options [Member]
Notes Tables
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	Risk-free interest rate 2.80% - 2.84% Volatility 78% - 80% Dividend yield None Expected term (in years) 8.1 - 8.8
Employee Stock Option [Member]
Notes Tables
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	Risk-free interest rate 2.66% - 2.87% Volatility 81% Dividend yield None Expected term (in years) 6.25

Note 8 - Net Loss Per Share (Ta

Note 8 - Net Loss Per Share (Tables)	6 Months Ended
	Jun. 30, 2018
Notes Tables
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	June 30, 2018 2017 Stock options to purchase common stock 5,678,200 4,008,634 Unvested restricted stock units 40,888 98,000 Total 5,719,088 4,106,634

Note 2 - Significant Accounti23

Note 2 - Significant Accounting Policies (Details Textual) - USD ($)	Jun. 30, 2018	Jan. 01, 2018	Dec. 31, 2017	Jun. 30, 2017	Dec. 31, 2016
Retained Earnings (Accumulated Deficit), Ending Balance	$ (79,175,000)		$ (72,450,000)
Cash and Cash Equivalents, at Carrying Value, Ending Balance	$ 6,834,000		$ 12,689,000	$ 15,109,000	$ 21,352,000
Accounting Standards Update 2014-09 [Member]
Retained Earnings (Accumulated Deficit), Ending Balance		$ (76,000)

Note 3 - Fair Value Measureme24

Note 3 - Fair Value Measurement - Fair Value of Assets Measured on a Recurring Basis (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Assets:
Cash equivalents	$ 6,383	$ 12,063
Fair Value, Inputs, Level 1 [Member]
Assets:
Cash equivalents	6,383	12,063
Fair Value, Inputs, Level 2 [Member]
Assets:
Cash equivalents
Fair Value, Inputs, Level 3 [Member]
Assets:
Cash equivalents

Note 4 - Inventories (Details T

Note 4 - Inventories (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Inventory Write-down	$ 12,000	$ 1,000	$ 15,000	$ 10,000

Note 4 - Inventories - Summary

Note 4 - Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Raw materials	$ 63	$ 70
Work in process	29	92
Finished goods	44	29
Total	$ 136	$ 191

Note 5 - Property and Equipme27

Note 5 - Property and Equipment, Net - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Property and equipment, gross	$ 966	$ 927
Less accumulated depreciation	(802)	(758)
Property and equipment, net	164	169
Computer Equipment and Software [Member]
Property and equipment, gross	114	106
Laboratory and Manufacturing Equipment [Member]
Property and equipment, gross	471	447
Furniture and Fixtures [Member]
Property and equipment, gross	55	48
Leasehold Improvements [Member]
Property and equipment, gross	$ 326	$ 326

Note 6 - Accrued Expenses and28

Note 6 - Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Accrued expenses	$ 180	$ 129
Accrued employee costs	412	410
Grant liability	635	663
Customer deposits	87	61
Total	$ 1,314	$ 1,263

Note 7 - Share-based Compensa29

Note 7 - Share-based Compensation (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Capitalized Amount	$ 0	$ 0	$ 0	$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value			$ 1.77
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross			1,603,075
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options	6,300,000		$ 6,300,000
Allocated Share-based Compensation Expense, Total	738,000	676,000	$ 1,353,000	1,298,000
Consultants [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross			0
Non-employees [Member]
Allocated Share-based Compensation Expense, Total	31,000	$ 277,000	$ 76,000	$ 510,000
Employee Stock Option [Member]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition			2 years 292 days
Restricted Stock Units (RSUs) [Member]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition			1 year 182 days
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options	$ 348,000		$ 348,000

Note 7 - Share-based Compensa30

Note 7 - Share-based Compensation - Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Share-based compensation expense	$ 738	$ 676	$ 1,353	$ 1,298
Cost of Goods Sold [Member]
Share-based compensation expense	36	33	66	74
Research and Development Expense [Member]
Share-based compensation expense	264	154	461	326
Selling, General and Administrative Expenses [Member]
Share-based compensation expense	$ 438	$ 489	$ 826	$ 898

Note 7 - Share-based Compensa31

Note 7 - Share-based Compensation - Stock Option Activity (Details)	6 Months Ended
	Jun. 30, 2018$ / sharesshares
Stock options outstanding, beginning of period (in shares) | shares	4,213,100
Balance, weighted average exercise price, beginning of period (in dollars per share) | $ / shares	$ 2.96
Stock options granted (in shares) | shares	1,603,075
Stock options granted, weighted average exercise price (in dollars per share) | $ / shares	$ 2.48
Stock options exercised (in shares) | shares	(2,488)
Stock options exercised, weighted average exercise price (in dollars per share) | $ / shares	$ 1.80
Stock options cancelled (in shares) | shares	(135,487)
Stock options cancelled, weighted average exercise price (in dollars per share) | $ / shares	$ 2.69
Stock options outstanding, end of period (in shares) | shares	5,678,200
Balance, weighted average exercise price, end of period (in dollars per share) | $ / shares	$ 2.83

Note 7 - Share-based Compensa32

Note 7 - Share-based Compensation - Valuation Assumptions for Employee Stock Options (Details) - Employee Stock Option [Member]	6 Months Ended
	Jun. 30, 2018
Volatility	81.00%
Dividend yield	0.00%
Expected term (in years) (Year)	6 years 91 days
Minimum [Member]
Risk-free interest rate	2.66%
Maximum [Member]
Risk-free interest rate	2.87%

Note 7 - Share-based Compensa33

Note 7 - Share-based Compensation - Summary of Non-vested RSUs (Details) - Restricted Stock Units (RSUs) [Member]	6 Months Ended
	Jun. 30, 2018$ / sharesshares
Balance, Shares (in shares) | shares	97,996
Balance, Weighted average grant date fair value per share (in dollars per share) | $ / shares	$ 8.71
RSUs vested, Shares (in shares) | shares	(57,108)
RSUs vested, Weighted average grant date fair value per share (in dollars per share) | $ / shares	$ 7.03
Balance, Shares (in shares) | shares	40,888
Balance, Weighted average grant date fair value per share (in dollars per share) | $ / shares	$ 11.04

Note 7 - Share-based Compensa34

Note 7 - Share-based Compensation - Nonemployee Stock Option Valuation Assumptions (Details) - Non-employee Stock Options [Member]	6 Months Ended
	Jun. 30, 2018
Dividend yield	0.00%
Minimum [Member]
Risk-free interest rate	2.80%
Volatility	78.00%
Expected term (in years) (Year)	8 years 36 days
Maximum [Member]
Risk-free interest rate	2.84%
Volatility	80.00%
Expected term (in years) (Year)	8 years 292 days

Note 8 - Net Loss Per Share - A

Note 8 - Net Loss Per Share - Anti-dilutive Securities (Details) - shares	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Antidilutive securities (in shares)	5,719,088	4,106,634
Employee Stock Option [Member]
Antidilutive securities (in shares)	5,678,200	4,008,634
Restricted Stock Units (RSUs) [Member]
Antidilutive securities (in shares)	40,888	98,000

Note 9 - Income Taxes (Details

Note 9 - Income Taxes (Details Textual) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2018	Dec. 31, 2017
Income Tax Expense (Benefit), Total	$ 0	$ 0
Deferred Tax Liabilities, Net, Total	$ 0
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent				35.00%
Scenario, Forecast [Member]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent			21.00%

Note 10 - Related Party Trans37

Note 10 - Related Party Transactions (Details Textual) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended
	Aug. 31, 2016	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross				1,603,075
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance		$ 2.83		$ 2.83		$ 2.96
Allocated Share-based Compensation Expense, Total		$ 738,000	$ 676,000	$ 1,353,000	$ 1,298,000
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	418,977
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, Ending Balance	$ 1.80
Allocated Share-based Compensation Expense, Total				62,000	$ 306,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested Grant Date Fair Value		$ 5,300,000		$ 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%