Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2020 | Aug. 07, 2020 | |
Document Information [Line Items] | ||
Entity Registrant Name | BioCardia, Inc. | |
Entity Central Index Key | 0000925741 | |
Trading Symbol | bcda | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 12,425,794 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Title of 12(b) Security | Common Stock, par value $0.001 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 11,086 | $ 5,585 |
Accounts receivable, net of allowance for doubtful accounts of $2 and $2 at June 30, 2020 and December 31, 2019 | 214 | 147 |
Inventory | 4 | |
Prepaid expenses and other current assets | 277 | 642 |
Other receivable due from related party | 519 | |
Total current assets | 12,096 | 6,378 |
Property and equipment, net | 154 | 181 |
Operating lease right-of-use asset, net | 824 | 1,065 |
Other assets | 54 | 54 |
Total assets | 13,128 | 7,678 |
Current liabilities: | ||
Accounts payable | 1,525 | 914 |
Accrued expenses and other current liabilities | 2,230 | 2,561 |
Current portion of note payable | 226 | |
Operating lease liability - current | 570 | 528 |
Total current liabilities | 4,551 | 4,003 |
Operating lease liability - noncurrent | 316 | 614 |
Note payable, net of current portion | 281 | |
Deferred revenue | 689 | 691 |
Total liabilities | 5,837 | 5,308 |
Stockholders’ equity: | ||
Preferred stock, $0.001 par value, 25,000,000 shares authorized as of June 30, 2020 and December 31, 2019; no shares issued and outstanding as of June 30, 2020 and December 31, 2019 | ||
Common stock, $0.001 par value, 100,000,000 shares authorized as of June 30, 2020 and December 31, 2019; 12,425,794 and 6,825,183 shares issued and outstanding as of June 30, 2020 and December 31, 2019 | 12 | 7 |
Additional paid-in capital | 116,516 | 103,433 |
Accumulated deficit | (109,237) | (101,070) |
Total stockholders’ equity | 7,291 | 2,370 |
Total liabilities and stockholders’ equity | $ 13,128 | $ 7,678 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Allowance for doubtful accounts | $ 2 | $ 2 |
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) | 12,425,794 | 6,825,183 |
Common stock, shares outstanding (in shares) | 12,425,794 | 6,825,183 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Revenue: | ||||
Total revenue | $ 27 | $ 86 | $ 65 | $ 302 |
Costs and expenses: | ||||
Cost of goods sold | 191 | 4 | 297 | |
Research and development | 2,224 | 2,219 | 5,010 | 4,385 |
Selling, general and administrative | 1,377 | 1,438 | 3,234 | 3,070 |
Total costs and expenses | 3,601 | 3,848 | 8,248 | 7,752 |
Operating loss | (3,574) | (3,762) | (8,183) | (7,450) |
Other income (expense): | ||||
Interest income | 2 | 13 | 18 | 36 |
Other expense | (1) | (1) | (2) | (1) |
Total other (expense) income | 1 | 12 | 16 | 35 |
Net loss | $ (3,573) | $ (3,750) | $ (8,167) | $ (7,415) |
Net loss per share, basic and diluted (in dollars per share) | $ (0.46) | $ (0.77) | $ (1.07) | $ (1.53) |
Weighted-average shares used in computing net loss per share, basic and diluted (in shares) | 7,710,577 | 4,847,829 | 7,636,088 | 4,847,746 |
Product [Member] | ||||
Revenue: | ||||
Total revenue | $ 62 | $ 5 | $ 139 | |
Collaboration Agreement [Member] | ||||
Revenue: | ||||
Total revenue | $ 27 | $ 24 | $ 60 | $ 163 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Deficit) (Unaudited) - USD ($) $ in Thousands | Restricted Stock Units (RSUs) [Member]Board of Directors [Member]Common Stock [Member] | Restricted Stock Units (RSUs) [Member]Board of Directors [Member]Additional Paid-in Capital [Member] | Restricted Stock Units (RSUs) [Member]Board of Directors [Member]Retained Earnings [Member] | Restricted Stock Units (RSUs) [Member]Board of Directors [Member] | Restricted Stock Units (RSUs) [Member]Management [Member]Common Stock [Member] | Restricted Stock Units (RSUs) [Member]Management [Member]Additional Paid-in Capital [Member] | Restricted Stock Units (RSUs) [Member]Management [Member]Retained Earnings [Member] | Restricted Stock Units (RSUs) [Member]Management [Member] | Restricted Stock Units (RSUs) [Member]Common Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2018 | 4,845,697 | ||||||||||||
Balance at Dec. 31, 2018 | $ 5 | $ 90,148 | $ (86,361) | $ 3,792 | |||||||||
Restricted stock units vested and issued (in shares) | 2,268 | ||||||||||||
Share-based compensation | 690 | 690 | |||||||||||
Net loss | (3,665) | (3,665) | |||||||||||
Balance (in shares) at Mar. 31, 2019 | 4,847,965 | ||||||||||||
Balance at Mar. 31, 2019 | $ 6 | 90,838 | (90,026) | 818 | |||||||||
Balance (in shares) at Dec. 31, 2018 | 4,845,697 | ||||||||||||
Balance at Dec. 31, 2018 | $ 5 | 90,148 | (86,361) | 3,792 | |||||||||
Net loss | (7,415) | ||||||||||||
Balance (in shares) at Jun. 30, 2019 | 4,847,471 | ||||||||||||
Balance at Jun. 30, 2019 | $ 6 | 91,534 | (93,776) | (2,236) | |||||||||
Balance (in shares) at Mar. 31, 2019 | 4,847,965 | ||||||||||||
Balance at Mar. 31, 2019 | $ 6 | 90,838 | (90,026) | 818 | |||||||||
Share-based compensation | 696 | 696 | |||||||||||
Net loss | (3,750) | (3,750) | |||||||||||
Reverse stock split fractional share true up (in shares) | (494) | ||||||||||||
Balance (in shares) at Jun. 30, 2019 | 4,847,471 | ||||||||||||
Balance at Jun. 30, 2019 | $ 6 | 91,534 | (93,776) | (2,236) | |||||||||
Balance (in shares) at Dec. 31, 2019 | 6,825,183 | ||||||||||||
Balance at Dec. 31, 2019 | $ 7 | 103,433 | (101,070) | 2,370 | |||||||||
Restricted stock units vested and issued (in shares) | 23,172 | ||||||||||||
Share-based compensation | 941 | 941 | |||||||||||
Net loss | (4,594) | (4,594) | |||||||||||
Balance (in shares) at Mar. 31, 2020 | 6,848,355 | ||||||||||||
Balance at Mar. 31, 2020 | $ 7 | 104,374 | (105,664) | (1,283) | |||||||||
Balance (in shares) at Dec. 31, 2019 | 6,825,183 | ||||||||||||
Balance at Dec. 31, 2019 | $ 7 | 103,433 | (101,070) | 2,370 | |||||||||
Net loss | (8,167) | ||||||||||||
Balance (in shares) at Jun. 30, 2020 | 12,425,794 | ||||||||||||
Balance at Jun. 30, 2020 | $ 12 | 116,516 | (109,237) | 7,291 | |||||||||
Balance (in shares) at Mar. 31, 2020 | 6,848,355 | ||||||||||||
Balance at Mar. 31, 2020 | $ 7 | 104,374 | (105,664) | (1,283) | |||||||||
Restricted stock units vested and issued (in shares) | 71,624 | ||||||||||||
Share-based compensation | 655 | 655 | |||||||||||
Net loss | (3,573) | (3,573) | |||||||||||
Sale of common stock, net of issuance costs of $1.16 million (in shares) | 5,476,190 | ||||||||||||
Sale of common stock, net of issuance costs of $1.16 million | $ 5 | 10,335 | 10,340 | ||||||||||
Restricted stock units issued | $ 613 | $ 613 | $ 391 | $ 391 | |||||||||
Stock grants to former directors (in shares) | 29,625 | ||||||||||||
Stock grants to former directors | 148 | 148 | |||||||||||
Balance (in shares) at Jun. 30, 2020 | 12,425,794 | ||||||||||||
Balance at Jun. 30, 2020 | $ 12 | $ 116,516 | $ (109,237) | $ 7,291 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (Deficit) (Unaudited) (Parentheticals) $ in Thousands | 3 Months Ended |
Jun. 30, 2020USD ($) | |
Issuance costs | $ 1,160 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Operating activities: | ||
Net loss | $ (8,167) | $ (7,415) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Write-off of inventory | 3 | 52 |
Depreciation | 36 | 49 |
Reduction in the carrying amount of right-of-use assets | 241 | 213 |
Non-cash board compensation expense | 115 | |
Share-based compensation | 1,596 | 1,386 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (67) | 70 |
Inventory | 1 | 85 |
Prepaid expenses and other current assets | 365 | 18 |
Other receivable due from related party | (519) | |
Accounts payable | 610 | 609 |
Accrued liabilities and other current liabilities | 823 | 472 |
Deferred revenue | (2) | |
Operating lease liability - current | 42 | |
Operating lease liability - noncurrent | (298) | (256) |
Net cash used in operating activities | (5,336) | (4,717) |
Investing activities: | ||
Purchase of property and equipment | (9) | (124) |
Net cash used provided in investing activities | (9) | (124) |
Financing activities: | ||
Proceeds from sale of common stock | 11,500 | |
Issuance costs of sale of common stock | (1,160) | |
Proceeds from note payable | 506 | |
Net cash provided by financing activities | 10,846 | |
Net change in cash and cash equivalents | 5,501 | (4,841) |
Cash and cash equivalents at beginning of period | 5,585 | 5,358 |
Cash and cash equivalents at end of period | 11,086 | 517 |
Supplemental disclosure for noncash investing and financing activities: | ||
Right-of-use assets obtained in exchange for lease obligations | 1,505 | |
Non-cash interest expense accretion to loan payable | 1 | |
Issuance of restricted stock units in lieu of 2019 cash bonus obligations | 391 | |
Issuance of restricted stock units in lieu of board cash compensation obligations | 613 | |
Issuance of common stock in lieu of board cash compensation obligations | $ 148 |
Note 1 - Summary of Business an
Note 1 - Summary of Business and Basis of Presentation | 6 Months Ended |
Jun. 30, 2020 | |
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., (BioCardia or the Company), is a clinical-stage regenerative medicine company developing novel therapeutics for cardiovascular diseases with significant unmet medical needs. The Company's lead therapeutic candidate is the CardiAMP® cell therapy system and its second BioCardia also has three 1 2 3 |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2020 | |
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, shareholders' equity, and cash flows as of June 30, 2020 three six June 30, 2020 2019 June 30, 2020, three six June 30, 2020 2019, six June 30, 2020 2019. three six June 30, 2020 not December 31, 2020 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, 2019, April 9, 2020. The results for the three June 30, 2020 not December 31, 2020 19, 19, Beginning March 17, 2020, April 6, three June 30, 2020, may 19 BioCardia's ability to raise additional funds may 19 (b) Liquidity and Other Risks and Uncertainties Going Concern and Liquidity $109.2 June 30, 2020. $11.1 June 30, 2020 not second 2021. one not The Company's ability to continue as a going concern and to continue further development of its therapeutic candidates beyond the second 2021, not not may may (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, right-of-use assets and related liabilities, incremental borrowing rate, allowances for doubtful accounts and sales returns, derivative instruments, clinical accruals, 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 The Company's significant accounting policies are described in Note 2 10 April 9, 2020 December 31, 2019. no (f) Recently Issued Accounting Pronouncements Recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force did not not |
Note 3 - Fair Value Measurement
Note 3 - Fair Value Measurement | 6 Months Ended |
Jun. 30, 2020 | |
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 its financial assets measured on a recurring basis as of June 30, 2020 December 31, 2019 As of June 30, 2020 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 10,335 $ — $ — $ 10,335 As of December 31, 2019 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 4,637 $ — $ — $ 4,637 |
Note 4 - Inventories
Note 4 - Inventories | 6 Months Ended |
Jun. 30, 2020 | |
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, 2020 2019 Raw materials $ — $ — Work in process — — Finished goods — 4 Total $ — $ 4 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 $4,000 $1,000 three six June 30, 2020, $78,000 $80,000 three six June 30, 2019, |
Note 5 - Property and Equipment
Note 5 - Property and Equipment, Net | 6 Months Ended |
Jun. 30, 2020 | |
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, 2020 2019 Computer equipment and software $ 134 $ 132 Laboratory and manufacturing equipment 550 550 Furniture and fixtures 59 55 Leasehold improvements 332 332 Construction in progress 72 69 Property and equipment, gross 1,147 1,138 Less: accumulated depreciation (993 ) (957 ) Property and equipment, net $ 154 $ 181 Depreciation expense totaled approximately $22,000 $36,000 three six June 30, 2020, $26,000 $49,000 three six June 30, 2019, |
Note 6 - Operating Lease Right-
Note 6 - Operating Lease Right-of-use Asset, Net | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | ( 6 Operating Lease Right-of-Use Asset, Net The Company's operating lease is a property lease for its laboratory and corporate offices. BioCardia's lease agreement does not ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. The Company's lease does not not no The lease expense for the three six June 30, 2020, $150,000 $301,000. three six June 30, 2019, $150,000 $301,000. three six June 30, 2020, $158,000 $315,000. three six June 30, 2019, $153,000 $306,000. June 30, 2020, 1.5 12.05%. Future minimum lease payments under the operating lease as of June 30, 2020 Operating Lease June 30, 2020 Remainder of 2020 $ 315 For the year ending December 31, 2021 649 Total undiscounted lease payments 964 Less imputed interest 78 Total operating lease liabilities $ 886 |
Note 7 - Accrued Expenses and O
Note 7 - Accrued Expenses and Other Current Liabilities | 6 Months Ended |
Jun. 30, 2020 | |
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, December 31, 2020 2019 Accrued expenses $ 132 $ 10 Accrued salaries and employee benefits 618 652 Accrued director compensation — 648 Accrued clinical trial costs 754 519 Grant liability 622 630 Customer deposits 104 102 Total $ 2,230 $ 2,561 |
Note 8 - Note Payable Under Pay
Note 8 - Note Payable Under Paycheck Protection Program | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | ( 8 Note payable under Paycheck Protection Program Paycheck Protection Program May 1, 2020, $506,413 May 1, 2020. In accordance with the requirements of the CARES Act, the Borrower will use the proceeds from the Note in accordance with the requirements of the PPP to cover certain qualified expenses, including payroll costs, rent and utility costs. Interest accrues on the Note at the rate of 1.00% $1,000 June 30, 2020. may eight June 5, 2020, eight twenty-four Subject to any forgiveness under the PPP, the Note matures two first six seventh 18 may no |
Note 9 - Stockholders' Equity
Note 9 - Stockholders' Equity | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | ( 9 ) Stockholders' Equity 2020 1 May 2020, 1 1 June 17, 2020, 1, 4,762,000 $0.001 $2.10 45 714,190 June 18, 2020. June 19, 2020. $10.3 Warrants Number of Weighted Common Stock Average Warrants Exercise Price Balance, December 31, 2019 2,435,807 $ 6.36 Warrants for common stock sold — — Warrants for common stock exercised — — Balance, June 30, 2020 2,435,807 $ 6.36 |
Note 10 - Share-based Compensat
Note 10 - Share-based Compensation | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | ( 10 ) 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 or non-employee's respective function. No three June 30, 2020 2019 Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Cost of goods sold $ - $ 46 $ - $ 92 Research and development 318 251 731 494 Selling, general and administrative 337 399 865 800 Total share-based compensation $ 655 $ 696 $ 1,596 $ 1,386 On January 29, 2020 ( $5.32 No 515,036 $10.05 $97.21, The repricing on January 29, 2020 $569,000, $412,000 $157,000 three The following table summarizes the activity of stock options and related information: Options outstanding Number of shares Weighted average exercise price Weighted average remaining contractual term (years) Balance, December 31, 2019 821,464 $ 18.99 6.6 Stock options granted 300,432 3.15 Stock options exercised — — Stock options canceled (24,341 ) 19.73 Balance, June 30, 2020 1,097,555 $ 6.02 7.9 Exercisable and vested, June 30, 2020 517,711 $ 8.05 6.4 Unrecognized share-based compensation for employee and nonemployee options granted through June 30, 2020 $3.1 2.3 Share-Based Compensation (RSUs) The following summarizes the activity of non-vested RSUs: Number of shares Weighted average grant date fair value per share Balance, December 31, 2019 36,981 $ 10.56 RSUs granted 315,296 4.12 RSUs vested (94,796 ) 6.02 RSUs forfeited (56,161 ) 3.75 Balance, June 30, 2020 201,320 $ 1.46 Unrecognized share-based compensation for employee and nonemployee RSUs granted through June 30, 2020 $208,000 2.0 During the three June 30, 2020, 113,976 December 31, 2019. During the three June 30, 2020 122,997 $613,000 three June 30, 2018 three March 31, 2020. June 30, 2020, 23,123 $55,000 three June 30, 2020. $92,500 $4 one two 2016 During the three June 30, 2020, 29,625 two $148,000 |
Note 11 - Net Loss Per Share
Note 11 - Net Loss Per Share | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | ( 1 1 ) 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, 2020 2019 Stock options to purchase common stock 1,055,203 618,366 Unvested restricted stock units 78,323 27,426 Common stock warrants 2,435,807 296,296 Total 3,569,333 942,088 |
Note 12 - Income Taxes
Note 12 - Income Taxes | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | ( 1 2 ) Income Taxes During the three six June 30, 2020 2019, no As of June 30, 2020, not not On March 27, 2020, 19 100% 2021. 2018, 2019, 2020 five no On May 3, 2020, $506,000 third |
Note 13 - Related Party Transac
Note 13 - Related Party Transactions | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | ( 1 3 ) Related Party Transactions On April 9, 2020, No. 3:19 05645 Under the terms of the Funding Agreement, the Funder agreed to fund the legal fees and costs incurred by the Company in connection with the Litigation on and after March 1, 2020 (a) 50% three (b) 30% Although the Company is required under the terms of the Funding Agreement to consult with the Funder regarding any settlement in connection with the Litigation and to allow Funder to participate in any real-time settlement negotiations, the Company has the sole and exclusive right to settle on whatever terms it deems acceptable. There has been no 10 The Funding Agreement may ten may ten ten June 30, 2020 $519,000. July 14, 2020 $299,000 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | (a) Basis of Preparation The accompanying condensed consolidated balance sheets, statements of operations, shareholders' equity, and cash flows as of June 30, 2020 three six June 30, 2020 2019 June 30, 2020, three six June 30, 2020 2019, six June 30, 2020 2019. three six June 30, 2020 not December 31, 2020 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, 2019, April 9, 2020. The results for the three June 30, 2020 not December 31, 2020 19, 19, Beginning March 17, 2020, April 6, three June 30, 2020, may 19 BioCardia's ability to raise additional funds may 19 |
Going Concern and Liquidity [Policy Text Block] | (b) Liquidity and Other Risks and Uncertainties Going Concern and Liquidity $109.2 June 30, 2020. $11.1 June 30, 2020 not second 2021. one not The Company's ability to continue as a going concern and to continue further development of its therapeutic candidates beyond the second 2021, not not 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 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, right-of-use assets and related liabilities, incremental borrowing rate, allowances for doubtful accounts and sales returns, derivative instruments, clinical accruals, 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. |
Change to Significant Accounting Policies [Policy Text Block] | (e) Changes to Significant Accounting Policies The Company's significant accounting policies are described in Note 2 10 April 9, 2020 December 31, 2019. no |
New Accounting Pronouncements, Policy [Policy Text Block] | (f) Recently Issued Accounting Pronouncements Recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force did not not |
Note 3 - Fair Value Measureme_2
Note 3 - Fair Value Measurement (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | As of June 30, 2020 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 10,335 $ — $ — $ 10,335 As of December 31, 2019 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 4,637 $ — $ — $ 4,637 |
Note 4 - Inventories (Tables)
Note 4 - Inventories (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | June 30, December 31, 2020 2019 Raw materials $ — $ — Work in process — — Finished goods — 4 Total $ — $ 4 |
Note 5 - Property and Equipme_2
Note 5 - Property and Equipment, Net (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | June 30, December 31, 2020 2019 Computer equipment and software $ 134 $ 132 Laboratory and manufacturing equipment 550 550 Furniture and fixtures 59 55 Leasehold improvements 332 332 Construction in progress 72 69 Property and equipment, gross 1,147 1,138 Less: accumulated depreciation (993 ) (957 ) Property and equipment, net $ 154 $ 181 |
Note 6 - Operating Lease Righ_2
Note 6 - Operating Lease Right-of-use Asset, Net (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Operating Lease June 30, 2020 Remainder of 2020 $ 315 For the year ending December 31, 2021 649 Total undiscounted lease payments 964 Less imputed interest 78 Total operating lease liabilities $ 886 |
Note 7 - Accrued Expenses and_2
Note 7 - Accrued Expenses and Other Current Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Accrued Liabilities and Other Current Liabilities [Table Text Block] | June 30, December 31, 2020 2019 Accrued expenses $ 132 $ 10 Accrued salaries and employee benefits 618 652 Accrued director compensation — 648 Accrued clinical trial costs 754 519 Grant liability 622 630 Customer deposits 104 102 Total $ 2,230 $ 2,561 |
Note 9 - Stockholders' Equity (
Note 9 - Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Number of Weighted Common Stock Average Warrants Exercise Price Balance, December 31, 2019 2,435,807 $ 6.36 Warrants for common stock sold — — Warrants for common stock exercised — — Balance, June 30, 2020 2,435,807 $ 6.36 |
Note 10 - Share-based Compens_2
Note 10 - Share-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Share-based Compensation, Expense [Table Text Block] | Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Cost of goods sold $ - $ 46 $ - $ 92 Research and development 318 251 731 494 Selling, general and administrative 337 399 865 800 Total share-based compensation $ 655 $ 696 $ 1,596 $ 1,386 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Options outstanding Number of shares Weighted average exercise price Weighted average remaining contractual term (years) Balance, December 31, 2019 821,464 $ 18.99 6.6 Stock options granted 300,432 3.15 Stock options exercised — — Stock options canceled (24,341 ) 19.73 Balance, June 30, 2020 1,097,555 $ 6.02 7.9 Exercisable and vested, June 30, 2020 517,711 $ 8.05 6.4 |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Number of shares Weighted average grant date fair value per share Balance, December 31, 2019 36,981 $ 10.56 RSUs granted 315,296 4.12 RSUs vested (94,796 ) 6.02 RSUs forfeited (56,161 ) 3.75 Balance, June 30, 2020 201,320 $ 1.46 |
Note 11 - Net Loss Per Share (T
Note 11 - Net Loss Per Share (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | June 30, 2020 2019 Stock options to purchase common stock 1,055,203 618,366 Unvested restricted stock units 78,323 27,426 Common stock warrants 2,435,807 296,296 Total 3,569,333 942,088 |
Note 2 - Significant Accounti_2
Note 2 - Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Retained Earnings (Accumulated Deficit), Ending Balance | $ (109,237) | $ (101,070) |
Cash and Cash Equivalents, at Carrying Value, Ending Balance | $ 11,086 | $ 5,585 |
Note 3 - Fair Value Measureme_3
Note 3 - Fair Value Measurement - Fair Value of Assets Measured on a Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Money market funds | $ 10,335 | $ 4,637 |
Fair Value, Inputs, Level 1 [Member] | ||
Money market funds | 10,335 | 4,637 |
Fair Value, Inputs, Level 2 [Member] | ||
Money market funds | ||
Fair Value, Inputs, Level 3 [Member] | ||
Money market funds |
Note 4 - Inventories (Details T
Note 4 - Inventories (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Inventory Write-down | $ 3,000 | $ 52,000 | ||
Cost of Goods Sold [Member] | ||||
Inventory Write-down | $ 4,000 | $ 78,000 | $ 1,000 | $ 80,000 |
Note 4 - Inventories - Summary
Note 4 - Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Raw materials | ||
Work in process | ||
Finished goods | 4 | |
Total | $ 4 |
Note 5 - Property and Equipme_3
Note 5 - Property and Equipment, Net (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Depreciation, Total | $ 22,000 | $ 26,000 | $ 36,000 | $ 49,000 |
Note 5 - Property and Equipme_4
Note 5 - Property and Equipment, Net - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Property and equipment, gross | $ 1,147 | $ 1,138 |
Less: accumulated depreciation | (993) | (957) |
Property and equipment, net | 154 | 181 |
Computer Equipment and Software [Member] | ||
Property and equipment, gross | 134 | 132 |
Laboratory and Manufacturing Equipment [Member] | ||
Property and equipment, gross | 550 | 550 |
Furniture and Fixtures [Member] | ||
Property and equipment, gross | 59 | 55 |
Leasehold Improvements [Member] | ||
Property and equipment, gross | 332 | 332 |
Construction in Progress [Member] | ||
Property and equipment, gross | $ 72 | $ 69 |
Note 6 - Operating Lease Righ_3
Note 6 - Operating Lease Right-of-use Asset, Net (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Operating Lease, Expense | $ 150,000 | $ 150,000 | $ 301,000 | $ 301,000 |
Operating Lease, Payments | $ 158,000 | $ 153,000 | $ 315,000 | $ 306,000 |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 1 year 182 days | 1 year 182 days | ||
Operating Lease, Weighted Average Discount Rate, Percent | 12.05% | 12.05% |
Note 6 - Operating Lease Righ_4
Note 6 - Operating Lease Right-of-use Asset, Net - Future Minimum Lease Payments Under Operating Lease (Details) $ in Thousands | Jun. 30, 2020USD ($) |
Remainder of 2020 | $ 315 |
For the year ending December 31, 2021 | 649 |
Total undiscounted lease payments | 964 |
Less imputed interest | 78 |
Total operating lease liabilities | $ 886 |
Note 7 - Accrued Expenses and_3
Note 7 - Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Accrued expenses | $ 132 | $ 10 |
Accrued salaries and employee benefits | 618 | 652 |
Accrued director compensation | 648 | |
Accrued clinical trial costs | 754 | 519 |
Grant liability | 622 | 630 |
Customer deposits | 104 | 102 |
Total | $ 2,230 | $ 2,561 |
Note 8 - Note Payable Under P_2
Note 8 - Note Payable Under Paycheck Protection Program (Details Textual) - USD ($) | May 03, 2020 | May 01, 2020 | Jun. 30, 2020 | Jun. 30, 2019 |
Proceeds from Issuance of Long-term Debt, Total | $ 506,000 | |||
Paycheck Protection Program CARES Act [Member] | ||||
Proceeds from Issuance of Long-term Debt, Total | $ 506,000 | $ 506,413 | ||
Interest Payable | $ 1,000 |
Note 9 - Stockholders' Equity_2
Note 9 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Jun. 19, 2020 | Jun. 18, 2020 | Jun. 17, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | $ 0.001 | ||||
Proceeds from Issuance of Common Stock | $ 11,500 | |||||
Underwriters [Member] | ||||||
Stock Issued During Period, Shares, New Issues (in shares) | 714,190 | |||||
Public Offering [Member] | ||||||
Stock Issued During Period, Shares, New Issues (in shares) | 4,762,000 | |||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | |||||
Shares Issued, Price Per Share (in dollars per share) | $ 2.10 | |||||
Underwriters, Additional Common Shares Authorized to Purchase (in shares) | 714,190 | |||||
Proceeds from Issuance of Common Stock | $ 10,300 |
Note 9 - Stockholders' Equity -
Note 9 - Stockholders' Equity - Warrants (Details) | 6 Months Ended |
Jun. 30, 2020$ / sharesshares | |
Balance, beginning (in shares) | shares | 2,435,807 |
Balance, beginning, weighted average exercise price (in dollars per share) | $ / shares | $ 6.36 |
Warrants for common stock sold (in shares) | shares | |
Warrants for common stock sold, weighted average exercise price (in dollars per share) | $ / shares | |
Balance, ending (in shares) | shares | 2,435,807 |
Balance, ending, weighted average exercise price (in dollars per share) | $ / shares | $ 6.36 |
Note 10 - Share-based Compens_3
Note 10 - Share-based Compensation (Details Textual) - USD ($) | Jan. 29, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 |
Share-based Payment Arrangement, Amount Capitalized | $ 157,000 | $ 0 | $ 0 | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 5.32 | $ 3.15 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 515,036 | 300,432 | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount, Total | $ 569,000 | ||||
Share-based Payment Arrangement, Expense | $ 412,000 | 655,000 | $ 696,000 | $ 1,596,000 | $ 1,386,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Remaining Weighted Average Award Vesting Period (Year) | 3 years | ||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture, Total | 148,000 | ||||
Restricted Stock Units (RSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 315,296 | ||||
Non-employee Directors and Employees [Member] | |||||
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | 3,100,000 | $ 3,100,000 | |||
Non-employee Directors and Employees [Member] | Share-based Payment Arrangement, Option [Member] | |||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 109 days | ||||
Non-employee Directors and Employees [Member] | Restricted Stock Units (RSUs) [Member] | |||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years | ||||
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 208,000 | $ 208,000 | |||
Management [Member] | Restricted Stock Units (RSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 113,976 | ||||
Director [Member] | Restricted Stock Units (RSUs) [Member] | |||||
Number of Share-based Awards Granted Quarterly, Numerator in Ratio | $ 92,500 | 92,500 | |||
Number of Share-based Awards Granted Quarterly, Denominator in Ratio | 4 | $ 4 | |||
Director [Member] | Restricted Stock Units (RSUs) [Member] | Share-based Payment Arrangement, Tranche One [Member] | |||||
Share-based Payment Arrangement, Expense | $ 613,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 122,997 | ||||
Director [Member] | Restricted Stock Units (RSUs) [Member] | Share-based Payment Arrangement, Tranche Two [Member] | |||||
Share-based Payment Arrangement, Expense | $ 55,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 23,123 | ||||
Former Board Members [Member] | |||||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture, Total (in shares) | 29,625 | ||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture, Total | $ 148,000 | ||||
Minimum [Member] | |||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 10.05 | ||||
Maximum [Member] | |||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 97.21 | ||||
Maximum [Member] | Director [Member] | Restricted Stock Units (RSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 2 years |
Note 10 - Share-based Compens_4
Note 10 - Share-based Compensation - Share-based Compensation Expense (Details) - USD ($) | Jan. 29, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 |
Share-based compensation expense | $ 412,000 | $ 655,000 | $ 696,000 | $ 1,596,000 | $ 1,386,000 |
Cost of Goods Sold [Member] | |||||
Share-based compensation expense | 46,000 | 92,000 | |||
Research and Development Expense [Member] | |||||
Share-based compensation expense | 318,000 | 251,000 | 731,000 | 494,000 | |
Selling, General and Administrative Expenses [Member] | |||||
Share-based compensation expense | $ 337,000 | $ 399,000 | $ 865,000 | $ 800,000 |
Note 10 - Share-based Compens_5
Note 10 - Share-based Compensation - Stock Option Activity (Details) - $ / shares | Jan. 29, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Stock options outstanding, beginning of period (in shares) | 821,464 | ||
Balance, weighted average exercise price, beginning of period (in dollars per share) | $ 18.99 | ||
Stock options outstanding, weighted average remaining contractual term (Year) | 7 years 328 days | 6 years 219 days | |
Stock options granted (in shares) | 515,036 | 300,432 | |
Stock options granted, weighted average exercise price (in dollars per share) | $ 5.32 | $ 3.15 | |
Stock options exercised (in shares) | |||
Stock options exercised, weighted average exercise price (in dollars per share) | |||
Stock options canceled (in shares) | (24,341) | ||
Stock options canceled, weighted average exercise price (in dollars per share) | $ 19.73 | ||
Stock options outstanding, end of period (in shares) | 1,097,555 | 821,464 | |
Balance, weighted average exercise price, end of period (in dollars per share) | $ 6.02 | $ 18.99 | |
Exercisable and vested (in shares) | 517,711 | ||
Exercisable and vested, weighted average exercise price (in dollars per share) | $ 8.05 | ||
Exercisable and vested, weighted average remaining contractual term (Year) | 6 years 146 days |
Note 10 - Share-based Compens_6
Note 10 - Share-based Compensation - Summary of Non-vested RSUs (Details) - Restricted Stock Units (RSUs) [Member] | 6 Months Ended |
Jun. 30, 2020$ / sharesshares | |
Balance, shares (in shares) | shares | 36,981 |
Balance, weighted average grant date fair value per share (in dollars per share) | $ / shares | $ 10.56 |
RSUs granted, shares (in shares) | shares | 315,296 |
RSUs granted, weighted average grant date fair value per share (in dollars per share) | $ / shares | $ 4.12 |
RSUs vested, shares (in shares) | shares | (94,796) |
RSUs vested, weighted average grant date fair value per share (in dollars per share) | $ / shares | $ 6.02 |
RSUs forfeited, shares (in shares) | shares | (56,161) |
RSUs forfeited, weighted average grant date fair value per share (in dollars per share) | $ / shares | $ 3.75 |
Balance, shares (in shares) | shares | 201,320 |
Balance, weighted average grant date fair value per share (in dollars per share) | $ / shares | $ 1.46 |
Note 11 - Net Loss Per Share -
Note 11 - Net Loss Per Share - Anti-dilutive Securities (Details) - shares | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Antidilutive securities (in shares) | 3,569,333 | 942,088 |
Share-based Payment Arrangement, Option [Member] | ||
Antidilutive securities (in shares) | 1,055,203 | 618,366 |
Restricted Stock Units (RSUs) [Member] | ||
Antidilutive securities (in shares) | 78,323 | 27,426 |
Warrant [Member] | ||
Antidilutive securities (in shares) | 2,435,807 | 296,296 |
Note 12 - Income Taxes (Details
Note 12 - Income Taxes (Details Textual) - USD ($) | May 03, 2020 | May 01, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 |
Income Tax Expense (Benefit), Total | $ 0 | $ 0 | $ 0 | $ 0 | ||
Proceeds from Issuance of Long-term Debt, Total | 506,000 | |||||
Deferred Tax Liabilities, Net, Total | $ 0 | $ 0 | ||||
Paycheck Protection Program CARES Act [Member] | ||||||
Proceeds from Issuance of Long-term Debt, Total | $ 506,000 | $ 506,413 |
Note 13 - Related Party Trans_2
Note 13 - Related Party Transactions (Details Textual) - USD ($) | Jul. 14, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Due from Other Related Parties, Current | $ 519,000 | ||
BSLF, L.L.C. [Member] | Funding Agreement [Member] | |||
Percentage of Remaining Litigation Proceeds Up to Three Times the Actual Funding Amount | 50.00% | ||
Percentage of Remaining Litigation Proceeds | 30.00% | ||
Agreement Termination Period (Day) | 10 days | ||
Due from Other Related Parties, Current | $ 519,000 | ||
BSLF, L.L.C. [Member] | Funding Agreement [Member] | Subsequent Event [Member] | |||
Proceeds from Collections of Related Party Receivables | $ 299,000 |