Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2022 | Aug. 01, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000925741 | |
Entity Registrant Name | BioCardia, Inc. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 0-21419 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 23-2753988 | |
Entity Address, Address Line One | 320 Soquel Way | |
Entity Address, City or Town | Sunnyvale | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94085 | |
City Area Code | 650 | |
Local Phone Number | 226-0120 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 17,758,194 | |
Warrant [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Warrant to Purchase Common Stock | |
Trading Symbol | BCDAW | |
Security Exchange Name | NASDAQ | |
Common Stock [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock, par value $0.001 | |
Trading Symbol | BCDA | |
Security Exchange Name | NASDAQ |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 8,614 | $ 12,872 |
Accounts receivable, net of allowance for doubtful accounts of $13 and $22 as of June 30, 2022 and December 31, 2021 | 211 | 147 |
Prepaid expenses and other current assets | 327 | 462 |
Total current assets | 9,152 | 13,481 |
Property and equipment, net | 204 | 182 |
Operating lease right-of-use asset, net | 1,739 | 1,883 |
Other assets | 171 | 172 |
Total assets | 11,266 | 15,718 |
Current liabilities: | ||
Accounts payable | 999 | 507 |
Accrued expenses and other current liabilities | 1,763 | 2,121 |
Deferred revenue | 0 | 847 |
Operating lease liability - current | 292 | 237 |
Total current liabilities | 3,054 | 3,712 |
Operating lease liability - noncurrent | 1,478 | 1,631 |
Total liabilities | 4,532 | 5,343 |
Commitments and contingencies (Notes 1, 2, 5 and 12) | ||
Stockholders’ equity: | ||
Preferred stock, $0.001 par value, 25,000,000 shares authorized and no shares issued and outstanding as of June 30, 2022 and December 31, 2021 | 0 | 0 |
Common stock, $0.001 par value, 100,000,000 shares authorized, 17,758,194 and 16,871,265 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively | 18 | 17 |
Additional paid-in capital | 141,235 | 139,055 |
Accumulated deficit | (134,519) | (128,697) |
Total stockholders’ equity | 6,734 | 10,375 |
Total liabilities and stockholders’ equity | $ 11,266 | $ 15,718 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Allowance for doubtful accounts | $ 13 | $ 22 |
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) | 17,758,194 | 16,871,265 |
Common stock, shares outstanding (in shares) | 17,758,194 | 16,871,265 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenue: | ||||
Total revenue | $ 974 | $ 69 | $ 1,034 | $ 115 |
Costs and expenses: | ||||
Research and development | 2,304 | 2,362 | 4,490 | 4,203 |
Selling, general and administrative | 1,166 | 1,196 | 2,367 | 2,373 |
Total costs and expenses | 3,470 | 3,558 | 6,857 | 6,576 |
Operating loss | (2,496) | (3,489) | (5,823) | (6,461) |
Other income (expense): | ||||
Total other income (expense), net | (1) | 2 | 1 | 5 |
Net loss | $ (2,497) | $ (3,487) | $ (5,822) | $ (6,456) |
Net loss per share, basic and diluted (in dollars per share) | $ (0.14) | $ (0.20) | $ (0.34) | $ (0.38) |
Weighted-average shares used in computing net loss per share, basic and diluted (in shares) | 17,651,892 | 17,047,411 | 17,360,598 | 16,809,661 |
Product [Member] | ||||
Revenue: | ||||
Total revenue | $ 0 | $ 0 | $ 1 | $ 0 |
Collaboration Agreement [Member] | ||||
Revenue: | ||||
Total revenue | $ 974 | $ 69 | $ 1,033 | $ 115 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Restricted Stock Units (RSUs) [Member] Common Stock [Member] | Restricted Stock Units (RSUs) [Member] Additional Paid-in Capital [Member] | Restricted Stock Units (RSUs) [Member] Retained Earnings [Member] | Restricted Stock Units (RSUs) [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2020 | 16,297,381 | |||||||
Balance at Dec. 31, 2020 | $ 16 | $ 135,234 | $ (116,074) | $ 19,176 | ||||
Restricted stock units issued (in shares) | 40,100 | |||||||
Restricted stock units issued | $ 0 | $ 0 | $ 0 | $ 0 | ||||
Sale of common stock, net of issuance costs of $67 (in shares) | 453,832 | |||||||
Sale of common stock, net of issuance costs of $67 | $ 1 | 1,933 | 0 | 1,934 | ||||
Exercise of common stock options (in shares) | 1,580 | |||||||
Exercise of common stock options | $ 0 | 5 | 0 | 5 | ||||
Share-based compensation | 416 | 416 | ||||||
Net loss | (2,969) | (2,969) | ||||||
Restricted stock units vested and issued | $ 0 | $ 0 | $ 0 | $ 0 | ||||
Share-based compensation | 416 | 416 | ||||||
Balance (in shares) at Mar. 31, 2021 | 16,792,893 | |||||||
Balance at Mar. 31, 2021 | $ 17 | 137,588 | (119,043) | 18,562 | ||||
Balance (in shares) at Dec. 31, 2020 | 16,297,381 | |||||||
Balance at Dec. 31, 2020 | $ 16 | 135,234 | (116,074) | 19,176 | ||||
Net loss | (6,456) | |||||||
Balance (in shares) at Jun. 30, 2021 | 16,871,265 | |||||||
Balance at Jun. 30, 2021 | $ 17 | 138,186 | (122,530) | 15,673 | ||||
Balance (in shares) at Mar. 31, 2021 | 16,792,893 | |||||||
Balance at Mar. 31, 2021 | $ 17 | 137,588 | (119,043) | 18,562 | ||||
Restricted stock units issued (in shares) | 78,372 | |||||||
Restricted stock units issued | $ 0 | 0 | 0 | 0 | ||||
Share-based compensation | 384 | 384 | ||||||
Net loss | (3,487) | (3,487) | ||||||
Restricted stock units vested and issued | 0 | 0 | 0 | 0 | ||||
Restricted stock units issued to settle management bonus obligations | $ 0 | 214 | 0 | 214 | ||||
Share-based compensation | 384 | 384 | ||||||
Balance (in shares) at Jun. 30, 2021 | 16,871,265 | |||||||
Balance at Jun. 30, 2021 | $ 17 | 138,186 | (122,530) | 15,673 | ||||
Balance (in shares) at Dec. 31, 2021 | 16,871,265 | |||||||
Balance at Dec. 31, 2021 | $ 17 | 139,055 | (128,697) | 10,375 | ||||
Share-based compensation | 0 | 319 | 0 | 319 | ||||
Net loss | 0 | 0 | (3,325) | (3,325) | ||||
Share-based compensation | $ 0 | 319 | 0 | 319 | ||||
Balance (in shares) at Mar. 31, 2022 | 16,871,265 | |||||||
Balance at Mar. 31, 2022 | $ 17 | 139,374 | (132,022) | 7,369 | ||||
Balance (in shares) at Dec. 31, 2021 | 16,871,265 | |||||||
Balance at Dec. 31, 2021 | $ 17 | 139,055 | (128,697) | $ 10,375 | ||||
Exercise of common stock options (in shares) | 0 | |||||||
Net loss | $ (5,822) | |||||||
Balance (in shares) at Jun. 30, 2022 | 17,758,194 | |||||||
Balance at Jun. 30, 2022 | $ 18 | 141,235 | (134,519) | 6,734 | ||||
Balance (in shares) at Mar. 31, 2022 | 16,871,265 | |||||||
Balance at Mar. 31, 2022 | $ 17 | 139,374 | (132,022) | 7,369 | ||||
Restricted stock units issued (in shares) | 311,929 | |||||||
Restricted stock units issued | $ 0 | 0 | 0 | 0 | ||||
Sale of common stock, net of issuance costs of $67 (in shares) | 575,000 | |||||||
Sale of common stock, net of issuance costs of $67 | $ 1 | 1,286 | 0 | 1,287 | ||||
Share-based compensation | 0 | 304 | 0 | 304 | ||||
Net loss | 0 | 0 | (2,497) | (2,497) | ||||
Restricted stock units vested and issued | 0 | 0 | 0 | 0 | ||||
Restricted stock units issued to settle management bonus obligations | 0 | 271 | 0 | 271 | ||||
Share-based compensation | $ 0 | 304 | 0 | 304 | ||||
Balance (in shares) at Jun. 30, 2022 | 17,758,194 | |||||||
Balance at Jun. 30, 2022 | $ 18 | $ 141,235 | $ (134,519) | $ 6,734 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2022 | Mar. 31, 2021 | |
Issuance costs | $ 232 | $ 67 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Operating activities: | ||
Net loss | $ (5,822) | $ (6,456) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 32 | 30 |
Reduction in the carrying amount of right-of-use assets | 144 | 274 |
Share-based compensation | 623 | 800 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (64) | 3 |
Prepaid expenses and other current assets | 136 | 48 |
Other receivable due from related party | 0 | 56 |
Accounts payable | 425 | 210 |
Accrued liabilities and other current liabilities | (87) | (149) |
Deferred revenue | (847) | 734 |
Operating lease liability | (98) | (298) |
Net cash used in operating activities | (5,558) | (4,748) |
Investing activities: | ||
Purchase of property and equipment | (54) | (55) |
Net cash used in investing activities | (54) | (55) |
Financing activities: | ||
Proceeds from sales of common stock | 1,519 | 2,001 |
Issuance costs of sale of common stock | (165) | (67) |
Proceeds from exercise of common stock options | 0 | 5 |
Net cash provided by financing activities | 1,354 | 1,939 |
Net change in cash and cash equivalents | (4,258) | (2,864) |
Cash and cash equivalents at beginning of period | 12,872 | 21,407 |
Cash and cash equivalents at end of period | 8,614 | 18,543 |
Supplemental disclosure of noncash investing and financing activities: | ||
Unpaid issuance costs of common stock | 67 | 66 |
Issuance of restricted stock units in lieu of cash bonus obligations | $ 401 | $ 393 |
Note 1 - Summary of Business an
Note 1 - Summary of Business and Basis of Presentation | 6 Months Ended |
Jun. 30, 2022 | |
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. (we, us, our, BioCardia or the Company), is a clinical-stage company focused on developing cellular and cell-derived therapeutics for the treatment of cardiovascular and pulmonary diseases with significant unmet medical needs. The Company’s lead therapeutic candidates are based on the CardiAMP Cell Therapy System, a platform which provides an autologous bone marrow derived cell therapy for treatment in two second 1 BioCardia also has three 1 2 3 |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2022 | |
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, stockholders’ equity, and cash flows as of June 30, 2022 three six June 30, 2022 2021 June 30, 2022, three six June 30, 2022 2021, six June 30, 2022 2021. three six June 30, 2022 not December 31, 2022 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, 2021, March 29, 2022. (b) Liquidity Going Concern We have incurred net losses and negative cash flows from operations since our inception and had an accumulated deficit of approximately $134.5 million as of June 30, 2022. June 30, 2022 not first 2023. one not The Company’s ability to continue as a going concern and to continue further development of its therapeutic candidates beyond the first 2023, 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, clinical accruals and assumptions used for revenue recognition. (d) Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, BioCardia Lifesciences, Inc. 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 March 29, 2022 December 31, 2021. no (f) Recent Accounting Pronouncements Recent accounting pronouncements issued by the Financial Accounting Standards Board (FASB), including its Emerging Issues Task Force did not not |
Note 3 - Fair Value Measurement
Note 3 - Fair Value Measurements | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | ( 3 Fair Value Measurement The fair value of financial instruments reflects the amounts that we estimate 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). We follow 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, 2022 December 31, 2021 As of June 30, 2022 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 8,519 $ — $ — $ 8,519 Cash in checking account — — — 95 Total cash and cash equivalents $ 8,519 $ — $ — $ 8,614 As of December 31, 2021 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 12,917 $ — $ — $ 12,917 Cash in checking account — — — (45 ) Total cash and cash equivalents $ 12,917 $ — $ — $ 12,872 |
Note 4 - Property and Equipment
Note 4 - Property and Equipment, Net | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | ( 4 Property and Equipment, Net Property and equipment, net consisted of the following (in thousands): June 30, December 31, 2022 2021 Computer equipment and software $ 142 $ 133 Laboratory and manufacturing equipment 496 460 Furniture and fixtures 27 26 Leasehold improvements 26 26 Construction in progress 82 74 Property and equipment, gross 773 719 Less accumulated depreciation (569 ) (537 ) Property and equipment, net $ 204 $ 182 Depreciation expense totaled $16,000 and $32,000 for the three six June 30, 2022, three six June 30, 2021, |
Note 5 - Operating Lease Right-
Note 5 - Operating Lease Right-of-use Asset, Net | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | ( 5 Operating Lease Right-of-Use Asset, Net Our operating lease related to a property lease for our laboratory and corporate offices expired in December 2021, January 2027, 36 not Right-of-use (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 Our lease expense for the three six June 30, 2022 three six June 30, 2021 three six June 30, 2022 three six June 30, 2021 June 30, 2022, Future minimum lease payments under the operating lease as of June 30, 2022 Remainder of 2022 $ 229 2023 471 2024 485 2025 499 2026 514 2027 44 Total undiscounted lease payments $ 2,242 Less imputed interest 472 Total operating lease liabilities $ 1,770 |
Note 6 - Accrued Expenses and O
Note 6 - Accrued Expenses and Other Current Liabilities | 6 Months Ended |
Jun. 30, 2022 | |
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, 2022 2021 Accrued expenses $ 29 $ 240 Accrued salaries and employee benefits 734 861 Accrued clinical trial costs 301 334 Grant liability 562 590 Customer deposits 90 96 Payable to related party 47 — Total $ 1,763 $ 2,121 |
Note 7 - Stockholders' Equity
Note 7 - Stockholders' Equity | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | ( 7 Stockholders Equity Warrants Number of Weighted Common Stock Average Warrants Exercise Price Balance as of December 31, 2021 2,424,724 $ 6.36 Warrants for common stock sold — — Warrants for common stock exercised — — Balance as of June 30, 2022 2,424,724 $ 6.36 Lincoln Park Capital stock purchase agreement - March 29, 2021, $20 Pursuant to the Purchase Agreement, Lincoln Park purchased 373,832 shares of common stock, at a price of $5.35 per share, for a total gross purchase price of $2 million (the Initial Purchase) and the Company issued 80,000 shares of common stock as commitment shares, which included 5,000 commitment shares issued on a pro rata basis for the initial $2 36 not $2 may may may not may The Company controls the timing and amount of any sales of its common stock to Lincoln Park. There is no no may $4.2736 may not 9.99% The Purchase Agreement does not 36 may not may no As of June 30, 2022, not Cantor Fitzgerald Sales agreement - April 12, 2022, may not April 2022, |
Note 8 - Share-based Compensati
Note 8 - Share-based Compensation | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | ( 8 Share-Based Compensation The share-based compensation expense is recorded in research and development, and selling, general and administrative expenses based on the employee's or non-employee’s respective function. No three six June 30, 2022 2021 Three months ended Six months ended June 30, June 30, 2022 2021 2022 2021 Research and development $ 130 $ 211 $ 257 $ 417 Selling, general and administrative 174 173 366 383 Total share-based compensation $ 304 $ 384 $ 623 $ 800 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) Aggregate intrinsic value (in thousands) Balance, December 31, 2021 1,649,686 $ 5.00 7.6 $ — Stock options granted 504,949 1.53 Stock options exercised — Stock options forfeited (90,688 ) 3.68 Stock options expired (3,111 ) 9.55 Balance, June 30, 2022 2,060,836 $ 4.20 7.9 $ — Exercisable, June 30, 2022 955,545 $ 5.99 6.5 $ — Unrecognized share-based compensation for employee and nonemployee options granted through June 30, 2022 Share-Based Compensation (RSUs) The following summarizes the activity of non-vested RSUs: Weighted average grant date Number of fair value shares per share Balance, December 31, 2021 200,271 $ 4.13 RSUs granted 269,204 1.49 RSUs released (311,929 ) 2.74 RSUs forfeited (87,718 ) 1.49 Balance, June 30, 2022 69,828 $ 3.44 RSUs vested and settled are converted into the Company’s common stock on a one one June 30, 2022, not not June 30, 2022 |
Note 9 - Net Loss Per Share
Note 9 - Net Loss Per Share | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | ( 9 Net Loss per Share Basic net loss per share is calculated by dividing the net loss by the weighted average number of shares of common stock outstanding and fully vested restricted stock units. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of common share equivalents outstanding for the period determined using the treasury-stock method. Common stock equivalents are comprised of unvested restricted stock units, warrants to purchase common stock and options outstanding under the stock option plans. 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, 2022 2021 Stock options to purchase common stock 2,060,836 1,685,059 Unvested restricted stock units 2,734 5,468 Common stock warrants 2,424,724 2,424,724 Total 4,488,294 4,115,251 |
Note 10 - Income Taxes
Note 10 - Income Taxes | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | ( 10 Income Taxes During the three six June 30, 2022 2021, no As of June 30, 2022, not not |
Note 11 - Related Party Transac
Note 11 - Related Party Transactions | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | ( 11 Related Party Transactions On April 9, 2020, No. 3:19 05645 April 12, 2021, In March 2022, December 31, 2021. March 17, 2022. three six June 30, 2022, June 30, 2022. |
Note 12 - Contingencies and Unc
Note 12 - Contingencies and Uncertainties | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Contingencies Disclosure [Text Block] | ( 12 Contingencies and Uncertainties Contingencies may not Uncertainties three six June 30, 2022 not December 31, 2022 19, 19 not may 19 may |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | (a) Basis of Preparation The accompanying condensed consolidated balance sheets, statements of operations, stockholders’ equity, and cash flows as of June 30, 2022 three six June 30, 2022 2021 June 30, 2022, three six June 30, 2022 2021, six June 30, 2022 2021. three six June 30, 2022 not December 31, 2022 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, 2021, March 29, 2022. |
Going Concern and Liquidity [Policy Text Block] | (b) Liquidity Going Concern We have incurred net losses and negative cash flows from operations since our inception and had an accumulated deficit of approximately $134.5 million as of June 30, 2022. June 30, 2022 not first 2023. one not The Company’s ability to continue as a going concern and to continue further development of its therapeutic candidates beyond the first 2023, 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, clinical accruals and assumptions used for revenue recognition. (d) Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, BioCardia Lifesciences, Inc. 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 March 29, 2022 December 31, 2021. no (f) Recent Accounting Pronouncements Recent accounting pronouncements issued by the Financial Accounting Standards Board (FASB), including its Emerging Issues Task Force did not not |
Note 3 - Fair Value Measureme_2
Note 3 - Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | As of June 30, 2022 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 8,519 $ — $ — $ 8,519 Cash in checking account — — — 95 Total cash and cash equivalents $ 8,519 $ — $ — $ 8,614 As of December 31, 2021 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 12,917 $ — $ — $ 12,917 Cash in checking account — — — (45 ) Total cash and cash equivalents $ 12,917 $ — $ — $ 12,872 |
Note 4 - Property and Equipme_2
Note 4 - Property and Equipment, Net (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | June 30, December 31, 2022 2021 Computer equipment and software $ 142 $ 133 Laboratory and manufacturing equipment 496 460 Furniture and fixtures 27 26 Leasehold improvements 26 26 Construction in progress 82 74 Property and equipment, gross 773 719 Less accumulated depreciation (569 ) (537 ) Property and equipment, net $ 204 $ 182 |
Note 5 - Operating Lease Righ_2
Note 5 - Operating Lease Right-of-use Asset, Net (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Remainder of 2022 $ 229 2023 471 2024 485 2025 499 2026 514 2027 44 Total undiscounted lease payments $ 2,242 Less imputed interest 472 Total operating lease liabilities $ 1,770 |
Note 6 - Accrued Expenses and_2
Note 6 - Accrued Expenses and Other Current Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Accrued Liabilities and Other Current Liabilities [Table Text Block] | June 30, December 31, 2022 2021 Accrued expenses $ 29 $ 240 Accrued salaries and employee benefits 734 861 Accrued clinical trial costs 301 334 Grant liability 562 590 Customer deposits 90 96 Payable to related party 47 — Total $ 1,763 $ 2,121 |
Note 7 - Stockholders' Equity (
Note 7 - Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Number of Weighted Common Stock Average Warrants Exercise Price Balance as of December 31, 2021 2,424,724 $ 6.36 Warrants for common stock sold — — Warrants for common stock exercised — — Balance as of June 30, 2022 2,424,724 $ 6.36 |
Note 8 - Share-based Compensa_2
Note 8 - Share-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Share-based Compensation, Expense [Table Text Block] | Three months ended Six months ended June 30, June 30, 2022 2021 2022 2021 Research and development $ 130 $ 211 $ 257 $ 417 Selling, general and administrative 174 173 366 383 Total share-based compensation $ 304 $ 384 $ 623 $ 800 |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Options outstanding Number of shares Weighted average exercise price Weighted average remaining contractual term (years) Aggregate intrinsic value (in thousands) Balance, December 31, 2021 1,649,686 $ 5.00 7.6 $ — Stock options granted 504,949 1.53 Stock options exercised — Stock options forfeited (90,688 ) 3.68 Stock options expired (3,111 ) 9.55 Balance, June 30, 2022 2,060,836 $ 4.20 7.9 $ — Exercisable, June 30, 2022 955,545 $ 5.99 6.5 $ — |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Weighted average grant date Number of fair value shares per share Balance, December 31, 2021 200,271 $ 4.13 RSUs granted 269,204 1.49 RSUs released (311,929 ) 2.74 RSUs forfeited (87,718 ) 1.49 Balance, June 30, 2022 69,828 $ 3.44 |
Note 9 - Net Loss Per Share (Ta
Note 9 - Net Loss Per Share (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | June 30, 2022 2021 Stock options to purchase common stock 2,060,836 1,685,059 Unvested restricted stock units 2,734 5,468 Common stock warrants 2,424,724 2,424,724 Total 4,488,294 4,115,251 |
Note 2 - Significant Accounti_2
Note 2 - Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Retained Earnings (Accumulated Deficit), Total | $ (134,519) | $ (128,697) |
Cash and Cash Equivalents, at Carrying Value, Total | $ 8,614 | $ 12,872 |
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, 2022 | Dec. 31, 2021 |
Cash and Cash Equivalents, Fair Value | $ 8,614 | $ 12,872 |
Cash and Cash Equivalents, Fair Value | (8,614) | (12,872) |
Money Market Funds [Member] | ||
Cash and Cash Equivalents, Fair Value | 8,519 | 12,917 |
Cash and Cash Equivalents, Fair Value | (8,519) | (12,917) |
Demand Deposits [Member] | ||
Cash and Cash Equivalents, Fair Value | 95 | 45 |
Cash and Cash Equivalents, Fair Value | (95) | (45) |
Fair Value, Inputs, Level 1 [Member] | ||
Cash and Cash Equivalents, Fair Value | 8,519 | 12,917 |
Cash and Cash Equivalents, Fair Value | (8,519) | (12,917) |
Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] | ||
Cash and Cash Equivalents, Fair Value | 8,519 | 12,917 |
Cash and Cash Equivalents, Fair Value | (8,519) | (12,917) |
Fair Value, Inputs, Level 1 [Member] | Demand Deposits [Member] | ||
Cash and Cash Equivalents, Fair Value | 0 | 0 |
Cash and Cash Equivalents, Fair Value | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Cash and Cash Equivalents, Fair Value | 0 | 0 |
Cash and Cash Equivalents, Fair Value | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Money Market Funds [Member] | ||
Cash and Cash Equivalents, Fair Value | 0 | 0 |
Cash and Cash Equivalents, Fair Value | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Demand Deposits [Member] | ||
Cash and Cash Equivalents, Fair Value | 0 | 0 |
Cash and Cash Equivalents, Fair Value | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Cash and Cash Equivalents, Fair Value | 0 | 0 |
Cash and Cash Equivalents, Fair Value | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Money Market Funds [Member] | ||
Cash and Cash Equivalents, Fair Value | 0 | 0 |
Cash and Cash Equivalents, Fair Value | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Demand Deposits [Member] | ||
Cash and Cash Equivalents, Fair Value | 0 | 0 |
Cash and Cash Equivalents, Fair Value | $ 0 | $ 0 |
Note 4 - Property and Equipme_3
Note 4 - Property and Equipment, Net (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Depreciation, Total | $ 16,000 | $ 16,000 | $ 32,000 | $ 30,000 |
Note 4 - Property and Equipme_4
Note 4 - Property and Equipment, Net - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Property and equipment, gross | $ 773 | $ 719 |
Less accumulated depreciation | (569) | (537) |
Property and equipment, net | 204 | 182 |
Computer Equipment and Software [Member] | ||
Property and equipment, gross | 142 | 133 |
Laboratory and Manufacturing Equipment [Member] | ||
Property and equipment, gross | 496 | 460 |
Furniture and Fixtures [Member] | ||
Property and equipment, gross | 27 | 26 |
Leasehold Improvements [Member] | ||
Property and equipment, gross | 26 | 26 |
Construction in Progress [Member] | ||
Property and equipment, gross | $ 82 | $ 74 |
Note 5 - Operating Lease Righ_3
Note 5 - Operating Lease Right-of-use Asset, Net (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Operating Lease, Expense | $ 120,000 | $ 150,000 | $ 241,000 | $ 301,000 |
Operating Lease, Payments | $ 76,000 | $ 162,000 | $ 173,000 | $ 324,000 |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 4 years 7 months 2 days | 4 years 7 months 2 days | ||
Operating Lease, Weighted Average Discount Rate, Percent | 10.74% | 10.74% |
Note 5 - Operating Lease Righ_4
Note 5 - Operating Lease Right-of-use Asset, Net - Future Minimum Lease Payments Under Operating Lease (Details) $ in Thousands | Jun. 30, 2022 USD ($) |
Remainder of 2022 | $ 229 |
2023 | 471 |
2024 | 485 |
2025 | 499 |
2026 | 514 |
2027 | 44 |
Total undiscounted lease payments | 2,242 |
Less imputed interest | 472 |
Total operating lease liabilities | $ 1,770 |
Note 6 - Accrued Expenses and_3
Note 6 - Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Accrued expenses | $ 29 | $ 240 |
Accrued salaries and employee benefits | 734 | 861 |
Accrued clinical trial costs | 301 | 334 |
Grant liability | 562 | 590 |
Customer deposits | 90 | 96 |
Payable to related party | 47 | 0 |
Total | $ 1,763 | $ 2,121 |
Note 7 - Stockholders' Equity_2
Note 7 - Stockholders' Equity (Details Textual) - USD ($) | 1 Months Ended | 6 Months Ended | |||||
Apr. 12, 2022 | Mar. 29, 2021 | Sep. 04, 2019 | Apr. 30, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | Aug. 06, 2019 | |
Proceeds from Issuance of Common Stock | $ 1,519,000 | $ 2,001,000 | |||||
Payments of Stock Issuance Costs | $ 165,000 | $ 67,000 | |||||
Underwriters [Member] | |||||||
Stock Issued During Period, Shares, New Issues (in shares) | 75,000 | ||||||
Purchase Agreement with Lincoln Park [Member] | |||||||
Sale of Stock, Aggregate Value, Maximum | $ 20,000,000 | ||||||
Stock Issued During Period, Shares, New Issues (in shares) | 373,832 | 0 | |||||
Stock Issuable, Commitment Shares on Pro Rata Basis (in shares) | 50,000 | ||||||
Shares Issued, Price Per Share (in dollars per share) | $ 5.35 | ||||||
Proceeds from Issuance of Common Stock | $ 2,000,000 | ||||||
Stock Issued During the Period, Shares, Commission Fees (in shares) | 80,000 | ||||||
Stock Issued During the Period, Commitment Shares Issued on Pro Rata Basis (in shares) | 5,000 | ||||||
Conditional Issuance, Maximum Number of Shares Allowed to be Purchased (in shares) | 100,000 | ||||||
Stock Purchase Agreement Accelerated Purchase, Maximum, Percent of Shares Purchased on the Same Trading Day | 300% | ||||||
Stock Purchase Agreement Accelerated Purchase, Maximum, Percent of Total Common Shares Traded During Specified Period | 30% | ||||||
Maximum Number of Shares Allowed to be Issued Including Commitment Shares (in shares) | 3,266,177 | ||||||
Percentage of Common Stock Outstanding | 19.99% | ||||||
Private Placement Unit [Member] | |||||||
Number of Common Stock in Each Unit (in shares) | 1 | ||||||
SalesAgreementWithCantorFitzgeraldCoCantorMember | |||||||
Sale of Stock, Aggregate Value, Maximum | $ 10.5 | ||||||
Stock Issued During Period, Shares, New Issues (in shares) | 575,000 | ||||||
Proceeds from Issuance of Common Stock | $ 1,500,000 | ||||||
Accrued Sales Commission, Current, Percentage | 3% | ||||||
Payments of Stock Issuance Costs | $ 232,000 |
Note 7 - Stockholders' Equity -
Note 7 - Stockholders' Equity - Warrants (Details) | 6 Months Ended |
Jun. 30, 2022 $ / shares shares | |
Balance, beginning (in shares) | shares | 2,424,724 |
Balance, beginning, weighted average exercise price (in dollars per share) | $ / shares | $ 6.36 |
Warrants for common stock sold (in shares) | shares | 0 |
Warrants for common stock sold, weighted average exercise price (in dollars per share) | $ / shares | $ 0 |
Warrants for common stock exercised (in shares) | shares | 0 |
Warrants for common stock exercised, weighted average exercise price (in dollars per share) | $ / shares | $ 0 |
Balance, ending (in shares) | shares | 2,424,724 |
Balance, ending, weighted average exercise price (in dollars per share) | $ / shares | $ 6.36 |
Note 8 - Share-based Compensa_3
Note 8 - Share-based Compensation (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | |
Mar. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | |
Restricted Stock Units (RSUs) [Member] | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 months 12 days | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 311,929 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 69,828 | 200,271 | |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 55,000 | ||
Non-employee Directors and Employees [Member] | |||
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 2.5 | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 9 months 18 days | ||
Non-employee Directors and Employees [Member] | Restricted Stock Units (RSUs) [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance (in shares) | 69,828 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 67,094 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 2,734 |
Note 8 - Share-based Compensa_4
Note 8 - Share-based Compensation - Share-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Share-based compensation expense | $ 304 | $ 384 | $ 623 | $ 800 |
Research and Development Expense [Member] | ||||
Share-based compensation expense | 130 | 211 | 257 | 417 |
Selling, General and Administrative Expenses [Member] | ||||
Share-based compensation expense | $ 174 | $ 173 | $ 366 | $ 383 |
Note 8 - Share-based Compensa_5
Note 8 - Share-based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Stock options outstanding, beginning of period (in shares) | 1,649,686 | |
Balance, weighted average exercise price, beginning of period (in dollars per share) | $ 5 | |
Stock options outstanding, weighted average remaining contractual term (Year) | 7 years 10 months 24 days | 7 years 7 months 6 days |
Stock options outstanding, aggregate intrinsic value | $ 0 | $ 0 |
Stock options granted (in shares) | 504,949 | |
Stock options granted, weighted average exercise price (in dollars per share) | $ 1.53 | |
Stock options exercised (in shares) | 0 | |
Stock options exercised, weighted average exercise price (in dollars per share) | ||
Stock options forfeited (in shares) | (90,688) | |
Stock options forfeited, weighted average exercise price (in dollars per share) | $ 3.68 | |
Stock options expired (in shares) | (3,111) | |
Stock options expired, weighted average exercise price (in dollars per share) | $ 9.55 | |
Stock options outstanding, end of period (in shares) | 2,060,836 | 1,649,686 |
Balance, weighted average exercise price, end of period (in dollars per share) | $ 4.20 | $ 5 |
Exercisable, June 30, 2022 (in shares) | 955,545 | |
Options exercisable, weighted average exercise price (in dollars per share) | $ 5.99 | |
Options exercisable, weighted average remaining contractual term (Year) | 6 years 6 months |
Note 8 - Share-based Compensa_6
Note 8 - Share-based Compensation - Summary of Non-vested RSUs (Details) - Restricted Stock Units (RSUs) [Member] | 6 Months Ended |
Jun. 30, 2022 $ / shares shares | |
Balance, shares (in shares) | shares | 200,271 |
Balance, weighted average grant date fair value per share (in dollars per share) | $ / shares | $ 4.13 |
RSUs granted, shares (in shares) | shares | 269,204 |
RSUs granted, weighted average grant date fair value per share (in dollars per share) | $ / shares | $ 1.49 |
RSUs released, shares (in shares) | shares | (311,929) |
RSUs released, weighted average grant date fair value per share (in dollars per share) | $ / shares | $ 2.74 |
RSUs forfeited, shares (in shares) | shares | (87,718) |
RSUs forfeited, weighted average grant date fair value per share (in dollars per share) | $ / shares | $ 1.49 |
Balance, shares (in shares) | shares | 69,828 |
Balance, weighted average grant date fair value per share (in dollars per share) | $ / shares | $ 3.44 |
Note 9 - Net Loss Per Share - A
Note 9 - Net Loss Per Share - Anti-dilutive Securities (Details) - shares | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Antidilutive securities (in shares) | 4,488,294 | 4,115,251 |
Share-Based Payment Arrangement, Option [Member] | ||
Antidilutive securities (in shares) | 2,060,836 | 1,685,059 |
Restricted Stock Units (RSUs) [Member] | ||
Antidilutive securities (in shares) | 2,734 | 5,468 |
Warrant [Member] | ||
Antidilutive securities (in shares) | 2,424,724 | 2,424,724 |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Income Tax Expense (Benefit), Total | $ 0 | $ 0 |
Note 11 - Related Party Trans_2
Note 11 - Related Party Transactions (Details Textual) - BSLF, L.L.C. [Member] - Funding Agreement [Member] - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Mar. 17, 2022 | Mar. 29, 2022 | Jun. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | |
Legal Fees | $ 688,000 | ||||
Maximum Discount on Legal Service | $ 300,000 | ||||
Increase (Decrease) in Accounts Payable, Related Parties | $ (523,000) | ||||
Due from Related Parties, Total | 562,000 | ||||
Related Party Transaction, Amounts of Transaction | $ 156,000 | ||||
Litigation Service, Expense | $ 43,000 | $ 47,000 | |||
Accrued Expenses and Other Current Liabilities [Member] | |||||
Accounts Payable, Related Parties | $ 156,000 |