Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2022 | Nov. 01, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000925741 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 0-21419 | |
Entity Registrant Name | BioCardia, Inc | |
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 | 17,841,927 | |
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 | Sep. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 6,667 | $ 12,872 |
Accounts receivable, net of allowance for doubtful accounts of $13 and $22 as of September 30, 2022 and December 31, 2021 | 300 | 147 |
Prepaid expenses and other current assets | 187 | 462 |
Total current assets | 7,154 | 13,481 |
Property and equipment, net | 189 | 182 |
Operating lease right-of-use asset, net | 1,664 | 1,883 |
Other assets | 172 | 172 |
Total assets | 9,179 | 15,718 |
Current liabilities: | ||
Accounts payable | 887 | 507 |
Accrued expenses and other current liabilities | 2,115 | 2,121 |
Deferred revenue | 378 | 847 |
Operating lease liability - current | 304 | 237 |
Total current liabilities | 3,684 | 3,712 |
Operating lease liability - noncurrent | 1,398 | 1,631 |
Total liabilities | 5,082 | 5,343 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Preferred stock, $0.001 par value, 25,000,000 shares authorized and no shares issued and outstanding as of September 30, 2022 and December 31, 2021 | 0 | 0 |
Common stock, $0.001 par value, 100,000,000 shares authorized, 17,841,927 and 16,871,265 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively | 18 | 17 |
Additional paid-in capital | 141,655 | 139,055 |
Accumulated deficit | (137,576) | (128,697) |
Total stockholders’ equity | 4,097 | 10,375 |
Total liabilities and stockholders’ equity | $ 9,179 | $ 15,718 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) -parentheticals (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Accounts Receivable, Allowance for Credit Loss, Current | $ 13 | $ 22 |
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred Stock, Shares Authorized (in shares) | 25,000,000 | 25,000,000 |
Common Stock, Par or Stated Value Per Share (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) | 17,841,927 | 16,871,265 |
Common Stock, Shares, Outstanding, Ending Balance (in shares) | 17,841,927 | 16,871,265 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenue: | ||||
Net product revenue | $ 212 | $ 821 | $ 1,246 | $ 936 |
Costs and expenses: | ||||
Research and development | 2,144 | 2,240 | 6,634 | 6,443 |
Selling, general and administrative | 1,128 | 1,289 | 3,495 | 3,662 |
Total costs and expenses | 3,272 | 3,529 | 10,129 | 10,105 |
Operating loss | (3,060) | (2,708) | (8,883) | (9,169) |
Other income (expense): | ||||
Total other income, net | 3 | 2 | 4 | 7 |
Net loss | $ (3,057) | $ (2,706) | $ (8,879) | $ (9,162) |
Net loss per share, basic and diluted (in dollars per share) | $ (0.17) | $ (0.16) | $ (0.51) | $ (0.54) |
Weighted-average shares used in computing net loss per share, basic and diluted (in shares) | 17,844,991 | 17,066,068 | 17,523,837 | 16,867,652 |
Product [Member] | ||||
Revenue: | ||||
Net product revenue | $ 2 | $ 1 | $ 3 | $ 1 |
Collaboration Agreement [Member] | ||||
Revenue: | ||||
Net product revenue | $ 210 | $ 820 | $ 1,243 | $ 935 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance at March 31, 2021 (in shares) | 16,297,381 | |||
Balance at March 31, 2021 | $ 16 | $ 135,234 | $ (116,074) | $ 19,176 |
Balance at December 31, 2020 (in shares) at Dec. 31, 2020 | 16,297,381 | |||
Balance at December 31, 2020 at Dec. 31, 2020 | $ 16 | 135,234 | (116,074) | 19,176 |
Restricted stock units vested and issued (in shares) | 40,100 | |||
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 | 1,934 | |
Exercise of common stock options (in shares) | 1,580 | |||
Exercise of common stock options | 5 | 5 | ||
Share-based compensation | 416 | 416 | ||
Net loss | (2,969) | (2,969) | ||
Balance at June 30, 2021 (in shares) at Mar. 31, 2021 | 16,792,893 | |||
Balance at June 30, 2021 at Mar. 31, 2021 | $ 17 | 137,588 | (119,043) | 18,562 |
Balance at December 31, 2020 (in shares) at Dec. 31, 2020 | 16,297,381 | |||
Balance at December 31, 2020 at Dec. 31, 2020 | $ 16 | 135,234 | (116,074) | 19,176 |
Net loss | (9,162) | |||
Balance at June 30, 2021 (in shares) at Sep. 30, 2021 | 16,871,265 | |||
Balance at June 30, 2021 at Sep. 30, 2021 | $ 17 | 138,631 | (125,236) | 13,412 |
Balance at March 31, 2021 (in shares) | 16,792,893 | |||
Balance at March 31, 2021 | $ 17 | 137,588 | (119,043) | 18,562 |
Balance at December 31, 2020 (in shares) at Mar. 31, 2021 | 16,792,893 | |||
Balance at December 31, 2020 at Mar. 31, 2021 | $ 17 | 137,588 | (119,043) | 18,562 |
Restricted stock units vested and issued (in shares) | 78,372 | |||
Share-based compensation | 384 | 384 | ||
Net loss | (3,487) | (3,487) | ||
Restricted stock units issued to settle management bonus obligations | 214 | 214 | ||
Balance at June 30, 2021 (in shares) at Jun. 30, 2021 | 16,871,265 | |||
Balance at June 30, 2021 at Jun. 30, 2021 | $ 17 | 138,186 | (122,530) | 15,673 |
Balance at March 31, 2021 (in shares) | 16,871,265 | |||
Balance at March 31, 2021 | $ 17 | 138,186 | (122,530) | 15,673 |
Share-based compensation | 437 | 437 | ||
Net loss | (2,706) | (2,706) | ||
Refund of issuance costs on sale of common stock | $ 0 | 8 | 0 | 8 |
Balance at June 30, 2021 (in shares) at Sep. 30, 2021 | 16,871,265 | |||
Balance at June 30, 2021 at Sep. 30, 2021 | $ 17 | 138,631 | (125,236) | 13,412 |
Balance at March 31, 2021 (in shares) | 16,871,265 | |||
Balance at March 31, 2021 | $ 17 | 138,631 | (125,236) | 13,412 |
Balance at March 31, 2021 (in shares) | 16,871,265 | |||
Balance at March 31, 2021 | $ 17 | 139,055 | (128,697) | 10,375 |
Balance at December 31, 2020 (in shares) at Dec. 31, 2021 | 16,871,265 | |||
Balance at December 31, 2020 at Dec. 31, 2021 | $ 17 | 139,055 | (128,697) | 10,375 |
Share-based compensation | $ 0 | 319 | 0 | 319 |
Net loss | (3,325) | (3,325) | ||
Balance at June 30, 2021 (in shares) at Mar. 31, 2022 | 16,871,265 | |||
Balance at June 30, 2021 at Mar. 31, 2022 | $ 17 | 139,374 | (132,022) | 7,369 |
Balance at December 31, 2020 (in shares) at Dec. 31, 2021 | 16,871,265 | |||
Balance at December 31, 2020 at Dec. 31, 2021 | $ 17 | 139,055 | (128,697) | $ 10,375 |
Exercise of common stock options (in shares) | 0 | |||
Net loss | $ (8,879) | |||
Balance at June 30, 2021 (in shares) at Sep. 30, 2022 | 17,841,927 | |||
Balance at June 30, 2021 at Sep. 30, 2022 | $ 18 | 141,655 | (137,576) | 4,097 |
Balance at March 31, 2021 (in shares) | 16,871,265 | |||
Balance at March 31, 2021 | $ 17 | 139,374 | (132,022) | 7,369 |
Balance at December 31, 2020 (in shares) at Mar. 31, 2022 | 16,871,265 | |||
Balance at December 31, 2020 at Mar. 31, 2022 | $ 17 | 139,374 | (132,022) | 7,369 |
Restricted stock units vested and issued (in shares) | 311,929 | |||
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 | 1,287 | |
Share-based compensation | 304 | 304 | ||
Net loss | (2,497) | (2,497) | ||
Restricted stock units issued to settle management bonus obligations | $ 0 | 271 | 0 | 271 |
Balance at June 30, 2021 (in shares) at Jun. 30, 2022 | 17,758,194 | |||
Balance at June 30, 2021 at Jun. 30, 2022 | $ 18 | 141,235 | (134,519) | 6,734 |
Balance at March 31, 2021 (in shares) | 17,758,194 | |||
Balance at March 31, 2021 | $ 18 | 141,235 | (134,519) | 6,734 |
Restricted stock units vested and issued (in shares) | 17,029 | |||
Sale of common stock, net of issuance costs of $67 (in shares) | 66,704 | |||
Sale of common stock, net of issuance costs of $67 | $ 0 | 140 | 0 | 140 |
Share-based compensation | 280 | 280 | ||
Net loss | (3,057) | (3,057) | ||
Balance at June 30, 2021 (in shares) at Sep. 30, 2022 | 17,841,927 | |||
Balance at June 30, 2021 at Sep. 30, 2022 | $ 18 | 141,655 | (137,576) | 4,097 |
Balance at March 31, 2021 (in shares) | 17,841,927 | |||
Balance at March 31, 2021 | $ 18 | $ 141,655 | $ (137,576) | $ 4,097 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (Unaudited)-parentheticals (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 15 Months Ended | |
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2021 | |
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | $ 1 | $ 232 | $ 67 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Operating activities: | ||
Net loss | $ (8,879) | $ (9,162) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 61 | 45 |
Reduction in the carrying amount of right-of-use assets | 219 | 418 |
Share-based compensation | 903 | 1,237 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (153) | 34 |
Prepaid expenses and other current assets | 275 | 97 |
Other receivable due from related party | 0 | 56 |
Accounts payable | 380 | 100 |
Accrued expenses and other current liabilities | 265 | 34 |
Deferred revenue | (469) | 203 |
Operating lease liability | (166) | (453) |
Net cash used in operating activities | (7,564) | (7,391) |
Investing activities: | ||
Purchase of property and equipment | (68) | (75) |
Net cash used in investing activities | (68) | (75) |
Financing activities: | ||
Proceeds from sales of common stock | 1,658 | 2,001 |
Issuance costs of sale of common stock | (231) | (59) |
Proceeds from exercise of common stock options | 0 | 5 |
Net cash provided by financing activities | 1,427 | 1,947 |
Net change in cash and cash equivalents | (6,205) | (5,519) |
Cash and cash equivalents at beginning of period | 12,872 | 21,407 |
Cash and cash equivalents at end of period | 6,667 | 15,888 |
Supplemental disclosure of noncash investing and financing activities: | ||
Issuance of restricted stock units in lieu of cash bonus obligations | $ 401 | $ 393 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) -parentheticals - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Accrued expenses and other current liabilities | $ 265 | $ 34 |
Note 1 - Summary of Business an
Note 1 - Summary of Business and Basis of Presentation | 9 Months Ended |
Sep. 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 clinical indications: ischemic heart failure and refractory angina resulting from chronic myocardial ischemia. The Company’s second therapeutic platform is an investigational bone marrow derived allogeneic “off the shelf” Neurokinin-1 Receptor Positive mesenchymal stem cell therapy for the treatment of cardiac and pulmonary disease. To date, we have devoted substantially all our resources to research and development efforts relating to our therapeutic candidates and biotherapeutic delivery systems including conducting clinical trials, developing manufacturing and sales capabilities, in-licensing related intellectual property, providing general and administrative support for these operations and protecting our intellectual property. BioCardia also has three enabling device product lines: (1) the CardiAMP cell processing system; (2) the Helix biotherapeutic delivery system, or Helix; and (3) the Morph vascular access product line, or Morph. We manage our operations as a single segment for the purposes of assessing performance and making operating decisions. |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies | 9 Months Ended |
Sep. 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 September 30, 2022, and for the three and nine months ended September 30, 2022 and 2021 are unaudited. The condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (U.S. GAAP) and applicable rules and regulations of the Securities and Exchange Commission (SEC) for interim financial information and on a basis consistent with the annual financial statements and, in the opinion of management, reflect all adjustments which include only normal recurring adjustments, necessary to present fairly its financial position as of September 30, 2022, results of operations for the three and nine months ended September 30, 2022 and 2021, and cash flows for the nine months ended September 30, 2022 and 2021. The results for the three and nine months ended September 30, 2022 are not necessarily indicative of the results to be expected for the year ended December 31, 2022 or for any other interim period or for any other future year. 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-K for the year ended December 31, 2021, filed with the SEC on 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 $137.6 million as of September 30, 2022. Management expects operating losses and negative cash flows to continue through at least the next several years. We expect to incur increasing costs as we advance our trials and development activities. Therefore, absent additional funding, management believes cash and cash equivalents of approximately $6.7 million as of September 30, 2022 are not sufficient to fund the Company’s planned expenditures and meet its obligations beyond April 2023. These factors raise substantial doubt about the Company’s ability to continue as a going concern beyond one year from the date these financial statements are issued. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. The Company’s ability to continue as a going concern and to continue further development of its therapeutic candidates beyond April 2023, will require the Company to raise additional capital. The Company plans to raise additional capital, potentially including debt and equity arrangements, to finance its future operations. While management believes this plan to raise additional funds will alleviate the conditions that raise substantial doubt, these plans are not entirely within its control and cannot be assessed as being probable of occurring. If adequate funds are not available, we may be required to reduce operating expenses, delay or reduce the scope of our product development programs, obtain funds through arrangements with others that may require us to relinquish rights to certain of our technologies or products that we would otherwise seek to develop or commercialize, or cease operations. (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 of the notes to the consolidated financial statements included in its Annual Report on Form 10-K filed March 29, 2022 for the year ended December 31, 2021. There have been no changes to those policies. (f) Recent Accounting Pronouncements Recent accounting pronouncements issued by the Financial Accounting Standards Board (FASB), including its Emerging Issues Task Force did not or are not believed by management to have a material impact on our financial statement presentation or disclosures. |
Note 3 - Fair Value Measurement
Note 3 - Fair Value Measurement | 9 Months Ended |
Sep. 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 levels: Level 1 – quoted prices in active markets for identical assets and liabilities. Level 2 – observable inputs other than quoted prices in active markets for identical assets and liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 – unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The following table sets forth the fair value of its financial assets measured on a recurring basis as of September 30, 2022 and December 31, 2021 and indicates the fair value hierarchy utilized to determine such fair value (in thousands): As of September 30, 2022 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 6,292 $ — $ — $ 6,292 Cash in checking account — — — 375 Total cash and cash equivalents $ 6,292 $ — $ — $ 6,667 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 | 9 Months Ended |
Sep. 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): September 30, December 31, 2022 2021 Computer equipment and software $ 157 $ 133 Laboratory and manufacturing equipment 575 460 Furniture and fixtures 27 26 Leasehold improvements 26 26 Construction in progress 2 74 Property and equipment, gross 787 719 Less accumulated depreciation (598 ) (537 ) Property and equipment, net $ 189 $ 182 Depreciation expense totaled $29,000 and $61,000 for the three and nine months ended September 30, 2022, respectively. Depreciation expense totaled $15,000 and $45,000 for the three and nine months ended September 30, 2021, respectively. |
Note 5 - Operating Lease Right-
Note 5 - Operating Lease Right-of-use Asset, Net | 9 Months Ended |
Sep. 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, and we entered into a new lease which expires in January 2027, with an option for us to extend a further 36 months after expiration. Our lease agreements do not contain any material residual guarantees or material restrictive covenants. We determine if an arrangement is a lease at inception by assessing whether it conveys the right to control the use of an identified asset for a period of time in exchange for consideration. 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 provide an implicit rate. We used an adjusted historical incremental borrowing rate, based on the information available at the approximate lease commencement date, to determine the present value of lease payments. Variable rent expense is made up of expenses for common area maintenance and shared utilities and were not included in the determination of the present value of lease payments. We have no finance leases. Our lease expense for the three and nine months ended September 30, 2022 was $121,000 and $362,000, respectively. Our lease expense for the three and nine months ended September 30, 2021 was $150,000 and $451,000, respectively. The cash paid under the operating lease for base rent for the three and nine months ended September 30, 2022 was $114,000 and $287,000, respectively. The cash paid under the operating lease during the three and nine months ended September 30, 2021 was $162,000 and $486,000, respectively. On September 30, 2022, the weighted average remaining lease term was 4.34 years, and the weighted average discount rate was 10.74%. Future minimum lease payments under the operating lease as of September 30, 2022 were as follows (in thousands): Remainder of 2022 $ 114 2023 471 2024 485 2025 499 2026 514 2027 44 Total undiscounted lease payments 2,127 Less imputed interest 425 Total operating lease liabilities $ 1,702 |
Note 6 - Accrued Expenses and O
Note 6 - Accrued Expenses and Other Current Liabilities | 9 Months Ended |
Sep. 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): September 30, December 31, 2022 2021 Accrued expenses $ 115 $ 240 Accrued salaries and employee benefits 988 861 Accrued clinical trial costs 352 334 Grant liability 556 590 Customer deposits 90 96 Payable to related party 14 — Total $ 2,115 $ 2,121 |
Note 7 - Stockholders' Equity
Note 7 - Stockholders' Equity | 9 Months Ended |
Sep. 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 September 30, 2022 2,424,724 $ 6.36 Lincoln Park Capital stock purchase agreement - Pursuant to the Purchase Agreement, in March 2021, 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 million purchase. As of September 30, 2022, the Company had not sold any common stock to Lincoln Park under the Purchase Agreement other than the Initial Purchase. Cantor Fitzgerald Sales agreement - During the three months ended September 30, 2022, the Company sold 66,704 shares of common stock under the ATM Offering at then-market prices for total gross proceeds of $139,000, with a net refund of issuance costs of $1,000. During the nine months ended September 30, 2022, the Company sold 641,704 shares of common stock under the ATM Offering at then-market prices for total gross proceeds of approximately $1.7 million, with associated issuance costs of $231,000. |
Note 8 - Share-based Compensati
Note 8 - Share-based Compensation | 9 Months Ended |
Sep. 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 share-based compensation was capitalized during the periods presented. Share-based compensation expense for the three and nine months ended September 30, 2022 and 2021 was recorded as follows (in thousands): Three months ended Nine months ended September 30, September 30, 2022 2021 2022 2021 Research and development $ 132 $ 196 $ 389 $ 613 Selling, general and administrative 148 241 514 624 Total share-based compensation $ 280 $ 437 $ 903 $ 1,237 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 603,953 1.54 Stock options exercised — Stock options forfeited (101,796 ) 3.77 Stock options expired (3,111 ) 9.55 Balance, September 30, 2022 2,148,732 $ 4.08 7.7 $ 248 Exercisable, September 30, 2022 1,052,136 $ 5.70 6.5 $ 22 Unrecognized share-based compensation for employee and nonemployee options granted through September 30, 2022 is approximately $2.3 million to be recognized over a remaining weighted average service period of 2.6 years. 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 (328,958 ) 2.72 RSUs forfeited (87,718 ) 1.49 Balance, September 30, 2022 52,799 $ 3.81 RSUs vested and settled are converted into the Company’s common stock on a one-for-one basis. RSUs are generally subject to forfeiture if employment terminates prior to the release of vesting restrictions. Of the 52,799 RSUs outstanding on September 30, 2022, 50,065 RSUs are vested and have not been settled and 2,734 have not yet vested. The related compensation expense, which is based on the grant date fair value of the Company’s common stock multiplied by the number of units granted, is recognized ratably over the period during which the vesting restrictions lapse. Unrecognized share-based compensation for employee and nonemployee RSUs granted through September 30, 2022 is approximately $7,000 to be recognized over a remaining weighted average service period of 0.6 years. |
Note 9 - Net Loss Per Share
Note 9 - Net Loss Per Share | 9 Months Ended |
Sep. 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 difference in the number of shares used to calculate basic and diluted shares outstanding since the effects of potentially dilutive securities are antidilutive due to the net loss position. 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: September 30, 2022 2021 Stock options to purchase common stock 2,148,732 1,684,066 Unvested restricted stock units 2,734 5,468 Common stock warrants 2,424,724 2,424,724 Total 4,576,190 4,114,258 |
Note 10 - Income Taxes
Note 10 - Income Taxes | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | (10) Income Taxes During the three and nine months ended September 30, 2022 and 2021, there was no income tax expense or benefit for federal or state income taxes in the accompanying condensed consolidated statements of operations due to the Company’s net loss and a full valuation allowance on the resulting deferred tax assets. As of September 30, 2022, the Company retains a full valuation allowance on its deferred tax assets in all jurisdictions. The realization of its deferred tax assets depends primarily on its ability to generate future taxable income which is uncertain. The Company does not believe that its deferred tax assets are realizable on a more-likely-than-not basis; therefore, the net deferred tax assets have been fully offset by a valuation allowance. |
Note 11 - Related Party Transac
Note 11 - Related Party Transactions | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | (11) Related Party Transactions On April 9, 2020, the Company entered into a Litigation Funding Agreement (the Funding Agreement) with BSLF, L.L.C. (the Funder), an entity owned and controlled by Andrew Blank, Chair of BioCardia’s board of directors, for the purpose of funding the Company’s legal proceedings and any and all claims, actions and/or proceedings relating to or arising from the case captioned Boston Scientific Corp., et al., v. BioCardia Inc., Case No. 3:19-05645-VC, U.S.D.C., N. D. Cal (the Litigation). On April 12, 2021, all parties to the Litigation entered into a confidential settlement agreement and all claims were dismissed. In March 2022, the Company entered into settlement agreements with its litigation service providers and the Funder to terminate the Funding Agreement and conclude on all remaining matters thereunder (the Litigation Funding Settlement). Under the terms of the confidential agreements, litigation and corporate counsel provided credits and refunds of legal fees totaling $ 688,000, |
Note 12 - Contingencies and Unc
Note 12 - Contingencies and Uncertainties | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Contingencies Disclosure [Text Block] | (12) Contingencies and Uncertainties Contingencies Uncertainties |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 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 September 30, 2022, and for the three and nine months ended September 30, 2022 and 2021 are unaudited. The condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (U.S. GAAP) and applicable rules and regulations of the Securities and Exchange Commission (SEC) for interim financial information and on a basis consistent with the annual financial statements and, in the opinion of management, reflect all adjustments which include only normal recurring adjustments, necessary to present fairly its financial position as of September 30, 2022, results of operations for the three and nine months ended September 30, 2022 and 2021, and cash flows for the nine months ended September 30, 2022 and 2021. The results for the three and nine months ended September 30, 2022 are not necessarily indicative of the results to be expected for the year ended December 31, 2022 or for any other interim period or for any other future year. 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-K for the year ended December 31, 2021, filed with the SEC on 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 $137.6 million as of September 30, 2022. Management expects operating losses and negative cash flows to continue through at least the next several years. We expect to incur increasing costs as we advance our trials and development activities. Therefore, absent additional funding, management believes cash and cash equivalents of approximately $6.7 million as of September 30, 2022 are not sufficient to fund the Company’s planned expenditures and meet its obligations beyond April 2023. These factors raise substantial doubt about the Company’s ability to continue as a going concern beyond one year from the date these financial statements are issued. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. The Company’s ability to continue as a going concern and to continue further development of its therapeutic candidates beyond April 2023, will require the Company to raise additional capital. The Company plans to raise additional capital, potentially including debt and equity arrangements, to finance its future operations. While management believes this plan to raise additional funds will alleviate the conditions that raise substantial doubt, these plans are not entirely within its control and cannot be assessed as being probable of occurring. If adequate funds are not available, we may be required to reduce operating expenses, delay or reduce the scope of our product development programs, obtain funds through arrangements with others that may require us to relinquish rights to certain of our technologies or products that we would otherwise seek to develop or commercialize, or cease operations. |
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, clinical accruals and assumptions used for revenue recognition. |
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, BioCardia Lifesciences, Inc. 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 of the notes to the consolidated financial statements included in its Annual Report on Form 10-K filed March 29, 2022 for the year ended December 31, 2021. There have been no changes to those policies. |
New Accounting Pronouncements, Policy [Policy Text Block] | (f) Recent Accounting Pronouncements Recent accounting pronouncements issued by the Financial Accounting Standards Board (FASB), including its Emerging Issues Task Force did not or are not believed by management to have a material impact on our financial statement presentation or disclosures. |
Note 3 - Fair Value Measureme_2
Note 3 - Fair Value Measurement (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | As of September 30, 2022 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 6,292 $ — $ — $ 6,292 Cash in checking account — — — 375 Total cash and cash equivalents $ 6,292 $ — $ — $ 6,667 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) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | September 30, December 31, 2022 2021 Computer equipment and software $ 157 $ 133 Laboratory and manufacturing equipment 575 460 Furniture and fixtures 27 26 Leasehold improvements 26 26 Construction in progress 2 74 Property and equipment, gross 787 719 Less accumulated depreciation (598 ) (537 ) Property and equipment, net $ 189 $ 182 |
Note 5 - Operating Lease Righ_2
Note 5 - Operating Lease Right-of-use Asset, Net (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Remainder of 2022 $ 114 2023 471 2024 485 2025 499 2026 514 2027 44 Total undiscounted lease payments 2,127 Less imputed interest 425 Total operating lease liabilities $ 1,702 |
Note 6 - Accrued Expenses and_2
Note 6 - Accrued Expenses and Other Current Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Accrued Liabilities and Other Current Liabilities [Table Text Block] | September 30, December 31, 2022 2021 Accrued expenses $ 115 $ 240 Accrued salaries and employee benefits 988 861 Accrued clinical trial costs 352 334 Grant liability 556 590 Customer deposits 90 96 Payable to related party 14 — Total $ 2,115 $ 2,121 |
Note 7 - Stockholders' Equity (
Note 7 - Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 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 September 30, 2022 2,424,724 $ 6.36 |
Note 8 - Share-based Compensa_2
Note 8 - Share-based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Share-based Compensation, Expense [Table Text Block] | Three months ended Nine months ended September 30, September 30, 2022 2021 2022 2021 Research and development $ 132 $ 196 $ 389 $ 613 Selling, general and administrative 148 241 514 624 Total share-based compensation $ 280 $ 437 $ 903 $ 1,237 |
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 603,953 1.54 Stock options exercised — Stock options forfeited (101,796 ) 3.77 Stock options expired (3,111 ) 9.55 Balance, September 30, 2022 2,148,732 $ 4.08 7.7 $ 248 Exercisable, September 30, 2022 1,052,136 $ 5.70 6.5 $ 22 |
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 (328,958 ) 2.72 RSUs forfeited (87,718 ) 1.49 Balance, September 30, 2022 52,799 $ 3.81 |
Note 9 - Net Loss Per Share (Ta
Note 9 - Net Loss Per Share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | September 30, 2022 2021 Stock options to purchase common stock 2,148,732 1,684,066 Unvested restricted stock units 2,734 5,468 Common stock warrants 2,424,724 2,424,724 Total 4,576,190 4,114,258 |
Note 2 - Significant Accounti_2
Note 2 - Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | Sep. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Retained Earnings (Accumulated Deficit), Total | $ (137,576) | $ 137,600 | $ (128,697) |
Cash and Cash Equivalents, at Carrying Value, Total | $ 6,667 | $ 6,700 | $ 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 | Sep. 30, 2022 | Dec. 31, 2021 |
Money market funds | $ 6,667 | $ 12,872 |
Cash and Cash Equivalents, Fair Value | 6,667 | 12,872 |
Fair Value, Inputs, Level 1 [Member] | ||
Money market funds | 6,292 | 12,917 |
Cash and Cash Equivalents, Fair Value | 6,292 | 12,917 |
Fair Value, Inputs, Level 2 [Member] | ||
Money market funds | 0 | 0 |
Cash and Cash Equivalents, Fair Value | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Money market funds | 0 | 0 |
Cash and Cash Equivalents, Fair Value | 0 | 0 |
Money Market Funds [Member] | ||
Money market funds | 6,292 | 12,917 |
Cash and Cash Equivalents, Fair Value | 6,292 | 12,917 |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Money market funds | 6,292 | 12,917 |
Cash and Cash Equivalents, Fair Value | 6,292 | 12,917 |
Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Money market funds | 0 | 0 |
Cash and Cash Equivalents, Fair Value | 0 | 0 |
Money Market Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Money market funds | 0 | 0 |
Cash and Cash Equivalents, Fair Value | 0 | 0 |
Demand Deposits [Member] | ||
Money market funds | 375 | 45 |
Cash and Cash Equivalents, Fair Value | 375 | 45 |
Demand Deposits [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Money market funds | 0 | 0 |
Cash and Cash Equivalents, Fair Value | 0 | 0 |
Demand Deposits [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Money market funds | 0 | 0 |
Cash and Cash Equivalents, Fair Value | 0 | 0 |
Demand Deposits [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Money market funds | 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 | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Depreciation, Total | $ 29,000 | $ 15,000 | $ 61,000 | $ 45,000 |
Note 4 - Property and Equipme_4
Note 4 - Property and Equipment, Net - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Property and equipment, gross | $ 787 | $ 719 |
Less accumulated depreciation | (598) | (537) |
Property and equipment, net | 189 | 182 |
Computer Equipment and Software [Member] | ||
Property and equipment, gross | 157 | 133 |
Laboratory and Manufacturing Equipment [Member] | ||
Property and equipment, gross | 575 | 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 | $ 2 | $ 74 |
Note 5 - Operating Lease Righ_3
Note 5 - Operating Lease Right-of-use Asset, Net (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Operating Lease, Expense | $ 121,000 | $ 150,000 | $ 362,000 | $ 451,000 | ||
Operating Lease, Payments | $ 114,000 | $ 162,000 | $ 486,000 | $ 287,000 | ||
Operating Lease, Weighted Average Remaining Lease Term (Year) | 4 years 4 months 2 days | |||||
Operating Lease, Weighted Average Discount Rate, Percent | 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 | Sep. 30, 2022 USD ($) |
Remainder of 2022 | $ 114 |
2023 | 471 |
2024 | 485 |
2025 | 499 |
2026 | 514 |
2027 | 44 |
Total undiscounted lease payments | 2,127 |
Less imputed interest | 425 |
Total operating lease liabilities | $ 1,702 |
Note 6 - Accrued Expenses and_3
Note 6 - Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses and Other Current Liabilities (Details) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Accrued expenses | $ 115,000 | $ 240,000 |
Accrued salaries and employee benefits | 988,000 | 861,000 |
Accrued clinical trial costs | 352,000 | 334,000 |
Grant liability | 556,000 | 590,000 |
Customer deposits | 90,000 | 96,000 |
Payable to Related Party | 14,000 | 0 |
Total | $ 2,115,000 | $ 2,121,000 |
Note 7 - Stockholders' Equity_2
Note 7 - Stockholders' Equity (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Apr. 12, 2022 | Mar. 29, 2021 | Sep. 04, 2019 | Sep. 30, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | |
Proceeds from Issuance of Common Stock | $ 1,658,000 | $ 2,001,000 | ||||
Payments of Stock Issuance Costs | $ 231,000 | $ 59,000 | ||||
Underwriters [Member] | ||||||
Stock Issued During Period, Shares, New Issues | 80,000 | |||||
Purchase Agreement with Lincoln Park [Member] | ||||||
Sale of Stock, Aggregate Value, Maximum | $ 20,000,000 | |||||
Stock Issued During Period, Shares, New Issues | 373,832 | |||||
Shares Issued, Price Per Share | $ 5.35 | |||||
Proceeds from Issuance of Common Stock | $ 2,000,000 | |||||
Stock Issued During the Period, Shares, Commission Fees | 80,000 | |||||
Stock Issued During the Period, Commitment Shares Issued on Pro Rata Basis | 5,000 | |||||
Stock Issuable, Commitment Shares on Pro Rata Basis | 5,000 | |||||
Sales Agreement with Cantor Fitzgerald Co (Cantor) [Member] | ||||||
Sale of Stock, Aggregate Value, Maximum | $ 10,500,000 | |||||
Stock Issued During Period, Shares, New Issues | 66,704 | 641,704 | ||||
Proceeds from Issuance of Common Stock | $ 139,000 | $ 1,700,000 | ||||
Accrued Sales Commission, Current, Percentage | 3% | |||||
Payments of Stock Issuance Costs | $ 1,000 | $ 231,000 |
Note 7 - Stockholders' Equity -
Note 7 - Stockholders' Equity - Warrants (Details) | 9 Months Ended |
Sep. 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 ($) | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Restricted Stock Units (RSUs) [Member] | ||
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 7,000 | |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 7 months 6 days | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period | 328,958 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance | 52,799 | 200,271 |
Non-employee Directors and Employees [Member] | ||
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 2,300,000 | |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years 7 months 6 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) | 52,799 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period | 50,065 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance | 2,734 |
Note 8 - Share-based Compensa_4
Note 8 - Share-based Compensation - Share-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Total share-based compensation | $ 280 | $ 437 | $ 903 | $ 1,237 |
Research and Development Expense [Member] | ||||
Total share-based compensation | 132 | 196 | 389 | 613 |
Selling, General and Administrative Expenses [Member] | ||||
Total share-based compensation | $ 148 | $ 241 | $ 514 | $ 624 |
Note 8 - Share-based Compensa_5
Note 8 - Share-based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 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 8 months 12 days | 7 years 7 months 6 days |
Stock options outstanding, aggregate intrinsic value | $ 248 | $ 0 |
Stock options granted (in shares) | 603,953 | |
Stock options granted, weighted average exercise price (in dollars per share) | $ 1.54 | |
Stock options exercised (in shares) | 0 | |
Stock options forfeited (in shares) | (101,796) | |
Stock options forfeited, weighted average exercise price (in dollars per share) | $ 3.77 | |
Stock options expired (in shares) | (3,111) | |
Stock options expired, weighted average exercise price (in dollars per share) | $ 9.55 | |
Balance, March 31, 2022 (in shares) | 2,148,732 | 1,649,686 |
Balance, weighted average exercise price, beginning of period (in dollars per share) | $ 4.08 | $ 5 |
Exercisable, March 31, 2022 (in shares) | 1,052,136 | |
Options exercisable, weighted average exercise price (in dollars per share) | $ 5.70 | |
Options exercisable, weighted average remaining contractual term (Year) | 6 years 6 months |
Note 8 - Share-based Compensa_6
Note 8 - Share-based Compensation - Stock Option Activity-parentheticals (Details) $ in Thousands | Sep. 30, 2022 USD ($) |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Intrinsic Value | $ 22 |
Note 8 - Share-based Compensa_7
Note 8 - Share-based Compensation - Summary of Non-vested RSUs (Details) | 9 Months Ended |
Sep. 30, 2022 $ / shares shares | |
RSUs granted, weighted average grant date fair value per share (in dollars per share) | $ / shares | $ 1.49 |
RSUs released, weighted average grant date fair value per share (in dollars per share) | $ / shares | 2.72 |
RSUs forfeited, weighted average grant date fair value per share (in dollars per share) | $ / shares | 1.49 |
Balance, weighted average grant date fair value per share (in dollars per share) | $ / shares | $ 3.81 |
Restricted Stock Units (RSUs) [Member] | |
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 released, shares (in shares) | shares | (328,958) |
RSUs forfeited, shares (in shares) | shares | (87,718) |
Balance, shares (in shares) | shares | 52,799 |
Note 9 - Net Loss Per Share - A
Note 9 - Net Loss Per Share - Anti-dilutive Securities (Details) - shares | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Antidilutive securities (in shares) | 4,576,190 | 4,114,258 |
Share-Based Payment Arrangement, Option [Member] | ||
Antidilutive securities (in shares) | 2,148,732 | 1,684,066 |
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 11 - Related Party Trans_2
Note 11 - Related Party Transactions (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Mar. 17, 2022 | Mar. 29, 2022 | Sep. 30, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | |
Due to Related Parties, Current, Total | $ 14,000 | $ 14,000 | $ 0 | ||
BSLF, L.L.C. [Member] | Funding Agreement [Member] | |||||
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 | $ 14,000 | $ 61,000 | |||
BSLF, L.L.C. [Member] | Funding Agreement [Member] | Accrued Expenses and Other Current Liabilities [Member] | |||||
Accounts Payable, Related Parties | $ 156,000 |