Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2018 | Aug. 03, 2018 | |
Document Information [Line Items] | ||
Entity Registrant Name | WINDTREE THERAPEUTICS INC /DE/ | |
Entity Central Index Key | 946,486 | |
Trading Symbol | wint | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 3,769,088 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Current Assets: | ||
Cash and cash equivalents | $ 638 | $ 1,815 |
Prepaid expenses and other current assets | 397 | 422 |
Total current assets | 1,035 | 2,237 |
Property and equipment, net | 804 | 885 |
Restricted cash | 140 | 225 |
Total assets | 1,979 | 3,347 |
Current Liabilities: | ||
Accounts payable | 4,258 | 3,048 |
Collaboration payable | 3,718 | 3,624 |
Accrued expenses | 3,974 | 4,204 |
Deferred revenue - current portion | 731 | 884 |
Loan payable | 2,500 | |
Total current liabilities | 15,181 | 11,760 |
Restructured debt liability - contingent milestone payments | 15,000 | 15,000 |
Deferred revenue - non-current portion | 407 | |
Other liabilities | 182 | 100 |
Total liabilities | 30,363 | 27,267 |
Stockholders' Equity: | ||
Preferred stock, $0.001 par value; 5,000,000 shares authorized; 2,701 shares issued and outstanding at June 30, 2018 and December 31, 2017 | ||
Common stock, $0.001 par value; 120,000,000 shares authorized at June 30, 2018 and December 31, 2017; 3,769,162 shares issued at June 30, 2018 and December 31, 2017; 3,769,088 shares outstanding at June 30, 2018 and December 31, 2017 | 4 | 3 |
Additional paid-in capital | 619,344 | 616,245 |
Accumulated deficit | (644,678) | (637,114) |
Treasury stock (at cost); 74 shares | (3,054) | (3,054) |
Total stockholders' equity | (28,384) | (23,920) |
Total liabilities & stockholders' equity | $ 1,979 | $ 3,347 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Jun. 30, 2018 | Dec. 31, 2017 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 2,701 | 2,701 |
Preferred stock, shares outstanding (in shares) | 2,701 | 2,701 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 120,000,000 | 120,000,000 |
Common stock, shares issued (in shares) | 3,769,162 | 3,769,162 |
Common stock, shares outstanding (in shares) | 3,769,088 | 3,769,088 |
Treasury stock, shares (in shares) | 74 | 74 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Revenues: | ||||
Grant revenue | $ 695 | $ 1,147 | $ 695 | $ 1,366 |
Revenues | 1,051 | 1,147 | 1,255 | 1,366 |
Expenses: | ||||
Research and development | 2,879 | 5,483 | 5,997 | 11,896 |
General and administrative | 1,208 | 1,804 | 3,134 | 3,726 |
Total operating expense | 4,087 | 7,287 | 9,131 | 15,622 |
Operating loss | (3,036) | (6,140) | (7,876) | (14,256) |
Other income / (expense): | ||||
Interest income | 4 | 3 | 8 | 6 |
Interest expense | (92) | (615) | (182) | (1,226) |
Other income | 72 | 486 | ||
Other income / (expense), net | (16) | (612) | 312 | (1,220) |
Net loss | (3,052) | (6,752) | (7,564) | (15,476) |
Deemed dividend on Series A preferred stock | (532) | (4,136) | ||
Net loss attributable to common shareholders | $ (3,052) | $ (7,284) | $ (7,564) | $ (19,612) |
Net loss per common share | ||||
Basic and diluted (in dollars per share) | $ (0.81) | $ (14.37) | $ (2.17) | $ (40.96) |
Weighted average number of common shares outstanding | ||||
Basic and diluted (in shares) | 3,751 | 507 | 3,491 | 479 |
License [Member] | ||||
Revenues: | ||||
License revenue with affiliate | $ 356 | $ 560 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Cash flows from operating activities: | ||
Net loss | $ (7,564) | $ (15,476) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Recognition of deferred revenue | (560) | |
Depreciation and amortization | 82 | 101 |
Stock-based compensation and 401(k) plan employer match | 558 | 660 |
Amortization of prepaid interest | 543 | |
Gain on sale of property and equipment | (9) | |
Changes in: | ||
Prepaid expenses and other current assets | 25 | 194 |
Accounts payable | 1,210 | 2,231 |
Collaboration payable | 94 | (37) |
Accrued expenses | (148) | (1,077) |
Net cash used in operating activities | (6,312) | (12,861) |
Cash flows from investing activities: | ||
Proceeds from sale of property and equipment | 9 | |
Purchase of property and equipment | (24) | |
Net cash used in investing activities | 9 | (24) |
Cash flows from financing activities: | ||
Proceeds from loan payable, net of expenses | 2,500 | |
Proceeds from Private Placement issuance of securities, net of expenses | 2,542 | 8,789 |
Proceeds from ATM Program, net of expenses | 1,036 | |
Net cash provided by financing activities | 5,042 | 9,825 |
Net increase/(decrease) in cash and cash equivalents | (1,262) | (3,060) |
Cash, cash equivalents and restricted cash - beginning of year | 2,040 | 5,813 |
Cash, cash equivalents and restricted cash - end of year | 778 | 2,753 |
Supplementary disclosure of cash flows information: | ||
Interest paid | $ 514 |
Note 1 - The Company and Descri
Note 1 - The Company and Description of Business | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Note 1 The Company and Description of Business Windtree Therapeutics, Inc. (referred to as “we,” “us,” or the “Company”) is a biotechnology company focused on developing novel KL4 KL4 KL4 3 ® may no Our lead development program is AEROSURF may may not first 72 may AEROSURF is designed to administer aerosolized KL4 KL4 In addition to advancing AEROSURF, we are assessing potential development pathways to potentially gain marketing approval for lyophilized KL4 KL4 may We also believe that our KL4 may KL4 no may KL4 To leverage our capabilities, maximize the use of our resources and potentially reduce our dependency on a single product candidate, we also seek to enter into strategic alliances, collaboration agreements and other strategic transactions (including without limitation, by merger, acquisition or other corporate transaction). We are currently engaged in discussions for a potential strategic transaction that could diversify our assets and bring in additional capital. There can be no no |
Note 2 - Liquidity Risks and Ma
Note 2 - Liquidity Risks and Management's Plans | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Liquidity Disclosures [Text Block] | Note 2 Liquidity Risks and Management’s Plans As of June 30, 2018, $0.6 $15.2 July 2, 2018, $1.5 August 3, 2018 $0.7 August 2018. not no We expect to continue to incur significant losses and will require significant additional capital to support our operations, advance our AEROSURF clinical development program, and satisfy existing obligations, and we do not one To alleviate the conditions that raise substantial doubt about our ability to continue as a going concern, management plans to raise additional capital through one no no none not one The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business, and do not In April 2018, $2.6 $2.5 June 2018, $1 $1 October 31, 2018. August 3, 2018, not On July 2, 2018, $1.5 two first $1.0 second $500,000 July 23, 2018. 15% $4.00. may may no (S ee, 12 As of June 30, 2018, 120 5 113.5 5.0 not |
Note 3 - Basis of Presentation
Note 3 - Basis of Presentation | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Basis of Accounting [Text Block] | Note 3 Basis of Presentation These interim unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the U.S. (U.S. GAAP) for interim financial information in accordance with the instructions to Form 10 not three six June 30, 2018 not may December 31, 2018. no December 31, 2017. see 4 10 2017 10 4 10 |
Note 4 - Summary of Significant
Note 4 - Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | Note 4 Summary of Significant Accounting Policies Use of Estimates The preparation of financial statements, in conformity with U.S. GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Restructured debt liability – contingent milestone payment In conjunction with the November 2017 See, 9 $15 October 27, 2017 ( not Deferred revenue Deferred revenue represents amounts received prior to satisfying the revenue recognition criteria ( see 12 not 12 Deferred revenue primarily consists of amounts related to an upfront license fee received in July 2017 see 11 Revenue recognition Effective January 1, 2018, 606, 606, In accordance with ASC Topic 606, 606, five (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. We only apply the five 606, Research and development We account for research and development expense by the following categories: (a) product development and manufacturing, (b) clinical medical and regulatory operations, and (c) direct preclinical and clinical development programs. Research and development expense includes personnel, facilities, manufacturing and quality operations, pharmaceutical and device development, research, clinical, regulatory, other preclinical and clinical activities and medical affairs. Research and development costs are charged to operations as incurred in accordance with Accounting Standards Codification (ASC) Topic 730, Research and Development Net Loss per Common Share Basic net loss per share is computed by dividing net loss by the weighted average number of common shares outstanding for the period. Diluted net loss per common share is computed by giving effect to all potentially dilutive securities outstanding for the period. As of June 30, 2018 2017, 1.1 1.2 three six June 30, 2018 2017, Net loss per common share – basic and diluted and weighted average number of common shares outstanding for the three six June 30, 2017 We do not Beneficial Conversion Feature The issuance of Series A Convertible Preferred Stock (Preferred Shares) in the second 2017 see 5 $3.6 one first 2017. An additional discount to the Preferred Shares of $4.5 No three six June 30, 2018. three June 30, 2017, $0.5 Income taxes We account for income taxes in accordance with ASC Topic 740, We use a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Because we have never realized a profit, management has fully reserved the net deferred tax asset since realization is not On December 22, 2017, 2017 2017 21%, one December 31, 2017, 2017 118. June 30, 2018, not December 31, 2017. 2018. Recently Adopted Accounting Standards In May 2014, 2014 09, Revenue from Contracts with Customers (Topic 606 606 2014 09, January 1, 2018 July 2017, 2014 09 no no 11 In May 2017, 2017 09, Compensation—Stock Compensation (Topic 718 , Scope of Modification Accounting December 31, 2018 2017 09 January 1, 2018 not not 2018 In August 2016, 2016 15, Statement of Cash Flows (Topic 230 eight one December 31, 2018 2016 15 January 1, 2018 not not 2018 |
Note 5 - Stockholders' Equity
Note 5 - Stockholders' Equity | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | Note 5 Stockholders ’ Equity On April 4, 2018, $2.6 541,667 135,417 $5.52 $4.80. 6 seventh 25% 180th March 30, 2018, may |
Note 6 - License Revenue with A
Note 6 - License Revenue with Affiliate | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | Note 6 License R evenue with A ffiliate Three Months Ended Six Months Ended (in thousands) 2018 2017 2018 2017 License revenue with affiliate $ 356 $ - $ 560 $ - License revenue with affiliate for the three six June 30, 2018 606, January 1, 2018 ( see 4 11 no 606. |
Note 7 - Fair Value of Financia
Note 7 - Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 7 – Fair Value of Financial Instruments Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The fair value hierarchy is based on three first two ● Level 1 ● Level 2 1 not ● Level 3 no Fair Value on a Recurring Basis The tables below categorize assets and liabilities measured at fair value on a recurring basis for the periods presented: Fair Value Fair value measurement using June 30, (in thousands) 2018 Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 638 $ 638 $ - $ - Certificate of deposit 140 140 - - Total Assets $ 778 $ 778 $ - $ - Fair Value Fair value measurement using December 31, (in thousands) 2017 Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 1,815 $ 1,815 $ - $ - Certificate of deposit 225 225 - - Total Assets $ 2,040 $ 2,040 $ - $ - |
Note 8 - Loan Payable
Note 8 - Loan Payable | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Short-term Debt [Text Block] | Note 8 – Loan Payable In January 2018 March 2018, $1.5 $1.0 one 6% December 31, 2018. |
Note 9 - Restructured Debt Liab
Note 9 - Restructured Debt Liability | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | Note 9 – Restructured debt liability June 30, December 31, (in thousands) 2018 2017 Restructured debt liability - contingent milestone payments $ 15,000 $ 15,000 On November 1, 2017, $25 25,000 $786.80 $2.5 71,111 2% $15 $15 see 4 |
Note 10 - Stock Options and Sto
Note 10 - Stock Options and Stock-based Employee Compensation | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 10 – Stock Options and Stock-Based Employee Compensation We recognize in our condensed consolidated financial statements all stock-based awards to employees and non-employee directors based on their fair value on the date of grant, calculated using the Black-Scholes option-pricing model. Compensation expense related to stock-based awards is recognized ratably over the vesting period, which for employees is typically three A summary of activity under our long-term incentive plans is presented below: (in thousands, except for weighted-average data) Stock Options Shares Weighted- Weighted- Outstanding at January 1, 2018 84 $ 163.20 Granted - - Forfeited or expired (1 ) 693.45 Outstanding at June 30, 2018 83 $ 158.88 7.3 Vested and exercisable at June 30, 2018 65 $ 195.43 7.0 Vested and expected to vest at June 30, 2018 82 $ 159.40 7.3 (in thousands, except for weighted-average data) Restricted Stock Units Shares Weighted- Unvested at January 1, 2018 190 $ 4.33 Awarded - - Vested - - Unvested at June 30, 2018 190 $ 4.33 The fair value of each option award is estimated on the date of grant using the Black-Scholes option-pricing formula based on the following weighted average assumptions: Six Months Ended 2017 Weighted average expected volatility 79% Weighted average expected term 6.6 Weighted average risk-free interest rate 2.22% Expected dividends - The table below summarizes the total stock-based compensation expense included in the statements of operations for the periods presented: Three Months Ended Six Months Ended (in thousands) 2018 2017 2018 2017 Research and development $ 30 $ 124 $ 140 $ 283 Selling, general and administrative 110 130 418 271 Total $ 140 $ 254 $ 558 $ 554 |
Note 11 - Out-Licensing Agreeme
Note 11 - Out-Licensing Agreement | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Corporate Partnership, Licensing and Research Funding Agreements [Text Block] | Note 11 Out- Licensing Agreement Lee’s Pharmaceutical (HK) Ltd. In June 2017, “ KL4 2012 KL4 12 Under the License Agreement, Lee’s made an upfront payment to us of $1 may $37.5 may 3 In August 2017, $3.9 October 31, 2017, $10 November 1, 2017. No. 1 $35.8 Accounting Analysis under ASC 606 In evaluating the License Agreement in accordance with ASC Topic 606, KL4 606 10 25 16A, We concluded that the licensing rights were not not not No. 1 not With respect to Amendment No. 1, 2014 09, $1 $0.3 No. 1. $1.3 KL4 November 2017 June 2019. Regulatory and commercialization milestones were excluded from the transaction price, as all milestone amounts were fully constrained under the guidance. As part of our evaluation of the constraint, we considered a number of factors in determining whether there is significant uncertainty associated with the future events that would result in the milestone payments. Those factors include: our financial position; ongoing delays in our development activities and with initiating phase 3 2b 2015 not see 1A Consideration related to sales-based milestones and royalties will be recognized when the related sales occur, provided that the reported sales are reliably measurable and that we have no |
Note 12 - Subsequent Events
Note 12 - Subsequent Events | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 1 2 – Subsequent Events On July 2, 2018, $1.5 two first $1.0 second $500,000 July 23, 2018. The Loans bear interest on the outstanding principal amount at a rate of 15% $4.00, ® June 29, 2018, first may may no 2 In connection with the Loans, we issued to Panacea warrants (the “Series D Warrants”) to purchase 187,500 $4.00 may six fifth may not 9.99% may sixty-one |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements, in conformity with U.S. GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Restructured Debt Liability, Contingent Milestone Payment, Policy [Policy Text Block] | Restructured debt liability – contingent milestone payment In conjunction with the November 2017 See, 9 $15 October 27, 2017 ( not |
Revenue Recognition, Deferred Revenue [Policy Text Block] | Deferred revenue Deferred revenue represents amounts received prior to satisfying the revenue recognition criteria ( see 12 not 12 Deferred revenue primarily consists of amounts related to an upfront license fee received in July 2017 see 11 |
Revenue Recognition, Multiple-deliverable Arrangements, Description [Policy Text Block] | Revenue recognition Effective January 1, 2018, 606, 606, In accordance with ASC Topic 606, 606, five (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. We only apply the five 606, |
Research and Development Expense, Policy [Policy Text Block] | Research and development We account for research and development expense by the following categories: (a) product development and manufacturing, (b) clinical medical and regulatory operations, and (c) direct preclinical and clinical development programs. Research and development expense includes personnel, facilities, manufacturing and quality operations, pharmaceutical and device development, research, clinical, regulatory, other preclinical and clinical activities and medical affairs. Research and development costs are charged to operations as incurred in accordance with Accounting Standards Codification (ASC) Topic 730, Research and Development |
Earnings Per Share, Policy [Policy Text Block] | Net Loss per Common Share Basic net loss per share is computed by dividing net loss by the weighted average number of common shares outstanding for the period. Diluted net loss per common share is computed by giving effect to all potentially dilutive securities outstanding for the period. As of June 30, 2018 2017, 1.1 1.2 three six June 30, 2018 2017, Net loss per common share – basic and diluted and weighted average number of common shares outstanding for the three six June 30, 2017 We do not |
Stockholders' Equity Note, Convertible Preferred Stock, Beneficial Conversion Feature, Policy [Policy Text Block] | Beneficial Conversion Feature The issuance of Series A Convertible Preferred Stock (Preferred Shares) in the second 2017 see 5 $3.6 one first 2017. An additional discount to the Preferred Shares of $4.5 No three six June 30, 2018. three June 30, 2017, $0.5 |
Income Tax, Policy [Policy Text Block] | Income taxes We account for income taxes in accordance with ASC Topic 740, We use a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Because we have never realized a profit, management has fully reserved the net deferred tax asset since realization is not On December 22, 2017, 2017 2017 21%, one December 31, 2017, 2017 118. June 30, 2018, not December 31, 2017. 2018. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Standards In May 2014, 2014 09, Revenue from Contracts with Customers (Topic 606 606 2014 09, January 1, 2018 July 2017, 2014 09 no no 11 In May 2017, 2017 09, Compensation—Stock Compensation (Topic 718 , Scope of Modification Accounting December 31, 2018 2017 09 January 1, 2018 not not 2018 In August 2016, 2016 15, Statement of Cash Flows (Topic 230 eight one December 31, 2018 2016 15 January 1, 2018 not not 2018 |
Note 6 - License Revenue with19
Note 6 - License Revenue with Affiliate (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended Six Months Ended (in thousands) 2018 2017 2018 2017 License revenue with affiliate $ 356 $ - $ 560 $ - |
Note 7 - Fair Value of Financ20
Note 7 - Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Fair Value Fair value measurement using June 30, (in thousands) 2018 Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 638 $ 638 $ - $ - Certificate of deposit 140 140 - - Total Assets $ 778 $ 778 $ - $ - Fair Value Fair value measurement using December 31, (in thousands) 2017 Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 1,815 $ 1,815 $ - $ - Certificate of deposit 225 225 - - Total Assets $ 2,040 $ 2,040 $ - $ - |
Note 9 - Restructured Debt Li21
Note 9 - Restructured Debt Liability (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | June 30, December 31, (in thousands) 2018 2017 Restructured debt liability - contingent milestone payments $ 15,000 $ 15,000 |
Note 10 - Stock Options and S22
Note 10 - Stock Options and Stock-based Employee Compensation (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | (in thousands, except for weighted-average data) Stock Options Shares Weighted- Weighted- Outstanding at January 1, 2018 84 $ 163.20 Granted - - Forfeited or expired (1 ) 693.45 Outstanding at June 30, 2018 83 $ 158.88 7.3 Vested and exercisable at June 30, 2018 65 $ 195.43 7.0 Vested and expected to vest at June 30, 2018 82 $ 159.40 7.3 |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | (in thousands, except for weighted-average data) Restricted Stock Units Shares Weighted- Unvested at January 1, 2018 190 $ 4.33 Awarded - - Vested - - Unvested at June 30, 2018 190 $ 4.33 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Six Months Ended 2017 Weighted average expected volatility 79% Weighted average expected term 6.6 Weighted average risk-free interest rate 2.22% Expected dividends - |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Three Months Ended Six Months Ended (in thousands) 2018 2017 2018 2017 Research and development $ 30 $ 124 $ 140 $ 283 Selling, general and administrative 110 130 418 271 Total $ 140 $ 254 $ 558 $ 554 |
Note 2 - Liquidity Risks and 23
Note 2 - Liquidity Risks and Management's Plans (Details Textual) - USD ($) | Jul. 23, 2018 | Jul. 15, 2018 | Jul. 02, 2018 | Apr. 04, 2018 | Aug. 03, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Cash and Cash Equivalents, at Carrying Value, Ending Balance | $ 638,000 | $ 1,815,000 | |||||
Accounts Payable and Accrued Liabilities, Current, Total | $ 15,200,000 | ||||||
Common Stock, Shares Authorized | 120,000,000 | 120,000,000 | |||||
Preferred Stock, Shares Authorized | 5,000,000 | 5,000,000 | |||||
Common Stock, Capital Shares Available for Issuance | 113,500,000 | ||||||
Preferred Stock, Capital Shares Available for Issuance | 5,000,000 | ||||||
Lee's [Member] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,000,000 | ||||||
Maximum Amount of Cash Resources to Expend | 1,000,000 | ||||||
Letters of Credit Outstanding, Amount | $ 0 | ||||||
Private Placement [Member] | LPH II [Member] | |||||||
Private Placement, Purchase Price of Common Stock and Warrants | $ 2,600,000 | ||||||
Proceeds from Issuance of Private Placement | $ 2,500,000 | ||||||
Subsequent Event [Member] | |||||||
Cash and Cash Equivalents, at Carrying Value, Ending Balance | $ 700,000 | ||||||
Subsequent Event [Member] | Panacea [Member] | Secured Convertible Promissory Note [Member] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,500,000 | ||||||
Proceeds from Convertible Debt | $ 500,000 | $ 500,000 | $ 1,000,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 15.00% | ||||||
Debt Instrument, Convertible, Conversion Price | $ 4 |
Note 4 - Summary of Significa24
Note 4 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands, shares in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2018 | Jun. 30, 2017 | Mar. 31, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Nov. 01, 2017 | |
Liability for Contingent Milestone Payment, Noncurrent | $ 15,000 | $ 15,000 | $ 15,000 | |||||
Number of Shares of Common Stock Potentially Issuable upon the Exercise of Stock Options and Warrants | 1.1 | 1.2 | ||||||
Preferred Stock Dividends, Income Statement Impact | $ 532 | $ 3,600 | $ 4,136 | |||||
Preferred Stock, Discount on Shares | 4,500 | |||||||
Scenario, Forecast [Member] | ||||||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | |||||||
Conversion of Preferred Stock [Member] | ||||||||
Preferred Stock Dividends, Income Statement Impact | 0 | 0 | ||||||
Deerfield Loan [Member] | ||||||||
Liability for Contingent Milestone Payment, Noncurrent | $ 15,000 | $ 15,000 | $ 15,000 | |||||
Deerfield Loan [Member] | Exchange and Termination Agreement [Member] | Deerfield Management, L.P. [Member] | ||||||||
Liability for Contingent Milestone Payment, Noncurrent | $ 15,000 |
Note 5 - Stockholders' Equity (
Note 5 - Stockholders' Equity (Details Textual) - Private Placement [Member] - LPH II [Member] | Apr. 04, 2018USD ($)$ / sharesshares |
Private Placement, Purchase Price of Common Stock and Warrants | $ | $ 2,600,000 |
Stock Issued During Period, Shares, New Issues | shares | 541,667 |
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 135,417 |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 5.52 |
Shares Issued, Price Per Share | $ / shares | $ 4.80 |
Class of Warrant or Right, Vesting Period | 180 days |
Warrants and Rights Outstanding, Term | 7 years |
Registration Rights Agreement, Rights Percentage | 25.00% |
Note 6 - License Revenue with26
Note 6 - License Revenue with Affiliate - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
License [Member] | ||||
License revenue with affiliate | $ 356 | $ 560 |
Note 7 - Fair Value of Financ27
Note 7 - Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Assets: | ||
Cash and cash equivalents | $ 638 | $ 1,815 |
Total Assets | 778 | 2,040 |
Certificates of Deposit [Member] | ||
Assets: | ||
Certificate of deposit | 140 | 225 |
Fair Value, Inputs, Level 1 [Member] | ||
Assets: | ||
Cash and cash equivalents | 638 | 1,815 |
Total Assets | 778 | 2,040 |
Fair Value, Inputs, Level 1 [Member] | Certificates of Deposit [Member] | ||
Assets: | ||
Certificate of deposit | 140 | 225 |
Fair Value, Inputs, Level 2 [Member] | ||
Assets: | ||
Cash and cash equivalents | ||
Total Assets | ||
Fair Value, Inputs, Level 2 [Member] | Certificates of Deposit [Member] | ||
Assets: | ||
Certificate of deposit | ||
Fair Value, Inputs, Level 3 [Member] | ||
Assets: | ||
Cash and cash equivalents | ||
Total Assets | ||
Fair Value, Inputs, Level 3 [Member] | Certificates of Deposit [Member] | ||
Assets: | ||
Certificate of deposit |
Note 8 - Loan Payable (Details
Note 8 - Loan Payable (Details Textual) - LPH [Member] - USD ($) $ in Millions | 1 Months Ended | ||
Mar. 31, 2018 | Jan. 31, 2018 | Jun. 30, 2018 | |
Proceeds from Issuance of Debt | $ 1 | $ 1.5 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.00% |
Note 9 - Restructured Debt Li29
Note 9 - Restructured Debt Liability (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Nov. 01, 2017 | Jun. 30, 2018 | Dec. 31, 2017 |
Liability for Contingent Milestone Payment, Noncurrent | $ 15,000 | $ 15,000 | |
Deerfield Loan [Member] | |||
Liability for Contingent Milestone Payment, Noncurrent | $ 15,000 | $ 15,000 | |
Deerfield Loan [Member] | Exchange and Termination Agreement [Member] | Deerfield Management, L.P. [Member] | |||
Extinguishment of Debt, Amount | $ 25,000 | ||
Class of Warrant or Right, Number of Warrants Cancelled | 25,000 | ||
Class of Warrant or Right, Exercise Price of Cancelled Warrants | $ 786.80 | ||
Repayments of Long-term Debt, Total | $ 2,500 | ||
Stock Issued During Period, Shares, Cancellation of Debt and Warrant Obligations | 71,111 | ||
Stock Issued During Period, Shares, Cancellation of Debt and Warrant Obligations, Percentage of Fully-diluted Shares Outstanding | 2.00% | ||
Liability for Contingent Milestone Payment, Noncurrent | $ 15,000 |
Note 9 - Restructured Debt Li30
Note 9 - Restructured Debt Liability - Long-term Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Restructured debt liability - contingent milestone payments | $ 15,000 | $ 15,000 |
Deerfield Loan [Member] | ||
Restructured debt liability - contingent milestone payments | $ 15,000 | $ 15,000 |
Note 10 - Stock Options and S31
Note 10 - Stock Options and Stock-based Employee Compensation (Details Textual) | 6 Months Ended |
Jun. 30, 2018 | |
The 2011 Long-term Incentive Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 3 years |
Note 10 - Stock Options and S32
Note 10 - Stock Options and Stock-based Employee Compensation - Summary of Stock Option Activity (Details) shares in Thousands | 6 Months Ended |
Jun. 30, 2018$ / sharesshares | |
Shares Outstanding, Beginning Balance (in shares) | shares | 84 |
Weighted Average Exercise Price, Outstanding, at Beginning Period (in dollars per share) | $ / shares | $ 163.20 |
Shares Granted (in shares) | shares | |
Weighted Average Exercise Price, Granted (in dollars per share) | $ / shares | |
Shares Forfeited or Expired (in shares) | shares | (1) |
Weighted Average Exercise Price, Forfeited or Expired (in dollars per share) | $ / shares | $ 693.45 |
Shares Outstanding, Ending Balance (in shares) | shares | 83 |
Weighted Average Exercise Price, Outstanding, at Ending Period (in dollars per share) | $ / shares | $ 158.88 |
Weighted Average Remaining Contractual Life, Outstanding (Year) | 7 years 109 days |
Shares Vested and Exercisable (in shares) | shares | 65 |
Weighted Average Exercise Price, Vested and Exercisable (in dollars per share) | $ / shares | $ 195.43 |
Weighted Average Remaining Contractual Life, Vested and Exercisable (Year) | 7 years |
Vested and expected to vest (in shares) | shares | 82 |
Weighted Average Exercise Price, Vested and Expected to Vest (in dollars per share) | $ / shares | $ 159.40 |
Weighted Average Remaining Contractual Life, Vested and Expected to Vest (Year) | 7 years 109 days |
Note 10 - Stock Options and S33
Note 10 - Stock Options and Stock-based Employee Compensation - Summary of Restricted Stock Units Activity (Details) - Restricted Stock Units (RSUs) [Member] shares in Thousands | 6 Months Ended |
Jun. 30, 2018$ / sharesshares | |
Unvested, Beginning Balance (in shares) | shares | 190 |
Unvested, Beginning Balance (in dollars per share) | $ / shares | $ 4.33 |
Awarded (in shares) | shares | |
Awarded (in dollars per share) | $ / shares | |
Vested (in shares) | shares | |
Vested (in dollars per share) | $ / shares | |
Unvested, Ending Balance (in shares) | shares | 190 |
Unvested, Ending Balance (in dollars per share) | $ / shares | $ 4.33 |
Note 10 - Stock Options and S34
Note 10 - Stock Options and Stock-based Employee Compensation - Stock Options Valuation Assumptions (Details) | 6 Months Ended |
Jun. 30, 2017 | |
Weighted average expected volatility | 79.00% |
Weighted average expected term (Year) | 6 years 219 days |
Weighted average risk-free interest rate | 2.22% |
Expected dividends |
Note 10 - Stock Options and S35
Note 10 - Stock Options and Stock-based Employee Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Stock-based compensation expense | $ 140 | $ 254 | $ 558 | $ 554 |
Research and Development Expense [Member] | ||||
Stock-based compensation expense | 30 | 124 | 140 | 283 |
Selling, General and Administrative Expenses [Member] | ||||
Stock-based compensation expense | $ 110 | $ 130 | $ 418 | $ 271 |
Note 11 - Out-Licensing Agree36
Note 11 - Out-Licensing Agreement (Details Textual) - USD ($) $ in Thousands | Nov. 01, 2017 | Aug. 31, 2017 | Jul. 31, 2017 | Jun. 30, 2017 | Oct. 31, 2017 | Jun. 30, 2018 | Jun. 30, 2017 |
Proceeds from Short-term Debt, Total | $ 2,500 | ||||||
LPH [Member] | Acquisition of Windtree [Member] | |||||||
Business Combination, Consideration Transferred, Total | $ 10,000 | ||||||
Maximum [Member] | Lee's [Member] | Lee's Loan to Support Operations [Member] | |||||||
Proceeds from Short-term Debt, Total | $ 3,900 | ||||||
License Agreement With Lee’s [Member] | |||||||
Proceeds from License Fees Received | $ 1,000 | $ 1,000 | |||||
License Agreement, Contingent Receivable, Maximum | $ 35,800 | $ 37,500 | |||||
Fair Value of Royalties and Milestones Foregone | $ 300 | ||||||
Revenue, Remaining Performance Obligation, Amount | $ 1,300 |
Note 12 - Subsequent Events (De
Note 12 - Subsequent Events (Details Textual) - Panacea [Member] - Subsequent Event [Member] - USD ($) | Jul. 23, 2018 | Jul. 15, 2018 | Jul. 02, 2018 |
Series D Warrants [Member] | |||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 187,500 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 4 | ||
Class of Warrant or Right, Vesting Period | 180 days | ||
Warrants and Rights Outstanding, Term | 5 years | ||
Class of Warrants, May Not Exercise To Extent, Percentage | 9.99% | ||
Secured Convertible Promissory Note [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,500,000 | ||
Proceeds from Convertible Debt | $ 500,000 | $ 500,000 | $ 1,000,000 |
Debt Instrument, Interest Rate, Stated Percentage | 15.00% | ||
Debt Instrument, Convertible, Conversion Price | $ 4 |