Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2018 | Nov. 02, 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 | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Common Stock, Shares Outstanding (in shares) | 3,769,088 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Current Assets: | ||
Cash and cash equivalents | $ 640 | $ 1,815 |
Prepaid expenses and other current assets | 399 | 422 |
Total current assets | 1,039 | 2,237 |
Property and equipment, net | 764 | 885 |
Restricted cash | 140 | 225 |
Total assets | 1,943 | 3,347 |
Current Liabilities: | ||
Accounts payable | 4,519 | 3,048 |
Collaboration payable | 3,770 | 3,624 |
Accrued expenses | 4,069 | 4,204 |
Deferred revenue - current portion | 503 | 884 |
Loan payable | 4,280 | |
Convertible note payable, $1,500 net of discount of $531 at September 30, 2018 | 969 | |
Total current liabilities | 18,110 | 11,760 |
Restructured debt liability - contingent milestone payments | 15,000 | 15,000 |
Deferred revenue - non-current portion | 407 | |
Other liabilities | 166 | 100 |
Total liabilities | 33,276 | 27,267 |
Stockholders' Equity: | ||
Preferred stock, $0.001 par value; 5,000,000 shares authorized; 2,701 shares issued and outstanding at September 30, 2018 and December 31, 2017 | ||
Common stock, $0.001 par value; 120,000,000 shares authorized at September 30, 2018 and December 31, 2017; 3,769,162 shares issued at September 30, 2018 and December 31, 2017; 3,769,088 shares outstanding at September 30, 2018 and December 31, 2017 | 4 | 3 |
Additional paid-in capital | 620,322 | 616,245 |
Accumulated deficit | (648,605) | (637,114) |
Treasury stock (at cost); 74 shares | (3,054) | (3,054) |
Total stockholders' equity | (31,333) | (23,920) |
Total liabilities & stockholders' equity | $ 1,943 | $ 3,347 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Discount of note payable | $ 531 | |
Convertible note payable | $ 1,500 | |
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 | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Revenues: | ||||
Grant revenue | $ 70 | $ 17 | $ 765 | $ 1,383 |
Revenues | 229 | 17 | 1,484 | 1,383 |
Expenses: | ||||
Research and development | 2,197 | 3,062 | 8,194 | 14,958 |
General and administrative | 1,500 | 1,749 | 4,634 | 5,475 |
Total operating expense | 3,697 | 4,811 | 12,828 | 20,433 |
Operating loss | (3,468) | (4,794) | (11,344) | (19,050) |
Other income / (expense): | ||||
Interest income | 1 | 3 | 9 | 9 |
Interest expense | (460) | (652) | (642) | (1,878) |
Other income | 486 | |||
Other income / (expense), net | (459) | (649) | (147) | (1,869) |
Net loss | (3,927) | (5,443) | (11,491) | (20,919) |
Deemed dividend on Series A preferred stock | (2,234) | (6,370) | ||
Net loss attributable to common shareholders | $ (3,927) | $ (7,677) | $ (11,491) | $ (27,289) |
Net loss per common share | ||||
Basic and diluted (in dollars per share) | $ (1.04) | $ (10.53) | $ (3.21) | $ (48.45) |
Weighted average number of common shares outstanding | ||||
Basic and diluted (in shares) | 3,769 | 729 | 3,585 | 563 |
License [Member] | ||||
Revenues: | ||||
License revenue with affiliate | $ 159 | $ 719 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Cash flows from operating activities: | ||
Net loss | $ (11,491) | $ (20,919) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 121 | 147 |
Amortization of debt discount | 303 | |
Stock-based compensation | 703 | 839 |
Amortization of prepaid interest | 818 | |
Gain on sale of property and equipment | (9) | |
Changes in: | ||
Prepaid expenses and other current assets | 23 | 264 |
Accounts payable | 1,471 | 3,155 |
Collaboration payable | 146 | 216 |
Accrued expenses | (68) | (1,827) |
Deferred revenue | (789) | 1,070 |
Net cash used in operating activities | (9,590) | (16,237) |
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 | 4,280 | 2,600 |
Proceeds from Private Placement issuance of securities, net of expenses | 2,541 | 8,789 |
Proceeds from convertible note payable | 1,500 | |
Proceeds from ATM Program, net of expenses | 1,036 | |
Net cash provided by financing activities | 8,321 | 12,425 |
Net increase/(decrease) in cash and cash equivalents | (1,260) | (3,836) |
Cash, cash equivalents and restricted cash - beginning of year | 2,040 | 5,813 |
Cash, cash equivalents and restricted cash - end of year | 780 | 1,977 |
Supplementary disclosure of cash flows information: | ||
Interest paid | $ 514 |
Note 1 - The Company and Descri
Note 1 - The Company and Description of Business | 9 Months Ended |
Sep. 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 potentially meaningfully reduce the use of invasive endotracheal intubation and mechanical ventilation by delivering 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 pursuing 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 | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Liquidity Disclosures [Text Block] | Note 2 Liquidity Risks and Management’s Plans As of September 30, 2018, $0.6 $18.1 $4.3 see 8 $1.0 see 9 August 2018, $2.7 see 8 13 not no November 2, 2018, November 2018. 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 the potential strategic transaction on which we are currently focused, which would provide access to additional products to diversify our offerings and additional capital to fund our operations. Although we are currently actively engaged in diligence and discussions to complete this strategic transaction, there can be no may 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 June 2018, $1 $1 December 28, 2018. November 2, 2018, not As of November 2, 2018, 120 5 113.3 5.0 not |
Note 3 - Basis of Presentation
Note 3 - Basis of Presentation | 9 Months Ended |
Sep. 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 nine September 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 | 9 Months Ended |
Sep. 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, 10 $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 12 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, We have concluded that our government grants are not 606 not 958 605, Not not In the absence of applicable guidance under US GAAP, effective January 1, 2018, We believe this policy is consistent with the overarching premise in ASC Topic 606, no 606. 606. Prior to January 1, 2018, not no 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 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 September 30, 2018 2017, 1.3 0.9 three nine September 30, 2018 2017, Net loss per common share – basic and diluted and weighted average number of common shares outstanding for the three nine September 30, 2017 We do not Beneficial Conversion Feature A beneficial conversion feature arises when a debt or equity security is issued with an embedded conversion option that is beneficial to the investor (or in the money) at inception due to the conversion option having an effective conversion price that is less than the fair value of the underlying stock at the commitment date. Preferred Stock The issuance of Series A Convertible Preferred Stock (Preferred Shares) in the first 2017 see 5 $3.6 one first 2017. An additional discount to the Preferred Shares of $4.5 No three nine September 30, 2018. three nine September 30, 2017, $2.2 $6.4 Convertible Note The issuance on July 2, 2018 $1.5 $1.5 $0.4 $0.4 $1.5 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. September 30, 2018, not December 31, 2017. fourth 2018. Recently Adopted Accounting Standards In May 2014, 2014 09, Revenue from Contracts with Customers (Topic 606 606 2014 09, January 1, 2018 June 2017, 2014 09 no no 12 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 Recent Accounting Pronouncements In February 2016, 2016 02, Leases 842 January 1, 2019. not 2016 02 may |
Note 5 - Stockholders' Equity
Note 5 - Stockholders' Equity | 9 Months Ended |
Sep. 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 | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | Note 6 License R evenue with A ffiliate Three Months Ended Nine Months Ended (in thousands) 2018 2017 2018 2017 License revenue with affiliate $ 159 $ - $ 719 $ - License revenue with affiliate for the three nine September 30, 2018 606, January 1, 2018 ( see 4 12 no 606. |
Note 7 - Fair Value of Financia
Note 7 - Fair Value of Financial Instruments | 9 Months Ended |
Sep. 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 September 30, (in thousands) 2018 Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 640 $ 640 $ - $ - Certificate of deposit 140 140 - - Total Assets $ 780 $ 780 $ - $ - 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 | 9 Months Ended |
Sep. 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. March 1, 2018 ( In August 2018 September 2018, August 14, 2018 $300,000, August 29, 2018, $480,000; September 12, 2018 $500,000; September 27, 2018 $500,000. 6% $30 March 31, 2019. |
Note 9 - Convertible Note Payab
Note 9 - Convertible Note Payable | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Convertible Note Payable Disclosure [Text Block] | Note 9 – Convertible Note P ayable September 30, (in thousands) 2018 Convertible note payable $ 1,500 Unamortized discount (531 ) Convertible note payable, net of discount 969 On July 2, 2018, $1.5 two $1.0 $500,000 July 23, 2018. December 31, 2018 15% $4.00. may may no In connection with the Note, 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 We recorded the Note as current debt at its face value of $1.5 $0.4 $0.4 $1.5 815, Derivatives and Hedging – Contracts in Entity’s Own Equity The fair value at issuance of the Panacea Warrants was determined using the Black-Scholes option-pricing model. The input assumptions used in the valuation are the historical volatility of our common stock price, the expected term of the warrants, and the risk-free interest rate based on the five Significant Input Assumptions of Warrant Valuation Historical volatility 103 % Expected term (in years) 5 Risk-free interest rate 2.75 % The following amounts comprise the convertible note interest expense for the periods presented: September 30, (in thousands) 2018 Cash interest expense $ 51 Non-cash amortization of debt discounts 302 Total convertible note interest expense 353 |
Note 10 - Restructured Debt Lia
Note 10 - Restructured Debt Liability | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | Note 10 – Restructured debt liability September 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 11 - Stock Options and Sto
Note 11 - Stock Options and Stock-based Employee Compensation | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 11 – 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 ) 729.80 Outstanding at September 30, 2018 83 $ 154.80 7.1 Vested and exercisable at September 30, 2018 66 $ 186.00 6.9 Vested and expected to vest at September 30, 2018 82 $ 155.20 7.1 (in thousands, except for weighted-average data) Restricted Stock Units Shares Weighted- Unvested at January 1, 2018 190 $ 4.33 Awarded - - Vested - - Unvested at September 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: Nine Months Ended 2017 Weighted average expected volatility 79% Weighted average expected term (years) 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 Nine Months Ended (in thousands) 2018 2017 2018 2017 Research and development $ 29 $ 77 $ 169 $ 360 Selling, general and administrative 116 101 534 372 Total $ 145 $ 178 $ 703 $ 732 |
Note 12 - Out-Licensing Agreeme
Note 12 - Out-Licensing Agreement | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Corporate Partnership, Licensing and Research Funding Agreements [Text Block] | Note 12 – Out- Licensing Agreement Lee’s Pharmaceutical (HK) Ltd. In June 2017, “ KL4 2012 KL4 12 Under the License Agreement, Lee’s (HK) 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 our 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 13 - Subsequent Events
Note 13 - Subsequent Events | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 1 3 – Subsequent Events On October 19, 2018 November 2, 2018, $430,000 $500,000 October 19, 2018 November 2, 2018, 6% $30 March 31, 2019. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 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, 10 $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 12 |
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, We have concluded that our government grants are not 606 not 958 605, Not not In the absence of applicable guidance under US GAAP, effective January 1, 2018, We believe this policy is consistent with the overarching premise in ASC Topic 606, no 606. 606. Prior to January 1, 2018, not no |
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 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 September 30, 2018 2017, 1.3 0.9 three nine September 30, 2018 2017, Net loss per common share – basic and diluted and weighted average number of common shares outstanding for the three nine September 30, 2017 We do not |
Stockholders' Equity Note, Convertible Preferred Stock, Beneficial Conversion Feature, Policy [Policy Text Block] | Beneficial Conversion Feature A beneficial conversion feature arises when a debt or equity security is issued with an embedded conversion option that is beneficial to the investor (or in the money) at inception due to the conversion option having an effective conversion price that is less than the fair value of the underlying stock at the commitment date. Preferred Stock The issuance of Series A Convertible Preferred Stock (Preferred Shares) in the first 2017 see 5 $3.6 one first 2017. An additional discount to the Preferred Shares of $4.5 No three nine September 30, 2018. three nine September 30, 2017, $2.2 $6.4 Convertible Note The issuance on July 2, 2018 $1.5 $1.5 $0.4 $0.4 $1.5 |
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. September 30, 2018, not December 31, 2017. fourth 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 June 2017, 2014 09 no no 12 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 Recent Accounting Pronouncements In February 2016, 2016 02, Leases 842 January 1, 2019. not 2016 02 may |
Note 6 - License Revenue with_2
Note 6 - License Revenue with Affiliate (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended Nine Months Ended (in thousands) 2018 2017 2018 2017 License revenue with affiliate $ 159 $ - $ 719 $ - |
Note 7 - Fair Value of Financ_2
Note 7 - Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Fair Value Fair value measurement using September 30, (in thousands) 2018 Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 640 $ 640 $ - $ - Certificate of deposit 140 140 - - Total Assets $ 780 $ 780 $ - $ - 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 - Convertible Note Pay_2
Note 9 - Convertible Note Payable (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Convertible Debt [Table Text Block] | September 30, (in thousands) 2018 Convertible note payable $ 1,500 Unamortized discount (531 ) Convertible note payable, net of discount 969 |
Convertible Note Interest Expense [Table Text Block] | September 30, (in thousands) 2018 Cash interest expense $ 51 Non-cash amortization of debt discounts 302 Total convertible note interest expense 353 |
Warrant [Member] | |
Notes Tables | |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | Significant Input Assumptions of Warrant Valuation Historical volatility 103 % Expected term (in years) 5 Risk-free interest rate 2.75 % |
Note 10 - Restructured Debt L_2
Note 10 - Restructured Debt Liability (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | September 30, December 31, (in thousands) 2018 2017 Restructured debt liability - contingent milestone payments $ 15,000 $ 15,000 |
Note 11 - Stock Options and S_2
Note 11 - Stock Options and Stock-based Employee Compensation (Tables) | 9 Months Ended |
Sep. 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 ) 729.80 Outstanding at September 30, 2018 83 $ 154.80 7.1 Vested and exercisable at September 30, 2018 66 $ 186.00 6.9 Vested and expected to vest at September 30, 2018 82 $ 155.20 7.1 |
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 September 30, 2018 190 $ 4.33 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Nine Months Ended 2017 Weighted average expected volatility 79% Weighted average expected term (years) 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 Nine Months Ended (in thousands) 2018 2017 2018 2017 Research and development $ 29 $ 77 $ 169 $ 360 Selling, general and administrative 116 101 534 372 Total $ 145 $ 178 $ 703 $ 732 |
Note 2 - Liquidity Risks and _2
Note 2 - Liquidity Risks and Management's Plans (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | ||||
Mar. 31, 2018 | Jan. 31, 2018 | Nov. 02, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | |
Cash and Cash Equivalents, at Carrying Value, Ending Balance | $ 640,000 | $ 1,815,000 | ||||
Liabilities, Current, Total | 18,110,000 | 11,760,000 | ||||
Loans Payable, Current, Total | 4,300,000 | |||||
Convertible Notes Payable, Current | $ 969,000 | |||||
Common Stock, Shares Authorized | 120,000,000 | 120,000,000 | ||||
Preferred Stock, Shares Authorized | 5,000,000 | 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 | |||||
Subsequent Event [Member] | ||||||
Common Stock, Shares Authorized | 120,000,000 | |||||
Preferred Stock, Shares Authorized | 5,000,000 | |||||
Common Stock, Capital Shares Available for Issuance | 113,300,000 | |||||
Preferred Stock, Capital Shares Available for Issuance | 5,000,000 | |||||
LPH [Member] | ||||||
Proceeds from Issuance of Debt | $ 1,000,000 | $ 1,500,000 | ||||
LPH [Member] | Subsequent Event [Member] | ||||||
Proceeds from Issuance of Debt | $ 2,700,000 |
Note 4 - Summary of Significa_2
Note 4 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands, shares in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Sep. 30, 2018 | Sep. 30, 2017 | Mar. 31, 2017 | Sep. 30, 2018 | Sep. 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 | 1.3 | 0.9 | ||||||
Preferred Stock Dividends, Income Statement Impact | $ 2,234 | $ 3,600 | $ 6,370 | |||||
Preferred Stock, Discount on Shares | 4,500 | |||||||
Debt Instrument, Face Amount | 1,500 | 1,500 | ||||||
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 | ||||||
Panacea [Member] | Warrant Issued Related to Secured Convertible Promissory Note [Member] | ||||||||
Warrants and Rights Outstanding | 400 | 400 | ||||||
Panacea [Member] | Secured Convertible Promissory Note [Member] | ||||||||
Debt Instrument, Face Amount | 1,500 | 1,500 | ||||||
Debt Instrument, Convertible, Beneficial Conversion Feature | 400 | |||||||
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] $ / shares in Units, $ in Millions | Apr. 04, 2018USD ($)$ / sharesshares |
Private Placement, Purchase Price of Common Stock and Warrants | $ | $ 2.6 |
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 with_3
Note 6 - License Revenue with Affiliate - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
License [Member] | ||||
License revenue with affiliate | $ 159 | $ 719 |
Note 7 - Fair Value of Financ_3
Note 7 - Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Assets: | ||
Cash and cash equivalents | $ 640 | $ 1,815 |
Total Assets | 780 | 2,040 |
Certificates of Deposit [Member] | ||
Assets: | ||
Certificate of deposit | 140 | 225 |
Fair Value, Inputs, Level 1 [Member] | ||
Assets: | ||
Cash and cash equivalents | 640 | 1,815 |
Total Assets | 780 | 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) - USD ($) | 1 Months Ended | ||||||
Mar. 31, 2018 | Jan. 31, 2018 | Sep. 30, 2018 | Sep. 27, 2018 | Sep. 12, 2018 | Aug. 29, 2018 | Aug. 14, 2018 | |
Debt Instrument, Face Amount | $ 1,500,000 | ||||||
LPH [Member] | |||||||
Proceeds from Issuance of Debt | $ 1,000,000 | $ 1,500,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | ||||||
Debt Instrument, Face Amount | $ 500,000 | $ 500,000 | $ 480,000 | $ 300,000 | |||
LPH II [Member] | |||||||
Debt Instrument Requirement For Minimum Amount Rise | $ 30,000,000 |
Note 9 - Convertible Note Pay_3
Note 9 - Convertible Note Payable (Details Textual) - USD ($) | Jul. 23, 2018 | Jul. 02, 2018 | Sep. 30, 2018 | Sep. 30, 2017 |
Debt Instrument, Face Amount | $ 1,500,000 | |||
Proceeds from Convertible Debt | 1,500,000 | |||
Panacea [Member] | 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 | |||
Common Stock Maximum Ownership Percentage For Warrant Exercise | 9.99% | |||
Panacea [Member] | Series D Warrants [Member] | Warrant [Member] | ||||
Derivative Liability, Total | 400,000 | |||
Convertible Notes Payable [Member] | Panacea [Member] | ||||
Debt Instrument, Face Amount | $ 1,500,000 | |||
Proceeds from Convertible Debt | $ 500,000 | $ 1,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 15.00% | |||
Debt Instrument, Convertible, Conversion Price | $ 4 | |||
Debt Instrument, Convertible, Beneficial Conversion Feature | $ 400,000 |
Note 9 - Convertible Note Pay_4
Note 9 - Convertible Note Payable -Schedule of Convertible Note Payable (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Debt Instrument, Face Amount | $ 1,500 | |
Unamortized discount | (531) | |
Convertible note payable, net of discount | $ 969 |
Note 9 - Convertible Note Pay_5
Note 9 - Convertible Note Payable - Significant Input Assumptions of Warrant Valuation (Details) | Sep. 30, 2018 |
Measurement Input, Price Volatility [Member] | |
Significant Input Assumption of Warrant Valuation | 1.03 |
Measurement Input, Expected Term [Member] | |
Significant Input Assumption of Warrant Valuation | 5 |
Measurement Input, Risk Free Interest Rate [Member] | |
Significant Input Assumption of Warrant Valuation | 0.0275 |
Note 9 - Convertible Note Pay_6
Note 9 - Convertible Note Payable - Convertible Note Interest Expense (Details) - Convertible Notes Payable [Member] $ in Thousands | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Cash interest expense | $ 51 |
Non-cash amortization of debt discounts | 302 |
Total convertible note interest expense | $ 353 |
Note 10 - Restructured Debt L_3
Note 10 - Restructured Debt Liability (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Nov. 01, 2017 | Sep. 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 10 - Restructured Debt L_4
Note 10 - Restructured Debt Liability - Long-term Debt (Details) - USD ($) $ in Thousands | Sep. 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 11 - Stock Options and S_3
Note 11 - Stock Options and Stock-based Employee Compensation (Details Textual) | 9 Months Ended |
Sep. 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 11 - Stock Options and S_4
Note 11 - Stock Options and Stock-based Employee Compensation - Summary of Stock Option Activity (Details) shares in Thousands | 9 Months Ended |
Sep. 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 | $ 729.80 |
Shares Outstanding, Ending Balance (in shares) | shares | 83 |
Weighted Average Exercise Price, Outstanding, at Ending Period (in dollars per share) | $ / shares | $ 154.80 |
Weighted Average Remaining Contractual Life, Outstanding (Year) | 7 years 36 days |
Shares Vested and Exercisable (in shares) | shares | 66 |
Weighted Average Exercise Price, Vested and Exercisable (in dollars per share) | $ / shares | $ 186 |
Weighted Average Remaining Contractual Life, Vested and Exercisable (Year) | 6 years 328 days |
Vested and expected to vest (in shares) | shares | 82 |
Weighted Average Exercise Price, Vested and Expected to Vest (in dollars per share) | $ / shares | $ 155.20 |
Weighted Average Remaining Contractual Life, Vested and Expected to Vest (Year) | 7 years 36 days |
Note 11 - Stock Options and S_5
Note 11 - Stock Options and Stock-based Employee Compensation - Summary of Restricted Stock Units Activity (Details) - Restricted Stock Units (RSUs) [Member] shares in Thousands | 9 Months Ended |
Sep. 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 11 - Stock Options and S_6
Note 11 - Stock Options and Stock-based Employee Compensation - Stock Options Valuation Assumptions (Details) | 9 Months Ended |
Sep. 30, 2017 | |
Weighted average expected volatility | 79.00% |
Weighted average expected term (years) (Year) | 6 years 219 days |
Weighted average risk-free interest rate | 2.22% |
Expected dividends |
Note 11 - Stock Options and S_7
Note 11 - Stock Options and Stock-based Employee Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Stock-based compensation expense | $ 145 | $ 178 | $ 703 | $ 732 |
Research and Development Expense [Member] | ||||
Stock-based compensation expense | 29 | 77 | 169 | 360 |
Selling, General and Administrative Expenses [Member] | ||||
Stock-based compensation expense | $ 116 | $ 101 | $ 534 | $ 372 |
Note 12 - Out-Licensing Agree_2
Note 12 - Out-Licensing Agreement (Details Textual) - USD ($) $ in Thousands | Nov. 01, 2017 | Aug. 31, 2017 | Jul. 31, 2017 | Jun. 30, 2017 | Oct. 31, 2017 | Sep. 30, 2018 | Sep. 30, 2017 |
Proceeds from Short-term Debt, Total | $ 4,280 | $ 2,600 | |||||
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 13 - Subsequent Events (De
Note 13 - Subsequent Events (Details Textual) - USD ($) | Nov. 02, 2018 | Oct. 19, 2018 | Sep. 30, 2018 | Sep. 27, 2018 | Sep. 12, 2018 | Aug. 29, 2018 | Aug. 14, 2018 |
Debt Instrument, Face Amount | $ 1,500,000 | ||||||
Subsequent Event [Member] | Panacea [Member] | Secured Convertible Promissory Note [Member] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | ||||||
LPH [Member] | |||||||
Debt Instrument, Face Amount | $ 500,000 | $ 500,000 | $ 480,000 | $ 300,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | ||||||
LPH [Member] | Subsequent Event [Member] | |||||||
Debt Instrument, Face Amount | $ 500,000 | $ 430,000 | |||||
Debt Instrument Requirement For Minimum Amount Rise | $ 30,000,000 | ||||||
LPH [Member] | Subsequent Event [Member] | Secured Convertible Promissory Note [Member] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% |