Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2022 | Aug. 11, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000946486 | |
Entity Registrant Name | WINDTREE THERAPEUTICS INC /DE/ | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 000-26422 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 94-3171943 | |
Entity Address, Address Line One | 2600 Kelly Road, Suite 100 | |
Entity Address, City or Town | Warrington | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 18976-3622 | |
City Area Code | 215 | |
Local Phone Number | 488-9300 | |
Title of 12(b) Security | Common Stock, $0.001 par value | |
Trading Symbol | WINT | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 30,627,878 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Current Assets: | ||
Cash and cash equivalents | $ 11,378 | $ 22,348 |
Prepaid expenses and other current assets | 1,784 | 1,143 |
Total current assets | 13,162 | 23,491 |
Property and equipment, net | 307 | 1,011 |
Restricted cash | 154 | 154 |
Operating lease right-of-use assets | 2,074 | 2,381 |
Intangible assets | 32,070 | 32,070 |
Goodwill | 4,046 | 15,682 |
Total assets | 51,813 | 74,789 |
Current Liabilities: | ||
Accounts payable | 1,072 | 693 |
Accrued expenses | 2,823 | 3,408 |
Operating lease liabilities - current portion | 432 | 528 |
Loans payable - current portion | 1,007 | 294 |
Total current liabilities | 5,334 | 4,923 |
Operating lease liabilities - non-current portion | 1,839 | 2,071 |
Restructured debt liability - contingent milestone payments | 15,000 | 15,000 |
Other liabilities | 3,800 | 3,800 |
Deferred tax liabilities | 6,643 | 7,114 |
Total liabilities | 32,616 | 32,908 |
Stockholders’ Equity: | ||
Preferred stock, $0.001 par value; 5,000,000 shares authorized; 0 shares issued and outstanding at June 30, 2022 and December 31, 2021 | 0 | 0 |
Common stock, $0.001 par value; 120,000,000 shares authorized at June 30, 2022 and December 31, 2021; 29,406,196 and 28,268,950 shares issued at June 30, 2022 and December 31, 2021, respectively; 29,406,172 and 28,268,926 shares outstanding at June 30, 2022 and December 31, 2021, respectively | 29 | 28 |
Additional paid-in capital | 833,006 | 830,231 |
Accumulated deficit | (810,784) | (785,324) |
Treasury stock (at cost); 24 shares | (3,054) | (3,054) |
Total stockholders’ equity | 19,197 | 41,881 |
Total liabilities & stockholders’ equity | $ 51,813 | $ 74,789 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Jun. 30, 2022 | Dec. 31, 2021 |
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) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorize (in shares) | 120,000,000 | 120,000,000 |
Common stock, shares issued (in shares) | 29,406,196 | 28,268,950 |
Common stock, shares outstanding (in shares) | 29,406,172 | 28,268,926 |
Treasury stock, shares (in shares) | 24 | 24 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Expenses: | ||||
Research and development | $ 2,995 | $ 4,221 | $ 8,340 | $ 8,631 |
General and administrative | 2,907 | 3,371 | 5,895 | 8,040 |
Loss on impairment of goodwill | 11,636 | 0 | 11,636 | 0 |
Loss on impairment of intangible assets | 0 | 37,770 | 0 | 37,770 |
Total operating expenses | 17,538 | 45,362 | 25,871 | 54,441 |
Operating loss | (17,538) | (45,362) | (25,871) | (54,441) |
Interest income | 17 | 39 | 18 | 89 |
Interest expense | (13) | (46) | (26) | (87) |
Other income (expense), net | 201 | (352) | 419 | (243) |
Total other income (expense), net | 205 | (359) | 411 | (241) |
Loss before income taxes | (17,333) | (45,721) | (25,460) | (54,682) |
Deferred income tax benefit | 0 | 8,332 | 0 | 8,332 |
Net loss | $ (17,333) | $ (37,389) | $ (25,460) | $ (46,350) |
Net loss per common share | ||||
Basic and diluted (in dollars per share) | $ (0.59) | $ (1.42) | $ (0.87) | $ (2.10) |
Weighted average number of common shares outstanding | ||||
Basic and diluted (in shares) | 29,200 | 26,350 | 29,236 | 22,047 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | ATM Program [Member] Common Stock [Member] | ATM Program [Member] Additional Paid-in Capital [Member] | ATM Program [Member] Retained Earnings [Member] | ATM Program [Member] Treasury Stock [Member] | ATM Program [Member] | Share Purchase Agreement, December 2019 [Member] Common Stock [Member] | Share Purchase Agreement, December 2019 [Member] Additional Paid-in Capital [Member] | Share Purchase Agreement, December 2019 [Member] Retained Earnings [Member] | Share Purchase Agreement, December 2019 [Member] Treasury Stock [Member] | Share Purchase Agreement, December 2019 [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Total |
Balance (in shares) at Dec. 31, 2020 | 16,922 | ||||||||||||||
Balance at Dec. 31, 2020 | $ 17 | $ 790,277 | $ (717,688) | $ (3,054) | $ 69,552 | ||||||||||
Net loss | (8,961) | (8,961) | |||||||||||||
Issuance of common stock and common stock warrants, net of issuance costs (in shares) | 9,230 | ||||||||||||||
Issuance of common stock and common stock warrants, net of issuance costs | $ 9 | 27,381 | 27,390 | ||||||||||||
Stock-based compensation expense | 2,443 | 2,443 | |||||||||||||
Issuance of common stock, ATM Program, net of issuance costs (in shares) | 105 | 0 | |||||||||||||
Issuance of common stock, ATM Program, net of issuance costs | $ 0 | $ 570 | $ 0 | $ 0 | $ 570 | ||||||||||
Issuance of common stock warrants, equity consideration for service agreement | $ 0 | $ 494 | $ 0 | $ 0 | $ 494 | ||||||||||
Balance (in shares) at Mar. 31, 2021 | 26,257 | ||||||||||||||
Balance at Mar. 31, 2021 | $ 26 | 821,165 | (726,649) | (3,054) | 91,488 | ||||||||||
Balance (in shares) at Dec. 31, 2020 | 16,922 | ||||||||||||||
Balance at Dec. 31, 2020 | $ 17 | 790,277 | (717,688) | $ (3,054) | 69,552 | ||||||||||
Net loss | (46,350) | ||||||||||||||
Balance (in shares) at Jun. 30, 2021 | 26,704 | 0 | |||||||||||||
Balance at Jun. 30, 2021 | $ 27 | 823,828 | (764,038) | $ (3,054) | 56,763 | ||||||||||
Balance (in shares) at Mar. 31, 2021 | 26,257 | ||||||||||||||
Balance at Mar. 31, 2021 | $ 26 | 821,165 | (726,649) | (3,054) | 91,488 | ||||||||||
Net loss | 0 | 0 | (37,389) | 0 | (37,389) | ||||||||||
Stock-based compensation expense | $ 0 | 1,544 | 0 | $ 0 | 1,544 | ||||||||||
Issuance of common stock, ATM Program, net of issuance costs (in shares) | 447 | 0 | |||||||||||||
Issuance of common stock, ATM Program, net of issuance costs | $ 1 | 1,119 | 0 | $ 0 | 1,120 | ||||||||||
Balance (in shares) at Jun. 30, 2021 | 26,704 | 0 | |||||||||||||
Balance at Jun. 30, 2021 | $ 27 | 823,828 | (764,038) | $ (3,054) | 56,763 | ||||||||||
Balance (in shares) at Dec. 31, 2021 | 28,269 | ||||||||||||||
Balance at Dec. 31, 2021 | $ 28 | 830,231 | (785,324) | (3,054) | 41,881 | ||||||||||
Net loss | (8,127) | (8,127) | |||||||||||||
Stock-based compensation expense | 770 | 770 | |||||||||||||
Issuance of common stock, ATM Program, net of issuance costs (in shares) | 200 | 0 | |||||||||||||
Issuance of common stock, ATM Program, net of issuance costs | $ 0 | $ 205 | $ 0 | $ 0 | $ 205 | ||||||||||
Balance (in shares) at Mar. 31, 2022 | 28,469 | ||||||||||||||
Balance at Mar. 31, 2022 | $ 28 | 831,206 | (793,451) | (3,054) | 34,729 | ||||||||||
Balance (in shares) at Dec. 31, 2021 | 28,269 | ||||||||||||||
Balance at Dec. 31, 2021 | $ 28 | 830,231 | (785,324) | $ (3,054) | 41,881 | ||||||||||
Net loss | (25,460) | ||||||||||||||
Balance (in shares) at Jun. 30, 2022 | 29,406 | 0 | |||||||||||||
Balance at Jun. 30, 2022 | $ 29 | 833,006 | (810,784) | $ (3,054) | 19,197 | ||||||||||
Balance (in shares) at Mar. 31, 2022 | 28,469 | ||||||||||||||
Balance at Mar. 31, 2022 | $ 28 | 831,206 | (793,451) | (3,054) | 34,729 | ||||||||||
Net loss | 0 | 0 | (17,333) | 0 | (17,333) | ||||||||||
Stock-based compensation expense | $ 0 | 781 | 0 | $ 0 | 781 | ||||||||||
Issuance of common stock, ATM Program, net of issuance costs (in shares) | 937 | 0 | |||||||||||||
Issuance of common stock, ATM Program, net of issuance costs | $ 1 | 1,019 | 0 | $ 0 | 1,020 | ||||||||||
Balance (in shares) at Jun. 30, 2022 | 29,406 | 0 | |||||||||||||
Balance at Jun. 30, 2022 | $ 29 | $ 833,006 | $ (810,784) | $ (3,054) | $ 19,197 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flows from operating activities: | ||
Net loss | $ (25,460) | $ (46,350) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 488 | 93 |
Stock-based compensation | 1,551 | 3,987 |
Non-cash lease expense | 307 | 336 |
Non-cash expense related to equity consideration for a service agreement | 0 | 494 |
Loss on impairment of goodwill | 11,636 | 0 |
Loss on impairment of intangible assets | 0 | 37,770 |
Loss on sale and disposal of property and equipment | 19 | 0 |
Deferred income tax benefit | 0 | (8,332) |
Unrealized (gain) loss on foreign exchange rate changes | (485) | 300 |
Changes in assets and liabilities: | ||
Prepaid expenses and other current assets | 496 | 179 |
Accounts payable | 379 | (873) |
Accrued expenses | (576) | (703) |
Operating lease liabilities | (328) | (352) |
Net cash used in operating activities | (11,973) | (13,451) |
Cash flows from investing activities: | ||
Proceeds from sale of property and equipment | 210 | 0 |
Purchase of property and equipment | (13) | (3) |
Net cash provided by (used in) investing activities | 197 | (3) |
Cash flows from financing activities: | ||
Proceeds from ATM Program, net of issuance costs | 1,225 | 1,690 |
Principal payments on loans payable | (419) | (2,991) |
Proceeds from issuance of common stock and warrants, net of issuance costs | 0 | 27,390 |
Proceeds from research and development funding arrangement | 0 | 400 |
Net cash provided by financing activities | 806 | 26,489 |
Net (decrease) increase in cash, cash equivalents, and restricted cash | (10,970) | 13,035 |
Cash, cash equivalents, and restricted cash - beginning of period | 22,502 | 17,084 |
Cash, cash equivalents, and restricted cash - end of period | 11,532 | 30,119 |
Supplementary disclosure of non-cash activity: | ||
Prepayment of insurance through third-party financing | 1,132 | 1,321 |
Operating lease liabilities arising from obtaining right-of-use assets | $ 0 | $ 2,000 |
Note 1 - The Company and Descri
Note 1 - The Company and Description of Business | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Note 1 We are a clinical-stage biopharmaceutical company focused on the development of novel therapeutics intended to address significant unmet medical needs in important acute care markets. Our development programs are primarily focused on the treatment of acute cardiovascular diseases and secondarily on acute pulmonary diseases. Our lead product candidate, istaroxime, is a first three 2 2 2 2 April 2022, May 2022, Our heart failure cardiovascular portfolio also includes sarco endoplasmic reticulum Ca2 2a, SERCA2a, SERCA2a. SERCA2a not Our pulmonary product candidate portfolio consists of a KL4 January 2022, 20 2 KL4 19, 19 Previously, we were also developing AEROSURF (lucinactant for inhalation), a novel drug/medical device combination product for noninvasive delivery of aerosolized KL4 November 2020, January 2022 KL4 not June 12, 2017, KL4 Our ability to advance our development programs is dependent upon our ability to secure additional capital in both the near and long-term, through public or private securities offerings; convertible debt financings; and/or potential strategic opportunities, including licensing agreements, drug product development, and marketing collaboration arrangements, pharmaceutical research cooperation arrangements, and/or other similar transactions in geographic markets, including the U.S., and/or through potential grants and other funding commitments from U.S. government agencies, in each case, if available. We have engaged with potential counterparties in various markets and will continue to pursue non-dilutive sources of capital as well as potential private and public securities offerings. There can be no none The reader is referred to, and encouraged to read in its entirety, “Item 1 10 December 31, 2021 that we filed with the Securities and Exchange Commission, or the SEC, on March 31, 2022 , which contains a discussion of our business and business plans, as well as information concerning our proprietary technologies and our current and planned development programs. |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Basis of Accounting [Text Block] | Note 2 The interim unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the U.S., or US GAAP, for interim financial information in accordance with the instructions to Form 10 not three six June 30, 2022 are not may December 31, 2022 . The consolidated balance sheet at December 31, 2021 has been derived from the Company’s audited consolidated financial statements. There have been no December 31, 2021 . The accompanying interim unaudited condensed consolidated financial statements should be read in conjunction with our annual audited consolidated financial statements and related notes as of and for the year ended December 31, 2021 contained in our Annual Report on Form 10 December 31, 2021 . |
Note 3 - Going Concern and Mana
Note 3 - Going Concern and Management's Plans | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Liquidity Disclosures [Text Block] | Note 3 We are subject to risks common to companies in the biotechnology industry, including but not may not We have incurred net losses since inception. Our net loss was $17.3 million and $37.4 million, respectively, for the three June 30, 2022 2021 . Our net loss was $25.5 million and $46.4 million, respectively, for the six -month periods ended June 30, 2022 2021 . Included in our net loss for the three six June 30, 2022 is an $11.6 million loss on impairment of goodwill, and included in our net loss for the three six June 30, 2021 is a $37.8 million loss on impairment of intangible assets related to rostafuroxin and a related $8.3 million deferred income tax benefit ( see Note 4 ). We expect to continue to incur operating losses for at least the next several years. As of June 30, 2022 , we had an accumulated deficit of $810.8 million. Our future success is dependent on our ability to fund and develop our product candidates, and ultimately upon our ability to attain profitable operations. We have devoted substantially all of our financial resources and efforts to research and development and general and administrative expense to support such research and development. Net losses and negative cash flows have had, and will continue to have, an adverse effect on our stockholders’ equity and working capital, and accordingly, our ability to execute our future operating plans. We are party to an At-The-Market Offering Agreement with Ladenburg Thalmann & Co. Inc., or Ladenburg, pursuant to which we may $10.0 million of shares of our common stock through Ladenburg as agent and/or principal through an at-the-market program, or the ATM Program. For the six June 30, 2022 , we sold 1,137,246 shares of our common stock under the ATM Program resulting in aggregate gross proceeds to us of approximately $1.3 million and net proceeds of approximately $1.2 million. During July August 2022, 1,221,706 shares of our common stock under the ATM Program resulting in aggregate gross and net proceeds to us of approximately $0.6 million ( see Note 8 ). The shares of common stock issued and sold under the ATM Program are registered under our Registration Statement on Form S- 3 No. 333 248874 September 29, 2020. I.B.6 3. no one third 12 no As of June 30, 2022 , we had cash and cash equivalents of $11.4 million and current liabilities of $5.3 million. We believe that we have sufficient resources available to support our development activities and fund our business operations into the first 2023. not 10 12 12 To alleviate the conditions that raise substantial doubt about our ability to continue as a going concern, management plans to secure additional capital, potentially through a combination of public or private securities offerings, convertible debt financings, and/or strategic transactions, including potential licensing arrangements, alliances, and drug product collaborations focused on specified geographic markets; however, none no June 3, 2022, $1.00 30 180 November 30, 2022, The accompanying condensed consolidated 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 |
Note 4 - Summary of Significant
Note 4 - Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | Note 4 Principles of Consolidation The interim unaudited condensed consolidated financial statements are prepared in accordance with US GAAP and include accounts of Windtree Therapeutics, Inc. and its wholly owned subsidiaries, CVie Investments Limited and its wholly owned subsidiary, CVie Therapeutics Limited; and a presently inactive subsidiary, Discovery Laboratories, Inc. (formerly known as Acute Therapeutics, Inc.). Goodwill and Intangible Assets We record acquired identified intangibles, which includes intangible assets (such as goodwill and other intangibles), based on estimated fair value. The acquired in-process research and development, or IPR&D, assets are considered indefinite-lived intangible assets until completion or abandonment of the associated research and development efforts. IPR&D is not may three six June 30, 2022 , no not During the second 2021, not $37.8 million, recognized within operating expenses in our condensed consolidated statements of operations for the three six June 30, 2021. No six June 30, 2021 Goodwill represents the excess of the purchase price over the fair value of assets acquired and liabilities assumed in a business combination and is not may no no may not December 1, 2021, no December 31, 2021 . Throughout the year, we consider whether any events or changes in the business environment have occurred which indicate that goodwill may may April 2022 2 During the second 2022, not $11.6 million, recognized within operating expenses in our condensed consolidated statements of operations for the three six June 30, 2022. The closing share price of our common stock has continued to decline during July August 2022. third 2022, may The following table represents identifiable intangible assets and goodwill as of June 30, 2022 and December 31, 2021 : June 30, December 31, (in thousands) 2022 2021 Istaroxime drug candidate $ 22,340 $ 22,340 Rostafuroxin drug candidate 9,730 9,730 Intangible assets 32,070 32,070 Goodwill $ 4,046 $ 15,682 Foreign Currency Transactions The functional currency for our foreign subsidiaries is U.S. Dollars. We remeasure monetary assets and liabilities that are not other income (expense), net . Foreign currency transactions resulted in gains of approximately $0.2 million and losses of approximately $0.3 million for the three June 30, 2022 2021 , respectively. Foreign currency transactions resulted in gains of approximately $0.4 million and losses of approximately $0.2 million for the six -month periods ended June 30, 2022 2021 , respectively. Use of Estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, including intangible assets and goodwill, at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents Cash and cash equivalents are held at domestic and foreign financial institutions and consist of liquid investments, money market funds, and U.S. Treasury notes with a maturity from date of purchase of 90 Severance In January 2022, KL4 not KL4 KL4 February 2022, $0.4 million, which was ratably accrued over the service periods of the employees, and to be paid through September 30, 2022. $0.1 million and $0.4 million of expense related to these severance arrangements during the three six June 30, 2022 , respectively, which is included in research and development expense. During the three six June 30, 2022 , $0.2 million was paid. The related liability as of June 30, 2022 is $0.2 million and is included in accrued expenses. Property and Equipment Property and equipment are recorded at cost and depreciated using the straight-line method over the estimated useful lives of the assets (generally three ten During the first 2022, KL4 March 31, 2022. first 2022, three March 31, 2022. second 2022, KL4 Restructured Debt Liability – Contingent Milestone Payment In conjunction with the November 2017 see Note 7 ), we have established a $15.0 million long-term liability for contingent milestone payments potentially due under the Exchange and Termination Agreement dated as of October 27, 2017, not Research and Development We track direct research and development expenses by preclinical and clinical programs, which include third not 730, 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 For the three six June 30, 2021 , we recorded a deferred income tax benefit of $8.3 million. The deferred tax benefit recorded for these periods relates solely to the reduction of the deferred tax liability as a result of the loss on impairment of intangible assets related to rostafuroxin. Net Loss per Common Share Basic net loss per common 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, 2022 2021 , the number of shares of common stock potentially issuable upon the exercise of certain stock options and warrants, as well as the vesting of restricted stock units, was 21.2 million and 19.9 million shares, respectively. For the three six June 30, 2022 2021 , all potentially dilutive securities were anti-dilutive and therefore have been excluded from the computation of diluted net loss per share. We do not COVID- 19 The COVID- 19 may 19 10 19, 2 2021. 19 19 one 19 19 one may 2022 and beyond. We are not may |
Note 5 - Fair Value Measurement
Note 5 - Fair Value Measurements | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 5 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 measured at fair value on a recurring basis for the periods presented: Fair Value Fair value measurement using June 30, (in thousands) 2022 Level 1 Level 2 Level 3 Cash equivalents: Money market funds $ 10,121 $ 10,121 $ - $ - Total Assets $ 10,121 $ 10,121 $ - $ - Fair Value Fair value measurement using December 31, (in thousands) 2021 Level 1 Level 2 Level 3 Cash equivalents: Money market funds $ 21,104 $ 21,104 $ - $ - Total Assets $ 21,104 $ 21,104 $ - $ - |
Note 6 - Loans Payable
Note 6 - Loans Payable | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Short-Term Debt [Text Block] | Note 6 In June 2022, $1.1 million of certain premiums at a 3.90% annual interest rate. Payments of approximately $126,000 are due monthly from July 2022 March 2023. June 30, 2022 , the outstanding principal of the loan was $1.0 million. In June 2021, $1.3 million of certain premiums at a 3.37% annual interest rate. Payments of approximately $147,000 are due monthly from July 2021 March 2022. December 31, 2021 , the outstanding principal of the loan was $0.3 million. The balance of the loan was repaid during the first 2022. |
Note 7 - Restructured Debt Liab
Note 7 - Restructured Debt Liability | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Long-Term Debt [Text Block] | Note 7 On October 27, 2017, $15.0 million. In addition, a related security agreement, pursuant to which Deerfield held a security interest in substantially all of our assets, was terminated. We established a $15.0 million long-term liability for the contingent milestone payments potentially due to Deerfield under the Exchange and Termination Agreement ( see Note 4 ). The liability has been recorded at full value of the contingent milestones and will continue to be carried at full value until the milestones are achieved and paid or milestones are not As of June 30, 2022 and December 31, 2021 , the restructured debt liability balance was $15.0 million. |
Note 8 - Stockholders' Equity
Note 8 - Stockholders' Equity | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | Note 8 At-The-Market Program On September 17, 2020, may $10.0 million of shares of our common stock through Ladenburg as agent and/or principal through the ATM Program. When we issue sales notices to Ladenburg, we designate the maximum amount of shares to be sold by Ladenburg daily and the minimum price per share at which shares may may 415 4 1933, We agreed to pay Ladenburg a commission of 3% of the gross sales price of any shares sold pursuant to the ATM Program. The rate of compensation will not For the six June 30, 2022 , we sold 1,137,246 shares of our common stock under the ATM Program resulting in aggregate gross proceeds to us of approximately $1.3 million and net proceeds of approximately $1.2 million. For the six June 30, 2021 , we sold 552,474 shares of our common stock under the ATM Program resulting in aggregate gross and net proceeds to us of approximately $1.7 million. During July August 2022, 1,221,706 shares of our common stock under the ATM Program resulting in aggregate gross and net proceeds to us of approximately $0.6 million. The shares of common stock issued and sold under the ATM Program are registered under our Registration Statement on Form S- 3 No. 333 248874 September 29, 2020. August 11, 2022 , approximately $3.2 million remains available under the ATM Program. However, we are currently subject to the limitations contained in General Instruction I.B.6 3. no one third 12 no March 2021 On March 23, 2021, March 2021 9,230,500 units with each unit consisting of one March 2021 March 2021 $3.60 per share and expire five March 2021 March 2021 The closing of the March 2021 March 25, 2021. $3.25 per unit resulting in gross proceeds to us of $30.0 million. After deducting underwriting discounts and commissions and estimated offering expenses payable by us, and excluding the proceeds, if any, from the exercise of the March 2021 March 2021 $27.4 million. We have determined that the appropriate accounting treatment under ASC 480, 480, March 2021 March 2021 March 2021 not 815, 815, 815 10 15 74, March 2021 March 2021 |
Note 9 - Stock-Based Compensati
Note 9 - Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | Note 9 We recognize expense in our condensed consolidated financial statements related to all stock-based awards granted to employees and non-employee directors based on their fair value on the date of grant. Compensation expense related to stock options is calculated using the Black-Scholes option-pricing model and is recognized ratably over the vesting period, which is typically three one 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- Average Exercise Price Weighted- Average Remaining Contractual Term (In Yrs) Outstanding at January 1, 2022 3,387 $ 9.74 Granted 880 0.99 Forfeited or expired (220 ) 9.72 Outstanding at June 30, 2022 4,047 $ 7.84 7.8 Vested and exercisable at June 30, 2022 2,229 $ 11.35 6.8 Vested and expected to vest at June 30, 2022 3,821 $ 7.85 7.8 (in thousands, except for weighted-average data) Restricted Stock Units Shares Weighted- Average Grant Date Fair Value Outstanding at January 1, 2022 - $ - Awarded 582 0.99 Cancelled (21 ) 1.02 Outstanding at June 30, 2022 561 $ 0.99 Vested and exercisable at June 30, 2022 - $ - Vested and expected to vest at June 30, 2022 561 $ 0.99 The table below summarizes the total stock-based compensation expense included in the interim unaudited condensed consolidated statements of operations for the periods presented: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2022 2021 2022 2021 Research and development $ 147 $ 630 $ 382 $ 1,569 General and administrative 634 914 1,169 2,418 Total $ 781 $ 1,544 $ 1,551 $ 3,987 The fair value of each option award is estimated on the date of grant using the Black-Scholes option-pricing formula that uses assumptions noted in the following table. Expected volatilities are based upon the historical volatility of our common stock and other factors. We also use historical data and other factors to estimate option exercises, employee terminations and forfeiture rates. The risk-free interest rates are based upon the U.S. Treasury yield curve in effect at the time of the grant. Six Months Ended June 30, 2022 2021 Weighted average expected volatility 106% 105% Weighted average expected term (in years) 6.9 6.7 Weighted average risk-free interest rate 1.70% 0.48% Expected dividends - - |
Note 10 - Licensing and Researc
Note 10 - Licensing and Research Funding Agreements | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Corporate Partnership, Licensing and Research Funding Agreements [Text Block] | Note 10 In March 2020, August 2020, October 2020. November 2020, $1.0 million to us in 2021 2021, no To repay the funds provided under the terms of the PF Agreement, until such time as we have repaid 125% of the amounts funded by Lee’s (HK) for the development of AEROSURF, we will pay to Lee’s (HK) 50% of all revenue amounts and payments received by us for any sale, divestiture, license or other development and/or commercialization of the KL4/AEROSURF third not As of June 30, 2022 , the liability balance related to the payments under the PF Agreement was $3.8 million and is recorded in other liabilities. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The interim unaudited condensed consolidated financial statements are prepared in accordance with US GAAP and include accounts of Windtree Therapeutics, Inc. and its wholly owned subsidiaries, CVie Investments Limited and its wholly owned subsidiary, CVie Therapeutics Limited; and a presently inactive subsidiary, Discovery Laboratories, Inc. (formerly known as Acute Therapeutics, Inc.). |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill and Intangible Assets We record acquired identified intangibles, which includes intangible assets (such as goodwill and other intangibles), based on estimated fair value. The acquired in-process research and development, or IPR&D, assets are considered indefinite-lived intangible assets until completion or abandonment of the associated research and development efforts. IPR&D is not may three six June 30, 2022 , no not During the second 2021, not $37.8 million, recognized within operating expenses in our condensed consolidated statements of operations for the three six June 30, 2021. No six June 30, 2021 Goodwill represents the excess of the purchase price over the fair value of assets acquired and liabilities assumed in a business combination and is not may no no may not December 1, 2021, no December 31, 2021 . Throughout the year, we consider whether any events or changes in the business environment have occurred which indicate that goodwill may may April 2022 2 During the second 2022, not $11.6 million, recognized within operating expenses in our condensed consolidated statements of operations for the three six June 30, 2022. The closing share price of our common stock has continued to decline during July August 2022. third 2022, may The following table represents identifiable intangible assets and goodwill as of June 30, 2022 and December 31, 2021 : June 30, December 31, (in thousands) 2022 2021 Istaroxime drug candidate $ 22,340 $ 22,340 Rostafuroxin drug candidate 9,730 9,730 Intangible assets 32,070 32,070 Goodwill $ 4,046 $ 15,682 |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Transactions The functional currency for our foreign subsidiaries is U.S. Dollars. We remeasure monetary assets and liabilities that are not other income (expense), net . Foreign currency transactions resulted in gains of approximately $0.2 million and losses of approximately $0.3 million for the three June 30, 2022 2021 , respectively. Foreign currency transactions resulted in gains of approximately $0.4 million and losses of approximately $0.2 million for the six -month periods ended June 30, 2022 2021 , respectively. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, including intangible assets and goodwill, at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents Cash and cash equivalents are held at domestic and foreign financial institutions and consist of liquid investments, money market funds, and U.S. Treasury notes with a maturity from date of purchase of 90 |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Severance In January 2022, KL4 not KL4 KL4 February 2022, $0.4 million, which was ratably accrued over the service periods of the employees, and to be paid through September 30, 2022. $0.1 million and $0.4 million of expense related to these severance arrangements during the three six June 30, 2022 , respectively, which is included in research and development expense. During the three six June 30, 2022 , $0.2 million was paid. The related liability as of June 30, 2022 is $0.2 million and is included in accrued expenses. |
Property, Plant and Equipment, Impairment [Policy Text Block] | Property and Equipment Property and equipment are recorded at cost and depreciated using the straight-line method over the estimated useful lives of the assets (generally three ten During the first 2022, KL4 March 31, 2022. first 2022, three March 31, 2022. second 2022, KL4 |
Restructured Debt Liability, Contingent Milestone Payment, Policy [Policy Text Block] | Restructured Debt Liability – Contingent Milestone Payment In conjunction with the November 2017 see Note 7 ), we have established a $15.0 million long-term liability for contingent milestone payments potentially due under the Exchange and Termination Agreement dated as of October 27, 2017, not |
Research and Development Expense, Policy [Policy Text Block] | Research and Development We track direct research and development expenses by preclinical and clinical programs, which include third not 730, |
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 For the three six June 30, 2021 , we recorded a deferred income tax benefit of $8.3 million. The deferred tax benefit recorded for these periods relates solely to the reduction of the deferred tax liability as a result of the loss on impairment of intangible assets related to rostafuroxin. |
Earnings Per Share, Policy [Policy Text Block] | Net Loss per Common Share Basic net loss per common 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, 2022 2021 , the number of shares of common stock potentially issuable upon the exercise of certain stock options and warrants, as well as the vesting of restricted stock units, was 21.2 million and 19.9 million shares, respectively. For the three six June 30, 2022 2021 , all potentially dilutive securities were anti-dilutive and therefore have been excluded from the computation of diluted net loss per share. We do not |
Effect of COVID-19 Pandemic [Policy Text Block] | COVID- 19 The COVID- 19 may 19 10 19, 2 2021. 19 19 one 19 19 one may 2022 and beyond. We are not may |
Note 4 - Summary of Significa_2
Note 4 - Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | June 30, December 31, (in thousands) 2022 2021 Istaroxime drug candidate $ 22,340 $ 22,340 Rostafuroxin drug candidate 9,730 9,730 Intangible assets 32,070 32,070 Goodwill $ 4,046 $ 15,682 |
Note 5 - Fair Value Measureme_2
Note 5 - Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Fair Value Fair value measurement using June 30, (in thousands) 2022 Level 1 Level 2 Level 3 Cash equivalents: Money market funds $ 10,121 $ 10,121 $ - $ - Total Assets $ 10,121 $ 10,121 $ - $ - Fair Value Fair value measurement using December 31, (in thousands) 2021 Level 1 Level 2 Level 3 Cash equivalents: Money market funds $ 21,104 $ 21,104 $ - $ - Total Assets $ 21,104 $ 21,104 $ - $ - |
Note 9 - Stock-Based Compensa_2
Note 9 - Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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- Average Exercise Price Weighted- Average Remaining Contractual Term (In Yrs) Outstanding at January 1, 2022 3,387 $ 9.74 Granted 880 0.99 Forfeited or expired (220 ) 9.72 Outstanding at June 30, 2022 4,047 $ 7.84 7.8 Vested and exercisable at June 30, 2022 2,229 $ 11.35 6.8 Vested and expected to vest at June 30, 2022 3,821 $ 7.85 7.8 |
Share-Based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | (in thousands, except for weighted-average data) Restricted Stock Units Shares Weighted- Average Grant Date Fair Value Outstanding at January 1, 2022 - $ - Awarded 582 0.99 Cancelled (21 ) 1.02 Outstanding at June 30, 2022 561 $ 0.99 Vested and exercisable at June 30, 2022 - $ - Vested and expected to vest at June 30, 2022 561 $ 0.99 |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2022 2021 2022 2021 Research and development $ 147 $ 630 $ 382 $ 1,569 General and administrative 634 914 1,169 2,418 Total $ 781 $ 1,544 $ 1,551 $ 3,987 |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Six Months Ended June 30, 2022 2021 Weighted average expected volatility 106% 105% Weighted average expected term (in years) 6.9 6.7 Weighted average risk-free interest rate 1.70% 0.48% Expected dividends - - |
Note 3 - Going Concern and Ma_2
Note 3 - Going Concern and Management's Plans (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended | 6 Months Ended | ||||||
Aug. 11, 2022 | Aug. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Sep. 17, 2020 | |
Net Income (Loss) Attributable to Parent, Total | $ (17,333) | $ (8,127) | $ (37,389) | $ (8,961) | $ (25,460) | $ (46,350) | ||||
Goodwill, Impairment Loss | 11,636 | 0 | 11,636 | 0 | ||||||
Impairment of Intangible Assets (Excluding Goodwill), Total | 0 | 37,770 | 0 | 37,770 | ||||||
Deferred Income Tax Expense (Benefit), Total | (8,300) | 0 | (8,332) | |||||||
Retained Earnings (Accumulated Deficit), Total | (810,784) | (810,784) | $ (785,324) | |||||||
Stock Issued During Period, Value, New Issues | 1,020 | $ 1,120 | ||||||||
Proceeds from Issuance of Common Stock | 1,225 | $ 1,690 | ||||||||
Cash and Cash Equivalents, at Carrying Value, Total | 11,378 | 11,378 | 22,348 | |||||||
Liabilities, Current, Total | 5,334 | $ 5,334 | $ 4,923 | |||||||
ATM Program [Member] | ||||||||||
Shares Authorized to Be Offered and Sold Under Offering Agreement, Value | $ 10,000 | |||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 1,137,246 | 552,474 | ||||||||
Stock Issued During Period, Value, New Issues | $ 1,300 | $ 1,700 | ||||||||
Proceeds from Issuance of Common Stock | 1,200 | |||||||||
Stock Offering Agreement, Public Float Limitation Amount | $ 75,000 | $ 75,000 | ||||||||
ATM Program [Member] | Subsequent Event [Member] | ||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 1,221,706 | 1,221,706 | ||||||||
Stock Issued During Period, Value, New Issues | $ 600 | $ 600 | ||||||||
Stock Offering Agreement, Public Float Limitation Amount | $ 75,000 |
Note 4 - Summary of Significa_3
Note 4 - Summary of Significant Accounting Policies (Details Textual) $ in Thousands, shares in Millions | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) shares | Jun. 30, 2021 USD ($) shares | Dec. 31, 2021 USD ($) | Nov. 01, 2017 USD ($) | |
Impairment of Intangible Assets (Excluding Goodwill), Total | $ 0 | $ 37,770 | $ 0 | $ 37,770 | |||
Number of Reporting Units | 1 | ||||||
Goodwill, Impairment Loss | 11,636 | 0 | 11,636 | 0 | |||
Foreign Currency Transaction Gain, before Tax | 200 | 400 | |||||
Foreign Currency Transaction Loss, before Tax | 300 | 200 | |||||
Severance Costs | 400 | ||||||
Severance Accrual | 100 | 400 | |||||
Payments for Severance Costs | 200 | 200 | |||||
Supplemental Unemployment Benefits, Severance Benefits | 200 | 200 | |||||
Depreciation, Total | 488 | 93 | |||||
Liability for Contingent Milestone Payment, Noncurrent | $ 15,000 | 15,000 | $ 15,000 | ||||
Deferred Income Tax Expense (Benefit), Total | $ (8,300) | $ 0 | $ (8,332) | ||||
Number of Shares of Common Stock Potentially Issuable upon the Exercise of Stock Options and Warrants (in shares) | shares | 21.2 | 19.9 | |||||
Deerfield Loan [Member] | Exchange and Termination Agreement [Member] | Deerfield Management, L.P. [Member] | |||||||
Liability for Contingent Milestone Payment, Noncurrent | $ 15,000 | ||||||
Manufacturing and Laboratory Equipment [Member] | |||||||
Depreciation, Total | $ 400 |
Note 4 - Summary of Significa_4
Note 4 - Summary of Significant Accounting Policies - Intangible Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Intangible assets | $ 32,070 | $ 32,070 |
Goodwill | 4,046 | 15,682 |
Istaroxime Drug Candidate [Member] | ||
Intangible assets | 22,340 | 22,340 |
Rostafuroxin Drug Candidate [Member] | ||
Intangible assets | $ 9,730 | $ 9,730 |
Note 5 - Fair Value Measureme_3
Note 5 - Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Total Assets | $ 10,121 | $ 21,104 |
Fair Value, Inputs, Level 1 [Member] | ||
Total Assets | 10,121 | 21,104 |
Money Market Funds [Member] | ||
Cash equivalents | 10,121 | 21,104 |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash equivalents | $ 10,121 | $ 21,104 |
Note 6 - Loans Payable (Details
Note 6 - Loans Payable (Details Textual) - Loan payable to Bank Direct Capital Finance [Member] - Loans Payable [Member] - USD ($) | 1 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Debt Instrument, Face Amount | $ 1,100,000 | $ 1,300,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.90% | 3.37% | |
Debt Instrument, Periodic Payment, Total | $ 126,000 | $ 147,000 | |
Loans Payable to Bank, Total | $ 1,000,000 | $ 300,000 |
Note 7 - Restructured Debt Li_2
Note 7 - Restructured Debt Liability (Details Textual) - USD ($) $ / shares in Units, $ in Millions | Oct. 27, 2017 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Liability for Contingent Milestone Payment, Noncurrent | $ 15 | $ 15 | ||
Deerfield Loan [Member] | Exchange and Termination Agreement [Member] | Deerfield Management, L.P. [Member] | ||||
Extinguishment of Debt, Amount | $ 25 | |||
Class of Warrant or Right, Number of Warrants Cancelled (in shares) | 8,333 | |||
Class of Warrant or Right, Exercise Price of Cancelled Warrants (in dollars per share) | $ 2,360.40 | |||
Repayments of Long-term Debt, Total | $ 2.5 | |||
Stock Issued During Period, Shares, Cancellation of Debt and Warrant Obligations (in shares) | 23,703 | |||
Stock Issued During Period, Shares, Cancellation of Debt and Warrant Obligations, Percentage of Fully-diluted Shares Outstanding | 2% | |||
Liability for Contingent Milestone Payment, Noncurrent | $ 15 | $ 15 | $ 15 |
Note 8 - Stockholders' Equity (
Note 8 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended | 6 Months Ended | |||||
Mar. 25, 2021 | Mar. 23, 2021 | Sep. 17, 2020 | Aug. 11, 2022 | Aug. 31, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Stock Issued During Period, Value, New Issues | $ 1,020 | $ 1,120 | |||||||
Proceeds from Issuance of Common Stock | $ 1,225 | $ 1,690 | |||||||
March 2021 Warrants [Member] | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 3.60 | ||||||||
Warrants and Rights Outstanding, Term (Year) | 5 years | ||||||||
ATM Program [Member] | |||||||||
Shares Authorized to Be Offered and Sold Under Offering Agreement, Value | $ 10,000 | ||||||||
Commission Fee, Percent Fee | 3% | ||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 1,137,246 | 552,474 | |||||||
Stock Issued During Period, Value, New Issues | $ 1,300 | $ 1,700 | |||||||
Proceeds from Issuance of Common Stock | 1,200 | ||||||||
Stock Offering Agreement, Public Float Limitation Amount | $ 75,000 | $ 75,000 | |||||||
ATM Program [Member] | Subsequent Event [Member] | |||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 1,221,706 | 1,221,706 | |||||||
Stock Issued During Period, Value, New Issues | $ 600 | $ 600 | |||||||
Stock Offering Agreement, Remaining Amount Available | 3,200 | ||||||||
Stock Offering Agreement, Public Float Limitation Amount | $ 75,000 | ||||||||
March 2021 Public Offering [Member] | |||||||||
Equity Issued During Period, Units, New Issues (in shares) | 9,230,500 | ||||||||
Units, Number of Securities Called by Each Unit (in shares) | 1 | ||||||||
Stock and Warrants Issued, Price Per Share (in dollars per share) | $ 3.25 | ||||||||
Proceeds from Issuance or Sale of Equity, Gross Amount | $ 30,000 | ||||||||
Proceeds from Issuance or Sale of Equity, Total | $ 27,400 |
Note 9 - Stock-Based Compensa_3
Note 9 - Stock-Based Compensation (Details Textual) | 6 Months Ended |
Jun. 30, 2022 | |
Restricted Stock Units (RSUs) [Member] | Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period (Year) | 1 year |
The 2020 Equity Incentive Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period (Year) | 3 years |
Non-plan Stock Options [Member] | Executive Officers and Employees [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period (Year) | 3 years |
Note 9 - Stock-Based Compensa_4
Note 9 - Stock-Based Compensation - Summary of Stock Option Activity (Details) shares in Thousands | 6 Months Ended |
Jun. 30, 2022 $ / shares shares | |
Shares Outstanding, Beginning Balance (in shares) | shares | 3,387 |
Weighted Average Exercise Price, Outstanding, at Beginning Period (in dollars per share) | $ / shares | $ 9.74 |
Shares Granted (in shares) | shares | 880 |
Weighted Average Exercise Price, Granted (in dollars per share) | $ / shares | $ 0.99 |
Shares Forfeited or Expired (in shares) | shares | (220) |
Weighted Average Exercise Price, Forfeited or Expired (in dollars per share) | $ / shares | $ 9.72 |
Shares Outstanding, Ending Balance (in shares) | shares | 4,047 |
Weighted Average Exercise Price, Outstanding, at Ending Period (in dollars per share) | $ / shares | $ 7.84 |
Weighted Average Remaining Contractual Life, Outstanding (Year) | 7 years 9 months 18 days |
Shares Vested and Exercisable (in shares) | shares | 2,229 |
Weighted Average Exercise Price, Vested and Exercisable (in dollars per share) | $ / shares | $ 11.35 |
Weighted Average Remaining Contractual Life, Vested and Exercisable (Year) | 6 years 9 months 18 days |
Vested and expected to vest (in shares) | shares | 3,821 |
Weighted Average Exercise Price, Vested and Expected to Vest (in dollars per share) | $ / shares | $ 7.85 |
Weighted Average Remaining Contractual Life, Vested and Expected to Vest (Year) | 7 years 9 months 18 days |
Note 9 - Stock-Based Compensa_5
Note 9 - Stock-Based Compensation - Restricted Stock Units (Details) - Restricted Stock Units (RSUs) [Member] | 6 Months Ended |
Jun. 30, 2022 $ / shares shares | |
Shares Outstanding, Beginning Balance (in shares) | shares | 0 |
Weighted- Average Grant Date Fair Value, Outstanding, Beginning Balance (in dollars per share) | $ / shares | $ 0 |
Awarded (in shares) | shares | 582,000 |
Awarded, Weighted- Average Grant Date Fair Value, Outstanding (in dollars per share) | $ / shares | $ 0.99 |
Cancelled (in shares) | shares | (21) |
Cancelled, Weighted- Average Grant Date Fair Value, Outstanding (in dollars per share) | $ / shares | $ 1.02 |
Outstanding at June 30, 2022 (in shares) | shares | 561,000 |
Weighted- Average Grant Date Fair Value, Outstanding (in dollars per share) | $ / shares | $ 0.99 |
Vested and exercisable at June 30, 2022 (in shares) | shares | 0 |
Vested and exercisable Weighted- Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 0 |
Vested and expected to vest at June 30, 2022 (in shares) | shares | 561,000 |
Vested and expected to vest Weighted- Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 0.99 |
Note 9 - Stock-Based Compensa_6
Note 9 - Stock-Based Compensation - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Stock-based compensation expense | $ 781 | $ 1,544 | $ 1,551 | $ 3,987 |
Research and Development Expense [Member] | ||||
Stock-based compensation expense | 147 | 630 | 382 | 1,569 |
Selling, General and Administrative Expenses [Member] | ||||
Stock-based compensation expense | $ 634 | $ 914 | $ 1,169 | $ 2,418 |
Note 9 - Stock-Based Compensa_7
Note 9 - Stock-Based Compensation - Stock Options Valuation Assumptions (Details) | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Weighted average expected volatility | 106% | 105% |
Weighted average expected term (Year) | 6 years 10 months 24 days | 6 years 8 months 12 days |
Weighted average risk-free interest rate | 1.70% | 0.48% |
Note 10 - Licensing and Resea_2
Note 10 - Licensing and Research Funding Agreements (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Oct. 31, 2020 | Dec. 31, 2021 | Mar. 31, 2022 | Mar. 18, 2020 | |
AEROSURF Funding Term Sheet [Member] | Lee’s Pharmaceutical Holdings Limited [Member] | ||||
Nonrefundable Payments | $ 2.8 | |||
Term Sheet With Lee [Member] | ||||
Proceeds for Payments to Develop Product | $ 1 | |||
Financing of Product, Percent of Financing That Must be Repaid to Discontinue Revenue Sharing | 125% | |||
Financing of Product, Percent of Revenue Shared With Financer | 50% | |||
Contractual Obligation, Total | $ 3.8 |