Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | May 10, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001427925 | |
Entity Registrant Name | ACELRX PHARMACEUTICALS INC | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-35068 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 41-2193603 | |
Entity Address, Address Line One | 25821 Industrial Boulevard, Suite 400 | |
Entity Address, City or Town | Hayward | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94545 | |
City Area Code | 650 | |
Local Phone Number | 216-3500 | |
Title of 12(b) Security | Common Stock, $0.001 par value | |
Trading Symbol | ACRX | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 147,114,006 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | |
Current Assets: | |||
Cash and cash equivalents | $ 21,822 | $ 12,663 | [1] |
Short-term investments | 17,527 | 38,967 | [1] |
Accounts receivable, net | 184 | 160 | [1] |
Inventories, net | 1,045 | 1,111 | [1] |
Prepaid expenses and other current assets | 2,233 | 2,588 | [1] |
Total current assets | 42,811 | 55,489 | [1] |
Operating lease right-of-use assets | 4,147 | 4,302 | [1] |
Property and equipment, net | 15,933 | 15,928 | [1] |
In-process research and development asset | 8,819 | 0 | |
Other assets | 261 | 2,174 | [1] |
Total Assets | 71,971 | 77,893 | [1] |
Current Liabilities: | |||
Accounts payable | 2,715 | 2,121 | [1] |
Accrued and other liabilities | 4,321 | 6,524 | [1] |
Long-term debt, current portion | 8,813 | 8,796 | [1] |
Operating lease liabilities, current portion | 1,184 | 1,068 | [1] |
Total current liabilities | 17,033 | 18,509 | [1] |
Long-term debt, net of current portion | 3,041 | 5,007 | [1] |
Deferred revenue, net of current portion | 1,122 | 1,151 | |
Operating lease liabilities, net of current portion | 3,578 | 3,750 | [1] |
Liability related to the sale of future royalties | 84,615 | 85,288 | [1] |
Other long-term liabilities | 855 | 81 | [1] |
Total liabilities | 110,244 | 113,786 | [1] |
Commitments and Contingencies | |||
Stockholders’ Deficit: | |||
Common stock, $0.001 par value—200,000,000 shares authorized as of March 31, 2022 and December 31, 2021; 147,109,007 and 136,819,647 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively | 147 | 137 | [1] |
Additional paid-in capital | 443,838 | 437,554 | [1] |
Accumulated deficit | (482,258) | (473,584) | [1] |
Total stockholders’ deficit | (38,273) | (35,893) | [1] |
Total Liabilities and Stockholders’ Deficit | $ 71,971 | $ 77,893 | [1] |
[1] | The condensed consolidated balance sheet as of December 31, 2021 has been derived from the audited financial statements as of that date included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 147,109,007 | 136,819,647 |
Common stock, shares outstanding (in shares) | 147,109,007 | 136,819,647 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenue: | ||
Revenue | $ 442 | $ 511 |
Operating costs and expenses: | ||
Cost of goods sold | 784 | 1,040 |
Research and development | 1,315 | 969 |
Selling, general and administrative | 7,338 | 7,644 |
Total operating costs and expenses | 9,437 | 9,653 |
Loss from operations | (8,995) | (9,142) |
Other income: | ||
Interest expense | (390) | (672) |
Interest income and other income, net | 38 | 76 |
Non-cash interest income on liability related to future sale of royalties | 673 | 782 |
Total other income | 321 | 186 |
Net loss | $ (8,674) | $ (8,956) |
Net loss per share of common stock, basic and diluted (in dollars per share) | $ (0.06) | $ (0.08) |
Shares used in computing net loss per share of common stock, basic and diluted – See Note 11 (in shares) | 145,623,751 | 113,256,550 |
Product [Member] | ||
Revenue: | ||
Revenue | $ 442 | $ 451 |
Contract and Other Collaboration [Member] | ||
Revenue: | ||
Revenue | $ 0 | $ 60 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Deficit (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total | |
Balance (in shares) at Dec. 31, 2020 | 98,812,008 | ||||
Balance at Dec. 31, 2020 | $ 98 | $ 382,637 | $ (438,485) | $ (55,750) | |
Stock-based compensation | $ 0 | 1,089 | 0 | 1,089 | |
Issuance of common stock upon vesting of restricted stock units, net of shares withheld for employee taxes (in shares) | 404,172 | ||||
Issuance of common stock upon vesting of restricted stock units, net of shares withheld for employee taxes | $ 0 | (249) | 0 | (249) | |
Issuance of common stock upon ESPP purchase (in shares) | 183,132 | ||||
Issuance of common stock upon ESPP purchase | $ 0 | 192 | 0 | 192 | |
Net loss | $ 0 | 0 | (8,956) | (8,956) | |
Net proceeds from issuance of common stock in connection with equity financings (in shares) | 19,701,562 | ||||
Net proceeds from issuance of common stock in connection with equity financings | $ 20 | 36,340 | 0 | 36,360 | |
Issuance of common stock upon exercise of stock options (in shares) | 2,125 | ||||
Issuance of common stock upon exercise of stock options | $ 0 | 2 | 0 | 2 | |
Balance (in shares) at Mar. 31, 2021 | 119,102,999 | ||||
Balance at Mar. 31, 2021 | $ 118 | 420,011 | (447,441) | (27,312) | |
Balance (in shares) at Dec. 31, 2021 | 136,819,647 | ||||
Balance at Dec. 31, 2021 | $ 137 | 437,554 | (473,584) | (35,893) | [1] |
Stock-based compensation | $ 0 | 783 | 0 | 783 | |
Issuance of common stock upon vesting of restricted stock units, net of shares withheld for employee taxes (in shares) | 515,393 | ||||
Issuance of common stock upon vesting of restricted stock units, net of shares withheld for employee taxes | $ 0 | (58) | 0 | (58) | |
Issuance of common stock in connection with asset acquisition (in shares) | 9,620,532 | ||||
Issuance of common stock in connection with asset acquisition | $ 10 | 5,501 | 0 | 5,511 | |
Issuance of common stock upon ESPP purchase (in shares) | 153,435 | ||||
Issuance of common stock upon ESPP purchase | $ 0 | 58 | 0 | 58 | |
Net loss | $ 0 | 0 | (8,674) | $ (8,674) | |
Issuance of common stock upon exercise of stock options (in shares) | 0 | ||||
Balance (in shares) at Mar. 31, 2022 | 147,109,007 | ||||
Balance at Mar. 31, 2022 | $ 147 | $ 443,838 | $ (482,258) | $ (38,273) | |
[1] | The condensed consolidated balance sheet as of December 31, 2021 has been derived from the audited financial statements as of that date included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows from operating activities: | ||
Net loss | $ (8,674) | $ (8,956) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Non-cash royalty revenue related to royalty monetization | 0 | (45) |
Non-cash interest income on liability related to royalty monetization | (673) | (782) |
Depreciation and amortization | 420 | 450 |
Non-cash interest expense related to debt financing | 134 | 222 |
Stock-based compensation | 783 | 1,089 |
Gain on lease termination | 0 | (522) |
Other | 2 | 68 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (24) | (23) |
Inventories | 57 | 105 |
Prepaid expenses and other assets | 360 | 361 |
Accounts payable | 249 | 313 |
Accrued liabilities | (1,512) | (1,698) |
Operating lease liabilities | (56) | (241) |
Deferred revenue | 0 | (49) |
Net cash used in operating activities | (8,934) | (9,708) |
Cash flows from investing activities: | ||
Purchase of property and equipment | (89) | (24) |
Purchase of investments | (6,175) | (24,441) |
Cash paid for asset acquisition, net of cash acquired | (1,156) | 0 |
Proceeds from maturities of investments | 27,596 | 7,040 |
Net cash provided by (used in) investing activities | 20,176 | (17,425) |
Cash flows from financing activities: | ||
Payment of long-term debt | (2,083) | (2,083) |
Net proceeds from issuance of common stock in connection with equity financings | 0 | 36,360 |
Net proceeds from issuance of common stock through equity plans | 58 | 194 |
Payment of employee tax obligations related to vesting of restricted stock units | (58) | (249) |
Net cash (used in) provided by financing activities | (2,083) | 34,222 |
Net increase in cash and cash equivalents | 9,159 | 7,089 |
Cash and cash equivalents—Beginning of period | 12,663 | 27,274 |
Cash and cash equivalents—End of period | 21,822 | 34,363 |
NONCASH INVESTING ACTIVITIES: | ||
Purchases of property and equipment in accounts payable and accrued liabilities | 1,275 | 1,678 |
Asset acquisition costs in accounts payable and accrued liabilities | 531 | 0 |
Liability for hold back shares in connection with asset acquisition in other long-term liabilities | 800 | 0 |
Issuance of common stock in connection with asset acquisition | $ 5,511 | $ 0 |
Note 1 - Organization and Summa
Note 1 - Organization and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Basis of Presentation and Significant Accounting Policies [Text Block] | 1. The Company AcelRx Pharmaceuticals, Inc., or the Company, or AcelRx, was incorporated in Delaware on July 13, 2005 AcelRx is a specialty pharmaceutical company focused on the development and commercialization of innovative therapies for use in medically supervised settings. DSUVIA® November 2, 2018, first 2019. June 2018, not may one July 2021, May 12, 2021 ( Termination of Gr nenthal Agreements July 2021, 10 3 10 50 January 7, 2022, November 14, 2021, 4. not second 608, The Company has incurred recurring operating losses and negative cash flows from operating activities since inception. As of March 31, 2022, one 10 September 18, 2015, August 31, 2020, third Termination of Gr nenthal Agreements On December 16, 2013, July 17, 2015 September 20, 2016, 28 September 2015, December 16, 2013, July 22, 2015, July 17, 2015. On May 18, 2020, November 13, 2020. May 12, 2021 May 12, 2021. Principles of Consolidation The Condensed Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and the rules and regulations of the United States. Securities and Exchange Commission, or SEC. Accordingly, they do not Operating results for the three March 31, 2022, not may December 31, 2022, December 31, 2021, December 31, 2021, 10 March 10, 2022. 10 December 31, 2021, Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and accompanying notes. Management evaluates its estimates on an ongoing basis including critical accounting policies. Estimates are based on historical experience and on various other market-specific and other relevant assumptions that the Company believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not Significant Accounting Policies The Company’s significant accounting policies are detailed in its Annual Report on Form 10 December 31, 2021. no three March 31, 2022, 2021 10 Acquisitions The Company evaluates acquisitions of assets and other similar transactions to assess whether or not first not, not Acquisitions meeting the definition of business combinations are accounted for using the acquisition method of accounting, which requires that the purchase price be allocated to the net assets acquired at their respective fair values. In a business combination, any excess of the purchase price over the estimated fair values of the net assets acquired is recorded as goodwill. For asset acquisitions, a cost accumulation model is used to determine the cost of an asset acquisition. Direct transaction costs are recognized as part of the cost of an asset acquisition. The Company also evaluates which elements of a transaction should be accounted for as a part of an asset acquisition and which should be accounted for separately. The cost of an asset acquisition, including transaction costs, is allocated to identifiable assets acquired and liabilities assumed based on a relative fair value basis. Goodwill is not not no may not Recently Issued Accounting Pronouncements In June 2016, 2016 13, Financial Instruments Credit Losses: Measurement of Credit Losses on Financial Instruments, 2016 13. 2016 13 2016 13 January 1, 2023, January 1, 2020. May 2019, 2019 05, Financial Instruments Credit Losses, 2019 05, 2016 13. 2016 13 2019 05 not In March 2020, 2020 04, Reference Rate Reform (Topic 848 may December 31, 2022. January 2021, 2021 01, Reference Rate Reform (Topic 848 848 2020 04. |
Note 2 - Investments and Fair V
Note 2 - Investments and Fair Value Measurement | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Investments and Fair Value Measurement Disclosure [Text Block] | 2. Investments The Company classifies its marketable securities as available-for-sale and records its investments at fair value. Available-for-sale securities are carried at estimated fair value based on quoted market prices or observable market inputs of almost identical assets, with the unrealized holding gains and losses included in accumulated other comprehensive income (loss). Marketable securities which have maturities beyond one The table below summarizes the Company’s cash, cash equivalents and short-term investments (in thousands): As of March 31, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Cash and cash equivalents: Cash $ 2,621 $ — $ — $ 2,621 Money market funds 562 — — 562 Commercial paper 18,639 — — 18,639 Total cash and cash equivalents 21,822 — — 21,822 Short-term investments: Commercial paper 13,557 — — 13,557 Corporate debt securities 3,970 — — 3,970 Total short-term investments 17,527 — — 17,527 Total cash, cash equivalents and short-term investments $ 39,349 $ — $ — $ 39,349 As of December 31, 2021 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Cash and cash equivalents: Cash $ 1,443 $ — $ — $ 1,443 Money market funds 2,822 — — 2,822 Commercial paper 8,398 — — 8,398 Total cash and cash equivalents 12,663 — — 12,663 Short-term investments: Commercial paper 29,504 — — 29,504 Corporate debt securities 9,463 — — 9,463 Total short-term investments 38,967 — — 38,967 Total cash, cash equivalents and short-term investments $ 51,630 $ — $ — $ 51,630 There were no other-than-temporary impairments for these securities at March 31, 2022 December 31, 2021. no three March 31, 2022 2021. As of March 31, 2022, December 31, 2021, one Fair Value Measurement The Company’s financial instruments consist of Level I and II assets and Level III liabilities. Money market funds are highly liquid investments and are actively traded. The pricing information on these investment instruments are readily available and can be independently validated as of the measurement date. This approach results in the classification of these securities as Level 1 third March 31, 2022, December 31, 2021, 6 two The following table sets forth the fair value of the Company’s financial assets and liabilities by level within the fair value hierarchy (in thousands): As of March 31, 2022 Fair Value Level I Level II Level III Assets Money market funds $ 562 $ 562 $ — $ — Commercial paper 32,196 — 32,196 — Corporate debt securities 3,970 — 3,970 — Total assets measured at fair value $ 36,728 $ 562 $ 36,166 $ — Liabilities Contingent put option liability $ 55 $ — $ — $ 55 Total liabilities measured at fair value $ 55 $ — $ — $ 55 As of December 31, 2021 Fair Value Level I Level II Level III Assets Money market funds $ 2,822 $ 2,822 $ — $ — Commercial paper 37,902 — 37,902 — Corporate debt securities 9,463 — 9,463 — Total assets measured at fair value $ 50,187 $ 2,822 $ 47,365 $ — Liabilities Contingent put option liability $ 81 $ — $ — $ 81 Total liabilities measured at fair value $ 81 $ — $ — $ 81 The following tables set forth a summary of the changes in the fair value of the Company’s Level III financial liabilities for the three March 31, 2022 2021 Three Months Ended March 31, 2022 Fair value—beginning of period $ 81 Change in fair value of contingent put option associated with the Loan Agreement (26 ) Fair value—end of period $ 55 Three Months Ended March 31, 2021 Fair value—beginning of period $ 246 Change in fair value of contingent put option associated with the Loan Agreement (65 ) Fair value—end of period $ 181 There were no transfers between Level I, Level II or Level III of the fair value hierarchy during the three March 31, 2022 December 31, 2021. |
Note 3 - Inventories, Net
Note 3 - Inventories, Net | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 3. Inventories consist of raw materials, work in process and finished goods and are stated at the lower of cost or net realizable value and consist of the following (in thousands): Balance as of March 31, 2022 December 31, 2021 Raw materials $ 651 $ 722 Work-in-process 35 159 Finished goods 359 230 Total $ 1,045 $ 1,111 The Company did not three March 31, 2022. three March 31, 2021. |
Note 4 - Asset Acquisition
Note 4 - Asset Acquisition | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 4. On January 7, 2022, five January 7, 2022, The shares issued pursuant to the Merger Agreement were issued in private placements pursuant to the exemption from registration under Section 4 2 1933, 506 not The Merger Agreement has been accounted for as an asset acquisition of a single IPR&D asset that has an alternative future use. The initial measurement of the asset purchased of $8.8 million was based on the purchase cost of $12.4 million including (i) $6.0 million common stock fair value on the closing date (issued and hold back on the acquisition date), (ii) $0.5 million seller’s costs paid by the Company, (iii) $3.5 million cash and (iv) approximately $2.5 million of transaction costs less purchase price allocated to cash acquired of $3.5 million. Due to the nature of regulatory and sales-based milestones, the contingent consideration of up to $26.0 million was not not March 31, 2022, none The following table summarizes the total consideration for the acquisition and the value of the IPR&D asset acquired (in thousands): Consideration Cash $ 3,536 Issuance of common stock to Lowell security holders in connection with asset acquisition 5,161 Issuance of common stock to settle Lowell’s transaction costs in connection with asset acquisition 350 Liability for issuance of 1,396,526 (1) 800 Transaction costs 2,521 Total consideration $ 12,368 IPR&D Asset Acquired Purchase price $ 12,368 Cash acquired (3,549 ) Total IPR&D asset acquired (2) $ 8,819 ( 1 ( 2 The IPR&D asset will be treated initially as an indefinite-lived asset, and as a long-lived asset, it will be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not |
Note 5 - Revenue From Contracts
Note 5 - Revenue From Contracts With Customers | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 5. The following table summarizes revenue from contracts with customers for the three March 31, 2022 2021 Three Months Ended March 31, 2022 2021 Product sales: DSUVIA $ 442 $ 181 Zalviso — 270 Total product sales 442 451 Contract and other collaboration: Non-cash royalty revenue related to Royalty Monetization (See Note 8) — 45 Royalty revenue — 15 Total revenues from contract and other collaboration — 60 Total revenue $ 442 $ 511 For additional details on the Company’s accounting policy regarding revenue recognition, refer to Note 1 10 December 31, 2021. Product Sales The Company’s commercial launch of DSUVIA in the United States occurred in the first 2019. May 12, 2021. not March 31, 2022. Contract and Other Collaboration Contract and other collaboration revenue includes revenue under the Grünenthal Agreements related to research and development services, non-cash royalty revenue related to the Royalty Monetization and royalty revenue for sales of Zalviso in Europe and license revenue recognized under the DZUVEO Agreement. For the three March 31, 2022, not Contract Liabilities A contract liability of $1.2 million was recorded on the Condensed Consolidated Balance Sheets as deferred revenue as of March 31, 2022, not The following table presents changes in the Company’s contract liability for the three March 31, 2022 2021 Balance at January 1, 2022 $ 1,237 Deductions for performance obligations satisfied: In current period — Balance at March 31, 2022 $ 1,237 Balance at January 1, 2021 $ 49 Deductions for performance obligations satisfied: In current period (49 ) Balance at March 31, 2021 $ — |
Note 6 - Long-term Debt
Note 6 - Long-term Debt | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Long-Term Debt [Text Block] | 6. Loan Agreement with Oxford On May 30, 2019, May 30, 2019. In connection with the Loan Agreement, on May 30, 2019, As of March 31, 2022 December 31, 2021, three March 31, 2022, three March 31, 2021. Non-Interest Bearing Payments for the Construction of Leasehold Improvements In August 2019, may four July 2022. March 31, 2022 December 31, 2021, March 31, 2022 |
Note 7 - Leases
Note 7 - Leases | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 7. Office Lease On March 26, 2021, 25821 April 1, 2021. two three one Contract Manufacturing Leases The Company has entered into commercial supply manufacturing services agreements related to Zalviso and DSUVIA containing fixed fees which it has determined are in-substance lease payments. For additional information on these agreements, refer to Note 9 10 December 31, 2021. The components of lease expense are presented in the following table (in thousands): Three Months Ended March 31, 2022 2021 Operating lease costs $ 343 $ 340 Gain on derecognition of operating lease — (522 ) Sublease income — (150 ) Net lease costs $ 343 $ (332 ) The weighted average remaining lease term and discount rate related to the operating leases are presented in the following table: March 31, 2022 March 31, 2021 Weighted-average remaining lease term – operating leases (in years) 4.74 0.57 Weighted-average remaining discount rate – operating leases 12.8 % 12.03 % Maturities of lease liabilities as of March 31, 2022 Year: 2022 $ 1,363 2023 1,294 2024 1,040 2025 1,040 2026 1,040 Thereafter 415 Total future minimum lease payments 6,192 Less imputed interest (1,430 ) Total $ 4,762 Reported as: Operating lease liabilities $ 4,762 Operating lease liabilities, current portion (1,184 ) Operating lease liabilities, net of current portion $ 3,578 |
Note 8 - Liability Related to S
Note 8 - Liability Related to Sale of Future Royalties | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Liability Related To Sale Of Future Royalties Disclosure [Text Block] | 8. On September 18, 2015, first four 80% $195.0 The Company periodically assesses the expected royalty and milestone payments using a combination of historical results, internal projections and forecasts from external sources. To the extent such payments are greater or less than the Company’s initial estimates or the timing of such payments is materially different than its original estimates, the Company will prospectively adjust the amortization of the liability and the effective interest rate. During the three June 30, 2020, November 13, 2020. May 12, 2021 May 12, 2021. may The effective interest rate over the life of the liability will be 0% as the Company records interest income over the remaining term of the arrangement as an offset to the interest expense that was recognized in prior periods. The effective interest income rate for the three March 31, 2022 2021, The following table shows the activity within the liability account for the three September 18, 2015 March 31, 2022 ( Three months ended March 31, 2022 Period from inception to March 31, 2022 Liability related to sale of future royalties — beginning balance $ 85,288 $ — Proceeds from sale of future royalties — 61,184 Non-cash royalty revenue — (1,083 ) Non-cash interest (income) expense recognized (673 ) 24,514 Liability related to sale of future royalties as of March 31, 2022 $ 84,615 $ 84,615 As royalties are remitted to SWK from ARPI LLC, as described in Note 1 10 December 31, 2021, |
Note 9 - Commitments and Contin
Note 9 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 9. Litigation On June 8, 2021, two 10 20 10b 5 December 16, 2021, March 7, 2022. three 10 20 10b 5 20A May 6, 2022. On July 6, 2021, September 30, 2021, October 26, 2021, November 17, 2021, three nine four December 6, 2021, four 1A. may . The Company believes that these lawsuits are without merit and intends to vigorously defend against them. Given the uncertainty of litigation, the preliminary stage of the cases, and the legal standards that must be met for, among other things, class certification and success on the merits, the Company cannot estimate the reasonably possible loss or range of loss that may |
Note 10 - Stock-based Compensat
Note 10 - Stock-based Compensation | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 10. The Company recorded total stock-based compensation expense for stock options, restricted stock units, or RSUs, and the Amended and Restated 2011 March 31, 2022 March 31, 2021 Cost of goods sold $ 19 $ 22 Research and development 174 181 Selling, general and administrative 590 886 Total $ 783 $ 1,089 The following table summarizes restricted stock unit activity under the Company’s equity incentive plans: Weighted Number of Average Restricted Grant Date Stock Units Fair Value Restricted stock units outstanding, January 1, 2022 1,774,376 $ 1.71 Granted 1,061,826 0.40 Vested (657,359 ) 1.92 Forfeited (145,838 ) 1.56 Restricted stock units outstanding, March 31, 2022 2,033,005 $ 0.97 Upon vesting, certain of the Company’s RSUs may March 31, 2022, The following table summarizes stock option activity under the Company’s equity incentive plans: Number of Stock Options Outstanding Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life (Years) Aggregate Intrinsic Value (in thousands) January 1, 2022 14,284,050 $ 2.99 Granted 2,123,650 0.40 Forfeited (248,334 ) 1.72 Expired (517,902 ) 3.20 Exercised — — March 31, 2022 15,641,464 $ 2.65 6.2 $ — Vested and exercisable options—March 31, 2022 10,426,287 $ 3.36 4.8 $ — Vested and expected to vest—March 31, 2022 15,641,464 $ 2.65 6.2 $ — The per-share weighted average grant date fair value of the options granted during the quarter ended March 31, 2022 Three months ended March 31, 2022 Expected term (in years) 6.3 Risk-free interest rate 1.6% - 2.2% Expected volatility 88% Expected dividend rate 0% As of March 31, 2022, |
Note 11 - Net Loss Per Share of
Note 11 - Net Loss Per Share of Common Stock | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 11. The Company’s basic net loss per share of common stock is calculated by dividing the net loss by the weighted average number of shares of common stock outstanding for the period. The diluted net loss per share of common stock is computed by giving effect to all potential common stock equivalents outstanding for the period determined using the treasury stock method. For purposes of this calculation, options to purchase common stock, RSUs, and warrants to purchase common stock were considered to be common stock equivalents. In periods with a reported net loss, common stock equivalents are excluded from the calculation of diluted net loss per share of common stock if their effect is antidilutive. The following outstanding shares of common stock equivalents were excluded from the computation of diluted net loss per share of common stock for the periods presented because including them would have been antidilutive: Three Months Ended March 31, 2022 2021 ESPP, RSUs and stock options to purchase common stock 17,864,469 16,789,212 Common stock warrants 17,676,679 176,679 In addition, the shares held back and contingently issuable in connection with the Lowell Merger, as described in Note 4. not |
Note 12 - Subsequent Event
Note 12 - Subsequent Event | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 12. May 2022, second 2022. may may not may |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Business Description of Entity [Policy Text Block] | The Company AcelRx Pharmaceuticals, Inc., or the Company, or AcelRx, was incorporated in Delaware on July 13, 2005 AcelRx is a specialty pharmaceutical company focused on the development and commercialization of innovative therapies for use in medically supervised settings. DSUVIA® November 2, 2018, first 2019. June 2018, not may one July 2021, May 12, 2021 ( Termination of Gr nenthal Agreements July 2021, 10 3 10 50 January 7, 2022, November 14, 2021, 4. not second 608, The Company has incurred recurring operating losses and negative cash flows from operating activities since inception. As of March 31, 2022, one 10 September 18, 2015, August 31, 2020, third Termination of Gr nenthal Agreements On December 16, 2013, July 17, 2015 September 20, 2016, 28 September 2015, December 16, 2013, July 22, 2015, July 17, 2015. On May 18, 2020, November 13, 2020. May 12, 2021 May 12, 2021. |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The Condensed Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and the rules and regulations of the United States. Securities and Exchange Commission, or SEC. Accordingly, they do not Operating results for the three March 31, 2022, not may December 31, 2022, December 31, 2021, December 31, 2021, 10 March 10, 2022. 10 December 31, 2021, |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and accompanying notes. Management evaluates its estimates on an ongoing basis including critical accounting policies. Estimates are based on historical experience and on various other market-specific and other relevant assumptions that the Company believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not |
Business Combinations Policy [Policy Text Block] | Acquisitions The Company evaluates acquisitions of assets and other similar transactions to assess whether or not first not, not Acquisitions meeting the definition of business combinations are accounted for using the acquisition method of accounting, which requires that the purchase price be allocated to the net assets acquired at their respective fair values. In a business combination, any excess of the purchase price over the estimated fair values of the net assets acquired is recorded as goodwill. For asset acquisitions, a cost accumulation model is used to determine the cost of an asset acquisition. Direct transaction costs are recognized as part of the cost of an asset acquisition. The Company also evaluates which elements of a transaction should be accounted for as a part of an asset acquisition and which should be accounted for separately. The cost of an asset acquisition, including transaction costs, is allocated to identifiable assets acquired and liabilities assumed based on a relative fair value basis. Goodwill is not not no may not |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Pronouncements In June 2016, 2016 13, Financial Instruments Credit Losses: Measurement of Credit Losses on Financial Instruments, 2016 13. 2016 13 2016 13 January 1, 2023, January 1, 2020. May 2019, 2019 05, Financial Instruments Credit Losses, 2019 05, 2016 13. 2016 13 2019 05 not In March 2020, 2020 04, Reference Rate Reform (Topic 848 may December 31, 2022. January 2021, 2021 01, Reference Rate Reform (Topic 848 848 2020 04. |
Note 2 - Investments and Fair_2
Note 2 - Investments and Fair Value Measurement (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Cash, Cash Equivalents and Investments [Table Text Block] | As of March 31, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Cash and cash equivalents: Cash $ 2,621 $ — $ — $ 2,621 Money market funds 562 — — 562 Commercial paper 18,639 — — 18,639 Total cash and cash equivalents 21,822 — — 21,822 Short-term investments: Commercial paper 13,557 — — 13,557 Corporate debt securities 3,970 — — 3,970 Total short-term investments 17,527 — — 17,527 Total cash, cash equivalents and short-term investments $ 39,349 $ — $ — $ 39,349 As of December 31, 2021 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Cash and cash equivalents: Cash $ 1,443 $ — $ — $ 1,443 Money market funds 2,822 — — 2,822 Commercial paper 8,398 — — 8,398 Total cash and cash equivalents 12,663 — — 12,663 Short-term investments: Commercial paper 29,504 — — 29,504 Corporate debt securities 9,463 — — 9,463 Total short-term investments 38,967 — — 38,967 Total cash, cash equivalents and short-term investments $ 51,630 $ — $ — $ 51,630 |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | As of March 31, 2022 Fair Value Level I Level II Level III Assets Money market funds $ 562 $ 562 $ — $ — Commercial paper 32,196 — 32,196 — Corporate debt securities 3,970 — 3,970 — Total assets measured at fair value $ 36,728 $ 562 $ 36,166 $ — Liabilities Contingent put option liability $ 55 $ — $ — $ 55 Total liabilities measured at fair value $ 55 $ — $ — $ 55 As of December 31, 2021 Fair Value Level I Level II Level III Assets Money market funds $ 2,822 $ 2,822 $ — $ — Commercial paper 37,902 — 37,902 — Corporate debt securities 9,463 — 9,463 — Total assets measured at fair value $ 50,187 $ 2,822 $ 47,365 $ — Liabilities Contingent put option liability $ 81 $ — $ — $ 81 Total liabilities measured at fair value $ 81 $ — $ — $ 81 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Three Months Ended March 31, 2022 Fair value—beginning of period $ 81 Change in fair value of contingent put option associated with the Loan Agreement (26 ) Fair value—end of period $ 55 Three Months Ended March 31, 2021 Fair value—beginning of period $ 246 Change in fair value of contingent put option associated with the Loan Agreement (65 ) Fair value—end of period $ 181 |
Note 3 - Inventories, Net (Tabl
Note 3 - Inventories, Net (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | Balance as of March 31, 2022 December 31, 2021 Raw materials $ 651 $ 722 Work-in-process 35 159 Finished goods 359 230 Total $ 1,045 $ 1,111 |
Note 4 - Asset Acquisition (Tab
Note 4 - Asset Acquisition (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Consideration Cash $ 3,536 Issuance of common stock to Lowell security holders in connection with asset acquisition 5,161 Issuance of common stock to settle Lowell’s transaction costs in connection with asset acquisition 350 Liability for issuance of 1,396,526 (1) 800 Transaction costs 2,521 Total consideration $ 12,368 IPR&D Asset Acquired Purchase price $ 12,368 Cash acquired (3,549 ) Total IPR&D asset acquired (2) $ 8,819 |
Note 5 - Revenue From Contrac_2
Note 5 - Revenue From Contracts With Customers (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended March 31, 2022 2021 Product sales: DSUVIA $ 442 $ 181 Zalviso — 270 Total product sales 442 451 Contract and other collaboration: Non-cash royalty revenue related to Royalty Monetization (See Note 8) — 45 Royalty revenue — 15 Total revenues from contract and other collaboration — 60 Total revenue $ 442 $ 511 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | Balance at January 1, 2022 $ 1,237 Deductions for performance obligations satisfied: In current period — Balance at March 31, 2022 $ 1,237 Balance at January 1, 2021 $ 49 Deductions for performance obligations satisfied: In current period (49 ) Balance at March 31, 2021 $ — |
Note 7 - Leases (Tables)
Note 7 - Leases (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended March 31, 2022 2021 Operating lease costs $ 343 $ 340 Gain on derecognition of operating lease — (522 ) Sublease income — (150 ) Net lease costs $ 343 $ (332 ) March 31, 2022 March 31, 2021 Weighted-average remaining lease term – operating leases (in years) 4.74 0.57 Weighted-average remaining discount rate – operating leases 12.8 % 12.03 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Year: 2022 $ 1,363 2023 1,294 2024 1,040 2025 1,040 2026 1,040 Thereafter 415 Total future minimum lease payments 6,192 Less imputed interest (1,430 ) Total $ 4,762 Operating lease liabilities $ 4,762 Operating lease liabilities, current portion (1,184 ) Operating lease liabilities, net of current portion $ 3,578 |
Note 8 - Liability Related to_2
Note 8 - Liability Related to Sale of Future Royalties (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Other Liabilities [Table Text Block] | Three months ended March 31, 2022 Period from inception to March 31, 2022 Liability related to sale of future royalties — beginning balance $ 85,288 $ — Proceeds from sale of future royalties — 61,184 Non-cash royalty revenue — (1,083 ) Non-cash interest (income) expense recognized (673 ) 24,514 Liability related to sale of future royalties as of March 31, 2022 $ 84,615 $ 84,615 |
Note 10 - Stock-based Compens_2
Note 10 - Stock-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | March 31, 2022 March 31, 2021 Cost of goods sold $ 19 $ 22 Research and development 174 181 Selling, general and administrative 590 886 Total $ 783 $ 1,089 |
Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | Weighted Number of Average Restricted Grant Date Stock Units Fair Value Restricted stock units outstanding, January 1, 2022 1,774,376 $ 1.71 Granted 1,061,826 0.40 Vested (657,359 ) 1.92 Forfeited (145,838 ) 1.56 Restricted stock units outstanding, March 31, 2022 2,033,005 $ 0.97 |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Number of Stock Options Outstanding Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life (Years) Aggregate Intrinsic Value (in thousands) January 1, 2022 14,284,050 $ 2.99 Granted 2,123,650 0.40 Forfeited (248,334 ) 1.72 Expired (517,902 ) 3.20 Exercised — — March 31, 2022 15,641,464 $ 2.65 6.2 $ — Vested and exercisable options—March 31, 2022 10,426,287 $ 3.36 4.8 $ — Vested and expected to vest—March 31, 2022 15,641,464 $ 2.65 6.2 $ — |
Performance Shares [Member] | |
Notes Tables | |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Three months ended March 31, 2022 Expected term (in years) 6.3 Risk-free interest rate 1.6% - 2.2% Expected volatility 88% Expected dividend rate 0% |
Note 11 - Net Loss Per Share _2
Note 11 - Net Loss Per Share of Common Stock (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Three Months Ended March 31, 2022 2021 ESPP, RSUs and stock options to purchase common stock 17,864,469 16,789,212 Common stock warrants 17,676,679 176,679 |
Note 1 - Organization and Sum_2
Note 1 - Organization and Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Cash, Cash Equivalents, and Short-Term Investments, Total | $ 39,349 | $ 51,630 |
Note 2 - Investments and Fair_3
Note 2 - Investments and Fair Value Measurement (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Other-than-temporary Impairment Loss, Debt Securities, Available-for-Sale | $ 0 | $ 0 | |
Debt Securities, Available-for-Sale, Realized Gain (Loss), Total | 0 | $ 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers Into Level 3 | $ 0 | $ 0 |
Note 2 - Investments and Fair_4
Note 2 - Investments and Fair Value Measurement - Summary of Cash, Cash Equivalents and Investments (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | |
Gross Unrealized Gains | $ 0 | $ 0 | |
Gross Unrealized Losses | 0 | 0 | |
Cash and cash equivalents | 21,822 | 12,663 | [1] |
Total cash, cash equivalents and short-term investments | 39,349 | 51,630 | |
Total cash, cash equivalents and short-term investments, fair value | 39,349 | 51,630 | |
Cash and Cash Equivalents [Member] | |||
Cash and cash equivalent, fair value | 21,822 | 12,663 | |
Cash and cash equivalents | 21,822 | 12,663 | |
Cash and Cash Equivalents [Member] | Cash [Member] | |||
Cash, amortized cost | 2,621 | 1,443 | |
Cash and cash equivalent, fair value | 2,621 | 1,443 | |
Cash and Cash Equivalents [Member] | Money Market Funds [Member] | |||
Cash and cash equivalent, fair value | 562 | 2,822 | |
Money market funds, amortized cost | 562 | 2,822 | |
Cash and Cash Equivalents [Member] | Commercial Paper [Member] | |||
Short-term investment, amortized Cost | 18,639 | 8,398 | |
Gross Unrealized Gains | 0 | 0 | |
Gross Unrealized Losses | 0 | 0 | |
Short-term investment, fair value | 18,639 | 8,398 | |
Marketable Securities [Member] | |||
Short-term investment, amortized Cost | 17,527 | 38,967 | |
Gross Unrealized Gains | 0 | 0 | |
Gross Unrealized Losses | 0 | 0 | |
Short-term investment, fair value | 17,527 | 38,967 | |
Marketable Securities [Member] | Commercial Paper [Member] | |||
Short-term investment, amortized Cost | 13,557 | 29,504 | |
Gross Unrealized Gains | 0 | 0 | |
Gross Unrealized Losses | 0 | 0 | |
Short-term investment, fair value | 13,557 | 29,504 | |
Marketable Securities [Member] | Corporate Debt Securities [Member] | |||
Short-term investment, amortized Cost | 3,970 | 9,463 | |
Gross Unrealized Gains | 0 | 0 | |
Gross Unrealized Losses | 0 | 0 | |
Short-term investment, fair value | $ 3,970 | $ 9,463 | |
[1] | The condensed consolidated balance sheet as of December 31, 2021 has been derived from the audited financial statements as of that date included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. |
Note 2 - Investments and Fair_5
Note 2 - Investments and Fair Value Measurement - Fair Value of Financial Assets and Liabilities by Level Within Fair Value Hierarchy (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Assets, fair value | $ 36,728 | $ 50,187 |
Liabilities, fair value | 55 | 81 |
Contingent Put Option Liability [Member] | ||
Liabilities, fair value | 55 | 81 |
Fair Value, Inputs, Level 1 [Member] | ||
Assets, fair value | 562 | 2,822 |
Liabilities, fair value | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Contingent Put Option Liability [Member] | ||
Liabilities, fair value | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Assets, fair value | 36,166 | 47,365 |
Liabilities, fair value | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Contingent Put Option Liability [Member] | ||
Liabilities, fair value | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Assets, fair value | 0 | 0 |
Liabilities, fair value | 55 | 81 |
Fair Value, Inputs, Level 3 [Member] | Contingent Put Option Liability [Member] | ||
Liabilities, fair value | 55 | 81 |
Money Market Funds [Member] | ||
Assets, fair value | 562 | 2,822 |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, fair value | 562 | 2,822 |
Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, fair value | 0 | 0 |
Money Market Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, fair value | 0 | 0 |
Commercial Paper [Member] | ||
Assets, fair value | 32,196 | 37,902 |
Commercial Paper [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, fair value | 0 | 0 |
Commercial Paper [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, fair value | 32,196 | 37,902 |
Commercial Paper [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, fair value | 0 | 0 |
Corporate Debt Securities [Member] | ||
Assets, fair value | 3,970 | 9,463 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, fair value | 0 | 0 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, fair value | 3,970 | 9,463 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, fair value | $ 0 | $ 0 |
Note 2 - Investments and Fair_6
Note 2 - Investments and Fair Value Measurement - Summary of Changes in Fair Value of Level III Financial Liabilities (Details) - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Fair value, Beginning of period | $ 81 | $ 246 |
Change in fair value of contingent put option associated with the Loan Agreement | (26) | |
Change in fair value of contingent put option associated with the Loan Agreement | (65) | |
Fair value, End of period | $ 55 | $ 181 |
Note 3 - Inventories, Net (Deta
Note 3 - Inventories, Net (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
ZALVISO [Member] | ||
Inventory Write-down | $ 0 | $ 100 |
Note 3 - Inventories, Net - Inv
Note 3 - Inventories, Net - Inventory Components (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | |
Raw materials | $ 651 | $ 722 | |
Work-in-process | 35 | 159 | |
Finished goods | 359 | 230 | |
Total | $ 1,045 | $ 1,111 | [1] |
[1] | The condensed consolidated balance sheet as of December 31, 2021 has been derived from the audited financial statements as of that date included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. |
Note 4 - Asset Acquisition (Det
Note 4 - Asset Acquisition (Details Textual) - Lowell Therapeutics [Member] $ / shares in Units, $ in Thousands | Jan. 07, 2022USD ($)$ / sharesshares | |
Business Combination, Consideration Transferred, Net of Cash Acquired | $ 32,500 | |
Cash Acquired from Acquisition | 3,549 | |
Business Combination, Options To Purchase Capital Stock Issued and Outstanding Cancelled, Exchange for Cash | $ 3,500 | |
Business Combination, Acquiree Common Stock to Be Held Back to Satisfy Some Obligations (in shares) | shares | 1,396,526 | |
Business Combination, Acquiree Common Stock to Be Held Back to Satisfy Some Obligations, Value | $ 800 | [1] |
Business Combination, Cash and Stock Paid for Transaction Costs | 500 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets, Total | 8,819 | [2] |
Business Combination, Consideration Transferred, Total | 12,368 | |
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | 6,000 | |
Business Combination, Acquisition Related Costs | 500 | |
Payments to Acquire Businesses, Gross | 3,536 | |
Business Acquisition, Transaction Costs | 2,521 | |
Contingent Consideration Payable Upon Achievement of Milestones [Member] | ||
Business Combination, Contingent Consideration, Liability, Total | $ 26,000 | |
AcelRx Common Stock [Member] | ||
Business Combination, Options To Purchase Capital Stock Issued and Outstanding Cancelled, Exchange for Common Stock, Number (in shares) | shares | 9,009,538 | |
Business Combination, Acquiree Common Stock to Be Held Back to Satisfy Some Obligations, Fixed Value per Share (in dollars per share) | $ / shares | $ 0.57284 | |
Business Combination, Options To Purchase Capital Stock Issued and Outstanding Cancelled, Exchange for Common Stock, Value | $ 5,200 | |
Business Combination, Acquiree Common Stock to Be Held Back to Satisfy Some Obligations (in shares) | shares | 1,396,526 | |
Business Combination, Acquiree Common Stock to Be Held Back to Satisfy Some Obligations, Value | $ 800 | |
[1] | Recorded as Other long-term liabilities in the Condensed Consolidated Balance Sheets. | |
[2] | Recorded as In-process research and development asset in the Condensed Consolidated Balance Sheets. |
Note 4 - Asset Acquisition - Co
Note 4 - Asset Acquisition - Consideration for Acquisition (Details) - Lowell Therapeutics [Member] $ in Thousands | Jan. 07, 2022USD ($) | |
Payments to Acquire Businesses, Gross | $ 3,536 | |
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | 6,000 | |
Business Combination, Acquiree Common Stock to Be Held Back to Satisfy Some Obligations, Value | 800 | [1] |
Business Acquisition, Transaction Costs | 2,521 | |
Business Combination, Consideration Transferred, Total | 12,368 | |
Cash acquired | (3,549) | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets, Total | 8,819 | [2] |
Common Stock [Member] | ||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | 5,161 | |
Common Stock to Settle Transaction Costs [Member] | ||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 350 | |
[1] | Recorded as Other long-term liabilities in the Condensed Consolidated Balance Sheets. | |
[2] | Recorded as In-process research and development asset in the Condensed Consolidated Balance Sheets. |
Note 4 - Asset Acquisition - _2
Note 4 - Asset Acquisition - Consideration for Acquisition (Details) (Parentheticals) | Jan. 07, 2022shares |
Lowell Therapeutics [Member] | |
Business Combination, Acquiree Common Stock to Be Held Back to Satisfy Some Obligations (in shares) | 1,396,526 |
Note 5 - Revenue From Contrac_3
Note 5 - Revenue From Contracts With Customers (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Contract with Customer, Liability, Total | $ 1,237 | $ 1,237 | $ 0 | $ 49 |
DZUVEO [Member] | Aguettant [Member] | ||||
Contract with Customer, Liability, Total | 1,200 | |||
Contract with Customer, Liability, Current | $ 100 |
Note 5 - Revenue From Contrac_4
Note 5 - Revenue From Contracts With Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenue | $ 442 | $ 511 |
DSUVIA [Member] | ||
Revenue | 442 | 181 |
ZALVISO [Member] | ||
Revenue | 0 | 270 |
Product [Member] | ||
Revenue | 442 | 451 |
Non-cash Royalty [Member] | ||
Revenue | 0 | 45 |
Royalty [Member] | ||
Revenue | 0 | 15 |
Contract and Other Collaboration [Member] | ||
Revenue | $ 0 | $ 60 |
Note 5 - Revenue From Contrac_5
Note 5 - Revenue From Contracts With Customers - Contract Liability (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Balance | $ 1,237 | $ 49 |
In current period | 0 | (49) |
Balance | $ 1,237 | $ 0 |
Note 6 - Long-term Debt (Detail
Note 6 - Long-term Debt (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Aug. 01, 2019 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | May 30, 2019 |
Amortization of Debt Discount (Premium) | $ 134 | $ 222 | |||
Leasehold Improvements, Gross | $ 1,700 | ||||
Site Readiness Agreement [Member] | |||||
Debt Instrument, Periodic Payment, Principal | $ 500 | ||||
Total Obligation Under Leasehold Agreement | 500 | ||||
Debt Instrument, Interest Rate, Effective Percentage | 14.40% | ||||
Warrant In Connection with Oxford Finance Loan Agreement [Member] | |||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 176,679 | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 2.83 | ||||
Loan Agreement with Oxford Finance LLC [Member] | |||||
Debt Instrument, Face Amount | $ 25,000 | ||||
Long-Term Debt, Total | $ 11,400 | $ 13,300 | |||
Interest Expense, Debt, Total | 400 | 600 | |||
Amortization of Debt Discount (Premium) | $ 100 | $ 200 |
Note 7 - Leases (Details Textua
Note 7 - Leases (Details Textual) - USD ($) | Mar. 26, 2021 | Mar. 31, 2022 | Dec. 31, 2021 | [1] |
Operating Lease, Right-of-Use Asset | $ 4,147,000 | $ 4,302,000 | ||
Lease for Corporate Headquarters in Hayward, California [Member] | ||||
Lessee, Operating Lease, Term of Contract (Year) | 2 years 3 months | |||
Lessee, Operating Lease, Monthly Rent | $ 17,000 | |||
Lessee, Operating Lease, Abated Rent Period (Month) | 1 month | |||
Operating Lease, Right-of-Use Asset | $ 400,000 | |||
[1] | The condensed consolidated balance sheet as of December 31, 2021 has been derived from the audited financial statements as of that date included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. |
Note 7 - Leases - Operating Lea
Note 7 - Leases - Operating Lease Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating lease costs | $ 343 | $ 340 |
Gain on lease termination | 0 | (522) |
Sublease income | 0 | (150) |
Net lease costs | $ 343 | $ (332) |
Weighted-average remaining lease term – operating leases (in years) (Year) | 4 years 8 months 26 days | 6 months 25 days |
Weighted-average remaining discount rate – operating leases | 12.80% | 12.03% |
Note 7 - Leases - Maturities of
Note 7 - Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | [1] |
2022 | $ 1,363 | ||
2023 | 1,294 | ||
2024 | 1,040 | ||
2025 | 1,040 | ||
2026 | 1,040 | ||
Thereafter | 415 | ||
Total future minimum lease payments | 6,192 | ||
Less imputed interest | (1,430) | ||
Total | 4,762 | ||
Operating lease liabilities | 4,762 | ||
Operating lease liabilities, current portion | (1,184) | $ (1,068) | |
Operating lease liabilities, net of current portion | $ 3,578 | $ 3,750 | |
[1] | The condensed consolidated balance sheet as of December 31, 2021 has been derived from the audited financial statements as of that date included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. |
Note 8 - Liability Related to_3
Note 8 - Liability Related to Sale of Future Royalties (Details Textual) - USD ($) $ in Millions | Sep. 18, 2015 | Mar. 31, 2022 | Mar. 31, 2021 |
Proceeds From Sale of Royalty and Milestone Rights | $ 65 | ||
Contingent Gain (Loss) on Royalty Monetization Arrangement | $ 64 | ||
Effective Interest Over Life of Liability Related to Sale of Future Royalties | 0.00% | ||
Effective Annual Interest Rate | 3.20% | 3.60% | |
SWK [Member] | |||
Percentage of Royalties and Rights Under Agreement | 75.00% | ||
SWK [Member] | First Four Commercial Milestones [Member] | |||
Percentage of Royalties and Rights Under Agreement | 80.00% | ||
Commercial Milestones Value Maximum Amount Available | $ 35.6 | ||
AcelRX [Member] | First Four Commercial Milestones [Member] | |||
Commercial Milestones Value Maximum Amount Available | $ 44.5 |
Note 8 - Liability Related to_4
Note 8 - Liability Related to Sale of Future Royalties - Activity of Liability Related to Sale of Future Royalties (Details) - USD ($) $ in Thousands | 3 Months Ended | 78 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | |
Liability related to sale of future royalties — beginning balance | $ 85,288 | $ 0 | |
Proceeds from sale of future royalties | 0 | 61,184 | |
Non-cash royalty revenue | 0 | (1,083) | |
Non-cash interest (income) expense recognized | (673) | $ (782) | 24,514 |
Liability related to sale of future royalties as of March 31, 2022 | $ 84,615 | $ 84,615 |
Note 9 - Commitments and Cont_2
Note 9 - Commitments and Contingencies (Details Textual) | Jul. 06, 2021 | Jun. 08, 2021 |
Purported Shareholder v. Company - Violation of Sections 10(b) and 20(a) of the Exchange Act and SEC Rule 10b-5 [Member] | ||
Loss Contingency, Number of Defendants | 2 | |
Purported Shareholder v. Company - Alleged Misstatements as the Shareholder [Member] | ||
Loss Contingency, Number of Defendants | 10 |
Note 10 - Stock-based Compens_3
Note 10 - Stock-based Compensation (Details Textual) | 3 Months Ended |
Mar. 31, 2022$ / sharesshares | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 0.30 |
The 2020 Equity Incentive Plan [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 5,585,531 |
Amended ESPP [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 4,302,929 |
Restricted Stock Units (RSUs) [Member] | |
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (in shares) | 141,966 |
Note 10 - Stock Based Compensat
Note 10 - Stock Based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Stock-based compensation expense | $ 783 | $ 1,089 |
Cost of Sales [Member] | ||
Stock-based compensation expense | 19 | 22 |
Research and Development Expense [Member] | ||
Stock-based compensation expense | 174 | 181 |
Selling, General and Administrative Expenses [Member] | ||
Stock-based compensation expense | $ 590 | $ 886 |
Note 10 - Stock Based Compens_2
Note 10 - Stock Based Compensation - Restricted Stock Activity (Details) - Restricted Stock Units (RSUs) [Member] | 3 Months Ended |
Mar. 31, 2022$ / sharesshares | |
Restricted stock units outstanding (in shares) | shares | 1,774,376 |
Restricted stock units weighted average outstanding (in dollars per share) | $ / shares | $ 1.71 |
Granted (in shares) | shares | 1,061,826 |
Weighted average grant date fair value, granted (in dollars per share) | $ / shares | $ 0.40 |
Vested (in shares) | shares | (657,359) |
Weighted average grant date fair value, vested (in dollars per share) | $ / shares | $ 1.92 |
Forfeited (in shares) | shares | (145,838) |
Weighted average grant date fair value, forfeited (in dollars per share) | $ / shares | $ 1.56 |
Restricted stock units outstanding (in shares) | shares | 2,033,005 |
Restricted stock units weighted average outstanding (in dollars per share) | $ / shares | $ 0.97 |
Note 10- Stock Based Compensati
Note 10- Stock Based Compensation - Option Activity (Details) $ / shares in Units, $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($)$ / sharesshares | |
Outstanding (in shares) | shares | 14,284,050 |
Outstanding (in dollars per share) | $ / shares | $ 2.99 |
Granted (in shares) | shares | 2,123,650 |
Granted, weighted-average exercise price (in dollars per share) | $ / shares | $ 0.40 |
Forfeited (in shares) | shares | (248,334) |
Forfeited, weighted-average exercise price (in dollars per share) | $ / shares | $ 1.72 |
Expired (in shares) | shares | (517,902) |
Expired, weighted-average exercise price (in dollars per share) | $ / shares | $ 3.20 |
Exercised (in shares) | shares | 0 |
Exercised, weighted-average exercise price (in dollars per share) | $ / shares | $ 0 |
Outstanding (in shares) | shares | 15,641,464 |
Outstanding, weighted-average exercise price (in dollars per share) | $ / shares | $ 2.65 |
Outstanding, weighted-average remaining contractual life (Year) | 6 years 2 months 12 days |
Outstanding, aggregate intrinsic value | $ | $ 0 |
Vested and exercisable options (in shares) | shares | 10,426,287 |
Vested and exercisable options, weighted-average exercise price (in dollars per share) | $ / shares | $ 3.36 |
Vested and exercisable options, weighted-average remaining contractual life (Year) | 4 years 9 months 18 days |
Vested and exercisable options, aggregate intrinsic value | $ | $ 0 |
Vested and expected to vest (in shares) | shares | 15,641,464 |
Vested and expected to vest, weighted-average exercise price (in dollars per share) | $ / shares | $ 2.65 |
Vested and expected to vest, weighted-average remaining contractual life (Year) | 6 years 2 months 12 days |
Vested and expected to vest, aggregate intrinsic value | $ | $ 0 |
Note 10 - Stock Based Compens_3
Note 10 - Stock Based Compensation - Assumptions to Calculate Fair Value of Each Performance-based Stock Option (Details) - Performance Shares [Member] | 3 Months Ended |
Mar. 31, 2022 | |
Expected term (in years) (Year) | 6 years 3 months 18 days |
Expected volatility | 88.00% |
Expected dividend rate | 0.00% |
Minimum [Member] | |
Risk-free interest rate | 1.60% |
Maximum [Member] | |
Risk-free interest rate | 2.20% |
Note 11 - Net Loss Per Share _3
Note 11 - Net Loss Per Share of Common Stock - Common Stock Excluded From Computation of Diluted Net Loss Per Share (Details) - shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
RSU's, ESPP, and Employee Stock Options [Member] | ||
Antidilutive securities (in shares) | 17,864,469 | 16,789,212 |
Warrant [Member] | ||
Antidilutive securities (in shares) | 17,676,679 | 176,679 |
Note 12 - Subsequent Event (Det
Note 12 - Subsequent Event (Details Textual) - Forecast [Member] - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended |
May 31, 2022 | Jun. 30, 2022 | |
Restructuring and Related Cost, Number of Positions Eliminated, Period Percent | 40.00% | |
Severance Costs | $ 0.5 |