Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2023 | Aug. 07, 2023 | |
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 | Q2 | |
Document Fiscal Year Focus | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2023 | |
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 | 1850 Gateway Drive, Suite 175 | |
Entity Address, City or Town | San Mateo | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94404 | |
City Area Code | 650 | |
Local Phone Number | 216-3500 | |
Title of 12(b) Security | Common Stock, $0.001 par value | |
Trading Symbol | ACRX | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 16,340,118 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unadited) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | ||
Current Assets: | ||||
Cash and cash equivalents | $ 7,410 | $ 15,275 | [1] | |
Restricted cash | 0 | 5,000 | [1] | |
Short-term investments | 0 | 495 | [1] | |
Prepaid expenses and other current assets | 1,400 | 1,865 | [1] | |
Assets of discontinued operations | 26 | 1,931 | [1] | |
Total current assets | 8,836 | 24,566 | [1] | |
Operating lease right-of-use assets | 0 | 96 | [1] | |
In-process research and development asset | 8,819 | 8,819 | [1] | |
Other assets | 70 | 70 | [1] | |
Assets of discontinued operations | 0 | 13,936 | [1] | |
Total assets | 17,725 | 47,487 | [1] | |
Current Liabilities: | ||||
Accounts payable | 1,212 | 1,256 | [1] | |
Accrued and other liabilities | 1,853 | 2,531 | [1] | |
Long-term debt, current portion | 0 | 5,363 | [1] | |
Liabilities of discontinued operations | 1,155 | 4,620 | [1] | |
Total current liabilities | 4,220 | 13,770 | [1] | |
Warrant liability | 3,086 | 7,098 | [1] | |
Other long-term liabilities | 0 | 810 | [1] | |
Liabilities of discontinued operations | 0 | 3,995 | [1] | |
Total liabilities | 7,306 | 25,673 | [1] | |
Commitments and Contingencies | [1] | |||
Common stock, $0.001 par value—200,000,000 shares authorized as of June 30, 2023 and December 31, 2022; 10,994,102 and 8,243,680 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively | [1] | 11 | 8 | |
Additional paid-in capital | [1] | 448,760 | 447,635 | |
Accumulated deficit | [1] | (438,352) | (425,829) | |
Total stockholders’ equity | [1] | 10,419 | 21,814 | |
Total Liabilities and Stockholders’ Equity | $ 17,725 | $ 47,487 | [1] | |
[1]The condensed consolidated balance sheet as of December 31, 2022 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, 2022, which were recast to reflect discontinued operations and filed with the Company’s Current Report on Form 8-K on August 1, 2023. |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unadited) (Parentheticals) - $ / shares | Jun. 30, 2023 | Dec. 31, 2022 | [1] |
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) | 10,994,102 | 8,243,680 | |
Common stock, shares outstanding (in shares) | 10,994,102 | 8,243,680 | |
[1]The condensed consolidated balance sheet as of December 31, 2022 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, 2022, which were recast to reflect discontinued operations and filed with the Company’s Current Report on Form 8-K on August 1, 2023. |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Jun. 30, 2022 | [1] | Jun. 30, 2023 | Jun. 30, 2022 | [1] | |
Royalty revenue | $ 253 | $ 0 | $ 253 | $ 0 | ||
Operating costs and expenses: | ||||||
Research and development | 1,552 | 1,094 | 2,599 | 1,930 | ||
Selling, general and administrative | 2,670 | 3,960 | 6,951 | 8,060 | ||
Impairment of property and equipment | 0 | 4,901 | 0 | 4,901 | ||
Total operating costs and expenses | 4,222 | 9,955 | 9,550 | 14,891 | ||
Other income (expense): | ||||||
Interest expense | (15) | (293) | (134) | (683) | ||
Interest income and other (expense) income, net | (441) | 51 | 5,070 | 89 | ||
Non-cash interest income on liability related to the sale of future royalties | 0 | 463 | 0 | 1,136 | ||
Gain on extinguishment of liability related to the sale of future royalties | 0 | 84,052 | 0 | 84,052 | ||
Total other income (expense) | (456) | 84,273 | 4,936 | 84,594 | ||
Provision for income taxes | (3) | (3) | (3) | (3) | ||
Net income (loss) from continuing operations | (4,428) | 74,315 | (4,364) | 69,700 | ||
Net income (loss) from discontinued operations – See Note 3 | 57 | (3,652) | (8,159) | (7,711) | ||
Net income (loss) | (4,371) | 70,663 | (12,523) | 61,989 | ||
Income allocated to participating securities | 0 | (7,511) | 0 | (6,619) | ||
Net income (loss) attributable to Common Shareholders, basic | (4,371) | 63,152 | (12,523) | 55,370 | ||
Net income (loss) attributable to Common Shareholders, diluted | $ (4,371) | $ 63,155 | $ (12,523) | $ 55,371 | ||
Basic earnings (loss) per share | ||||||
Income (loss) from continuing operations (in dollars per share) | $ (0.41) | $ 9.08 | $ (0.40) | $ 8.62 | ||
Income (loss) from discontinued operations (in dollars per share) | 0.01 | (0.50) | (0.75) | (1.06) | ||
Net income (loss) per share (in dollars per share) | (0.40) | 8.58 | (1.15) | 7.56 | ||
Diluted earnings (loss) per share | ||||||
Income (loss) from continuing operations (in dollars per share) | (0.41) | 9.08 | (0.40) | 8.62 | ||
Income (loss) from discontinued operations (in dollars per share) | 0.01 | (0.50) | (0.75) | (1.06) | ||
Net income (loss) per share (in dollars per share) | $ (0.40) | $ 8.58 | $ (1.15) | $ 7.56 | ||
Shares used in computing net income (loss) per share of common stock, basic – See Note 9 (in shares) | 10,924,294 | 7,356,952 | 10,909,208 | 7,319,279 | ||
Shares used in computing net income (loss) per share of common stock, diluted – See Note 9 (in shares) | 10,924,294 | 7,360,453 | 10,909,208 | 7,321,022 | ||
Product [Member] | ||||||
Operating costs and expenses: | ||||||
Loss from operations | $ (3,969) | $ (9,955) | $ (9,297) | $ (14,891) | ||
Contract and Other Collaboration [Member] | ||||||
Other income (expense): | ||||||
Net income (loss) before income taxes | $ (4,425) | $ 74,318 | $ (4,361) | $ 69,703 | ||
[1]The condensed consolidated statements of operations for the three and six months ended June 30, 2022 have been derived from the unaudited condensed consolidated financial statements for those periods included in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2022, which were recast to reflect discontinued operations and filed with the Company’s Current Report on Form 8-K on August 1, 2023. |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Deficit) (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total | ||
Balance (in shares) at Dec. 31, 2021 | 6,840,967 | |||||
Balance at Dec. 31, 2021 | $ 7 | $ 437,684 | $ (473,584) | $ (35,893) | ||
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) | 25,769 | |||||
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 upon ESPP purchase (in shares) | 7,671 | |||||
Issuance of common stock upon ESPP purchase | $ 0 | 58 | 0 | 58 | ||
Net income (loss) | $ 0 | 0 | (8,674) | (8,674) | ||
Issuance of hold back common stock in connection with asset acquisition (in shares) | 481,026 | |||||
Issuance of hold back common stock in connection with asset acquisition | $ 0 | 5,511 | 0 | 5,511 | ||
Issuance of common stock upon vesting of restricted stock units, net of shares withheld for employee taxes | $ 0 | (58) | 0 | (58) | ||
Balance (in shares) at Mar. 31, 2022 | 7,355,433 | |||||
Balance at Mar. 31, 2022 | $ 7 | 443,978 | (482,258) | (38,273) | ||
Balance (in shares) at Dec. 31, 2021 | 6,840,967 | |||||
Balance at Dec. 31, 2021 | $ 7 | 437,684 | (473,584) | (35,893) | ||
Net income (loss) | [1] | 61,989 | ||||
Balance (in shares) at Jun. 30, 2022 | 7,366,580 | |||||
Balance at Jun. 30, 2022 | $ 7 | 444,731 | (411,595) | 33,143 | ||
Balance (in shares) at Mar. 31, 2022 | 7,355,433 | |||||
Balance at Mar. 31, 2022 | $ 7 | 443,978 | (482,258) | (38,273) | ||
Stock-based compensation | $ 0 | 0 | 753 | |||
Issuance of common stock upon vesting of restricted stock units, net of shares withheld for employee taxes (in shares) | 11,147 | |||||
Issuance of common stock upon vesting of restricted stock units, net of shares withheld for employee taxes | $ 0 | 0 | 0 | 0 | ||
Net income (loss) | 0 | 70,663 | 70,663 | [1] | ||
Issuance of common stock upon vesting of restricted stock units, net of shares withheld for employee taxes | $ 0 | 0 | 0 | 0 | ||
Balance (in shares) at Jun. 30, 2022 | 7,366,580 | |||||
Balance at Jun. 30, 2022 | $ 7 | 444,731 | (411,595) | 33,143 | ||
Balance (in shares) at Dec. 31, 2022 | 8,243,680 | |||||
Balance at Dec. 31, 2022 | $ 8 | 447,635 | (425,829) | 21,814 | [2] | |
Stock-based compensation | $ 0 | 569 | 0 | 569 | ||
Issuance of common stock upon vesting of restricted stock units, net of shares withheld for employee taxes (in shares) | 21,700 | |||||
Issuance of common stock upon vesting of restricted stock units, net of shares withheld for employee taxes | $ 0 | (22) | 0 | (22) | ||
Exercise of prefunded warrants (in shares) | 2,632,898 | |||||
Exercise of prefunded warrants | $ 2 | 0 | 0 | 2 | ||
Issuance of common stock upon ESPP purchase (in shares) | 26,016 | |||||
Issuance of common stock upon ESPP purchase | $ 1 | 30 | 0 | 31 | ||
Net income (loss) | 0 | 0 | (8,152) | (8,152) | ||
Issuance of common stock upon vesting of restricted stock units, net of shares withheld for employee taxes | $ 0 | 22 | 0 | 22 | ||
Balance (in shares) at Mar. 31, 2023 | 10,924,294 | |||||
Balance at Mar. 31, 2023 | $ 11 | 448,212 | (433,981) | 14,242 | ||
Balance (in shares) at Dec. 31, 2022 | 8,243,680 | |||||
Balance at Dec. 31, 2022 | $ 8 | 447,635 | (425,829) | 21,814 | [2] | |
Net income (loss) | (12,523) | |||||
Balance (in shares) at Jun. 30, 2023 | 10,994,102 | |||||
Balance at Jun. 30, 2023 | $ 11 | 448,760 | (438,352) | 10,419 | [2] | |
Balance (in shares) at Mar. 31, 2023 | 10,924,294 | |||||
Balance at Mar. 31, 2023 | $ 11 | 448,212 | (433,981) | 14,242 | ||
Stock-based compensation | 0 | 471 | 0 | 471 | ||
Net income (loss) | $ 0 | 0 | (4,371) | (4,371) | ||
Issuance of hold back common stock in connection with asset acquisition (in shares) | 69,808 | |||||
Issuance of hold back common stock in connection with asset acquisition | $ 0 | 77 | 0 | 77 | ||
Balance (in shares) at Jun. 30, 2023 | 10,994,102 | |||||
Balance at Jun. 30, 2023 | $ 11 | $ 448,760 | $ (438,352) | $ 10,419 | [2] | |
[1]The condensed consolidated statements of operations for the three and six months ended June 30, 2022 have been derived from the unaudited condensed consolidated financial statements for those periods included in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2022, which were recast to reflect discontinued operations and filed with the Company’s Current Report on Form 8-K on August 1, 2023.[2]The condensed consolidated balance sheet as of December 31, 2022 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, 2022, which were recast to reflect discontinued operations and filed with the Company’s Current Report on Form 8-K on August 1, 2023. |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | ||
Cash flows from operating activities: | |||
Net income (loss) | $ (12,523) | $ 61,989 | [1] |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | |||
Non-cash interest income on liability related to royalty monetization | 0 | (1,136) | |
Depreciation and amortization | 311 | 881 | |
Non-cash interest expense related to debt financing | 53 | 250 | |
Non-cash issuance of Lowell holdback shares | (723) | 0 | |
Stock-based compensation | 1,040 | 1,536 | |
Non-cash gain on termination of liability related to royalty termination | 0 | (84,152) | |
Impairment of property and equipment | 0 | 4,901 | |
Revaluation of warrant liability | (4,012) | 0 | |
Impairment of net assets held for sale | 6,935 | 0 | |
Impairment of fixed assets | 1,065 | 0 | |
Gain on termination of lease liabilities | (1,098) | 0 | |
Gain on extinguishment of debt liability | (400) | 0 | |
Other | (15) | (7) | |
Changes in operating assets and liabilities: | |||
Accounts receivable | (140) | (204) | |
Inventories | 61 | 201 | |
Prepaid expenses and other assets | 1,119 | (212) | |
Accounts payable | (674) | 286 | |
Accrued liabilities | (1,407) | (1,582) | |
Operating lease liabilities | (146) | (402) | |
Deferred revenue | (29) | (29) | |
Net cash used in operating activities | (10,583) | (17,680) | |
Cash flows from investing activities: | |||
Purchase of property and equipment | (100) | (158) | |
Purchase of investments | 0 | (7,369) | |
Sale of the DSUVIA assets | 2,723 | 0 | |
Cash paid for asset acquisition, net of cash acquired | 0 | (1,687) | |
Proceeds from maturities of investments | 500 | 38,562 | |
Net cash provided by investing activities | 3,123 | 29,348 | |
Cash flows from financing activities: | |||
Payment of long-term debt | (5,416) | (4,166) | |
Net proceeds from issuance of common stock in connection with exercise of prefunded warrants | 2 | 0 | |
Net proceeds from issuance of common stock through equity plans | 31 | 58 | |
Payment of employee tax obligations related to vesting of restricted stock units | (22) | (58) | |
Net cash used in financing activities | (5,405) | (4,166) | |
Net change in cash, cash equivalents and restricted cash | (12,865) | 7,502 | |
Cash, cash equivalents and restricted cash—Beginning of period | 20,275 | 12,663 | |
Cash, cash equivalents and restricted cash—End of period | 7,410 | 20,165 | |
NONCASH INVESTING ACTIVITIES: | |||
Purchases of property and equipment in accounts payable and accrued liabilities | 0 | 1,464 | |
Liability for hold back shares in connection with asset acquisition in other long-term liabilities | 0 | 800 | |
Issuance of common stock in connection with asset acquisition | 0 | 5,511 | |
Establishment of right-of-use asset and lease liability | $ 0 | $ 85 | |
[1]The condensed consolidated statements of operations for the three and six months ended June 30, 2022 have been derived from the unaudited condensed consolidated financial statements for those periods included in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2022, which were recast to reflect discontinued operations and filed with the Company’s Current Report on Form 8-K on August 1, 2023. |
Note 1 - Organization and Summa
Note 1 - Organization and Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2023 | |
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. On March 12, 2023, 30 April 3, 2023 ( 3, On January 7, 2022, 4, 2022 10 not second 608, On July 14, 2021, 10 3 10 50 Liquidity and Going Concern The unaudited condensed consolidated financial statements for the three six June 30, 2023 10, twelve 12 10 may SM third not may not not may third may may not Reverse Stock Split On September 23, 2022, 1 1 1 20, October 25, 2022, one not As the par value per share of the Company's common stock remained unchanged at $0.001 per share, the change in the common stock recorded at par value has been reclassified to additional paid-in-capital on a retroactive basis. All references to shares of common stock, stock options, restricted stock units and warrants and per share data for all periods presented in the accompanying unaudited condensed consolidated financial statements and notes thereto have been adjusted to reflect the Reverse Stock Split on a retroactive basis. Principles of Consolidation The unaudited 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 six June 30, 2023, not may December 31, 2023, December 31, 2022, December 31, 2022, 10 March 31, 2023, 8 August 1, 2023. 10 December 31, 2022, 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 unaudited condensed 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 Recently Adopted Accounting Pronouncements In June 2016, 326, January 1, 2023. 326 not The Company does not not Significant Accounting Policies The Company’s significant accounting policies are detailed in its Annual Report on Form 10 December 31, 2022. no three six June 30, 2023, 2022 10 Royalty Revenue The Company recognizes revenue in accordance with Accounting Standards Codification Topic 606, Revenue from Contracts with Customers 606 five • identify the contract with a customer; • identify the performance obligations in the contract; • determine the transaction price; • allocate the transaction price to performance obligations in the contract; and • recognize revenue as the performance obligation is satisfied. The Company’s royalty revenue relates to the Company’s portion of net revenue earned on the sales of DSUVIA to the Department of Defense or DoD by Alora under the Marketing Agreement. The Company’s performance obligation is to serve as the exclusive sales agent for selling DSUVIA to the DoD through the term of the Marketing Agreement. The non-creditable and non-refundable royalty revenues are variable consideration based on 75% of net sales of DSUVIA to the DoD during the period subject to certain adjustments. The Company evaluates if it is a principal or an agent in a transaction to determine whether revenue should be recorded on a gross or net basis depending on if it obtains control over the goods and services before they are transferred to customers. The Company is acting as an agent in relation to DSUVIA sales to the DoD. The consideration in the Marketing Agreement reflects a variable amount, for which the Company estimates the amount of consideration to which it will be entitled in exchange for transferring the promised goods or services to a customer by using the expected value method or the most likely amount method. The Company includes in the transaction price the amount for which it is probable that a significant reversal of cumulative revenue recognized will not Discontinued Operations In accordance with ASC 205 20 Presentation of Financial Statements: Discontinued Operations The Company’s DSUVIA business met the definition of a discontinued operation as of March 31, 2023. 3, |
Note 2 - Investments and Fair V
Note 2 - Investments and Fair Value Measurement | 6 Months Ended |
Jun. 30, 2023 | |
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). As of June 30, 2023, December 31, 2022, one The tables below summarize the Company’s cash, cash equivalents and short-term investments (in thousands): As of June 30, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Cash, cash equivalents and restricted cash: Cash $ 2,641 $ — $ — $ 2,641 Money market funds 3,872 — — 3,872 U.S. government agency securities 597 — — 597 Commercial paper 300 — — 300 Total cash, cash equivalents, and restricted cash $ 7,410 $ — $ — $ 7,410 As of December 31, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Cash, cash equivalents and restricted cash: Cash $ 13,275 $ — $ — $ 13,275 Money market funds 321 — — 321 U.S. government agency securities 2,444 — — 2,444 Commercial paper 4,235 — — 4,235 Total cash, cash equivalents and restricted cash 20,275 — — 20,275 Short-term investments: Commercial paper 495 — — 495 Total short-term investments 495 — — 495 Total cash, cash equivalents, restricted cash and short-term investments $ 20,770 $ — $ — $ 20,770 At each reporting date, the Company performs an evaluation of impairment to determine if any unrealized losses are the result of credit losses. Impairment is assessed at the individual security level. Factors considered in determining whether a loss resulted from a credit loss or other factors include the Company’s intent and ability to hold the investment until the recovery of its amortized cost basis, the extent to which the fair value is less than the amortized cost basis, the length of time and extent to which fair value has been less than the cost basis, the financial condition of the issuer, any historical failure of the issuer to make scheduled interest or principal payments, any changes to the rating of the security by a rating agency, any adverse legal or regulatory events affecting the issuer or issuer’s industry, any significant deterioration in economic conditions. There were no three six June 30, 2023 twelve December 31, 2022. not three six June 30, 2023. Fair Value Measurement The Company’s financial instruments consist of Level I and II assets. 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 June 30, 2023 December 31, 2022, 2022 12, 2022 10 7, 820 The following tables set forth the fair value of the Company’s financial assets by level within the fair value hierarchy (in thousands): As of June 30, 2023 Fair Value Level I Level II Level III Assets Money market funds $ 3,872 $ 3,872 $ — $ — U.S. government agency securities 597 — 597 — Commercial paper 300 — 300 — Total assets measured at fair value $ 4,769 $ 3,872 $ 897 $ — Liabilities Warrant liability $ 3,086 $ — $ — $ 3,086 Total liabilities measured at fair value $ 3,086 $ — $ — $ 3,086 As of December 31, 2022 Fair Value Level I Level II Level III Assets Money market funds $ 321 $ 321 $ — $ — U.S. government agency securities 2,444 — 2,444 — Commercial paper 4,730 — 4,730 — Total assets measured at fair value $ 7,495 $ 321 $ 7,174 $ — Liabilities Warrant liability $ 7,098 $ — $ — $ 7,098 Total liabilities measured at fair value $ 7,098 $ — $ — $ 7,098 The following table sets forth a summary of the changes in the fair value of the Company’s Level III warrant liability for the three six June 30, 2023 ( Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 Fair value—beginning of period $ 1,787 $ 7,098 Change in fair value of 2022 Warrants liability 1,299 (4,012 ) Fair value—end of period $ 3,086 $ 3,086 There were no three six June 30, 2023 December 31, 2022. |
Note 3 - Discontinued Operation
Note 3 - Discontinued Operations | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 3. Asset Purchase Agreement On April 3, 2023, March 12, 2023, 30 15 third third The Purchase Agreement contains customary representations, warranties, and covenants by each party. Alora agreed not six July 1, 2023, The Closing included the execution of the Amended DZUVEO Agreement (as defined below) and the Amended and Restated Supply Agreement (as defined below) between AcelRx and Aguettant, as well as certain ancillary agreements between AcelRx and Alora. Such ancillary agreements include (a) an intellectual property agreement, pursuant to which Alora granted fully-paid, royalty-free and perpetual licenses to AcelRx under certain specified intellectual property rights acquired by Alora under the Purchase Agreement for, among other things, the development, manufacture, commercialization and exploitation of certain products, including Zalviso, (b) a transition services agreement, pursuant to which, during the period specified therein, AcelRx will be paid to provide certain services (including, manufacturing technology transfer, supply chain, regulatory, and medical affairs services) to Alora, and distribute, on behalf of Alora, certain inventory of Product transferred to Alora under the Purchase Agreement, and (c) a marketing agreement, or the Marketing Agreement, pursuant to which AcelRx will have the exclusive right to market and offer Product for sale to DoD and Alora will pay to AcelRx 75% of net sales of Product sold to DoD, subject to adjustment in certain circumstances. Amendments to Certain Agreements Between AcelRx and Aguettant AcelRx and Aguettant are parties to (a) the License and Commercialization Agreement, dated July 14, 2021, December 6, 2021, Pursuant to the Amended DZUVEO Agreement, (a) Aguettant’s obligations to make sales-based milestone payments and to achieve certain levels of minimum sales terminated, (b) AcelRx agreed to manufacture and supply DZUVEO in the form of bulk products ( i.e. i.e. not Pursuant to the Purchase Agreement, AcelRx assigned the Amended DZUVEO Agreement and the Amended and Restated Supply Agreement to Alora. In addition, AcelRx and Aguettant amended the License and Commercialization Agreement, dated July 14, 2021, 4, The Company’s DSUVIA business met the definition of a discontinued operation as of March 31, 2023. June 30, 2023 December 31, 2022. The following table presents the results of the discontinued operations for the three six June 30, 2023 2022 Three months ended Six months ended June 30, June 30, 2023 2022 2023 2022 Total revenues $ — $ 570 $ 501 $ 1,012 Cost of goods sold — 538 711 952 Selling, general and administrative expense 15 3,234 698 6,842 Impairment of net assets held for sale (72 ) — 6,935 — Impairment of fixed assets — — 1,065 — Gain on termination of lease liabilities — — (1,098 ) — Research and development expenses — 450 349 929 Net income (loss) from discontinued operations $ 57 $ (3,652 ) $ (8,159 ) $ (7,711 ) The following table summarizes the carrying amounts of major classes of assets and liabilities of discontinued operations for each of the periods presented (in thousands). June 30, 2023 December 31, 2022 Accounts receivable, net $ 15 $ 309 Inventories — 1,178 Prepaid expenses and other current assets 11 444 Total current assets of discontinued operations 26 1,931 Property, plant and equipment, net — 10,261 Operating lease right-of-use assets — 3,499 Other assets — 176 Total non-current assets of discontinued operations — $ 13,936 Total assets of discontinued operations $ 26 15,867 Accounts payable $ 35 $ 784 Accrued liabilities 1,120 1,720 Operating lease liabilities, current portion — 1,601 Note payable, current portion — 400 Deferred revenue, current portion — 115 Total current liabilities of discontinued operations 1,155 4,620 Operating lease liabilities, net of current portion — 2,959 Deferred revenue, net of current portion — 1,036 Total non-current liabilities of discontinued operations — 3,995 Total liabilities of discontinued operations 1,155 8,615 Net assets (liabilities) of discontinued operations $ (1,129 ) $ 7,252 The following table presents the significant non-cash items and purchases of property, plant and equipment for the discontinued operations that are included in the accompanying unaudited condensed consolidated statements of cash flows (in thousands): Six months ended June 30, 2023 2022 Cash flows from operating activities: Depreciation and amortization $ 215 $ 795 Stock-based compensation 19 183 Impairment of net assets held for sale 6,935 — Impairment of fixed assets 1,065 — Gain on termination of lease liabilities (1,098 ) — Gain on extinguishment of debt (400 ) — The following table represents the gain (loss) on sale of discontinued operations for the three six June 30, 2023: Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 Cash proceeds $ 2,723 $ 2,723 Less: net assets transferred 117 (8,723 ) Less: disposal costs (45 ) (935 ) Loss on sale of discontinued operations, before income taxes 2,795 (6,935 ) Income tax expense — — Gain (loss) on sale of discontinued operations $ 2,795 $ (6,935 ) |
Note 4 - In-license Agreement
Note 4 - In-license Agreement | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
In-license Agreement [Text Block] | 4. On July 14, 2021, 10 3 10 50 The PFS Agreement has an initial term of ten 10 first December 31 first December 31 first January 1 April 30 five not six 6 The Company will purchase each product from Aguettant at an agreed price, or the PFS Purchase Price, subject to adjustment. The Company will also make revenue share payments that, combined with the PFS Purchase Price, will range from 40% to 45% of net sales in the United States. The Company and Aguettant will agree on minimum sales obligations twelve 12 The Company has the right to grant sublicenses to its affiliates or, with the prior approval of Aguettant, third In connection with AcelRx’s and Aguettant’s agreement to enter into the Amended DZUVEO Agreement and the Amended and Restated Supply Agreement, the parties entered into an amendment to the PFS Agreement, or the Amended PFS Agreement, pursuant to which, effective April 3, 2023, ( As of June 30, 2023, no |
Note 5 - Long-term Debt
Note 5 - Long-term Debt | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Long-Term Debt [Text Block] | 5. Loan Agreement with Oxford On May 30, 2019, May 30, 2019. As of June 30, 2023 December 31, 2022, three June 30, 2023, six June 30, 2023. three six June 30, 2022, In connection with the closing of the divestment of DSUVIA to Alora, the Company and Oxford agreed that the Company would repay the loan in full without any prepayment penalties or the payment of future remaining interest that otherwise would have been payable under the Loan. On April 3, 2023, no |
Note 6 - Commitments and Contin
Note 6 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 6. Litigation On June 8, 2021, two 10 20 10b 5 December 16, 2021, March 7, 2022. three 10 20 10b 5 20A September 1, 2022, July 21, 2022. September 28, 2022, November 28, 2022 second July 7, 2023, third September 5, 2023. On July 6, 2021, ten 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 Termination Agreement and Mutual Release Between AcelRx and Catalent On March 12, 2023, August 15, 2019 September 24, 2020, March 31, 2021, |
Note 7 - Warrants
Note 7 - Warrants | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Warrants Disclosure [Text Block] | 7. The activity related to warrants during the six June 30, 2023, Common Stock from Warrants Weighted- average Exercise Price (per share) Outstanding at December 31, 2022 7,824,933 $ 1.72 Pre-funded warrants exercised 2,632,898 $ 0.0001 Outstanding at June 30, 2023 5,192,035 $ 2.59 Exercisable at June 30, 2023 5,192,035 $ 2.59 The pre-funded warrants issued in December 2022 2022 three March 31, 2023. December 2022 2022 June 30, 2023, 2022 2, April 25, 2023, 2022 2022 November 2021 |
Note 8 - Stock-based Compensati
Note 8 - Stock-based Compensation | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 8. The Company recorded total stock-based compensation expense for stock options, restricted stock units, or RSUs, and the Amended and Restated 2011 Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Research and development $ 80 $ 153 $ 173 $ 327 Selling, general and administrative 391 562 848 1,026 Discontinued operations — 38 19 183 Total $ 471 $ 753 $ 1,040 $ 1,536 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, 2023 82,778 $ 16.97 Granted 44,091 1.76 Vested (34,606 ) 21.61 Forfeited (2,926 ) 13.91 Restricted stock units outstanding, June 30, 2023 89,337 $ 7.77 Upon vesting, certain of the Company’s RSUs may March 31, 2023, 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, 2023 725,623 $ 52.98 Granted 264,520 1.76 Forfeited (9,003 ) 12.09 Expired (95,357 ) 81.71 Exercised — — June 30, 2023 885,783 $ 35.01 6.7 $ — Vested and exercisable options— June 30, 2023 466,502 $ 57.63 4.5 $ — Vested and expected to vest— June 30, 2023 885,783 $ 35.01 6.7 $ — The per-share weighted average grant date fair value of the options granted during the six June 30, 2023 Six months ended June 30, 2023 Expected term (in years) 6.3 Risk-free interest rate 3.9 % Expected volatility 94 % Expected dividend rate 0 % As of June 30, 2023, June 30, 2023, |
Note 9 - Net Income (Loss) Per
Note 9 - Net Income (Loss) Per Share of Common Stock | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 9. The Company applies the two 1 2 two During the three six June 30, 2022, two not three six June 30, 2023 no December 2022 The following table sets forth the computation of the Company’s basic and diluted net income (loss) per share of common stock during the three six June 30, 2023 2022 Three Months Ended June 30, 2023 2022 (in thousands, except share and per share amounts) Basic net income (loss) per common share: Net income (loss) from continuing operations $ (4,428 ) $ 74,315 Less: income allocated to participating securities — (7,511 ) Net income (loss) from continuing operations attributable to common shareholders, basic (4,428 ) 66,804 Net income (loss) from discontinued operations attributable to common shareholders, basic 57 (3,652 ) Net income (loss) attributable to common shareholders, basic $ (4,371 ) $ 63,152 Weighted average shares outstanding — basic 10,924,294 7,356,952 Income (loss) from continuing operations, basic $ (0.41 ) $ 9.08 Income (loss) from discontinued operations, basic $ 0.01 $ (0.50 ) Net income (loss) per share, basic $ (0.40 ) $ 8.58 Diluted net income (loss) per common share: Net income (loss) from continuing operations $ (4,428 ) $ 74,315 Less: income allocated to participating securities — (7,508 ) Net income (loss) from continuing operations attributable to common shareholders, diluted (4,428 ) 66,807 Net income (loss) from discontinued operations attributable to common shareholders, diluted 57 (3,652 ) Net income (loss) attributable to common shareholders, diluted $ (4,371 ) 63,155 Weighted average shares outstanding — basic 10,924,294 7,356,952 Dilutive effect of RSUs — 3,501 Weighted average shares outstanding — diluted 10,924,294 7,360,453 Income (loss) from continuing operations, diluted $ (0.41 ) $ 9.08 Income (loss) from discontinued operations, diluted $ 0.01 $ (0.50 ) Net income (loss) per share, diluted $ (0.40 ) $ 8.58 Six Months ended June 30, 2023 2022 (in thousands, except share and per share amounts) Basic net income (loss) per common share: Net income (loss) from continuing operations $ (4,364 ) $ 69,700 Less: income allocated to participating securities — (6,619 ) Net income (loss) from continuing operations attributable to common shareholders, basic (4,364 ) 63,081 Net income (loss) from discontinued operations attributable to common shareholders, basic (8,159 ) (7,711 ) Net income (loss) attributable to common shareholders, basic $ (12,523 ) $ 55,370 Weighted average shares outstanding — basic 10,909,208 7,319,279 Income (loss) from continuing operations, basic $ (0.40 ) $ 8.62 Income (loss) from discontinued operations, basic $ (0.75 ) $ (1.06 ) Net income (loss) per share, basic $ (1.15 ) $ 7.56 Diluted net income (loss) per common share: Net income (loss) from continuing operations $ (4,364 ) $ 69,700 Less: income allocated to participating securities — (6,618 ) Net income (loss) from continuing operations attributable to common shareholders, diluted (4,364 ) $ 63,082 Net income (loss) from continuing operations attributable to common shareholders, diluted (8,159 ) $ (7,711 ) Net income (loss) from continuing operations attributable to common shareholders, diluted $ (12,523 ) $ 55,371 Weighted average shares outstanding — basic 10,909,208 7,319,279 Dilutive effect of RSUs — 1,743 Weighted average shares outstanding — diluted 10,909,208 7,321,022 Income (loss) from continuing operations, diluted $ (0.40 ) $ 8.62 Income (loss) from discontinued operations, diluted $ (0.75 ) $ (1.06 ) Net income (loss) per share, diluted $ (1.15 ) $ 7.56 The following outstanding shares of common stock equivalents were excluded from the computation of diluted net income (loss) per share of common stock for the periods presented because including them would have been antidilutive: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 RSUs, stock options and ESPP to purchase common stock 975,120 826,010 975,120 823,172 Common stock warrants 5,192,035 883,833 5,192,035 883,833 |
Note 10 - Subsequent Events
Note 10 - Subsequent Events | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 10. Securities Purchase Agreement On July 17, 2023, The pre-funded warrants are exercisable immediately following the closing date of the private placement and have an unlimited term and an exercise price of $0.001 per share. The Series A and Series B common stock warrants will be exercisable immediately following the closing date of the private placement and have a five The combined offering price is $1.36 per share of common stock and accompanying Series A common stock warrant and Series B common stock warrant, or in the case of pre-funded warrants, $1.359 per pre-funded warrant and accompanying Series A common stock warrant and Series B common stock warrant (which is the purchase price per share of common stock and accompanying warrants less $0.001). The aggregate gross proceeds to AcelRx from the private placement are expected to be approximately $10.0 million, before deducting placement agent fees and other estimated expenses payable by AcelRx, and excluding the proceeds, if any, from the exercise of the pre-funded warrants and Series A and Series B common stock warrants issued in the private placement. The potential gross proceeds from the Series A common stock warrants and Series B common stock warrants, if fully exercised for cash, is approximately $16.3 million. In May 2023, not one not The private placement closed on July 20, 2023 Registration Rights Agreement The Company entered into a registration rights agreement, dated July 17, 2023, no 15 no 90 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
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. On March 12, 2023, 30 April 3, 2023 ( 3, On January 7, 2022, 4, 2022 10 not second 608, On July 14, 2021, 10 3 10 50 Liquidity and Going Concern The unaudited condensed consolidated financial statements for the three six June 30, 2023 10, twelve 12 10 may SM third not may not not may third may may not |
Reverse Stock Split, Policy [Policy Text Block] | Reverse Stock Split On September 23, 2022, 1 1 1 20, October 25, 2022, one not As the par value per share of the Company's common stock remained unchanged at $0.001 per share, the change in the common stock recorded at par value has been reclassified to additional paid-in-capital on a retroactive basis. All references to shares of common stock, stock options, restricted stock units and warrants and per share data for all periods presented in the accompanying unaudited condensed consolidated financial statements and notes thereto have been adjusted to reflect the Reverse Stock Split on a retroactive basis. |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The unaudited 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 six June 30, 2023, not may December 31, 2023, December 31, 2022, December 31, 2022, 10 March 31, 2023, 8 August 1, 2023. 10 December 31, 2022, |
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 unaudited condensed 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 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Pronouncements In June 2016, 326, January 1, 2023. 326 not The Company does not not |
Revenue [Policy Text Block] | Royalty Revenue The Company recognizes revenue in accordance with Accounting Standards Codification Topic 606, Revenue from Contracts with Customers 606 five • identify the contract with a customer; • identify the performance obligations in the contract; • determine the transaction price; • allocate the transaction price to performance obligations in the contract; and • recognize revenue as the performance obligation is satisfied. The Company’s royalty revenue relates to the Company’s portion of net revenue earned on the sales of DSUVIA to the Department of Defense or DoD by Alora under the Marketing Agreement. The Company’s performance obligation is to serve as the exclusive sales agent for selling DSUVIA to the DoD through the term of the Marketing Agreement. The non-creditable and non-refundable royalty revenues are variable consideration based on 75% of net sales of DSUVIA to the DoD during the period subject to certain adjustments. The Company evaluates if it is a principal or an agent in a transaction to determine whether revenue should be recorded on a gross or net basis depending on if it obtains control over the goods and services before they are transferred to customers. The Company is acting as an agent in relation to DSUVIA sales to the DoD. The consideration in the Marketing Agreement reflects a variable amount, for which the Company estimates the amount of consideration to which it will be entitled in exchange for transferring the promised goods or services to a customer by using the expected value method or the most likely amount method. The Company includes in the transaction price the amount for which it is probable that a significant reversal of cumulative revenue recognized will not |
Discontinued Operations, Policy [Policy Text Block] | Discontinued Operations In accordance with ASC 205 20 Presentation of Financial Statements: Discontinued Operations The Company’s DSUVIA business met the definition of a discontinued operation as of March 31, 2023. 3, |
Note 2 - Investments and Fair_2
Note 2 - Investments and Fair Value Measurement (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Cash, Cash Equivalents and Investments [Table Text Block] | As of June 30, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Cash, cash equivalents and restricted cash: Cash $ 2,641 $ — $ — $ 2,641 Money market funds 3,872 — — 3,872 U.S. government agency securities 597 — — 597 Commercial paper 300 — — 300 Total cash, cash equivalents, and restricted cash $ 7,410 $ — $ — $ 7,410 As of December 31, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Cash, cash equivalents and restricted cash: Cash $ 13,275 $ — $ — $ 13,275 Money market funds 321 — — 321 U.S. government agency securities 2,444 — — 2,444 Commercial paper 4,235 — — 4,235 Total cash, cash equivalents and restricted cash 20,275 — — 20,275 Short-term investments: Commercial paper 495 — — 495 Total short-term investments 495 — — 495 Total cash, cash equivalents, restricted cash and short-term investments $ 20,770 $ — $ — $ 20,770 |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | As of June 30, 2023 Fair Value Level I Level II Level III Assets Money market funds $ 3,872 $ 3,872 $ — $ — U.S. government agency securities 597 — 597 — Commercial paper 300 — 300 — Total assets measured at fair value $ 4,769 $ 3,872 $ 897 $ — Liabilities Warrant liability $ 3,086 $ — $ — $ 3,086 Total liabilities measured at fair value $ 3,086 $ — $ — $ 3,086 As of December 31, 2022 Fair Value Level I Level II Level III Assets Money market funds $ 321 $ 321 $ — $ — U.S. government agency securities 2,444 — 2,444 — Commercial paper 4,730 — 4,730 — Total assets measured at fair value $ 7,495 $ 321 $ 7,174 $ — Liabilities Warrant liability $ 7,098 $ — $ — $ 7,098 Total liabilities measured at fair value $ 7,098 $ — $ — $ 7,098 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 Fair value—beginning of period $ 1,787 $ 7,098 Change in fair value of 2022 Warrants liability 1,299 (4,012 ) Fair value—end of period $ 3,086 $ 3,086 |
Note 3 - Discontinued Operati_2
Note 3 - Discontinued Operations (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | Three months ended Six months ended June 30, June 30, 2023 2022 2023 2022 Total revenues $ — $ 570 $ 501 $ 1,012 Cost of goods sold — 538 711 952 Selling, general and administrative expense 15 3,234 698 6,842 Impairment of net assets held for sale (72 ) — 6,935 — Impairment of fixed assets — — 1,065 — Gain on termination of lease liabilities — — (1,098 ) — Research and development expenses — 450 349 929 Net income (loss) from discontinued operations $ 57 $ (3,652 ) $ (8,159 ) $ (7,711 ) June 30, 2023 December 31, 2022 Accounts receivable, net $ 15 $ 309 Inventories — 1,178 Prepaid expenses and other current assets 11 444 Total current assets of discontinued operations 26 1,931 Property, plant and equipment, net — 10,261 Operating lease right-of-use assets — 3,499 Other assets — 176 Total non-current assets of discontinued operations — $ 13,936 Total assets of discontinued operations $ 26 15,867 Accounts payable $ 35 $ 784 Accrued liabilities 1,120 1,720 Operating lease liabilities, current portion — 1,601 Note payable, current portion — 400 Deferred revenue, current portion — 115 Total current liabilities of discontinued operations 1,155 4,620 Operating lease liabilities, net of current portion — 2,959 Deferred revenue, net of current portion — 1,036 Total non-current liabilities of discontinued operations — 3,995 Total liabilities of discontinued operations 1,155 8,615 Net assets (liabilities) of discontinued operations $ (1,129 ) $ 7,252 Six months ended June 30, 2023 2022 Cash flows from operating activities: Depreciation and amortization $ 215 $ 795 Stock-based compensation 19 183 Impairment of net assets held for sale 6,935 — Impairment of fixed assets 1,065 — Gain on termination of lease liabilities (1,098 ) — Gain on extinguishment of debt (400 ) — Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 Cash proceeds $ 2,723 $ 2,723 Less: net assets transferred 117 (8,723 ) Less: disposal costs (45 ) (935 ) Loss on sale of discontinued operations, before income taxes 2,795 (6,935 ) Income tax expense — — Gain (loss) on sale of discontinued operations $ 2,795 $ (6,935 ) |
Note 7 - Warrants (Tables)
Note 7 - Warrants (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Common Stock from Warrants Weighted- average Exercise Price (per share) Outstanding at December 31, 2022 7,824,933 $ 1.72 Pre-funded warrants exercised 2,632,898 $ 0.0001 Outstanding at June 30, 2023 5,192,035 $ 2.59 Exercisable at June 30, 2023 5,192,035 $ 2.59 |
Note 8 - Stock-based Compensa_2
Note 8 - Stock-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Research and development $ 80 $ 153 $ 173 $ 327 Selling, general and administrative 391 562 848 1,026 Discontinued operations — 38 19 183 Total $ 471 $ 753 $ 1,040 $ 1,536 |
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, 2023 82,778 $ 16.97 Granted 44,091 1.76 Vested (34,606 ) 21.61 Forfeited (2,926 ) 13.91 Restricted stock units outstanding, June 30, 2023 89,337 $ 7.77 |
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, 2023 725,623 $ 52.98 Granted 264,520 1.76 Forfeited (9,003 ) 12.09 Expired (95,357 ) 81.71 Exercised — — June 30, 2023 885,783 $ 35.01 6.7 $ — Vested and exercisable options— June 30, 2023 466,502 $ 57.63 4.5 $ — Vested and expected to vest— June 30, 2023 885,783 $ 35.01 6.7 $ — |
Time-based Stock Option [Member] | |
Notes Tables | |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Six months ended June 30, 2023 Expected term (in years) 6.3 Risk-free interest rate 3.9 % Expected volatility 94 % Expected dividend rate 0 % |
Note 9 - Net Income (Loss) Pe_2
Note 9 - Net Income (Loss) Per Share of Common Stock (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended June 30, 2023 2022 (in thousands, except share and per share amounts) Basic net income (loss) per common share: Net income (loss) from continuing operations $ (4,428 ) $ 74,315 Less: income allocated to participating securities — (7,511 ) Net income (loss) from continuing operations attributable to common shareholders, basic (4,428 ) 66,804 Net income (loss) from discontinued operations attributable to common shareholders, basic 57 (3,652 ) Net income (loss) attributable to common shareholders, basic $ (4,371 ) $ 63,152 Weighted average shares outstanding — basic 10,924,294 7,356,952 Income (loss) from continuing operations, basic $ (0.41 ) $ 9.08 Income (loss) from discontinued operations, basic $ 0.01 $ (0.50 ) Net income (loss) per share, basic $ (0.40 ) $ 8.58 Diluted net income (loss) per common share: Net income (loss) from continuing operations $ (4,428 ) $ 74,315 Less: income allocated to participating securities — (7,508 ) Net income (loss) from continuing operations attributable to common shareholders, diluted (4,428 ) 66,807 Net income (loss) from discontinued operations attributable to common shareholders, diluted 57 (3,652 ) Net income (loss) attributable to common shareholders, diluted $ (4,371 ) 63,155 Weighted average shares outstanding — basic 10,924,294 7,356,952 Dilutive effect of RSUs — 3,501 Weighted average shares outstanding — diluted 10,924,294 7,360,453 Income (loss) from continuing operations, diluted $ (0.41 ) $ 9.08 Income (loss) from discontinued operations, diluted $ 0.01 $ (0.50 ) Net income (loss) per share, diluted $ (0.40 ) $ 8.58 Six Months ended June 30, 2023 2022 (in thousands, except share and per share amounts) Basic net income (loss) per common share: Net income (loss) from continuing operations $ (4,364 ) $ 69,700 Less: income allocated to participating securities — (6,619 ) Net income (loss) from continuing operations attributable to common shareholders, basic (4,364 ) 63,081 Net income (loss) from discontinued operations attributable to common shareholders, basic (8,159 ) (7,711 ) Net income (loss) attributable to common shareholders, basic $ (12,523 ) $ 55,370 Weighted average shares outstanding — basic 10,909,208 7,319,279 Income (loss) from continuing operations, basic $ (0.40 ) $ 8.62 Income (loss) from discontinued operations, basic $ (0.75 ) $ (1.06 ) Net income (loss) per share, basic $ (1.15 ) $ 7.56 Diluted net income (loss) per common share: Net income (loss) from continuing operations $ (4,364 ) $ 69,700 Less: income allocated to participating securities — (6,618 ) Net income (loss) from continuing operations attributable to common shareholders, diluted (4,364 ) $ 63,082 Net income (loss) from continuing operations attributable to common shareholders, diluted (8,159 ) $ (7,711 ) Net income (loss) from continuing operations attributable to common shareholders, diluted $ (12,523 ) $ 55,371 Weighted average shares outstanding — basic 10,909,208 7,319,279 Dilutive effect of RSUs — 1,743 Weighted average shares outstanding — diluted 10,909,208 7,321,022 Income (loss) from continuing operations, diluted $ (0.40 ) $ 8.62 Income (loss) from discontinued operations, diluted $ (0.75 ) $ (1.06 ) Net income (loss) per share, diluted $ (1.15 ) $ 7.56 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 RSUs, stock options and ESPP to purchase common stock 975,120 826,010 975,120 823,172 Common stock warrants 5,192,035 883,833 5,192,035 883,833 |
Note 1 - Organization and Sum_2
Note 1 - Organization and Summary of Significant Accounting Policies (Details Textual) $ / shares in Units, $ in Millions | Jul. 17, 2023 USD ($) | Oct. 25, 2022 $ / shares | Sep. 23, 2022 | Jun. 30, 2023 $ / shares | Apr. 03, 2023 | Dec. 31, 2022 $ / shares | [1] |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | ||||
DSUVIA [Member] | Discontinued Operations [Member] | |||||||
Disposal Group, Including Discontinued Operation, Percentage of Royalty on Commercial Sales | 15% | ||||||
DSUVIA [Member] | Department of Defense [Member] | Discontinued Operations [Member] | |||||||
Disposal Group, Including Discontinued Operation, Percentage of Royalty on Commercial Sales | 75% | ||||||
Reverse Stock Split [Member] | |||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 20 | ||||||
Reverse Stock Split [Member] | Minimum [Member] | |||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 10 | ||||||
Reverse Stock Split [Member] | Maximum [Member] | |||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 30 | ||||||
Subsequent Event [Member] | |||||||
Expected Aggregative Proceeds from Private Placement | $ 10 | ||||||
Common Stock and Series A and Series B Common Stock Warrants [Member] | Subsequent Event [Member] | |||||||
Expected Aggregative Proceeds from Private Placement | 10 | ||||||
Expected Proceeds from Exercise of Warrants | $ 16.3 | ||||||
[1]The condensed consolidated balance sheet as of December 31, 2022 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, 2022, which were recast to reflect discontinued operations and filed with the Company’s Current Report on Form 8-K on August 1, 2023. |
Note 2 - Investments and Fair_3
Note 2 - Investments and Fair Value Measurement - Summary of Cash, Cash Equivalents and Investments (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Cash and cash equivalent, fair value | $ 20,275 | |||
Total cash, cash equivalents, and restricted cash | $ 7,410 | 20,275 | $ 20,165 | $ 12,663 |
Total cash, cash equivalents, restricted cash and short-term investments | 20,770 | |||
Total cash, cash equivalents and short-term investments, fair value | 20,770 | |||
Marketable Securities [Member] | ||||
Short-term investment, amortized Cost | 495 | |||
Short-term investment, fair value | 495 | |||
Gross Unrealized Gains | 0 | |||
Gross Unrealized Losses | 0 | |||
Commercial Paper [Member] | Marketable Securities [Member] | ||||
Short-term investment, amortized Cost | 495 | |||
Short-term investment, fair value | 495 | |||
Gross Unrealized Gains | 0 | |||
Gross Unrealized Losses | 0 | |||
Cash and Cash Equivalents [Member] | Cash [Member] | ||||
Cash, amortized cost | 2,641 | 13,275 | ||
Cash and cash equivalent, fair value | 2,641 | 13,275 | ||
Cash and Cash Equivalents [Member] | Money Market Funds [Member] | ||||
Cash and cash equivalent, fair value | 3,872 | 321 | ||
Money market funds, amortized cost | 3,872 | 321 | ||
Cash and Cash Equivalents [Member] | US Government Agencies Debt Securities [Member] | ||||
Cash and cash equivalent, fair value | 597 | 2,444 | ||
U.S. government agency securities | 597 | 2,444 | ||
Cash and Cash Equivalents [Member] | Commercial Paper [Member] | ||||
Cash and cash equivalent, fair value | 4,235 | |||
Short-term investment, amortized Cost | 300 | |||
Short-term investment, fair value | $ 300 | |||
Commercial paper | $ 4,235 |
Note 2 - Investments and Fair_4
Note 2 - Investments and Fair Value Measurement - Fair Value of Financial Assets and Liabilities by Level Within Fair Value Hierarchy (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Assets, fair value | $ 4,769 | $ 7,495 |
Liabilities, fair value | 3,086 | 7,098 |
Warrant Liability [Member] | ||
Liabilities, fair value | 3,086 | 7,098 |
Fair Value, Inputs, Level 1 [Member] | ||
Assets, fair value | 3,872 | 321 |
Liabilities, fair value | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Warrant Liability [Member] | ||
Liabilities, fair value | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Assets, fair value | 897 | 7,174 |
Liabilities, fair value | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Warrant Liability [Member] | ||
Liabilities, fair value | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Assets, fair value | 0 | 0 |
Liabilities, fair value | 3,086 | 7,098 |
Fair Value, Inputs, Level 3 [Member] | Warrant Liability [Member] | ||
Liabilities, fair value | 3,086 | 7,098 |
Money Market Funds [Member] | ||
Assets, fair value | 3,872 | 321 |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, fair value | 3,872 | 321 |
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 |
US Government Agencies Debt Securities [Member] | ||
Assets, fair value | 597 | 2,444 |
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, fair value | 0 | 0 |
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, fair value | 597 | 2,444 |
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, fair value | 0 | 0 |
Commercial Paper [Member] | ||
Assets, fair value | 300 | 4,730 |
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 | 300 | 4,730 |
Commercial Paper [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, fair value | $ 0 | $ 0 |
Note 2 - Investments and Fair_5
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 | 6 Months Ended |
Jun. 30, 2022 | Jun. 30, 2022 | |
Fair value—beginning of period | $ 1,787 | $ 7,098 |
Change in fair value of 2022 Warrants liability | 1,299 | (4,012) |
Fair value—end of period | $ 3,086 | $ 3,086 |
Note 3 - Discontinued Operati_3
Note 3 - Discontinued Operations (Details Textual) - DSUVIA [Member] - Discontinued Operations [Member] $ in Millions | Apr. 03, 2023 USD ($) |
Disposal Group, Including Discontinued Operation, Maximum Amount in Sales-based Milestone | $ 116.5 |
Disposal Group, Including Discontinued Operation, Percentage of Royalty on Commercial Sales | 15% |
Disposal Group, Including Discontinued operations, Percentage of Sales, Excluding Royalty Payments | 20% |
Department of Defense [Member] | |
Disposal Group, Including Discontinued Operation, Percentage of Royalty on Commercial Sales | 75% |
Note 3 - Discontinued Operati_4
Note 3 - Discontinued Operations - Summary of Discontinued Operation (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | ||||
Impairment of fixed assets | $ 1,065 | $ 0 | ||||||
Gain on termination of lease liabilities | (1,098) | 0 | ||||||
Net income (loss) from discontinued operations | $ 57 | $ (3,652) | [1] | (8,159) | (7,711) | [1] | ||
Total current assets of discontinued operations | 26 | 26 | $ 1,931 | [2] | ||||
Total non-current assets of discontinued operations | 0 | 0 | 13,936 | [2] | ||||
Total current liabilities of discontinued operations | 1,155 | 1,155 | 4,620 | [2] | ||||
Total non-current liabilities of discontinued operations | 0 | 0 | 3,995 | [2] | ||||
Impairment of net assets held for sale | 6,935 | 0 | ||||||
Gain on extinguishment of debt | (400) | 0 | ||||||
DSUVIA [Member] | Discontinued Operations [Member] | ||||||||
Total revenues | 0 | 570 | 501 | 1,012 | ||||
Cost of goods sold | 0 | 538 | 711 | 952 | ||||
Selling, general and administrative expense | 15 | 3,234 | 698 | 6,842 | ||||
Impairment of net assets held for sale | (72) | 0 | 6,935 | 0 | ||||
Impairment of fixed assets | 0 | 0 | 1,065 | 0 | ||||
Gain on termination of lease liabilities | 0 | 0 | (1,098) | 0 | ||||
Research and development expenses | 0 | 450 | 349 | 929 | ||||
Net income (loss) from discontinued operations | 57 | $ (3,652) | (8,159) | (7,711) | ||||
Accounts receivable, net | 15 | 15 | 309 | |||||
Inventories | 0 | 0 | 1,178 | |||||
Prepaid expenses and other current assets | 11 | 11 | 444 | |||||
Total current assets of discontinued operations | 26 | 26 | 1,931 | |||||
Property, plant and equipment, net | 0 | 0 | 10,261 | |||||
Operating lease right-of-use assets | 0 | 0 | 3,499 | |||||
Other assets | 0 | 0 | 176 | |||||
Total non-current assets of discontinued operations | 0 | 0 | 13,936 | |||||
Total assets of discontinued operations | 26 | 26 | 15,867 | |||||
Accounts payable | 35 | 35 | 784 | |||||
Accrued liabilities | 1,120 | 1,120 | 1,720 | |||||
Operating lease liabilities, current portion | 0 | 0 | 1,601 | |||||
Note payable, current portion | 0 | 0 | 400 | |||||
Deferred revenue, current portion | 0 | 0 | 115 | |||||
Total current liabilities of discontinued operations | 1,155 | 1,155 | 4,620 | |||||
Operating lease liabilities, net of current portion | 0 | 0 | 2,959 | |||||
Deferred revenue, net of current portion | 0 | 0 | 1,036 | |||||
Total non-current liabilities of discontinued operations | 0 | 0 | 3,995 | |||||
Total liabilities of discontinued operations | 1,155 | 1,155 | 8,615 | |||||
Net assets (liabilities) of discontinued operations | (1,129) | (1,129) | $ 7,252 | |||||
Depreciation and amortization | 215 | 795 | ||||||
Stock-based compensation | 19 | 183 | ||||||
Impairment of net assets held for sale | 6,935 | 0 | ||||||
Gain on extinguishment of debt | (400) | $ 0 | ||||||
Cash proceeds | 2,723 | 2,723 | ||||||
Less: net assets transferred | 117 | (8,723) | ||||||
Less: disposal costs | (45) | (935) | ||||||
Loss on sale of discontinued operations, before income taxes | 2,795 | (6,935) | ||||||
Income tax expense | 0 | 0 | ||||||
Gain (loss) on sale of discontinued operations | $ 2,795 | $ (6,935) | ||||||
[1]The condensed consolidated statements of operations for the three and six months ended June 30, 2022 have been derived from the unaudited condensed consolidated financial statements for those periods included in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2022, which were recast to reflect discontinued operations and filed with the Company’s Current Report on Form 8-K on August 1, 2023.[2]The condensed consolidated balance sheet as of December 31, 2022 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, 2022, which were recast to reflect discontinued operations and filed with the Company’s Current Report on Form 8-K on August 1, 2023. |
Note 4 - In-license Agreement (
Note 4 - In-license Agreement (Details Textual) - Aguettant [Member] - PFS Products [Member] $ in Millions | Jul. 14, 2021 | Apr. 03, 2023 USD ($) | Apr. 03, 2023 EUR (€) | Apr. 02, 2023 USD ($) |
License Agreement, Term (Year) | 10 years | |||
License Agreement, Renewal Term (Year) | 5 years | |||
License Agreement, Minimum Sales Obligation Term (Month) | 12 months | |||
Licensing Agreement, Complementary Payment | € | € 1,500,000 | |||
Licensing Agreement, Milestone Payments | $ | $ 21 | $ 24 | ||
Minimum [Member] | ||||
License Agreement, Percent of Revenue Share Payment to be Paid | 40% | |||
Maximum [Member] | ||||
License Agreement, Percent of Revenue Share Payment to be Paid | 45% |
Note 5 - Long-term Debt (Detail
Note 5 - Long-term Debt (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Apr. 03, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | May 30, 2019 | |
Amortization of Debt Discount (Premium) | $ 53 | $ 250 | |||||
Loan Agreement with Oxford Finance LLC [Member] | |||||||
Debt Instrument, Face Amount | $ 25,000 | ||||||
Long-Term Debt | $ 0 | 0 | $ 5,400 | ||||
Amortization of Debt Discount (Premium) | $ 100 | $ 700 | 100 | $ 200 | |||
Interest Expense, Debt | $ 300 | ||||||
Repayments of Debt | $ 3,400 |
Note 6 - Commitments and Cont_2
Note 6 - Commitments and Contingencies (Details Textual) | 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 |
Note 7 - Warrants (Details Text
Note 7 - Warrants (Details Textual) $ / shares in Units, $ in Thousands | Jun. 30, 2023 USD ($) $ / shares | Apr. 25, 2023 $ / shares | Dec. 31, 2022 USD ($) | [1] | Dec. 29, 2022 $ / shares | Dec. 27, 2022 shares |
Warrants and Rights Outstanding | $ | $ 3,086 | $ 7,098 | ||||
The 2022 Prefunded Warrants [Member] | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | shares | 2,632,898 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 0.0001 | |||||
Common Warrants [Member] | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | shares | 4,227,052 | |||||
Warrants and Rights Outstanding | $ | $ 3,100 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 2.07 | |||||
Warrants and Rights Outstanding, Measurement Input | 1.11 | |||||
August 2022 LPC Warrant [Member] | Measurement Input, Expected Term [Member] | ||||||
Warrants and Rights Outstanding, Measurement Input | 5.5 | |||||
August 2022 LPC Warrant [Member] | Measurement Input, Price Volatility [Member] | ||||||
Warrants and Rights Outstanding, Measurement Input | 91.49 | |||||
August 2022 LPC Warrant [Member] | Measurement Input, Risk Free Interest Rate [Member] | ||||||
Warrants and Rights Outstanding, Measurement Input | 4.13 | |||||
August 2022 LPC Warrant [Member] | Measurement Input, Expected Dividend Rate [Member] | ||||||
Warrants and Rights Outstanding, Measurement Input | 0 | |||||
December 2022 Financing [Member] | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 1 | |||||
[1]The condensed consolidated balance sheet as of December 31, 2022 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, 2022, which were recast to reflect discontinued operations and filed with the Company’s Current Report on Form 8-K on August 1, 2023. |
Note 7 - Warrants - Summary of
Note 7 - Warrants - Summary of Warrants Activity (Details) | 6 Months Ended |
Jun. 30, 2023 $ / shares shares | |
Outstanding, warrants (in shares) | shares | 7,824,933 |
Pre-funded warrants exercised, warrants (in shares) | shares | 2,632,898 |
Outstanding, warrants (in shares) | shares | 5,192,035 |
Exercisable, warrants (in shares) | shares | 5,192,035 |
Weighted Average [Member] | |
Outstanding, warrants, weighted average exercise price (in dollars per share) | $ / shares | $ 1.72 |
Pre-funded warrants exercised, warrants, weighted average exercise price (in dollars per share) | $ / shares | 0.0001 |
Outstanding, warrants, weighted average exercise price (in dollars per share) | $ / shares | 2.59 |
Exercisable, warrants, weighted average exercise price (in dollars per share) | $ / shares | $ 2.59 |
Note 8 - Stock-based Compensa_3
Note 8 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended |
Mar. 31, 2023 | Jun. 30, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 1.39 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested in Period, Fair Value | $ 1.3 | |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 2 months 12 days | |
The 2020 Equity Incentive Plan [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 141,502 | |
Amended ESPP [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 185,860 | |
Restricted Stock Units (RSUs) [Member] | ||
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (in shares) | 12,906 |
Note 8 - Stock-based Compensa_4
Note 8 - Stock-based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Stock-based compensation expense | $ 471 | $ 753 | $ 1,040 | $ 1,536 |
Research and Development Expense [Member] | ||||
Stock-based compensation expense | 80 | 153 | 173 | 327 |
Selling, General and Administrative Expenses [Member] | ||||
Stock-based compensation expense | 391 | 562 | 848 | 1,026 |
Discontinued Operation [Member] | ||||
Stock-based compensation expense | $ 0 | $ 38 | $ 19 | $ 183 |
Note 8 - Stock-based Compensa_5
Note 8 - Stock-based Compensation - Restricted Stock Activity (Details) - Restricted Stock Units (RSUs) [Member] | 6 Months Ended |
Jun. 30, 2023 $ / shares shares | |
Restricted stock units outstanding (in shares) | shares | 82,778 |
Restricted stock units weighted average outstanding (in dollars per share) | $ / shares | $ 16.97 |
Granted (in shares) | shares | 44,091 |
Weighted average grant date fair value, granted (in dollars per share) | $ / shares | $ 1.76 |
Vested (in shares) | shares | (34,606) |
Weighted average grant date fair value, vested (in dollars per share) | $ / shares | $ 21.61 |
Forfeited (in shares) | shares | (2,926) |
Weighted average grant date fair value, forfeited (in dollars per share) | $ / shares | $ 13.91 |
Restricted stock units outstanding (in shares) | shares | 89,337 |
Restricted stock units weighted average outstanding (in dollars per share) | $ / shares | $ 7.77 |
Note 8 - Stock-based Compensa_6
Note 8 - Stock-based Compensation - Option Activity (Details) $ / shares in Units, $ in Thousands | 6 Months Ended |
Jun. 30, 2023 USD ($) $ / shares shares | |
Outstanding (in shares) | shares | 725,623 |
Outstanding (in dollars per share) | $ / shares | $ 52.98 |
Granted (in shares) | shares | 264,520 |
Granted, weighted-average exercise price (in dollars per share) | $ / shares | $ 1.76 |
Forfeited (in shares) | shares | (9,003) |
Forfeited, weighted-average exercise price (in dollars per share) | $ / shares | $ 12.09 |
Expired (in shares) | shares | (95,357) |
Expired, weighted-average exercise price (in dollars per share) | $ / shares | $ 81.71 |
Exercised (in shares) | shares | 0 |
Exercised, weighted-average exercise price (in dollars per share) | $ / shares | $ 0 |
Outstanding (in shares) | shares | 885,783 |
Outstanding, weighted-average exercise price (in dollars per share) | $ / shares | $ 35.01 |
Outstanding, weighted-average remaining contractual life (Year) | 6 years 8 months 12 days |
Outstanding, aggregate intrinsic value | $ | $ 0 |
Vested and exercisable options (in shares) | shares | 466,502 |
Vested and exercisable options, weighted-average exercise price (in dollars per share) | $ / shares | $ 57.63 |
Vested and exercisable options, weighted-average remaining contractual life (Year) | 4 years 6 months |
Vested and exercisable options, aggregate intrinsic value | $ | $ 0 |
Vested and expected to vest (in shares) | shares | 885,783 |
Vested and expected to vest, weighted-average exercise price (in dollars per share) | $ / shares | $ 35.01 |
Vested and expected to vest, weighted-average remaining contractual life (Year) | 6 years 8 months 12 days |
Vested and expected to vest, aggregate intrinsic value | $ | $ 0 |
Note 8 - Stock-based Compensa_7
Note 8 - Stock-based Compensation - Assumptions to Calculate Fair Value of Each Employee Stock Option (Details) - Weighted Average [Member] - Time-based Stock Option [Member] | 6 Months Ended |
Jun. 30, 2023 | |
Expected term (Year) | 6 years 3 months 18 days |
Risk-free interest rate | 3.90% |
Expected volatility | 94% |
Expected dividend rate | 0% |
Note 9 - Net Income (Loss) Pe_3
Note 9 - Net Income (Loss) Per Share of Common Stock (Details Textual) | Dec. 29, 2022 $ / shares |
The 2022 Prefunded Warrants [Member] | |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 0.0001 |
Note 9 - Net Income (Loss) Pe_4
Note 9 - Net Income (Loss) Per Share of Common Stock - Computation of Basic and Diluted Net Income (Loss) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |||
Net income (loss) from continuing operations | $ (4,428) | $ 74,315 | [1] | $ (4,364) | $ 69,700 | [1] |
Income allocated to participating securities | 0 | (7,511) | [1] | 0 | (6,619) | [1] |
Net income (loss) from continuing operations attributable to common shareholders, basic | (4,428) | 66,804 | (4,364) | 63,081 | ||
Net income (loss) from discontinued operations attributable to common shareholders, basic | 57 | (3,652) | (8,159) | (7,711) | ||
Net income (loss) attributable to Common Shareholders, basic | $ (4,371) | $ 63,152 | [1] | $ (12,523) | $ 55,370 | [1] |
Weighted average shares outstanding — basic (in shares) | 10,924,294 | 7,356,952 | [1] | 10,909,208 | 7,319,279 | [1] |
Income (loss) from continuing operations (in dollars per share) | $ (0.41) | $ 9.08 | [1] | $ (0.40) | $ 8.62 | [1] |
Income (loss) from discontinued operations (in dollars per share) | 0.01 | (0.50) | [1] | (0.75) | (1.06) | [1] |
Net income (loss) per share (in dollars per share) | $ (0.40) | $ 8.58 | [1] | $ (1.15) | $ 7.56 | [1] |
Less: income allocated to participating securities | $ 0 | $ (7,508) | $ 0 | $ (6,618) | ||
Net income (loss) from continuing operations attributable to common shareholders, diluted | (4,428) | 66,807 | (4,364) | 63,082 | ||
Net income (loss) from discontinued operations attributable to common shareholders, diluted | 57 | (3,652) | (8,159) | (7,711) | ||
Net income (loss) attributable to common shareholders, diluted | $ (4,371) | $ 63,155 | [1] | $ (12,523) | $ 55,371 | [1] |
Weighted average shares outstanding — basic (in shares) | 10,924,294 | 7,356,952 | 10,909,208 | 7,319,279 | ||
Dilutive effect of RSUs (in shares) | 0 | 3,501 | 0 | 1,743 | ||
Shares used in computing net income (loss) per share of common stock, diluted – See Note 9 (in shares) | 10,924,294 | 7,360,453 | [1] | 10,909,208 | 7,321,022 | [1] |
Income (loss) from continuing operations (in dollars per share) | $ (0.41) | $ 9.08 | [1] | $ (0.40) | $ 8.62 | [1] |
Income (loss) from discontinued operations (in dollars per share) | 0.01 | (0.50) | [1] | (0.75) | (1.06) | [1] |
Net income (loss) per share (in dollars per share) | $ (0.40) | $ 8.58 | [1] | $ (1.15) | $ 7.56 | [1] |
[1]The condensed consolidated statements of operations for the three and six months ended June 30, 2022 have been derived from the unaudited condensed consolidated financial statements for those periods included in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2022, which were recast to reflect discontinued operations and filed with the Company’s Current Report on Form 8-K on August 1, 2023. |
Note 9 - Net Income (Loss) Pe_5
Note 9 - Net Income (Loss) Per Share of Common Stock - Common Stock Excluded From Computation of Diluted Net Loss Per Share (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
RSU's, ESPP, and Employee Stock Options [Member] | ||||
Antidilutive securities (in shares) | 975,120 | 826,010 | 975,120 | 823,172 |
Warrant [Member] | ||||
Antidilutive securities (in shares) | 5,192,035 | 883,833 | 5,192,035 | 883,833 |
Note 10 - Subsequent Events (De
Note 10 - Subsequent Events (Details Textual) - USD ($) | 1 Months Ended | ||||||
Jul. 20, 2023 | Jul. 17, 2023 | May 31, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | [1] | Oct. 25, 2022 | |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | ||||
Placement Agent Warrants [Member] | H.C. Wainwright & Co., LLC [Member] | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 1.70 | ||||||
Percentage of Combined Offering Price Per Share | 125% | ||||||
Placement Agent Warrants [Member] | H.C. Wainwright & Co., LLC [Member] | Common Class A [Member] | |||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 183,824 | ||||||
Placement Agent Warrants [Member] | H.C. Wainwright & Co., LLC [Member] | Common Class B [Member] | |||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 183,823 | ||||||
Subsequent Event [Member] | |||||||
Expected Aggregative Proceeds from Private Placement | $ 10,000,000 | ||||||
Subsequent Event [Member] | Prefund Warrants [Member] | |||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 2,012,356 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 0.001 | ||||||
Subsequent Event [Member] | Series A Common Stock Warrants [Member] | |||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 7,352,947 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 1.11 | ||||||
Subsequent Event [Member] | Series B Common Stock Warrants [Member] | |||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 7,352,947 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 1.11 | ||||||
Subsequent Event [Member] | Common Stock and Series A and Series B Common Stock Warrants [Member] | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 1.11 | ||||||
Warrants and Rights Outstanding, Term (Year) | 5 years | ||||||
Private Placement [Member] | H.C. Wainwright & Co., LLC [Member] | |||||||
Placement Agent Fee, Percentage of Gross Proceeds of Private Placement | 5.25% | ||||||
Maximum Reimburse Amount of Private Placement | $ 100,000 | ||||||
One Time Payment Upon Exercise of Warrant | 200,000 | ||||||
Placement Agent Fee, Minimum Proceeds Required for Full One-time Payment | $ 9,500,000 | ||||||
Private Placement [Member] | Subsequent Event [Member] | |||||||
Stock Issued During Period, Shares, New Issues (in shares) | 5,340,591 | ||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | ||||||
Sale of Equity, Price Per Share and Warrant (in dollars per share) | 1.359 | ||||||
Aggregative Proceeds from Private Placement | $ 10,000,000 | ||||||
Common Stock and Series A and Series B Common Stock Warrants [Member] | Subsequent Event [Member] | |||||||
Combined Offering Price (in dollars per share) | $ 1.36 | ||||||
Expected Aggregative Proceeds from Private Placement | $ 10,000,000 | ||||||
Expected Proceeds from Exercise of Warrants | $ 16,300,000 | ||||||
[1]The condensed consolidated balance sheet as of December 31, 2022 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, 2022, which were recast to reflect discontinued operations and filed with the Company’s Current Report on Form 8-K on August 1, 2023. |