Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2023 | Nov. 03, 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 | Q3 | |
Document Fiscal Year Focus | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 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, $0.001 par value | |
Trading Symbol | ACRX | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 16,952,269 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | ||
Current Assets: | ||||
Cash and cash equivalents | $ 13,389 | $ 15,275 | [1] | |
Restricted cash | 0 | 5,000 | [1] | |
Short-term investments | 0 | 495 | [1] | |
Prepaid expenses and other current assets | 1,017 | 1,865 | [1] | |
Assets of discontinued operations | 16 | 1,931 | [1] | |
Total current assets | 14,422 | 24,566 | [1] | |
In-process research and development asset | 8,819 | 8,819 | [1] | |
Other assets | 20 | 166 | [1] | |
Assets of discontinued operations | 0 | 13,936 | [1] | |
Total Assets | 23,261 | 47,487 | [1] | |
Current Liabilities: | ||||
Accounts payable | 1,026 | 1,256 | [1] | |
Accrued and other liabilities | 1,792 | 2,531 | [1] | |
Long-term debt, current portion | 0 | 5,363 | [1] | |
Liabilities of discontinued operations, current portion | 756 | 4,620 | [1] | |
Total current liabilities | 3,574 | 13,770 | [1] | |
Warrant liability | 1,380 | 7,098 | [1] | |
Other long-term liabilities | 0 | 810 | [1] | |
Liabilities of discontinued operations | 0 | 3,995 | [1] | |
Total Liabilities | 4,954 | 25,673 | [1] | |
Commitments and Contingencies | ||||
Common stock, $0.001 par value—200,000,000 shares authorized as of September 30, 2023 and December 31, 2022; 16,952,269 and 8,243,680 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively | [1] | 17 | 8 | |
Additional paid-in capital | [1] | 457,999 | 447,635 | |
Accumulated deficit | [1] | (439,709) | (425,829) | |
Total Stockholders’ Equity | [1] | 18,307 | 21,814 | |
Total Liabilities and Stockholders’ Equity | $ 23,261 | $ 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 Unaudited) (Parentheticals) - $ / shares | Sep. 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) | 16,952,269 | 8,243,680 | |
Common stock, shares outstanding (in shares) | 16,952,269 | 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 | 9 Months Ended | ||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |||
Royalty revenue | $ 117 | $ 0 | [1] | $ 370 | $ 0 | [1] |
Operating costs and expenses: | ||||||
Research and development | 1,178 | 799 | [1] | 3,777 | 2,729 | [1] |
Selling, general and administrative | 2,248 | 3,724 | [1] | 9,199 | 11,784 | [1] |
Impairment of property and equipment | 0 | 0 | [1] | 0 | 4,901 | [1] |
Total operating costs and expenses | 3,426 | 4,523 | [1] | 12,976 | 19,414 | [1] |
Other income (expense): | ||||||
Interest expense | 0 | (245) | [1] | (134) | (928) | [1] |
Interest income and other income, net | 1,893 | 140 | [1] | 6,963 | 229 | [1] |
Non-cash interest income on liability related to the sale of future royalties | 0 | 0 | [1] | 0 | 1,136 | [1] |
Gain on extinguishment of liability related to the sale of future royalties | 0 | 0 | [1] | 0 | 84,052 | [1] |
Total other income (expense) | 1,893 | (105) | [1] | 6,829 | 84,489 | [1] |
Provision for income taxes | (2) | (11) | [1] | (5) | (14) | [1] |
Net income (loss) from continuing operations | (1,418) | (4,639) | [1] | (5,782) | 65,061 | [1] |
Net income (loss) from discontinued operations – See Note 3 | 61 | (2,111) | [1] | (8,098) | (9,822) | [1] |
Net income (loss) | (1,357) | (6,750) | [1] | (13,880) | 55,239 | [1] |
Deemed dividends related to Series A Redeemable Convertible Preferred Stock | 0 | (186) | 0 | (186) | ||
Income allocated to participating securities | 0 | 0 | [1] | 0 | (5,980) | [1] |
Net income (loss) attributable to Common Shareholders, basic | (1,357) | (6,936) | [1] | (13,880) | 49,073 | [1] |
Net income (loss) attributable to Common Shareholders, diluted | $ (1,357) | $ (6,936) | [1] | $ (13,880) | $ 49,078 | [1] |
Basic earnings (loss) per share | ||||||
Income (loss) from continuing operations (in dollars per share) | $ (0.08) | $ (0.65) | [1] | $ (0.45) | $ 8.03 | [1] |
Income (loss) from discontinued operations (in dollars per share) | 0 | (0.29) | [1] | (0.63) | (1.34) | [1] |
Net income (loss) per share (in dollars per share) | (0.08) | (0.94) | [1] | (1.08) | 6.69 | [1] |
Diluted earnings (loss) per share | ||||||
Income (loss) from continuing operations (in dollars per share) | (0.08) | (0.65) | [1] | (0.45) | 8.02 | [1] |
Income (loss) from discontinued operations (in dollars per share) | 0 | (0.29) | [1] | (0.63) | (1.34) | [1] |
Net income (loss) per share (in dollars per share) | $ (0.08) | $ (0.94) | [1] | $ (1.08) | $ 6.68 | [1] |
Shares used in computing net income (loss) per share of common stock, basic – See Note 10 (in shares) | 16,758,322 | 7,377,363 | [1] | 12,880,338 | 7,338,853 | [1] |
Shares used in computing net income (loss) per share of common stock, diluted – See Note 10 (in shares) | 16,758,322 | 7,377,363 | [1] | 12,880,338 | 7,345,954 | [1] |
Product [Member] | ||||||
Operating costs and expenses: | ||||||
Loss from operations | $ (3,309) | $ (4,523) | [1] | $ (12,606) | $ (19,414) | [1] |
Contract and Other Collaboration [Member] | ||||||
Other income (expense): | ||||||
Net income (loss) before income taxes | $ (1,416) | $ (4,628) | [1] | $ (5,777) | $ 65,075 | [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. |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Deficit) (Unaudited) - USD ($) $ in Thousands | Preferred Stock [Member] Redeemable Convertible Preferred Stock [Member] | Preferred Stock [Member] | Common Stock [Member] Redeemable Convertible Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] Redeemable Convertible Preferred Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] Redeemable Convertible Preferred Stock [Member] | Retained Earnings [Member] | Redeemable Convertible Preferred Stock [Member] | Total | ||
Balance (in shares) at Dec. 31, 2021 | 0 | 6,840,967 | ||||||||||
Balance at Dec. 31, 2021 | $ 0 | $ 7 | $ 437,684 | $ (473,584) | $ (35,893) | |||||||
Stock-based compensation | $ 0 | $ 0 | 783 | 0 | 783 | |||||||
Issuance of common stock upon vesting of restricted stock units, net of shares withheld for employee taxes (in shares) | 0 | 25,769 | ||||||||||
Issuance of common stock upon vesting of restricted stock units, net of shares withheld for employee taxes | $ 0 | $ 0 | 58 | 0 | 58 | |||||||
Issuance of common stock upon ESPP purchase (in shares) | 0 | 7,671 | ||||||||||
Issuance of common stock upon ESPP purchase | $ 0 | $ 0 | 58 | 0 | 58 | |||||||
Net loss | $ 0 | $ 0 | 0 | (8,674) | (8,674) | |||||||
Issuance of hold back common stock in connection with asset acquisition (in shares) | 0 | 481,026 | ||||||||||
Issuance of hold back common stock in connection with asset acquisition | $ 0 | $ 0 | 5,511 | 0 | 5,511 | |||||||
Stock-based compensation | 0 | 0 | 783 | 0 | 783 | |||||||
Issuance of common stock upon vesting of restricted stock units, net of shares withheld for employee taxes | $ 0 | $ 0 | (58) | 0 | (58) | |||||||
Balance (in shares) at Mar. 31, 2022 | 0 | 7,355,433 | ||||||||||
Balance at Mar. 31, 2022 | $ 0 | $ 7 | 443,978 | (482,258) | (38,273) | |||||||
Balance (in shares) at Dec. 31, 2021 | 0 | 6,840,967 | ||||||||||
Balance at Dec. 31, 2021 | $ 0 | $ 7 | 437,684 | (473,584) | (35,893) | |||||||
Net loss | [1] | 55,239 | ||||||||||
Balance (in shares) at Sep. 30, 2022 | 3,000 | 7,405,966 | ||||||||||
Balance at Sep. 30, 2022 | $ 315 | $ 7 | 445,564 | (418,345) | 27,226 | |||||||
Balance (in shares) at Mar. 31, 2022 | 0 | 7,355,433 | ||||||||||
Balance at Mar. 31, 2022 | $ 0 | $ 7 | 443,978 | (482,258) | (38,273) | |||||||
Stock-based compensation | $ 0 | $ 0 | 753 | 0 | 753 | |||||||
Issuance of common stock upon vesting of restricted stock units, net of shares withheld for employee taxes (in shares) | 0 | 11,147 | ||||||||||
Issuance of common stock upon vesting of restricted stock units, net of shares withheld for employee taxes | $ 0 | $ 0 | 0 | 0 | 0 | |||||||
Net loss | 0 | 0 | 0 | 70,663 | 70,663 | |||||||
Stock-based compensation | 0 | 0 | 753 | 0 | 753 | |||||||
Issuance of common stock upon vesting of restricted stock units, net of shares withheld for employee taxes | $ 0 | $ 0 | 0 | 0 | 0 | |||||||
Balance (in shares) at Jun. 30, 2022 | 0 | 7,366,580 | ||||||||||
Balance at Jun. 30, 2022 | $ 0 | $ 7 | 444,731 | (411,595) | 33,143 | |||||||
Stock-based compensation | $ 0 | $ 0 | 701 | 0 | 701 | |||||||
Issuance of common stock upon vesting of restricted stock units, net of shares withheld for employee taxes (in shares) | 0 | 216 | ||||||||||
Issuance of common stock upon vesting of restricted stock units, net of shares withheld for employee taxes | $ 0 | $ 0 | 0 | 0 | 0 | |||||||
Issuance of common stock upon ESPP purchase (in shares) | 0 | 3,270 | ||||||||||
Issuance of common stock upon ESPP purchase | $ 0 | $ 0 | 16 | 0 | 16 | |||||||
Net loss | 0 | 0 | 0 | (6,750) | (6,750) | [1] | ||||||
Stock-based compensation | 0 | 0 | 701 | 0 | 701 | |||||||
Issuance of common stock upon vesting of restricted stock units, net of shares withheld for employee taxes | $ 0 | $ 0 | 0 | 0 | 0 | |||||||
Issuance of Series A Redeemable Convertible Preferred Stock and Warrants (in shares) | 3,000 | 0 | 0 | 35,900 | ||||||||
Issuance of Series A Redeemable Convertible Preferred Stock and Warrants | $ 129 | $ 0 | $ 0 | $ 0 | $ 110 | 192 | $ 0 | 0 | $ 110 | 192 | ||
Deemed dividends related to Series A Redeemable Convertible Preferred Stock | 186 | |||||||||||
Deemed dividends related to Series A Redeemable Convertible Preferred Stock | (186) | (186) | ||||||||||
Stock Issued During Period, Value, New Issues | $ 129 | $ 0 | $ 0 | $ 0 | $ 110 | 192 | $ 0 | 0 | $ 110 | 192 | ||
Balance (in shares) at Sep. 30, 2022 | 3,000 | 7,405,966 | ||||||||||
Balance at Sep. 30, 2022 | $ 315 | $ 7 | 445,564 | (418,345) | 27,226 | |||||||
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 loss | 0 | 0 | (8,152) | (8,152) | ||||||||
Stock-based compensation | 0 | 569 | 0 | 569 | ||||||||
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 loss | (13,880) | |||||||||||
Balance (in shares) at Sep. 30, 2023 | 16,952,269 | |||||||||||
Balance at Sep. 30, 2023 | $ 17 | 457,999 | (439,709) | 18,307 | [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 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 | ||||||||
Stock-based compensation | $ 0 | 471 | 0 | 471 | ||||||||
Balance (in shares) at Jun. 30, 2023 | 10,994,102 | |||||||||||
Balance at Jun. 30, 2023 | $ 11 | 448,760 | (438,352) | 10,419 | ||||||||
Stock-based compensation | $ 0 | 378 | 0 | 378 | ||||||||
Issuance of common stock upon vesting of restricted stock units, net of shares withheld for employee taxes (in shares) | 5,500 | |||||||||||
Issuance of common stock upon vesting of restricted stock units, net of shares withheld for employee taxes | $ 0 | 0 | 0 | 0 | ||||||||
Exercise of prefunded warrants (in shares) | 595,883 | |||||||||||
Exercise of prefunded warrants | $ 1 | 0 | 0 | 1 | ||||||||
Issuance of common stock upon ESPP purchase (in shares) | 16,193 | |||||||||||
Issuance of common stock upon ESPP purchase | $ 0 | 14 | 0 | 14 | ||||||||
Net loss | 0 | 0 | (1,357) | (1,357) | ||||||||
Stock-based compensation | $ 0 | 378 | 0 | 378 | ||||||||
Issuance of common stock and warrants, net (in shares) | 5,340,591 | |||||||||||
Issuance of common stock and warrants, net | $ 5 | 8,847 | 0 | 8,852 | ||||||||
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 Sep. 30, 2023 | 16,952,269 | |||||||||||
Balance at Sep. 30, 2023 | $ 17 | $ 457,999 | $ (439,709) | $ 18,307 | [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 | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | ||
Cash flows from operating activities: | |||
Net loss | $ (13,880) | $ 55,239 | [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 | 1,305 | |
Non-cash interest expense related to debt financing | 53 | 333 | |
Non-cash issuance of Lowell holdback shares | (723) | 0 | |
Stock-based compensation | 1,418 | 2,237 | |
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 | (5,718) | 0 | |
Impairment of net assets held for sale | 6,853 | 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) | (47) | |
Changes in operating assets and liabilities: | |||
Accounts receivable | (97) | (352) | |
Inventories | 61 | 210 | |
Prepaid expenses and other assets | 1,294 | 375 | |
Other assets | 226 | 0 | |
Accounts payable | (957) | 25 | |
Accrued liabilities | (1,761) | (1,456) | |
Operating lease liabilities | (146) | (357) | |
Deferred revenue | (29) | (43) | |
Net cash used in operating activities | (13,543) | (22,918) | |
Cash flows from investing activities: | |||
Purchase of property and equipment | (100) | (316) | |
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 | 43,162 | |
Net cash provided by investing activities | 3,123 | 33,790 | |
Cash flows from financing activities: | |||
Payment of long-term debt | (5,416) | (6,250) | |
Net proceeds from issuance of Issuance of Series A Redeemable Convertible Preferred Stock and Warrants | 0 | 239 | |
Net proceeds from issuance of common stock in connection with equity financings | 8,924 | 192 | |
Net proceeds from issuance of common stock in connection with exercise of prefunded warrants | 3 | 0 | |
Net proceeds from issuance of common stock through equity plans | 45 | 74 | |
Payment of employee tax obligations related to vesting of restricted stock units | (22) | (58) | |
Net provided by (cash used in) financing activities | 3,534 | (5,803) | |
Net change in cash, cash equivalents and restricted cash | (6,886) | 5,069 | |
Cash, cash equivalents and restricted cash—Beginning of period | 20,275 | 12,663 | |
Cash, cash equivalents and restricted cash—End of period | 13,389 | 17,732 | |
NONCASH INVESTING AND FINANCING ACTIVITIES: | |||
Purchases of property and equipment in accounts payable and accrued liabilities | 0 | 1,327 | |
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 | |
Offering costs in accounts payable | 72 | 0 | |
Fair value of warrants issued to placement agent | $ 263 | $ 0 | |
[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 | 9 Months Ended |
Sep. 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 nine September 30, 2023 July 2023 7, 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 subsidiary. 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 nine September 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 nine September 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 (as defined in Note 3 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. 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 | 9 Months Ended |
Sep. 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 September 30, 2023, December 31, 2022, one The tables below summarize the Company’s cash, cash equivalents and short-term investments (in thousands): As of September 30, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Cash, cash equivalents and restricted cash: Cash $ 1,656 $ — $ — $ 1,656 Money market funds 3,264 — — 3,264 U.S. government agency securities 7,572 — — 7,572 Commercial paper 897 — — 897 Total cash and cash equivalents $ 13,389 $ — $ — $ 13,389 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 nine September 30, 2023 twelve December 31, 2022. not three nine September 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 is 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 September 30, 2023 December 31, 2022, 2022 12, 2022 10 8, 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 September 30, 2023 Fair Value Level I Level II Level III Assets Money market funds $ 3,264 $ 3,264 $ — $ — U.S. government agency securities 7,572 — 7,572 — Commercial paper 897 — 897 — Total assets measured at fair value $ 11,733 $ 3,264 $ 8,469 $ — Liabilities Warrant liability $ 1,380 $ — $ — $ 1,380 Total liabilities measured at fair value $ 1,380 $ — $ — $ 1,380 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 nine September 30, 2023 ( Three Months Ended September 30, 2023 Nine Months Ended September 30, 2023 Fair value—beginning of period $ 3,086 $ 7,098 Change in fair value of 2022 Warrants liability (1,706 ) (5,718 ) Fair value—end of period $ 1,380 $ 1,380 There was no three nine September 30, 2022. There were no three nine September 30, 2023 December 31, 2022. |
Note 3 - Discontinued Operation
Note 3 - Discontinued Operations | 9 Months Ended |
Sep. 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 DSUVIA Agreement contains customary representations, warranties, and covenants by each party. Alora agreed not 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 DSUVIA 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 DSUVIA 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., products that are pre-packaged in labeled pouches and packed in bright stock cartons for shipment) to Aguettant or its affiliates or sublicensees, and Aguettant will be responsible for manufacturing finished products from bulk products, before Aguettant establishes a semi-automated packaging line for Product, and (c) after Aguettant has established such semi-automated packaging line, AcelRx will cause DZUVEO to be manufactured and supplied in the form of bulk tablets (i.e., products in tablet forms supplied in bulk ( not Pursuant to the DSUVIA 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. September 30, 2023 December 31, 2022. The following table presents the results of the discontinued operations for the three nine September 30, 2023 2022 Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Total revenues $ — $ 507 $ 501 $ 1,519 Cost of goods sold — 338 711 1,290 Selling, general and administrative expense 21 1,771 719 8,613 Impairment of net assets held for sale (82 ) — 6,853 — Impairment of fixed assets — — 1,065 — Gain on termination of lease liabilities — — (1,098 ) — Research and development expenses — 509 349 1,438 Net income (loss) from discontinued operations $ 61 $ (2,111 ) $ (8,098 ) $ (9,822 ) 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). September 30, 2023 December 31, 2022 Accounts receivable, net $ 11 $ 309 Inventories - 1,178 Prepaid expenses and other current assets 5 444 Total current assets of discontinued operations 16 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 $ 16 $ 15,867 Accounts payable $ 10 $ 784 Accrued liabilities 746 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 756 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 756 8,615 Net assets (liabilities) of discontinued operations $ (740 ) $ 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): Nine Months Ended September 30, 2023 2022 Cash flows from operating activities: Depreciation and amortization $ 215 $ 1,176 Stock-based compensation 19 226 Impairment of net assets held for sale 6,853 - 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 nine September 30, 2023: Three Months Ended September 30, 2023 Nine Months Ended September 30, 2023 Cash proceeds $ — $ 2,723 Less: net assets transferred — (8,723 ) Less: disposal costs 82 (853 ) Loss on sale of discontinued operations, before income taxes 82 (6,853 ) Income tax expense — — Gain (loss) on sale of discontinued operations $ 82 $ (6,853 ) |
Note 4 - In-license Agreement
Note 4 - In-license Agreement | 9 Months Ended |
Sep. 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 September 30, 2023, no |
Note 5 - Long-term Debt
Note 5 - Long-term Debt | 9 Months Ended |
Sep. 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 September 30, 2023 December 31, 2022, three September 30, 2023, nine September 30, 2023. three nine September 30, 2022, In connection with the closing of the divestment of DSUVIA to Alora, on April 3, 2023, no |
Note 6 - Commitments and Contin
Note 6 - Commitments and Contingencies | 9 Months Ended |
Sep. 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, September 5, 2023, third 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 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 - Stockholders' Equity
Note 7 - Stockholders' Equity | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Equity [Text Block] | 7. Equity Common Stock July 2023 On July 17, 2023, 2023 8, 2023 July 20, 2023. The combined offering price was $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 2023 2023 In May 2023, one September 30, 2023, 8, ATM Agreement The Company has entered into the ATM Agreement with Cantor, as agent, pursuant to which the Company may The Company issued and sold approximately 0.04 million shares of common stock pursuant to the ATM Agreement and received net proceeds of $0.2 million, after deducting fees and expenses, during the three nine September 30, 2022. September 30, 2023, not may no Stock Plan Amended 2020 Equity Incentive Plan On October 10, 2023, 2023 2020 2020 may 2020 not 2011 may 2020 |
Note 8 - Warrants
Note 8 - Warrants | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Warrants Disclosure [Text Block] | 8. The activity related to warrants during the nine September 30, 2023, Common Stock from Warrants Weighted-average Exercise Price (per share) Outstanding at December 31, 2022 7,824,933 $ 1.72 2023 Pre-Funded Warrants issued 2,012,356 $ 0.001 Series A Common Stock Warrants issued 7,352,947 $ 1.11 Series B Common Stock Warrants issued 7,352,947 $ 1.11 Series A Common Stock Warrants issued to placement agent 183,824 $ 1.70 Series B Common Stock Warrants issued to placement agent 183,823 $ 1.70 2022 Pre-Funded Warrants exercised (2,632,898 ) $ 0.0001 2023 Pre-Funded Warrants exercised (595,883 ) $ 0.001 Outstanding at September 30, 2023 21,682,049 $ 1.40 Exercisable at September 30, 2023 21,682,049 $ 1.40 The pre-funded warrants issued in December 2022 2022 three March 31, 2023. 2023 July 2023 July 20, 2023, 2023 three September 30, 2023. 2022 2023 The common warrants issued in December 2022 2022 September 30, 2023, 2022 2, April 25, 2023, 2022 The Series A and Series B common stock warrants were exercisable immediately following the closing date of the July 2023 five 45 The Company evaluated the 2023 815 40 not 2023 The placement agent Series A and Series B common stock warrants have the same terms as the Series A and Series B common stock warrants to be issued to the purchasers, except such warrants do not 125% In July 2023, August 2022 July 2023 no August 3, 2023. The Series A and Series B common stock warrants, the placement agent Series A and Series B common stock warrants, the 2022 November 2021 |
Note 9 - Stock-based Compensati
Note 9 - Stock-based Compensation | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 9. 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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Research and development $ 210 $ 139 $ 383 $ 466 Selling, general and administrative 168 519 1,016 1,545 Discontinued operations — 43 19 226 Total $ 378 $ 701 $ 1,418 $ 2,237 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 (40,106 ) 19.31 Forfeited (2,926 ) 13.91 Restricted stock units outstanding, September 30, 2023 83,837 $ 7.96 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) Stock options outstanding, January 1, 2023 725,623 $ 52.98 Granted 264,520 1.76 Forfeited (9,003 ) 12.09 Expired (105,808 ) 83.31 Stock options outstanding, September 30, 2023 875,332 $ 34.26 6.5 $ — Vested and exercisable options— September 30, 2023 478,246 $ 54.66 4.5 $ — Vested and expected to vest— September 30, 2023 875,332 $ 34.26 6.5 $ — The per-share weighted average grant date fair value of the options granted during the nine September 30, 2023 Nine months ended September 30, 2023 Expected term (in years) 6.3 Risk-free interest rate 3.9 % Expected volatility 94 % Expected dividend rate 0 % As of September 30, 2023, September 30, 2023, |
Note 10 - Net Income (Loss) Per
Note 10 - Net Income (Loss) Per Share of Common Stock | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 10. The Company applies the two 1 2 two During the nine September 30, 2022, two not three nine September 30, 2023 no December 2022 July 2023 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 nine September 30, 2023 2022 Three Months Ended September 30, 2023 2022 (in thousands, except share and per share amounts) Basic net loss per common share: Net loss from continuing operations $ (1,418 ) $ (4,639 ) Less: deemed dividend related to Series A Redeemable Convertible Preferred Stock — (186 ) Net loss from continuing operations attributable to common shareholders, basic (1,418 ) (4,825 ) Net income from discontinued operations attributable to common shareholders, basic 61 (2,111 ) Net loss attributable to common shareholders, basic $ (1,357 ) $ (6,936 ) Weighted average shares outstanding — basic 16,758,322 7,377,363 Loss from continuing operations, basic $ (0.08 ) $ (0.65 ) Income from discontinued operations, basic $ 0.00 $ (0.29 ) Loss per share, basic $ (0.08 ) $ (0.94 ) Diluted net loss per common share: Net loss from continuing operations $ (1,418 ) $ (4,639 ) Less: deemed dividend related to Series A Redeemable Convertible Preferred Stock — (186 ) Net loss from continuing operations attributable to common shareholders, diluted (1,418 ) (4,825 ) Net income from discontinued operations attributable to common shareholders, diluted 61 (2,111 ) Net loss attributable to common shareholders, diluted $ (1,357 ) (6,936 ) Weighted average shares outstanding — diluted 16,758,322 7,377,363 Loss from continuing operations, diluted $ (0.08 ) $ (0.65 ) Income from discontinued operations, diluted $ 0.00 $ (0.29 ) Net loss per share, diluted $ (0.08 ) $ (0.94 ) Nine Months ended September 30, 2023 2022 (in thousands, except share and per share amounts) Basic net income (loss) per common share: Net income (loss) from continuing operations $ (5,782 ) $ 65,061 Less: deemed dividends related to Series A Redeemable Convertible Preferred Stock — (186 ) Less: income allocated to participating securities — (5,980 ) Net income (loss) from continuing operations attributable to common shareholders, basic (5,782 ) 58,895 Net loss from discontinued operations attributable to common shareholders, basic (8,098 ) (9,822 ) Net income (loss) attributable to common shareholders, basic $ (13,880 ) $ 49,073 Weighted average shares outstanding — basic 12,880,338 7,338,853 Income (loss) from continuing operations, basic $ (0.45 ) $ 8.03 Loss from discontinued operations, basic $ (0.63 ) $ (1.34 ) Net income (loss) per share, basic $ (1.08 ) $ 6.69 Diluted net income (loss) per common share: Net income (loss) from continuing operations $ (5,782 ) $ 65,061 Less: deemed dividends related to Series A Redeemable Convertible Preferred Stock — (186 ) Less: income allocated to participating securities — (5,975 ) Net income (loss) from continuing operations attributable to common shareholders, diluted (5,782 ) $ 58,900 Net loss from discontinued operations attributable to common shareholders, diluted (8,098 ) $ (9,822 ) Net income (loss) attributable to common shareholders, diluted $ (13,880 ) $ 49,078 Weighted average shares outstanding — basic 12,880,338 7,338,853 Dilutive effect of warrants — 5,756 Dilutive effect of RSUs — 1,345 Weighted average shares outstanding — diluted 12,880,338 7,345,954 Income (loss) from continuing operations, diluted $ (0.45 ) $ 8.02 Loss from discontinued operations, diluted $ (0.63 ) $ (1.34 ) Net income (loss) per share, diluted $ (1.08 ) $ 6.68 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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 RSUs, stock options and ESPP to purchase common stock 959,169 821,875 959,169 817,086 Common stock warrants 20,265,576 964,983 20,265,576 910,928 |
Note 11 - Subsequent Events
Note 11 - Subsequent Events | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 11. The Company evaluates events or transactions that occur after the balance sheet date, but prior to the issuance of the financial statements, to identify matters that require recognition or disclosure. The Company concluded that no |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 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 nine September 30, 2023 July 2023 7, 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 subsidiary. 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 nine September 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 Significant Accounting Policies The Company’s significant accounting policies are detailed in its Annual Report on Form 10 December 31, 2022. no three nine September 30, 2023, 2022 10 |
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 (as defined in Note 3 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. 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) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Cash, Cash Equivalents and Investments [Table Text Block] | As of September 30, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Cash, cash equivalents and restricted cash: Cash $ 1,656 $ — $ — $ 1,656 Money market funds 3,264 — — 3,264 U.S. government agency securities 7,572 — — 7,572 Commercial paper 897 — — 897 Total cash and cash equivalents $ 13,389 $ — $ — $ 13,389 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 September 30, 2023 Fair Value Level I Level II Level III Assets Money market funds $ 3,264 $ 3,264 $ — $ — U.S. government agency securities 7,572 — 7,572 — Commercial paper 897 — 897 — Total assets measured at fair value $ 11,733 $ 3,264 $ 8,469 $ — Liabilities Warrant liability $ 1,380 $ — $ — $ 1,380 Total liabilities measured at fair value $ 1,380 $ — $ — $ 1,380 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 September 30, 2023 Nine Months Ended September 30, 2023 Fair value—beginning of period $ 3,086 $ 7,098 Change in fair value of 2022 Warrants liability (1,706 ) (5,718 ) Fair value—end of period $ 1,380 $ 1,380 |
Note 3 - Discontinued Operati_2
Note 3 - Discontinued Operations (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Total revenues $ — $ 507 $ 501 $ 1,519 Cost of goods sold — 338 711 1,290 Selling, general and administrative expense 21 1,771 719 8,613 Impairment of net assets held for sale (82 ) — 6,853 — Impairment of fixed assets — — 1,065 — Gain on termination of lease liabilities — — (1,098 ) — Research and development expenses — 509 349 1,438 Net income (loss) from discontinued operations $ 61 $ (2,111 ) $ (8,098 ) $ (9,822 ) September 30, 2023 December 31, 2022 Accounts receivable, net $ 11 $ 309 Inventories - 1,178 Prepaid expenses and other current assets 5 444 Total current assets of discontinued operations 16 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 $ 16 $ 15,867 Accounts payable $ 10 $ 784 Accrued liabilities 746 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 756 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 756 8,615 Net assets (liabilities) of discontinued operations $ (740 ) $ 7,252 Nine Months Ended September 30, 2023 2022 Cash flows from operating activities: Depreciation and amortization $ 215 $ 1,176 Stock-based compensation 19 226 Impairment of net assets held for sale 6,853 - Impairment of fixed assets 1,065 - Gain on termination of lease liabilities (1,098 ) - Gain on extinguishment of debt (400 ) - Three Months Ended September 30, 2023 Nine Months Ended September 30, 2023 Cash proceeds $ — $ 2,723 Less: net assets transferred — (8,723 ) Less: disposal costs 82 (853 ) Loss on sale of discontinued operations, before income taxes 82 (6,853 ) Income tax expense — — Gain (loss) on sale of discontinued operations $ 82 $ (6,853 ) |
Note 8 - Warrants (Tables)
Note 8 - Warrants (Tables) | 9 Months Ended |
Sep. 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 2023 Pre-Funded Warrants issued 2,012,356 $ 0.001 Series A Common Stock Warrants issued 7,352,947 $ 1.11 Series B Common Stock Warrants issued 7,352,947 $ 1.11 Series A Common Stock Warrants issued to placement agent 183,824 $ 1.70 Series B Common Stock Warrants issued to placement agent 183,823 $ 1.70 2022 Pre-Funded Warrants exercised (2,632,898 ) $ 0.0001 2023 Pre-Funded Warrants exercised (595,883 ) $ 0.001 Outstanding at September 30, 2023 21,682,049 $ 1.40 Exercisable at September 30, 2023 21,682,049 $ 1.40 |
Note 9 - Stock-based Compensa_2
Note 9 - Stock-based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Research and development $ 210 $ 139 $ 383 $ 466 Selling, general and administrative 168 519 1,016 1,545 Discontinued operations — 43 19 226 Total $ 378 $ 701 $ 1,418 $ 2,237 |
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 (40,106 ) 19.31 Forfeited (2,926 ) 13.91 Restricted stock units outstanding, September 30, 2023 83,837 $ 7.96 |
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) Stock options outstanding, January 1, 2023 725,623 $ 52.98 Granted 264,520 1.76 Forfeited (9,003 ) 12.09 Expired (105,808 ) 83.31 Stock options outstanding, September 30, 2023 875,332 $ 34.26 6.5 $ — Vested and exercisable options— September 30, 2023 478,246 $ 54.66 4.5 $ — Vested and expected to vest— September 30, 2023 875,332 $ 34.26 6.5 $ — |
Time-based Stock Option [Member] | |
Notes Tables | |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Nine months ended September 30, 2023 Expected term (in years) 6.3 Risk-free interest rate 3.9 % Expected volatility 94 % Expected dividend rate 0 % |
Note 10 - Net Income (Loss) P_2
Note 10 - Net Income (Loss) Per Share of Common Stock (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended September 30, 2023 2022 (in thousands, except share and per share amounts) Basic net loss per common share: Net loss from continuing operations $ (1,418 ) $ (4,639 ) Less: deemed dividend related to Series A Redeemable Convertible Preferred Stock — (186 ) Net loss from continuing operations attributable to common shareholders, basic (1,418 ) (4,825 ) Net income from discontinued operations attributable to common shareholders, basic 61 (2,111 ) Net loss attributable to common shareholders, basic $ (1,357 ) $ (6,936 ) Weighted average shares outstanding — basic 16,758,322 7,377,363 Loss from continuing operations, basic $ (0.08 ) $ (0.65 ) Income from discontinued operations, basic $ 0.00 $ (0.29 ) Loss per share, basic $ (0.08 ) $ (0.94 ) Diluted net loss per common share: Net loss from continuing operations $ (1,418 ) $ (4,639 ) Less: deemed dividend related to Series A Redeemable Convertible Preferred Stock — (186 ) Net loss from continuing operations attributable to common shareholders, diluted (1,418 ) (4,825 ) Net income from discontinued operations attributable to common shareholders, diluted 61 (2,111 ) Net loss attributable to common shareholders, diluted $ (1,357 ) (6,936 ) Weighted average shares outstanding — diluted 16,758,322 7,377,363 Loss from continuing operations, diluted $ (0.08 ) $ (0.65 ) Income from discontinued operations, diluted $ 0.00 $ (0.29 ) Net loss per share, diluted $ (0.08 ) $ (0.94 ) Nine Months ended September 30, 2023 2022 (in thousands, except share and per share amounts) Basic net income (loss) per common share: Net income (loss) from continuing operations $ (5,782 ) $ 65,061 Less: deemed dividends related to Series A Redeemable Convertible Preferred Stock — (186 ) Less: income allocated to participating securities — (5,980 ) Net income (loss) from continuing operations attributable to common shareholders, basic (5,782 ) 58,895 Net loss from discontinued operations attributable to common shareholders, basic (8,098 ) (9,822 ) Net income (loss) attributable to common shareholders, basic $ (13,880 ) $ 49,073 Weighted average shares outstanding — basic 12,880,338 7,338,853 Income (loss) from continuing operations, basic $ (0.45 ) $ 8.03 Loss from discontinued operations, basic $ (0.63 ) $ (1.34 ) Net income (loss) per share, basic $ (1.08 ) $ 6.69 Diluted net income (loss) per common share: Net income (loss) from continuing operations $ (5,782 ) $ 65,061 Less: deemed dividends related to Series A Redeemable Convertible Preferred Stock — (186 ) Less: income allocated to participating securities — (5,975 ) Net income (loss) from continuing operations attributable to common shareholders, diluted (5,782 ) $ 58,900 Net loss from discontinued operations attributable to common shareholders, diluted (8,098 ) $ (9,822 ) Net income (loss) attributable to common shareholders, diluted $ (13,880 ) $ 49,078 Weighted average shares outstanding — basic 12,880,338 7,338,853 Dilutive effect of warrants — 5,756 Dilutive effect of RSUs — 1,345 Weighted average shares outstanding — diluted 12,880,338 7,345,954 Income (loss) from continuing operations, diluted $ (0.45 ) $ 8.02 Loss from discontinued operations, diluted $ (0.63 ) $ (1.34 ) Net income (loss) per share, diluted $ (1.08 ) $ 6.68 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 RSUs, stock options and ESPP to purchase common stock 959,169 821,875 959,169 817,086 Common stock warrants 20,265,576 964,983 20,265,576 910,928 |
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 | Sep. 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 | ||||||
Common Stock and Series A and Series B Common Stock Warrants [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 | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2021 |
Cash and cash equivalent, fair value | $ 20,275 | |||
Total cash and cash equivalents | $ 13,389 | 20,275 | $ 17,732 | $ 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] | ||||
Total cash and cash equivalents | 13,389 | |||
Cash and Cash Equivalents [Member] | Cash [Member] | ||||
Cash, amortized cost | 1,656 | 13,275 | ||
Cash and cash equivalent, fair value | 1,656 | 13,275 | ||
Cash and Cash Equivalents [Member] | Money Market Funds [Member] | ||||
Cash and cash equivalent, fair value | 3,264 | 321 | ||
Money market funds, amortized cost | 3,264 | 321 | ||
Cash and Cash Equivalents [Member] | US Government Agencies Debt Securities [Member] | ||||
Cash and cash equivalent, fair value | 7,572 | 2,444 | ||
U.S. government agency securities | 7,572 | 2,444 | ||
Cash and Cash Equivalents [Member] | Commercial Paper [Member] | ||||
Cash and cash equivalent, fair value | 4,235 | |||
Short-term investment, amortized Cost | 897 | |||
Short-term investment, fair value | $ 897 | |||
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 | Sep. 30, 2023 | Dec. 31, 2022 |
Assets, fair value | $ 11,733 | $ 7,495 |
Liabilities, fair value | 1,380 | 7,098 |
Warrant Liability [Member] | ||
Liabilities, fair value | 1,380 | 7,098 |
Fair Value, Inputs, Level 1 [Member] | ||
Assets, fair value | 3,264 | 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 | 8,469 | 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 | 1,380 | 7,098 |
Fair Value, Inputs, Level 3 [Member] | Warrant Liability [Member] | ||
Liabilities, fair value | 1,380 | 7,098 |
Money Market Funds [Member] | ||
Assets, fair value | 3,264 | 321 |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, fair value | 3,264 | 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 | 7,572 | 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 | 7,572 | 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 | 897 | 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 | 897 | 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 | 9 Months Ended |
Sep. 30, 2023 | Sep. 30, 2023 | |
Fair value—beginning of period | $ 3,086 | $ 7,098 |
Change in fair value of 2022 Warrants liability | (1,706) | (5,718) |
Fair value—end of period | $ 1,380 | $ 1,380 |
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 | 9 Months Ended | ||||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 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 | $ 61 | $ (2,111) | [1] | (8,098) | (9,822) | [1] | ||
Total current assets of discontinued operations | 16 | 16 | $ 1,931 | [2] | ||||
Total non-current assets of discontinued operations | 0 | 0 | 13,936 | [2] | ||||
Total current liabilities of discontinued operations | 756 | 756 | 4,620 | [2] | ||||
Total non-current liabilities of discontinued operations | 0 | 0 | 3,995 | [2] | ||||
Impairment of net assets held for sale | 6,853 | 0 | ||||||
Gain on extinguishment of debt | (400) | 0 | ||||||
DSUVIA [Member] | Discontinued Operations [Member] | ||||||||
Total revenues | 0 | 507 | 501 | 1,519 | ||||
Cost of goods sold | 0 | 338 | 711 | 1,290 | ||||
Selling, general and administrative expense | 21 | 1,771 | 719 | 8,613 | ||||
Impairment of net assets held for sale | (82) | 0 | 6,853 | 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 | 509 | 349 | 1,438 | ||||
Net income (loss) from discontinued operations | 61 | $ (2,111) | (8,098) | (9,822) | ||||
Accounts receivable, net | 11 | 11 | 309 | |||||
Inventories | 0 | 0 | 1,178 | |||||
Prepaid expenses and other current assets | 5 | 5 | 444 | |||||
Total current assets of discontinued operations | 16 | 16 | 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 | 16 | 16 | 15,867 | |||||
Accounts payable | 10 | 10 | 784 | |||||
Accrued liabilities | 746 | 746 | 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 | 756 | 756 | 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 | 756 | 756 | 8,615 | |||||
Net assets (liabilities) of discontinued operations | (740) | (740) | $ 7,252 | |||||
Depreciation and amortization | 215 | 1,176 | ||||||
Stock-based compensation | 19 | 226 | ||||||
Impairment of net assets held for sale | 6,853 | 0 | ||||||
Gain on extinguishment of debt | (400) | $ 0 | ||||||
Cash proceeds | 0 | 2,723 | ||||||
Less: net assets transferred | 0 | (8,723) | ||||||
Less: disposal costs | 82 | (853) | ||||||
Loss on sale of discontinued operations, before income taxes | 82 | (6,853) | ||||||
Income tax expense | ||||||||
Gain (loss) on sale of discontinued operations | $ 82 | $ (6,853) | ||||||
[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 | 9 Months Ended | |||||
Apr. 03, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | May 30, 2019 | |
Amortization of Debt Discount (Premium) | $ 53 | $ 333 | |||||
Loan Agreement with Oxford Finance LLC [Member] | |||||||
Debt Instrument, Face Amount | $ 25,000 | ||||||
Long-Term Debt | $ 0 | 0 | $ 5,400 | ||||
Interest Expense, Debt | 100 | $ 900 | 200 | $ 300 | |||
Amortization of Debt Discount (Premium) | $ 100 | $ 100 | |||||
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 - Stockholders' Equity (
Note 7 - Stockholders' Equity (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||||||
Oct. 10, 2023 | Jul. 17, 2023 | May 31, 2023 | May 09, 2019 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | [1] | Dec. 27, 2022 | Oct. 25, 2022 | |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||
Proceeds from Issuance of Private Placement | $ 10,000,000 | |||||||||||
Payments of Stock Issuance Costs | $ 1,100,000 | |||||||||||
Warrants and Rights Outstanding | $ 1,380,000 | $ 1,380,000 | $ 7,098,000 | |||||||||
Stock Issued During Period, Value, New Issues | $ 192,000 | |||||||||||
The 2020 Equity Incentive Plan [Member] | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 151,953 | 151,953 | ||||||||||
The 2020 Equity Incentive Plan [Member] | Subsequent Event [Member] | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Additional Shares Authorized (in shares) | 1,500,000 | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 1,990,000 | |||||||||||
The 2011 Equity Incentive Plan [Member] | Subsequent Event [Member] | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 744,608 | |||||||||||
Prefund Warrants [Member] | ||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 2,632,898 | |||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 0.001 | $ 0.001 | ||||||||||
Series A Common Stock Warrants [Member] | ||||||||||||
Common Stock Warrants Exercised (in shares) | 0 | |||||||||||
Series B Common Stock Warrants [Member] | ||||||||||||
Common Stock Warrants Exercised (in shares) | 0 | |||||||||||
Common Stock and Series A and Series B Common Stock Warrants [Member] | ||||||||||||
Warrants and Rights Outstanding | $ 16,300,000 | |||||||||||
Private Placement [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 | |||||||||||
Combined Offering Price (in dollars per share) | 1.36 | |||||||||||
Sale of Equity, Price Per Share and Warrant (in dollars per share) | $ 1.359 | |||||||||||
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] | 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 | |||||||||||
Private Placement [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 | |||||||||||
Private Placement [Member] | Series A Common Stock Warrants [Member] | H.C. Wainwright & Co., LLC [Member] | ||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 183,824 | |||||||||||
Private Placement [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 | |||||||||||
Private Placement [Member] | Series B Common Stock Warrants [Member] | H.C. Wainwright & Co., LLC [Member] | ||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 183,823 | |||||||||||
ATM Agreement [Member] | ||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 0.04 | 0.04 | ||||||||||
Aggregate Offering Price, Maximum | $ 80,000,000 | $ 0 | ||||||||||
Stock Issued During Period, Value, New Issues | $ 200,000 | $ 200,000 | ||||||||||
[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. |
Note 8 - Warrants (Details Text
Note 8 - Warrants (Details Textual) $ / shares in Units, $ in Thousands | 3 Months Ended | ||||||
Sep. 30, 2023 USD ($) $ / shares shares | Jul. 31, 2023 $ / shares | Jul. 17, 2023 $ / shares | Dec. 31, 2022 USD ($) | [1] | Dec. 27, 2022 $ / shares shares | Aug. 31, 2022 $ / shares shares | |
Warrants and Rights Outstanding | $ | $ 1,380 | $ 7,098 | |||||
Prefund 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) | $ 0.001 | $ 0.001 | |||||
Class of Warrant or Right, Exercised (in shares) | shares | 595,883 | ||||||
Common Warrants [Member] | |||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | shares | 4,227,052 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 2.07 | ||||||
Warrants and Rights Outstanding | $ | $ 1,400 | ||||||
Common Warrants [Member] | Minimum [Member] | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 1 | ||||||
Common Warrants [Member] | Measurement Input, Share Price [Member] | |||||||
Warrants and Rights Outstanding, Measurement Input | 0.58 | ||||||
Common Warrants [Member] | Measurement Input, Expected Term [Member] | |||||||
Warrants and Rights Outstanding, Measurement Input | 5.25 | ||||||
Common Warrants [Member] | Measurement Input, Price Volatility [Member] | |||||||
Warrants and Rights Outstanding, Measurement Input | 0.9473 | ||||||
Common Warrants [Member] | Measurement Input, Risk Free Interest Rate [Member] | |||||||
Warrants and Rights Outstanding, Measurement Input | 0.046 | ||||||
Common Warrants [Member] | Measurement Input, Expected Dividend Rate [Member] | |||||||
Warrants and Rights Outstanding, Measurement Input | 0 | ||||||
Series A and B Common Stock Warrants [Member] | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 1.11 | ||||||
Series A and B Common Stock Warrants [Member] | Measurement Input, Expected Term [Member] | |||||||
Warrants and Rights Outstanding, Measurement Input | 5 | ||||||
Placement Agent Series A and B Common Stock Warrants [Member] | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 1.7 | ||||||
Warrants and Rights Outstanding | $ | $ 300 | ||||||
Placement Agent Series A and B Common Stock Warrants [Member] | Measurement Input, Share Price [Member] | |||||||
Warrants and Rights Outstanding, Measurement Input | 1.07 | ||||||
Placement Agent Series A and B Common Stock Warrants [Member] | Measurement Input, Expected Term [Member] | |||||||
Warrants and Rights Outstanding, Measurement Input | 5 | ||||||
Placement Agent Series A and B Common Stock Warrants [Member] | Measurement Input, Price Volatility [Member] | |||||||
Warrants and Rights Outstanding, Measurement Input | 0.943 | ||||||
Placement Agent Series A and B Common Stock Warrants [Member] | Measurement Input, Risk Free Interest Rate [Member] | |||||||
Warrants and Rights Outstanding, Measurement Input | 0.0408 | ||||||
Placement Agent Series A and B Common Stock Warrants [Member] | Measurement Input, Expected Dividend Rate [Member] | |||||||
Warrants and Rights Outstanding, Measurement Input | 0 | ||||||
August 2022 LPC Warrant [Member] | |||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | shares | 81,150 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 1.11 | $ 2.07 | |||||
[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 8 - Warrants - Summary of
Note 8 - Warrants - Summary of Warrants Activity (Details) - $ / shares | 9 Months Ended |
Sep. 30, 2023 | |
Outstanding, warrants (in shares) | 7,824,933 |
Outstanding, warrants (in shares) | 21,682,049 |
Exercisable, warrants (in shares) | 21,682,049 |
The 2023 Prefunded Warrants [Member] | |
Issued, warrants (in shares) | 2,012,356 |
Exercised, warrants (in shares) | (595,883) |
Series A Common Stock Warrants [Member] | |
Issued, warrants (in shares) | 7,352,947 |
Series A Common Stock Warrants [Member] | H.C. Wainwright & Co., LLC [Member] | |
Issued, warrants (in shares) | 183,824 |
Series B Common Stock Warrants [Member] | |
Issued, warrants (in shares) | 7,352,947 |
Series B Common Stock Warrants [Member] | H.C. Wainwright & Co., LLC [Member] | |
Issued, warrants (in shares) | 183,823 |
The 2022 Prefunded Warrants [Member] | |
Exercised, warrants (in shares) | (2,632,898) |
Weighted Average [Member] | |
Outstanding, warrants, weighted average exercise price (in dollars per share) | $ 1.72 |
Outstanding, warrants, weighted average exercise price (in dollars per share) | 1.4 |
Exercisable, warrants, weighted average exercise price (in dollars per share) | 1.4 |
Weighted Average [Member] | The 2023 Prefunded Warrants [Member] | |
Issued, warrants, weighted-average exercise price (in dollars per share) | 0.001 |
Exercised, warrants, weighted-average exercise price (in dollars per share) | 0.001 |
Weighted Average [Member] | Series A Common Stock Warrants [Member] | |
Issued, warrants, weighted-average exercise price (in dollars per share) | 1.11 |
Weighted Average [Member] | Series A Common Stock Warrants [Member] | H.C. Wainwright & Co., LLC [Member] | |
Issued, warrants, weighted-average exercise price (in dollars per share) | 1.7 |
Weighted Average [Member] | Series B Common Stock Warrants [Member] | |
Issued, warrants, weighted-average exercise price (in dollars per share) | 1.11 |
Weighted Average [Member] | Series B Common Stock Warrants [Member] | H.C. Wainwright & Co., LLC [Member] | |
Issued, warrants, weighted-average exercise price (in dollars per share) | 1.7 |
Weighted Average [Member] | The 2022 Prefunded Warrants [Member] | |
Exercised, warrants, weighted-average exercise price (in dollars per share) | $ 0.0001 |
Note 9 - Stock-based Compensa_3
Note 9 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended |
Mar. 31, 2023 | Sep. 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 Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 1.1 | |
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) | 151,953 | |
Amended ESPP [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 169,667 | |
Restricted Stock Units (RSUs) [Member] | ||
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (in shares) | 12,906 |
Note 9 - Stock-based Compensa_4
Note 9 - Stock-based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Stock-based compensation expense | $ 378 | $ 701 | $ 1,418 | $ 2,237 |
Research and Development Expense [Member] | ||||
Stock-based compensation expense | 210 | 139 | 383 | 466 |
Selling, General and Administrative Expenses [Member] | ||||
Stock-based compensation expense | 168 | 519 | 1,016 | 1,545 |
Discontinued Operation [Member] | ||||
Stock-based compensation expense | $ 0 | $ 43 | $ 19 | $ 226 |
Note 9 - Stock-based Compensa_5
Note 9 - Stock-based Compensation - Restricted Stock Activity (Details) - Restricted Stock Units (RSUs) [Member] | 9 Months Ended |
Sep. 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 | (40,106) |
Weighted average grant date fair value, vested (in dollars per share) | $ / shares | $ 19.31 |
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 | 83,837 |
Restricted stock units weighted average outstanding (in dollars per share) | $ / shares | $ 7.96 |
Note 9 - Stock-based Compensa_6
Note 9 - Stock-based Compensation - Option Activity (Details) $ / shares in Units, $ in Thousands | 9 Months Ended |
Sep. 30, 2023 USD ($) $ / shares shares | |
Stock options outstanding, January 1, 2023 (in shares) | shares | 725,623 |
Stock options outstanding, January 1, 2023 (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 | (105,808) |
Expired, weighted-average exercise price (in dollars per share) | $ / shares | $ 83.31 |
Stock options outstanding, September 30, 2023 (in shares) | shares | 875,332 |
Stock options outstanding, September 30, 2023 (in dollars per share) | $ / shares | $ 34.26 |
Vested and exercisable options (in shares) | shares | 478,246 |
Vested and exercisable options, weighted-average exercise price (in dollars per share) | $ / shares | $ 54.66 |
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 | 875,332 |
Vested and expected to vest, weighted-average exercise price (in dollars per share) | $ / shares | $ 34.26 |
Vested and expected to vest, weighted-average remaining contractual life (Year) | 6 years 6 months |
Vested and expected to vest, aggregate intrinsic value | $ | $ 0 |
Note 9 - Stock-based Compensa_7
Note 9 - Stock-based Compensation - Assumptions to Calculate Fair Value of Each Employee Stock Option (Details) - Weighted Average [Member] - Time-based Stock Option [Member] | 9 Months Ended |
Sep. 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 10 - Net Income (Loss) P_3
Note 10 - 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 10 - Net Income (Loss) P_4
Note 10 - 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 | 9 Months Ended | ||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |||
Net loss from continuing operations | $ (1,418) | $ (4,639) | [1] | $ (5,782) | $ 65,061 | [1] |
Deemed dividends related to Series A Redeemable Convertible Preferred Stock | 0 | (186) | 0 | (186) | ||
Net loss from continuing operations attributable to common shareholders, basic | (1,418) | (4,825) | (5,782) | 58,895 | ||
Net income from discontinued operations attributable to common shareholders, basic | 61 | (2,111) | (8,098) | (9,822) | ||
Net income (loss) attributable to Common Shareholders, basic | $ (1,357) | $ (6,936) | [1] | $ (13,880) | $ 49,073 | [1] |
Weighted average shares outstanding — basic (in shares) | 16,758,322 | 7,377,363 | [1] | 12,880,338 | 7,338,853 | [1] |
Loss from continuing operations, basic (in dollars per share) | $ (0.08) | $ (0.65) | [1] | $ (0.45) | $ 8.03 | [1] |
Income (loss) from discontinued operations (in dollars per share) | 0 | (0.29) | [1] | (0.63) | (1.34) | [1] |
Net income (loss) per share (in dollars per share) | $ (0.08) | $ (0.94) | [1] | $ (1.08) | $ 6.69 | [1] |
Net loss from continuing operations | $ (1,418) | $ (4,639) | [1] | $ (5,782) | $ 65,061 | [1] |
Net loss from continuing operations attributable to common shareholders, diluted | (1,418) | (4,825) | (5,782) | 58,900 | ||
Net income from discontinued operations attributable to common shareholders, diluted | 61 | (2,111) | (8,098) | (9,822) | ||
Net loss attributable to common shareholders, diluted | $ (1,357) | $ (6,936) | [1] | $ (13,880) | $ 49,078 | [1] |
Shares used in computing net income (loss) per share of common stock, diluted – See Note 10 (in shares) | 16,758,322 | 7,377,363 | [1] | 12,880,338 | 7,345,954 | [1] |
Loss from continuing operations, diluted (in dollars per share) | $ (0.08) | $ (0.65) | [1] | $ (0.45) | $ 8.02 | [1] |
Income (loss) from discontinued operations (in dollars per share) | 0 | (0.29) | [1] | (0.63) | (1.34) | [1] |
Net income (loss) per share (in dollars per share) | $ (0.08) | $ (0.94) | [1] | $ (1.08) | $ 6.68 | [1] |
Income allocated to participating securities | $ 0 | $ 0 | [1] | $ 0 | $ (5,980) | [1] |
Net loss from discontinued operations attributable to common shareholders, basic | $ 61 | $ (2,111) | $ (8,098) | $ (9,822) | ||
Income (loss) from continuing operations (in dollars per share) | $ (0.08) | $ (0.65) | [1] | $ (0.45) | $ 8.03 | [1] |
Loss from discontinued operations, basic (in dollars per share) | $ 0 | $ (0.29) | [1] | $ (0.63) | $ (1.34) | [1] |
Less: income allocated to participating securities | $ 0 | $ (5,975) | ||||
Weighted average shares outstanding — basic (in shares) | 12,880,338 | 7,338,853 | ||||
Dilutive effect of warrants (in shares) | 0 | 5,756 | ||||
Dilutive effect of RSUs (in shares) | 0 | 1,345 | ||||
Weighted average shares outstanding — diluted (in shares) | 16,758,322 | 7,377,363 | [1] | 12,880,338 | 7,345,954 | [1] |
Income (loss) from continuing operations (in dollars per share) | $ (0.08) | $ (0.65) | [1] | $ (0.45) | $ 8.02 | [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 10 - Net Income (Loss) P_5
Note 10 - Net Income (Loss) Per Share of Common Stock - Common Stock Excluded From Computation of Diluted Net Loss Per Share (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
RSU's, ESPP, and Employee Stock Options [Member] | ||||
Antidilutive securities (in shares) | 959,169 | 821,875 | 959,169 | 817,086 |
Warrant [Member] | ||||
Antidilutive securities (in shares) | 20,265,576 | 964,983 | 20,265,576 | 910,928 |