Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Mar. 10, 2021 | Jun. 30, 2020 | |
Document Information [Line Items] | |||
Entity Registrant Name | KEMPHARM, INC | ||
Entity Central Index Key | 0001434647 | ||
Trading Symbol | kmph | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Interactive Data Current | Yes | ||
Entity Common Stock, Shares Outstanding (in shares) | 28,376,321 | ||
Entity Public Float | $ 18.5 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Title of 12(b) Security | Common Stock, $0.0001 par value |
Balance Sheets
Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Assets | ||
Cash and cash equivalents | $ 4,213 | $ 3,217 |
Accounts and other receivables | 2,579 | 1,865 |
Prepaid expenses and other current assets | 1,481 | 1,552 |
Restricted cash | 109 | 338 |
Total current assets | 8,382 | 6,972 |
Property and equipment, net | 1,039 | 1,471 |
Operating lease right-of-use assets | 1,350 | 1,537 |
Other long-term assets | 438 | 527 |
Total assets | 11,209 | 10,507 |
Liabilities and stockholders’ deficit | ||
Accounts payable and accrued expenses | 6,647 | 4,911 |
Current portion of operating lease liabilities | 327 | 284 |
Current portion of loans payable | 390 | |
Other current liabilities | 172 | 236 |
Total current liabilities | 7,536 | 5,431 |
Convertible notes, less current portion, net | 67,658 | 77,343 |
Derivative and warrant liability | 304 | 120 |
Operating lease liabilities, less current portion | 1,587 | 1,901 |
Loans payable, less current portion | 391 | |
Other long-term liabilities | 145 | 168 |
Total liabilities | 77,621 | 84,963 |
Commitments and contingencies (Note H) | ||
Stockholders' deficit: | ||
Common stock, $0.0001 par value, 250,000,000 shares authorized, 4,537,321 shares issued and outstanding as of December 31, 2020; 2,271,882 shares issued and outstanding as of December 31, 2019 | 0 | 0 |
Additional paid-in capital | 192,062 | 171,258 |
Accumulated deficit | (258,474) | (245,714) |
Total stockholders' deficit | (66,412) | (74,456) |
Total liabilities and stockholders' deficit | 11,209 | 10,507 |
Series A Convertible Preferred Stock [Member] | ||
Stockholders' deficit: | ||
Preferred stock | ||
Series B-1 Convertible Preferred Stock [Member] | ||
Stockholders' deficit: | ||
Preferred stock | ||
Series B-2 Convertible Preferred Stock [Member] | ||
Stockholders' deficit: | ||
Preferred stock | ||
Undesignated Preferred Stock [Member] | ||
Stockholders' deficit: | ||
Preferred stock |
Balance Sheets (Parentheticals)
Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 250,000,000 | 250,000,000 |
Common stock, shares issued (in shares) | 4,537,321 | 2,271,882 |
Common stock, shares outstanding (in shares) | 4,537,321 | 2,271,882 |
Series A Convertible Preferred Stock [Member] | ||
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 9,578 | 9,578 |
Preferred stock, shares issued (in shares) | 9,577 | 9,577 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Series B-1 Convertible Preferred Stock [Member] | ||
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 1,576 | 1,576 |
Preferred stock, shares issued (in shares) | 1,576 | 1,576 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Series B-2 Convertible Preferred Stock [Member] | ||
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 27,000 | 27,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Undesignated Preferred Stock [Member] | ||
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 9,961,846 | 9,961,846 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Statements of Operations
Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue | $ 13,288 | $ 12,839 |
Operating expenses: | ||
Royalty and direct contract acquisition costs | 1,305 | 2,945 |
Research and development | 8,843 | 19,415 |
General and administrative | 7,921 | 10,816 |
Severance expense | 828 | |
Total operating expenses | 18,897 | 33,176 |
Loss from operations | (5,609) | (20,337) |
Other (expense) income: | ||
Interest expense related to amortization of debt issuance costs and discount | (2,305) | (1,656) |
Interest expense on principal | (4,785) | (4,858) |
Fair value adjustment related to derivative and warrant liability | (184) | 1,998 |
Interest and other income, net | 89 | 309 |
Total other (expense) income | (7,185) | (4,207) |
Loss before income taxes | (12,794) | (24,544) |
Income tax benefit | 34 | 22 |
Net loss | $ (12,760) | $ (24,522) |
Net loss per share of common stock: | ||
Basic and diluted (in dollars per share) | $ (3.21) | $ (13.23) |
Weighted average number of shares of common stock outstanding: | ||
Basic and diluted (in shares) | 3,980,975 | 1,853,397 |
Statements of Changes in Stockh
Statements of Changes in Stockholders' Deficit - USD ($) $ in Thousands | Equity Line of Credit [Member]Preferred Stock [Member]Series A Convertible Preferred Stock [Member] | Equity Line of Credit [Member]Preferred Stock [Member]Series B-1 Convertible Preferred Stock [Member] | Equity Line of Credit [Member]Preferred Stock [Member]Series B-2 Convertible Preferred Stock [Member] | Equity Line of Credit [Member]Undesignated Preferred Stock [Member] | Equity Line of Credit [Member]Common Stock [Member] | Equity Line of Credit [Member]Additional Paid-in Capital [Member] | Equity Line of Credit [Member]Retained Earnings [Member] | Equity Line of Credit [Member] | Optional Exchange Principal Amount [Member]Preferred Stock [Member]Series A Convertible Preferred Stock [Member] | Optional Exchange Principal Amount [Member]Preferred Stock [Member]Series B-1 Convertible Preferred Stock [Member] | Optional Exchange Principal Amount [Member]Preferred Stock [Member]Series B-2 Convertible Preferred Stock [Member] | Optional Exchange Principal Amount [Member]Undesignated Preferred Stock [Member] | Optional Exchange Principal Amount [Member]Common Stock [Member] | Optional Exchange Principal Amount [Member]Additional Paid-in Capital [Member] | Optional Exchange Principal Amount [Member]Retained Earnings [Member] | Optional Exchange Principal Amount [Member] | Convertible Notes 2021 [Member]Preferred Stock [Member]Series A Convertible Preferred Stock [Member] | Convertible Notes 2021 [Member]Preferred Stock [Member]Series B-1 Convertible Preferred Stock [Member] | Convertible Notes 2021 [Member]Preferred Stock [Member]Series B-2 Convertible Preferred Stock [Member] | Convertible Notes 2021 [Member]Undesignated Preferred Stock [Member] | Convertible Notes 2021 [Member]Common Stock [Member] | Convertible Notes 2021 [Member]Additional Paid-in Capital [Member] | Convertible Notes 2021 [Member]Retained Earnings [Member] | Convertible Notes 2021 [Member] | Preferred Stock [Member]Series A Convertible Preferred Stock [Member] | Preferred Stock [Member]Series B-1 Convertible Preferred Stock [Member] | Preferred Stock [Member]Series B-2 Convertible Preferred Stock [Member] | Undesignated Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance at Dec. 31, 2018 | $ 154,626 | $ (221,192) | $ (66,566) | |||||||||||||||||||||||||||||
Net loss | (24,522) | (24,522) | ||||||||||||||||||||||||||||||
Stock-based compensation expense | 4,410 | 4,410 | ||||||||||||||||||||||||||||||
Issuance of common stock | $ 5,446 | $ 5,446 | $ 1,200 | $ 1,200 | $ 3,000 | $ 3,000 | ||||||||||||||||||||||||||
Change in fair value of embedded conversion feature in connection with debt modification | 2,311 | 2,311 | ||||||||||||||||||||||||||||||
Change in estimated deferred offering costs | 300 | 300 | 116 | 116 | ||||||||||||||||||||||||||||
Offering expenses charged to equity | (151) | (151) | ||||||||||||||||||||||||||||||
Balance at Dec. 31, 2019 | 171,258 | (245,714) | (74,456) | |||||||||||||||||||||||||||||
Net loss | (12,760) | (12,760) | ||||||||||||||||||||||||||||||
Stock-based compensation expense | 2,491 | 2,491 | ||||||||||||||||||||||||||||||
Issuance of common stock | $ 2,303 | $ 2,303 | $ 15,863 | $ 15,863 | ||||||||||||||||||||||||||||
Change in estimated deferred offering costs | 121 | 121 | ||||||||||||||||||||||||||||||
Offering expenses charged to equity | (153) | (153) | ||||||||||||||||||||||||||||||
Issuance of common stock in exchange for consulting services | 202 | 202 | ||||||||||||||||||||||||||||||
Cash paid in lieu of fractional shares in connection with 16-for-1 reverse stock split | (23) | (23) | ||||||||||||||||||||||||||||||
Balance at Dec. 31, 2020 | $ 192,062 | $ (258,474) | $ (66,412) |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities: | ||
Net loss | $ (12,760,000) | $ (24,522,000) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation expense | 2,491,000 | 4,410,000 |
Non-cash interest expense | 4,741,000 | 1,417,000 |
Amortization of debt issuance costs and debt discount | 2,305,000 | 1,656,000 |
Depreciation and amortization expense | 273,000 | 304,000 |
Fair value adjustment related to derivative and warrant liability | 184,000 | (1,998,000) |
Change in estimated deferred offering costs | 116,000 | |
Loss on sublease and disposal of property and equipment | 251,000 | |
Consulting fees paid in common stock | 202,000 | |
Change in assets and liabilities: | ||
Accounts and other receivables | (714,000) | (1,725,000) |
Prepaid expenses and other assets | 160,000 | 544,000 |
Operating lease right-of-use assets | 128,000 | (1,537,000) |
Accounts payable and accrued expenses | 931,000 | (3,789,000) |
Operating lease liabilities | (271,000) | 2,185,000 |
Other liabilities | 140,000 | (798,000) |
Net cash used in operating activities | (1,939,000) | (23,737,000) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (33,000) | (26,000) |
Maturities of marketable securities | 3,260,000 | |
Net cash (used in) provided by investing activities | (33,000) | 3,234,000 |
Cash flows from financing activities: | ||
Proceeds from equity line of credit | 2,303,000 | 5,446,000 |
Proceeds from Payment Protection Program loan | 781,000 | |
Payment of offering costs | (84,000) | |
Repayment of principal on finance lease liabilities | (227,000) | (207,000) |
Payment of debt issuance costs | (34,000) | (300,000) |
Net cash provided by financing activities | 2,739,000 | 4,939,000 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 767,000 | (15,564,000) |
Cash, cash equivalents and restricted cash, beginning of year | 3,555,000 | 19,119,000 |
Cash, cash equivalents and restricted cash, end of year | 4,322,000 | 3,555,000 |
Supplemental cash flow information: | ||
Cash paid for interest | 78,000 | 5,362,000 |
Commitment shares issued in connection with equity line of credit included in deferred offering costs | 121,000 | 300,000 |
Deferred offering costs included in accounts payable and accrued expenses | 817,000 | |
Cash paid in lieu of fractional shares in connection with 16-for-1 reverse stock split included in accounts payable and accrued expenses | 23,000 | |
Property and equipment financed under a lease agreement | 17,000 | |
Property and equipment included in accounts payable and accrued expenses | 4,000 | 4,000 |
The 2021 Notes Converted to Preferred Stock [Member] | ||
Supplemental cash flow information: | ||
Notes principal converted | 1,537,000 | |
The 2021 Notes Converted to Common Stock [Member] | ||
Supplemental cash flow information: | ||
Notes principal converted | 1,463,000 | |
The 2019 Notes Converted to Common Stock [Member] | ||
Supplemental cash flow information: | ||
Notes principal converted | $ 15,863,000 | $ 1,200,000 |
Note A - Description of Busines
Note A - Description of Business and Basis of Presentation | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | A. Description of Business and Basis of Presentation Organization KemPharm, Inc. (the “Company”) is a specialty pharmaceutical company focused on the discovery and development of proprietary prodrugs to treat serious medical conditions through its proprietary Ligand Activated Therapy ("LAT ® may KP415 KP484, KP879. ® March 2, 2021, six Reverse Stock Split On December 23, 2020, one sixteen not $0.0001 No Liquidity The financial statements have been prepared on a going concern basis which assumes that the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The Company has experienced recurring negative operating cash flows and has a stockholders' deficit, and its cash and cash equivalents and restricted cash as of December 31, 2020 not one December 31, 2020. one Entry into 2019 In February 2019, “2019 $15.0 36 2019 2019 7,512 2019 2019 “2019 may 2019 3 2019 February 2020 2020 2019 212,579 7,512 2019 $5.4 Entry into 2020 In February 2020, “2020 may $4.0 12 2020 2020 19,289 2020 2020 “2020 may 2020 3 May 2020, 579,260 19,289 2 2020 2020 December 31, 2020, 559,971 19,289 2020 $2.3 License Agreements Entry into KP415 In September 2019, “KP415 KP415 KP484, KP879, KP922 KP484, KP415 $10.0 $63.0 KP484; $420.0 KP415 KP415 KP415 In May 2020, KP415 $5.0 Commave has also agreed to be responsible and reimburse the Company for all of development, commercialization and regulatory expenses for the Licensed Product Candidates, subject to certain limitations as set forth in the KP415 The KP415 KP484. KP484; In accordance with the terms of the Company's March 20, 2012 10% KP484 KP879 KP415 Entry into APADAZ License Agreement In October 2018, Pursuant to the APADAZ License Agreement, KVK agreed to pay the Company certain payments and cost reimbursements of an estimated $3.4 $2.0 10 $53.0 30% 50% four The APADAZ License Agreement will terminate on the later of the date that all of the patent rights for APADAZ have expired in the United States or KVK's cessation of commercialization of APADAZ in the United States. KVK may 90 third may 18 may six may 30 not The APADAZ License Agreement also established a joint steering committee, which monitors progress of the commercialization of APADAZ. Consulting Arrangements From time to time, the Company enters into consulting arrangements with third may third Corium Consulting Agreement In July 2020, KP415 Under the Corium Consulting Agreement, the Company is entitled to receive payments from Corium of up to $15.6 $13.6 March 31, 2022. $2.0 |
Note B - Summary of Significant
Note B - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | B. Summary of Significant Accounting Policies Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. On an ongoing basis, the Company evaluates its estimates and assumptions, including those related to revenue recognition, the useful lives of property and equipment, the recoverability of long-lived assets, the incremental borrowing rate for leases, and assumptions used for purposes of determining stock-based compensation, income taxes, and the fair value of the derivative and warrant liability, among others. The Company bases its estimates on historical experience and on various other assumptions that it believes to be reasonable, the results of which form the basis for making judgments about the carrying value of assets and liabilities. Concentration of Credit Risk Financial instruments that potentially expose the Company to concentrations of credit risk consist principally of cash on deposit with multiple financial institutions, the balances of which frequently exceed insured limits, and accounts receivable, which are concentrated amongst a limited number of customers. Cash and Cash Equivalents The Company considers any highly liquid investm ents with an original maturity of three Property and Equipment The Company records property and equipment at cost less accumulated depreciation and amortization. Costs of renewals and improvements that extend the useful lives of the assets are capitalized. Maintenance and repairs are expensed as incurred. Depreciation is determined on a straight-line basis over the estimated useful lives of the assets, which generally range from three ten Debt Issuance Costs Debt issuance costs incurred in connection with financing arrangements are recorded as a reduction of the related debt on the balance sheet and amortiz ed over the life of the respective financing arrangement using the effective interest method. Offering Costs Offering costs incurred in connection with capital offering arrangements are recorded as deferred offering costs in prepaid expenses and other currents assets on the balance sheet. Once the offering arrangement closes the deferred offering costs are reclassified as a reduction of the related net proceeds of the offering in additional paid-in capital on the balance sheet. If its a continuous offering the deferred offering costs are amortized over the life of the respective offering arrangement using a pro-rata method which matches the costs to the funds raised from the offering. If the continuous offering arrangement terminates prior to all the deferred offering costs being recognized the deferred offering costs are written off and expensed in general and administrative expense on the statement of operations. Supply Arrangements The Company enters into supply arrangements for the supply of components of its product and product candidates. These arrangements also may share of future revenue if related product or product candidates reach commercialization. Costs under these supply arrangements, if any, are expensed as incurred (Note I). Impairment of Long-Lived Assets Long-lived assets to be held and used are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amounts of the assets may not When such events occur, the Company compares the carrying amounts of the assets to their undiscounted expected future cash flows. If the undiscounted cash flows are insufficient to recover the carrying values, an impairment loss is recorded for the difference between the carrying values and fair values of the asset. No December 31, 2020 2019 . Fair Value of Financial Instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, based on the Company's principal or, in absence of a principal, most advantageous market for the specific asset or liability. The Company uses a three equent to their initial measurement. The hierarchy requires the Company to use observable inputs when available, and to minimize the use of unobservable inputs, when determining fair value. The three ● Level 1 —Observable inputs that reflect quoted market prices (unadjusted) for identical assets or liabilities in active markets; ● Level 2 —Observable inputs other than quoted prices in active markets that are observable either directly or indirectly in the marketplace for identical or similar assets and liabilities; and ● Level 3 —Unobservable inputs that are supported by little or no Revenue Recognition The Company commenced recognizing revenue in accordance with the provisions of ASC 606, Revenue from Contracts with Customers 606” January 1, 2018. no third 2019. Arrangements with Multiple-Performance Obligations From time to time, the Company enters into arrangements for research and development, manufacturing and/or commercialization services. Such arrangements may In arrangements involving more than one not The consideration allocated to each distinct performance obligation is recognized as revenue when control of the related goods or services is transferred. Consideration associated with at-risk substantive performance milestones is recognized as revenue when it is probable that a significant reversal of the cumulative revenue recognized will not Licensing Agreements The Company enters into licensing agreements with licensees that fall under the scope of ASC 606. The terms of the Company's licensing agreements typically include one may As part of the accounting for these agreements, the Company must develop estimates and assumptions that require judgment to determine the underlying stand-alone selling price for each performance obligation which determines how the transaction price is allocated among the performance obligations. Generally, the estimation of the stand-alone selling price may Up-front Fees: Milestone Payments: not not not may KP415 In September 2019, KP415 KP484, KP879, KP922 KP415 In exchange for the exclusive, worldwide license, discussed above, Commave paid the Company a non-refundable upfront payment of $10.0 $63.0 KP484. May 2020, KP415 $5.0 $420.0 KP415 KP415 Commave also agreed to be responsible for and reimburse the Company for all of development, commercialization and regulatory expenses incurred on the licensed products, subject to certain limitations as set forth in the KP415 The KP415 606, not KP415 606, third two $10.0 KP415 The consideration allocated to the grant of the exclusive, worldwide license was $10.0 KP415 KP415 The consideration allocated to the performance of consulting services, which includes the reimbursement of out-of-pocket third KP415 third third no third third third third 606 third third KP415 December 31, 2020, third Under the KP415 first 1 may may KP415 KP415 first not third 606 not not The Company is entitled to additional payments from Commave conditioned upon the achievement of specified regulatory milestones related to AZSTARYS and KP484 KP415 KP415 not not not For example, in May 2020, KP415 $5.0 two second 2020 $5.0 second 2020. For the year ended December 31, 2020, KP415 $7.3 340 40, Contracts with Customers $2.8 KP415 third December 31, 2020, $0.8 December 31, 2020 $12.8 $1.9 December 31, 2019 KP415 no December 31, 2020 December 31, 2019. Consulting Arrangements The Company enters into consulting arrangements with third 606. may third Corium Consulting Agreement The Corium Consulting Agreement is within the scope of ASC 606, not 606, third $13.6 third not not not The Company determined that the performance of consulting services, including reimbursement of third third 606 December 31, 2020, 30% third For the year ended December 31, 2020, $3.9 no December 31, 2019 December 31, 2020, $0.1 no December 31, 2019 not July 2020. Other Consulting Arrangements For the year ended December 31, 2020, $2.0. no December 31, 2019. no December 31, 2020 2019. Accounts and Other Receivables Accounts and other receivables consists of receivables under the KP415 KP415 third December 31, 2020, $2.1 $0.4 no KP415 December 31, 2019, KP415 $1.6 $0.1 December 31, 2020 2019 no Research and Development Major components of research and development costs include cash compensation, stock-based compensation, depreciation and amortization expense on research and development property and equipment, costs of preclinical studies, clin ical trials and related clinical manufacturing, costs of drug development, costs of materials and supplies, facilities cost, overhead costs, regulatory and compliance costs, and fees paid to consultants and other entities that conduct certain research and development activities on the Company's behalf. Costs incurred in research and development are expensed as incurred. The Company records nonrefundable advance payments it makes for future research and development activities as prepaid expenses. Prepaid expenses are recognized as expense in the statements of operations as the Company receives the related goods or services. The Company enters into contractual agreements with third pleted over an extended period of time. The Company records liabilities under these contractual commitments when an obligation has been incurred. This accrual process involves reviewing open contracts and purchase orders, communicating with the applicable personnel to identify services that have been performed and estimating the level of service performed and the associated cost when the Company has not Patent Costs Patent costs, including related legal costs, are expensed as incurred and recorded within general and administrative expenses on the statements of operations. Income Taxes The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial reporting and tax basis of assets and liabilities, as well as for operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using the tax rates that are expected to apply to taxable income for the years in which those tax assets and liabilities are expected to be realized or settled. Valuation allowances are recorded to reduce deferred tax assets to the amount the Company believes is more likely than not Uncertain tax positions are recognized only when the Company believes it is more likely than not t the tax position will be upheld on examination by the taxing authorities based on the merits of the position. The Company recognizes interest and penalties, if any, related to unrecognized income tax uncertainties in income tax expense. The Company did not December 31, 2020 2019 The Company files income tax returns in the United States for federal and various state jurisdictions. With few exceptions, the Company is no 2014, 2017 may No Stock-Based Compensation The Company measures and recognizes compensation expense for all stock-based payment awards made to employees, officers an d directors based on the estimated fair values of the awards as of the grant date. The Company records the value of the portion of the award that is ultimately expected to vest as expense over the requisite service period. The Company also accounts for equity instruments issued to non-employees using a fair value approach under Accounting Standards Codification ("ASC") subtopic 505 50, 2018 07, Compensation—Stock Compensation (Topic 718 2018 17” . The Company values equity instruments and stock options granted using the Black-Scholes option pricing model. Basic and Diluted Net Loss per Share of Common Stock The Company uses the two entitle the holders to participate in dividends and earnings of the Company. The two Segment and Geographic Information Operating segments are defined as components of an enterprise (business activity from which it earns revenue and incurs expenses) for which discrete financial information is ava ilable and regularly reviewed by the chief operating decision maker ("CODM") in deciding how to allocate resources and in assessing performance. The Company's CODM is its Chief Executive Officer. The Company views its operations and manages its business as a single operating and reporting segment. All assets of the Company were held in the United States as of December 31, 2020 2019 Application of New or Revised Accounting Standards —Adopted From time to time, the Financial Accounting Standards Board (the “FASB”) or other standard-setting bodies issue accounting standards that are adopted by the Company as of the specified effective date. In April 2012, not In June 2016, 2016 13, Financial Instruments—Credit Losses (Topic 326 2016 13” not not December 15, 2019, 2016 13 not In August 2018, 2018 13, Fair Value Measurement (Topic 820 2018 13” 820, Conceptual Framework for Financial Reporting—Chapter 8: August 28, 2018, December 15, 2019, 3 2018 13 not Application of New or Revised Accounting Standards —Not Yet Adopted In August 2020, 2020 06, Debt—Debt with Conversion and Other Options (Subtopic 470 20 815 40 2020 06” December 15, 2021, no December 15, 2020, 2020 06 |
Note C - Accounts and Other Rec
Note C - Accounts and Other Receivables | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | C. Accounts and Other Receivables Accounts and other receivables consist of the following (in thousands): December 31, 2020 2019 Accounts receivable $ 2,442 $ 1,681 Other receivables 137 184 Total accounts and other receivables $ 2,579 $ 1,865 |
Note D - Prepaid Expenses and O
Note D - Prepaid Expenses and Other Current Assets | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Other Current Assets [Text Block] | D. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consist of the following (in thousands): December 31, 2020 2019 Prepaid insurance $ 453 $ 250 Deferred direct contract acquisition costs - 805 Prepaid offering costs 825 266 Other prepaid expenses and current assets 203 231 Total prepaid expenses and other current assets $ 1,481 $ 1,552 |
Note E - Property and Equipment
Note E - Property and Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | E. Property and Equipment Property and equipment consists of the following (in thousands): December 31, 2020 2019 Laboratory equipment $ 643 $ 638 Furniture and office equipment 71 119 Computers and hardware 296 303 Leasehold improvements 724 958 Finance lease right-of-use assets 1,031 1,013 Total property and equipment 2,765 3,031 Less: accumulated depreciation and amortization (1,726 ) (1,560 ) Property and equipment, net $ 1,039 $ 1,471 The estimated useful lives of property and equipment are as follows: Useful Life Asset Category (in years) Laboratory equipment 10 Furniture and office equipment 5 10 Computers and hardware 3 7 Leasehold improvements 9 Depreciation and amortization expense, including amounts pertaining to assets held under finance leases, was approximately $273,000 $304,000 December 31, 2020 2019 |
Note F - Accounts Payable and A
Note F - Accounts Payable and Accrued Expenses | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | F. Accounts Payable and Accrued Expenses Accounts payable and accrued expenses consist of the following (in thousands): December 31, 2020 2019 Accrued interest $ 1,158 $ 359 Accrued banking fees 700 700 Accrued severance 53 - Accrued payroll 1,299 1 Accrued professional fees 1,639 2,364 Accounts payable 1,174 1,140 Other accrued expenses 624 347 Total accounts payable and accrued expenses $ 6,647 $ 4,911 |
Note G - Debt Obligations
Note G - Debt Obligations | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | G. Debt Obligations As of December 31, 2020 2019, December 31, 2020 2019 Deerfield Convertible Note $ 7,464 $ 6,981 2021 Notes - 3,000 December 2019 Notes 57,593 70,218 January 2020 Notes 3,186 - Total outstanding principal on debt obligations 68,243 80,199 Less: debt issuance costs and discounts (585 ) (2,856 ) Convertible notes, net $ 67,658 $ 77,343 Deerfield Facility Agreement In June 2014, $60 first $15 $10 Deerfield is no may $5.85 December 2020, $93.60. The Deerfield Convertible Note originally bore interest at 9.75% 6.75%. one third fourth fifth June 2018 June 2019). June 2018, $3,333,333 $168,288 37,410 September 2019, 9.75% 6.75%, June 1, 2020 “2021 September 2019”). December 2019, March 31, 2021 “2021 December 2019”). $6,980,824 March 31, 2021. not Pursuant to the Deerfield Facility Agreement, the Company issued to Deerfield 1,923,077 256,410 December 2020, 16,025 The Company also issued to Deerfield a warrant to purchase 14,423,076 $0.78 June 2, 2024 1,923,077 $5.85 December 2020, 120,192 $93.60 January 2021 $46.25 260, may The Company recorded the fair value of the shares of Series D Preferred to debt issuance costs on the date of issuance. The Company also recorded the fair value of the Deerfield Warrant and the embedded Warrant Put Option to debt discount on the date of issuance. The debt issuance costs and debt discount are amortized over the term of the related debt and the expense is recorded as interest expense related to amortization of debt issuance costs and discount in the statements of operations. Pursuant to the Deerfield Facility Agreement, the Company may not $750,000 The Deerfield Facility Agreement also includes high yield discount obligation protections that went into effect in June 2019. 1986 Issuance of 5.50% In February 2016, $86.3 5.50% 2021 “2021 2021 144A 1933, The 2021 February 9, 2016 2021 February 1 August 1 August 1, 2016, 5.50% 2021 February 1, 2021 The net proceeds from the Note Offering were approximately $82.8 $18.6 The 2021 not no 2021 2021 58.4454 $1,000 2021 $17.11 December 2020, 2021 3.6528 $1,000 2021 $273.76 If the Company underwent a “fundamental change” (as defined in the Indenture), holders could have required that the Company repurchase for cash all or any portion of their 2021 100% 2021 The Indenture included customary terms and covenants, including certain events of default after which the 2021 may As described in more detail below, in multiple exchanges occurring in October 2018, December 2019 January 2020, 2021 Facility Agreement Waiver and Fifth Amendment to Senior Secured Convertible Note In June 2018, $3,333,333 $168,288 37,410 June 2, 2018; 2021 October 2018 In October 2018, “October 2018 October 2018 $9,577,000 2021 9,577 $0.0001 As a condition to closing of the October 2018 Each share of Series A Preferred Stock has an aggregate stated value of $1,000 $3.00 October 2018 3,192,333 December 2020, $48.00 199,519 December 31, 2020, 9,577 October 2018 199,519 2021 September 2019 In September 2019, “September 2019 September 2019 93,742 1,576 1 $0.0001 1 1 $3,000,000 2021 September 2019 $27,000,000 2021 2 $0.0001 2 1 September 2019 2 $1,000 $0.9494, 15 December 2020, $15.1904 15 As a condition to closing of the September 2019 1 1 2 2 1 2 Each share of Series B- 1 $1,000 $0.9494 September 2019 1,659,996 1 December 2020, 1 $15.1904 1 103,749 2 $1,000 $0.9494 15 September 2019 28,439,015 2 December 2020, 2 $15.1904 15 2 1,777,437 The Series B Preferred Stock is convertible at any time at the option of the Deerfield Lenders; provided that the Deerfield Lenders are prohibited from converting shares of Series B Preferred Stock into shares of common stock if, as a result of such conversion, such holders (together with certain affiliates and “group” members of such holders) would beneficially own more than 4.985% not $0.0001 not not not 1 2 1 2 As of December 31, 2020, 1,576 1 September 2019 103,749 no 2 The September 2019 9.75% 6.75%, June 1, 2020. September 2019 September 2019 $150,000 September 2019 The Company determined the changes to the Deerfield Facility Agreement met the definition of a troubled debt restructuring under ASC 470 60, Troubled Debt Restructurings by Debtors no The changes to the 2021 September 2019 $2.3 2021 2021 December 2019 In December 2019, December 2019 “December 2019 “December 2019 December 2019 $71,418,011 “December 2019 $71,418,011 2021 December 2019 December 2019 $745,011 50% December 18, 2019, 2021 December 2019 December 2019 The December 2019 6.75% December 2019 $17.11 2021 December 2019 December 2019 4,174,051 December 2020, December 2019 $273.76 December 2019 260,876 December 2019 $93.60 December 2019 December 2019 415 December 2019 $93.60 not x 2020 September 2019 December 2019 not December 2019 $9.328 December 2019 December 2019 4.985% December 2019 4.985% 19.985% December 2019 December 2019 December 2019 March 31, 2021, not December 2019 December 2019 December 2019 December 2019 December 2019 December 2019 The December 2019 December 2019 December 2019 December 2019 February 14, 2020 June 1, 2020, March 31, 2021, March 31, 2021 may The December 2019 December 2019 December 2019 $93.60 December 2019 The December 2019 December 2019 The December 2019 December 2019 may one In connection with entering into the December 2019 December 18, 2019, June 2, 2014, In connection with entering into the December 2019 “September 2019 September 2019 September 2019 December 2019 September 2019 September 2019 x $0.60, 15 no 28,439,015 September 2019 2 September 2019 may September 2019 September 2019 September December 2020, $9.60 15 1,777,437 In connection with entering into the September 2019 2 2 2 2 September 2019 $9.60 15 As of December 31, 2020, $17.1 December 2019 1,777,437 The Company determined the changes to the Deerfield Convertible Note met the definition of a troubled debt restructuring under ASC 470 60, Troubled Debt Restructurings by Debtors no The changes to the 2021 December 2019 December 2019 December 2019 2021 January 2020 In January 2020, January 2020 “January 2020 January 2020 $3,037,354 “January 2020 $3,037,354 2021 January 2020 $37,354, 50% January 13, 2020, 2021 January 2020 The January 2020 December 2019 In connection with entering into the January 2020 December 2019 “December 2019 December 2019 December 2019 December 2019 $17.11 $5.85 December 2019 $0.38 $0.583 x 2020 December 2020, $93.60 $9.328 The changes to the 2021 January 2020 January 2020 January 2020 December 2020 In December 2020, December 2020 “December 2020 December 2020 December 2019 January 2020 $30.3 January 1, 2021, December 2020 2 Q4 December 2020 “December 2020 The December 2020 not March 31, 2023. Subject to the satisfaction or waiver of certain conditions specified in the December 2020 December 2020 June 2, 2014, March 31, 2023, ( July 1, 2021, The December 2020 February 19, 2015 ( December 2020 The Exchange Warrants to be issued pursuant to the December 2020 75% 2 1, no. 333 250945 4.985% The December 2020 2 December 2020 The transactions contemplated under the December 2020 2 2 As a condition to closing of the December 2020 2 2 2 Each share of Series B- 2 $1,000 The Series B- 2 2 2 4.985% 2 not 2 $1,000 2 2 2 2 2 2 not 2 not not 2 2 2 2 Debt Restructuring In anticipation of the Public Offering (as defined and discussed in further detail in Note R), and to meet the Nasdaq Listing Requirements, the Company agreed in December 2020 December 2019 January 2020 $60.8 $7.5 $69.4 December 31, 2020. Under the terms of the December 2020 January 12, 2021, ● Exchanged $31.5 31,476.98412 2 3,632,019 ● Made a payment of $30.3 Following the completion of these transactions, the aggregate balance of principal and accrued interest remaining outstanding under the Facility Notes was approximately $7.6 December 2020 ● The maturity date was changed to March 31, 2023, ● Interest would accrue at the rate of 6.75% June 30, 2021, Based on the above transactions which occurred after the balance sheet date of December 31, 2020, $68.2 Payoff of Facility Agreement Notes and Termination of Facility Agreement On February 8, 2021, Pursuant to the payoff letter, the Company paid a total of $8.0 For further discussion of the Debt Restructuring and the payoff of the Facility Notes and termination of the Deerfield Facility Agreement refer to Note R. PPP Loan On April 23, 2020, $0.8 may April 23, 2022 1.0%. first six December 31, 2020, $0.4 $0.4 The CARES Act and the PPP provide a mechanism for forgiveness of up to the full amount borrowed. Under the PPP, the Company may eight 75% eight On June 5, 2020, 2020 ● Extended the covered period for loan forgiveness from eight 24 eight ● Lowered the requirements that 75 75 24 60 60 60 ● Provided a safe harbor from reductions in loan forgiveness based on reductions in full-time equivalent employees for borrowers that are unable to return to the same level of business activity the business was operating at before February 15, 2020, March 1, 2020 December 31, 2020 COVID–19. ● Provided a safe harbor from reductions in loan forgiveness based on reductions in full-time equivalent employees, to provide protections for borrowers that are both unable to rehire individuals who were employees of the borrower on February 15, 2020, December 31, 2020. ● Increased to five June 5, 2020. ● Extended the deferral period for borrower payments of principal, interest, and fees on PPP loans to the date that SBA remits the borrower's loan forgiveness amount to the lender (or, if the borrower does not 10 Based on the changes provided by the Flexibility Act the Company plans to take advantage of (i) the extended covered period for loan forgiveness from eight 24 75 60 six 10 not Letters of Credit As of December 31, 2020, one |
Note H - Commitments and Contin
Note H - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | H. Commitments and Contingencies Legal Matters From time to time, the Company is involved in various legal proceedings arising in the normal course of business. For some matters, a liability is not not December 31, 2020 2019 no . Lease Agreements We have operating and finance leases for office space, laboratory facilities and various laboratory equipment, furniture and office equipment and leasehold improvements. Our leases have remaining lease terms of 1 5 5 1 Florida The Company leases office space in Florida, comprised of two non-cancelable operating leases, which expire in August 2025 February 2026, two five 2020, one two 2026. 2020, Iowa The Company leases office and laboratory facilities in Iowa under a non-cancelable operating lease. The Company's lease for its Iowa facilities expires in September 2021 one Virginia The Company leases office and laboratory facilities in Virginia under a non-cancelable operating lease. The Company's lease for its Virginia facilities expires in August 2021. North Carolina The Company leased office space in North Carolina under a non-cancelable operating lease. The original expiration date of the Company 's lease was May 2020 second 2017 third third 2019, In March 2020, March 2022. Finance Lease The Company leases various laboratory equipment, furniture and office equipment and leasehold improvements that are accounted for as finance leases and that require ongoing payments, including interest expense. The finance leases are financed through various financial institutions and are collateralized by the underlying assets. As of December 31, 2020 2019 , 7.19% 14.34 The components of lease expense were as follows (in thousands): Year Ended December 31, Lease Cost 2020 2019 Finance lease cost: Amortization of right-of-use assets $ 124 $ 123 Interest on lease liabilities 23 40 Total finance lease cost 147 163 Operating lease cost 363 473 Short-term lease cost 210 232 Variable lease cost 55 48 Less: sublease income (106 ) (84 ) Total lease costs $ 669 $ 832 Rent expense for non-cancelable operating leases was $0.6 million and $0.7 December 31, 2020 2019 Supplemental cash flow information related to leases was as follows (in thousands): Year Ended December 31, 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 23 $ 40 Financing cash flows from finance leases 227 207 Operating cash flows from operating leases 447 435 Operating cash flows from short-term leases 210 232 Operating cash flows from variable lease costs 55 48 Right-of-use assets obtained in exchange for lease liabilities: Finance leases $ 17 $ 757 Operating leases 20 1,852 Supplemental balance sheet information related to leases was as follows (in thousands, except weighted average remaining lease term and weighted average discount rate): December 31, 2020 2019 Finance Leases Property and equipment, at cost $ 1,031 $ 1,013 less: accumulated depreciation and amortization (523 ) (398 ) Property and equipment, net $ 508 $ 615 Other current liabilities $ 172 $ 236 Other long-term liabilities 22 168 Total finance lease liabilities $ 194 $ 404 Operating Leases Operating lease right-of-use assets $ 1,350 $ 1,537 Total operating lease right-of-use assets $ 1,350 $ 1,537 Current portion of operating lease liabilities $ 327 $ 284 Operating lease liabilities, less current portion 1,587 1,901 Total operating lease liabilities $ 1,914 $ 2,185 Weighted Average Remaining Lease Term Finance leases 1 year 2 years Operating leases 5 years 6 years Weighted Average Discount Rate Finance leases 8.5 % 7.7 % Operating leases 7.5 % 7.5 % Maturities on lease liabilities were as follows (in thousands): Finance Operating Year Ending December 31, Leases Leases 2021 $ 181 $ 460 2022 18 463 2023 6 472 2024 - 484 2025 - 390 Thereafter - 30 Total lease payments 205 2,299 Less: future interest expense (11 ) (385 ) Lease liabilities $ 194 $ 1,914 |
Note I - Supply Arrangement
Note I - Supply Arrangement | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Collaborative Arrangement Disclosure [Text Block] | I. Supply Arrangement As of December 31, 2020 2019 , one potential future expenditures related to research and development. In November 2009, Supply Agreement”) with Johnson Matthey Inc. (“JMI”) whereby JMI has agreed to supply the Company with all of the benzhydrocodone necessary for clinical trials and commercial sale for a price equal to JMI's manufacturing cost and to provide process optimization and development services for benzhydrocodone. The Company's FDA-approved drug, APADAZ, contains benzhydrocodone. Expense of $3.2 December 31, 2019 . The expense under this agreement for the year ended December 31, 2020 tenth two 12 not No |
Note J - Preferred Stock and Wa
Note J - Preferred Stock and Warrants | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Preferred Stock [Text Block] | J. Preferred Stock and Warrants Authorized, Issued, and Outstanding Preferred Stock As of December 31, 2020 2019, 10,000,000 9,578 1,576 1 27,000 2 9,577 1,576 1 December 31, 2020 2019. No 1 December 31, 2020 2019. No 2 December 31, 2020 2019. In October 2018, October 2018 October 2018 9,577 $1,000 $3.00 October 2018 3,192,333 December 31, 2020 December 2020, $48.00 199,519 In September 2019, September 2019 September 2019 1,576 1 1 $1,000 $0.9494, 15 September 2019 1,659,996 1 December 2020, 1 $15.1904 15 1 103,749 4.985% not $0.0001 not not not 1 2 1 2 December 31, 2020 1 As a condition to closing of the December 2020 2 2 |
Note K - Common Stock and Warra
Note K - Common Stock and Warrants | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | K. Common Stock and Warrants Authorized, Issued, and Outstanding Common Shares As of December 31, 2020 2019, 250,000,000 4,537,321 2,271,882 December 31, 2020 2019, As of December 31, 2020 2019, December 31, 2020 2019 Conversion of Deerfield Convertible Note 81,101 75,850 Conversion of 2021 Notes - 10,958 Conversion of January 2020 Note 34,615 - Conversion of 2019 Notes not subject to the Deerfield Optional Conversion Feature 625,747 199,172 Outstanding awards under equity incentive plans 355,785 324,473 Outstanding common stock warrants 151,442 151,442 In exchange for the Deerfield Optional Conversion Feature* - 1,652,437 Possible future issuances under the equity line of credit - 597,065 Possible future issuances under equity incentive plans 47,825 5,325 Total common shares reserved for future issuance 1,296,515 3,016,722 * Common Stock issuable (i) in exchange of the Deerfield Optional Conversion Feature, or (ii) upon conversion of the Series B- 2 Common Stock Activity The following table summarizes common stock activity for the years ended December 31, 2020 2019 Shares of Common Stock Balance as of January 1, 2019 1,653,425 Common stock issued under equity line of credit 220,091 Restricted stock vested during the period 6,354 Common stock issued as a result of 2021 Notes principal conversion 93,742 Common stock issued as a result of Series B-1 Preferred Stock conversion 103,749 Common stock issued as a result of Series A Preferred Stock conversion 69,521 Common stock issued as a result of Deerfield Optional Conversion Feature conversion 125,000 Balance as of December 31, 2019 2,271,882 Common stock issued under equity line of credit 579,260 Restricted stock vested during the period 10,247 Common stock issued as compensation to third-parties 23,216 Common stock issued as a result of Deerfield Optional Conversion Feature conversion 1,652,437 Common stock issued as a result of stock option exercise 279 Balance as of December 31, 2020 4,537,321 Warrants On June 2, 2014, 14,423,076 June 2, 2024, 1,923,077 $5.85 December 2020, $93.60 120,192 January 26, 2021 ( $93.60 $46.25 The Company determined that the Deerfield Warrant should be recorded as a liability and stated at fair value at each reporting period upon inception. As stated above, upon completion of the IPO, the Deerfield Warrant automatically converted into warrants to purchase the Company's common stock. The Deerfield Warrant remains classified as a liability and is recorded at fair value at each reporting period since it can be settled in cash. Changes to the fair value of the warrant liability are recorded through the unaudited condensed statements of operations as a fair value adjustment (Note M). In connection with a Collaboration and License Agreement (the “APADAZ License Agreement”) with KVK Tech, Inc. (“KVK”), in October 2018, 500,000 $2.30 not four 125,000 500,000 October 24, 2023. may December 2020, $36.80 31,250 The Company determined that, since KVK qualifies as a customer under ASC 606, 815 815 606 December 31, 2020 2019, $0.4 |
Note L - Stock-based Compensati
Note L - Stock-based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | L. Stock-Based Compensation The Company maintains a stock-based compensation plan (the “Incentive Stock Plan”) that governs stock awards made to employees and directors prior to completion of the IPO. In November 2014, April 2015, 2014 “2014 April 2015. 2014 may 2014 408,167 December 31, 2020 2014 January 1 January 1, 2016, January 1, 2024, 4% December 31 2014 January 1, 2021, 2014 181,492 During 2020, 2014 2020. December 31, 2020, 10,247 During 2019, two 2014 first second 2019. December 31, 2019, 5,104 2014 2019. During the year ended December 31, 2020 279 $2,000 $1,000 December 31, 2019 no Stock-based compensation expense recorded unde r the Incentive Stock Plan and the 2014 Year ended December 31, 2020 2019 Research and development $ 937 $ 1,459 General and administrative 1,134 2,951 Severance expense 420 - Total stock-based compensation expense $ 2,491 $ 4,410 Stock Option Awards The Company estimates the fair value of stock options using the Black-Scholes option-pricing model, which requires the use of subjective assumptions, including the expected term of the option, the expected stock price volatility, expected dividend yield and the risk-free interest rate for the expected term of the option. The expected term represents the period of time the stock options are expected to be outstanding. Due to the lack of sufficient historical exercise data to provide a reasonable basis upon which to otherwise estimate the expected term of the stock options, the Company uses the simplified method to estimate the expected term for its “plain vanilla” stock options. Under the simplified method, the expected term of an option is presumed to be the mid-point between the vesting date and the end of the contractual term. Some options, for example those that have exercise prices in excess of the fair value of the underlying stock, are not second second no not not The Company recognizes compensation expense related to stock-based payment transactions upon satisfaction of the requisite service or vesting requirements. Forfeitures are estimated at the time of grant and revised based on actual forfeitures, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Using the Black-Scholes option-pricing model, the weighted-average fair value of awards granted during the years ended December 31, 2020 2019 $5.00 $22.88 re, respectively. The assumptions used to estimate fair value are as follows: Year Ended December 31, 2020 2019 Risk-free interest rate 0.38% 1.65% 1.75% 2.61% Expected term (in years) 5.50 10.00 5.50 10.00 Expected volatility 89.49% 93.07% 84.82% 85.93% Expected dividend yield 0 0 The activity under the Incentive Stock Plan and the 2014 for the year ended December 31, 2020 , Weighted Weighted Avg Aggregate Number of Average Remaining Intrinsic Options Exercise Price Contractual Term Value Outstanding balance at January 1, 2020 324,473 $ 100.96 7.63 $ - Granted 92,869 $ 5.21 Exercised or released 10,526 $ 0.22 Canceled or forfeited 50,659 $ 131.61 Expired 372 $ 85.14 Outstanding balance at December 31, 2020 355,785 $ 74.60 7.34 $ 543,021 Exercisable at December 31, 2020 191,134 $ 113.12 6.42 $ 103,581 Vested and expected to vest at December 31, 2020 281,368 $ 92.53 6.88 $ 163,506 Information regarding currently outstanding and exercisable options as of December 31, 2020 , Options Outstanding Options Exercisable Weighted Avg Weighted Avg Number of Remaining Number of Remaining Exercise Price Shares Contractual Term Shares Contractual Term $2.848 to $80.00 243,875 8.21 97,759 7.69 $80.01 to $160.00 57,494 5.97 38,959 5.44 $160.01 to $240.00 20,864 5.06 20,864 5.06 $240.01 to $320.00 12,616 4.84 12,616 4.84 $320.01 to $327.20 20,936 4.68 20,936 4.68 355,785 7.33 191,134 6.42 The total fair value of stock options vested during the years ended December 31, 2020 2019 $3.7 $4.9 Unvested stock options as of December 31, 2020 2019 Number of Unvested Shares December 31, Exercise Price 2020 2019 $2.848 to $80.00 146,116 151,495 $80.01 to $160.00 18,535 31,436 $160.01 to $240.00 - 5,668 $240.01 to $320.00 - 1,260 $320.01 to $327.20 - - Total number of unvested stock options 164,651 189,859 As of December 31, 2020 , $1.7 2014 1.72 There was $0.3 December 31, 2020 . There was no stock-based compensation expense related to performance-based awards recognized during the year ended December 31, 2019. |
Note M - Fair Value of Financia
Note M - Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | M. Fair Value of Financial Instruments The carrying amounts of certain financial instruments, including cash and cash equivalents, restricted cash and accounts payable and accrued expenses, approximate their respective fair values due to the short-term nature of such instruments. The fair value of the Deerfield Convertible Note was $7.3 $6.0 December 31, 2020 2019 2019 $56.2 $57.0 31, 2020 2019. 2020 $3.1 31, 2020 2021 $2.4 December 31, 2019 2019 2020 2021 3 December 2019 as of December 31, 2020 2019 January 2020 December 31, 2020 2021 December 31, 2019. Assets and Liabilities Measured at Fair Value on a Recurring Basis The Company evaluates its financial assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level in whi ch to classify them for each reporting period. This determination requires significant judgments to be made. The following table summarizes the conclusions reached regarding fair value measurements as of December 31, 2020 2019 Quoted Prices Significant in Active Other Significant Balance at Markets for Observable Unobservable December 31, Identical Assets Inputs Inputs 2020 (Level 1) (Level 2) (Level 3) Deerfield Warrant liability $ 230 $ - $ - $ 230 Embedded Warrant Put Option 25 - - 25 Deerfield Note Conversion Feature - - - - KVK Warrant liability 49 - 49 - Total liabilities $ 304 $ - $ 49 $ 255 Quoted Prices Significant in Active Other Significant Balance at Markets for Observable Unobservable December 31, Identical Assets Inputs Inputs 2019 (Level 1) (Level 2) (Level 3) Deerfield Warrant liability $ 77 $ - $ - $ 77 Embedded Warrant Put Option 19 - - 19 Fundamental change and make-whole interest provisions embedded within 2021 Notes - - - - Deerfield Note Conversion Feature - - - - KVK Warrant liability 24 - 24 - Total liabilities $ 120 $ - $ 24 $ 96 The Company's Deerfield Warrant liability, embedded Warrant Put Option, embedded Deerfield Note Put Option and the fundamental change and the make-whole interest provisions embedded in the 2021 December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 2021 December 31, 2019. December 31, 2020 2019 2021 December 31, 2019 The derivative liability for the Deerfield Warrant was $230,000 $77,000 December 31, 2020 2019, $25,000 $19,000 December 31, 2020 2019, no December 31, 2020 2019, 10% $29,000 $8,000 no 87% $45.3 47% $200 Q1 2021. 27% The Company's KVK Warrant liability is measured at fair value on a recurring basis. As of December 31, 2020 December 31, 2019 no not not December 31, 2020 2019 A reconciliation of the beginning and ending balances for the derivative and warrant liability measured at fair value on a recurring basis using signific ant unobservable inputs (Level 3 2020 2019 Balance as of beginning of period $ 96 $ 1,845 Adjustment to fair value 159 (1,749 ) Balance as of end of period $ 255 $ 96 |
Note N - Income Taxes
Note N - Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | N. Income Taxes The Company 's financial statements include a total state tax benefit related to research and development credits of $34,000 $22,000 $12.8 $24.5 December 31, 2020 2019 Year ended December 2020 2019 Federal statutory rate 21.00 % 21.00 % Effect of: Change in valuation allowance (22.65 ) (28.52 ) Return to provision and deferred true-up 0.11 - Change in rate 0.82 (0.33 ) State tax benefit (net of federal) 3.51 3.39 Warrant liability (0.30 ) 1.71 State research and development credit - 0.09 Federal research and development credit - 1.44 Amortization - (0.29 ) Stock-based compensation (2.18 ) (1.10 ) Other (0.05 ) 2.70 Federal income tax provision effective rate 0.26 % 0.09 % The components of deferred tax assets and liabilities are as follows (in thousands): December 31, 2020 2019 Deferred tax assets relating to: Net operating loss carryforwards $ 59,050 $ 56,827 Research and development tax carryforward 6,411 6,411 Other deferred tax assets 5,089 4,488 Total gross deferred tax assets 70,550 67,726 Deferred tax liabilities relating to: Property and equipment (18 ) - Other deferred tax liabilities 476 540 Total gross deferred tax liabilities 458 540 Deferred tax assets less liabilities 70,092 67,186 Valuation allowance (70,092 ) (67,186 ) Net deferred tax asset (liability) $ - $ - In assessing the realizability of deferred tax assets, management considers whether it is more likely than not not assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Based upon the level of historical taxable income and projections for future taxable income over the periods in which the deferred tax assets are deductible, management believes it is more likely than not not The Company had the following federal net operating loss carryforward and research activities credits as of December 31, 2020 ( Net Operating Research Year Incurred Loss CF Activities Cr. Expiration 2007 $ 454 $ 30 2027 2008 1,178 65 2028 2009 3,060 176 2029 2010 3,423 149 2030 2011 9,929 176 2031 2012 - 170 2032 2013 4,353 133 2033 2014 15,897 894 2034 2015 23,496 598 2035 2016 41,580 745 2036 2017 34,776 652 2037 2018 56,099 2,271 Indefinite 2019 22,922 352 Indefinite 2020 8,810 - Indefinite $ 225,977 $ 6,411 The Company also has certain state net operating loss carryforwards totaling $211.3 $145.4 not 2027 $65.9 no may 382 may imitations on the Company's ability to utilize the net operating loss carryforward. ASC 740 10, Accounting for Uncertainty in Income Taxes not” not not not not On March 27, 2020, 19 no |
Note O - Net Loss Per Share
Note O - Net Loss Per Share | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | O. Net Loss Per Share Under the two No no two two The following table summarizes the computation of basic and diluted net loss and net loss per share of common stock of the Company (in thousands, except share and pe r share amounts): Year Ended December 31, 2020 2019 Net loss - basic and diluted $ (12,760 ) $ (24,522 ) Weighted average number of shares of common stock - basic and diluted 3,980,975 1,853,397 Net loss per share - basic and diluted $ (3.21 ) $ (13.23 ) Diluted net loss per share of common stock is the same as basic net loss per share of common stock for the years ended December 31, 2020 2019 December 31, 2020 2019 Deerfield Convertible Note 81,101 75,850 2021 Notes - 10,958 Conversion of January 2020 Note 34,615 - 2019 Notes* 625,747 1,851,609 Awards under equity incentive plans 355,785 324,473 Common stock warrants 151,442 151,442 Total securities excluded from the calculation of weighted average number of shares of common stock outstanding 1,248,690 2,414,332 * Balance as of December 31, 2019 1,652,437 2 December 31, 2020, |
Note P - Severance Expense
Note P - Severance Expense | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | P. Severance Expense In February 2020, June 2015. $0.4 $0.4 December 31, 2020. December 31, 2020, $0.1 December 31, 2019, no |
Note Q - Employee Benefit Plan
Note Q - Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | Q. Employee Benefit Plan The Company has a 401 401 may 4% 401 $145,000 $133,000 December 31, 2020 2019 The Company has a discretionary profit sharing plan (the “ Profit Sharing Plan”) that covers all employees. Employees become eligible participants in the Profit Sharing Plan once they have provided three no 2020 2019. |
Note R - Subsequent Events
Note R - Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | R. Subsequent Events Underwriting Agreement On January 8, 2021, 6,765,463 926,844 7,692,307 $6.50 1 No. 333 250945 $6.50 $6.4999 $0.0001 45 1,153,846 1,153,846 On January 8, 2021, 754,035 February 1, 2021, 374,035 February 3, 2021, On January 12, 2021, $52.4 Pre-Funded Warrants On January 12, 2021, 926,844 Duration and Exercise Price Each pre-funded warrant has an initial exercise price per share equal to $0.0001. not Exercisability The pre-funded warrants are exercisable, at the option of each holder, in whole or in part, by delivering to the Company a duly executed exercise notice accompanied by payment in full for the number of shares of common stock purchased upon such exercise (except in the case of a cashless exercise as discussed below). A holder (together with its affiliates) may not 4.99% 61 may 9.99% may 9.99% Cashless Exercise In lieu of making the cash payment otherwise contemplated to be made to the Company upon such exercise in payment of the aggregate exercise price, the holder may Rights as a Stockholder Except as otherwise provided in the pre-funded warrants or by virtue of such holder's ownership of shares of the Company's common stock, the holders of the pre-funded warrants do not Fundamental Transaction In the event of a fundamental transaction, as described in the pre-funded warrants and generally including any reorganization, recapitalization or reclassification of the Company's common stock, the sale, transfer or other disposition of all or substantially all of the Company's properties or assets, the Company's consolidation or merger with or into another person, the acquisition of more than 50% 50% As of March 11, 2021, 926,841 $72. Warrants to Purchase Common Stock On January 12, 2021, December 2020 12,078,361 December 2020 Duration and Exercise Price The Warrants are exercisable from and after the date of their issuance and expire on the fifth $6.50 not No Exercisability The Warrants will be exercisable, at the option of each holder, in whole or in part, by delivering to the Company a duly executed exercise notice, provided that payment in full for the number of shares of the Company's common stock purchased upon such exercise is delivered to the Company in accordance with the terms of the Warrants (except in the case of a cashless exercise as discussed below). A holder (together with its affiliates) may not 13 4.985% Cashless Exercise If, at the time a holder exercises its Warrants, a registration statement registering the issuance of the shares of common stock underlying such Warrant under the Securities Act is not may Right as a Stockholder Except as otherwise provided in the Warrants or by virtue of such holder's ownership of shares of the Company's common stock, the holders of the Warrants do not Fundamental Transaction In the event of a fundamental transaction, as described in the Warrants and generally including any reorganization, recapitalization or reclassification of the Company's common stock, the sale, transfer or other disposition of all or substantially all of the Company's properties or assets, the Company's consolidation or merger with or into another person, the acquisition of more than 50% 50% not As of March 11, 2021, 3,057,395 2,626,418 $14.3 Underwriter Warrant On January 12, 2021, 806,932 $8.125 5.0% February 3, 2021, 18,702 March 11, 2020, no December 2020 On January 12, 2021, December 2020 “January 2021 January 2021 December 2020 Series B- 2 Pursuant to the December 2020 January 12, 2021, 31,476.98412 2 3,632,019 The Series B- 2 4,842,690 $6.4999. Amended and Restated Certificate of Designation of Preferences, Rights and Limitations of the Series B- 2 On January 11, 2021, December 2020 2 2 2 Immediately following, the closing of the Public Offering, pursuant to the terms of the December 2020 ● Exchanged approximately $31.5 2 ● made a payment of approximately $30.3 Immediately following the completion of the Exchange and Debt Payment, the aggregate balance of principal and accrued interest remaining outstanding under the Facility Notes was approximately $7.6 Upon the closing of the Exchange and related Debt Payment, the amendments to the Facility Agreement, the Notes and the Investors' Rights Agreement, dated as of February 19, 2015, December 2020 2 2 January 12, 2021. As of March 11, 2021, 2 4,842,699 Listing on the Nasdaq Capital Market On January 7, 2021, January 8, 2021 Warrant Exercise Inducement Letters and Issuance of Warrants On January 26, 2021, 6,620,358 7,944,430 120% $0.125 $6.36 $44.0 6% $93.60 $46.25 The Company also agreed to file a registration statement covering the resale of the shares of the Company's common stock issued or issuable upon the exercise of the Inducement Warrants no 10 Inducement Warrant Terms Duration and Exercise Price The Inducement Warrants are exercisable from and after the date of their issuance and expire on the fifth $6.36 not No Exercisability The Inducement Warrants will be exercisable, at the option of each holder, in whole or in part, by delivering to the Company a duly executed exercise notice, provided that payment in full for the number of shares of the Company's common stock purchased upon such exercise is delivered to the Company in accordance with the terms of the Inducement Warrants (except in the case of a cashless exercise as discussed below). A holder (together with its affiliates) may not 13 4.99% 9.99% Cashless Exercise If, at the time a holder exercises its Inducement Warrants, a registration statement registering the issuance of the shares of common stock underlying such Inducement Warrant under the Securities Act is not may Right as a Stockholder Except as otherwise provided in the Inducement Warrants or by virtue of such holder's ownership of shares of the Company's common stock, the holders of the Inducement Warrants do not Fundamental Transaction In the event of a fundamental transaction, as described in the Inducement Warrants and generally including any reorganization, recapitalization or reclassification of the Company's common stock, the sale, transfer or other disposition of all or substantially all of the Company's properties or assets, the Company's consolidation or merger with or into another person, the acquisition of more than 50% 50% not As of March 11, 2021, 1,676,921 1,676,921 $10.7 Payoff of Facility Agreement Notes and Termination of Facility Agreement On February 8, 2021, Pursuant to the payoff letter, the Company paid a total of $8.0 Pursuant to the payoff letter, all outstanding indebtedness and obligations of the Company owing to the Facility Agreement Note Holders under the Facility Agreement have been paid in full. The Facility Agreement and the notes thereunder, as well as the security interests in the assets of the Company securing the Facility Agreement and note obligations, have been terminated. The Facility Agreement Note Holders will retain the warrants previously issued to them by the Company. FDA Approval of the AZSTARYS NDA On March 2, 2021, six KP415 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. On an ongoing basis, the Company evaluates its estimates and assumptions, including those related to revenue recognition, the useful lives of property and equipment, the recoverability of long-lived assets, the incremental borrowing rate for leases, and assumptions used for purposes of determining stock-based compensation, income taxes, and the fair value of the derivative and warrant liability, among others. The Company bases its estimates on historical experience and on various other assumptions that it believes to be reasonable, the results of which form the basis for making judgments about the carrying value of assets and liabilities. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk Financial instruments that potentially expose the Company to concentrations of credit risk consist principally of cash on deposit with multiple financial institutions, the balances of which frequently exceed insured limits, and accounts receivable, which are concentrated amongst a limited number of customers. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents The Company considers any highly liquid investm ents with an original maturity of three |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment The Company records property and equipment at cost less accumulated depreciation and amortization. Costs of renewals and improvements that extend the useful lives of the assets are capitalized. Maintenance and repairs are expensed as incurred. Depreciation is determined on a straight-line basis over the estimated useful lives of the assets, which generally range from three ten |
Debt, Policy [Policy Text Block] | Debt Issuance Costs Debt issuance costs incurred in connection with financing arrangements are recorded as a reduction of the related debt on the balance sheet and amortiz ed over the life of the respective financing arrangement using the effective interest method. |
Deferred Charges, Policy [Policy Text Block] | Offering Costs Offering costs incurred in connection with capital offering arrangements are recorded as deferred offering costs in prepaid expenses and other currents assets on the balance sheet. Once the offering arrangement closes the deferred offering costs are reclassified as a reduction of the related net proceeds of the offering in additional paid-in capital on the balance sheet. If its a continuous offering the deferred offering costs are amortized over the life of the respective offering arrangement using a pro-rata method which matches the costs to the funds raised from the offering. If the continuous offering arrangement terminates prior to all the deferred offering costs being recognized the deferred offering costs are written off and expensed in general and administrative expense on the statement of operations. |
Collaborative Arrangement, Accounting Policy [Policy Text Block] | Supply Arrangements The Company enters into supply arrangements for the supply of components of its product and product candidates. These arrangements also may share of future revenue if related product or product candidates reach commercialization. Costs under these supply arrangements, if any, are expensed as incurred (Note I). |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets Long-lived assets to be held and used are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amounts of the assets may not When such events occur, the Company compares the carrying amounts of the assets to their undiscounted expected future cash flows. If the undiscounted cash flows are insufficient to recover the carrying values, an impairment loss is recorded for the difference between the carrying values and fair values of the asset. No December 31, 2020 2019 . |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, based on the Company's principal or, in absence of a principal, most advantageous market for the specific asset or liability. The Company uses a three equent to their initial measurement. The hierarchy requires the Company to use observable inputs when available, and to minimize the use of unobservable inputs, when determining fair value. The three ● Level 1 —Observable inputs that reflect quoted market prices (unadjusted) for identical assets or liabilities in active markets; ● Level 2 —Observable inputs other than quoted prices in active markets that are observable either directly or indirectly in the marketplace for identical or similar assets and liabilities; and ● Level 3 —Unobservable inputs that are supported by little or no |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition The Company commenced recognizing revenue in accordance with the provisions of ASC 606, Revenue from Contracts with Customers 606” January 1, 2018. no third 2019. Arrangements with Multiple-Performance Obligations From time to time, the Company enters into arrangements for research and development, manufacturing and/or commercialization services. Such arrangements may In arrangements involving more than one not The consideration allocated to each distinct performance obligation is recognized as revenue when control of the related goods or services is transferred. Consideration associated with at-risk substantive performance milestones is recognized as revenue when it is probable that a significant reversal of the cumulative revenue recognized will not Licensing Agreements The Company enters into licensing agreements with licensees that fall under the scope of ASC 606. The terms of the Company's licensing agreements typically include one may As part of the accounting for these agreements, the Company must develop estimates and assumptions that require judgment to determine the underlying stand-alone selling price for each performance obligation which determines how the transaction price is allocated among the performance obligations. Generally, the estimation of the stand-alone selling price may Up-front Fees: Milestone Payments: not not not may KP415 In September 2019, KP415 KP484, KP879, KP922 KP415 In exchange for the exclusive, worldwide license, discussed above, Commave paid the Company a non-refundable upfront payment of $10.0 $63.0 KP484. May 2020, KP415 $5.0 $420.0 KP415 KP415 Commave also agreed to be responsible for and reimburse the Company for all of development, commercialization and regulatory expenses incurred on the licensed products, subject to certain limitations as set forth in the KP415 The KP415 606, not KP415 606, third two $10.0 KP415 The consideration allocated to the grant of the exclusive, worldwide license was $10.0 KP415 KP415 The consideration allocated to the performance of consulting services, which includes the reimbursement of out-of-pocket third KP415 third third no third third third third 606 third third KP415 December 31, 2020, third Under the KP415 first 1 may may KP415 KP415 first not third 606 not not The Company is entitled to additional payments from Commave conditioned upon the achievement of specified regulatory milestones related to AZSTARYS and KP484 KP415 KP415 not not not For example, in May 2020, KP415 $5.0 two second 2020 $5.0 second 2020. For the year ended December 31, 2020, KP415 $7.3 340 40, Contracts with Customers $2.8 KP415 third December 31, 2020, $0.8 December 31, 2020 $12.8 $1.9 December 31, 2019 KP415 no December 31, 2020 December 31, 2019. Consulting Arrangements The Company enters into consulting arrangements with third 606. may third Corium Consulting Agreement The Corium Consulting Agreement is within the scope of ASC 606, not 606, third $13.6 third not not not The Company determined that the performance of consulting services, including reimbursement of third third 606 December 31, 2020, 30% third For the year ended December 31, 2020, $3.9 no December 31, 2019 December 31, 2020, $0.1 no December 31, 2019 not July 2020. Other Consulting Arrangements For the year ended December 31, 2020, $2.0. no December 31, 2019. no December 31, 2020 2019. |
Receivable [Policy Text Block] | Accounts and Other Receivables Accounts and other receivables consists of receivables under the KP415 KP415 third December 31, 2020, $2.1 $0.4 no KP415 December 31, 2019, KP415 $1.6 $0.1 December 31, 2020 2019 no |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Major components of research and development costs include cash compensation, stock-based compensation, depreciation and amortization expense on research and development property and equipment, costs of preclinical studies, clin ical trials and related clinical manufacturing, costs of drug development, costs of materials and supplies, facilities cost, overhead costs, regulatory and compliance costs, and fees paid to consultants and other entities that conduct certain research and development activities on the Company's behalf. Costs incurred in research and development are expensed as incurred. The Company records nonrefundable advance payments it makes for future research and development activities as prepaid expenses. Prepaid expenses are recognized as expense in the statements of operations as the Company receives the related goods or services. The Company enters into contractual agreements with third pleted over an extended period of time. The Company records liabilities under these contractual commitments when an obligation has been incurred. This accrual process involves reviewing open contracts and purchase orders, communicating with the applicable personnel to identify services that have been performed and estimating the level of service performed and the associated cost when the Company has not |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | Patent Costs Patent costs, including related legal costs, are expensed as incurred and recorded within general and administrative expenses on the statements of operations. |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial reporting and tax basis of assets and liabilities, as well as for operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using the tax rates that are expected to apply to taxable income for the years in which those tax assets and liabilities are expected to be realized or settled. Valuation allowances are recorded to reduce deferred tax assets to the amount the Company believes is more likely than not Uncertain tax positions are recognized only when the Company believes it is more likely than not t the tax position will be upheld on examination by the taxing authorities based on the merits of the position. The Company recognizes interest and penalties, if any, related to unrecognized income tax uncertainties in income tax expense. The Company did not December 31, 2020 2019 The Company files income tax returns in the United States for federal and various state jurisdictions. With few exceptions, the Company is no 2014, 2017 may No |
Share-based Payment Arrangement [Policy Text Block] | Stock-Based Compensation The Company measures and recognizes compensation expense for all stock-based payment awards made to employees, officers an d directors based on the estimated fair values of the awards as of the grant date. The Company records the value of the portion of the award that is ultimately expected to vest as expense over the requisite service period. The Company also accounts for equity instruments issued to non-employees using a fair value approach under Accounting Standards Codification ("ASC") subtopic 505 50, 2018 07, Compensation—Stock Compensation (Topic 718 2018 17” . The Company values equity instruments and stock options granted using the Black-Scholes option pricing model. |
Earnings Per Share, Policy [Policy Text Block] | Basic and Diluted Net Loss per Share of Common Stock The Company uses the two entitle the holders to participate in dividends and earnings of the Company. The two |
Segment Reporting, Policy [Policy Text Block] | Segment and Geographic Information Operating segments are defined as components of an enterprise (business activity from which it earns revenue and incurs expenses) for which discrete financial information is ava ilable and regularly reviewed by the chief operating decision maker ("CODM") in deciding how to allocate resources and in assessing performance. The Company's CODM is its Chief Executive Officer. The Company views its operations and manages its business as a single operating and reporting segment. All assets of the Company were held in the United States as of December 31, 2020 2019 |
New Accounting Pronouncements, Policy [Policy Text Block] | Application of New or Revised Accounting Standards —Adopted From time to time, the Financial Accounting Standards Board (the “FASB”) or other standard-setting bodies issue accounting standards that are adopted by the Company as of the specified effective date. In April 2012, not In June 2016, 2016 13, Financial Instruments—Credit Losses (Topic 326 2016 13” not not December 15, 2019, 2016 13 not In August 2018, 2018 13, Fair Value Measurement (Topic 820 2018 13” 820, Conceptual Framework for Financial Reporting—Chapter 8: August 28, 2018, December 15, 2019, 3 2018 13 not Application of New or Revised Accounting Standards —Not Yet Adopted In August 2020, 2020 06, Debt—Debt with Conversion and Other Options (Subtopic 470 20 815 40 2020 06” December 15, 2021, no December 15, 2020, 2020 06 |
Note C - Accounts and Other R_2
Note C - Accounts and Other Receivables (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | December 31, 2020 2019 Accounts receivable $ 2,442 $ 1,681 Other receivables 137 184 Total accounts and other receivables $ 2,579 $ 1,865 |
Note D - Prepaid Expenses and_2
Note D - Prepaid Expenses and Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | December 31, 2020 2019 Prepaid insurance $ 453 $ 250 Deferred direct contract acquisition costs - 805 Prepaid offering costs 825 266 Other prepaid expenses and current assets 203 231 Total prepaid expenses and other current assets $ 1,481 $ 1,552 |
Note E - Property and Equipme_2
Note E - Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, 2020 2019 Laboratory equipment $ 643 $ 638 Furniture and office equipment 71 119 Computers and hardware 296 303 Leasehold improvements 724 958 Finance lease right-of-use assets 1,031 1,013 Total property and equipment 2,765 3,031 Less: accumulated depreciation and amortization (1,726 ) (1,560 ) Property and equipment, net $ 1,039 $ 1,471 |
Property, Plant and Equipment, Useful Life [Table Text Block] | Useful Life Asset Category (in years) Laboratory equipment 10 Furniture and office equipment 5 10 Computers and hardware 3 7 Leasehold improvements 9 |
Note F - Accounts Payable and_2
Note F - Accounts Payable and Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | December 31, 2020 2019 Accrued interest $ 1,158 $ 359 Accrued banking fees 700 700 Accrued severance 53 - Accrued payroll 1,299 1 Accrued professional fees 1,639 2,364 Accounts payable 1,174 1,140 Other accrued expenses 624 347 Total accounts payable and accrued expenses $ 6,647 $ 4,911 |
Note G - Debt Obligations (Tabl
Note G - Debt Obligations (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Convertible Debt [Table Text Block] | December 31, 2020 2019 Deerfield Convertible Note $ 7,464 $ 6,981 2021 Notes - 3,000 December 2019 Notes 57,593 70,218 January 2020 Notes 3,186 - Total outstanding principal on debt obligations 68,243 80,199 Less: debt issuance costs and discounts (585 ) (2,856 ) Convertible notes, net $ 67,658 $ 77,343 |
Note H - Commitments and Cont_2
Note H - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Year Ended December 31, Lease Cost 2020 2019 Finance lease cost: Amortization of right-of-use assets $ 124 $ 123 Interest on lease liabilities 23 40 Total finance lease cost 147 163 Operating lease cost 363 473 Short-term lease cost 210 232 Variable lease cost 55 48 Less: sublease income (106 ) (84 ) Total lease costs $ 669 $ 832 |
Schedule of Leases Cash Flow Information [Table Text Block] | Year Ended December 31, 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 23 $ 40 Financing cash flows from finance leases 227 207 Operating cash flows from operating leases 447 435 Operating cash flows from short-term leases 210 232 Operating cash flows from variable lease costs 55 48 Right-of-use assets obtained in exchange for lease liabilities: Finance leases $ 17 $ 757 Operating leases 20 1,852 |
Schedule of Leases Balance Sheet Information [Table Text Block] | December 31, 2020 2019 Finance Leases Property and equipment, at cost $ 1,031 $ 1,013 less: accumulated depreciation and amortization (523 ) (398 ) Property and equipment, net $ 508 $ 615 Other current liabilities $ 172 $ 236 Other long-term liabilities 22 168 Total finance lease liabilities $ 194 $ 404 Operating Leases Operating lease right-of-use assets $ 1,350 $ 1,537 Total operating lease right-of-use assets $ 1,350 $ 1,537 Current portion of operating lease liabilities $ 327 $ 284 Operating lease liabilities, less current portion 1,587 1,901 Total operating lease liabilities $ 1,914 $ 2,185 Weighted Average Remaining Lease Term Finance leases 1 year 2 years Operating leases 5 years 6 years Weighted Average Discount Rate Finance leases 8.5 % 7.7 % Operating leases 7.5 % 7.5 % |
Operating and Finance Lease, Liability, Maturity [Table Text Block] | Finance Operating Year Ending December 31, Leases Leases 2021 $ 181 $ 460 2022 18 463 2023 6 472 2024 - 484 2025 - 390 Thereafter - 30 Total lease payments 205 2,299 Less: future interest expense (11 ) (385 ) Lease liabilities $ 194 $ 1,914 |
Note K - Common Stock and War_2
Note K - Common Stock and Warrants (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Authorized Shares of Common Stock Reserved for Future Issuance [Table Text Block] | December 31, 2020 2019 Conversion of Deerfield Convertible Note 81,101 75,850 Conversion of 2021 Notes - 10,958 Conversion of January 2020 Note 34,615 - Conversion of 2019 Notes not subject to the Deerfield Optional Conversion Feature 625,747 199,172 Outstanding awards under equity incentive plans 355,785 324,473 Outstanding common stock warrants 151,442 151,442 In exchange for the Deerfield Optional Conversion Feature* - 1,652,437 Possible future issuances under the equity line of credit - 597,065 Possible future issuances under equity incentive plans 47,825 5,325 Total common shares reserved for future issuance 1,296,515 3,016,722 |
Schedule of Common Stock Outstanding Roll Forward [Table Text Block] | Shares of Common Stock Balance as of January 1, 2019 1,653,425 Common stock issued under equity line of credit 220,091 Restricted stock vested during the period 6,354 Common stock issued as a result of 2021 Notes principal conversion 93,742 Common stock issued as a result of Series B-1 Preferred Stock conversion 103,749 Common stock issued as a result of Series A Preferred Stock conversion 69,521 Common stock issued as a result of Deerfield Optional Conversion Feature conversion 125,000 Balance as of December 31, 2019 2,271,882 Common stock issued under equity line of credit 579,260 Restricted stock vested during the period 10,247 Common stock issued as compensation to third-parties 23,216 Common stock issued as a result of Deerfield Optional Conversion Feature conversion 1,652,437 Common stock issued as a result of stock option exercise 279 Balance as of December 31, 2020 4,537,321 |
Note L - Stock-based Compensa_2
Note L - Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Year ended December 31, 2020 2019 Research and development $ 937 $ 1,459 General and administrative 1,134 2,951 Severance expense 420 - Total stock-based compensation expense $ 2,491 $ 4,410 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Year Ended December 31, 2020 2019 Risk-free interest rate 0.38% 1.65% 1.75% 2.61% Expected term (in years) 5.50 10.00 5.50 10.00 Expected volatility 89.49% 93.07% 84.82% 85.93% Expected dividend yield 0 0 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Weighted Weighted Avg Aggregate Number of Average Remaining Intrinsic Options Exercise Price Contractual Term Value Outstanding balance at January 1, 2020 324,473 $ 100.96 7.63 $ - Granted 92,869 $ 5.21 Exercised or released 10,526 $ 0.22 Canceled or forfeited 50,659 $ 131.61 Expired 372 $ 85.14 Outstanding balance at December 31, 2020 355,785 $ 74.60 7.34 $ 543,021 Exercisable at December 31, 2020 191,134 $ 113.12 6.42 $ 103,581 Vested and expected to vest at December 31, 2020 281,368 $ 92.53 6.88 $ 163,506 |
Share-based Payment Arrangement, Option, Exercise Price Range [Table Text Block] | Options Outstanding Options Exercisable Weighted Avg Weighted Avg Number of Remaining Number of Remaining Exercise Price Shares Contractual Term Shares Contractual Term $2.848 to $80.00 243,875 8.21 97,759 7.69 $80.01 to $160.00 57,494 5.97 38,959 5.44 $160.01 to $240.00 20,864 5.06 20,864 5.06 $240.01 to $320.00 12,616 4.84 12,616 4.84 $320.01 to $327.20 20,936 4.68 20,936 4.68 355,785 7.33 191,134 6.42 |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Number of Unvested Shares December 31, Exercise Price 2020 2019 $2.848 to $80.00 146,116 151,495 $80.01 to $160.00 18,535 31,436 $160.01 to $240.00 - 5,668 $240.01 to $320.00 - 1,260 $320.01 to $327.20 - - Total number of unvested stock options 164,651 189,859 |
Note M - Fair Value of Financ_2
Note M - Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Quoted Prices Significant in Active Other Significant Balance at Markets for Observable Unobservable December 31, Identical Assets Inputs Inputs 2020 (Level 1) (Level 2) (Level 3) Deerfield Warrant liability $ 230 $ - $ - $ 230 Embedded Warrant Put Option 25 - - 25 Deerfield Note Conversion Feature - - - - KVK Warrant liability 49 - 49 - Total liabilities $ 304 $ - $ 49 $ 255 Quoted Prices Significant in Active Other Significant Balance at Markets for Observable Unobservable December 31, Identical Assets Inputs Inputs 2019 (Level 1) (Level 2) (Level 3) Deerfield Warrant liability $ 77 $ - $ - $ 77 Embedded Warrant Put Option 19 - - 19 Fundamental change and make-whole interest provisions embedded within 2021 Notes - - - - Deerfield Note Conversion Feature - - - - KVK Warrant liability 24 - 24 - Total liabilities $ 120 $ - $ 24 $ 96 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | 2020 2019 Balance as of beginning of period $ 96 $ 1,845 Adjustment to fair value 159 (1,749 ) Balance as of end of period $ 255 $ 96 |
Note N - Income Taxes (Tables)
Note N - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year ended December 2020 2019 Federal statutory rate 21.00 % 21.00 % Effect of: Change in valuation allowance (22.65 ) (28.52 ) Return to provision and deferred true-up 0.11 - Change in rate 0.82 (0.33 ) State tax benefit (net of federal) 3.51 3.39 Warrant liability (0.30 ) 1.71 State research and development credit - 0.09 Federal research and development credit - 1.44 Amortization - (0.29 ) Stock-based compensation (2.18 ) (1.10 ) Other (0.05 ) 2.70 Federal income tax provision effective rate 0.26 % 0.09 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2020 2019 Deferred tax assets relating to: Net operating loss carryforwards $ 59,050 $ 56,827 Research and development tax carryforward 6,411 6,411 Other deferred tax assets 5,089 4,488 Total gross deferred tax assets 70,550 67,726 Deferred tax liabilities relating to: Property and equipment (18 ) - Other deferred tax liabilities 476 540 Total gross deferred tax liabilities 458 540 Deferred tax assets less liabilities 70,092 67,186 Valuation allowance (70,092 ) (67,186 ) Net deferred tax asset (liability) $ - $ - |
Summary of Operating Loss Carryforwards [Table Text Block] | Net Operating Research Year Incurred Loss CF Activities Cr. Expiration 2007 $ 454 $ 30 2027 2008 1,178 65 2028 2009 3,060 176 2029 2010 3,423 149 2030 2011 9,929 176 2031 2012 - 170 2032 2013 4,353 133 2033 2014 15,897 894 2034 2015 23,496 598 2035 2016 41,580 745 2036 2017 34,776 652 2037 2018 56,099 2,271 Indefinite 2019 22,922 352 Indefinite 2020 8,810 - Indefinite $ 225,977 $ 6,411 |
Note O - Net Loss Per Share (Ta
Note O - Net Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year Ended December 31, 2020 2019 Net loss - basic and diluted $ (12,760 ) $ (24,522 ) Weighted average number of shares of common stock - basic and diluted 3,980,975 1,853,397 Net loss per share - basic and diluted $ (3.21 ) $ (13.23 ) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | December 31, 2020 2019 Deerfield Convertible Note 81,101 75,850 2021 Notes - 10,958 Conversion of January 2020 Note 34,615 - 2019 Notes* 625,747 1,851,609 Awards under equity incentive plans 355,785 324,473 Common stock warrants 151,442 151,442 Total securities excluded from the calculation of weighted average number of shares of common stock outstanding 1,248,690 2,414,332 |
Note A - Description of Busin_2
Note A - Description of Business and Basis of Presentation (Details Textual) $ / shares in Units, $ in Thousands | Dec. 23, 2020 | Sep. 03, 2019USD ($) | Feb. 28, 2019USD ($) | Feb. 29, 2020USD ($)shares | Feb. 28, 2019USD ($)shares | Oct. 31, 2018USD ($) | Dec. 31, 2020USD ($)$ / shares | Dec. 31, 2019USD ($)$ / shares | Jul. 31, 2020USD ($) | May 31, 2020USD ($) |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | ||||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 13,288 | $ 12,839 | ||||||||
License [Member] | ||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 12,800 | |||||||||
Consulting Services [Member] | ||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 0 | |||||||||
Lincoln Park [Member] | ||||||||||
Sale of Securities, Value, Available to Issue | $ 15,000 | $ 4,000 | $ 15,000 | |||||||
Purchase Agreement, Term (Month) | 3 years | 1 year | ||||||||
Purchase Agreement, Additional Shares to Be Issued as Commitment Shares (in shares) | shares | 19,289 | 7,512 | ||||||||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 559,971 | 212,579 | ||||||||
Proceeds from Issuance of Common Stock | $ 5,400 | 2,300 | ||||||||
Purchase Agreement, Maximum Shares to be Issued (in shares) | shares | 579,260 | |||||||||
GPC Member | License [Member] | ||||||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 10,000 | 7,300 | 1,900 | |||||||
Revenue Recognition, Milestone Method, Revenue to be Recognized | 63,000 | |||||||||
Revenue Recognition, Milestone Method, Additional Revenue to be Recognized | 420,000 | |||||||||
Regulatory Milestone Revenue to Be Earned Following FDA Acceptance | $ 5,000 | $ 5,000 | ||||||||
Royalty Revenue, Percent | 10.00% | |||||||||
KVK [Member] | ||||||||||
License Agreement, Estimated Pre-launch Payments and Costs Reimbursements | $ 3,400 | |||||||||
License Agreement, Pre-launch Payment Reimbursement Within 10 Days of Initial Adoption Milestone | 2,000 | |||||||||
License Agreement, Maximum Payments Received for Sales Milestones | $ 53,000 | |||||||||
KVK [Member] | Minimum [Member] | ||||||||||
License Agreement, Percentage of Net Sales on Rolling Four Quarter Basis Received | 30.00% | |||||||||
KVK [Member] | Maximum [Member] | ||||||||||
License Agreement, Percentage of Net Sales on Rolling Four Quarter Basis Received | 50.00% | |||||||||
Corium, Inc [Member] | Consulting Services [Member] | ||||||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 3,900 | $ 0 | ||||||||
Consulting Agreement, Maximum Amount to be Received | $ 15,600 | |||||||||
Contract with Customer, Asset, after Allowance for Credit Loss, Total | 13,600 | |||||||||
Consulting Agreement, Conditional Milestone Achievement to be Received | $ 2,000 | |||||||||
Reverse Stock Split [Member] | ||||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 16 |
Note B - Summary of Significa_2
Note B - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | Sep. 03, 2019 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Jul. 31, 2020 | May 31, 2020 |
Revenue from Contract with Customer, Including Assessed Tax | $ 13,288 | $ 12,839 | ||||
Accounts Receivable, after Allowance for Credit Loss, Current, Total | 2,442 | 1,681 | ||||
Accounts Receivable, Allowance for Credit Loss, Ending Balance | 0 | 0 | ||||
License [Member] | ||||||
Revenue from Contract with Customer, Including Assessed Tax | 12,800 | |||||
Accounts Receivable, after Allowance for Credit Loss, Current, Total | 0 | 1,600 | ||||
Consulting Services [Member] | ||||||
Revenue from Contract with Customer, Including Assessed Tax | 0 | |||||
Deferred Revenue, Total | 0 | 0 | ||||
Accounts Receivable, after Allowance for Credit Loss, Current, Total | 100 | |||||
GPC Member | License [Member] | ||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 10,000 | 7,300 | 1,900 | |||
Revenue Recognition, Milestone Method, Revenue to be Recognized | 63,000 | |||||
Regulatory Milestone Revenue to Be Earned Following FDA Acceptance | 5,000 | $ 5,000 | ||||
Revenue Recognition, Milestone Method, Additional Revenue to be Recognized | $ 420,000 | |||||
Contract with Customer, Liability, Revenue Recognized | $ 5,000 | |||||
Capitalized Contract Cost, Gross | 2,800 | |||||
Deferred Revenue, Total | 0 | |||||
GPC Member | License [Member] | Royalty and Direct Contract Acquisition Costs [Member] | ||||||
Capitalized Contract Cost, Amortization | 800 | |||||
Corium, Inc [Member] | ||||||
Deferred Revenue, Total | 100 | |||||
Accounts Receivable, after Allowance for Credit Loss, Current, Total | 2,100 | |||||
Corium, Inc [Member] | Consulting Services [Member] | ||||||
Revenue from Contract with Customer, Including Assessed Tax | 3,900 | 0 | ||||
Deferred Revenue, Total | $ 2,000 | $ 0 | ||||
Contract with Customer, Asset, after Allowance for Credit Loss, Total | $ 13,600 | |||||
Percentage of Consulting Services and Out-of-pocket Third-party Research and Development Costs Recognized | 30.00% | |||||
Accounts Receivable, after Allowance for Credit Loss, Current, Total | $ 400 | |||||
Minimum [Member] | ||||||
Property, Plant and Equipment, Useful Life (Year) | 3 years | |||||
Maximum [Member] | ||||||
Property, Plant and Equipment, Useful Life (Year) | 10 years |
Note C - Accounts and Other R_3
Note C - Accounts and Other Receivables - Accounts and Other Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Accounts receivable | $ 2,442 | $ 1,681 |
Other receivables | 137 | 184 |
Total accounts and other receivables | $ 2,579 | $ 1,865 |
Note D - Prepaid Expenses and_3
Note D - Prepaid Expenses and Other Current Assets - Components of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Prepaid insurance | $ 453 | $ 250 |
Deferred direct contract acquisition costs | 805 | |
Prepaid offering costs | 825 | 266 |
Other prepaid expenses and current assets | 203 | 231 |
Total prepaid expenses and other current assets | $ 1,481 | $ 1,552 |
Note E - Property and Equipme_3
Note E - Property and Equipment (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Depreciation, Depletion and Amortization, Total | $ 273,000 | $ 304,000 |
Note E - Property and Equipme_4
Note E - Property and Equipment - Components of Property and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Property and equipment, gross | $ 2,765 | $ 3,031 |
Less: accumulated depreciation and amortization | (1,726) | (1,560) |
Property and equipment, net | 1,039 | 1,471 |
Laboratory Equipment [Member] | ||
Property and equipment, gross | 643 | 638 |
Furniture and Fixtures [Member] | ||
Property and equipment, gross | 71 | 119 |
Computer and Hardware [Member] | ||
Property and equipment, gross | 296 | 303 |
Leasehold Improvements [Member] | ||
Property and equipment, gross | 724 | 958 |
Finance Lease, Right-of-Use Assets [Member] | ||
Property and equipment, gross | $ 1,031 | $ 1,013 |
Note E - Property and Equipme_5
Note E - Property and Equipment - Estimated Useful Lives of Property and Equipment (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Minimum [Member] | |
Property and equipment, useful lives (Year) | 3 years |
Maximum [Member] | |
Property and equipment, useful lives (Year) | 10 years |
Laboratory Equipment [Member] | |
Property and equipment, useful lives (Year) | 10 years |
Furniture and Fixtures [Member] | Minimum [Member] | |
Property and equipment, useful lives (Year) | 5 years |
Furniture and Fixtures [Member] | Maximum [Member] | |
Property and equipment, useful lives (Year) | 10 years |
Computer and Hardware [Member] | Minimum [Member] | |
Property and equipment, useful lives (Year) | 3 years |
Computer and Hardware [Member] | Maximum [Member] | |
Property and equipment, useful lives (Year) | 7 years |
Leasehold Improvements [Member] | |
Property and equipment, useful lives (Year) | 9 years |
Note F - Accounts Payable and_3
Note F - Accounts Payable and Accrued Expenses - Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Accrued interest | $ 1,158 | $ 359 |
Accrued banking fees | 700 | 700 |
Accrued severance | 53 | |
Accrued payroll | 1,299 | 1 |
Accrued professional fees | 1,639 | 2,364 |
Accounts payable | 1,174 | 1,140 |
Other accrued expenses | 624 | 347 |
Total accounts payable and accrued expenses | $ 6,647 | $ 4,911 |
Note G - Debt Obligations (Deta
Note G - Debt Obligations (Details Textual) - USD ($) | Feb. 08, 2021 | Jan. 12, 2021 | Jan. 01, 2021 | Apr. 23, 2020 | Jan. 13, 2020 | Dec. 18, 2019 | Sep. 03, 2019 | Oct. 05, 2018 | Jun. 11, 2018 | Feb. 09, 2016 | Jun. 02, 2014 | Sep. 30, 2019 | Jun. 30, 2018 | Sep. 03, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2020 | Dec. 31, 2020 | Mar. 11, 2021 | Jan. 26, 2021 | Jan. 11, 2021 | Sep. 02, 2019 | Jun. 30, 2016 |
Debt Conversion, Converted Instrument, Shares Issued (in shares) | 1,777,437 | ||||||||||||||||||||||
Convertible Preferred Stock, Conversion Restriction, Percentage of Common Stock | 4.985% | 4.985% | |||||||||||||||||||||
Interest Paid, Excluding Capitalized Interest, Operating Activities | $ 78,000 | $ 5,362,000 | |||||||||||||||||||||
Debt Instrument, Convertible, Minimum Conversion Price (in dollars per share) | $ 9.328 | ||||||||||||||||||||||
Long-term Debt, Gross | 68,243,000 | $ 80,199,000 | $ 68,243,000 | ||||||||||||||||||||
Long-term Debt, Total | 67,658,000 | 77,343,000 | 67,658,000 | ||||||||||||||||||||
Proceeds from Issuance of Long-term Debt, Total | 781,000 | ||||||||||||||||||||||
Loans Payable, Current, Total | 390,000 | 390,000 | |||||||||||||||||||||
Loans Payable, Noncurrent, Total | 391,000 | 391,000 | |||||||||||||||||||||
Convertible Notes Payable, Noncurrent | $ 67,658,000 | $ 77,343,000 | $ 67,658,000 | ||||||||||||||||||||
Subsequent Event [Member] | Reclassification from Current to Noncurrent [Member] | |||||||||||||||||||||||
Convertible Notes Payable, Current | $ (68,200,000) | ||||||||||||||||||||||
Convertible Notes Payable, Noncurrent | $ 68,200,000 | ||||||||||||||||||||||
Series A Preferred Stock Converted Into Common Stock [Member] | |||||||||||||||||||||||
Conversion of Stock, Shares Issued (in shares) | 69,521 | 199,519 | |||||||||||||||||||||
Conversion of Stock, Shares Converted (in shares) | 9,577 | ||||||||||||||||||||||
Series B-1 Preferred Convertible Stock Converted to Common Stock [Member] | |||||||||||||||||||||||
Conversion of Stock, Shares Issued (in shares) | 103,749 | ||||||||||||||||||||||
Conversion of Stock, Shares Converted (in shares) | 103,749 | 1,576 | |||||||||||||||||||||
Series A Preferred Stock [Member] | |||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in shares) | 1,576 | ||||||||||||||||||||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | ||||||||||||||||||||||
Preferred Stock, Aggregate Stated Value Per Share (in dollars per share) | 1,000 | ||||||||||||||||||||||
Convertible Preferred Stock, Conversion Price (in dollars per share) | $ 3 | $ 48 | $ 48 | ||||||||||||||||||||
Convertible Preferred Stock, Shares Issuable Upon Conversion (in shares) | 3,192,333 | 199,519 | 199,519 | ||||||||||||||||||||
Conversion Of Stock Shares Issuable If Converted (in shares) | 3,192,333 | 199,519 | 199,519 | ||||||||||||||||||||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 0 | 0 | |||||||||||||||||||||
Series B-1 Convertible Preferred Stock [Member] | |||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ 15.1904 | $ 15.1904 | |||||||||||||||||||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | $ 0.0001 | 0.0001 | $ 0.0001 | 0.0001 | ||||||||||||||||||
Preferred Stock, Aggregate Stated Value Per Share (in dollars per share) | 1,000 | $ 1,000 | 1,000 | ||||||||||||||||||||
Convertible Preferred Stock, Conversion Price (in dollars per share) | $ 0.9494 | $ 0.9494 | $ 0.9494 | $ 15.1904 | $ 15.1904 | ||||||||||||||||||
Convertible Preferred Stock, Shares Issuable Upon Conversion (in shares) | 103,749 | 103,749 | |||||||||||||||||||||
Conversion Of Stock Shares Issuable If Converted (in shares) | 1,659,996 | 1,659,996 | 1,659,996 | 103,749 | 103,749 | ||||||||||||||||||
Convertible Preferred Stock, Conversion Restriction, Percentage of Common Stock | 4.985% | 4.985% | |||||||||||||||||||||
Preferred Stock, Liquidation Preference Per Share (in dollars per share) | $ 0.0001 | $ 0.0001 | |||||||||||||||||||||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 0 | 0 | 0 | ||||||||||||||||||||
Series B-2 Convertible Preferred Stock [Member] | |||||||||||||||||||||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||||||||||||||||
Preferred Stock, Aggregate Stated Value Per Share (in dollars per share) | 1,000 | 1,000 | |||||||||||||||||||||
Convertible Preferred Stock, Conversion Price (in dollars per share) | $ 0.9494 | $ 0.9494 | $ 15.1904 | $ 15.1904 | |||||||||||||||||||
Convertible Preferred Stock, Shares Issuable Upon Conversion (in shares) | 1,777,437 | 1,777,437 | |||||||||||||||||||||
Conversion Of Stock Shares Issuable If Converted (in shares) | 28,439,015 | 28,439,015 | |||||||||||||||||||||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 0 | 0 | 0 | ||||||||||||||||||||
Series B Preferred Stock [Member] | |||||||||||||||||||||||
Preferred Stock, Liquidation Preference Per Share (in dollars per share) | $ 0.0001 | $ 0.0001 | |||||||||||||||||||||
Conversion from Deerfield Convertible Note to Common Stock [Member] | |||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 3,333,333 | $ 3,333,333 | |||||||||||||||||||||
Debt Conversion, Accrued Interest | $ 168,288 | $ 168,288 | |||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in shares) | 37,410 | ||||||||||||||||||||||
Exchanged 2021 Notes for Series A Preferred Stock [Member] | |||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 9,577,000 | ||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in shares) | 9,577 | ||||||||||||||||||||||
Debt Conversion, Option to Exchange Amount | $ 27,000,000 | $ 27,000,000 | |||||||||||||||||||||
2021NotesConvertedToSeriesB1PreferredStockMember | |||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in shares) | 1,576 | 93,742 | |||||||||||||||||||||
Conversion From Deerfield Convertible Note to Common and Preferred Stock Member | |||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 3,000,000 | ||||||||||||||||||||||
Exchanged2021NotesForSeriesB2PreferredStockMember | |||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ 1,000 | $ 1,000 | |||||||||||||||||||||
Exchanged2021NotesForCommonStockMember | |||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ 0.9494 | $ 0.9494 | $ 15.1904 | $ 15.1904 | |||||||||||||||||||
Conversion of December 2019 Notes into Common Stock [Member] | |||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 17,100,000 | ||||||||||||||||||||||
December 2020 Exchange Agreement [Member] | Subsequent Event [Member] | |||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 31,500,000 | ||||||||||||||||||||||
Debt Conversion, Converted Instrument, Warrants or Options Issued (in shares) | 3,632,019 | ||||||||||||||||||||||
December 2020 Exchange Agreement [Member] | Series B-2 Preferred Stock [Member] | Subsequent Event [Member] | |||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in shares) | 31,476.98412 | ||||||||||||||||||||||
Deerfield Convertible Notes [Member] | |||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ 93.60 | ||||||||||||||||||||||
Long-term Debt, Gross | $ 7,464,000 | $ 6,981,000 | $ 7,464,000 | ||||||||||||||||||||
2021 Notes [Member] | |||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ 17.11 | $ 273.76 | $ 273.76 | ||||||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 1,000 | $ 1,000 | |||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in shares) | 58.4454 | 3.6528 | |||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.50% | ||||||||||||||||||||||
Debt Instrument, Face Amount | $ 86,300,000 | ||||||||||||||||||||||
Proceeds from Debt, Net of Issuance Costs | 82,800,000 | ||||||||||||||||||||||
Repayments of Long-term Debt, Total | 18,600,000 | ||||||||||||||||||||||
Debt Instrument, Sinking Fund Payment | $ 0 | ||||||||||||||||||||||
Debt Instrument Repurchase Price Equal to Percentage of Principal Amount | 100.00% | ||||||||||||||||||||||
Debt Instrument, Cancellation of Debt, Amount | $ 3,037,354 | $ 71,418,011 | |||||||||||||||||||||
Interest Paid, Excluding Capitalized Interest, Operating Activities | $ 37,354 | $ 745,011 | |||||||||||||||||||||
Debt Instrument, Percentage of Accrued Interest Paid | 50.00% | ||||||||||||||||||||||
Long-term Debt, Gross | $ 3,000,000 | ||||||||||||||||||||||
The 2019 Notes [Member] | |||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ 5.85 | $ 17.11 | $ 93.60 | $ 273.76 | $ 93.60 | ||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.75% | ||||||||||||||||||||||
Debt Instrument, Face Amount | $ 71,418,011 | ||||||||||||||||||||||
Debt Instrument, Percentage of Accrued Interest Paid | 50.00% | ||||||||||||||||||||||
Debt Instrument, Convertible, Number of Equity Instruments | 4,174,051 | ||||||||||||||||||||||
Debt Instrument, Convertible, Number of Shares Issuable Upon Conversion (in shares) | 260,876 | ||||||||||||||||||||||
Debt Instrument, Convertible, Minimum Conversion Price (in dollars per share) | $ 0.583 | $ 0.38 | |||||||||||||||||||||
Debt Instrument, Convertible, Conversion Restriction Percentage of Common Stock | 4.985% | ||||||||||||||||||||||
Beneficial Ownership, Cap Limit, Percentage | 19.985% | ||||||||||||||||||||||
Debt Instrument, Convertible, Floor Price (in dollars per share) | $ 9.328 | $ 9.328 | |||||||||||||||||||||
Long-term Debt, Gross | $ 57,593,000 | $ 70,218,000 | $ 57,593,000 | ||||||||||||||||||||
January 2020 Note [Member] | |||||||||||||||||||||||
Debt Instrument, Face Amount | $ 3,037,354 | ||||||||||||||||||||||
Long-term Debt, Gross | 3,186,000 | 3,186,000 | |||||||||||||||||||||
The December 2020 Exchange Agreement [Member] | Subsequent Event [Member] | |||||||||||||||||||||||
Convertible Notes Payable, Current | $ 7,600,000 | ||||||||||||||||||||||
Repayments of Debt | $ 30,300,000 | ||||||||||||||||||||||
The December 2019 and January 2020 Notes [Member] | |||||||||||||||||||||||
Long-term Debt, Gross | 60,800,000 | 60,800,000 | |||||||||||||||||||||
The Facility Notes [Member] | |||||||||||||||||||||||
Long-term Debt, Total | 69,400,000 | 69,400,000 | |||||||||||||||||||||
The Facility Notes [Member] | Subsequent Event [Member] | |||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.75% | ||||||||||||||||||||||
Repayments of Long-term Debt, Total | $ 30,300,000 | ||||||||||||||||||||||
Long-term Debt, Total | $ 7,600,000 | ||||||||||||||||||||||
Paycheck Protection Program CARES Act [Member] | |||||||||||||||||||||||
Proceeds from Issuance of Long-term Debt, Total | $ 800,000 | ||||||||||||||||||||||
Loans Payable, Current, Total | 400,000 | 400,000 | |||||||||||||||||||||
Loans Payable, Noncurrent, Total | 400,000 | 400,000 | |||||||||||||||||||||
Deerfield Facility Agreement [Member] | |||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 60,000,000 | ||||||||||||||||||||||
Line of Credit Facility, Interest Rate at Period End | 6.75% | 9.75% | 6.75% | 6.75% | |||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.75% | 9.75% | |||||||||||||||||||||
Convertible Notes Payable, Current | $ 6,980,824 | $ 6,980,824 | |||||||||||||||||||||
Debt Covenant, Debt Financing Restriction | $ 750,000 | ||||||||||||||||||||||
Reimbursement of Debt Holders | $ 150,000 | $ 150,000 | |||||||||||||||||||||
Change in Fair Value of Embedded Conversion Feature | $ 2,300,000 | ||||||||||||||||||||||
Debt Instrument, Convertible, Minimum Conversion Price (in dollars per share) | $ 0.60 | ||||||||||||||||||||||
Conversion of Stock, Maximum Shares Issued (in shares) | 28,439,015 | ||||||||||||||||||||||
Debt Instrument, Convertible, Optional Conversion Feature, Exchange Price (in dollars per share) | $ 9.60 | $ 9.60 | |||||||||||||||||||||
Debt Instrument, Convertible Optional Conversion Feature Shares Issuable Upon Exchange (in shares) | 1,777,437 | 1,777,437 | |||||||||||||||||||||
Long-term Debt, Gross | $ 7,500,000 | $ 7,500,000 | |||||||||||||||||||||
Deerfield Facility Agreement [Member] | Subsequent Event [Member] | |||||||||||||||||||||||
Repayments of Long-term Debt, Total | $ 8,000,000 | ||||||||||||||||||||||
Deerfield Facility Agreement [Member] | Deerfield Warrant [Member] | |||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 0.78 | ||||||||||||||||||||||
Deerfield Facility Agreement [Member] | Deerfield Warrant [Member] | IPO [Member] | |||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 1,923,077 | ||||||||||||||||||||||
Deerfield Facility Agreement [Member] | Series D Redeemable Convertible Preferred Stock Reclassified to Common Stock [Member] | |||||||||||||||||||||||
Conversion of Stock, Shares Issued (in shares) | 256,410 | ||||||||||||||||||||||
Deerfield Facility Agreement [Member] | Common Stock Shares Reclassified Due to Reverse Stock Split [Member] | |||||||||||||||||||||||
Conversion of Stock, Shares Issued (in shares) | 16,025 | ||||||||||||||||||||||
Deerfield Facility Agreement [Member] | Series D Redeemable Convertible Preferred Stock [Member] | |||||||||||||||||||||||
Own-share Lending Arrangement, Shares, Issued (in shares) | 1,923,077 | ||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 14,423,076 | ||||||||||||||||||||||
Deerfield Facility Agreement [Member] | Term Notes [Member] | |||||||||||||||||||||||
Proceeds from Secured Notes Payable | $ 15,000,000 | ||||||||||||||||||||||
Deerfield Facility Agreement [Member] | Deerfield Convertible Notes [Member] | |||||||||||||||||||||||
Proceeds from Secured Notes Payable | $ 10,000,000 | ||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ 5.85 | $ 93.60 | $ 93.60 | ||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 120,192 | 120,192 | |||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 5.85 | $ 93.60 | $ 93.60 | ||||||||||||||||||||
Deerfield Facility Agreement [Member] | Deerfield Convertible Notes [Member] | Subsequent Event [Member] | |||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 46.25 |
Note G - Debt Obligations - Con
Note G - Debt Obligations - Convertible Notes Outstanding (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Convertible notes | $ 68,243 | $ 80,199 |
Less: debt issuance costs and discounts | (585) | (2,856) |
Convertible notes, net | 67,658 | 77,343 |
Deerfield Convertible Notes [Member] | ||
Convertible notes | 7,464 | 6,981 |
2021 Notes [Member] | ||
Convertible notes | 3,000 | |
The 2019 Notes [Member] | ||
Convertible notes | 57,593 | 70,218 |
January 2020 Note [Member] | ||
Convertible notes | $ 3,186 |
Note H - Commitments and Cont_3
Note H - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Loss Contingency Accrual, Ending Balance | $ 0 | $ 0 |
Lessee, Lease, Option to Extend, Maximum Term (Year) | 5 years | |
Lessee, Lease, Option to Terminate, Term (Year) | 1 year | |
Operating and Capital Leases, Rent Expense, Net | $ 600 | $ 700 |
Minimum [Member] | ||
Lessee, Lease, Remaining Term of Contract (Year) | 1 year | |
Capital Lease, Interest Rate | 7.19% | 7.19% |
Maximum [Member] | ||
Lessee, Lease, Option to Extend, Maximum Term (Year) | 5 years | |
Capital Lease, Interest Rate | 14.34% | 14.34% |
Note H - Commitments and Cont_4
Note H - Commitments and Contingencies - Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Amortization of right-of-use assets | $ 124 | $ 123 |
Interest on lease liabilities | 23 | 40 |
Total finance lease cost | 147 | 163 |
Operating lease cost | 363 | 473 |
Short-term lease cost | 210 | 232 |
Variable lease cost | 55 | 48 |
Less: sublease income | (106) | (84) |
Total lease costs | $ 669 | $ 832 |
Note H - Commitments and Cont_5
Note H - Commitments and Contingencies - Supplement Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Operating cash flows from finance leases | $ 23 | $ 40 |
Financing cash flows from finance leases | 227 | 207 |
Operating cash flows from operating leases | 447 | 435 |
Operating cash flows from short-term leases | 210 | 232 |
Operating cash flows from variable lease costs | 55 | 48 |
Finance leases | 17 | 757 |
Operating leases | $ 20 | $ 1,852 |
Note H - Commitments and Cont_6
Note H - Commitments and Contingencies - Supplement Balance Sheet Information Related to Lease (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
less: accumulated depreciation and amortization | $ (1,726) | $ (1,560) |
Lease liabilities | 194 | 404 |
Operating lease right-of-use assets | 1,350 | 1,537 |
Total operating lease right-of-use assets | 1,350 | 1,537 |
Current portion of operating lease liabilities | 327 | 284 |
Operating lease liabilities, less current portion | 1,587 | 1,901 |
Total operating lease liabilities | $ 1,914 | $ 2,185 |
Finance leases (Year) | 1 year | 2 years |
Operating leases (Year) | 5 years | 6 years |
Finance leases | 8.50% | 7.70% |
Operating leases | 7.50% | 7.50% |
Property and Equipment, At Cost [Member] | ||
Property and equipment, at cost | $ 1,031 | $ 1,013 |
Accumulated Depreciation and Amortization [Member] | ||
less: accumulated depreciation and amortization | (523) | (398) |
Property and Equipment, Net [Member] | ||
Property and equipment, net | 508 | 615 |
Other Current Liabilities [Member] | ||
Other current liabilities | 172 | 236 |
Other Noncurrent Liabilities [Member] | ||
Other long-term liabilities | 22 | 168 |
Operating Lease Right-of-Use Assets [Member] | ||
Operating lease right-of-use assets | 1,350 | 1,537 |
Total operating lease right-of-use assets | 1,350 | 1,537 |
Current Portion of Operating Lease Liabilities [Member] | ||
Current portion of operating lease liabilities | 327 | 284 |
Operating Lease Liabilities, Less Current Portion [Member] | ||
Operating lease liabilities, less current portion | $ 1,587 | $ 1,901 |
Note H - Commitments and Cont_7
Note H - Commitments and Contingencies - Maturities of lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
2021 | $ 181 | |
2021 | 460 | |
2022 | 18 | |
2022 | 463 | |
2023 | 6 | |
2023 | 472 | |
2024 | ||
2024 | 484 | |
2025 | ||
2025 | 390 | |
Thereafter | ||
Thereafter | 30 | |
Total lease payments | 205 | |
Total lease payments | 2,299 | |
Less: future interest expense | (11) | |
Less: future interest expense | (385) | |
Lease liabilities | 194 | $ 404 |
Lease liabilities | $ 1,914 | $ 2,185 |
Note I - Supply Arrangement (De
Note I - Supply Arrangement (Details Textual) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019USD ($) | |
Number of Manufacturing Arrangements | 1 | |
Supply Arrangement Expense | $ 3.2 | |
Supply Arrangement, Automatic Renewal Period (Year) | 2 years | |
Supply Arrangement, Period of Prior Notice (Month) | 1 year |
Note J - Preferred Stock and _2
Note J - Preferred Stock and Warrants (Details Textual) - $ / shares | Oct. 05, 2018 | Sep. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Sep. 03, 2019 |
Preferred Stock, Shares Authorized (in shares) | 10,000,000 | 10,000,000 | |||
Debt Conversion, Converted Instrument, Shares Issued (in shares) | 1,777,437 | ||||
Convertible Preferred Stock, Conversion Restriction, Percentage of Common Stock | 4.985% | ||||
Series A Preferred Stock [Member] | |||||
Preferred Stock, Shares Authorized (in shares) | 9,578 | 9,577 | |||
Preferred Stock, Shares Issued, Total (in shares) | 9,577 | 9,577 | |||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 0 | ||||
Debt Conversion, Converted Instrument, Shares Issued (in shares) | 1,576 | ||||
Preferred Stock, Aggregate Stated Value Per Share (in dollars per share) | $ 1,000 | ||||
Convertible Preferred Stock, Conversion Price (in dollars per share) | $ 3 | $ 48 | |||
Conversion Of Stock Shares Issuable If Converted (in shares) | 3,192,333 | 199,519 | |||
Series B-1 Convertible Preferred Stock [Member] | |||||
Preferred Stock, Shares Authorized (in shares) | 1,576 | 1,576 | |||
Preferred Stock, Shares Issued, Total (in shares) | 1,576 | 1,576 | |||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 0 | 0 | |||
Preferred Stock, Aggregate Stated Value Per Share (in dollars per share) | $ 1,000 | $ 1,000 | |||
Convertible Preferred Stock, Conversion Price (in dollars per share) | $ 0.9494 | $ 15.1904 | $ 0.9494 | ||
Conversion Of Stock Shares Issuable If Converted (in shares) | 1,659,996 | 103,749 | 1,659,996 | ||
Convertible Preferred Stock, Conversion Restriction, Percentage of Common Stock | 4.985% | ||||
Preferred Stock, Liquidation Preference Per Share (in dollars per share) | $ 0.0001 | ||||
Series B-2 Convertible Preferred Stock [Member] | |||||
Preferred Stock, Shares Authorized (in shares) | 27,000 | 27,000 | |||
Preferred Stock, Shares Issued, Total (in shares) | 0 | 0 | |||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 0 | 0 | |||
Preferred Stock, Aggregate Stated Value Per Share (in dollars per share) | $ 1,000 | ||||
Convertible Preferred Stock, Conversion Price (in dollars per share) | $ 15.1904 | $ 0.9494 | |||
Conversion Of Stock Shares Issuable If Converted (in shares) | 28,439,015 | ||||
Preferred Class A [Member] | |||||
Debt Conversion, Converted Instrument, Shares Issued (in shares) | 9,577 | ||||
Preferred Stock, Aggregate Stated Value Per Share (in dollars per share) | $ 1,000 |
Note K - Common Stock and War_3
Note K - Common Stock and Warrants (Details Textual) - USD ($) $ / shares in Units, $ in Millions | Oct. 25, 2018 | Jun. 02, 2014 | Jan. 26, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Common Stock, Shares Authorized (in shares) | 250,000,000 | 250,000,000 | |||
Common Stock, Shares, Issued, Total (in shares) | 4,537,321 | 2,271,882 | |||
Other Noncurrent Assets [Member] | |||||
Contract with Customer, Asset, after Allowance for Credit Loss, Total | $ 0.4 | ||||
Deerfield Warrant [Member] | |||||
Class of Warrant or Right Issued (in shares) | 14,423,076 | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 93.60 | ||||
Deerfield Warrant [Member] | Subsequent Event [Member] | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 46.25 | ||||
Deerfield Warrant [Member] | Common Stock [Member] | |||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 1,923,077 | 120,192 | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 5.85 | $ 93.60 | |||
Deerfield Warrant [Member] | Common Stock [Member] | Subsequent Event [Member] | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 46.25 | ||||
Warrant Issued to KVK [Member] | |||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 500,000 | 31,250 | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 2.30 | $ 36.80 | |||
Class of Warrant or Right, Additional Shares Exercisable for Each Milestones (in shares) | 125,000 |
Note K - Common Stock and War_4
Note K - Common Stock and Warrants - Reserved Authorized Shares of Common Stock for Future Issuance (Details) - shares | Dec. 31, 2020 | Dec. 31, 2019 | |
Common shares reserved for future issuance (in shares) | 1,296,515 | 3,016,722 | |
Warrant [Member] | |||
Common shares reserved for future issuance (in shares) | 151,442 | 151,442 | |
Share-based Payment Arrangement [Member] | |||
Common shares reserved for future issuance (in shares) | 355,785 | 324,473 | |
Possible Future Issuances Under the Equity Line of Credit [Member] | |||
Common shares reserved for future issuance (in shares) | 597,065 | ||
Possible Future Issuances Under Equity Incentive Plans [Member] | |||
Common shares reserved for future issuance (in shares) | 47,825 | 5,325 | |
2021 Notes [Member] | |||
Common shares reserved for future issuance (in shares) | 10,958 | ||
January 2020 Note [Member] | |||
Common shares reserved for future issuance (in shares) | 34,615 | ||
The 2019 Notes [Member] | |||
Common shares reserved for future issuance (in shares) | 625,747 | 199,172 | |
Optional Exchange Principal Amount [Member] | |||
Common shares reserved for future issuance (in shares) | [1] | 1,652,437 | |
Convertible Notes Payable [Member] | |||
Common shares reserved for future issuance (in shares) | 81,101 | 75,850 | |
[1] | Common Stock issuable (i) in exchange of the Deerfield Optional Conversion Feature, or (ii) upon conversion of the Series B-2 Preferred Stock issuable in exchange of the Deerfield Optional Conversion Feature |
Note K - Common Stock and War_5
Note K - Common Stock and Warrants - Common Stock Activity (Details) - shares | 12 Months Ended | 27 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | |
Balance (in shares) | 2,271,882 | 1,653,425 | |
Restricted stock vested during the period (in shares) | 10,247 | 6,354 | |
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures, Total (in shares) | 10,247 | 6,354 | |
Common stock issued as compensation to third-parties (in shares) | 23,216 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares) | 10,526 | ||
Balance (in shares) | 4,537,321 | 2,271,882 | 4,537,321 |
2014 Equity Incentive Plan [Member] | |||
Restricted stock vested during the period (in shares) | 10,247 | 5,104 | |
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures, Total (in shares) | 10,247 | 5,104 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares) | 279 | 0 | |
Series B-1 Preferred Convertible Stock Converted to Common Stock [Member] | |||
Common stock issued as a result of Preferred Stock conversion (in shares) | 103,749 | ||
Series A Preferred Stock Converted Into Common Stock [Member] | |||
Common stock issued as a result of Preferred Stock conversion (in shares) | 69,521 | 199,519 | |
2021NotesConvertedToCommonStockMember | |||
Common stock issued as a result of Convertible Note conversion (in shares) | 93,742 | ||
Common stock issued as a result of Deerfield Optional Conversion Feature conversion (in shares) | 93,742 | ||
Optional Exchange Principal Amount [Member] | |||
Common stock issued as a result of Convertible Note conversion (in shares) | 1,652,437 | 125,000 | |
Common stock issued as a result of Deerfield Optional Conversion Feature conversion (in shares) | 1,652,437 | 125,000 | |
Equity Line of Credit [Member] | |||
Stock Issued During Period, Shares, New Issues (in shares) | 579,260 | 220,091 |
Note L - Stock-based Compensa_3
Note L - Stock-based Compensation (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures, Total (in shares) | 10,247 | 6,354 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares) | 10,526 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | 0.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Weighted Average Grant Date Fair Value (in dollars per share) | $ 5 | $ 22.88 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 3,700,000 | $ 4,900,000 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 1,700,000 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 262 days | |
Share-based Payment Arrangement, Expense | $ 2,491,000 | $ 4,410,000 |
Performance Shares [Member] | ||
Share-based Payment Arrangement, Expense | $ 300,000 | |
2014 Equity Incentive Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 408,167 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Reserved for Issuance, Incremental Percentage of Capital Stock Outstanding | 4.00% | |
Increase in Common Stock Reserved for Issuance (in shares) | 181,492 | |
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures, Total (in shares) | 10,247 | 5,104 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares) | 279 | 0 |
Stock Issued During Period, Value, Stock Options Exercised | $ 2,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 1,000 |
Note L - Stock-based Compensa_4
Note L - Stock-based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Stock based compensation expense | $ 2,491 | $ 4,410 |
Research and Development Expense [Member] | ||
Stock based compensation expense | 937 | 1,459 |
General and Administrative Expense [Member] | ||
Stock based compensation expense | 1,134 | 2,951 |
Severance Expense [Member] | ||
Stock based compensation expense | $ 420 |
Note L - Stock-based Compensa_5
Note L - Stock-based Compensation - Black-Scholes Option-pricing Model (Details) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Expected dividend yield | 0.00% | 0.00% |
Minimum [Member] | ||
Risk-free interest rate | 0.38% | 1.75% |
Expected term (in years) (Year) | 5 years 182 days | 5 years 182 days |
Expected volatility | 89.49% | 84.82% |
Maximum [Member] | ||
Risk-free interest rate | 1.65% | 2.61% |
Expected term (in years) (Year) | 10 years | 10 years |
Expected volatility | 93.07% | 85.93% |
Note L - Stock-based Compensa_6
Note L - Stock-based Compensation - Schedule of Stock Option Activity (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Outstanding, number of options (in shares) | 324,473 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 100.96 | |
Outstanding, weighted average remaining contractual term (Year) | 7 years 124 days | 7 years 229 days |
Outstanding, aggregate intrinsic value | $ 543,021 | |
Granted, number of options (in shares) | 92,869 | |
Granted, weighted average exercise price (in dollars per share) | $ 5.21 | |
Exercised or released, number of options (in shares) | 10,526 | |
Exercised or released, weighted average exercise price (in dollars per share) | $ 0.22 | |
Canceled or forfeited, number of options (in shares) | 50,659 | |
Canceled or forfeited, weighted average exercise price (in dollars per share) | $ 131.61 | |
Expired, number of options (in shares) | 372 | |
Expired, weighted average exercise price (in dollars per share) | $ 85.14 | |
Outstanding, number of options (in shares) | 355,785 | 324,473 |
Outstanding, weighted average exercise price (in dollars per share) | $ 74.60 | $ 100.96 |
Exercisable, number of options (in shares) | 191,134 | |
Exercisable, weighted average exercise price (in dollars per share) | $ 113.12 | |
Exercisable, weighted average remaining contractual term (Year) | 6 years 153 days | |
Exercisable, aggregate intrinsic value | $ 103,581 | |
Vested and expected to vest, number of options (in shares) | 281,368 | |
Vested and expected to vest, weighted average exercise price (in dollars per share) | $ 92.53 | |
Vested and expected to vest, weighted average remaining contractual term (Year) | 6 years 321 days | |
Vested and expected to vest, aggregate intrinsic value | $ 163,506 |
Note L - Stock-based Compensa_7
Note L - Stock-based Compensation - Information Regarding Currently Outstanding and Exercisable Options (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Options outstanding, number of shares (in shares) | 355,785 | 324,473 |
Outstanding, weighted average remaining contractual term (Year) | 7 years 124 days | 7 years 229 days |
Exercisable, number of options (in shares) | 191,134 | |
Exercisable, weighted average remaining contractual term (Year) | 6 years 153 days | |
Exercise Price Range One [Member] | ||
Lower range (in dollars per share) | $ 2.848 | |
Upper range (in dollars per share) | $ 80 | |
Options outstanding, number of shares (in shares) | 243,875 | |
Outstanding, weighted average remaining contractual term (Year) | 8 years 76 days | |
Exercisable, number of options (in shares) | 97,759 | |
Exercisable, weighted average remaining contractual term (Year) | 7 years 251 days | |
Exercise Price Range Two [Member] | ||
Lower range (in dollars per share) | $ 80.01 | |
Upper range (in dollars per share) | $ 160 | |
Options outstanding, number of shares (in shares) | 57,494 | |
Outstanding, weighted average remaining contractual term (Year) | 5 years 354 days | |
Exercisable, number of options (in shares) | 38,959 | |
Exercisable, weighted average remaining contractual term (Year) | 5 years 160 days | |
Exercise Price Range Three [Member] | ||
Lower range (in dollars per share) | $ 160.01 | |
Upper range (in dollars per share) | $ 240 | |
Options outstanding, number of shares (in shares) | 20,864 | |
Outstanding, weighted average remaining contractual term (Year) | 5 years 21 days | |
Exercisable, number of options (in shares) | 20,864 | |
Exercisable, weighted average remaining contractual term (Year) | 5 years 21 days | |
Exercise Price Range Four [Member] | ||
Lower range (in dollars per share) | $ 240.01 | |
Upper range (in dollars per share) | $ 320 | |
Options outstanding, number of shares (in shares) | 12,616 | |
Outstanding, weighted average remaining contractual term (Year) | 4 years 306 days | |
Exercisable, number of options (in shares) | 12,616 | |
Exercisable, weighted average remaining contractual term (Year) | 4 years 306 days | |
Exercise Price Range Five [Member] | ||
Lower range (in dollars per share) | $ 320.01 | |
Upper range (in dollars per share) | $ 327.20 | |
Options outstanding, number of shares (in shares) | 20,936 | |
Outstanding, weighted average remaining contractual term (Year) | 4 years 248 days | |
Exercisable, number of options (in shares) | 20,936 | |
Exercisable, weighted average remaining contractual term (Year) | 4 years 248 days |
Note L - Stock-based Compensa_8
Note L - Stock-based Compensation - Nonvested Stock Option Awards (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Number of unvested shares (in shares) | 164,651 | 189,859 |
Exercise Price Range One [Member] | ||
Lower range (in dollars per share) | $ 2.848 | |
Upper range (in dollars per share) | $ 80 | |
Number of unvested shares (in shares) | 146,116 | 151,495 |
Exercise Price Range Two [Member] | ||
Lower range (in dollars per share) | $ 80.01 | |
Upper range (in dollars per share) | $ 160 | |
Number of unvested shares (in shares) | 18,535 | 31,436 |
Exercise Price Range Three [Member] | ||
Lower range (in dollars per share) | $ 160.01 | |
Upper range (in dollars per share) | $ 240 | |
Number of unvested shares (in shares) | 5,668 | |
Exercise Price Range Four [Member] | ||
Lower range (in dollars per share) | $ 240.01 | |
Upper range (in dollars per share) | $ 320 | |
Number of unvested shares (in shares) | 1,260 | |
Exercise Price Range Five [Member] | ||
Lower range (in dollars per share) | $ 320.01 | |
Upper range (in dollars per share) | $ 327.20 | |
Number of unvested shares (in shares) |
Note M - Fair Value of Financ_3
Note M - Fair Value of Financial Instruments (Details Textual) | 2 Months Ended | 12 Months Ended | |
Mar. 02, 2020USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Deerfield Warrant Liability [Member] | |||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | $ 230,000 | $ 77,000 | |
Liabilities, Fair Value Disclosure, Increase from Ten Percent Increase in Enterprise Value | 29,000 | ||
Liabilities, Fair Value Disclosure, Estimated Amount of Weighted-average Probability of Liquidity Event | 45,300,000 | ||
Liabilities, Fair Value Disclosure, Estimated Amount of Weighted-average Probability of Fundamental Change | $ 200,000,000 | ||
Deerfield Warrant Liability [Member] | Weighted Average Probability of Liquidity Event [Member] | |||
Derivative Liability, Measurement Input | 0.87 | ||
Deerfield Warrant Liability [Member] | Weighted Average Probability of Fundamental Change [Member] | |||
Derivative Liability, Measurement Input | 0.47 | ||
Deerfield Warrant Liability [Member] | Measurement Input, Discount Rate [Member] | |||
Derivative Liability, Measurement Input | 0.27 | ||
Embedded Put Option [Member] | |||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | $ 25,000 | 19,000 | |
Liabilities, Fair Value Disclosure, Increase from Ten Percent Increase in Enterprise Value | 8,000 | ||
Embedded Deerfield Note Put Option [Member] | |||
Liabilities, Fair Value Disclosure, Increase from Ten Percent Increase in Enterprise Value | $ 0 | ||
Fair Value, Inputs, Level 3 [Member] | The 2019 Notes [Member] | |||
Long-term Debt, Fair Value | 56,200,000 | 57,000,000 | |
Fair Value, Inputs, Level 3 [Member] | January 2020 Note [Member] | |||
Long-term Debt, Fair Value | 3,100,000 | ||
Fair Value, Inputs, Level 3 [Member] | Deerfield Facility Agreement [Member] | Deerfield Convertible Notes [Member] | |||
Long-term Debt, Fair Value | $ 7,300,000 | 6,000,000 | |
Fair Value, Inputs, Level 3 [Member] | Deerfield Facility Agreement [Member] | Term Notes [Member] | |||
Long-term Debt, Fair Value | $ 2,400,000 |
Note M - Fair Value of Financ_4
Note M - Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value, Recurring [Member] | ||
Financial liabilities measured at fair value on recurring basis | $ 120,000 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Financial liabilities measured at fair value on recurring basis | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Financial liabilities measured at fair value on recurring basis | 24,000 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Financial liabilities measured at fair value on recurring basis | 96,000 | |
Deerfield Warrant Liability [Member] | ||
Financial liabilities measured at fair value on recurring basis | $ 230,000 | 77,000 |
Deerfield Warrant Liability [Member] | Fair Value, Recurring [Member] | ||
Financial liabilities measured at fair value on recurring basis | 230,000 | 77,000 |
Deerfield Warrant Liability [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Financial liabilities measured at fair value on recurring basis | ||
Deerfield Warrant Liability [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Financial liabilities measured at fair value on recurring basis | ||
Deerfield Warrant Liability [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Financial liabilities measured at fair value on recurring basis | 230,000 | 77,000 |
Embedded Put Option [Member] | ||
Financial liabilities measured at fair value on recurring basis | 25,000 | 19,000 |
Embedded Put Option [Member] | Fair Value, Recurring [Member] | ||
Financial liabilities measured at fair value on recurring basis | 25,000 | 19,000 |
Embedded Put Option [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Financial liabilities measured at fair value on recurring basis | ||
Embedded Put Option [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Financial liabilities measured at fair value on recurring basis | ||
Embedded Put Option [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Financial liabilities measured at fair value on recurring basis | 25,000 | 19,000 |
Fundamental Change and Make-Whole Interest Provisions Embedded in 2021 Notes [Member] | Fair Value, Recurring [Member] | ||
Financial liabilities measured at fair value on recurring basis | ||
Fundamental Change and Make-Whole Interest Provisions Embedded in 2021 Notes [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Financial liabilities measured at fair value on recurring basis | ||
Fundamental Change and Make-Whole Interest Provisions Embedded in 2021 Notes [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Financial liabilities measured at fair value on recurring basis | ||
Fundamental Change and Make-Whole Interest Provisions Embedded in 2021 Notes [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Financial liabilities measured at fair value on recurring basis | ||
Embedded Deerfield Note Put Option [Member] | Fair Value, Recurring [Member] | ||
Financial liabilities measured at fair value on recurring basis | ||
Embedded Deerfield Note Put Option [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Financial liabilities measured at fair value on recurring basis | ||
Embedded Deerfield Note Put Option [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Financial liabilities measured at fair value on recurring basis | ||
Embedded Deerfield Note Put Option [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Financial liabilities measured at fair value on recurring basis | ||
KVK Warrant Liability [Member] | Fair Value, Recurring [Member] | ||
Financial liabilities measured at fair value on recurring basis | 49,000 | 24,000 |
KVK Warrant Liability [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Financial liabilities measured at fair value on recurring basis | ||
KVK Warrant Liability [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Financial liabilities measured at fair value on recurring basis | 49,000 | 24,000 |
KVK Warrant Liability [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Financial liabilities measured at fair value on recurring basis | ||
Optional Exchange Principal Amount Conversion Feature [Member[ | Fair Value, Recurring [Member] | ||
Financial liabilities measured at fair value on recurring basis | 304,000 | |
Optional Exchange Principal Amount Conversion Feature [Member[ | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Financial liabilities measured at fair value on recurring basis | ||
Optional Exchange Principal Amount Conversion Feature [Member[ | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Financial liabilities measured at fair value on recurring basis | 49,000 | |
Optional Exchange Principal Amount Conversion Feature [Member[ | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Financial liabilities measured at fair value on recurring basis | $ 255,000 |
Note M - Fair Value of Financ_5
Note M - Fair Value of Financial Instruments - Reconciliation of Beginning and Ending Balances for Derivative and Warrant Liability Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Balance as of beginning of period | $ 96 | $ 1,845 |
Adjustment to fair value | 159 | (1,749) |
Balance as of end of period | $ 255 | $ 96 |
Note N - Income Taxes (Details
Note N - Income Taxes (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
State and Local Income Tax Expense (Benefit), Continuing Operations, Total | $ 34,000 | $ (22,000) |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest, Total | (12,794,000) | $ (24,544,000) |
Operating Loss Carryforwards, Total | 225,977,000 | |
State and Local Jurisdiction [Member] | ||
Operating Loss Carryforwards, Total | 211,300,000 | |
Operating Loss Carryforwards, Subject to Expiration | $ 145,400,000 | |
Operating Loss Carryforwards, Expiration, Beginning Year | 2027 | |
Operating Loss Carryforwards, Not Subject to Expiration | $ 65,900,000 |
Note N - Income Taxes - Schedul
Note N - Income Taxes - Schedule of Reconciliation of Difference Between Benefit for Income Taxes and Income Taxes at Statutory U.S. Federal Income Tax Rate (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Federal statutory rate | 21.00% |
Change in valuation allowance | (22.65%) |
Return to provision and deferred true-up | 0.11% |
Change in rate | 0.82% |
State tax benefit (net of federal) | 3.51% |
Warrant liability | (0.30%) |
State research and development credit | |
Federal research and development credit | |
Amortization | |
Stock-based compensation | (2.18%) |
Other | (0.05%) |
Federal income tax provision effective rate | 0.26% |
Note N - Income Taxes - Compone
Note N - Income Taxes - Components of Net Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Net operating loss carryforwards | $ 59,050 | $ 56,827 |
Research and development tax carryforward | 6,411 | 6,411 |
Other deferred tax assets | 5,089 | 4,488 |
Total gross deferred tax assets | 70,550 | 67,726 |
Property and equipment | (18) | |
Other deferred tax liabilities | 476 | 540 |
Total gross deferred tax liabilities | 458 | 540 |
Deferred tax assets less liabilities | 70,092 | 67,186 |
Valuation allowance | (70,092) | (67,186) |
Net deferred tax asset (liability) |
Note N - Income Taxes - Federal
Note N - Income Taxes - Federal Net Operating Loss Carryforward and Research Activities Credit (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Net Operating Loss Carryforwards | $ 225,977 | |
Research Activities Tax Credit | 6,411 | $ 6,411 |
Tax Year 2007 [Member] | ||
Net Operating Loss Carryforwards | 454 | |
Research Activities Tax Credit | $ 30 | |
Expiration | 2027 | |
Tax Year 2008 [Member] | ||
Net Operating Loss Carryforwards | $ 1,178 | |
Research Activities Tax Credit | $ 65 | |
Expiration | 2028 | |
Tax Year 2009 [Member] | ||
Net Operating Loss Carryforwards | $ 3,060 | |
Research Activities Tax Credit | $ 176 | |
Expiration | 2029 | |
Tax Year 2010 [Member] | ||
Net Operating Loss Carryforwards | $ 3,423 | |
Research Activities Tax Credit | $ 149 | |
Expiration | 2030 | |
Tax Year 2011 [Member] | ||
Net Operating Loss Carryforwards | $ 9,929 | |
Research Activities Tax Credit | $ 176 | |
Expiration | 2031 | |
Tax Year 2012 [Member] | ||
Net Operating Loss Carryforwards | ||
Research Activities Tax Credit | $ 170 | |
Expiration | 2032 | |
Tax Year 2013 [Member] | ||
Net Operating Loss Carryforwards | $ 4,353 | |
Research Activities Tax Credit | $ 133 | |
Expiration | 2033 | |
Tax Year 2014 [Member] | ||
Net Operating Loss Carryforwards | $ 15,897 | |
Research Activities Tax Credit | $ 894 | |
Expiration | 2034 | |
Tax Year 2015 [Member] | ||
Net Operating Loss Carryforwards | $ 23,496 | |
Research Activities Tax Credit | $ 598 | |
Expiration | 2035 | |
Tax Year 2016 [Member] | ||
Net Operating Loss Carryforwards | $ 41,580 | |
Research Activities Tax Credit | $ 745 | |
Expiration | 2036 | |
Tax Year 2017 [Member] | ||
Net Operating Loss Carryforwards | $ 34,776 | |
Research Activities Tax Credit | $ 652 | |
Expiration | 2037 | |
Tax Year 2018 [Member] | ||
Net Operating Loss Carryforwards | $ 56,099 | |
Research Activities Tax Credit | 2,271 | |
Tax Year 2019 [Member] | ||
Net Operating Loss Carryforwards | 22,922 | |
Research Activities Tax Credit | 352 | |
Tax Year 2020 [Member] | ||
Net Operating Loss Carryforwards | 8,810 | |
Research Activities Tax Credit |
Note O - Net Loss Per Share (De
Note O - Net Loss Per Share (Details Textual) - shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 1,248,690 | 2,414,332 |
Optional Exchange Principal Amount [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 1,652,437 |
Note O - Net Loss Per Share - S
Note O - Net Loss Per Share - Summary of Computation of Basic and Diluted Net Loss and Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Net loss - basic and diluted | $ (12,760) | $ (24,522) |
Weighted average number of shares of common stock - basic and diluted (in shares) | 3,980,975 | 1,853,397 |
Net loss per share - basic and diluted (in dollars per share) | $ (3.21) | $ (13.23) |
Note O - Net Loss Per Share - A
Note O - Net Loss Per Share - Anti-dilutive Securities (Details) - shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Antidilutive securities (in shares) | 1,248,690 | 2,414,332 | |
Convertible Debt Securities [Member] | |||
Antidilutive securities (in shares) | 81,101 | 75,850 | |
2021 Notes [Member] | |||
Antidilutive securities (in shares) | 10,958 | ||
January 2020 Note [Member] | |||
Antidilutive securities (in shares) | 34,615 | ||
The 2019 Notes [Member] | |||
Antidilutive securities (in shares) | [1] | 625,747 | 1,851,609 |
Share-based Payment Arrangement [Member] | |||
Antidilutive securities (in shares) | 355,785 | 324,473 | |
Warrants to Purchase Common Stock [Member] | |||
Antidilutive securities (in shares) | 151,442 | 151,442 | |
[1] | Balance as of December 31, 2019 is inclusive of 1,652,437 shares of Common Stock issuable (i) in exchange of the Deerfield Optional Conversion Feature, or (ii) upon conversion of the Series B-2 Preferred Stock issuable in exchange of the Deerfield Optional Conversion Feature. As of December 31, 2020, the Deerfield Optional Conversion Feature has been utilized in full. |
Note P - Severance Expense (Det
Note P - Severance Expense (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Payment Arrangement, Expense | $ 2,491 | $ 4,410 |
Severance Expense [Member] | ||
Share-based Payment Arrangement, Expense | 420 | |
Employee Severance [Member] | Accounts Payable and Accrued Liabilities [Member] | ||
Accrued Severance Expense | 100 | $ 0 |
Employee Severance [Member] | Severance Expense [Member] | ||
Severance Charges | 400 | |
Share-based Payment Arrangement, Expense | $ 400 |
Note Q - Employee Benefit Plan
Note Q - Employee Benefit Plan (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Retirement Plan [Member] | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 4.00% | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 145,000 | $ 133,000 |
Profit Sharing Plan [Member] | ||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 0 | $ 0 |
Defined Contribution Plan, Requisite Service Period (Year) | 3 years |
Note R - Subsequent Events (Det
Note R - Subsequent Events (Details Textual) - USD ($) | Feb. 08, 2021 | Feb. 03, 2021 | Jan. 26, 2021 | Jan. 12, 2021 | Jan. 11, 2021 | Jan. 08, 2021 | Jan. 01, 2021 | Mar. 11, 2021 | Mar. 11, 2021 | Mar. 11, 2021 | Dec. 31, 2020 | Sep. 03, 2019 | Jun. 02, 2014 |
Debt Conversion, Converted Instrument, Shares Issued (in shares) | 1,777,437 | ||||||||||||
Series B-2 Convertible Preferred Stock [Member] | |||||||||||||
Convertible Preferred Stock, Conversion Price (in dollars per share) | $ 15.1904 | $ 0.9494 | |||||||||||
Deerfield Warrant [Member] | |||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 93.60 | ||||||||||||
Common Stock [Member] | Deerfield Warrant [Member] | |||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 120,192 | 1,923,077 | |||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 93.60 | $ 5.85 | |||||||||||
Subsequent Event [Member] | The December 2020 Exchange Agreement [Member] | |||||||||||||
Repayments of Debt | $ 30,300,000 | ||||||||||||
Convertible Notes Payable, Current | $ 7,600,000 | ||||||||||||
Subsequent Event [Member] | The December 2020 Exchange Agreement [Member] | Conversion of Series B-2 Preferred Stock into Common Stock [Member] | |||||||||||||
Conversion of Stock, Shares Issued (in shares) | 4,842,699 | ||||||||||||
Subsequent Event [Member] | The Facility Agreement [Member] | |||||||||||||
Repayments of Debt | $ 8,000,000 | ||||||||||||
Subsequent Event [Member] | Conversion of the Exchange Note to Series B-2 Preferred Stock and Exchange Warrants [Member] | The December 2020 Exchange Agreement [Member] | |||||||||||||
Debt Conversion, Original Debt, Amount | 31,500,000 | ||||||||||||
Repayments of Debt | $ 30,300,000 | ||||||||||||
Subsequent Event [Member] | Deerfield Warrant [Member] | |||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 46.25 | ||||||||||||
Subsequent Event [Member] | Common Stock [Member] | Deerfield Warrant [Member] | |||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 46.25 | ||||||||||||
Underwriting Agreement [Member] | Subsequent Event [Member] | Underwriter Warrants [Member] | |||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 18,702 | 806,932 | |||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 8.125 | ||||||||||||
Class of Warrant or Right Exercised (in shares) | 0 | ||||||||||||
Common Stock Issued, Percentage, Over-Allotment Exercise | 5.00% | ||||||||||||
Underwriting Agreement [Member] | Subsequent Event [Member] | Roth Capital Partners, LLC [Member] | |||||||||||||
Shares and Warrants Issued, Price Per Share (in dollars per share) | $ 6.50 | ||||||||||||
Proceeds from Issuance or Sale of Equity, Total | $ 52,400,000 | ||||||||||||
Underwriting Agreement [Member] | Subsequent Event [Member] | Roth Capital Partners, LLC [Member] | Pre-funded Warrants [Member] | |||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 926,844 | ||||||||||||
Underwriting Agreement [Member] | Subsequent Event [Member] | Roth Capital Partners, LLC [Member] | Public Offering Warrants [Member] | |||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 7,692,307 | ||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 6.50 | ||||||||||||
Class of Warrant or Right, Offering Price, Per Related Warrant (in dollars per share) | $ 0.0001 | ||||||||||||
Underwriting Agreement [Member] | Subsequent Event [Member] | Roth Capital Partners, LLC [Member] | Common Stock [Member] | |||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 6,765,463 | ||||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ 6.4999 | ||||||||||||
Underwriting Agreement [Member] | Subsequent Event [Member] | Specified Investors in the Public Offering [Member] | Pre-funded Warrants [Member] | |||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 926,844 | ||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 0.0001 | ||||||||||||
Maximum Percent of Common Stock Ownership Allowed Per Holder Upon Warrant Exercise | 4.99% | ||||||||||||
Maximum Percent of Common Stock Ownership Allowed Per Holder After Warrant Exercise Upon Holders Selection | 9.99% | ||||||||||||
Stock Issued During Period, Shares, Warrant Exercises (in shares) | 926,841 | ||||||||||||
Proceeds from Warrant Exercises | $ 72,000 | ||||||||||||
Over-Allotment Option [Member] | Subsequent Event [Member] | Roth Capital Partners, LLC [Member] | |||||||||||||
Purchase Agreement Optional Period to Shares (Day) | 45 days | ||||||||||||
Purchase Agreement, Maximum, Additional Shares Available for Purchase During the Optional Period (in shares) | 1,153,846 | ||||||||||||
Over-Allotment Option [Member] | Subsequent Event [Member] | Roth Capital Partners, LLC [Member] | Underwriter Warrants [Member] | |||||||||||||
Over Allotment Options, Number of Shares for Warrants (in shares) | 1,153,846 | ||||||||||||
Over-Allotment Option [Member] | Subsequent Event [Member] | Roth Capital Partners, LLC [Member] | Common Stock [Member] | Underwriter Warrants [Member] | |||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 754,035 | ||||||||||||
Over-Allotment Option [Member] | Subsequent Event [Member] | Roth Capital Partners, LLC [Member] | Common Stock [Member] | Warrants [Member] | |||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 374,035 | ||||||||||||
Underwriting Agreement and the December 2020 Exchange Agreement [Member] | Subsequent Event [Member] | Warrants [Member] | |||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 12,078,361 | ||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 6.50 | ||||||||||||
Warrants and Rights Outstanding, Term (Year) | 5 years | ||||||||||||
The December 2020 Exchange Agreement [Member] | Subsequent Event [Member] | Series B-2 Preferred Stock [Member] | |||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in shares) | 31,476.98412 | ||||||||||||
The December 2020 Exchange Agreement [Member] | Subsequent Event [Member] | Series B-2 Convertible Preferred Stock [Member] | |||||||||||||
Preferred Stock Convertible Shares Issuable (in shares) | 4,842,690 | ||||||||||||
Convertible Preferred Stock, Conversion Price (in dollars per share) | $ 6.4999 | ||||||||||||
The December 2020 Exchange Agreement [Member] | Subsequent Event [Member] | Warrants [Member] | |||||||||||||
Maximum Percent of Common Stock Ownership Allowed Per Holder Upon Warrant Exercise | 4.985% | ||||||||||||
Stock Issued During Period, Shares, Warrant Exercises (in shares) | 2,626,418 | ||||||||||||
Proceeds from Warrant Exercises | $ 14,300,000 | ||||||||||||
Class of Warrant or Right Exercised (in shares) | 3,057,395 | ||||||||||||
The December 2020 Exchange Agreement [Member] | Subsequent Event [Member] | Exchange Warrants [Member] | |||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 3,632,019 | ||||||||||||
The Inducement Letters [Member] | Subsequent Event [Member] | Existing Warrants [Member] | |||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 6,620,358 | ||||||||||||
The Inducement Warrants [Member] | Subsequent Event [Member] | Existing Warrants [Member] | |||||||||||||
Proceeds from Warrant Exercises | $ 44,000,000 | ||||||||||||
Placement Agent Fee, Percentage | 6.00% | ||||||||||||
The Inducement Warrants [Member] | Subsequent Event [Member] | Inducement Warrants [Member] | |||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 7,944,430 | ||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 6.36 | ||||||||||||
Maximum Percent of Common Stock Ownership Allowed Per Holder Upon Warrant Exercise | 4.99% | ||||||||||||
Maximum Percent of Common Stock Ownership Allowed Per Holder After Warrant Exercise Upon Holders Selection | 9.99% | ||||||||||||
Stock Issued During Period, Shares, Warrant Exercises (in shares) | 1,676,921 | ||||||||||||
Proceeds from Warrant Exercises | $ 10,700,000 | ||||||||||||
Class of Warrant or Right Exercised (in shares) | 1,676,921 | ||||||||||||
Warrants Issued Upon Exchange, Percentage of Shares Issued Upon Exercise | 120.00% | ||||||||||||
Class of Warrant, Purchase Price Per Warrant (in dollars per share) | $ 0.125 |