Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | May 08, 2023 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-36817 | |
Entity Registrant Name | AVINGER, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 20-8873453 | |
Entity Address, Address Line One | 400 Chesapeake Drive | |
Entity Address, City or Town | Redwood City | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94063 | |
City Area Code | 650 | |
Local Phone Number | 241-7900 | |
Title of 12(b) Security | Common Stock, par value $0.001 per share | |
Trading Symbol | AVGR | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 10,686,893 | |
Entity Central Index Key | 0001506928 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Balance Sheets (Curre
Condensed Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 10,370 | $ 14,603 |
Accounts receivable, net of allowance for doubtful accounts of $24 and $73 at March 31, 2023 and December 31, 2022, respectively | 1,012 | 1,057 |
Inventories, net | 5,317 | 4,965 |
Prepaid expenses and other current assets | 978 | 362 |
Total current assets | 17,677 | 20,987 |
Right of use asset | 1,928 | 2,194 |
Property and equipment, net | 569 | 702 |
Other assets | 296 | 312 |
Total assets | 20,470 | 24,195 |
Current liabilities: | ||
Accounts payable | 517 | 631 |
Accrued compensation | 2,406 | 1,401 |
Series A preferred stock dividends payable | 1,218 | 0 |
Accrued expenses and other current liabilities | 725 | 657 |
Leasehold liability, current portion | 1,120 | 1,092 |
Borrowings | 14,672 | 14,165 |
Total current liabilities | 20,658 | 17,946 |
Leasehold liability, long-term portion | 808 | 1,102 |
Other long-term liabilities | 496 | 1,001 |
Total liabilities | 21,962 | 20,049 |
Stockholders’ (deficit) equity: | ||
Convertible preferred stock issuable in series, par value of $0.001 Shares authorized: 5,000,000 at March 31, 2023 and December 31, 2022 Shares issued and outstanding: 60,961 at March 31, 2023 and December 31, 2022; aggregate liquidation preference of $60,876 at March 31, 2023 and December 31, 2022 | $ 0 | $ 0 |
Common Stock, Shares Authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, par value of $0.001; Shares authorized: 100,000,000 at March 31, 2023 and December 31, 2022 Shares issued and outstanding: 8,626,828 and 7,832,644 at March 31, 2023 and December 31, 2022, respectively | $ 9 | $ 8 |
Additional paid-in capital | 405,519 | 406,514 |
Accumulated deficit | (407,020) | (402,376) |
Total stockholders’ (deficit) equity | (1,492) | 4,146 |
Total liabilities and stockholders’ (deficit) equity | $ 20,470 | $ 24,195 |
Condensed Balance Sheets (Cur_2
Condensed Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Accounts Receivable, Allowance for Credit Loss, Current | $ 24 | $ 73 |
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred Stock, Shares Authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred Stock, Shares Issued (in shares) | 60,961 | 60,961 |
Preferred Stock, Shares Outstanding (in shares) | 60,961 | 60,961 |
Preferred Stock, Liquidation Preference, Value | $ 60,876 | $ 60,876 |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized (in shares) | 100,000,000 | 100,000,000 |
Common Stock, Shares, Issued (in shares) | 8,626,828 | 7,832,644 |
Common Stock, Shares, Outstanding, Ending Balance (in shares) | 8,626,828 | 7,832,644 |
Condensed Statements of Operati
Condensed Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenues | $ 1,888 | $ 1,888 |
Cost of revenues | 1,252 | 1,364 |
Gross profit | 636 | 524 |
Operating expenses: | ||
Research and development | 1,356 | 1,072 |
Selling, general and administrative | 3,538 | 4,148 |
Total operating expenses | 4,894 | 5,220 |
Loss from operations | (4,258) | (4,696) |
Interest expense, net | (392) | (439) |
Other income (expense), net | 6 | (5) |
Net loss and comprehensive loss | (4,644) | (5,140) |
Accretion of preferred stock dividends | (1,218) | (1,127) |
Deemed dividend arising from beneficial conversion feature of convertible preferred stock | 0 | (5,111) |
Net loss applicable to common stockholders | $ (5,862) | $ (11,378) |
Net loss per share attributable to common stockholders, basic and diluted (in dollars per share) | $ (0.71) | $ (2.33) |
Weighted average common shares used to compute net loss per share, basic and diluted (in shares) | 8,219 | 4,889 |
Condensed Statements of Stockho
Condensed Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Preferred Stock [Member] Series D Preferred Stock [Member] | Preferred Stock [Member] January 2022 Public Offering [Member] | Preferred Stock [Member] | Common Stock [Member] Series D Preferred Stock [Member] | Common Stock [Member] January 2022 Public Offering [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] Series D Preferred Stock [Member] | Additional Paid-in Capital [Member] January 2022 Public Offering [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] Series D Preferred Stock [Member] | Retained Earnings [Member] January 2022 Public Offering [Member] | Retained Earnings [Member] | Series D Preferred Stock [Member] | January 2022 Public Offering [Member] | Total |
Balance at December 31, 2021 (in shares) at Dec. 31, 2021 | 56,451 | 4,778,263 | |||||||||||||
Balance at December 31, 2021 at Dec. 31, 2021 | $ 96 | $ 394,380 | $ (384,753) | $ 9,723 | |||||||||||
Issuance of Series D preferred stock, net of commissions and issuance costs (in shares) | 7,600 | 0 | |||||||||||||
Issuance of Series D preferred stock, net of commissions and issuance costs | $ 0 | $ 6,721 | $ 0 | $ 6,721 | |||||||||||
Conversion of Series D preferred stock into common stock (in shares) | (5,200) | 650,000 | |||||||||||||
Conversion of Series D preferred stock into common stock | $ 1 | 0 | 0 | 1 | |||||||||||
Issuance of common stock upon vesting of restricted stock units (in shares) | 0 | 417 | |||||||||||||
Issuance of common stock upon vesting of restricted stock units | $ 0 | 0 | 0 | 0 | |||||||||||
Reclassifications and adjustments due to rounding impact from reverse stock split for fractional shares (in shares) | 0 | 26,169 | |||||||||||||
Reclassifications and adjustments due to rounding impact from reverse stock split for fractional shares | $ 0 | $ (92) | 92 | 0 | 0 | ||||||||||
Employee stock-based compensation | 0 | 0 | 52 | 0 | 52 | ||||||||||
Accretion of Series A preferred stock dividends | 0 | 0 | (1,127) | 0 | (1,127) | ||||||||||
Net and comprehensive loss | $ 0 | $ 0 | 0 | (5,140) | (5,140) | ||||||||||
Balance at March 31, 2022 (in shares) at Mar. 31, 2022 | 58,851 | 5,454,849 | |||||||||||||
Balance at March 31, 2022 at Mar. 31, 2022 | $ 5 | 400,118 | (389,893) | 10,230 | |||||||||||
Balance at December 31, 2021 (in shares) at Dec. 31, 2021 | 56,451 | 4,778,263 | |||||||||||||
Balance at December 31, 2021 at Dec. 31, 2021 | $ 96 | 394,380 | (384,753) | 9,723 | |||||||||||
Balance at March 31, 2022 (in shares) at Dec. 31, 2022 | 60,961 | 7,832,644 | |||||||||||||
Balance at March 31, 2022 at Dec. 31, 2022 | $ 8 | 406,514 | (402,376) | 4,146 | |||||||||||
Issuance of Series D preferred stock, net of commissions and issuance costs (in shares) | 0 | 11,903 | |||||||||||||
Issuance of Series D preferred stock, net of commissions and issuance costs | $ 0 | $ (21) | $ 0 | $ (21) | |||||||||||
Issuance of common stock upon vesting of restricted stock units (in shares) | 0 | 34,417 | |||||||||||||
Issuance of common stock upon vesting of restricted stock units | $ 0 | 0 | 0 | 0 | |||||||||||
Employee stock-based compensation | 0 | 245 | 0 | 245 | |||||||||||
Accretion of Series A preferred stock dividends | 0 | (1,218) | 0 | (1,218) | |||||||||||
Net and comprehensive loss | $ 0 | 0 | (4,644) | (4,644) | |||||||||||
Exercise of pre-funded warrants for common stock (in shares) | 0 | 747,864 | |||||||||||||
Exercise of pre-funded warrants for common stock | $ 1 | (1) | 0 | 0 | |||||||||||
Balance at March 31, 2022 (in shares) at Mar. 31, 2023 | 60,961 | 8,626,828 | |||||||||||||
Balance at March 31, 2022 at Mar. 31, 2023 | $ 9 | $ 405,519 | $ (407,020) | $ (1,492) |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash flows from operating activities | ||
Net loss | $ (4,644) | $ (5,140) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 72 | 15 |
Amortization of debt issuance costs and debt discount | 21 | 21 |
Stock-based compensation | 245 | 52 |
Noncash interest expense and other charges | 486 | 419 |
Change in right of use asset | 14 | 24 |
Provision for excess and obsolete inventories | 179 | 8 |
Other non-cash charges | (50) | 1 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 94 | 28 |
Inventories | (469) | (875) |
Prepaid expenses and other current assets | (616) | (1,015) |
Other assets | 2 | (10) |
Accounts payable | (114) | (223) |
Accrued compensation | 367 | 272 |
Accrued expenses and other current liabilities | 68 | 98 |
Other long-term liabilities | 133 | 144 |
Net cash used in operating activities | (4,212) | (6,181) |
Cash flows from investing activities | ||
Purchase of property and equipment | 0 | (31) |
Net cash used in investing activities | 0 | (31) |
Cash flows from financing activities | ||
Net cash (used in) provided by financing activities | (21) | 6,721 |
Net change in cash and cash equivalents | (4,233) | 509 |
Cash and cash equivalents, beginning of period | 14,603 | 19,497 |
Cash and cash equivalents, end of period | 10,370 | 20,006 |
Noncash investing and financing activities: | ||
Accretion of Series A preferred stock dividends | 1,218 | 1,127 |
Reclassification of other long-term liabilities to accrued compensation | 638 | 0 |
Transfers between inventory and property and equipment | (62) | 118 |
Common Stock [Member] | ||
Cash flows from financing activities | ||
Proceeds from the issuance of convertible preferred stock, net of commissions and issuance costs | 0 | 6,721 |
Preferred Stock [Member] | ||
Cash flows from financing activities | ||
Proceeds from the issuance of convertible preferred stock, net of commissions and issuance costs | $ (21) | $ 0 |
Note 1 - Organization
Note 1 - Organization | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | 1. Organization Organization, Nature of Business Avinger, Inc. (the “Company”), a Delaware corporation, was incorporated in March 2007. The Company designs, manufactures and sells image-guided, catheter-based systems that are used by physicians to treat patients with peripheral artery disease (“PAD”). Patients with PAD have a build-up of plaque in the arteries that supply blood to areas away from the heart, particularly the pelvis and legs. The Company manufactures and sells a suite of products in the United States (“U.S.”) and in select international markets. The Company has developed its Lumivascular platform, which integrates optical coherence tomography (“OCT”) visualization with interventional catheters and is the industry’s only system that provides real-time intravascular imaging during the treatment portion of PAD procedures. The Company’s Lumivascular platform consists of a capital component, Lightbox consoles, as well as a variety of disposable catheter products. The Company’s current catheter products include Ocelot and Tigereye, which are designed to allow physicians to penetrate a total blockage in an artery, known as a chronic total occlusion (“CTO”). The Company also has image-guided atherectomy products, Pantheris and Pantheris SV, which are designed to allow physicians to precisely remove arterial plaque in PAD patients. The Company is in the process of developing next-generation CTO crossing devices to target coronary CTO markets. The Company is located in Redwood City, California. Liquidity Matters The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) No. 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40) In the course of its activities, the Company has incurred losses and negative cash flows from operations since its inception. As of March 31, 2023, the Company had an accumulated deficit of $407.0 million. The Company expects to incur losses for the foreseeable future. The Company believes that its cash and cash equivalents of $10.4 million at March 31, 2023 and expected revenues and funds from operations will be sufficient to allow the Company to fund its current operations through the end of the third quarter of 2023. The Company received net proceeds of approximately $4.4 million from the sale of its common stock in August 2022, $0.8 million from the sale of its common stock under an At The Market Offering Agreement through the quarter ended March 31, 2023 and $6.7 million from the sale of the January 2022 Series D preferred stock in January 2022. The Company may seek to raise additional funds in future equity offerings to meet its operational needs and capital requirements for product development, clinical trials and commercialization or other strategic objectives. The Company can provide no assurance that it will be successful in raising funds pursuant to additional equity or debt financings or that such funds will be raised at prices that do not create substantial dilution for its existing stockholders. Given the volatility in the Company’s stock price, any financing that the Company may undertake in the next twelve months could cause substantial dilution to its existing stockholders, and there can be no assurance that the Company will be successful in acquiring additional funding at levels sufficient to fund its various endeavors. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. In addition, the COVID-19 pandemic and macroeconomic environment have in the past resulted in and could continue to result in reduced consumer and investor confidence, instability in the credit and financial markets, volatile corporate profits, restrictions on elective medical procedures, and reduced business and consumer spending, which could increase the cost of capital and/or limit the availability of capital to the Company. If the Company is unable to raise additional capital in sufficient amounts or on terms acceptable to it, the Company may have to significantly reduce its operations or delay, scale back or discontinue the development and sale of one or more of its products. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. The Company’s ultimate success will largely depend on its continued development of innovative medical technologies, its ability to successfully commercialize its products and its ability to raise significant additional funding. Additionally, due to the substantial doubt about the Company’s ability to continue operating as a going concern and the “Material Adverse Change” clause in the Loan Agreement with CRG Partners III L.P. and certain of its affiliated funds (collectively “CRG”), the entire amount of outstanding borrowings at March 31, 2023 and December 31, 2022 has been classified as current in these financial statements. CRG has not purported that an Event of Default (as defined in the Loan Agreement) has occurred due to a Material Adverse Change. Currently all of our cash and cash equivalents are held at a single financial institution, Silicon Valley Bank. On March 10, 2023, the Federal Deposit Insurance Corporation announced that Silicon Valley Bank had been closed by the California Department of Financial Protection and Innovation. While we have regained access to our accounts at Silicon Valley Bank and are evaluating our banking relationships, future disruptions of financial institutions where we bank or have credit arrangements, or disruptions of the financial services industry in general, could adversely affect our ability to access our cash and cash equivalents. If we are unable to access our cash and cash equivalents as needed, our financial position and ability to operate our business will be adversely affected. Public Offerings January 2022 Offering On January 14, 2022, the Company entered into a securities purchase agreement with several institutional investors pursuant to which the Company agreed to sell and issue, in a registered direct offering (“January 2022 Offering”), an aggregate of 7,600 shares of the Company’s Series D Convertible Preferred Stock, par value of $0.001 per share, at an offering price of $1,000 per share which was convertible into common stock at a conversion price of $8.00 per share. Concurrently, the Company agreed to issue to these investors warrants to purchase up to an aggregate of 807,500 shares of the Company’s common stock (the “Common Warrants”). As a result, the Company received aggregate net proceeds of approximately $6.7 million after underwriting discounts, commissions, legal and accounting fees, and other ancillary expenses. The 807,500 Common Warrants have an exercise price of $9.60 per share and became exercisable beginning July 14, 2022. The Common Warrants will expire five five August 2022 Offering On August 4, 2022, the Company entered into a securities purchase agreement with a single institutional investor for the issuance and sale of 1,484,019 shares of its common stock in a registered direct offering (“RD” or “Registered Direct”) at a purchase price of $1.752 per share, or pre-funded warrants in lieu thereof. In a concurrent private placement, the Company also agreed to issue and sell to the investor 1,369,864 shares of common stock at the same purchase price as in the registered direct offering, or pre-funded warrants in lieu thereof (“Private Placement” and together with the Registered Direct offering the “August 2022 Offering”). As a result, the Company received aggregate net proceeds of approximately $4.4 million after underwriting discounts, commissions, legal and accounting fees, and other ancillary expenses. As a result, in the Registered Direct offering, the Company issued (i) 700,000 shares of common stock, (ii) and pre-funded warrants in lieu of common stock to purchase up to an aggregate of 784,019 shares of common stock (the “RD Pre-Funded Warrants”) and in the Private Placement, the Company issued pre-funded warrants to purchase up to an aggregate of 1,369,864 shares of common stock (the “Private Placement Pre-Funded Warrants” and together with the RD Pre-Funded Warrants the “August 2022 Pre-Funded Warrants”). As of March 31, 2023, Pre-Funded Warrants exercisable for 622,000 shares of the Company’s common stock remained outstanding. On April 20, 2023, the remaining 622,000 Private Placement Pre-Funded Warrants were exercised leaving none outstanding. In addition, the Company issued to the investor in the August 2022 Offering Series A preferred investment options to purchase up to 2,853,883 additional shares of the Company’s common stock and Series B preferred investment options to purchase up to 2,853,883 additional shares of the Company’s common stock (the “Preferred Investment Options”). The Series A preferred investment options have an exercise price of $1.502 per share, are immediately exercisable, and will expire five two five At The Market Offering Agreement On May 20, 2022, the Company entered into an At The Market Offering Agreement (the “ATM Agreement”) with H.C. Wainwright & Co., LLC (the “Agent”), as sales agent, pursuant to which the Company may offer and sell shares of common stock, par value $0.001 per share (the “Shares”) up to an aggregate offering price of $7,000,000 from time to time, in an at the market public offering. Sales of the Shares are to be made at prevailing market prices at the time of sale, or as otherwise agreed with the Agent. The Agent will receive a commission from the Company of 3.0% of the gross proceeds of any Shares sold under the ATM Agreement. The Shares sold under the ATM Agreement are offered and sold pursuant to the Company’s shelf registration statement on Form S-3, which was initially filed with the Securities and Exchange Commission (the “SEC”) on March 29, 2022 and declared effective on April 7, 2022, and a prospectus supplement and the accompanying prospectus relating to the At The Market Offering filed with the SEC on May 20, 2022. During the year ended December 31, 2022, the Company sold 585,603 shares of common stock pursuant to the ATM Agreement at an average price of $1.67 per share for aggregate proceeds of $1.0 million, of which approximately $29,000 was paid in the form of commissions to the Agent. On August 3, 2022, the Company suspended sales under the ATM Agreement. On March 17, 2023, the Company reactivated the ATM Agreement. During the quarter ended March 31, 2023, the Company sold 11,903 shares of common stock pursuant to the ATM Agreement at an average price of $0.82 per share for aggregate proceeds of $10,000, of which approximately $300 was paid in the form of commissions to the Agent. However, there can be no assurance that the Company will be successful in acquiring additional funding through these means. Other than the ATM Agreement, the Company currently does not have any commitments to obtain additional funds. |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Basis of Presentation and Significant Accounting Policies [Text Block] | 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) and pursuant to the rules and regulations of the SEC (“SEC”). The accompanying unaudited condensed interim financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for a fair statement of the Company’s financial information. The results for the three months ended March 31, 2023 are not necessarily indicative of results to be expected for the year ending December 31, 2023, or for any other interim period or for any future year. The December 31, 2022 condensed balance sheet data has been derived from audited financial statements. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to SEC rules and regulations relating to interim financial statements. These unaudited condensed financial statements and notes should be read in conjunction with the financial statements included in the Company’s Form 10-K for the fiscal year ended December 31, 2022, which was filed with the SEC on March 16, 2023. The Company’s significant accounting policies are more fully described in Note 2 of the Notes to Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts and disclosures reported in the financial statements. Management uses significant judgment when making estimates related to its stock-based compensation, accruals related to compensation, the valuation of the common stock warrants, provisions for doubtful accounts receivable and excess and obsolete inventories, clinical trial accruals, and its reserves for sales returns and warranty costs. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Although these estimates are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results may ultimately materially differ from these estimates and assumptions. Concentration of Credit Risk, and Other Risks and Uncertainties Financial instruments that potentially subject the Company to credit risk consist of cash and cash equivalents and accounts receivable to the extent of the amounts recorded on the balance sheets. The Company’s policy is to invest in cash and cash equivalents, consisting of money market funds. These financial instruments are held in Company accounts at one financial institution, Silicon Valley Bank. The counterparties to the agreements relating to the Company’s investments consist of financial institutions of high credit standing. The Company provides for uncollectible amounts when specific credit problems arise. Management’s estimates for uncollectible amounts have been adequate, and management believes that all significant credit risks have been identified at March 31, 2023 and December 31, 2022. On March 10, 2023, the Federal Deposit Insurance Corporation announced that Silicon Valley Bank had been closed by the California Department of Financial Protection and Innovation. While we have regained access to our accounts at Silicon Valley Bank and are evaluating our banking relationships, future disruptions of financial institutions where we bank or have credit arrangements, or disruptions of the financial services industry in general, could adversely affect our ability to access our cash and cash equivalents. If we are unable to access our cash and cash equivalents as needed, our financial position and ability to operate our business will be adversely affected. The Company’s accounts receivable are due from a variety of healthcare organizations in the United States and select international markets. At March 31, 2023, there was one no one one Product Warranty Costs The Company typically offers a one Three Months Ended March 31, 2023 2022 Beginning balance $ 109 $ 187 Warranty provision 19 4 Usage/Release (14 ) (20 ) Ending balance $ 114 $ 171 Net Loss per Share Attributable to Common Stockholders Basic net loss per share attributable to common stockholders is computed by dividing the net loss applicable to common stockholders by the weighted average number of shares of common stock outstanding during the period, without consideration for potential dilutive common shares. Diluted net loss per share attributable to common stockholders is computed by dividing the net loss applicable to common stockholders by the weighted average number of shares of common stock and dilutive potential shares of common stock outstanding during the period. Any common stock shares subject to repurchase are excluded from the calculations as the continued vesting of such shares is contingent upon the holders’ continued service to the Company. As of March 31, 2023 and 2022, there were no shares subject to repurchase. Since the Company was in a loss position for both periods presented, basic net loss per share attributable to common stockholders is the same as diluted net loss per share attributable to common stockholders as the inclusion of all potentially dilutive common shares would have been anti-dilutive. Net loss per share applicable to common stockholders was determined as follows (in thousands, except per share data): Three Months Ended March 31, 2023 2022 Net loss applicable to common stockholders $ (5,862 ) $ (11,378 ) Weighted average common stock outstanding, basic and diluted 8,219 4,889 Net loss per share attributable to common stockholders, basic and diluted $ (0.71 ) $ (2.33 ) The following potentially dilutive securities outstanding have been excluded from the computations of diluted weighted average shares outstanding because such securities have an anti-dilutive impact due to losses reported: Three Months Ended March 31, 2023 2022 Common stock warrants equivalents 7,881,216 871,808 Common stock options 303 331 Convertible preferred stock 60,961 62,002 Unvested restricted stock units and awards 1,190,908 9,866 9,133,388 944,007 Segment and Geographical Information The Company operates and manages its business as one As of March 31, 2023 and December 31, 2022, cash equivalents were all categorized as Level 1 and consisted of money market funds. As of March 31, 2023 and December 31, 2022, there were no financial assets and liabilities categorized as Level 2 or 3. There were no transfers between fair value hierarchy levels during the three months ended March 31, 2023. Recent Accounting Pronouncements Recent accounting standards not yet adopted In August 2020, the FASB issued ASU No. 2020-06, Debt Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging Contracts in Entity s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity s Own Equity |
Note 4 - Inventories
Note 4 - Inventories | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 3. Inventories Inventories consisted of the following (in thousands): March 31, December 31, 2023 2022 Raw materials $ 2,905 $ 3,374 Work-in-process 851 17 Finished products 1,561 1,574 Total inventories $ 5,317 $ 4,965 |
Note 4 - Borrowings
Note 4 - Borrowings | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 4. Borrowings CRG On September 22, 2015, the Company entered into a Term Loan Agreement, as amended (the “Loan Agreement”) with CRG under which, subject to certain conditions, the Company had the right to borrow up to $50 million in principal amount from CRG on or before the end of the twenty-fourth (24 th On February 14, 2018, the Company and CRG further amended the Loan Agreement concurrent with the conversion of $38 million of the principal amount of the senior secured term loan (plus $3.8 million in back-end fees and prepayment premium applicable thereto) into a newly authorized Series A convertible preferred stock (see below). The Company has entered into several amendments to the Loan Agreement (the “Amendments”) with CRG since September 2015, the most recent of which was entered into on August 10, 2022. The Amendments, among other things: (1) extended the interest-only period through December 31, 2023; (2) extended the period during which the Company may elect to pay a portion of interest in payment-in-kind, or PIK, interest payments through December 31, 2023 so long as no Default (as defined in the Loan Agreement) has occurred and is continuing; (3) permitted the Company to make the entire interest payments in PIK interest payments for through December 31, 2023 so long as no Default has occurred and is continuing; (4) extended the Stated Maturity Date (as defined in the Loan Agreement) to December 31, 2025; (5) reduced the minimum liquidity covenant to $3.5 million at all times; (6) eliminated the minimum revenue covenant for 2018, 2019 and 2020; (7) reduced the minimum revenue covenant to $8 million for 2021 and 2022; (8) added minimum revenue covenants of $10 million for 2023, $14.5 million for 2024 and $17 million for 2025; (9) changed the date under the on-going stand-alone representation regarding no “Material Adverse Change” to December 31, 2020; (10) amended the on-going stand-alone representation and stand-alone Event of Default (as defined in the Loan Agreement) regarding Material Adverse Change such that any adverse change in or effect upon the revenue of the Company and its subsidiaries due to the outbreak of COVID-19 will not constitute a Material Adverse Change; and (11) provided CRG with board observer rights. Under the amended Loan Agreement, no cash payments for either principal or interest are required until the first quarter of 2024. The interest will be accrued and included in the debt balance based (to the extent not paid) on principal amounts outstanding at the beginning of the quarter at an interest rate of 12.5%. Beginning in the first quarter of 2024, the Company will be required to make quarterly principal payments (in addition to the interest) of $1.9 million with total principal payments of $7.5 million in 2024 and $7.5 million in 2025. The maturity date of the Loan (as defined in the Loan Agreement) is December 31, 2025. The Company may voluntarily prepay the borrowings in full, with a prepayment premium beginning at 5.0% and declining by 1.0% annually thereafter, with no premium being payable if prepayment occurs after seven and half years of the loan. Each tranche of borrowing required the payment, on the borrowing date, of a financing fee equal to 1.5% of the borrowed loan principal, which is recorded as a discount to the debt. In addition, a facility fee equal to 15.0% of the amounts borrowed plus any PIK is to be payable at the end of the term or when the borrowings are repaid in full. A long-term liability is being accreted using the effective interest method for the facility fee over the term of the Loan Agreement with a corresponding discount to the debt. The borrowings are collateralized by a security interest in substantially all of the Company’s assets. The Loan Agreement requires that the Company adheres to certain affirmative and negative covenants, including financial reporting requirements, certain minimum financial covenants for pre-specified liquidity and revenue requirements and a prohibition against the incurrence of indebtedness, or creation of additional liens, other than as specifically permitted by the terms of the Loan Agreement. In particular, the covenants of the amended Loan Agreement included a covenant that the Company maintain a minimum of $3.5 million of cash and certain cash equivalents, and the Company has to achieve certain minimum revenues. If the Company fails to meet the applicable minimum revenue target in any calendar year, the Loan Agreement provides the Company with a cure right if it prepays a portion of the outstanding principal equal to 2.0 times the revenue shortfall. In addition, the Loan Agreement prohibits the payment of cash dividends on the Company’s capital stock and also places restrictions on mergers, sales of assets, investments, incurrence of liens, incurrence of indebtedness and transactions with affiliates. CRG may accelerate the payment terms of the Loan Agreement upon the occurrence of certain “Events of Default” set forth therein, which include the failure of the Company to make timely payments of amounts due under the Loan Agreement, the failure of the Company to adhere to the covenants set forth in the Loan Agreement, the insolvency of the Company or upon the occurrence of a “Material Adverse Change” thereunder. As of March 31, 2023, the Company was in compliance with all applicable covenants under the Loan Agreement. As of March 31, 2023, principal, final facility fee and PIK payments under the Loan Agreement, as amended, were as follows (in thousands): Year Ending December 31, 2023 (remaining nine months of the year) $ — 2024 9,045 2025 10,339 Total 19,384 Less: Amount of PIK additions and final facility fee to be incurred subsequent to March 31, 2023 (4,484 ) Less: Amount representing debt issuance costs (228 ) Borrowings as of March 31, 2023 $ 14,672 In connection with drawdowns under the Loan Agreement, the Company recorded aggregate debt discounts of $1.3 million as contra-debt. The debt discounts are being amortized as non-cash interest expense using the effective interest method over the term of the Loan Agreement. As of March 31, 2023 and December 31, 2022, the balance of the aggregate debt discount was approximately $228,000 and $249,000, respectively. The Company’s interest expense associated with the amortization of debt discount was approximately $21,000 during each of the three months ended March 31, 2023 and 2022. For the three months ended March 31, 2023 and 2022, the Company incurred total interest expense of approximately $507,000 and $440,000, respectively. While, as of the date hereof, CRG has not purported that an Event of Default has resulted due to a Material Adverse Change (as those terms defined in the Loan Agreement), due to the substantial doubt about the Company’s ability to continue operating as a going concern, the entire outstanding amount of borrowings under the Loan Agreement and associated aggregate debt discount at March 31, 2023 and December 31, 2022 were classified as current in these financial statements. |
Note 5 - Leases
Note 5 - Leases | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 5. Leases The Company’s operating lease obligations primarily consist of leased office, laboratory, and manufacturing space under a non-cancelable operating lease. In addition to the minimum future lease commitments presented below, the lease requires the Company to pay property taxes, insurance, maintenance, and repair costs. The lease includes a rent holiday concession and escalation clauses for increased rent over the lease term. Rent expense is recognized using the straight-line method over the term of the lease. The lease will expire on November 30, 2024. The Company is obligated to pay approximately $5.8 million in base rent payments through November 2024, beginning on December 1, 2019. The weighted average remaining lease term as of March 31, 2023 is 1.7 years. The operating lease was included on the balance sheet at the present value of the future base payments discounted at a 6.5% discount rate using the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term and amount equal to the lease payments in a similar economic environment as the lease does provide an implicit rate. The Company’s operating lease expense, excluding variable maintenance fees and other expenses on a monthly basis, was approximately $105,000. Rent expense for both the three months ended March 31, 2023 and 2022 was approximately $ 314,000 The following table presents the future operating lease payments and leasehold liability included on the balance sheet related to the Company’s operating lease as of March 31, 2023 (in thousands): Year Ending December 31, 2023 (remaining nine months of the year) $ 903 2024 1,138 Total 2,041 Less: Imputed interest (113 ) Leasehold liability as of March 31, 2023 $ 1,928 The following table shows ROU assets and lease liabilities, and the associated financial statement line items, as of March 31, 2023 and December 31, 2022 (in thousands): Lease-Related Assets and Liabilities Financial Statement Line Items March 31, 2023 December 31, 2022 Right of use assets: Operating lease Right of use asset $ 1,928 $ 2,194 Total right of use assets $ 1,928 $ 2,194 Lease liabilities: Operating lease Leasehold liability, current portion $ 1,120 $ 1,092 Leasehold liability, long-term portion 808 1,102 Total lease liabilities $ 1,928 $ 2,194 |
Note 6 - Commitments and Contin
Note 6 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 6. Commitments and Contingencies Purchase Obligations Purchase obligations consist of agreements to purchase goods and services entered into in the ordinary course of business. The Company had non-cancelable commitments to suppliers for purchases totaling approximately $0.7 million as of March 31, 2023. The majority of this amount is related to commitments to purchase inventory components for our various product lines. Legal Proceedings The Company is not currently involved in any pending legal proceedings that it believes could have a material adverse effect on our financial condition, results of operations or cash flows. From time to time, the Company may be involved in legal proceedings or investigations, which could harm our reputation, business and financial condition and divert the attention of our management from the operation of our business. |
Note 7 - Stockholders' Equity
Note 7 - Stockholders' Equity | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Equity [Text Block] | 7. Stockholders Equity Convertible Preferred Stock As of March 31, 2023 and December 31, 2022, the Company’s certificate of incorporation, as amended and restated, authorizes the Company to issue up to 5,000,000 shares of convertible preferred stock with $0.001 par value per share. As of March 31, 2023 and December 31, 2022, 60,961 shares were issued and outstanding. Series A Convertible Preferred Stock The holders of Series A preferred stock are entitled to receive annual accruing dividends at a rate of 8%, payable in additional shares of Series A preferred stock or cash, at the Company’s option. The shares of Series A preferred stock have a liquidation preference of $1,000 per share, no voting rights and rank senior to all other classes and series of the Company’s equity in terms of repayment and certain other rights. During the year ended December 31, 2022, 4,510 additional shares were issued to CRG as payment of dividends. As of March 31, 2023 and December 31, 2022, 60,876 shares of Series A preferred stock were outstanding, which are currently convertible into shares of the Company’s common stock at $400 per share. The Series A preferred stock accrued additional dividends of approximately $1.2 million and $1.1 million during the quarters ended March 31, 2023 and 2022, respectively. Series B Convertible Preferred Stock The Series B preferred stock has a liquidation preference of $0.001 per share, full ratchet price based anti-dilution protection, has no voting rights and is subject to certain ownership limitations. The Series B preferred stock is immediately convertible at the option of the holder, has no stated maturity, and does not pay regularly stated dividends or interest. As of March 31, 2023 and December 31, 2022, 85 shares of Series B preferred stock remained outstanding, which are currently convertible into shares of the Company’s common stock at $1.502 per share. Series D Convertible Preferred Stock On January 14, 2022, the Company entered into a security purchase agreement with several institutional investors, pursuant to which the Company agreed to sell and issue, in a registered direct offering (“January 2022 Offering”), an aggregate of 7,600 shares of the Company’s Series D convertible preferred stock, par value $0.001 per share at an offering price of $1,000 per share. Concurrently, the Company agreed to issue to these investors warrants to purchase up to an aggregate of 807,500 shares of the Company’s common stock (the “Common Warrants”). The shares of Series D preferred stock had a stated value of $1,000 per share and were convertible into an aggregate of 950,000 shares of common stock at a conversion price of $8.00 per share. During the year ended December 31, 2022, all 7,600 shares of Series D preferred stock were converted into a total of 950,000 shares of common stock. Consequently, there were no At the time of issuance, the Company evaluated the classification of the Series D preferred stock and determined equity classification was appropriate due to no mandatory or contingently redeemable redemption features. The warrants issued to the investors were considered freestanding equity classified instruments. The Company first allocated gross proceeds from the registered direct offering between the preferred stock and the warrants issued to investors using a relative fair value approach, resulting in an initial allocation to each instrument of $4.0 million and $3.6 million, respectively. On the issuance date, the Company estimated the fair value of the Common Warrants issued to investors and warrants issued to the placement agent designees using a Black-Scholes option pricing model using the following assumptions: (i) contractual term of 5.5 years, (ii) expected volatility rate of 136.61%, (iii) risk-free interest rate of 1.51%, (iv) expected dividend rate of 0%, and (v) closing price of the Company’s common stock of the day immediately preceding the registered direct offering. The fair value of preferred stock was estimated based upon equivalent common shares that preferred stock could have been converted into at the closing price of the day immediately preceding the purchase date. The embedded conversion feature was evaluated and bifurcation from the preferred stock equity host was not considered necessary. The issuance of the Series D convertible preferred stock generated a beneficial conversion feature (“BCF”) which arose as the equity security was issued with an embedded conversion option that is beneficial to the investor or in the money at inception because the conversion option has an effective conversion price that is less than the market price of the underlying stock at the commitment date. The Company recorded the BCF as a discount to the preferred stock resulting in the amount of $5.1 million based on the intrinsic value of the beneficial conversion. As the preferred stock was immediately convertible into common stock subject to the consummation of the reverse stock split on March 14, 2022, a deemed dividend related to the discount associated with the beneficial conversion feature was recorded on that date. This one-time, non-cash charge impacted net loss applicable to common stockholders and net loss per share attributable to common stockholders for the quarter ended March 31, 2023. Common Stock As of March 31, 2023, the Company’s certificate of incorporation, as amended and restated, authorizes the Company to issue up to 100,000,000 shares of common stock with $0.001 par value per share, of which 8,626,828 shares were issued and outstanding. Common Stock Warrants As of March 31, 2023, the Company had outstanding warrants to purchase common stock as follows: Total Outstanding and Exercisable Underlying Shares of Common Stock Exercise Price per Share Expiration Date Series 1 Warrants issued in the February 2018 Series B financing 8,979,000 44,895 $ 400.00 February 2025 Series 2 Warrants issued in the February 2018 Series B financing 8,709,500 43,548 $ 400.00 February 2025 Warrants issued in the November 2018 financing 8,768,395 43,842 $ 80.00 November 2023 Placement agent warrants issued in the January 2022 financing 1,330,000 66,500 $ 10.00 January 2027 Warrants issued in the January 2022 financing 16,150,000 807,500 $ 9.60 July 2027 Pre-funded warrants issued in the August 2022 financing 622,000 622,000 $ 0.0001 n/a Series A Preferred Investment Options issued in August 2022 financing 2,853,883 2,853,883 $ 1.502 February 2028 Series B Preferred Investment Options issued in August 2022 financing 2,853,883 2,853,883 $ 1.502 August 2024 Placement agent Preferred Investment Options issued in the August 2022 financing 171,233 171,233 $ 2.19 August 2027 Total as of March 31, 2023 50,437,894 7,507,284 As of December 31, 2022, the Company had outstanding warrants to purchase common stock as follows: Total Outstanding and Exercisable Underlying Shares of Common Stock Exercise Price per Share Expiration Date Series 1 Warrants issued in the February 2018 Series B financing 8,979,000 44,895 $ 400.00 February 2025 Series 2 Warrants issued in the February 2018 Series B financing 8,709,500 43,548 $ 400.00 February 2025 Warrants issued in the November 2018 financing 8,768,395 43,842 $ 80.00 November 2023 Placement agent warrants issued in the January 2022 financing 1,330,000 66,500 $ 10.00 January 2027 Warrants issued in the January 2022 financing 16,150,000 807,500 $ 9.60 July 2027 Pre-funded warrants issued in the August 2022 financing 1,369,864 1,369,864 $ 0.0001 n/a Series A Preferred Investment Options issued in August 2022 financing 2,853,883 2,853,883 $ 1.502 February 2028 Series B Preferred Investment Options issued in August 2022 financing 2,853,883 2,853,883 $ 1.502 August 2024 Placement agent Preferred Investment Options issued in the August 2022 financing 171,233 171,233 $ 2.19 August 2027 Total as of December 31, 2022 51,185,758 8,255,148 January 2022 Offering Pursuant to a purchase agreement entered into on January 14, 2022, the Company issued warrants to purchase up to an aggregate of 807,500 shares of the Company’s common stock at an exercise price of $9.60 per share and which became exercisable beginning July 14, 2022. The Common Warrants will expire five The Company issued to the placement agent of the January 2022 Offering warrants to purchase up to an aggregate of 66,500 shares of common stock (the “Placement Agent Warrants”). The Placement Agent Warrants are subject to the same terms as the Common Warrants, except that the Placement Agent Warrants have an exercise price of $10.00 per share and a term of five August 2022 Offering Pursuant to a purchase agreement entered into on August 4, 2022, the Company issued, in a registered direct offering, Pre-Funded Warrants to purchase up to 784,019 shares of common stock (the “RD Pre-Funded Warrants”) and, in a concurrent private placement, Pre-Funded Warrants to purchase up to 1,369,864 shares of common stock (the “Private Placement Pre-Funded Warrants” and together with the RD Pre-Funded Warrants the “August 2022 Pre-Funded Warrants”). The August 2022 Pre-Funded Warrants have an exercise price of $0.0001 per share, are immediately exercisable, and have no expiration date. During the year ended December 31, 2022, 784,019 of shares of RD Pre-Funded Warrants were exercised into the equivalent number of the Company’s common stock. During the quarter ended March 31, 2023, an additional 747,864 Private Placement Pre-Funded Warrants were exercised. As of March 31, 2022, August 2022 Pre-Funded Warrants exercisable for 622,000 shares of the Company’s common stock remained outstanding. On April 20, 2023, the remaining 622,000 Private Placement Pre-Funded Warrants were exercised leaving none outstanding. Also in the August 2022 Offering, the Company issued Series A preferred investment options to purchase up to 2,853,883 additional shares of the Company’s common stock and Series B preferred investment options to purchase up to 2,853,883 additional shares of the Company’s common stock, collectively referred to as Preferred Investment Options. The Series A preferred investment options have an exercise price of $1.502 per share, are immediately exercisable, and will expire five two The Company also issued to the placement agent of the August 2022 Offering preferred investment options to purchase up to 171,233 shares of common stock (the “Placement Agent Preferred Investment Options”). The Placement Agent Preferred Investment Options are subject to the same terms as the Preferred Investment Options, except that the Placement Agent Preferred Investment Options have an exercise price of $2.19 per share and a term of five The exercise price and the number of shares of common stock issuable upon exercise of each Common Warrants, August 2022 Pre-Funded Warrants, Preferred Investment Options, and Placement Agent Preferred Investment Options are subject to appropriate adjustments in the event of certain stock dividends and distributions, stock splits, stock combinations, reclassifications or similar events affecting the common stock. In addition, in certain circumstances, upon a fundamental transaction, a holder of Common Warrants, August 2022 Pre-Funded Warrants, Preferred Investment Options, or Placement Agent Preferred Investment Options will be entitled to receive, upon exercise, the kind and amount of securities, cash or other property that such holder would have received had they exercised the Common Warrants, August 2022 Pre-Funded Warrants, Preferred Investment Options, or Placement Agent Preferred Investment Options immediately prior to the fundamental transaction. The Common Warrants, August 2022 Pre-Funded Warrants, Preferred Investment Options, and Placement Agent Preferred Investment Options can be exercised at the option of the holders at any time after they become exercisable provided that shares of the Common Warrants, August 2022 Pre-Funded Warrants, Preferred Investment Options, or Placement Agent Preferred Investment Options cannot be exercised into common stock if the applicable holder would beneficially own in excess of 4.99% (or, upon election by such holder prior to the issuance of any shares of Common Warrants, Preferred Investment Options, or Placement Agent Preferred Investment Options, 9.99 In the event of a fundamental transaction in which the holders of our voting securities immediately prior to such fundamental transaction will not, following such fundamental transaction, directly or indirectly own more than 50% of the voting securities of the surviving entity or successor entity, and in which the Company is not the successor entity or does not continue as a reporting issuer under the Exchange Act, then, at the request of the holder, the Company or the successor entity shall purchase the unexercised portion of the Common Warrants, Preferred Investment Options, and Placement Agent Preferred Investment Options from the holder by paying to the holder an amount, in cash, equal to the fair value of the remaining unexercised portion of the Common Warrants, Preferred Investment Options, and Placement Agent Preferred Investment Options on the date of such fundamental transaction, subject to certain limitations in the event of a fundamental transaction not within our control. As of March 31, 2023 and December 31, 2022, warrants and preferred investment options to purchase an aggregate of 7,507,284 and 8,255,148 shares of common stock were outstanding, respectively, all of which were classified within the equity section of the respective balance sheets. |
Note 8 - Stock-based Compensati
Note 8 - Stock-based Compensation | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 8. Stock-Based Compensation Stock Plans In January 2015, the Board of Directors adopted and the Company’s stockholders approved the 2015 Equity Incentive Plan (“2015 Plan”). On October 14, 2022, the Company’s stockholders approved an additional 1,750,000 shares of common stock for issuance under the 2015 Plan. The 2015 Plan provides for the grant of incentive stock options (“ISOs”) to employees and for the grant of non-statutory stock options (“NSOs”), restricted stock, restricted stock awards (“RSAs”), restricted stock units (“RSUs”), stock appreciation rights, performance units and performance shares to employees, directors and consultants. As of March 31, 2023, 306,638 shares were available for grant under the 2015 Plan. The Company’s RSUs and RSAs generally vest annually over two years in equal increments. The Company measures the fair value of RSAs using the closing stock price of a share of the Company’s common stock on the grant date and is recognized as expense on a straight-line basis over the vesting period of the award. As of December 31, 2022, the Company had 417 shares of RSUs and no shares of RSAs outstanding. A summary of all RSA and RSU activity is presented below: Number of Shares Weighted Average Grant Date Fair Value Weighted Average Remaining Contractual Term Awards outstanding at December 31, 2022 417 $ 11.64 0.17 Awarded 1,502,928 $ 1.23 — Released (34,417 ) $ 1.36 — Forfeited (50,000 ) $ 1.23 — Awards outstanding at March 31, 2023 1,418,928 $ 1.23 1.69 As of March 31, 2023, there was approximately $1.5 million of remaining unamortized stock-based compensation expense associated with RSAs, which will be expensed over a weighted average remaining service period of approximately 1.7 years. The outstanding non-vested and expected to vest RSAs at March 31, 2023 have an aggregate fair value of approximately $1.2 million. The Company used the closing market price of $0.82 per share at March 31, 2023, to determine the aggregate fair value for the RSAs outstanding at that date. For the three months ended March 31, 2023 and 2022, the fair value of RSAs vested was approximately $42,000 and $3,000 respectively. For the three months ended March 31, 2023 and 2022, stock-based compensation expense recognized associated with the vesting of RSAs was $245,000 and $52,000, respectively. There were no RSUs granted during the three months ended March 31, 2023. All awards outstanding as of March 31, 2023 are RSAs. Total noncash stock-based compensation expense relating to the Company’s RSUs and RSAs recognized, before taxes, during the three months ended March 31, 2023 and 2022, is as follows (in thousands): Three Months Ended March 31, 2023 2022 Cost of revenues $ 28 $ 7 Research and development expenses 83 13 Selling, general and administrative expenses 134 32 $ 245 $ 52 |
Note 9 - Subsequent Events
Note 9 - Subsequent Events | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 9. Subsequent Events Pre-Funded Warrant Exercise On April 20, 2023, a holder of Private Placement Pre-Funded Warrants opted to exercise a portion of the warrant into common stock. A total of 622,000 shares of the Private Placement Pre-Funded Warrants were exercised resulting in the issuance of an aggregate of 622,000 shares of common stock. After giving effect to this aforementioned exercise, no August 2022 Pre-Funded Warrants remain outstanding. Nasdaq Delisting Notice On April 25, 2023, the Company received a letter from Nasdaq’s Listing Qualifications Department notifying the Company that they were not in compliance with Nasdaq Listing Rule 5550(a)(2), as the minimum bid price for its listed securities was less than $1 for the previous 30 consecutive business days. The Company has a period of 180 calendar days, or until October 23, 2023, to regain compliance with the rule referred to in this paragraph. To regain compliance, the bid price of its common stock must close at $1 or more for a minimum of ten consecutive business days during the 180-day compliance period. The notice has no present impact on the listing of the Company’s securities on Nasdaq. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates |
Concentration of Credit Risk and Other Risks and Uncertainties [Policy Text Block] | Concentration of Credit Risk, and Other Risks and Uncertainties one no one one |
Standard Product Warranty, Policy [Policy Text Block] | Product Warranty Costs one Three Months Ended March 31, 2023 2022 Beginning balance $ 109 $ 187 Warranty provision 19 4 Usage/Release (14 ) (20 ) Ending balance $ 114 $ 171 |
Earnings Per Share, Policy [Policy Text Block] | Net Loss per Share Attributable to Common Stockholders Three Months Ended March 31, 2023 2022 Net loss applicable to common stockholders $ (5,862 ) $ (11,378 ) Weighted average common stock outstanding, basic and diluted 8,219 4,889 Net loss per share attributable to common stockholders, basic and diluted $ (0.71 ) $ (2.33 ) Three Months Ended March 31, 2023 2022 Common stock warrants equivalents 7,881,216 871,808 Common stock options 303 331 Convertible preferred stock 60,961 62,002 Unvested restricted stock units and awards 1,190,908 9,866 9,133,388 944,007 |
Segment Reporting, Policy [Policy Text Block] | Segment and Geographical Information one |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements Recent accounting standards not yet adopted Debt Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging Contracts in Entity s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity s Own Equity |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | Three Months Ended March 31, 2023 2022 Beginning balance $ 109 $ 187 Warranty provision 19 4 Usage/Release (14 ) (20 ) Ending balance $ 114 $ 171 |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, 2023 2022 Net loss applicable to common stockholders $ (5,862 ) $ (11,378 ) Weighted average common stock outstanding, basic and diluted 8,219 4,889 Net loss per share attributable to common stockholders, basic and diluted $ (0.71 ) $ (2.33 ) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Three Months Ended March 31, 2023 2022 Common stock warrants equivalents 7,881,216 871,808 Common stock options 303 331 Convertible preferred stock 60,961 62,002 Unvested restricted stock units and awards 1,190,908 9,866 9,133,388 944,007 |
Note 4 - Inventories (Tables)
Note 4 - Inventories (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31, December 31, 2023 2022 Raw materials $ 2,905 $ 3,374 Work-in-process 851 17 Finished products 1,561 1,574 Total inventories $ 5,317 $ 4,965 |
Note 4 - Borrowings (Tables)
Note 4 - Borrowings (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | Year Ending December 31, 2023 (remaining nine months of the year) $ — 2024 9,045 2025 10,339 Total 19,384 Less: Amount of PIK additions and final facility fee to be incurred subsequent to March 31, 2023 (4,484 ) Less: Amount representing debt issuance costs (228 ) Borrowings as of March 31, 2023 $ 14,672 |
Note 5 - Leases (Tables)
Note 5 - Leases (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | Year Ending December 31, 2023 (remaining nine months of the year) $ 903 2024 1,138 Total 2,041 Less: Imputed interest (113 ) Leasehold liability as of March 31, 2023 $ 1,928 |
Right of Use Asset and Liabilities [Table Text Block] | Lease-Related Assets and Liabilities Financial Statement Line Items March 31, 2023 December 31, 2022 Right of use assets: Operating lease Right of use asset $ 1,928 $ 2,194 Total right of use assets $ 1,928 $ 2,194 Lease liabilities: Operating lease Leasehold liability, current portion $ 1,120 $ 1,092 Leasehold liability, long-term portion 808 1,102 Total lease liabilities $ 1,928 $ 2,194 |
Note 7 - Stockholders' Equity (
Note 7 - Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Total Outstanding and Exercisable Underlying Shares of Common Stock Exercise Price per Share Expiration Date Series 1 Warrants issued in the February 2018 Series B financing 8,979,000 44,895 $ 400.00 February 2025 Series 2 Warrants issued in the February 2018 Series B financing 8,709,500 43,548 $ 400.00 February 2025 Warrants issued in the November 2018 financing 8,768,395 43,842 $ 80.00 November 2023 Placement agent warrants issued in the January 2022 financing 1,330,000 66,500 $ 10.00 January 2027 Warrants issued in the January 2022 financing 16,150,000 807,500 $ 9.60 July 2027 Pre-funded warrants issued in the August 2022 financing 622,000 622,000 $ 0.0001 n/a Series A Preferred Investment Options issued in August 2022 financing 2,853,883 2,853,883 $ 1.502 February 2028 Series B Preferred Investment Options issued in August 2022 financing 2,853,883 2,853,883 $ 1.502 August 2024 Placement agent Preferred Investment Options issued in the August 2022 financing 171,233 171,233 $ 2.19 August 2027 Total as of March 31, 2023 50,437,894 7,507,284 Total Outstanding and Exercisable Underlying Shares of Common Stock Exercise Price per Share Expiration Date Series 1 Warrants issued in the February 2018 Series B financing 8,979,000 44,895 $ 400.00 February 2025 Series 2 Warrants issued in the February 2018 Series B financing 8,709,500 43,548 $ 400.00 February 2025 Warrants issued in the November 2018 financing 8,768,395 43,842 $ 80.00 November 2023 Placement agent warrants issued in the January 2022 financing 1,330,000 66,500 $ 10.00 January 2027 Warrants issued in the January 2022 financing 16,150,000 807,500 $ 9.60 July 2027 Pre-funded warrants issued in the August 2022 financing 1,369,864 1,369,864 $ 0.0001 n/a Series A Preferred Investment Options issued in August 2022 financing 2,853,883 2,853,883 $ 1.502 February 2028 Series B Preferred Investment Options issued in August 2022 financing 2,853,883 2,853,883 $ 1.502 August 2024 Placement agent Preferred Investment Options issued in the August 2022 financing 171,233 171,233 $ 2.19 August 2027 Total as of December 31, 2022 51,185,758 8,255,148 |
Note 8 - Stock-based Compensa_2
Note 8 - Stock-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Share-Based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | Number of Shares Weighted Average Grant Date Fair Value Weighted Average Remaining Contractual Term Awards outstanding at December 31, 2022 417 $ 11.64 0.17 Awarded 1,502,928 $ 1.23 — Released (34,417 ) $ 1.36 — Forfeited (50,000 ) $ 1.23 — Awards outstanding at March 31, 2023 1,418,928 $ 1.23 1.69 |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended March 31, 2023 2022 Cost of revenues $ 28 $ 7 Research and development expenses 83 13 Selling, general and administrative expenses 134 32 $ 245 $ 52 |
Note 1 - Organization (Details
Note 1 - Organization (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Apr. 20, 2023 | Aug. 04, 2022 | Jan. 14, 2022 | Aug. 31, 2022 | Jan. 31, 2022 | Mar. 31, 2023 | Dec. 31, 2022 | May 20, 2022 | |
Retained Earnings (Accumulated Deficit) | $ (407,020,000) | $ (402,376,000) | ||||||
Cash and Cash Equivalents, at Carrying Value | $ 10,370,000 | $ 14,603,000 | ||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 7,507,284 | 8,255,148 | ||||||
Class of Warrant or Right, Outstanding | 50,437,894 | 51,185,758 | ||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | $ 0.001 | ||||||
Common Warrants [Member] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 807,500 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 9.60 | |||||||
Warrants and Rights Outstanding, Term | 5 years | |||||||
Placement agent warrants issued in the January 2022 financing [Member] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 66,500 | 66,500 | 66,500 | |||||
Class of Warrant or Right, Outstanding | 1,330,000 | 1,330,000 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 10 | $ 10 | $ 10 | |||||
Warrants and Rights Outstanding, Term | 5 years | |||||||
Registered Direct Pre-funded Warrants [Member] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 784,019 | |||||||
Pre-funded Warrants [Member] | ||||||||
Class of Warrant or Right, Outstanding | 622,000 | |||||||
Pre-funded Warrants [Member] | Subsequent Event [Member] | ||||||||
Class of Warrant or Right, Exercised | 622,000 | |||||||
Series A Preferred Investment Options [Member] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 2,853,883 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.502 | |||||||
Warrants and Rights Outstanding, Term | 5 years 6 months | |||||||
Series B Preferred Investment Options [Member] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 2,853,883 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.502 | |||||||
Warrants and Rights Outstanding, Term | 2 years | |||||||
Placement Agent Preferred Investment Options [Member] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 171,233 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 2.19 | |||||||
Warrants and Rights Outstanding, Term | 5 years | |||||||
Series D Preferred Stock [Member] | ||||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | |||||||
Series D Preferred Stock [Member] | Common Warrants [Member] | ||||||||
Class of Warrant or Right, Outstanding | 807,500 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 9.60 | |||||||
Warrants and Rights Outstanding, Term | 5 years | |||||||
Series D Preferred Stock [Member] | Placement agent warrants issued in the January 2022 financing [Member] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 66,500 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 10 | |||||||
Warrants and Rights Outstanding, Term | 5 years | |||||||
August 2022 Public Offering [Member] | ||||||||
Proceeds from Issuance or Sale of Equity, Net | $ 4,400,000 | |||||||
The Market Offering Agreement (the “ATM Agreement”) [Member] | ||||||||
Proceeds from Issuance or Sale of Equity, Net | $ 800,000 | |||||||
Stock Issued During Period, Shares, New Issues | 11,903 | |||||||
Shares Issued, Price Per Share (in dollars per share) | $ 0.82 | |||||||
Proceeds from Issuance or Sale of Equity, Total | $ 10,000 | |||||||
Payments of Stock Issuance Costs | $ 300 | |||||||
January 2022 Public Offering [Member] | ||||||||
Proceeds from Issuance or Sale of Equity, Net | $ 6,700,000 | $ 6,700,000 | ||||||
January 2022 Public Offering [Member] | Series D Preferred Stock [Member] | ||||||||
Stock Issued During Period, Shares, New Issues | 7,600 | |||||||
Preferred Stock, Par or Stated Value Per Share | $ 1,000 | |||||||
Preferred Stock, Convertible, Conversion Price | $ 8 | |||||||
August 2022 Purchase Agreement [Member] | ||||||||
Stock Issued During Period, Shares, New Issues | 700,000 | |||||||
Sale of Stock, Number of Shares (in shares) | 1,484,019 | |||||||
Shares Issued, Price Per Share (in dollars per share) | $ 1.752 | |||||||
Proceeds from Issuance or Sale of Equity, Total | $ 4,400,000 | |||||||
Private Placement [Member] | ||||||||
Stock Issued During Period, Shares, New Issues | 1,369,864 | |||||||
Shares Issued, Price Per Share (in dollars per share) | $ 1.752 | |||||||
Private Placement [Member] | Registered Direct Pre-funded Warrants [Member] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 1,369,864 | |||||||
Common Stock in June, 2022 [Member] | ||||||||
Stock Issued During Period, Shares, New Issues | 585,603 | |||||||
Shares Issued, Price Per Share (in dollars per share) | $ 1.67 | |||||||
Proceeds from Issuance or Sale of Equity, Total | $ 1,000,000 | |||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | |||||||
Share Offering Agreement, Aggregate Offering | $ 7,000,000 | |||||||
Commission Percentage | 3% | |||||||
Payments of Stock Issuance Costs | $ 29,000 |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies (Details Textual) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Warranty Period (Year) | 1 year | ||
Number of Reportable Segments | 1 | ||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | |||
Number of Major Customers | 1 | 0 | |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | One Customer [Member] | |||
Concentration Risk, Percentage | 10% | ||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | |||
Number of Major Customers | 1 | 1 | |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | UNITED STATES | |||
Concentration Risk, Percentage | 92% | 94% | |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | One Customer [Member] | |||
Concentration Risk, Percentage | 13% | 14% |
Note 2 - Summary of Significa_4
Note 2 - Summary of Significant Accounting Policies - Product Warranty (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Beginning balance | $ 109 | $ 187 |
Warranty provision | 19 | 4 |
Usage/Release | (14) | (20) |
Ending balance | $ 114 | $ 171 |
Note 2 - Summary of Significa_5
Note 2 - Summary of Significant Accounting Policies - Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Net loss applicable to common stockholders | $ (5,862) | $ (11,378) |
Weighted average common stock outstanding, basic and diluted (in shares) | 8,219 | 4,889 |
Net loss per share attributable to common stockholders, basic and diluted (in dollars per share) | $ (0.71) | $ (2.33) |
Note 2 - Summary of Significa_6
Note 2 - Summary of Significant Accounting Policies - Anti-dilutive Securities (Details) - shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Common stock warrants equivalents (in shares) | 9,133,388 | 944,007 |
Common Stock Warrants [Member] | ||
Common stock warrants equivalents (in shares) | 7,881,216 | 871,808 |
Common Stock Options [ member] | ||
Common stock warrants equivalents (in shares) | 303 | 331 |
Preferred Stock [Member] | ||
Common stock warrants equivalents (in shares) | 60,961 | 62,002 |
Restricted Stock Units (RSUs) [Member] | ||
Common stock warrants equivalents (in shares) | 1,190,908 | 9,866 |
Note 4 - Inventories - Schedule
Note 4 - Inventories - Schedule of Inventory (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Raw materials | $ 2,905 | $ 3,374 |
Work-in-process | 851 | 17 |
Finished products | 1,561 | 1,574 |
Total inventories | $ 5,317 | $ 4,965 |
Note 4 - Borrowings (Details Te
Note 4 - Borrowings (Details Textual) - CRG [Member] - Loan Agreement [Member] - USD ($) | 3 Months Ended | ||||||
Aug. 10, 2022 | Feb. 14, 2018 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Jun. 15, 2016 | Sep. 22, 2015 | |
Debt Agreement, Maximum Borrowing Capacity | $ 50,000,000 | ||||||
Debt Instrument, Covenant Compliance, Minimum Liquidity Requirement | $ 3,500,000 | ||||||
Debt Instrument, Covenant Compliance, Target Minimum Revenue, Past Twelve Months | $ 8,000,000 | ||||||
Debt Instrument, Covenant Compliance Target Minimum Revenue, Next Twelve Months | 8,000,000 | ||||||
Debt Instrument Covenant Compliance Target Minimum Revenue Second Year | 10,000,000 | ||||||
Debt Instrument Covenant Compliance Target Minimum Revenue Third Year | 14,500,000 | ||||||
Debt Instrument, Covenant Compliance Target Minimum Revenue Fourth Year | $ 17,000,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 12.50% | ||||||
Debt Instrument, Periodic Payment | $ 1,900,000 | ||||||
Long-Term Debt, Maturity, Year Four | 7,500,000 | ||||||
Long-Term Debt, Maturity, Year Five | $ 7,500,000 | ||||||
Debt Instrument, Redemption Initial Prepayment Premium Percentage | 5% | ||||||
Debt Instrument, Redemption Annual Decline in Prepayment Premium Percentage | 1% | ||||||
Debt Instrument, Financing Fee Percentage | 1.50% | ||||||
Debt Instrument, Final Facility Fee Percentage | 15% | ||||||
Debt Instrument, Covenant Compliance Cash and Certain Cash Equivalents Minimum | $ 3,500,000 | ||||||
Debt Instrument, Covenant Compliance Prepayment Multiplier for Revenue Shortfall | 2 | ||||||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $ 228,000 | $ 249,000 | 1,300,000 | ||||
Amortization of Debt Discount (Premium) | 21,000 | $ 21,000 | |||||
Interest Expense, Debt | $ 507,000,000,000 | $ 440,000,000,000 | |||||
Series A Preferred Stock Purchase Agreement with CRG [Member] | |||||||
Debt Conversion, Original Debt, Amount | 38,000,000 | ||||||
Debt Conversion, Fees and Prepayment Premium Amount | $ 3,800,000 | ||||||
First Tranche, Borrowed on September 22, 2015 [Member] | |||||||
Debt Instrument, Face Amount | $ 30,000,000 | ||||||
Second Tranche, Borrowed on June 15, 2016 [Member] | |||||||
Debt Instrument, Face Amount | $ 10,000,000 |
Note 4 - Borrowings - Schedule
Note 4 - Borrowings - Schedule of Debt (Details) $ in Thousands | Mar. 31, 2023 USD ($) |
2023 (remaining nine months of the year) | $ 0 |
CRG [Member] | Loan Agreement [Member] | |
2024 | 9,045 |
2025 | 10,339 |
Total | 19,384 |
Less: Amount of PIK additions and final facility fee to be incurred subsequent to March 31, 2023 | (4,484) |
Less: Amount representing debt issuance costs | (228) |
Borrowings as of March 31, 2023 | $ 14,672 |
Note 5 - Leases (Details Textua
Note 5 - Leases (Details Textual) - USD ($) | 3 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Apr. 01, 2019 | |
Lessee, Operating Lease, Liability, to be Paid | $ 2,041,000 | $ 5,800,000 | ||
Operating Lease, Weighted Average Remaining Lease Term | 1 year 8 months 12 days | |||
Lessee, Operating Lease, Discount Rate | 6.50% | |||
Operating Lease, Expense, Excluding Maintenance Fee and Other Expense, Monthly | $ 105,000 | |||
Operating Lease, Expense | 314,000,000,000 | $ 314,000,000,000 | ||
Variable Lease, Cost | 65,000,000,000 | 66,000,000,000 | ||
Operating Lease, Right-of-Use Asset, Periodic Reduction | 280,000,000,000 | $ 264,000,000,000 | ||
Prepaid Rent | $ 51,000 | $ 65,000 |
Note 5 - Leases - Future Operat
Note 5 - Leases - Future Operating Lease Payments (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Apr. 01, 2019 |
2023 (remaining nine months of the year) | $ 903 | ||
2024 | 1,138 | ||
Total | 2,041 | $ 5,800 | |
Less: Imputed interest | (113) | ||
Leasehold liability as of March 31, 2023 | $ 1,928 | $ 2,194 |
Note 5 - Leases - ROU Assets an
Note 5 - Leases - ROU Assets and Lease Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Operating lease | $ 1,928 | $ 2,194 |
Total right of use assets | 1,928 | 2,194 |
Leasehold liability, current portion | 1,120 | 1,092 |
Leasehold liability, long-term portion | 808 | 1,102 |
Total lease liabilities | $ 1,928 | $ 2,194 |
Note 6 - Commitments and Cont_2
Note 6 - Commitments and Contingencies (Details Textual) $ in Millions | Mar. 31, 2023 USD ($) |
Purchase Commitment [Member] | |
Purchase Obligation | $ 0.7 |
Note 7 - Stockholders' Equity_2
Note 7 - Stockholders' Equity (Details Textual) - USD ($) | 3 Months Ended | |||||||
Jan. 14, 2022 | Feb. 14, 2018 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Aug. 31, 2022 | Aug. 04, 2022 | Feb. 16, 2018 | |
Preferred Stock, Shares Authorized | 5,000,000 | 5,000,000 | ||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | ||||||
Preferred Stock, Shares Issued | 60,961 | 60,961 | ||||||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 60,961 | 60,961 | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 7,507,284 | 8,255,148 | ||||||
Preferred Stock Redemption Discount | $ 0 | $ 5,111,000 | ||||||
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 | ||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | $ 0.001 | ||||||
Common Stock, Shares, Issued (in shares) | 8,626,828 | 7,832,644 | ||||||
Common Stock, Shares, Outstanding, Ending Balance (in shares) | 8,626,828 | 7,832,644 | ||||||
Measurement Input, Expected Term [Member] | ||||||||
Warrants and Rights Outstanding, Measurement Input | 5.5 | |||||||
Measurement Input, Price Volatility [Member] | ||||||||
Warrants and Rights Outstanding, Measurement Input | 1.3661 | |||||||
Measurement Input, Discount Rate [Member] | ||||||||
Warrants and Rights Outstanding, Measurement Input | 0.0151 | |||||||
Measurement Input, Expected Dividend Rate [Member] | ||||||||
Warrants and Rights Outstanding, Measurement Input | 0 | |||||||
Conversion of Series D Preferred Stock into Common Stock [Member] | ||||||||
Conversion of Stock, Shares Converted | 7,600 | |||||||
Conversion of Stock, Shares Issued | 950,000 | |||||||
Common Warrants [Member] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 807,500 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 9.60 | |||||||
Warrants and Rights Outstanding, Term | 5 years | |||||||
Common Stock Warrants, Issued with Series D Convertible Preferred Stock [Member] | ||||||||
Proceeds from Issuance of Warrants | $ 3,600,000 | |||||||
Placement agent warrants issued in the January 2022 financing [Member] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 66,500 | 66,500 | 66,500 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 10 | $ 10 | $ 10 | |||||
Warrants and Rights Outstanding, Term | 5 years | |||||||
Registered Direct Pre-funded Warrants [Member] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 784,019 | |||||||
Stock Issued During Period, Shares, Warrants Exercised | 784,019 | |||||||
Private Pre-funded Warrants [Member] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 1,369,864 | |||||||
Pre-funded Warrants Issued in August 2022 Financing [Member] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 622,000 | 1,369,864 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||
Series A Preferred Investment Options [Member] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 2,853,883 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.502 | |||||||
Warrants and Rights Outstanding, Term | 5 years 6 months | |||||||
Series B Financing Warrants [Member] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 2,853,883 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.502 | |||||||
Warrants and Rights Outstanding, Term | 2 years | |||||||
Placement Agent Preferred Investment Options [Member] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 171,233 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 2.19 | |||||||
Warrants and Rights Outstanding, Term | 5 years | |||||||
January 2022 Public Offering [Member] | ||||||||
Proceeds from Issuance of Convertible Preferred Stock | $ 4 | |||||||
Series A Preferred Stock [Member] | ||||||||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 60,876 | 60,876 | ||||||
Preferred Stock, Liquidation Preference Per Share | $ 1,000 | |||||||
Preferred Stock, Convertible, Conversion Price | $ 400 | |||||||
Dividends, Preferred Stock | $ 1,200,000 | $ 1,100,000 | ||||||
Series A Preferred Stock [Member] | CRG [Member] | ||||||||
Preferred Stock Dividends, Shares | 4,510 | |||||||
Series A Preferred Stock [Member] | Conversion of Principal Amount of Senior Secured Loan to Newly Authorized Series A Preferred Stock [Member] | ||||||||
Preferred Stock, Dividend Rate, Percentage | 8% | |||||||
Series B Preferred Stock [Member] | ||||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | |||||||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 85 | 85 | ||||||
Preferred Stock, Convertible, Conversion Price | $ 1.502 | $ 1.502 | ||||||
Series D Preferred Stock [Member] | ||||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | |||||||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 0 | |||||||
Preferred Stock Redemption Discount | $ 5,100,000 | |||||||
Series D Preferred Stock [Member] | Common Warrants [Member] | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 9.60 | |||||||
Warrants and Rights Outstanding, Term | 5 years | |||||||
Series D Preferred Stock [Member] | Placement agent warrants issued in the January 2022 financing [Member] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 66,500 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 10 | |||||||
Warrants and Rights Outstanding, Term | 5 years | |||||||
Series D Preferred Stock [Member] | January 2022 offering [Member] | ||||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | |||||||
Preferred Stock, Convertible, Conversion Price | $ 8 | |||||||
Stock Issued During Period, Shares, New Issues | 7,600 | |||||||
Shares Issued, Price Per Share (in dollars per share) | $ 1,000 | |||||||
Preferred Stock, Convertible, Shares Issuable | 950,000 | |||||||
Series D Preferred Stock [Member] | January 2022 offering [Member] | Common Warrants [Member] | ||||||||
Conversion of Warrants Allowed Maximum Ownership of Common Stock Percentage | 4.99% | |||||||
Conversion of Warrants Allowed Maximum Ownership of Common Stock Percentage upon Election | 9.99% | |||||||
Series D Preferred Stock [Member] | January 2022 Public Offering [Member] | ||||||||
Preferred Stock, Par or Stated Value Per Share | $ 1,000 | |||||||
Preferred Stock, Convertible, Conversion Price | $ 8 | |||||||
Stock Issued During Period, Shares, New Issues | 7,600 |
Note 7 - Stockholder's Equity -
Note 7 - Stockholder's Equity - Outstanding Warrants (Details) - $ / shares | Mar. 31, 2023 | Dec. 31, 2022 | Aug. 04, 2022 | Jan. 14, 2022 |
Total outstanding and exercisable (in shares) | 50,437,894 | 51,185,758 | ||
Underlying shares of common stock (in shares) | 7,507,284 | 8,255,148 | ||
Series 1 February 2018 Warrants [Member] | ||||
Total outstanding and exercisable (in shares) | 8,979,000 | 8,979,000 | ||
Underlying shares of common stock (in shares) | 44,895 | 44,895 | ||
Exercise price per share (in dollars per share) | $ 400 | $ 400 | ||
Series 2 February 2018 Warrants [Member] | ||||
Total outstanding and exercisable (in shares) | 8,709,500 | 8,709,500 | ||
Underlying shares of common stock (in shares) | 43,548 | 43,548 | ||
Exercise price per share (in dollars per share) | $ 400 | $ 400 | ||
November 2018 Warrants [Member] | ||||
Total outstanding and exercisable (in shares) | 8,768,395 | 8,768,395 | ||
Underlying shares of common stock (in shares) | 43,842 | 43,842 | ||
Exercise price per share (in dollars per share) | $ 80 | $ 80 | ||
Placement agent warrants issued in the January 2022 financing [Member] | ||||
Total outstanding and exercisable (in shares) | 1,330,000 | 1,330,000 | ||
Underlying shares of common stock (in shares) | 66,500 | 66,500 | 66,500 | |
Exercise price per share (in dollars per share) | $ 10 | $ 10 | $ 10 | |
Warrants Issued in the January 2022 Financing [Member] | ||||
Total outstanding and exercisable (in shares) | 16,150,000 | 16,150,000 | ||
Underlying shares of common stock (in shares) | 807,500 | 807,500 | ||
Exercise price per share (in dollars per share) | $ 9.60 | $ 9.60 | ||
Pre-funded Warrants Issued in August 2022 Financing [Member] | ||||
Total outstanding and exercisable (in shares) | 622,000 | 1,369,864 | ||
Underlying shares of common stock (in shares) | 622,000 | 1,369,864 | ||
Exercise price per share (in dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | |
Series A Private Investment Options Issued in August 2022 Financing [Member] | ||||
Total outstanding and exercisable (in shares) | 2,853,883 | 2,853,883 | ||
Underlying shares of common stock (in shares) | 2,853,883 | 2,853,883 | ||
Exercise price per share (in dollars per share) | $ 1.502 | $ 1.502 | ||
Series B Private Investment Options Issued in August 2022 Financing [Member] | ||||
Total outstanding and exercisable (in shares) | 2,853,883 | 2,853,883 | ||
Underlying shares of common stock (in shares) | 2,853,883 | 2,853,883 | ||
Exercise price per share (in dollars per share) | $ 1.502 | $ 1.502 | ||
Placement Agent Private Investment Options Issued in August 2022 Financing [Member] | ||||
Total outstanding and exercisable (in shares) | 171,233 | 171,233 | ||
Underlying shares of common stock (in shares) | 171,233 | 171,233 | ||
Exercise price per share (in dollars per share) | $ 2.19 | $ 2.19 |
Note 8 - Stock-based Compensa_3
Note 8 - Stock-based Compensation (Details Textual) - USD ($) | 3 Months Ended | ||
Oct. 14, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Share Price | $ 0.82 | ||
Share-Based Payment Arrangement, Expense | $ 245,000 | $ 52,000 | |
Restricted Stock Units (RSUs) [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 417 | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 1,500,000 | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 8 months 12 days | ||
Sharebased Compensation Arrangement by Sharebased Payment Award Equity Instruments Other than Options Nonvested Fair Value | $ 1,200,000 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | 42,000,000,000 | 3,000,000,000 | |
Share-Based Payment Arrangement, Expense | $ 245,000 | $ 52,000 | |
The 2015 Employee Stock Purchase Plan [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Additional Shares Authorized | 1,750,000 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant | 306,638 |
Note 8 - Stock-Based Compensa_4
Note 8 - Stock-Based Compensation - Stock Option Activity (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Awards outstanding, shares (in shares) | 417 | |
Awards outstanding, Weighted Average Grant Date Fair Value (in dollars per share) | $ 11.64 | |
Awards outstanding, Weighted Average Remaining Contractual Term (Year) | 1 year 8 months 8 days | 2 months 1 day |
Awarded, shares (in shares) | 1,502,928 | |
Awarded, Weighted Average Grant Date Fair Value (in dollars per share) | $ 1.23 | |
Released, shares (in shares) | (34,417) | |
Released, Weighted Average Grant Date Fair Value (in dollars per share) | $ 1.36 | |
Forfeited, shares (in shares) | (50,000) | |
Forfeited, , Weighted Average Grant Date Fair Value (in dollars per share) | $ 1.23 | |
Awards outstanding at March 31, 2023 (in shares) | 1,418,928 | 417 |
Awards outstanding at March 31, 2023 (in dollars per share) | $ 1.23 | $ 11.64 |
Note 8 - Stock-based Compensa_5
Note 8 - Stock-based Compensation - Noncash Stock-based Compensation Expense Related to Stock Options, ESPP, and RSUs (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Allocated Share-based Compensation Expense | $ 245 | $ 52 |
Cost of Sales [Member] | ||
Allocated Share-based Compensation Expense | 28 | 7 |
Research and Development Expense [Member] | ||
Allocated Share-based Compensation Expense | 83 | 13 |
Selling, General and Administrative Expenses [Member] | ||
Allocated Share-based Compensation Expense | $ 134 | $ 32 |
Note 9 - Subsequent Events (Det
Note 9 - Subsequent Events (Details Textual) - Private Pre-funded Warrants [Member] - Subsequent Event [Member] | Apr. 20, 2023 shares |
Class of Warrant or Right, Exercised | 622,000 |
Shares Issued From Exercise of Warrants | 622,000 |