Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2023 | Aug. 17, 2023 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001513818 | |
Entity Registrant Name | Aravive, Inc. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-36361 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 26-4106690 | |
Entity Address, Address Line One | 3730 Kirby Drive, Suite 1200 | |
Entity Address, City or Town | Houston | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 77098 | |
City Area Code | 936 | |
Local Phone Number | 355-1910 | |
Title of 12(b) Security | Common stock, par value $0.0001 per share | |
Trading Symbol | ARAV | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 73,562,648 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Current Assets | ||
Cash and cash equivalents | $ 18,359 | $ 53,689 |
Prepaid expenses and other current assets | 3,686 | 4,281 |
Total current assets | 22,045 | 57,970 |
Restricted cash | 2,392 | 2,445 |
Property and equipment, net | 204 | 270 |
Operating lease right-of-use assets | 1,092 | 1,462 |
Other assets | 4 | 6 |
Total assets | 25,737 | 62,153 |
Current liabilities | ||
Accounts payable | 3,893 | 8,765 |
Accrued liabilities | 5,553 | 6,738 |
Operating lease obligation, current portion | 2,145 | 2,195 |
Current portion of deferred revenue | 2,630 | 4,414 |
Total current liabilities | 14,221 | 22,112 |
Deferred revenue, net of current portion | 16 | 621 |
Operating lease obligation, net of current portion | 821 | 1,882 |
Warrant liability | 30,496 | 26,881 |
Total liabilities | 45,554 | 51,496 |
Commitments and contingencies (Note 6) | ||
Stockholders' (deficit) equity | ||
Common stock, $0.0001 par value, 250,000,000 shares authorized at June 30, 2023 and 100,000,000 shares authorized at December 31, 2022; 59,868,553 shares issued and outstanding at June 30, 2023 and 59,844,850 shares issued and outstanding at December 31, 2022 | 6 | 6 |
Additional paid-in capital | 628,252 | 626,778 |
Accumulated deficit | (648,075) | (616,127) |
Total stockholders' (deficit) equity | (19,817) | 10,657 |
Total liabilities and stockholders’ (deficit) equity | $ 25,737 | $ 62,153 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Jun. 30, 2023 | Dec. 31, 2022 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 250,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 59,868,553 | 59,844,850 |
Common stock, shares outstanding (in shares) | 59,868,553 | 59,844,850 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Revenue | ||||
Total revenue | $ 1,274 | $ 1,615 | $ 2,764 | $ 2,707 |
Operating expenses | ||||
Research and development | 10,790 | 17,315 | 26,705 | 30,317 |
General and administrative | 3,070 | 3,727 | 6,559 | 6,815 |
Total operating expenses | 13,860 | 21,042 | 33,264 | 37,132 |
Loss from operations | (12,586) | (19,427) | (30,500) | (34,425) |
Other income (expense), net: | ||||
Interest income | 352 | 63 | 819 | 73 |
Change in fair value of warrant liability | 29,592 | 182 | (3,615) | 1,410 |
Other income, net | 650 | 705 | 1,348 | 1,408 |
Total other income (expense), net | 30,594 | 950 | (1,448) | 2,891 |
Net income (loss) | $ 18,008 | $ (18,477) | $ (31,948) | $ (31,534) |
Net income (loss) per share | ||||
Basic (in dollars per share) | $ 0.24 | $ (0.61) | $ (0.42) | $ (1.22) |
Diluted (in dollars per share) | $ (0.12) | $ (0.61) | $ (0.42) | $ (1.22) |
Weighted-average shares used to compute net income (loss) per share | ||||
Basic (in shares) | 75,727 | 30,505 | 75,721 | 25,844 |
Diluted (in shares) | 99,637 | 30,505 | 75,721 | 25,844 |
Collaborative Arrangement [Member] | ||||
Revenue | ||||
Total revenue | $ 1,274 | $ 1,615 | $ 2,764 | $ 2,707 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' (Deficit) Equity (Unaudited) - USD ($) $ in Thousands | Registered Direct Offering [Member] Common Stock [Member] | Registered Direct Offering [Member] Additional Paid-in Capital [Member] | Registered Direct Offering [Member] Retained Earnings [Member] | Registered Direct Offering [Member] | At-the-market Offering [Member] Common Stock [Member] | At-the-market Offering [Member] Additional Paid-in Capital [Member] | At-the-market Offering [Member] Retained Earnings [Member] | At-the-market Offering [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2021 | 21,039,594 | |||||||||||
Balance at Dec. 31, 2021 | $ 2 | $ 582,025 | $ (539,805) | $ 42,222 | ||||||||
Stock-based compensation | 0 | 620 | 0 | 620 | ||||||||
Net income (loss) | $ 0 | 0 | (13,057) | (13,057) | ||||||||
Issuance of common stock, net (in shares) | 3,185,216 | 54,763 | ||||||||||
Issuance of common stock, net | $ 0 | $ 9,291 | $ 0 | $ 9,291 | $ 0 | $ 123 | $ 0 | $ 123 | ||||
Balance (in shares) at Mar. 31, 2022 | 24,279,573 | |||||||||||
Balance at Mar. 31, 2022 | $ 2 | 592,059 | (552,862) | 39,199 | ||||||||
Balance (in shares) at Dec. 31, 2021 | 21,039,594 | |||||||||||
Balance at Dec. 31, 2021 | $ 2 | 582,025 | (539,805) | 42,222 | ||||||||
Net income (loss) | (31,534) | |||||||||||
Balance (in shares) at Jun. 30, 2022 | 30,518,269 | |||||||||||
Balance at Jun. 30, 2022 | $ 3 | 601,402 | (571,339) | 30,066 | ||||||||
Balance (in shares) at Mar. 31, 2022 | 24,279,573 | |||||||||||
Balance at Mar. 31, 2022 | $ 2 | 592,059 | (552,862) | 39,199 | ||||||||
Stock-based compensation | 0 | 725 | 0 | 725 | ||||||||
Net income (loss) | $ 0 | 0 | (18,477) | (18,477) | ||||||||
Issuance of common stock under employee benefit plans (in shares) | 28,216 | |||||||||||
Issuance of common stock under employee benefit plans | $ 0 | 26 | 0 | 26 | ||||||||
Issuance of common stock upon exercise of pre-funded warrants (in shares) | 6,210,480 | |||||||||||
Issuance of common stock upon exercise of pre-funded warrants | $ 1 | 8,592 | 0 | 8,593 | ||||||||
Balance (in shares) at Jun. 30, 2022 | 30,518,269 | |||||||||||
Balance at Jun. 30, 2022 | $ 3 | 601,402 | (571,339) | 30,066 | ||||||||
Balance (in shares) at Dec. 31, 2022 | 59,844,850 | |||||||||||
Balance at Dec. 31, 2022 | $ 6 | 626,778 | (616,127) | 10,657 | ||||||||
Stock-based compensation | 0 | 688 | 0 | 688 | ||||||||
Net income (loss) | $ 0 | 0 | (49,956) | (49,956) | ||||||||
Balance (in shares) at Mar. 31, 2023 | 59,844,850 | |||||||||||
Balance at Mar. 31, 2023 | $ 6 | 627,466 | (666,083) | (38,611) | ||||||||
Balance (in shares) at Dec. 31, 2022 | 59,844,850 | |||||||||||
Balance at Dec. 31, 2022 | $ 6 | 626,778 | (616,127) | 10,657 | ||||||||
Net income (loss) | (31,948) | |||||||||||
Balance (in shares) at Jun. 30, 2023 | 59,868,553 | |||||||||||
Balance at Jun. 30, 2023 | $ 6 | 628,252 | (648,075) | (19,817) | ||||||||
Balance (in shares) at Mar. 31, 2023 | 59,844,850 | |||||||||||
Balance at Mar. 31, 2023 | $ 6 | 627,466 | (666,083) | (38,611) | ||||||||
Stock-based compensation | 0 | 761 | 0 | 761 | ||||||||
Net income (loss) | $ 0 | 0 | 18,008 | 18,008 | ||||||||
Issuance of common stock under employee benefit plans (in shares) | 23,703 | |||||||||||
Issuance of common stock under employee benefit plans | $ 0 | 25 | 0 | 25 | ||||||||
Balance (in shares) at Jun. 30, 2023 | 59,868,553 | |||||||||||
Balance at Jun. 30, 2023 | $ 6 | $ 628,252 | $ (648,075) | $ (19,817) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' (Deficit) Equity (Unaudited) (Parentheticals) $ in Thousands | 3 Months Ended |
Mar. 31, 2022 USD ($) | |
Registered Direct Offering [Member] | |
Stock issuance costs | $ 706 |
At-the-market Offering [Member] | |
Stock issuance costs | $ 3 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash flows from operating activities | ||
Net income (loss) | $ (31,948) | $ (31,534) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Depreciation and amortization | 436 | 443 |
Stock-based compensation expense | 1,449 | 1,345 |
Warrant issuance costs | 0 | |
Warrant liability fair value adjustment | 3,615 | (1,410) |
Changes in assets and liabilities | ||
Prepaid expenses and other assets | 597 | (1,138) |
Accounts payable | (4,872) | 2,043 |
Deferred revenue | (2,389) | (2,707) |
Accrued and other liabilities | (2,296) | 924 |
Net cash used in operating activities | (35,408) | (31,911) |
Cash flows from financing activities | ||
Proceeds from issuance of common stock in connection with employee benefit plans | 25 | 26 |
Net cash provided by financing activities | 25 | 19,320 |
Net change in cash, cash equivalents, and restricted cash | (35,383) | (12,591) |
Cash, cash equivalents, and restricted cash at beginning of period | 56,134 | 61,855 |
Cash, cash equivalents, and restricted cash at end of period | 20,751 | 49,264 |
Supplemental disclosure of noncash items | ||
Warrant liability reclass to additional-paid-in-capital upon warrant exercise | 0 | 8,590 |
Direct Offering [Member] | ||
Cash flows from financing activities | ||
Proceeds from issuance of common stock and common stock warrants, net of issuance costs | 0 | 19,171 |
At-the-market Offering [Member] | ||
Cash flows from financing activities | ||
Proceeds from issuance of common stock in at the market offering | $ 0 | $ 123 |
Note 1 - Formation and Business
Note 1 - Formation and Business of the Company | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Aravive, Inc. (“Aravive” or the “Company”) was incorporated on December 10, 2008 2007. one Batiraxcept (formerly AVB- 500 GAS6 GAS6, In July 2016, June 1, 2016 November 30, 2019. three Aravive Biologics’ award from CPRIT requires it to pay CPRIT a portion of its revenues from sales of certain products, or received from its licensees or sublicensees, at tiered percentages of revenue in the low- to mid-single digits until the aggregate amount of such payments equals 400% of the grant award proceeds, and thereafter at a rate of less than one In April 2020, CCN2, AXL/GAS6 August 2022, In November 2020, 3D "3D 3D 3D second 2021, 3D first 3D first 3 In August 2021, 3D 3D 3 In October 2022, 3D 3 As consideration for the rights granted as part of a license agreement that Aravive Biologics entered into in 2012 third Unaudited Interim Financial Information In the opinion of the Company’s management, the accompanying unaudited condensed consolidated financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of its financial position as of June 30, 2023 three six June 30, 2023 2022 three six June 30, 2023 2022, six June 30, 2023 2022 December 31, 2022 not not December 31, 2022 10 March 15, 2023, |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Basis of Presentation and Use of Estimates The accompanying consolidated financial statements have been prepared in accordance with GAAP. The preparation of the accompanying consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The accompanying unaudited condensed consolidated statement of financial position as of June 30, 2023 three six June 30, 2023 2022 three six June 30, 2023 2022, six June 30, 2023 2022 Going Concern Uncertainty Since inception, the Company has incurred net losses from operations and negative cash flows from operations. At June 30, 2023, not not may June 30, 2023, August 2023, 3 not 3 not P1b/P2 not may not not Segments The Company operates in one one not Concentration of Credit Risk Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash and cash equivalents. All of the Company’s cash and cash equivalents are held at several financial institutions that management believes are of high credit quality. Such deposits may Risk and Uncertainties The Company’s future results of operations involve a number of risks and uncertainties. Factors that could affect the Company’s future operating results and cause actual results to vary materially from expectations include, but are not Products developed by the Company require clearances from the U.S. Food and Drug Administration (“FDA”), the Pharmaceuticals Medicines and Devices Agency (“PMDA”), or other international regulatory agencies prior to commercial sales. There can be no The Company expects to incur substantial operating losses for the next several years and will need to obtain additional financing to launch and commercialize any product candidates for which it receives regulatory approval. The Company relies on third third third third not third third Cash and C ash E quivalents, Restricted Cash The Company considers all highly liquid investments purchased with an original maturity of three June 30, 2023 December 31, 2022 Property and E quipment, Net Property and equipment are stated at cost and depreciated using the straight-line method over the estimated useful lives of the assets, generally between three five Leases The Company leases all of its office space in conducting its business. At inception, the Company determines whether an agreement represents a lease and at commencement the Company evaluates each lease agreement to determine whether the lease is an operating or financing lease. The Company records an operating lease right-of-use ("ROU") asset and an operating lease obligation on the consolidated balance sheet when entering into a lease. ROU assets represent the Company’s ROU of the underlying asset for the lease term and the lease obligation represents the Company’s commitment to make the lease payments arising from the lease. Lease obligations are recognized at the commencement date based on the present value of remaining lease payments over the lease term and ROU assets are calculated as the lease liability, adjusted by unamortized initial direct costs, unamortized lease incentives received, cumulative deferred or prepaid lease payments, and accumulated impairment losses. As the Company’s leases do not may not 12 not Warrant Liability Warrants for the purchase of shares of common stock issued in connection with the October 2022 “October 2022 December 31, 2022 not January 2023, October 2022 not not may October 2022 June 30, 2023. three six June 30, 2023 The Company estimated the fair value of these liabilities using assumptions that are based on the individual characteristics of the warrants on the valuation date. The Company used the Black-Scholes option-pricing model and the fair value of the underlying stock to determine the fair value of these liabilities. The valuation model is based on inputs as of the valuation dates, including the estimated volatility of our stock, the remaining contractual term of the warrants and the risk-free interest rates. Refer to Note 3. Impairment of Long-Lived Assets The Company reviews property and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not no June 30, 2023 Fair Value of Financial Instruments The carrying value of the Company’s cash and cash equivalents, restricted cash, accounts payable and accrued liabilities approximate fair value due to the short-term nature of these items. Fair value is defined as the exchange price that would be received for an asset or an exit price paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The fair value hierarchy defines a three Level 1 Unadjusted quoted prices in active markets for identical assets or liabilities; Level 2 Inputs other than quoted prices included within Level 1 not Level 3 Unobservable inputs that are supported by little or no The categorization of a financial instrument within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The Company’s financial instruments consist of Level 1 3 June 30, 2023 December 31, 2022 1 3 Clinical Trial Accruals The Company’s clinical trial accruals are based on estimates of patient enrollment and related costs at clinical investigator sites as well as estimates for the services received and efforts expended pursuant to contracts with multiple research institutions and Clinical Research Organizations (“CROs”) that conduct and manage clinical trials on the Company’s behalf. The Company estimates preclinical and clinical trial expenses based on the services performed, pursuant to contracts with research institutions and CROs that conduct and manage preclinical studies and clinical trials on its behalf. In accruing service fees, the Company estimates the time period over which services will be performed and the level of patient enrollment and activity expended in each period. If the actual timing of the performance of services or the level of effort varies from the estimate, the Company will adjust the accrual accordingly. Payments made to third Research and D evelopment Research and development costs are charged to operations as incurred. Research and development costs include, but are not not no Income T axes The Company accounts for income taxes under the asset and liability approach. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amounts expected to be realized. The Company assesses all material positions taken in any income tax return, including all significant uncertain positions, in all tax years that are still subject to assessment or challenge by relevant taxing authorities. Assessing an uncertain tax position begins with the initial determination of the position’s sustainability and is measured at the largest amount of benefit that is more than likely to be realized upon ultimate settlement. As of each balance sheet date, unresolved uncertain tax positions must be reassessed, and the Company will determine whether (i) the factors underlying the sustainability assertion have changed and (ii) the amount of the recognized tax benefit is still appropriate. The recognition and measurement of tax benefits requires significant judgment. Judgments concerning the recognition and measurement of a tax benefit might change as new information becomes available. Stock-Based C ompensation For stock options granted to employees, the Company recognizes compensation expense for all stock-based awards based on the grant-date estimated fair value. The value of the portion of the award that is ultimately expected to vest is recognized as expense ratably over the requisite service period. The fair value of stock options is determined using the Black-Scholes option pricing model. The determination of fair value for stock-based awards on the date of grant using an option pricing model requires management to make certain assumptions regarding a number of complex and subjective variables. Stock-based compensation expense related to stock options granted to nonemployees is recognized based on the fair value of the stock options, determined using the Black-Scholes option pricing model, as they are earned. The awards generally vest over the time period the Company expects to receive services from the nonemployee. Stock-based compensation expense, net of estimated forfeitures, is reflected in the condensed consolidated statements of operations as follows (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Operating Expenses Research and development $ 337 $ 187 $ 601 $ 420 General and administrative 424 538 848 925 Total $ 761 $ 725 $ 1,449 $ 1,345 Net Income (Loss) per Share of Common Stock Basic net income (loss) per common share is calculated by dividing the net income (loss) attributable to common stockholders by the weighted-average number of common shares outstanding during the period, without consideration for potentially dilutive securities. Diluted net income (loss) per share is computed by dividing the net income (loss) attributable to common stockholders by the weighted-average number of common shares and potentially dilutive securities outstanding for the period. For purposes of the diluted net income (loss) per share calculation, warrants and stock options are considered to be potentially dilutive securities. Collaborative Arrangements The Company records the elements of its collaboration agreements that represent joint operating activities in accordance with ASC Topic 808, Collaborative Arrangements 808 606 10 15, Revenue from Contracts with Customers – Scope and Scope Exceptions third one 3D 4 Revenue Recognition The Company’s sole source of revenue for 2023 2022 may The Company follows ASC 606, Revenue from Contracts with Customers 606 606, third The Company applies the following five i) Identify the contract with a customer. 606. ii) Identify the performance obligations in the contract. third iii) Determine the transaction price. not 606 None iv) Allocate the transaction price to performance obligations in the contract. v) Recognize revenue when, or as we satisfy a performance obligation. Performance Obligations The following is a general description of principal goods and services from which the Company generates revenue. License to Intellectual Property The Company generates revenue from licensing its intellectual property (“IP”) including know-how and development and commercialization rights. The license provides a customer with the right to further research, develop and commercialize internally-discovered or collaborated drug candidates, or the right to use batiraxcept to further research, develop and commercialize customer drug candidates. The consideration the Company receives is in the form of nonrefundable upfront consideration related to the functional intellectual property licenses and is recognized when the Company transfers such license to the customer unless the license is combined with other goods or services into one Research and Development Services The Company generates revenue from research and development services it provides to its customers and primarily includes clinical trials, and assistance during regulatory approval application process. Revenue associated with these services is recognized based on the Company’s estimate of total consideration to be received for such services and the pattern in which the Company perform the services. The pattern of performance is generally determined to be the amount of incurred costs related to the service portion of the contract with the customer as a percentage of total expected costs associated with the service portion of the contract. Contracts with Multiple Performance Obligations Most of the Company’s collaboration and license agreements with customers contain multiple promised goods or services. Based on the characteristics of the promised goods and services the Company analyzes whether they are separate or combined performance obligations. The transaction price is allocated to the separate performance obligations on a relative standalone selling price basis. The estimated standalone selling price is based on the adjusted market assessment approach including estimated present value of future cash flows and cost-plus margin approach, taking into consideration the type of services, estimates of hourly market rates, and stage of the development. Variable Consideration The Company’s contracts with customers primarily include two one Due to uncertainty associated with achievement of the development and regulatory milestones, the related milestone payments are excluded from the contract consideration and the corresponding revenue is not not Product sales-based royalties under licensed intellectual property and one one The transaction price is reevaluated each reporting period and as uncertain events are resolved or other changes in circumstances occur. Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board, or FASB, or other standard setting bodies and adopted by us as of the specified effective date. Unless otherwise discussed, the impact of recently issued standards that are not not |
Note 3 - Fair Value Measurement
Note 3 - Fair Value Measurements | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 3. The Company’s financial instruments consist principally of cash and cash equivalents, prepaid expenses, accounts payable, accrued liabilities, and a warrant liability. These financial instruments are reported on the Company’s consolidated balance sheets at amounts that approximate current fair value. The following table sets forth the Company’s financial instruments that were measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands): Fair Value Measurements at June 30, 2023 (unaudited) Total Level 1 Level 2 Level 3 Assets Money market funds $ 17,596 $ 17,596 $ — $ — Liabilities Warrant liability $ 30,496 $ — $ — $ 30,496 Fair Value Measurements at December 31, 2022 Total Level 1 Level 2 Level 3 Assets Money market funds $ 52,905 $ 52,905 $ — $ — Liabilities Warrant liability $ 26,881 $ — $ — $ 26,881 Warrant Liability The Company’s warrant liability for the October 2022 June 30, 2023 December 31, 2022 3 2. The fair value of the warrants was estimated using the Black-Scholes option-pricing model. As of December 31, 2022, not not The assumptions used in calculating the estimated fair value at the end of the reporting period represent the Company’s best estimate. However, inherent uncertainties are involved. If factors or assumptions change, the estimated fair value could be materially different. At December 31, 2022 June 30, 2023, October 2022 October 2022 Warrants June 30, 2023 December 31, 2022 Expected term (in years) 1.4 1.9 Expected volatility 82.9 % 49.9 % Risk-free interest rate 5.14 % 4.48 % Expected dividend yield 0.00 % 0.00 % Fair value of common share $ 1.26 $ 1.25 Exercise price $ 0.7949 $ 0.7949 The following table provides a summary of changes in the estimated fair value of the Company’s warrant liability (in thousands): October 2022 Warrants Balance at December 31, 2022 $ 26,881 Change in fair value 33,207 Balance at March 31, 2023 60,088 Change in fair value (29,592 ) Balance at June 30, 2023 $ 30,496 Fair Value Hierarchy Transfers The Company recognizes transfers between levels of the fair value hierarchy as of the end of the reporting period. There were no transfers within the hierarchy during the periods ended June 30, 2023 December 31, 2022 |
Note 4 - Collaboration and Lice
Note 4 - Collaboration and License Agreement | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Collaborative Arrangement Disclosure [Text Block] | 4. On November 6, 2020, 3D 3D Under the terms of the Agreement, the Company was paid $27 million (inclusive of $15 million in milestone payments) and is eligible to receive from 3D no 3D January 25, 2012, The Company will also be entitled to receive tiered royalties ranging from low double digits to mid-teens on sales in the Territory, if any, of products containing batiraxcept. Royalties are payable with respect to each jurisdiction in the Territory until the latest to occur of: (i) the last-to-expire of specified patent rights in such jurisdiction in the Territory; or (ii) ten first Under the terms and conditions of the Agreement, 3D If either the Company or 3D not may may may 3D 3D may The Agreement contemplates that the Company will enter into ancillary arrangements with 3D The Company assessed this arrangement in accordance with ASC 606 1 2 3D 3 3D 3 not not The estimated total transaction price was allocated between performance obligations based on their relative standalone selling prices. The Company uses a discounted cash flow approach and an expected cost plus a margin approach to estimate the standalone selling price for the performance obligations. The Company allocated the $27.0 million transaction price as such: $14.5 million to the research and development services performance obligation and $12.5 million to the license to intellectual property. Accordingly, the Company will recognize revenue related to the allocable research and development services obligation on a proportional performance basis as the underlying services are performed pursuant to the current development plan which is commensurate with the period and consistent with the pattern over which the Company’s research and development services obligation is satisfied. The Company will recognize the revenue related to the license to intellectual property at a point in time. This is due to the fact the license was determined to be a functional license due to current stage in development of batiraxcept. Batiraxcept has been developed, dosing levels have already been determined and the drug is currently in a Phase III clinical trial related to its PROC study. As of June 30, 2023, no The Company recognized in revenue $2.4 and $2.7 million related to the research and development services for the six June 30, 2023 2022, six June 30, 2023 2022, June 30, 2023 3D three June 30, 2023, December 31, 2022. June 30, 2023, |
Note 5 - Leases
Note 5 - Leases | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 5. In March 2017, 1020 August 2017 one five not not In August 2020, three fourth 2020. The Company’s operating lease cost including both short-term and variable lease components of $0.2 million associated with the facility leases was $1.0 million and $0.9 million for the six June 30, 2023 2022, six June 30, 2023 2022 June 30, 2023 As of June 30, 2023 Year Ending December 31, 2023 (6 months remaining) 1,530 2024 2,619 2025 116 2026 30 Total future minimum lease payments 4,295 Less: discount $ (1,329 ) Total lease liabilities $ 2,966 1020 On June 8, 2021, 1020 July 13, 2021. August 1, 2021 October 31, 2024, not six June 30, 2023. three June 30, 2023 2022, six June 30, 2023 2022. six June 30, 2023 2022, Future base rent the Subtenant shall pay to the Company over the sublease term as of June 30, 2023 Year Ending December 31, 2023 (6 months remaining) 1,201 2024 2,029 Total $ 3,230 |
Note 6 - Commitments and Contin
Note 6 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 6. Purchase Commitments The Company has conducted research and development programs through a combination of internal and collaborative programs that include, among others, arrangements with contract manufacturing organizations and contract research organizations. The Company had contractual arrangements with these organizations including license agreements with milestone obligations and service agreements with obligations largely based on services performed. In the normal course of business, the Company enters into various firm purchase commitments related to certain preclinical and clinical studies. Contingencies In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties and provide for general indemnifications. The Company’s exposure under these agreements is unknown because it involves claims that may not Indemnification In accordance with the Company’s amended and restated Certificate of Incorporation and amended and restated bylaws, the Company has indemnification obligations to its officers and directors for certain events or occurrences, subject to certain limits, while they are serving at the Company’s request in such capacity. There have been no may Litigation The Company may no June 30, 2023 |
Note 7 - Common Stock and Commo
Note 7 - Common Stock and Common Stock Warrants | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Equity [Text Block] | 7. The Amended and Restated Certificate of Incorporation authorizes the Company to issue 250,000,000 shares of common stock as of March 31, 2023. January 17, 2023 may no one At the Market Offering Program In September 2020, 3 November 20, 2020 ( 3” September 4, 2020, not three June 30, 2023 2022. Registered Direct Offerings Related Party Transaction On March 31, 2022, five January 2022 five 480, Distinguishing Liabilities from Equity 815, Derivatives and Hedging The 1,665,025 pre-funded warrants issued to the institutional investor were exercised on June 6, 2022. As of June 30, 2023, Number of Shares Exercise Price Expiration Date 3,990,025 $ 1.88 March 30, 2027 860,216 $ 2.20 March 30, 2027 Private placement equity financing On October 27, 2022, 15 one 3 50% 30 As of June 30, 2023, Security Number of Shares Exercise Price Expiration Date Pre-Funded 15,870,199 $ 0.0001 No expiration Series A 22,589,410 $ 0.7949 April 16, 2024 (1) Series B 22,589,401 $ 0.7949 July 16, 2025 ( 1 These warrants expire on the date that is the later of: (i) 15 January 17, 2023), one 3 |
Note 8 - Stock Based Awards
Note 8 - Stock Based Awards | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Shareholders' Equity and Share-Based Payments [Text Block] | 8. Equity Incentive Plans The Company’s Board and stockholders approved the 2019 "2019 September 12, 2019. 2019 2014 2017 2010 June 30, 2023 2019 not not 2019 January 1, 2020 January 1, 2029, January 1 December 31 2019 Inducement Stock Options The Company granted employment inducement stock option awards, for 440,000 shares of common stock during the three June 30, 2023. 5635 4 not first 36 Activity under the Company’s stock option plan and inducement stock options is set forth below: Weighted Average Weighted Remaining Aggregate Average Contractual Intrinsic Number of Exercise Life Value Shares Price (in years) (in thousands) Balances, January 1, 2023 4,570,432 $ 2.50 Options granted 3,207,654 1.69 Options expired (43,838 ) 6.18 Options forfeited (20,000 ) 4.15 Balances, June 30, 2023 7,714,248 $ 2.14 8.0 $ 1,108 Outstanding and expected to vest as of June 30, 2023 6,794,867 $ 2.19 7.8 $ 1,083 Exercisable as of June 30, 2023 2,970,492 $ 2.63 5.8 $ 933 The intrinsic values of outstanding, expected-to-vest and exercisable options were determined by multiplying the number of shares by the difference in exercise price of the options and the fair value of the common stock. There were no stock options exercised during the six June 30, 2022 2023, Stock Options Granted to Employees During each of the six June 30, 2023 2022 4 No As of June 30, 2023 The fair value of employee stock options was estimated using the Black-Scholes model with the following weighted-average assumptions: June 30, June 30, 2023 2022 Expected volatility 115.9 % 112.0 % Risk-free interest rate 3.5 % 1.8 % Dividend yield 0.0 % 0.0 % Expected life (in years) 6.0 6.1 Determining Fair Value of Stock Options Expected Volatility Risk-Free Interest Rate Expected Dividend Expected Term Forfeiture Rate Fair Value of Common Stock |
Note 9 - Net Income (Loss) Per
Note 9 - Net Income (Loss) Per Share of Common Stock | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 9. The following table summarizes the computation of basic and diluted net income (loss) per share of the Company (in thousands, except per share data): Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Numerator: Net income (loss) attributable to common stockholders - basic $ 18,008 $ (18,477 ) $ (31,948 ) $ (31,534 ) Subtract: fair value adjustment of warrant liability (1) 29,592 — — — Net income (loss) attributable to common stockholders - diluted $ (11,584 ) $ (18,477 ) $ (31,948 ) $ (31,534 ) Denominator: Weighted-average shares outstanding - basic 75,727 30,505 75,721 25,844 Dilutive effect of common stock warrants 23,038 — — — Dilutive effect of options outstanding 872 — — — Weighted-average shares outstanding - diluted 99,637 30,505 75,721 25,844 Net income (loss) per share: Basic $ 0.24 $ (0.61 ) $ (0.42 ) $ (1.22 ) Diluted $ (0.12 ) $ (0.61 ) $ (0.42 ) $ (1.22 ) ( 1 The Company assumes that the warrants will be share settled as they are considered dilutive and therefore the fair value adjustment is removed from the numerator in the diluted earnings per share calculation. Basic net income (loss) attributable to common stockholders per share is computed by dividing the net income (loss) attributable to common stockholders by the weighted-average number of common shares outstanding for the period. For the calculation of basic net income (loss) per share, the weighted-average number of common shares outstanding for the period includes the weighted average effect of the Company’s 15,870,199 pre-funded warrants , not no three June 30, 2022 six June 30, 2023 2022, However, the Company reported net income for the three June 30, 2023, The following potentially dilutive securities outstanding have been excluded from the computation of diluted shares outstanding for the three June 30, 2022 six June 30, 2023 2022: Six Months Ended Three, Six Months Ended June 30, June 30, 2023 2022 Options to purchase common stock 7,714,248 3,945,453 Common stock warrants 50,029,052 4,850,241 |
Note 10 - Balance Sheet Compone
Note 10 - Balance Sheet Components | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Supplemental Balance Sheet Disclosures [Text Block] | 10. Accrued Liabilities (in thousands) June 30, 2023 2022 Payroll and related $ 1,449 $ 1,307 Clinical 3,721 8,777 Sublease prepayment 233 228 Other 150 190 Total $ 5,553 $ 10,502 |
Note 11 - Subsequent Events
Note 11 - Subsequent Events | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 11. In August 2023, 3 not not two No P1b/P2 not may not not On August 18, 2023, 3 As a result of the expense reduction, we estimate that we will incur approximately $900,000 in costs resulting from severance payments and an additional $300,000 for previously accrued paid time off. We expect to make cash payments of approximately $1.2 million for the employee reduction, most of which is expected to be paid in the third 2023. may may not may |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation and Use of Estimates The accompanying consolidated financial statements have been prepared in accordance with GAAP. The preparation of the accompanying consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The accompanying unaudited condensed consolidated statement of financial position as of June 30, 2023 three six June 30, 2023 2022 three six June 30, 2023 2022, six June 30, 2023 2022 |
Going Concern Uncertainty Policy [Policy Text Block] | Going Concern Uncertainty Since inception, the Company has incurred net losses from operations and negative cash flows from operations. At June 30, 2023, not not may June 30, 2023, August 2023, 3 not 3 not P1b/P2 not may not not |
Segment Reporting, Policy [Policy Text Block] | Segments The Company operates in one one not |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash and cash equivalents. All of the Company’s cash and cash equivalents are held at several financial institutions that management believes are of high credit quality. Such deposits may |
Risks and Uncertainties [Policy Text Block] | Risk and Uncertainties The Company’s future results of operations involve a number of risks and uncertainties. Factors that could affect the Company’s future operating results and cause actual results to vary materially from expectations include, but are not Products developed by the Company require clearances from the U.S. Food and Drug Administration (“FDA”), the Pharmaceuticals Medicines and Devices Agency (“PMDA”), or other international regulatory agencies prior to commercial sales. There can be no The Company expects to incur substantial operating losses for the next several years and will need to obtain additional financing to launch and commercialize any product candidates for which it receives regulatory approval. The Company relies on third third third third not third third |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and C ash E quivalents, Restricted Cash The Company considers all highly liquid investments purchased with an original maturity of three June 30, 2023 December 31, 2022 |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and E quipment, Net Property and equipment are stated at cost and depreciated using the straight-line method over the estimated useful lives of the assets, generally between three five |
Lessee, Leases [Policy Text Block] | Leases The Company leases all of its office space in conducting its business. At inception, the Company determines whether an agreement represents a lease and at commencement the Company evaluates each lease agreement to determine whether the lease is an operating or financing lease. The Company records an operating lease right-of-use ("ROU") asset and an operating lease obligation on the consolidated balance sheet when entering into a lease. ROU assets represent the Company’s ROU of the underlying asset for the lease term and the lease obligation represents the Company’s commitment to make the lease payments arising from the lease. Lease obligations are recognized at the commencement date based on the present value of remaining lease payments over the lease term and ROU assets are calculated as the lease liability, adjusted by unamortized initial direct costs, unamortized lease incentives received, cumulative deferred or prepaid lease payments, and accumulated impairment losses. As the Company’s leases do not may not 12 not |
Warrant Liability Policy [Policy Text Block] | Warrant Liability Warrants for the purchase of shares of common stock issued in connection with the October 2022 “October 2022 December 31, 2022 not January 2023, October 2022 not not may October 2022 June 30, 2023. three six June 30, 2023 The Company estimated the fair value of these liabilities using assumptions that are based on the individual characteristics of the warrants on the valuation date. The Company used the Black-Scholes option-pricing model and the fair value of the underlying stock to determine the fair value of these liabilities. The valuation model is based on inputs as of the valuation dates, including the estimated volatility of our stock, the remaining contractual term of the warrants and the risk-free interest rates. Refer to Note 3. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets The Company reviews property and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not no June 30, 2023 |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments The carrying value of the Company’s cash and cash equivalents, restricted cash, accounts payable and accrued liabilities approximate fair value due to the short-term nature of these items. Fair value is defined as the exchange price that would be received for an asset or an exit price paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The fair value hierarchy defines a three Level 1 Unadjusted quoted prices in active markets for identical assets or liabilities; Level 2 Inputs other than quoted prices included within Level 1 not Level 3 Unobservable inputs that are supported by little or no The categorization of a financial instrument within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The Company’s financial instruments consist of Level 1 3 June 30, 2023 December 31, 2022 1 3 |
Clinical Trial Accruals [Policy Text Block] | Clinical Trial Accruals The Company’s clinical trial accruals are based on estimates of patient enrollment and related costs at clinical investigator sites as well as estimates for the services received and efforts expended pursuant to contracts with multiple research institutions and Clinical Research Organizations (“CROs”) that conduct and manage clinical trials on the Company’s behalf. The Company estimates preclinical and clinical trial expenses based on the services performed, pursuant to contracts with research institutions and CROs that conduct and manage preclinical studies and clinical trials on its behalf. In accruing service fees, the Company estimates the time period over which services will be performed and the level of patient enrollment and activity expended in each period. If the actual timing of the performance of services or the level of effort varies from the estimate, the Company will adjust the accrual accordingly. Payments made to third |
Research and Development Expense, Policy [Policy Text Block] | Research and D evelopment Research and development costs are charged to operations as incurred. Research and development costs include, but are not not no |
Income Tax, Policy [Policy Text Block] | Income T axes The Company accounts for income taxes under the asset and liability approach. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amounts expected to be realized. The Company assesses all material positions taken in any income tax return, including all significant uncertain positions, in all tax years that are still subject to assessment or challenge by relevant taxing authorities. Assessing an uncertain tax position begins with the initial determination of the position’s sustainability and is measured at the largest amount of benefit that is more than likely to be realized upon ultimate settlement. As of each balance sheet date, unresolved uncertain tax positions must be reassessed, and the Company will determine whether (i) the factors underlying the sustainability assertion have changed and (ii) the amount of the recognized tax benefit is still appropriate. The recognition and measurement of tax benefits requires significant judgment. Judgments concerning the recognition and measurement of a tax benefit might change as new information becomes available. |
Compensation Related Costs, Policy [Policy Text Block] | Stock-Based C ompensation For stock options granted to employees, the Company recognizes compensation expense for all stock-based awards based on the grant-date estimated fair value. The value of the portion of the award that is ultimately expected to vest is recognized as expense ratably over the requisite service period. The fair value of stock options is determined using the Black-Scholes option pricing model. The determination of fair value for stock-based awards on the date of grant using an option pricing model requires management to make certain assumptions regarding a number of complex and subjective variables. Stock-based compensation expense related to stock options granted to nonemployees is recognized based on the fair value of the stock options, determined using the Black-Scholes option pricing model, as they are earned. The awards generally vest over the time period the Company expects to receive services from the nonemployee. Stock-based compensation expense, net of estimated forfeitures, is reflected in the condensed consolidated statements of operations as follows (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Operating Expenses Research and development $ 337 $ 187 $ 601 $ 420 General and administrative 424 538 848 925 Total $ 761 $ 725 $ 1,449 $ 1,345 |
Earnings Per Share, Policy [Policy Text Block] | Net Income (Loss) per Share of Common Stock Basic net income (loss) per common share is calculated by dividing the net income (loss) attributable to common stockholders by the weighted-average number of common shares outstanding during the period, without consideration for potentially dilutive securities. Diluted net income (loss) per share is computed by dividing the net income (loss) attributable to common stockholders by the weighted-average number of common shares and potentially dilutive securities outstanding for the period. For purposes of the diluted net income (loss) per share calculation, warrants and stock options are considered to be potentially dilutive securities. |
Collaborative Arrangement, Accounting Policy [Policy Text Block] | Collaborative Arrangements The Company records the elements of its collaboration agreements that represent joint operating activities in accordance with ASC Topic 808, Collaborative Arrangements 808 606 10 15, Revenue from Contracts with Customers – Scope and Scope Exceptions third one 3D 4 |
Revenue [Policy Text Block] | Revenue Recognition The Company’s sole source of revenue for 2023 2022 may The Company follows ASC 606, Revenue from Contracts with Customers 606 606, third The Company applies the following five i) Identify the contract with a customer. 606. ii) Identify the performance obligations in the contract. third iii) Determine the transaction price. not 606 None iv) Allocate the transaction price to performance obligations in the contract. v) Recognize revenue when, or as we satisfy a performance obligation. Performance Obligations The following is a general description of principal goods and services from which the Company generates revenue. License to Intellectual Property The Company generates revenue from licensing its intellectual property (“IP”) including know-how and development and commercialization rights. The license provides a customer with the right to further research, develop and commercialize internally-discovered or collaborated drug candidates, or the right to use batiraxcept to further research, develop and commercialize customer drug candidates. The consideration the Company receives is in the form of nonrefundable upfront consideration related to the functional intellectual property licenses and is recognized when the Company transfers such license to the customer unless the license is combined with other goods or services into one Research and Development Services The Company generates revenue from research and development services it provides to its customers and primarily includes clinical trials, and assistance during regulatory approval application process. Revenue associated with these services is recognized based on the Company’s estimate of total consideration to be received for such services and the pattern in which the Company perform the services. The pattern of performance is generally determined to be the amount of incurred costs related to the service portion of the contract with the customer as a percentage of total expected costs associated with the service portion of the contract. Contracts with Multiple Performance Obligations Most of the Company’s collaboration and license agreements with customers contain multiple promised goods or services. Based on the characteristics of the promised goods and services the Company analyzes whether they are separate or combined performance obligations. The transaction price is allocated to the separate performance obligations on a relative standalone selling price basis. The estimated standalone selling price is based on the adjusted market assessment approach including estimated present value of future cash flows and cost-plus margin approach, taking into consideration the type of services, estimates of hourly market rates, and stage of the development. Variable Consideration The Company’s contracts with customers primarily include two one Due to uncertainty associated with achievement of the development and regulatory milestones, the related milestone payments are excluded from the contract consideration and the corresponding revenue is not not Product sales-based royalties under licensed intellectual property and one one The transaction price is reevaluated each reporting period and as uncertain events are resolved or other changes in circumstances occur. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board, or FASB, or other standard setting bodies and adopted by us as of the specified effective date. Unless otherwise discussed, the impact of recently issued standards that are not not |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Operating Expenses Research and development $ 337 $ 187 $ 601 $ 420 General and administrative 424 538 848 925 Total $ 761 $ 725 $ 1,449 $ 1,345 |
Note 3 - Fair Value Measureme_2
Note 3 - Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Fair Value Measurements at June 30, 2023 (unaudited) Total Level 1 Level 2 Level 3 Assets Money market funds $ 17,596 $ 17,596 $ — $ — Liabilities Warrant liability $ 30,496 $ — $ — $ 30,496 Fair Value Measurements at December 31, 2022 Total Level 1 Level 2 Level 3 Assets Money market funds $ 52,905 $ 52,905 $ — $ — Liabilities Warrant liability $ 26,881 $ — $ — $ 26,881 |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | October 2022 Warrants June 30, 2023 December 31, 2022 Expected term (in years) 1.4 1.9 Expected volatility 82.9 % 49.9 % Risk-free interest rate 5.14 % 4.48 % Expected dividend yield 0.00 % 0.00 % Fair value of common share $ 1.26 $ 1.25 Exercise price $ 0.7949 $ 0.7949 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | October 2022 Warrants Balance at December 31, 2022 $ 26,881 Change in fair value 33,207 Balance at March 31, 2023 60,088 Change in fair value (29,592 ) Balance at June 30, 2023 $ 30,496 |
Note 5 - Leases (Tables)
Note 5 - Leases (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | Year Ending December 31, 2023 (6 months remaining) 1,530 2024 2,619 2025 116 2026 30 Total future minimum lease payments 4,295 Less: discount $ (1,329 ) Total lease liabilities $ 2,966 |
Lessor, Operating Lease, Payment to be Received, Maturity [Table Text Block] | Year Ending December 31, 2023 (6 months remaining) 1,201 2024 2,029 Total $ 3,230 |
Note 7 - Common Stock and Com_2
Note 7 - Common Stock and Common Stock Warrants (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Number of Shares Exercise Price Expiration Date 3,990,025 $ 1.88 March 30, 2027 860,216 $ 2.20 March 30, 2027 Security Number of Shares Exercise Price Expiration Date Pre-Funded 15,870,199 $ 0.0001 No expiration Series A 22,589,410 $ 0.7949 April 16, 2024 (1) Series B 22,589,401 $ 0.7949 July 16, 2025 |
Note 8 - Stock Based Awards (Ta
Note 8 - Stock Based Awards (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Weighted Average Weighted Remaining Aggregate Average Contractual Intrinsic Number of Exercise Life Value Shares Price (in years) (in thousands) Balances, January 1, 2023 4,570,432 $ 2.50 Options granted 3,207,654 1.69 Options expired (43,838 ) 6.18 Options forfeited (20,000 ) 4.15 Balances, June 30, 2023 7,714,248 $ 2.14 8.0 $ 1,108 Outstanding and expected to vest as of June 30, 2023 6,794,867 $ 2.19 7.8 $ 1,083 Exercisable as of June 30, 2023 2,970,492 $ 2.63 5.8 $ 933 |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | June 30, June 30, 2023 2022 Expected volatility 115.9 % 112.0 % Risk-free interest rate 3.5 % 1.8 % Dividend yield 0.0 % 0.0 % Expected life (in years) 6.0 6.1 |
Note 9 - Net Income (Loss) Pe_2
Note 9 - Net Income (Loss) Per Share of Common Stock (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Numerator: Net income (loss) attributable to common stockholders - basic $ 18,008 $ (18,477 ) $ (31,948 ) $ (31,534 ) Subtract: fair value adjustment of warrant liability (1) 29,592 — — — Net income (loss) attributable to common stockholders - diluted $ (11,584 ) $ (18,477 ) $ (31,948 ) $ (31,534 ) Denominator: Weighted-average shares outstanding - basic 75,727 30,505 75,721 25,844 Dilutive effect of common stock warrants 23,038 — — — Dilutive effect of options outstanding 872 — — — Weighted-average shares outstanding - diluted 99,637 30,505 75,721 25,844 Net income (loss) per share: Basic $ 0.24 $ (0.61 ) $ (0.42 ) $ (1.22 ) Diluted $ (0.12 ) $ (0.61 ) $ (0.42 ) $ (1.22 ) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Six Months Ended Three, Six Months Ended June 30, June 30, 2023 2022 Options to purchase common stock 7,714,248 3,945,453 Common stock warrants 50,029,052 4,850,241 |
Note 10 - Balance Sheet Compo_2
Note 10 - Balance Sheet Components (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | June 30, 2023 2022 Payroll and related $ 1,449 $ 1,307 Clinical 3,721 8,777 Sublease prepayment 233 228 Other 150 190 Total $ 5,553 $ 10,502 |
Note 1 - Formation and Busine_2
Note 1 - Formation and Business of the Company (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 32 Months Ended | 41 Months Ended | 42 Months Ended | ||||||
Nov. 06, 2020 | Jun. 01, 2016 | Oct. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Jun. 30, 2023 | Nov. 30, 2019 | Nov. 30, 2019 | Aug. 31, 2021 | |
Revenue from Contract with Customer, Excluding Assessed Tax, Total | $ 1,274,000 | $ 1,615,000 | $ 2,764,000 | $ 2,707,000 | |||||||||
Cancer Prevention and Research Institute of Texas [Member] | |||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | $ 20,000,000 | ||||||||||||
Percentage of Cash Required to Raise in Matching Funds | 50% | ||||||||||||
Cash Required to Raise in Matching Funds | $ 10,000,000 | ||||||||||||
Matching Funds Required to Raise, Project Term (Year) | 3 years | ||||||||||||
Cash Required in Matching Funds, Amount Raised | $ 10,000,000 | ||||||||||||
Percentage of Grant Award Proceeds Required to Pay | 400% | ||||||||||||
3D Medicines, Inc [Member] | |||||||||||||
Proceeds from Collaborators | $ 15,000,000 | $ 27,000,000 | |||||||||||
Proceeds from Milestone Achievement | $ 6,000,000 | $ 6,000,000 | |||||||||||
Collaborative Agreement, Expected Milestone Payments to be Received | $ 3,000,000 | ||||||||||||
3D Medicines, Inc [Member] | Mainland China,Taiwan, Hong Kong and Macau [Member] | |||||||||||||
Proceeds from Collaborators | $ 12,000,000 | ||||||||||||
Leland Stanford Junior University [Member] | |||||||||||||
Maximum Milestone Payments Upon Achievement of Clinical and Regulatory Milestones | $ 1,000,000 | $ 1,000,000 | $ 1,000,000 |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies (Details Textual) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2023 USD ($) shares | Mar. 31, 2023 shares | Dec. 31, 2022 USD ($) shares | |
Retained Earnings (Accumulated Deficit) | $ (648,075) | $ (616,127) | |
Working Capital (Deficit) | 7,800 | ||
Cash and Cash Equivalents, at Carrying Value | $ 18,359 | $ 53,689 | |
Number of Operating Segments | 1 | ||
Common Stock, Shares Authorized (in shares) | shares | 250,000,000 | 250,000,000 | 100,000,000 |
Minimum [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 3 years | ||
Maximum [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 5 years |
Note 2 - Summary of Significa_4
Note 2 - Summary of Significant Accounting Policies - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Stock-based compensation expense | $ 761 | $ 725 | $ 1,449 | $ 1,345 |
Research and Development Expense [Member] | ||||
Stock-based compensation expense | 337 | 187 | 601 | 420 |
General and Administrative Expense [Member] | ||||
Stock-based compensation expense | $ 424 | $ 538 | $ 848 | $ 925 |
Note 3 - Fair Value Measureme_3
Note 3 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Dividend Payments | $ 0 | |
Fair Value, Assets and Liabilities, Transfers, Amount | $ 0 | $ 0 |
Note 3 - Fair Value Measureme_4
Note 3 - Fair Value Measurements - Financial Instruments Measured at Fair Value on a Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Warrant [Member] | ||
Warrant liability | $ 30,496 | $ 26,881 |
Fair Value, Inputs, Level 1 [Member] | Warrant [Member] | ||
Warrant liability | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Warrant [Member] | ||
Warrant liability | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Warrant [Member] | ||
Warrant liability | 30,496 | 26,881 |
Money Market Funds [Member] | ||
Money market funds | 17,596 | 52,905 |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Money market funds | 17,596 | 52,905 |
Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Money market funds | 0 | 0 |
Money Market Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Money market funds | $ 0 | $ 0 |
Note 3 - Fair Value Measureme_5
Note 3 - Fair Value Measurements - Estimated Fair Value Assumptions (Details) - January 2022 Warrants [Member] | Jun. 30, 2023 | Dec. 31, 2022 |
Measurement Input, Expected Term [Member] | ||
Measurement Input | 1.4 | 1.9 |
Measurement Input, Price Volatility [Member] | ||
Measurement Input | 0.829 | 0.499 |
Measurement Input, Risk Free Interest Rate [Member] | ||
Measurement Input | 0.0514 | 0.0448 |
Measurement Input, Expected Dividend Rate [Member] | ||
Measurement Input | 0 | 0 |
Measurement Input, Share Price [Member] | ||
Measurement Input | 1.26 | 1.25 |
Measurement Input, Exercise Price [Member] | ||
Measurement Input | 0.7949 | 0.7949 |
Note 3 - Fair Value Measureme_6
Note 3 - Fair Value Measurements - Summary of Change in Estimated Fair VAlue of Level 3 Financial Liabilities (Details) - Warrant [Member] - January 2022 Warrants [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2023 | Mar. 31, 2023 | |
Balance at December 31, 2022 | $ 60,088 | $ 26,881 |
Change in fair value | (29,592) | 33,207 |
Balance at March 31, 2023 | $ 30,496 | $ 60,088 |
Note 4 - Collaboration and Li_2
Note 4 - Collaboration and License Agreement (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | 32 Months Ended | |||
Nov. 06, 2020 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Jun. 30, 2023 | |
Revenue from Contract with Customer, Excluding Assessed Tax, Total | $ 1,274 | $ 1,615 | $ 2,764 | $ 2,707 | |||
3D Medicines, Inc [Member] | |||||||
Proceeds from Collaborators | $ 15,000 | $ 27,000 | |||||
Collaborative Agreement, Maximum Clinical Development, Regulatory and Commercial Milestone Payments | $ 207,000 | ||||||
Collaborative Agreement, Royalty, Period After First Commercial Sale of Product (Year) | 10 years | ||||||
Revenue, Remaining Performance Obligation, Amount | 27,000 | 27,000 | 27,000 | ||||
Contract with Customer, Liability | 2,600 | 2,600 | $ 5,000 | 2,600 | |||
Contract with Customer, Liability, Revenue Recognized | $ 1,000 | ||||||
Service Period (Year) | 1 year 1 month 6 days | ||||||
3D Medicines, Inc [Member] | Research and Development Services [Member] | |||||||
Revenue, Remaining Performance Obligation, Amount | 14,500 | $ 14,500 | 14,500 | ||||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | 2,400 | 2,700 | |||||
3D Medicines, Inc [Member] | License [Member] | |||||||
Revenue, Remaining Performance Obligation, Amount | $ 12,500 | 12,500 | $ 12,500 | ||||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | $ 0 | $ 0 |
Note 5 - Leases (Details Textua
Note 5 - Leases (Details Textual) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Aug. 31, 2020 USD ($) ft² | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Mar. 31, 2017 ft² | |
Short-term and Variable Lease, Cost | $ 200 | |||||
Lease, Cost | 1,000 | $ 900 | ||||
Operating Lease, Payments | $ 1,500 | |||||
Operating Lease, Weighted Average Remaining Lease Term (Year) | 1 year 4 months 24 days | 1 year 4 months 24 days | ||||
Operating Lease, Weighted Average Discount Rate, Percent | 7.60% | 7.60% | ||||
Sublease Income | $ 700 | $ 700 | $ 1,400 | $ 1,400 | ||
Proceeds from Lease Payment, Operating Activity | $ 1,400 | |||||
The 1020 Marsh Road Facility [Member] | ||||||
Area of Real Estate Property (Square Foot) | ft² | 34,500 | |||||
Lessee, Operating Lease, Term of Contract (Month) | 87 months | |||||
Lessee, Operating Lease, Number of Renewal Options | 1 | |||||
Lessee, Operating Lease, Renewal Term (Year) | 5 years | |||||
Office Space in North Carolina [Member] | ||||||
Area of Real Estate Property (Square Foot) | ft² | 4,128 | |||||
Lessee, Operating Lease, Term of Contract (Month) | 63 months | |||||
Lessee, Operating Lease, Monthly Payments | $ 9 | |||||
Lessee, Operating Lease, Abatement Term (Month) | 3 months |
Note 5 - Leases - Minimum Lease
Note 5 - Leases - Minimum Lease Payments Under Non-cancellable Operating Leases (Details) $ in Thousands | Jun. 30, 2023 USD ($) |
2023 (6 months remaining) | $ 1,530 |
2024 | 2,619 |
2025 | 116 |
2026 | 30 |
Total future minimum lease payments | 4,295 |
Less: discount | (1,329) |
Total lease liabilities | $ 2,966 |
Note 5 - Leases - Future Based
Note 5 - Leases - Future Based Rent (Details) - Grail, Inc [Member] - The 1020 Marsh Road Facility [Member] $ in Thousands | Jun. 30, 2023 USD ($) |
2023 (6 months remaining) | $ 1,201 |
2024 | 2,029 |
Total | $ 3,230 |
Note 6 - Commitments and Cont_2
Note 6 - Commitments and Contingencies (Details Textual) $ in Thousands | Jun. 30, 2023 USD ($) |
Estimated Litigation Liability | $ 0 |
Note 7 - Common Stock and Com_3
Note 7 - Common Stock and Common Stock Warrants (Details Textual) - USD ($) | 3 Months Ended | ||||||||
Oct. 27, 2022 | Jun. 06, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 04, 2020 | |
Common Stock, Shares Authorized (in shares) | 250,000,000 | 250,000,000 | 100,000,000 | ||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||||
Proceeds from Issuance of Common Stock and Warrants, Net | $ 9,300,000 | ||||||||
Pre-funded Warrants [Member] | |||||||||
Class of Warrant or Right, Issued During Period (in shares) | 1,665,025 | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 0.001 | $ 0.001 | |||||||
Class of Warrant or Right, Exercised During Period (in shares) | 1,665,025 | ||||||||
Common Stock Warrants [Member] | |||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 45,178,811 | 4,850,241 | 4,850,241 | ||||||
Prefunded Warrant and Common Stock Warrants [Member] | |||||||||
Class of Warrant or Right, Purchase Price of Warrants or Rights (in dollars per share) | $ 0.9198 | ||||||||
Common Stock Warrants 1 [Member] | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | 0.7949 | ||||||||
Common Stock Warrants 2 [Member] | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 0.7949 | ||||||||
Institutional Investor [Member] | Pre-funded Warrants [Member] | |||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 3,990,025 | 3,990,025 | |||||||
Institutional Investor [Member] | Common Stock Warrants [Member] | |||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 3,990,025 | 3,990,025 | |||||||
Eshelman Ventures [Member] | Pre-funded Warrants [Member] | |||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 860,216 | 860,216 | |||||||
Warrants and Rights Outstanding, Term (Year) | 5 years | 5 years | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 2.20 | $ 2.20 | |||||||
At-the-market Offering [Member] | |||||||||
Stock Issued During Period, Value, New Issues | $ 123,000 | ||||||||
At-the-market Offering [Member] | Piper Sandler & Co. and Cantor Fitzgerald & Co. [Member] | |||||||||
Equity Distribution Agreement, Maximum Aggregate Offering Price | $ 60,000,000 | ||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 0 | ||||||||
Stock Issued During Period, Value, New Issues | $ 0 | ||||||||
Registered Direct Offering [Member] | |||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 3,185,216 | ||||||||
Stock Issued During Period, Value, New Issues | $ 9,291,000 | ||||||||
Registered Direct Offering [Member] | Institutional Investor [Member] | |||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 2,325,000 | ||||||||
Registered Direct Offering [Member] | Eshelman Ventures [Member] | |||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 860,216 | ||||||||
Common Stock Warrants [Member] | Institutional Investor [Member] | |||||||||
Class of Warrant or Right, Purchase Price of Warrants or Rights (in dollars per share) | $ 2.005 | $ 2.005 | |||||||
Warrants and Rights Outstanding, Term (Year) | 5 years | 5 years | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 1.88 | $ 1.88 | |||||||
Common Stock Warrants [Member] | Eshelman Ventures [Member] | |||||||||
Class of Warrant or Right, Purchase Price of Warrants or Rights (in dollars per share) | 2.325 | 2.325 | |||||||
Pre-funded Warrants [Member] | Institutional Investor [Member] | |||||||||
Class of Warrant or Right, Purchase Price of Warrants or Rights (in dollars per share) | $ 2.004 | $ 2.004 | |||||||
Private Placement [Member] | |||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 45,178,811 | ||||||||
Shares and Warrants Issued, Price Per Share (in dollars per share) | $ 0.9199 | ||||||||
Proceeds from Issuance or Sale of Equity, Total | $ 40,000,000 |
Note 7 - Common Stock and Com_4
Note 7 - Common Stock and Common Stock Warrants - Common Stock Warrants Outstanding (Details) | Jun. 30, 2023 $ / shares shares | |
Common Stock Warrants Related to Registered Direct Offering 1 [Member] | ||
Exercise price (in dollars per share) | $ / shares | $ 1.88 | |
Number of warrants (in shares) | shares | 3,990,025 | |
Pre-funded Warrants Related to Private Placement [Member] | ||
Exercise price (in dollars per share) | $ / shares | $ 0.0001 | |
Number of warrants (in shares) | shares | 15,870,199 | |
Common Stock Warrants Related to Registered Direct Offering 2 [Member] | ||
Exercise price (in dollars per share) | $ / shares | $ 2.20 | |
Number of warrants (in shares) | shares | 860,216 | |
Common Stock Warrants Related to Private Placement Series A [Member] | ||
Exercise price (in dollars per share) | $ / shares | $ 0.7949 | [1] |
Number of warrants (in shares) | shares | 22,589,410 | |
Common Stock Warrants Related to Private Placement Series B [Member] | ||
Exercise price (in dollars per share) | $ / shares | $ 0.7949 | |
Number of warrants (in shares) | shares | 22,589,401 | |
[1]These warrants expire on the date that is the later of: (i) 15 months from the date an increase in the number of authorized shares of common stock is effected (which occurred on January 17, 2023), or (ii) one month after the public announcement of the topline Phase 3 platinum-resistant ovarian cancer PROC data. |
Note 8 - Stock Based Awards (De
Note 8 - Stock Based Awards (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jan. 01, 2021 | Jun. 30, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 3,207,654 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period (in shares) | 0 | 0 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 1.45 | $ 1.76 | ||
Inducement Stock Option [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 440,000 | |||
Inducement Stock Option [Member] | Vesting on the First Anniversary of the Date of Hire [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage | 25% | |||
Inducement Stock Option [Member] | Vesting in Equal Monthly Installments Over the Next 36 Months [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage | 75% | |||
Share-Based Payment Arrangement, Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | |||
Share-based Payment Arrangement, Expense, Tax Benefit | $ 0 | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 5,300 | $ 5,300 | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 6 months | |||
The 2019 Plan [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 662,785 | 662,785 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Outstanding Stock Maximum | 4.50% |
Note 8 - Stock Based Awards - A
Note 8 - Stock Based Awards - Activity Under Stock Option Plan (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended |
Jun. 30, 2023 | |
Balances, number of shares (in shares) | 4,570,432 |
Balances, weighted average exercise price (in dollars per share) | $ 2.50 |
Options granted, number of shares (in shares) | 3,207,654 |
Options granted, weighted average exercise price (in dollars per share) | $ 1.69 |
Options expired, number of shares (in shares) | (43,838) |
Options expired, weighted average exercise price (in dollars per share) | $ 6.18 |
Options forfeited, number of shares (in shares) | (20,000) |
Options forfeited, weighted average exercise price (in dollars per share) | $ 4.15 |
Balances, number of shares (in shares) | 7,714,248 |
Balances, weighted average exercise price (in dollars per share) | $ 2.14 |
Balances, weighted average remaining contractual life (Year) | 8 years |
Balances, aggregate intrinsic value | $ 1,108 |
Outstanding and expected to vest, number of shares (in shares) | 6,794,867 |
Outstanding and expected to vest, weighted average exercise price (in dollars per share) | $ 2.19 |
Outstanding and expected to vest, weighted average remaining contractual life (Year) | 7 years 9 months 18 days |
Outstanding and expected to vest, aggregate intrinsic value | $ 1,083 |
Exercisable, number of shares (in shares) | 2,970,492 |
Exercisable, weighted average exercise price (in dollars per share) | $ 2.63 |
Exercisable, weighted average remaining contractual life (Year) | 5 years 9 months 18 days |
Exercisable, aggregate intrinsic value | $ 933 |
Note 8 - Stock Based Awards - W
Note 8 - Stock Based Awards - Weighted-average Assumptions (Details) | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Expected volatility | 115.90% | 112% |
Risk-free interest rate | 3.50% | 1.80% |
Dividend yield | 0% | 0% |
Expected life (in years) (Year) | 6 years | 6 years 1 month 6 days |
Note 9 - Net Income (Loss) Pe_3
Note 9 - Net Income (Loss) Per Share of Common Stock (Details Textual) - shares | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | |
Warrant [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 4,850,241 | ||
Share-Based Payment Arrangement, Option [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 5,721,230 | 7,714,248 | 3,945,453 |
Pre-funded Warrants Related to Private Placement [Member] | |||
Class of Warrant or Right, Outstanding (in shares) | 15,870,199 | 15,870,199 |
Note 9 - Net Income (Loss) Pe_4
Note 9 - Net Income (Loss) Per Share of Common Stock - Summary of Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | ||
Net income (loss) attributable to common stockholders - basic | $ 18,008 | $ (18,477) | $ (31,948) | $ (31,534) | |
Subtract: fair value adjustment of warrant liability (1) | [1] | 29,592 | 0 | 0 | 0 |
Net income (loss) attributable to common stockholders - diluted | $ (11,584) | $ (18,477) | $ (31,948) | $ (31,534) | |
Weighted-average shares outstanding - basic (in shares) | 75,727 | 30,505 | 75,721 | 25,844 | |
Dilutive effect of common stock warrants (in shares) | 23,038 | 0 | 0 | 0 | |
Dilutive effect of options outstanding (in shares) | 872 | 0 | 0 | 0 | |
Weighted-average shares outstanding - diluted (in shares) | 99,637 | 30,505 | 75,721 | 25,844 | |
Basic (in dollars per share) | $ 0.24 | $ (0.61) | $ (0.42) | $ (1.22) | |
Diluted (in dollars per share) | $ (0.12) | $ (0.61) | $ (0.42) | $ (1.22) | |
[1]The Company assumes that the warrants will be share settled as they are considered dilutive and therefore the fair value adjustment is removed from the numerator in the diluted earnings per share calculation. |
Note 9 - Net Income (Loss) Pe_5
Note 9 - Net Income (Loss) Per Share of Common Stock - Antidilutive Securities (Details) - shares | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | |
Share-Based Payment Arrangement, Option [Member] | |||
Anti-dilutive securities (in shares) | 5,721,230 | 7,714,248 | 3,945,453 |
Common Stock Warrants [Member] | |||
Anti-dilutive securities (in shares) | 50,029,052 | 4,850,241 |
Note 10 - Balance Sheet Compo_3
Note 10 - Balance Sheet Components - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 |
Payroll and related | $ 1,449 | $ 1,307 | |
Clinical | 3,721 | 8,777 | |
Sublease prepayment | 233 | 228 | |
Other | 150 | 190 | |
Total | $ 5,553 | $ 6,738 | $ 10,502 |
Note 11 - Subsequent Events (De
Note 11 - Subsequent Events (Details Textual) - USD ($) | 3 Months Ended | |
Sep. 30, 2023 | Aug. 18, 2023 | |
Employee Severance [Member] | Forecast [Member] | ||
Payments for Restructuring | $ 1,200,000 | |
Employee Severance [Member] | Subsequent Event [Member] | ||
Restructuring and Related Cost, Number of Positions Eliminated, Inception to Date Percent | 70% | |
Restructuring and Related Cost, Expected Cost | $ 900,000 | |
Previously Accrued Paid Time Off [Member] | Forecast [Member] | ||
Restructuring and Related Cost, Expected Cost | $ 300,000 |