Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Mar. 08, 2018 | Jun. 30, 2017 | |
Document Information [Line Items] | |||
Entity Registrant Name | SOPHIRIS BIO INC. | ||
Entity Central Index Key | 1,563,855 | ||
Trading Symbol | sphs | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Common Stock, Shares Outstanding (in shares) | 30,111,153 | ||
Entity Public Float | $ 66.1 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 16,087,000 | $ 12,800,000 |
Securities available-for-sale | 9,757,000 | 16,201,000 |
Other receivables | 13,000 | 128,000 |
Prepaid expenses | 999,000 | 846,000 |
Total current assets | 26,856,000 | 29,975,000 |
Property and equipment, net | 2,000 | 4,000 |
Other long-term assets | 19,000 | 19,000 |
Total assets | 26,877,000 | 29,998,000 |
Current liabilities: | ||
Accounts payable | 832,000 | 459,000 |
Accrued expenses | 1,499,000 | 1,762,000 |
Current portion of promissory notes | 372,000 | |
Total current liabilities | 2,703,000 | 2,221,000 |
Long-term promissory notes | 6,435,000 | |
Warrant liability | 10,089,000 | 13,396,000 |
Stock-based compensation liability | 0 | 57,000 |
Total liabilities | 19,227,000 | 15,674,000 |
Commitments and contingencies (Note 16) | ||
Shareholders’ equity: | ||
Common shares, unlimited authorized shares, no par value; 30,111,153 and 30,107,644 shares issued and outstanding at December 31, 2017 and 2016, respectively | 131,247,000 | 131,245,000 |
Contributed surplus | 25,854,000 | 23,900,000 |
Accumulated other comprehensive gain | 97,000 | 99,000 |
Accumulated deficit | (149,548,000) | (140,920,000) |
Total shareholders’ equity | 7,650,000 | 14,324,000 |
Total liabilities and shareholders’ equity | $ 26,877,000 | $ 29,998,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares $ / shares in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Common shares, par value (in dollars per share) | $ 0 | $ 0 |
Common shares, shares issued (in shares) | 30,111,153 | 30,107,644 |
Common shares, shares outstanding (in shares) | 30,111,153 | 30,107,644 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating expenses: | |||
Research and development | $ 6,186 | $ 3,538 | $ 9,862 |
General and administrative | 5,732 | 6,768 | 3,626 |
Total operating expenses | 11,918 | 10,306 | 13,488 |
Other income (expense): | |||
Interest expense | (207) | (373) | (690) |
Interest income | 238 | 37 | 22 |
Gain (loss) on revaluation of warrant liability | 3,307 | (330) | |
Loss on early extinguishment of debt | (180) | ||
Other expense, net | (48) | (12) | (41) |
Total other income (expense) | 3,290 | (858) | (709) |
Net loss | $ (8,628) | $ (11,164) | $ (14,197) |
Basic and diluted loss per share (in dollars per share) | $ (0.29) | $ (0.49) | $ (0.84) |
Weighted average number of outstanding shares – basic and diluted (in shares) | 30,111 | 23,002 | 16,881 |
Other comprehensive loss: | |||
Unrealized loss on securities available-for-sale | $ (2) | ||
Total other comprehensive loss | $ (8,630) | $ (11,164) | $ (14,197) |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Dec. 31, 2014 | 16,844,736 | ||||
Balance at Dec. 31, 2014 | $ 113,095 | $ 17,053 | $ (115,559) | $ 99 | $ 14,688 |
Issuance of common shares (in shares) | 400,000 | ||||
Issuance of common shares | $ 785 | 785 | |||
Change in the fair value of stock-based compensation liability recorded to contributed surplus | (146) | (146) | |||
Stock-based compensation expense | 776 | 776 | |||
Net loss | (14,197) | (14,197) | |||
Valuation of exercised warrants reclassified from warrant liability to contributed surplus | |||||
Balance (in shares) at Dec. 31, 2015 | 17,244,736 | ||||
Balance at Dec. 31, 2015 | $ 113,880 | 17,683 | (129,756) | 99 | 1,906 |
Issuance of common shares (in shares) | 11,046,428 | ||||
Issuance of common shares | $ 33,534 | 33,534 | |||
Change in the fair value of stock-based compensation liability recorded to contributed surplus | 111 | 111 | |||
Stock-based compensation expense | 425 | 425 | |||
Net loss | (11,164) | (11,164) | |||
Exercise of warrants (in shares) | 1,775,714 | ||||
Exercise of warrants | $ 2,486 | $ 2,486 | |||
Exercise of stock options (in shares) | 40,766 | 41,000 | |||
Exercise of stock options | $ 92 | $ 92 | |||
Initial valuation of warrant liability upon issuance of warrants | (18,747) | (18,747) | |||
Valuation of exercised warrants reclassified from warrant liability to contributed surplus | 5,681 | 5,681 | |||
Balance (in shares) at Dec. 31, 2016 | 30,107,644 | ||||
Balance at Dec. 31, 2016 | $ 131,245 | 23,900 | (140,920) | 99 | 14,324 |
Change in the fair value of stock-based compensation liability recorded to contributed surplus | 57 | 57 | |||
Stock-based compensation expense | 1,712 | 1,712 | |||
Net loss | (8,628) | $ (8,628) | |||
Exercise of stock options (in shares) | 3,509,000 | 3,000 | |||
Exercise of stock options | $ 2 | $ 2 | |||
Valuation of exercised warrants reclassified from warrant liability to contributed surplus | |||||
Issuance of warrants with secured promissory note | 185 | 185 | |||
Other comprehensive loss | (2) | (2) | |||
Balance (in shares) at Dec. 31, 2017 | 30,111,153 | ||||
Balance at Dec. 31, 2017 | $ 131,247 | $ 25,854 | $ (149,548) | $ 97 | $ 7,650 |
Consolidated Statements of Sha6
Consolidated Statements of Shareholders' Equity (Parentheticals) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Common Stock [Member] | |
Issuance of common shares, issuance costs | $ 1,366 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows used in operating activities | |||
Net loss for the period | $ (8,628,000) | $ (11,164,000) | $ (14,197,000) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Stock-based compensation | 1,712,000 | 425,000 | 776,000 |
Amortization of debt discount | 44,000 | 81,000 | 137,000 |
Amortization of promissory note issuance costs | 17,000 | ||
Depreciation of property and equipment | 4,000 | 12,000 | 20,000 |
Amortization of discount on available-for-sale securities | 116,000 | 20,000 | 5,000 |
Change in fair value warrant liability | (3,307,000) | 330,000 | |
Noncash portion of loss on early extinguishment of debt | (159,000) | ||
Payment of original issue discount | (124,000) | ||
Foreign exchange transaction loss | 6,000 | 6,000 | |
Changes in operating assets and liabilities: | |||
Other receivables | 116,000 | (120,000) | 8,000 |
Prepaid expenses | (153,000) | (379,000) | 2,358,000 |
Accounts payable | 374,000 | (446,000) | (1,728,000) |
Accrued expenses | (269,000) | 1,195,000 | (1,742,000) |
Net cash used in operating activities | (9,968,000) | (10,329,000) | (14,357,000) |
Cash flows (used in) provided by investing activities | |||
Purchases of property and equipment | (3,000) | ||
Maturity of securities available-for-sale | 22,161,000 | 2,750,000 | 26,169,000 |
Purchases of securities available-for-sale | (15,835,000) | (16,471,000) | (10,103,000) |
Net cash provided by (used in) investing activities | 6,323,000 | (13,721,000) | 16,066,000 |
Cash flows provided by financing activities | |||
Proceeds from the issuance of common shares and warrants, net of paid issuance costs | 33,534,000 | 785,000 | |
Proceeds from the exercise of warrants | 2,486,000 | ||
Proceeds from exercise of stock options | 2,000 | 92,000 | |
Proceeds from the issuance of the Silicon Valley Bank promissory note, net of issuance costs | 6,930,000 | ||
Principal payments on the Oxford promissory notes | (5,141,000) | (735,000) | |
Net cash provided by financing activities | 6,932,000 | 30,971,000 | 50,000 |
Effect of exchange rate changes on cash and cash equivalents | (2,000) | (1,000) | |
Net increase in cash and cash equivalents | 3,287,000 | 6,919,000 | 1,758,000 |
Cash and cash equivalents at beginning of period | 12,800,000 | 5,881,000 | 4,123,000 |
Cash and cash equivalents at end of period | 16,087,000 | 12,800,000 | 5,881,000 |
Supplemental disclosures of cash flow information | |||
Cash paid for interest | 105,000 | 334,000 | 559,000 |
Supplemental disclosures of non-cash investing and financing activities | |||
Valuation of warrant liability upon issuance of warrants | 18,747,000 | ||
Value of warrants issued in connection with the Silicon Valley Bank promissory note | 185,000 | ||
Valuation of exercised warrants reclassified from warrant liability to contributed surplus | 5,681,000 | ||
Change in the fair value of stock-based compensation liability recorded to contributed surplus | (57,000) | (111,000) | 146,000 |
Unrealized loss on securities available-for sale | $ 2,000 |
Note 1 - Nature of the Business
Note 1 - Nature of the Business | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | 1. Nature of the business Company Sophiris Bio Inc., or the Company, or Sophiris, is a clinical-stage biopharmaceutical company focused on innovative products for the treatment of urological diseases. The Company is governed by the British Columbia Business Corporations Act. The Company’s operations were initially located in Vancouver, British Columbia until April 2011, The consolidated financial statements include the accounts of Sophiris and its wholly-owned subsidiaries, Sophiris Bio Corp. and Sophiris Bio Holding Corp., both of which are incorporated in the State of Delaware. |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Summary of significant accounting policies Significant accounting policies followed by the Company in the preparation of its consolidated financial statements are as follows: Basis of consolidation The consolidated financial statements include the accounts of the Company, Sophiris Bio Corp. and Sophiris Bio Holding Corp. All intercompany balances and transactions have been eliminated for purposes of consolidation. Basis of presentation and use of estimates The accompanying consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States or GAAP. GAAP requires the Company ’s management to make estimates and judgments that may may Foreign currency Historically gains and losses resulting from foreign currency translation were recorded in accumulated other comprehensive gain (loss), which is a separate component of shareholders ’ equity. Foreign currency transaction gains and losses are recognized as a component of other expense. Cash and cash equivalents Cash equivalents are short-term, highly liquid investments with an original maturity of three Securities Available-for-Sale Investments with an original maturity of more than three ’ equity. Realized gains and losses and declines in value judged to be other-than-temporary on available-for-sale securities are included in interest income. No December 31, 2017 2016. one Concentration of credit risk Financial instruments, which potentially subject the Company to concentration of credit risk, consist primarily of cash and cash equivalents and investment securities classified as available-for-sale. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. Management believes that the Company is not Property and equipment Property and equipment are recorded at cost and depreciated using the straight-line method, based on their estimated useful lives as follows: Asset classification Estimated useful life (in years) Equipment 3 - 5 Computer hardware 3 Software 3 - 5 Leasehold improvements Lesser of useful life or lease term Furniture and fixtures 5 Repairs and maintenance costs are expensed as incurred. The Company reviews its long-lived assets for impairment whenever events or changes in business circumstances indicate that the carrying amount of assets may not no not December 31, 2017. Promissory notes Promissory notes are recognized initially at fair value. Promissory notes are subsequently carried at amortized cost; any difference between the initial fair market value and the redemption value is recognized in the statement of operations and comprehensive loss over the period of the notes payable using the effective interest method. The fair value of the promissory notes when issued with equity classified instruments is recognized initially at its relative fair value, with the fair value of the promissory note estimated using the net present value of similar promissory notes issued on a standalone basis. The equity classified instruments that are issued with the borrowings are valued at fair value using the Black-Scholes valuation model. Revenue recognition The Company may may The Company recognizes up front license payments as revenue upon delivery of the license only if the license has stand-alone value to the customer and if the agreement includes a general right of return, the delivery or performance of undelivered items is considered probable and within the control of the Company. The payment is generally allocated to the separate units of accounting based on their relative selling prices. The selling price of each deliverable is determined using vendor specific objective evidence of selling prices, if it exists; otherwise, third third not Whenever the Company determines that an arrangement should be accounted for as a single unit of accounting, it must determine the period over which the performance obligations will be performed and revenue recognized. If the Company cannot reasonably estimate the timing and the level of effort to complete its performance obligations under the arrangement, then revenue under the arrangement is recognized on a straight-line basis over the period the Company is expected to complete its performance obligations. The Company evaluates milestone payments on an individual basis and recognizes revenue from non-refundable milestone payments when the earnings process is complete and the payment is reasonably assured. Non-refundable milestone payments related to arrangements under which the Company has continuing performance obligations are recognized as revenue upon achievement of the associated milestone, provided that (i) the milestone event is substantive and its achievability was not not not not not Royalty revenue will be recognized upon the sale of the related products provided the Company has no Research and development expenses Research and development costs are charged to expense as incurred. Research and development expenses comprise costs incurred in performing research and development activities, including personnel-related costs, stock-based compensation, facilities, research-related overhead, clinical trial costs, contracted services, manufacturing, license fees and other external costs. The Company accounts for nonrefundable advance payments for goods and services that will be used in future research and development activities as expenses when the service has been performed or when the goods have been consumed rather than when the payment is made. Accrued research and development expenses Clinical trial costs are recorded as a component of research and development expenses. The Company accrues and expenses clinical trial activities performed by third may ’s clinical development plan. 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. Adjustments to prior period estimates have not Examples of estimated accrued research and development expenses include: ● fees to clinical research organizations in connection with clinical studies; ● fees to investigative sites in connection with clinical studies; ● fees to vendors in connection with preclinical development activities; ● fees to vendors associated with the development of companion diagnostics; and ● fees to vendors related to product manufacturing, development and distribution of clinical supplies. Nonrefundable advance payments for goods and services that will be used or rendered in future research and development activities, are recorded as a prepaid expense and recognized as expense in the period that the related goods are consumed or services are performed. Dividend policy The Company has never declared or paid any cash dividends on its capital shares. The Company intends to retain all available funds and any future earnings to support its operations and finance the growth and development of its business. The Company does not may Stock-based compensation The Company expenses the fair value of employee stock options over the vesting period. Compensation expense is measured using the fair value of the award at the grant date. The fair value of each stock-based award is estimated using the Black-Scholes pricing model and is expensed using the graded vesting method over the vesting period. Effective January 1, 2017, No. 2016 09, “Compensation – Stock Compensation (Topic 718 no not Prior to the Company ’s initial public offering, or IPO, the Company had issued its stock options with a Canadian dollar denominated exercise price. Subsequent to the Company’s IPO, the Company issues its stock options with a U.S. dollar denominated exercise price. Effective November 13, 2013, 718, Compensation, Stock Compensation” zero December 31, 2017. December 31, 2017 no $57,000 $111,000 December 31, 2017 2016, January 9, 2018. Warrant liability In connection with the offerings we completed in the year ended December 31, 2016, may 480 “Distinguishing Liabilities from Equity” Certain inputs utilized in our Black-Scholes pricing model may one may Income taxes The Company accounts for income taxes under the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted rates in effect for the year in which these temporary differences are expected to be recovered or settled. Valuation allowances are provided if, based on the weight of available evidence, it is more likely than not not The Company provides reserves for potential payments of tax to various tax authorities related to uncertain tax positions and other issues. Reserves are based on a determination of whether and how much of a tax benefit taken by the Company in its tax filing is more likely than not Segment reporting Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision-maker, or CODM. The Company ’s Chief Executive Officer serves as its CODM. The Company views its operations and manages its business as one December 31, 2017, $15,000 December 31, 2017. Fair value of financial instruments The Company measures certain financial assets and liabilities at fair value based on the exchange price that would be received for an asset or paid for to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. The carrying amounts of the Company ’s financial instruments, including cash equivalents, accounts payable and accrued expenses, approximate fair value due to their short maturities. The Company follows ASC 820 10, Fair Value Measurements and Disclosures three Level 1 – Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2 – Inputs (other than quoted prices included in Level 1 Level 3 – Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. Recent accounting pronouncements In May 2014, No. 2014 09 606 2015 14; 2016 08; 2016 10; 2016 12; 2016 20 606 December 15, 2017, not December 31, 2017, 2016 2015. not not In February 2016, No. 2016 02, Lease (Topic 842 not December 15, 2018 In August 2016, 2016 15, Statement of Cash Flows (Topic 230 eight December 31, 2017, seven eight not may December 31, 2016. In May 2017, No. 2017 09, Compensation - Stock Compensation (Topic 718 718. January 1, 2018. not |
Note 3 - Reduction in Workforce
Note 3 - Reduction in Workforce | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | 3. Reduction in workforce The Company completed a reduction in workforce in May 2016 five ten $81,000 May 2016, No $76,000 during May 2016 13. |
Note 4 - Net Loss Per Common Sh
Note 4 - Net Loss Per Common Share | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 4. Net loss per common share Basic net loss per share is calculated by dividing the net loss attributable to common shareholders by the weighted-average number of common shares outstanding during the period, without consideration for potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of potentially dilutive securities outstanding for the period determined using the treasury-stock method. For purposes of this calculation, stock options and warrants are considered to be potentially dilutive securities and are only included in the calculation of diluted net loss per share when their effect is dilutive. The following table presents the computation of basic and diluted net loss per share (in thousands, except per share amounts): For the Years Ended December 31, 201 7 201 6 201 5 Net loss per share: Net loss $ (8,628 ) $ (11,164 ) $ (14,197 ) Weighted-average common shares – basic and diluted 30,111 23,002 16,881 Net loss per share – basic and diluted per share $ (0.29 ) $ (0.49 ) $ (0.84 ) The following dilutive securities have been excluded from the computation of diluted weighted-average shares outstanding as of the year ended December 31, 2017, 2016 2015 For the Years Ended December 31, 201 7 201 6 201 5 Options to purchase common shares 2,931 2,868 1,677 Common share purchase warrants 5,825 5,965 589 |
Note 5 - Securities Available-f
Note 5 - Securities Available-for-Sale | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 5 . Securities available-for-sale Securities available-for-sale consisted of the following as of December 31, 2017 December 31, 201 7 Amortized Unrealized Estimated Cost Gain Loss Fair Value Commercial paper $ 3,590 $ — $ — $ 3,590 U.S. government sponsored enterprise securities 4,985 — (2 ) 4,983 Corporate debt securities 1,184 — — 1,184 $ 9,759 $ — $ (2 ) $ 9,757 As of December 31, 2017, ’s securities available-for-sale have a maturity date of less than one Securities available-for-sale consisted of the following as of December 31, 2016 December 31, 201 6 Amortized Unrealized Estimated Cost Gain Loss Fair Value Commercial paper $ 3,890 $ — $ — $ 3,890 U.S. government sponsored enterprise securities 12,311 — — 12,311 $ 16,201 $ — $ — $ 16,201 As of December 31, 2016, ’s securities available-for-sale have a maturity date of less than one |
Note 6 - Fair Value Measurement
Note 6 - Fair Value Measurement and Financial Instruments | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 6 . Fair value measurement and financial instruments As of December 31, 2017 $25.2 three eleven three 1 2 2 third 3 The following table presents the Company ’s assets and liabilities that are measured at fair value on a recurring basis for the periods presented (in thousands): December 31, 201 7 Level 1 Level 2 Level 3 Assets: Money market funds $ 34 $ 34 $ — $ — Commercial paper 19,020 — 19,020 — U.S. government sponsored enterprise securities 4,983 — 4,983 — Corporate debt securities 1,184 — 1,184 — Total assets $ 25,221 $ 34 $ 25,187 $ — Liabilities: Warrant liability $ 10,089 $ — $ — $ 10,089 Total liabilities $ 10,089 $ — $ — $ 10,089 December 31, 201 6 Level 1 Level 2 Level 3 Assets: Money market funds $ 57 $ 57 $ — $ — Commercial paper 16,085 — 16,085 — U.S. government sponsored enterprise securities 12,311 — 12,311 — Total assets $ 28,453 $ 57 $ 28,396 $ — Liabilities: Warrant liability $ 13,396 $ — $ — $ 13,396 Stock-based compensation liability 57 — — 57 Total liabilities $ 13,453 $ — $ — $ 13,453 Warrant liability In connection with the offering completed on May 11, 2016, 1,785,714 may May 11, 2016, May 11, 2016 December 31, 2016, the warrant holders exercised 1,775,714 December 31, 2017, 10,000 May 11, 2016 December 31, 2017. December 31, 2017 2016: December 31, 201 7 201 6 Stock price at the end of each reporting period $ 2.27 $ 2.80 E xercise price $ 1.40 $ 1.40 Risk-free interest rate 2.01 % 1.78 % Volatility 143.57 % 144.25 % Dividend yield 0.00 % 0.00 % Expected life in years 3.36 4.36 Calculated fair value per warrant $ 1.95 $ 2.55 In connection with the offering completed on August 26, 2016, 5,606,250 may August 26, 2016, December 31, 2017, 5.6 December 31, 2017 2016: December 31, 201 7 201 6 Stock price at the end of each reporting period $ 2.27 $ 2.80 E xercise price $ 4.00 $ 4.00 Risk-free interest rate 2.04 % 1.85 % Volatility 145.36 % 140.47 % Dividend yield 0.00 % 0.00 % Expected life in years 3.65 4.65 Calculated fair value per warrant $ 1.80 $ 2.38 The following table presents a reconciliation of the warrant liability measured at fair value using unobservable inputs (Level 3 For the Years Ended December 31, 201 7 201 6 Balance at beginning of period $ 13,396 $ — Calculated fair value of warrants on May 11, 2016, date of issuance — 1,687 Calculated fair value of warrants on August 26, 2016 date of issuance — 17,060 Fair value of warrants exercised and recorded as an adjustment to contributed surplus — (5,681 ) Change in fair value of warrant liability (3,307 ) 330 Balance at end of period $ 10,089 $ 13,396 Stock-based compensation liability The Company calculates the fair value of the stock-based compensation liability for those stock options with exercise prices denominated in Canadian Dollars (level 3 December 31, 201 7 201 6 Stock price at the end of each reporting period $ 2.27 $ 2.80 Weighted average exercise price $ 10.39 $ 11.06 Risk-free interest rate 1.75 % 0.85 % Volatility 00.0 % 120.81 % Dividend yield 0.00 % 0.00 % Expected life in years 0.03 0.85 Calculated fair value per stock option $ 0.00 $ 0.33 The following table presents a reconciliation of the stock-based compensation liability measured at fair value using unobservable inputs (Level 3 For the Years Ended December 31, 201 7 201 6 Balance at beginning of period $ 57 $ 168 Change in fair value of stock-based compensation liability recorded as an adjustment to contributed surplus (57 ) (111 ) Balance at end of period $ — $ 57 On January 9, 2018, The Company recognizes transfers into and out of levels within the fair value hierarchy at the end of the reporting period in which the actual event or change in circumstances that caused the transfer occurs. There were no |
Note 7 - Prepaid Expenses
Note 7 - Prepaid Expenses | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Prepaid Expenses and Other Assets [Text Block] | 7 . Prepaid expenses Prepaid expenses as of December 31, 2017 2016 December 31, 201 7 201 6 Prepaid insurance $ 233 $ 273 Prepaid research and development expenses 709 546 Other prepaid expenses 57 27 Prepaid expenses $ 999 $ 846 As of December 31, 2017 2016, $0.7 $0.5 third |
Note 8 - Property and Equipment
Note 8 - Property and Equipment | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 8 . Property and equipment Property and equipment consisted of the following (in thousands): December 31, 201 7 201 6 Equipment $ 5 $ 5 Computer hardware and software 20 23 Leasehold improvements 156 155 Furniture and fixtures 72 72 253 255 Less: accumulated depreciation (251 ) (251 ) Property and equipment, net $ 2 $ 4 Depreciation expense was $ 4,000, $12,000 $20,000 December 31, 2017, 2016 2015, |
Note 9 - Accrued Expenses
Note 9 - Accrued Expenses | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 9 . Accrued expenses Accrued expenses as of December 31, 2017 2016 December 31, 201 7 201 6 Accrued personnel related costs $ 904 $ 1,491 Accrued interest 41 — Accrued research and development expenses 273 87 Accrued audit and tax services 246 129 Other accrued expenses 35 55 Accrued expenses $ 1, 499 $ 1,762 |
Note 10 - Promissory Notes
Note 10 - Promissory Notes | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 10 . Promissory n otes On September 2, 2016, On September 8, 2017, , or SVB. Under the terms of the agreement, the Company has the ability to request term loan advances in two first 7.0 second not $3.0 $20.0 December 31, 2018 2b December 31, 2018. The principal borrowed under the first $7.0 6.75% 1% 3% September 1, 2021, SVB an additional fee of 5% $7.0 September 2018 36 Pursuant to the first SVB to purchase an aggregate of up to 99,526 $2.11 seven $0.2 1.9%, 113.9%, 0% 7. $7.0 September 30, 2017, 3 $7.0 The third $0.1 In connection with the loan, the Company granted to SVB a security interest in all of the Company’s personal property now owned or hereafter acquired, excluding intellectual property and certain other assets. The Company is not December 31, 2017, the Company defaults under the loan, SVB may As of December 31, 2017, 2018 $ 584 2019 2,333 2020 2,333 2021 2,100 Total $ 7,350 The following table shows actual interest expense, amortization of the debt discount and amortization of the issuance costs that was charged to interest expense (in thousands): For the Years Ended December 31, 201 7 201 6 201 5 Stated interest $ 146 $ 292 $ 553 Amortization of debt discount 44 81 137 Amortization of promissory notes issuance costs 17 — — Interest expense $ 207 $ 373 $ 690 The Company calculated the fair value of the secured promissory notes as $ 6.8 3 December 31, 2017. 6.75%, |
Note 11 - Shareholders' Equity
Note 11 - Shareholders' Equity | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 1 1 . Shareholders ’ equity Shares issued in public offering On August 26, 2016, 7,475,000 $4.00 $27.4 ’ discounts, commissions and offering cost. Additionally, for each common share purchased, the investors received a warrant to purchase 0.75 $4.00 five August 26, 2016. In connection with this offering, the Company entered into a Purchase Agreement with Piper Jaffray & Co., as representative of the several underwriters named therein, or the August For a period of two August 26, 2016, August The common share warrants are recorded as a liability and then marked to market each period through earnings in other income (expense) each period as the warrants included in this transaction contain a “fundamental change” provision, which may may 6. In connection with this offering the Company incurred offering costs of approximately $2.5 $1.1 of offering costs to the common shares which was recorded as a reduction to equity. The remaining $1.4 December 31, 2016 Shares issued in registered direct transaction On May 11, 2016, $4.6 3,571,428 $1.40 one $1.40 five May 11, 2016. During the year ended December 31, 2016, 1,775,714 $2.5 The common share warrants are recorded as a liability and then marked to market each period through earnings in other income (expense) each period as the warrants included in this transaction contain a “fundamental change” provision, which may may 6. In connection with this offering the Company incurred offering costs of approximately $0.4 $0.3 of offering costs to the common shares which was recorded as a reduction to equity. The remaining $0.1 December 31, 2016 Authorized As of December 31, 2017 2016, no 30.1 December 31, 2017 2016. Shares reserved for future issuance The shares reserved for future issuance as of December 31, 2017, 2016 2015 December 31, 201 7 201 6 201 5 Common share purchase warrants 5,825 5,965 589 Stock options Granted and outstanding 2,931 2,868 1,677 Reserved for future grants 36 143 8 8,792 8,976 2,274 |
Note 12 - Common Share Purchase
Note 12 - Common Share Purchase Warrants | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Common Stock Warrants Disclosure [Text Block] | 1 2 . Common share purchase warrants At December 31, 2017 2016 5.8 6.0 $4.05 $4.97, December 31, 2017, 0.1 0.2 The following table summarizes the expiration dates for the Company ’s outstanding common share purchase warrants as of December 31, 2017 Number of Warrants Outstanding Exercise Price Expiration Date 27 $ 28.17 July 15, 2018 10 $ 1.40 May 11, 2021 82 $ 2.19 June 30, 2021 5,606 $ 4.00 August 26, 2021 100 $ 2.11 September 8, 2024 5,825 |
Note 13 - Stock-based Compensat
Note 13 - Stock-based Compensation Plan | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 1 3 . Stock-based compensation plan The Company ’s Amended and Restated 2011 The Plan is based on a cumulative percentage of options issuable up to 10% ’s outstanding common shares. As of December 31, 2017, 2016 2015, 35,646, 142,566 7,639 During the year ended December 31, 2017, 221,588 three one ten T he Company received $2,000 December 31, 2017, none December 31, 2017 $9,000. The Company recognized stock-based compensation expense as follows (in thousands): For the Years Ended December 31, 201 7 201 6 201 5 Research and development $ 481 $ 143 $ 257 General and administrative 1,231 282 519 Total $ 1,712 $ 425 $ 776 In connection with the Company ’s May 2016 $76,000 December 31, 2016. one As of December 31, 2017 $0.9 December 31, 2017 1.3 The fair values of options granted during the year ended December 31, 2017, 2016 2015 For the Years Ended December 31, 201 7 201 6 201 5 Expected life of the option term (years) 4.2 3.9 3.5 Risk-free interest rate 1.9 % 1.5 % 1.0 % Dividend rate 0.0 % 0.0 % 0.0 % Volatility 134.8 % 144.0 % 128.4 % Expected Life of the Option Term – This is the period of time that the options granted are expected to remain unexercised. Options granted during 2017 ten Risk-Free Interest Rate – This is the United States Treasury rates that most closely resembles the expected life of the option. Dividend Rate – The Company has never declared or paid dividends on common shares and has no Volatility – Volatility is a measure of the amount by which a financial variable such as a share price has fluctuated or is expected to fluctuate during a period. The Company considered the historical volatility from its Canadian initial public offering through the dates of grants. The following table summarizes stock option activity, including options issued to employees, directors and non-employees (in thousands, except per share and contractual term data): Options O utstanding Weighted A verage E xercise P rice Weighted A verage R emaining C ontractual T erm Aggregate I ntrinsic V alue Outstanding at January 1, 2015 1,378 $ 6.65 3.6 $ — Options granted 302 0.54 Options expired (3 ) 29.16 Outstanding at December 31, 2015 1,677 $ 5.52 2.9 $ 374 Options granted 1,290 2.21 Options exercised (41 ) 2.26 Options expired (56 ) 28.94 Options forfeited (2 ) 4.41 Outstanding at December 31, 201 6 2.868 $ 3.63 4.8 $ 1,431 Options granted 222 2.12 Options exercised (3 ) 0.46 Options expired (101 ) 16.34 Options forfeited (55 ) 2.23 Outstanding at December 31, 201 7 2,931 $ 3.10 4.4 $ 992 Vested or expected to vest at December 31, 201 7 2,931 $ 3.10 4.4 $ 992 Exercisable at December 31, 201 7 1,974 $ 3.41 2.7 $ 703 The total amounts for options outstanding, vested or expected to vest, and exercisable at December 31, 2017 The weighted average fair value of options granted during the years ended December 31, 2017, 2016 2015 $1.78, $1.88, $0.42, The aggregate intrinsic value was calculated as the difference between the exercise price of the stock options converted to U.S. dollars and the fair value of the Company ’s common stock as of the respective balance sheet date. The Company settles employee stock option exercises with newly issued common shares. |
Note 14 - License Agreements
Note 14 - License Agreements | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Collaborative Arrangement Disclosure [Text Block] | 1 4 . License agreements Kissei agreement In April 2010, or Kissei, covers the development and commercialization of topsalysin in Japan for the treatment of the symptoms of BPH, prostate cancer, prostatitis or other diseases of the prostate. Pursuant to the agreement in 2010, $3.0 no The agreement also notes that the Company shall supply Kissei with bulk material under a separate supply agreement for use in future clinical studies and, if approved, for commercial sales. The license agreement also notes that if the Company is unwilling or unable to supply Kissei with the necessary bulk material that Kissei will have the option to manufacture the bulk material themselves or they can outsource the manufacturing to a third not The agreement also provides that the Company shall have full responsibility, including financial responsibility, for filing, prosecuting and maintaining all of the patents in Japan during the term of the agreement. The filing of patents is an administrative and perfunctory deliverable. The associated costs are immaterial. The prosecution and maintenance of patents is not During the year ended December 31, 2013, $5.0 December 31, 2013, April 2013. In addition to the upfront license payment and the $5.0 December 31, 2013, $67.0 $12.0 $7.0 $5.0 $21.0 $7.0 $7.0 $7.0 $21.0 $7.0 $7.0 $7.0 $13.0 not $5.0 $8.0 Management evaluated the nature of the events triggering these additional milestone payments and concluded that these events fall into two events which involve the performance of the Company’s obligations under the Kissei license agreement, and (b) events which do not Milestone payments which involve the performance of the Company ’s obligations include activities related to the completion of development activities and regulatory approvals in the United States. Management concluded that each of these payments constitutes a substantive milestone. This conclusion was based primarily on the facts that (i) each triggering event represents a specific outcome that can be achieved only through successful performance by the Company of one not Milestone payments which do not ’s obligations include the completion of development activities, regulatory approvals and certain product sale goals in Japan, all of which are areas in which the Company has no not not Milestone Payments Involving Performance Milestone Payments Not Involving Performance Milestones by Indication BPH — $ 12,000 Prostate cancer — $ 21,000 Prostatitis and other diseases of the prostate — $ 21,000 Milestones Not Associated with an Indication Gross sale targets — $ 8,000 Regulatory approvals $ 5,000 — The Company may 20 29% Kissei is not Topsalysin license agreement for Benign Prostate Hyperplasia In 2009, , or UVIC, and The Johns Hopkins University, or Johns Hopkins, with respect to the use of topsalysin for the treatment of the symptoms of benign prostate hyperplasia and other non-cancer diseases and conditions of the prostate. The license agreement requires the Company to make payments of CND$1.3 10 19% 2003 one 25%. From the inception of the agreement, the Company has incurred sub-license fees of $0.6 million and milestone payments of $0.1 Topsalysin License Agreement for Prostate Cancer In 2004, the Company licensed exclusive rights to topsalysin for the treatment of prostate cancer under an agreement with UVIC and Johns Hopkins. The Company has agreed to make cumulative milestone payments over the lifecycle of topsalysin of up to CND$3.6 20 29% may 25%. From the inception of the agreement the Company has paid milestone payments of CND$0.1 three |
Note 15 - Income Taxes
Note 15 - Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 1 5 . Income taxes The component of the loss before provision for income taxes were as follows (in thousands): For the Years Ended December 31, 201 7 201 6 201 5 United States $ (1,931 ) $ (521 ) $ (1,389 ) Canada (6,697 ) (10,643 ) (12,808 ) Loss before provision for income taxes $ (8,628 ) $ (11,164 ) $ (14,197 ) The components of the provision for income taxes from continuing operations is as follows (in thousands): For the Years Ended December 31, 201 7 201 6 201 5 Current Tax: Canada $ — $ — $ — US — — — State — — — $ — $ — $ — Deferred Tax: Canada $ — $ — $ — US — — — State — — — — — — $ — $ — $ — A reconciliation of income taxes to the amount computed by applying the statutory federal income tax rate to the net loss is as follows (in thousands, except income tax rates): For the Years Ended December 31, 201 7 201 6 201 5 Combined federal and provincial income tax rates 26.00 % 26.00 % 26.00 % Income tax benefit at statutory rates $ (2,243 ) $ (2,902 ) $ (3,691 ) State income tax, net of federal benefit (3 ) 1 (63 ) Permanent items 3 (17 ) 36 Tax credits — — (105 ) Non-deductible stock-based compensation 429 81 155 Foreign accrual property income 72 69 48 Expired NOLs 140 79 887 Return to provision true up 1 60 (320 ) Uncertain tax positions 718 68 296 Rate differential (154 ) 60 (175 ) Effect of Canadian rate change (1,428 ) — — Effect of U.S. federal rate change 545 — — Effect of U.S. state rate change — 183 — Other 12 (112 ) (57 ) Revaluation of warrant liability (860 ) 86 — CTA — (312 ) (1,702 ) Change in valuation allowance 2,768 2,656 4,691 Income tax expense $ — $ — $ — Significant components of the Company ’s deferred tax assets as of December 31, 2017 2016 December 31, 201 7 201 6 Deferred tax assets: Net operating loss carryforwards (non-capital losses) $ 36,110 $ 32,140 Scientific research and development 2,605 2,509 Tax credits 3,964 4,066 Stock based compensation 815 1,116 Other, net 164 529 Share issue costs 490 1,042 Total deferred tax assets, net, before valuation allowance 44,148 41,402 Valuation allowance (44,148 ) (41,402 ) Net deferred tax assets $ — $ — Due to the operating losses since inception, a valuation allowance has been recognized to offset net deferred assets as realization of such deferred tax assets is not not. December 31, 2017 2016, $2.7 $3.0 At December 31, 2017, $133.7 $2.1 $1.4 may not 2026 2035 2034 At December 31, 2017, $9.6 $2.6 $0.2 2018 2023, In addition, the Company has U.S. federal and California research and development tax credits of $1.6 $0.6 2031 The Company ’s Canadian tax years are subject to inspection from 2011 2011 The future utilization of the Company ’s net operating loss carry forwards and research and development credit carry forwards to offset future taxable income and tax, respectively, may 1986, 382 383 may may 382 383 s a company’s ability to utilize certain net operating loss carry forwards and tax credit carry forwards in the event of a cumulative change in ownerships in excess of 50% Uncertain Tax Positions In accordance with ASC740, Income Taxes ASC740 ASC740, not not The following table summarizes the activity related to the Company’s unrecognized tax benefits (in thousands): For the Years Ended December 31, 201 7 201 6 201 5 Beginning balance $ 428 $ 325 $ — Increase related to prior year tax positions 610 103 304 Increase related to current year tax positions 113 — 21 Ending balance $ 1,151 $ 428 $ 325 The amount of unrecognized tax benefit that, if recognized and realized, would affect the effective tax rate is zero December 31, 2017. no $1.2 not 12 December 31, 2017 2016, not The Tax Cuts and Jobs Act or Tax Act, which was enacted on December 22, 2017, 35% 21% 21%. $0.5 no In conjunction with the tax law change, the Securities and Exchange Commission staff issued Staff Accounting Bulletin No. 118 not December 31, 2017. may may may On September 11, 2017, ’s Minister of Finance, presented the New Democratic Party’s first 11% 12% January 1, 2018 26% 27%. 27%. $1.4 |
Note 16 - Commitments and Conti
Note 16 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 1 6 . Commitments and contingencies Operating leases The Company leases a facility, comprising the Company ’s headquarters, located in San Diego, California under a non-cancelable lease. During December 2017, one May 2018 May 2019. $9,187 Total rent expense under operating leases was $0.1 December 31, 2017, 2016 2015, Future minimum lease payments under non-cancelable operating leases at December 31, 2017 Future rent payments 2018 $ 126 2019 52 Total $ 178 Purchase commitments The Company is required to schedule its manufacturing activities in advance. If the Company cancels any of these scheduled activities without proper notice the Company would be required to pay penalties equal to the cost of the originally scheduled activity. The Company estimates that the cost of these penalties would be approximately $ 2.6 December 31, 2017 $0.6 $0.3 $0.6 December 31, 2017, 2016 2015, License agreements The Company has license agreements with third As the timing of when these payments will actually be made is uncertain and the payments are contingent upon the completion of future events, the Company cannot predict minimum future payments over the next five |
Note 17 - 401(k) Plan
Note 17 - 401(k) Plan | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 1 7 . 401 The Company has a deferred compensation plan , or the 401 401 401 4% 401 $0.1 December 31, 2017, 2016 2015. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Basis of consolidation The consolidated financial statements include the accounts of the Company, Sophiris Bio Corp. and Sophiris Bio Holding Corp. All intercompany balances and transactions have been eliminated for purposes of consolidation. |
Basis of Accounting, Policy [Policy Text Block] | Basis of presentation and use of estimates The accompanying consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States or GAAP. GAAP requires the Company ’s management to make estimates and judgments that may may |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign currency Historically gains and losses resulting from foreign currency translation were recorded in accumulated other comprehensive gain (loss), which is a separate component of shareholders ’ equity. Foreign currency transaction gains and losses are recognized as a component of other expense. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and cash equivalents Cash equivalents are short-term, highly liquid investments with an original maturity of three |
Marketable Securities, Available-for-sale Securities, Policy [Policy Text Block] | Securities Available-for-Sale Investments with an original maturity of more than three ’ equity. Realized gains and losses and declines in value judged to be other-than-temporary on available-for-sale securities are included in interest income. No December 31, 2017 2016. one |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of credit risk Financial instruments, which potentially subject the Company to concentration of credit risk, consist primarily of cash and cash equivalents and investment securities classified as available-for-sale. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. Management believes that the Company is not |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and equipment Property and equipment are recorded at cost and depreciated using the straight-line method, based on their estimated useful lives as follows: Asset classification Estimated useful life (in years) Equipment 3 - 5 Computer hardware 3 Software 3 - 5 Leasehold improvements Lesser of useful life or lease term Furniture and fixtures 5 Repairs and maintenance costs are expensed as incurred. The Company reviews its long-lived assets for impairment whenever events or changes in business circumstances indicate that the carrying amount of assets may not no not December 31, 2017. |
Debt, Policy [Policy Text Block] | Promissory notes Promissory notes are recognized initially at fair value. Promissory notes are subsequently carried at amortized cost; any difference between the initial fair market value and the redemption value is recognized in the statement of operations and comprehensive loss over the period of the notes payable using the effective interest method. The fair value of the promissory notes when issued with equity classified instruments is recognized initially at its relative fair value, with the fair value of the promissory note estimated using the net present value of similar promissory notes issued on a standalone basis. The equity classified instruments that are issued with the borrowings are valued at fair value using the Black-Scholes valuation model. |
Revenue Recognition, Policy [Policy Text Block] | Revenue recognition The Company may may The Company recognizes up front license payments as revenue upon delivery of the license only if the license has stand-alone value to the customer and if the agreement includes a general right of return, the delivery or performance of undelivered items is considered probable and within the control of the Company. The payment is generally allocated to the separate units of accounting based on their relative selling prices. The selling price of each deliverable is determined using vendor specific objective evidence of selling prices, if it exists; otherwise, third third not Whenever the Company determines that an arrangement should be accounted for as a single unit of accounting, it must determine the period over which the performance obligations will be performed and revenue recognized. If the Company cannot reasonably estimate the timing and the level of effort to complete its performance obligations under the arrangement, then revenue under the arrangement is recognized on a straight-line basis over the period the Company is expected to complete its performance obligations. The Company evaluates milestone payments on an individual basis and recognizes revenue from non-refundable milestone payments when the earnings process is complete and the payment is reasonably assured. Non-refundable milestone payments related to arrangements under which the Company has continuing performance obligations are recognized as revenue upon achievement of the associated milestone, provided that (i) the milestone event is substantive and its achievability was not not not not not Royalty revenue will be recognized upon the sale of the related products provided the Company has no |
Research and Development Expense, Policy [Policy Text Block] | Research and development expenses Research and development costs are charged to expense as incurred. Research and development expenses comprise costs incurred in performing research and development activities, including personnel-related costs, stock-based compensation, facilities, research-related overhead, clinical trial costs, contracted services, manufacturing, license fees and other external costs. The Company accounts for nonrefundable advance payments for goods and services that will be used in future research and development activities as expenses when the service has been performed or when the goods have been consumed rather than when the payment is made. |
Accrued Research and Development Expenses [Policy Text Block] | Accrued research and development expenses Clinical trial costs are recorded as a component of research and development expenses. The Company accrues and expenses clinical trial activities performed by third may ’s clinical development plan. 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. Adjustments to prior period estimates have not Examples of estimated accrued research and development expenses include: ● fees to clinical research organizations in connection with clinical studies; ● fees to investigative sites in connection with clinical studies; ● fees to vendors in connection with preclinical development activities; ● fees to vendors associated with the development of companion diagnostics; and ● fees to vendors related to product manufacturing, development and distribution of clinical supplies. Nonrefundable advance payments for goods and services that will be used or rendered in future research and development activities, are recorded as a prepaid expense and recognized as expense in the period that the related goods are consumed or services are performed. |
Stockholders' Equity, Policy [Policy Text Block] | Dividend policy The Company has never declared or paid any cash dividends on its capital shares. The Company intends to retain all available funds and any future earnings to support its operations and finance the growth and development of its business. The Company does not may |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-based compensation The Company expenses the fair value of employee stock options over the vesting period. Compensation expense is measured using the fair value of the award at the grant date. The fair value of each stock-based award is estimated using the Black-Scholes pricing model and is expensed using the graded vesting method over the vesting period. Effective January 1, 2017, No. 2016 09, “Compensation – Stock Compensation (Topic 718 no not Prior to the Company ’s initial public offering, or IPO, the Company had issued its stock options with a Canadian dollar denominated exercise price. Subsequent to the Company’s IPO, the Company issues its stock options with a U.S. dollar denominated exercise price. Effective November 13, 2013, 718, Compensation, Stock Compensation” zero December 31, 2017. December 31, 2017 no $57,000 $111,000 December 31, 2017 2016, January 9, 2018. |
Warrant Liability Policy [Policy Text Block] | Warrant liability In connection with the offerings we completed in the year ended December 31, 2016, may 480 “Distinguishing Liabilities from Equity” Certain inputs utilized in our Black-Scholes pricing model may one may |
Income Tax, Policy [Policy Text Block] | Income taxes The Company accounts for income taxes under the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted rates in effect for the year in which these temporary differences are expected to be recovered or settled. Valuation allowances are provided if, based on the weight of available evidence, it is more likely than not not The Company provides reserves for potential payments of tax to various tax authorities related to uncertain tax positions and other issues. Reserves are based on a determination of whether and how much of a tax benefit taken by the Company in its tax filing is more likely than not |
Segment Reporting, Policy [Policy Text Block] | Segment reporting Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision-maker, or CODM. The Company ’s Chief Executive Officer serves as its CODM. The Company views its operations and manages its business as one December 31, 2017, $15,000 December 31, 2017. |
Fair Value Measurement, Policy [Policy Text Block] | Fair value of financial instruments The Company measures certain financial assets and liabilities at fair value based on the exchange price that would be received for an asset or paid for to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. The carrying amounts of the Company ’s financial instruments, including cash equivalents, accounts payable and accrued expenses, approximate fair value due to their short maturities. The Company follows ASC 820 10, Fair Value Measurements and Disclosures three Level 1 – Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2 – Inputs (other than quoted prices included in Level 1 Level 3 – Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent accounting pronouncements In May 2014, No. 2014 09 606 2015 14; 2016 08; 2016 10; 2016 12; 2016 20 606 December 15, 2017, not December 31, 2017, 2016 2015. not not In February 2016, No. 2016 02, Lease (Topic 842 not December 15, 2018 In August 2016, 2016 15, Statement of Cash Flows (Topic 230 eight December 31, 2017, seven eight not may December 31, 2016. In May 2017, No. 2017 09, Compensation - Stock Compensation (Topic 718 718. January 1, 2018. not |
Note 2 - Summary of Significa26
Note 2 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Property, Plant, and Equipment, Estimated Useful Life [Table Text Block] | Asset classification Estimated useful life (in years) Equipment 3 - 5 Computer hardware 3 Software 3 - 5 Leasehold improvements Lesser of useful life or lease term Furniture and fixtures 5 |
Note 4 - Net Loss Per Common 27
Note 4 - Net Loss Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Years Ended December 31, 201 7 201 6 201 5 Net loss per share: Net loss $ (8,628 ) $ (11,164 ) $ (14,197 ) Weighted-average common shares – basic and diluted 30,111 23,002 16,881 Net loss per share – basic and diluted per share $ (0.29 ) $ (0.49 ) $ (0.84 ) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | For the Years Ended December 31, 201 7 201 6 201 5 Options to purchase common shares 2,931 2,868 1,677 Common share purchase warrants 5,825 5,965 589 |
Note 5 - Securities Available28
Note 5 - Securities Available-for-Sale (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Available-for-sale Securities [Table Text Block] | December 31, 201 7 Amortized Unrealized Estimated Cost Gain Loss Fair Value Commercial paper $ 3,590 $ — $ — $ 3,590 U.S. government sponsored enterprise securities 4,985 — (2 ) 4,983 Corporate debt securities 1,184 — — 1,184 $ 9,759 $ — $ (2 ) $ 9,757 December 31, 201 6 Amortized Unrealized Estimated Cost Gain Loss Fair Value Commercial paper $ 3,890 $ — $ — $ 3,890 U.S. government sponsored enterprise securities 12,311 — — 12,311 $ 16,201 $ — $ — $ 16,201 |
Note 6 - Fair Value Measureme29
Note 6 - Fair Value Measurement and Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | December 31, 201 7 Level 1 Level 2 Level 3 Assets: Money market funds $ 34 $ 34 $ — $ — Commercial paper 19,020 — 19,020 — U.S. government sponsored enterprise securities 4,983 — 4,983 — Corporate debt securities 1,184 — 1,184 — Total assets $ 25,221 $ 34 $ 25,187 $ — Liabilities: Warrant liability $ 10,089 $ — $ — $ 10,089 Total liabilities $ 10,089 $ — $ — $ 10,089 December 31, 201 6 Level 1 Level 2 Level 3 Assets: Money market funds $ 57 $ 57 $ — $ — Commercial paper 16,085 — 16,085 — U.S. government sponsored enterprise securities 12,311 — 12,311 — Total assets $ 28,453 $ 57 $ 28,396 $ — Liabilities: Warrant liability $ 13,396 $ — $ — $ 13,396 Stock-based compensation liability 57 — — 57 Total liabilities $ 13,453 $ — $ — $ 13,453 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | For the Years Ended December 31, 201 7 201 6 201 5 Expected life of the option term (years) 4.2 3.9 3.5 Risk-free interest rate 1.9 % 1.5 % 1.0 % Dividend rate 0.0 % 0.0 % 0.0 % Volatility 134.8 % 144.0 % 128.4 % |
Stock-based Compensation Liability [Member] | |
Notes Tables | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | For the Years Ended December 31, 201 7 201 6 Balance at beginning of period $ 57 $ 168 Change in fair value of stock-based compensation liability recorded as an adjustment to contributed surplus (57 ) (111 ) Balance at end of period $ — $ 57 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | December 31, 201 7 201 6 Stock price at the end of each reporting period $ 2.27 $ 2.80 Weighted average exercise price $ 10.39 $ 11.06 Risk-free interest rate 1.75 % 0.85 % Volatility 00.0 % 120.81 % Dividend yield 0.00 % 0.00 % Expected life in years 0.03 0.85 Calculated fair value per stock option $ 0.00 $ 0.33 |
Warrant Liability [Member] | |
Notes Tables | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block] | December 31, 201 7 201 6 Stock price at the end of each reporting period $ 2.27 $ 2.80 E xercise price $ 1.40 $ 1.40 Risk-free interest rate 2.01 % 1.78 % Volatility 143.57 % 144.25 % Dividend yield 0.00 % 0.00 % Expected life in years 3.36 4.36 Calculated fair value per warrant $ 1.95 $ 2.55 December 31, 201 7 201 6 Stock price at the end of each reporting period $ 2.27 $ 2.80 E xercise price $ 4.00 $ 4.00 Risk-free interest rate 2.04 % 1.85 % Volatility 145.36 % 140.47 % Dividend yield 0.00 % 0.00 % Expected life in years 3.65 4.65 Calculated fair value per warrant $ 1.80 $ 2.38 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | For the Years Ended December 31, 201 7 201 6 Balance at beginning of period $ 13,396 $ — Calculated fair value of warrants on May 11, 2016, date of issuance — 1,687 Calculated fair value of warrants on August 26, 2016 date of issuance — 17,060 Fair value of warrants exercised and recorded as an adjustment to contributed surplus — (5,681 ) Change in fair value of warrant liability (3,307 ) 330 Balance at end of period $ 10,089 $ 13,396 |
Note 7 - Prepaid Expenses (Tabl
Note 7 - Prepaid Expenses (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Prepaid Expense and Other Current Assets [Table Text Block] | December 31, 201 7 201 6 Prepaid insurance $ 233 $ 273 Prepaid research and development expenses 709 546 Other prepaid expenses 57 27 Prepaid expenses $ 999 $ 846 |
Note 8 - Property and Equipme31
Note 8 - Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, 201 7 201 6 Equipment $ 5 $ 5 Computer hardware and software 20 23 Leasehold improvements 156 155 Furniture and fixtures 72 72 253 255 Less: accumulated depreciation (251 ) (251 ) Property and equipment, net $ 2 $ 4 |
Note 9 - Accrued Expenses (Tabl
Note 9 - Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | December 31, 201 7 201 6 Accrued personnel related costs $ 904 $ 1,491 Accrued interest 41 — Accrued research and development expenses 273 87 Accrued audit and tax services 246 129 Other accrued expenses 35 55 Accrued expenses $ 1, 499 $ 1,762 |
Note 10 - Promissory Notes (Tab
Note 10 - Promissory Notes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Maturities of Long-term Debt [Table Text Block] | 2018 $ 584 2019 2,333 2020 2,333 2021 2,100 Total $ 7,350 |
Contractual Interest Expense and Amortization of Debt Issuance Costs and Debt Discount [Table Text Block] | For the Years Ended December 31, 201 7 201 6 201 5 Stated interest $ 146 $ 292 $ 553 Amortization of debt discount 44 81 137 Amortization of promissory notes issuance costs 17 — — Interest expense $ 207 $ 373 $ 690 |
Note 11 - Shareholders' Equity
Note 11 - Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Summary of Common Shares Reserved for Future Issuance [Table Text Block] | December 31, 201 7 201 6 201 5 Common share purchase warrants 5,825 5,965 589 Stock options Granted and outstanding 2,931 2,868 1,677 Reserved for future grants 36 143 8 8,792 8,976 2,274 |
Note 12 - Common Share Purcha35
Note 12 - Common Share Purchase Warrants (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Number of Warrants Outstanding Exercise Price Expiration Date 27 $ 28.17 July 15, 2018 10 $ 1.40 May 11, 2021 82 $ 2.19 June 30, 2021 5,606 $ 4.00 August 26, 2021 100 $ 2.11 September 8, 2024 5,825 |
Note 13 - Stock-based Compens36
Note 13 - Stock-based Compensation Plan (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | For the Years Ended December 31, 201 7 201 6 201 5 Research and development $ 481 $ 143 $ 257 General and administrative 1,231 282 519 Total $ 1,712 $ 425 $ 776 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | For the Years Ended December 31, 201 7 201 6 201 5 Expected life of the option term (years) 4.2 3.9 3.5 Risk-free interest rate 1.9 % 1.5 % 1.0 % Dividend rate 0.0 % 0.0 % 0.0 % Volatility 134.8 % 144.0 % 128.4 % |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Options O utstanding Weighted A verage E xercise P rice Weighted A verage R emaining C ontractual T erm Aggregate I ntrinsic V alue Outstanding at January 1, 2015 1,378 $ 6.65 3.6 $ — Options granted 302 0.54 Options expired (3 ) 29.16 Outstanding at December 31, 2015 1,677 $ 5.52 2.9 $ 374 Options granted 1,290 2.21 Options exercised (41 ) 2.26 Options expired (56 ) 28.94 Options forfeited (2 ) 4.41 Outstanding at December 31, 201 6 2.868 $ 3.63 4.8 $ 1,431 Options granted 222 2.12 Options exercised (3 ) 0.46 Options expired (101 ) 16.34 Options forfeited (55 ) 2.23 Outstanding at December 31, 201 7 2,931 $ 3.10 4.4 $ 992 Vested or expected to vest at December 31, 201 7 2,931 $ 3.10 4.4 $ 992 Exercisable at December 31, 201 7 1,974 $ 3.41 2.7 $ 703 |
Note 14 - License Agreements (T
Note 14 - License Agreements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Revenue Recognition, Milestone Method [Table Text Block] | Milestone Payments Involving Performance Milestone Payments Not Involving Performance Milestones by Indication BPH — $ 12,000 Prostate cancer — $ 21,000 Prostatitis and other diseases of the prostate — $ 21,000 Milestones Not Associated with an Indication Gross sale targets — $ 8,000 Regulatory approvals $ 5,000 — |
Note 15 - Income Taxes (Tables)
Note 15 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | For the Years Ended December 31, 201 7 201 6 201 5 United States $ (1,931 ) $ (521 ) $ (1,389 ) Canada (6,697 ) (10,643 ) (12,808 ) Loss before provision for income taxes $ (8,628 ) $ (11,164 ) $ (14,197 ) |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | For the Years Ended December 31, 201 7 201 6 201 5 Current Tax: Canada $ — $ — $ — US — — — State — — — $ — $ — $ — Deferred Tax: Canada $ — $ — $ — US — — — State — — — — — — $ — $ — $ — |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | For the Years Ended December 31, 201 7 201 6 201 5 Combined federal and provincial income tax rates 26.00 % 26.00 % 26.00 % Income tax benefit at statutory rates $ (2,243 ) $ (2,902 ) $ (3,691 ) State income tax, net of federal benefit (3 ) 1 (63 ) Permanent items 3 (17 ) 36 Tax credits — — (105 ) Non-deductible stock-based compensation 429 81 155 Foreign accrual property income 72 69 48 Expired NOLs 140 79 887 Return to provision true up 1 60 (320 ) Uncertain tax positions 718 68 296 Rate differential (154 ) 60 (175 ) Effect of Canadian rate change (1,428 ) — — Effect of U.S. federal rate change 545 — — Effect of U.S. state rate change — 183 — Other 12 (112 ) (57 ) Revaluation of warrant liability (860 ) 86 — CTA — (312 ) (1,702 ) Change in valuation allowance 2,768 2,656 4,691 Income tax expense $ — $ — $ — |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 201 7 201 6 Deferred tax assets: Net operating loss carryforwards (non-capital losses) $ 36,110 $ 32,140 Scientific research and development 2,605 2,509 Tax credits 3,964 4,066 Stock based compensation 815 1,116 Other, net 164 529 Share issue costs 490 1,042 Total deferred tax assets, net, before valuation allowance 44,148 41,402 Valuation allowance (44,148 ) (41,402 ) Net deferred tax assets $ — $ — |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | For the Years Ended December 31, 201 7 201 6 201 5 Beginning balance $ 428 $ 325 $ — Increase related to prior year tax positions 610 103 304 Increase related to current year tax positions 113 — 21 Ending balance $ 1,151 $ 428 $ 325 |
Note 16 - Commitments and Con39
Note 16 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Future rent payments 2018 $ 126 2019 52 Total $ 178 |
Note 2 - Summary of Significa40
Note 2 - Summary of Significant Accounting Policies (Details Textual) | 12 Months Ended | |||
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Other than Temporary Impairment Losses, Investments | $ 0 | $ 0 | ||
Tangible Asset Impairment Charges | 0 | |||
Deferred Compensation Share-based Arrangements, Liability, Classified, Noncurrent | 0 | 57,000 | ||
Change in Fair Value of Stock-based Compensation Liability | (57,000) | (111,000) | $ 146,000 | |
Cash and Cash Equivalents, at Carrying Value | $ 16,087,000 | $ 12,800,000 | $ 5,881,000 | $ 4,123,000 |
UNITED STATES | ||||
Number of Operating Segments | 1 | |||
CANADA | ||||
Cash and Cash Equivalents, at Carrying Value | $ 15,000 |
Note 2 - Summary of Significa41
Note 2 - Summary of Significant Accounting Policies - Property and Equipment, Estimated Useful Lives (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Computer Equipment [Member] | |
Property, plant and equipment, estimated useful life (Year) | 3 years |
Leasehold Improvements [Member] | |
Property, plant and equipment, estimated useful life | Lesser of useful life or lease term |
Furniture and Fixtures [Member] | |
Property, plant and equipment, estimated useful life (Year) | 5 years |
Minimum [Member] | Equipment [Member] | |
Property, plant and equipment, estimated useful life (Year) | 3 years |
Minimum [Member] | Software and Software Development Costs [Member] | |
Property, plant and equipment, estimated useful life (Year) | 3 years |
Maximum [Member] | Equipment [Member] | |
Property, plant and equipment, estimated useful life (Year) | 5 years |
Maximum [Member] | Software and Software Development Costs [Member] | |
Property, plant and equipment, estimated useful life (Year) | 5 years |
Note 3 - Reduction in Workfor42
Note 3 - Reduction in Workforce (Details Textual) | 1 Months Ended | 12 Months Ended | ||
May 31, 2016USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Restructuring and Related Cost, Number of Positions Eliminated | 5 | |||
Share-based Compensation | $ 1,712,000 | $ 425,000 | $ 776,000 | |
Employee Severance [Member] | ||||
Share-based Compensation | $ 76,000 | $ 76,000 | ||
Operating Expense [Member] | ||||
Restructuring Costs | $ 81,000 |
Note 4 - Net Loss Per Common 43
Note 4 - Net Loss Per Common Share - Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net loss per share: | |||
Net loss | $ (8,628) | $ (11,164) | $ (14,197) |
Weighted average number of outstanding shares – basic and diluted (in shares) | 30,111 | 23,002 | 16,881 |
Basic and diluted loss per share (in dollars per share) | $ (0.29) | $ (0.49) | $ (0.84) |
Note 4 - Net Loss Per Common 44
Note 4 - Net Loss Per Common Share - Potentially Dilutive Securities Excluded From Diluted Weighted-average Shares Outstanding (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Employee Stock Option [Member] | |||
Anti-dilutive securities excluded from computation of weighted-average shares outstanding (in shares) | 2,931 | 2,868 | 1,677 |
Warrant [Member] | |||
Anti-dilutive securities excluded from computation of weighted-average shares outstanding (in shares) | 5,825 | 5,965 | 589 |
Note 5 - Securities Available45
Note 5 - Securities Available-for-Sale - Securities Available-for-Sale (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Amortized Cost | $ 9,759 | $ 16,201 |
Unrealized Gain | ||
Unrealized Loss | (2) | |
Estimated Fair Value | 9,757 | 16,201 |
Commercial Paper, Not Included with Cash and Cash Equivalents [Member] | ||
Amortized Cost | 3,590 | 3,890 |
Unrealized Gain | ||
Unrealized Loss | ||
Estimated Fair Value | 3,590 | 3,890 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Amortized Cost | 4,985 | 12,311 |
Unrealized Gain | ||
Unrealized Loss | (2) | |
Estimated Fair Value | 4,983 | $ 12,311 |
Corporate Debt Securities [Member] | ||
Amortized Cost | 1,184 | |
Unrealized Gain | ||
Unrealized Loss | ||
Estimated Fair Value | $ 1,184 |
Note 6 - Fair Value Measureme46
Note 6 - Fair Value Measurement and Financial Instruments (Details Textual) - USD ($) $ in Thousands | Aug. 26, 2016 | May 11, 2016 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Assets, Fair Value Disclosure, Recurring | $ 28,453 | $ 25,221 | $ 28,453 | |||
Class of Warrant or Right, Issued During Period | 1,785,714 | 100,000 | ||||
Class of Warrant or Right, Exercised During Period | 1,775,714 | 1,775,714 | ||||
Class of Warrant or Right, Outstanding | 5,965,000 | 5,825,000 | 5,965,000 | 589,000 | ||
Warrants, Issued on May 11, 2016 [Member] | ||||||
Class of Warrant or Right, Outstanding | 10,000 | |||||
Warrants, Issued on August 26, 2016 [Member] | ||||||
Class of Warrant or Right, Issued During Period | 5,606,250 | |||||
Class of Warrant or Right, Outstanding | 5,600,000 |
Note 6 - Fair Value Measureme47
Note 6 - Fair Value Measurement and Financial Instruments - Assets and Liabilities Measured at Fair Value Measured on a Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Asset Fair Value | $ 25,221 | $ 28,453 |
Liability Fair Value | 10,089 | 13,453 |
Warrant Liability [Member] | ||
Liability Fair Value | 10,089 | 13,396 |
Stock-based Compensation Liability [Member] | ||
Liability Fair Value | 57 | |
Fair Value, Inputs, Level 1 [Member] | ||
Asset Fair Value | 34 | 57 |
Liability Fair Value | ||
Fair Value, Inputs, Level 1 [Member] | Warrant Liability [Member] | ||
Liability Fair Value | ||
Fair Value, Inputs, Level 1 [Member] | Stock-based Compensation Liability [Member] | ||
Liability Fair Value | ||
Fair Value, Inputs, Level 2 [Member] | ||
Asset Fair Value | 25,187 | 28,396 |
Liability Fair Value | ||
Fair Value, Inputs, Level 2 [Member] | Warrant Liability [Member] | ||
Liability Fair Value | ||
Fair Value, Inputs, Level 2 [Member] | Stock-based Compensation Liability [Member] | ||
Liability Fair Value | ||
Fair Value, Inputs, Level 3 [Member] | ||
Asset Fair Value | ||
Liability Fair Value | 10,089 | 13,453 |
Fair Value, Inputs, Level 3 [Member] | Warrant Liability [Member] | ||
Liability Fair Value | 10,089 | 13,396 |
Fair Value, Inputs, Level 3 [Member] | Stock-based Compensation Liability [Member] | ||
Liability Fair Value | 57 | |
Money Market Funds [Member] | ||
Asset Fair Value | 34 | 57 |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Asset Fair Value | 34 | 57 |
Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Asset Fair Value | ||
Money Market Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Asset Fair Value | ||
Commercial Paper [Member] | ||
Asset Fair Value | 19,020 | 16,085 |
Commercial Paper [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Asset Fair Value | ||
Commercial Paper [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Asset Fair Value | 19,020 | 16,085 |
Commercial Paper [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Asset Fair Value | ||
US Government-sponsored Enterprises Debt Securities [Member] | ||
Asset Fair Value | 4,983 | 12,311 |
US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Asset Fair Value | ||
US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Asset Fair Value | 4,983 | 12,311 |
US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Asset Fair Value | ||
Corporate Debt Securities [Member] | ||
Asset Fair Value | 1,184 | |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Asset Fair Value | ||
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Asset Fair Value | 1,184 | |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Asset Fair Value |
Note 6 - Fair Value Measureme48
Note 6 - Fair Value Measurement and Financial Instruments - Fair Value Assumptions, Warrant Liability (Details) - Warrant Liability [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Warrants, Issued on May 11, 2016 [Member] | ||
Stock price at the end of each reporting period (in dollars per share) | $ 2.27 | $ 2.80 |
Exercise price (in dollars per share) | $ 1.40 | $ 1.40 |
Risk-free interest rate | 2.01% | 1.78% |
Volatility | 143.57% | 144.25% |
Dividend yield | 0.00% | 0.00% |
Expected life in years (Year) | 3 years 131 days | 4 years 131 days |
Calculated fair value per warrant (in dollars per share) | $ 1.95 | $ 2.55 |
Warrants, Issued on August 26, 2016 [Member] | ||
Stock price at the end of each reporting period (in dollars per share) | 2.27 | 2.80 |
Exercise price (in dollars per share) | $ 4 | $ 4 |
Risk-free interest rate | 2.04% | 1.85% |
Volatility | 145.36% | 140.47% |
Dividend yield | 0.00% | 0.00% |
Expected life in years (Year) | 3 years 237 days | 4 years 237 days |
Calculated fair value per warrant (in dollars per share) | $ 1.80 | $ 2.38 |
Note 6 - Fair Value Measureme49
Note 6 - Fair Value Measurement and Financial Instruments - Fair Value Reconciliation of Warrant Liability (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Valuation of exercised warrants reclassified from warrant liability to contributed surplus | $ 5,681 | ||
Change in fair value warrant liability | (3,307) | 330 | |
Warrant Liability [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Balance | 13,396 | ||
Valuation of exercised warrants reclassified from warrant liability to contributed surplus | (5,681) | ||
Change in fair value warrant liability | (3,307) | 330 | |
Balance | 10,089 | 13,396 | |
Warrant Liability [Member] | Fair Value, Inputs, Level 3 [Member] | Warrants, Issued on May 11, 2016 [Member] | |||
Calculated fair value of warrants on date of issuance | 1,687 | ||
Warrant Liability [Member] | Fair Value, Inputs, Level 3 [Member] | Warrants, Issued on August 26, 2016 [Member] | |||
Calculated fair value of warrants on date of issuance | $ 17,060 |
Note 6 - Fair Value Measureme50
Note 6 - Fair Value Measurement and Financial Instruments - Fair Value Assumptions, Stock-based Compensation Liability (Details) - Stock-based Compensation Liability [Member] - Fair Value, Inputs, Level 3 [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Stock price at the end of each reporting period (in dollars per share) | $ 2.27 | $ 2.80 |
Exercise price (in dollars per share) | $ 10.39 | $ 11.06 |
Risk-free interest rate | 1.75% | 0.85% |
Volatility | 0.00% | 120.81% |
Dividend yield | 0.00% | 0.00% |
Expected life in years (Year) | 10 days | 310 days |
Calculated fair value per warrant (in dollars per share) | $ 0 | $ 0.33 |
Note 6 - Fair Value Measureme51
Note 6 - Fair Value Measurement and Financial Instruments - Fair Value Reconciliation of Stock-based Compensation Liability (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Change in Fair Value of Stock-based Compensation Liability | $ (57,000) | $ (111,000) | $ 146,000 |
Fair Value, Inputs, Level 3 [Member] | Stock-based Compensation Liability [Member] | |||
Balance | 57,000 | 168,000 | |
Change in Fair Value of Stock-based Compensation Liability | (57,000) | (111,000) | |
Balance | $ 57,000 | $ 168,000 |
Note 7 - Prepaid Expenses (Deta
Note 7 - Prepaid Expenses (Details Textual) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Upfront Fees Included in Prepaid Researchs and Development Expenses | $ 0.7 | $ 0.5 |
Note 7 - Prepaid Expenses - Com
Note 7 - Prepaid Expenses - Components of Prepaid Expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Prepaid insurance | $ 233 | $ 273 |
Prepaid research and development expenses | 709 | 546 |
Other prepaid expenses | 57 | 27 |
Prepaid expenses | $ 999 | $ 846 |
Note 8 - Property and Equipme54
Note 8 - Property and Equipment (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Depreciation | $ 4,000 | $ 12,000 | $ 20,000 |
Note 8 - Property and Equipme55
Note 8 - Property and Equipment - Components of Property and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Property and equipment | $ 253 | $ 255 |
Less: accumulated depreciation | (251) | (251) |
Property and equipment, net | 2 | 4 |
Equipment [Member] | ||
Property and equipment | 5 | 5 |
Computer Equipment [Member] | ||
Property and equipment | 20 | 23 |
Leasehold Improvements [Member] | ||
Property and equipment | 156 | 155 |
Furniture and Fixtures [Member] | ||
Property and equipment | $ 72 | $ 72 |
Note 9 - Accrued Expenses - Com
Note 9 - Accrued Expenses - Components of Accrued Expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Accrued personnel related costs | $ 904 | $ 1,491 |
Accrued interest | 41 | |
Accrued research and development expenses | 273 | 87 |
Other accrued expenses | 35 | 55 |
Accrued expenses | 1,499 | 1,762 |
Accrued Audit and Tax Services [Member] | ||
Accrued audit and tax services | $ 246 | $ 129 |
Note 10 - Promissory Notes (Det
Note 10 - Promissory Notes (Details Textual) - USD ($) $ / shares in Units, $ in Millions | Sep. 08, 2017 | Dec. 31, 2017 | Sep. 30, 2017 |
Warrants Issued in Connection with First Tranche Loan with Silicon Valley Bank [Member] | |||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 99,526 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 2.11 | ||
Warrants Expiration Period | 7 years | ||
Warrants and Rights Outstanding | $ 0.2 | ||
Fair Value Assumptions, Risk Free Interest Rate | 1.90% | ||
Fair Value Assumptions, Expected Volatility Rate | 113.90% | ||
Fair Value Assumptions, Expected Dividend Rate | 0.00% | ||
Fair Value Assumptions, Expected Term | 7 years | ||
Silicon Valley Bank Loan [Member] | |||
Long-term Debt, Fair Value | $ 6.8 | $ 7 | |
Payments of Debt Issuance Costs | $ 0.1 | ||
Silicon Valley Bank Loan [Member] | Term Loan, First Tranche [Member] | |||
Debt Instrument, Face Amount | $ 7 | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.75% | ||
Additional Fee Percentage | 5.00% | ||
Debt Instrument, Number of Monthly Payments | 36 | ||
Silicon Valley Bank Loan [Member] | Term Loan, First Tranche [Member] | Minimum [Member] | |||
Prepayment Fee Rate | 1.00% | ||
Silicon Valley Bank Loan [Member] | Term Loan, First Tranche [Member] | Maximum [Member] | |||
Prepayment Fee Rate | 3.00% | ||
Silicon Valley Bank Loan [Member] | Term Loan, Second Tranche [Member] | |||
Debt Instrument, Face Amount if Company Meets Requirements, Maximum | $ 3 | ||
Debt Instrument, Proceeds from Sale of Common Shares Required for Debt Issuance | $ 20 |
Note 10 - Promissory Notes - Fu
Note 10 - Promissory Notes - Future Contractual and Final Fee Payments (Details) $ in Thousands | Dec. 31, 2017USD ($) |
2,018 | $ 584 |
2,019 | 2,333 |
2,020 | 2,333 |
2,021 | 2,100 |
Total | $ 7,350 |
Note 10 - Promissory Notes - Ac
Note 10 - Promissory Notes - Actual Interest Expense and Amortization of Debt Discount (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Stated interest | $ 146 | $ 292 | $ 553 |
Amortization of debt discount | 44 | 81 | 137 |
Amortization of promissory notes issuance costs | 17 | ||
Interest expense | $ 207 | $ 373 | $ 690 |
Note 11 - Shareholders' Equit60
Note 11 - Shareholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Aug. 26, 2016 | May 11, 2016 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Proceeds from Issuance of Common Stock | $ 27,400 | $ 4,600 | $ 33,534 | $ 785 | ||
Class of Warrant or Right, Exercised During Period | 1,775,714 | 1,775,714 | ||||
Proceeds from Warrant Exercises | $ 2,486 | |||||
Common Stock, No Par Value | $ 0 | $ 0 | $ 0 | |||
Common Stock, Shares, Issued | 30,107,644 | 30,111,153 | 30,107,644 | |||
Common Stock, Shares, Outstanding | 30,107,644 | 30,111,153 | 30,107,644 | |||
General and Administrative Expense [Member] | ||||||
Stock Issuance Cost | $ 2,500 | $ 400 | ||||
Warrants, Issued on August 26, 2016 [Member] | ||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | 0.75 | |||||
Class of Warrant or Right, Expiration Period | 5 years | |||||
Warrants, Issued on May 11, 2016 [Member] | ||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | 0.5 | |||||
Class of Warrant or Right, Expiration Period | 5 years | |||||
Common Stock [Member] | ||||||
Stock Issued During Period, Shares, New Issues | 7,475,000 | 3,571,428 | 11,046,428 | 400,000 | ||
Sale of Stock, Price Per Share | $ 4 | $ 1.40 | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 4 | $ 1.40 | ||||
Common Stock [Member] | General and Administrative Expense [Member] | ||||||
Stock Issuance Cost | $ 1,100 | $ 300 | ||||
Warrant [Member] | General and Administrative Expense [Member] | ||||||
Stock Issuance Cost | $ 1,400 | $ 100 |
Note 11 - Shareholders' Equit61
Note 11 - Shareholders' Equity - Shares Reserved for Future Issuance (Details) - shares | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Number of warrants outstanding (in shares) | 5,825,000 | 5,965,000 | 589,000 | |
Stock options | ||||
Granted and outstanding (in shares) | 2,931,000 | 2,868,000 | 1,677,000 | 1,378,000 |
Reserved for future grants (in shares) | 35,646 | 142,566 | 7,639 | |
(in shares) | 8,792,000 | 8,976,000 | 2,274,000 |
Note 12 - Common Share Purcha62
Note 12 - Common Share Purchase Warrants (Details Textual) - $ / shares | May 11, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Class of Warrant or Right, Outstanding | 5,825,000 | 5,965,000 | 589,000 | |
Class of Warrant or Right Outstanding, Weighted-average Exercise Price | $ 4.05 | $ 4.97 | ||
Class of Warrant or Right, Issued During Period | 1,785,714 | 100,000 | ||
Class of Warrant or Right, Expirations in Period | 200,000 |
Note 12 - Common Share Purcha63
Note 12 - Common Share Purchase Warrants - Common Share Purchase Warrants Outstanding (Details) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Number of warrants outstanding (in shares) | 5,825 | 5,965 | 589 |
Warrants 1 [Member] | |||
Number of warrants outstanding (in shares) | 27 | ||
Class of warrant or right, exercise price (in dollars per share) | $ 28.17 | ||
Expiration date | Jul. 15, 2018 | ||
Warrants 2 [Member] | |||
Number of warrants outstanding (in shares) | 10 | ||
Class of warrant or right, exercise price (in dollars per share) | $ 1.40 | ||
Expiration date | May 11, 2021 | ||
Warrants 3 [Member] | |||
Number of warrants outstanding (in shares) | 82 | ||
Class of warrant or right, exercise price (in dollars per share) | $ 2.19 | ||
Expiration date | Jun. 30, 2021 | ||
Warrants 4 [Member] | |||
Number of warrants outstanding (in shares) | 5,606 | ||
Class of warrant or right, exercise price (in dollars per share) | $ 4 | ||
Expiration date | Aug. 26, 2021 | ||
Warrants 5 [Member] | |||
Number of warrants outstanding (in shares) | 100 | ||
Class of warrant or right, exercise price (in dollars per share) | $ 2.11 | ||
Expiration date | Sep. 8, 2024 |
Note 13 - Stock-based Compens64
Note 13 - Stock-based Compensation Plan (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | ||
May 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Outstanding Stock Maximum | 10.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 35,646 | 142,566 | 7,639 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 222,000 | 1,290,000 | 302,000 | |
Proceeds from Stock Options Exercised | $ 2,000 | $ 92,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 9,000 | |||
Share-based Compensation | 1,712,000 | $ 425,000 | $ 776,000 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 900,000 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 109 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 1.78 | $ 1.88 | $ 0.42 | |
Employee Severance [Member] | ||||
Share-based Compensation | $ 76,000 | $ 76,000 | ||
Directors and Employees [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 221,588 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||
Employees [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||
Director [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year |
Note 13 - Stock-based Compens65
Note 13 - Stock-based Compensation Plan - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Stock-based compensation expense | $ 1,712 | $ 425 | $ 776 |
Research and Development Expense [Member] | |||
Stock-based compensation expense | 481 | 143 | 257 |
General and Administrative Expense [Member] | |||
Stock-based compensation expense | $ 1,231 | $ 282 | $ 519 |
Note 13 - Stock-based Compens66
Note 13 - Stock-based Compensation Plan - Fair Value of Options Granted (Details) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Expected life of the option term (years) (Year) | 4 years 73 days | 3 years 328 days | 3 years 182 days |
Risk-free interest rate | 1.90% | 1.50% | 1.00% |
Dividend rate | 0.00% | 0.00% | 0.00% |
Volatility | 134.80% | 144.00% | 128.40% |
Note 13 - Stock-based Compens67
Note 13 - Stock-based Compensation Plan - Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2017 | |
Options outstanding (in shares) | 2,868 | 1,677 | 1,378 | ||
Weighted average exercise price - options outstanding (in dollars per share) | $ 3.63 | $ 5.52 | $ 6.65 | ||
Weighted remaining contractual term - options outstanding (Year) | 4 years 146 days | 4 years 292 days | 2 years 328 days | 3 years 219 days | |
Options granted (in shares) | 222 | 1,290 | 302 | ||
Weighted average exercise price - options granted (in dollars per share) | $ 2.12 | $ 2.21 | $ 0.54 | ||
Options expired (in shares) | (101) | (56) | (3) | ||
Weighted average exercise price - options expired (in dollars per share) | $ 16.34 | $ 28.94 | $ 29.16 | ||
Aggregate intrinsic value - options outstanding | $ 992 | $ 1,431 | $ 374 | ||
Options exercised (in shares) | (3) | (41) | |||
Weighted average exercise price- options exercised (in dollars per share) | $ 0.46 | $ 2.26 | |||
Options expired (in shares) | (101) | (56) | (3) | ||
Weighted average exercise price - options expired (in dollars per share) | $ 16.34 | $ 28.94 | $ 29.16 | ||
Options forfeited (in shares) | (55) | (2) | |||
Weighted average exercise price - options forfeited (in dollars per share) | $ 2.23 | $ 4.41 | |||
Aggregate intrinsic value - options outstanding | $ 992 | $ 1,431 | $ 374 | $ 992 | |
Options outstanding (in shares) | 2,931 | 2,868 | 1,677 | 1,378 | |
Weighted average exercise price - options outstanding (in dollars per share) | $ 3.10 | $ 3.63 | $ 5.52 | $ 6.65 | |
Vested or expected to vest (in shares) | 2,931 | ||||
Weighted average exercise price - vested or expected to vest (in dollars per share) | $ 3.10 | ||||
Weighted remaining contractual term - vested or expected to vest (Year) | 4 years 146 days | ||||
Aggregate intrinsic value - vested or expected to vest | $ 992 | ||||
Exercisable (in shares) | 1,974 | ||||
Weighted average exercise price - exercisable (in dollars per share) | $ 3.41 | ||||
Weighted remaining contractual term - exercisable (Year) | 2 years 255 days | ||||
Aggregate intrinsic value - exercisable | $ 703 |
Note 14 - License Agreements (D
Note 14 - License Agreements (Details Textual) $ in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | 108 Months Ended | 168 Months Ended | |||
Apr. 30, 2010USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2017CAD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2004CAD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2017CAD ($) | |
Kissei Pharmaceuticals Co, Ltd. [Member] | |||||||
Upfront Payment Related to Licensing Agreement | $ 3 | ||||||
Revenue Recognition, Milestone Method, Revenue Recognized | $ 5 | ||||||
Non-refundable Milestone Payments Entitled to Receive | $ 67 | ||||||
Kissei Pharmaceuticals Co, Ltd. [Member] | Minimum [Member] | |||||||
Percentage of Royalty Payable under Agreement | 20.00% | 20.00% | |||||
Kissei Pharmaceuticals Co, Ltd. [Member] | Maximum [Member] | |||||||
Percentage of Royalty Payable under Agreement | 29.00% | 29.00% | |||||
Kissei Pharmaceuticals Co, Ltd. [Member] | Benign Prostate Hyperplasia [Member] | |||||||
Non-refundable Milestone Payments Entitled to Receive | $ 12 | ||||||
Kissei Pharmaceuticals Co, Ltd. [Member] | Benign Prostate Hyperplasia [Member] | Regulatory Approvals [Member] | |||||||
Non-refundable Milestone Payments Entitled to Receive | 7 | ||||||
Kissei Pharmaceuticals Co, Ltd. [Member] | Benign Prostate Hyperplasia [Member] | Gross Sale Targets [Member] | |||||||
Non-refundable Milestone Payments Entitled to Receive | 5 | ||||||
Kissei Pharmaceuticals Co, Ltd. [Member] | Prostate Cancer [Member] | |||||||
Non-refundable Milestone Payments Entitled to Receive | 21 | ||||||
Kissei Pharmaceuticals Co, Ltd. [Member] | Prostate Cancer [Member] | Regulatory Approvals [Member] | |||||||
Non-refundable Milestone Payments Entitled to Receive | 7 | ||||||
Kissei Pharmaceuticals Co, Ltd. [Member] | Prostate Cancer [Member] | Gross Sale Targets [Member] | |||||||
Non-refundable Milestone Payments Entitled to Receive | 7 | ||||||
Kissei Pharmaceuticals Co, Ltd. [Member] | Prostate Cancer [Member] | Development Activities [Member] | |||||||
Non-refundable Milestone Payments Entitled to Receive | 7 | ||||||
Kissei Pharmaceuticals Co, Ltd. [Member] | Prostatitis and Other Diseases of Prostate [Member] | |||||||
Non-refundable Milestone Payments Entitled to Receive | 21 | ||||||
Kissei Pharmaceuticals Co, Ltd. [Member] | Prostatitis and Other Diseases of Prostate [Member] | Regulatory Approvals [Member] | |||||||
Non-refundable Milestone Payments Entitled to Receive | 7 | ||||||
Kissei Pharmaceuticals Co, Ltd. [Member] | Prostatitis and Other Diseases of Prostate [Member] | Gross Sale Targets [Member] | |||||||
Non-refundable Milestone Payments Entitled to Receive | 7 | ||||||
Kissei Pharmaceuticals Co, Ltd. [Member] | Prostatitis and Other Diseases of Prostate [Member] | Development Activities [Member] | |||||||
Non-refundable Milestone Payments Entitled to Receive | 7 | ||||||
Kissei Pharmaceuticals Co, Ltd. [Member] | Milestones Not Associated with Indication [Member] | |||||||
Non-refundable Milestone Payments Entitled to Receive | 13 | ||||||
Kissei Pharmaceuticals Co, Ltd. [Member] | Milestones Not Associated with Indication [Member] | Regulatory Approvals [Member] | |||||||
Non-refundable Milestone Payments Entitled to Receive | 5 | ||||||
Kissei Pharmaceuticals Co, Ltd. [Member] | Milestones Not Associated with Indication [Member] | Gross Sale Targets [Member] | |||||||
Non-refundable Milestone Payments Entitled to Receive | $ 8 | ||||||
UVIC IndustryPartnerships Inc.[Member] | Benign Prostate Hyperplasia [Member] | |||||||
Payments under License Agreements | $ 1.3 | ||||||
Percentage of Consideration in Cash Reduced | 25.00% | 25.00% | |||||
License Costs | $ 0.6 | ||||||
Milestone Payment | $ 0.1 | ||||||
UVIC IndustryPartnerships Inc.[Member] | Benign Prostate Hyperplasia [Member] | Minimum [Member] | |||||||
Percentage of Consideration in Cash | 10.00% | 10.00% | 10.00% | 10.00% | |||
UVIC IndustryPartnerships Inc.[Member] | Benign Prostate Hyperplasia [Member] | Maximum [Member] | |||||||
Percentage of Consideration in Cash | 19.00% | 19.00% | 19.00% | 19.00% | |||
UVIC IndustryPartnerships Inc.[Member] | Prostate Cancer [Member] | |||||||
Payments under License Agreements | $ 3.6 | ||||||
Percentage of Consideration in Cash Reduced | 25.00% | 25.00% | |||||
Milestone Payment | $ 0.1 | ||||||
UVIC IndustryPartnerships Inc.[Member] | Prostate Cancer [Member] | Minimum [Member] | |||||||
Percentage of Consideration in Cash | 20.00% | 20.00% | 20.00% | 20.00% | |||
UVIC IndustryPartnerships Inc.[Member] | Prostate Cancer [Member] | Maximum [Member] | |||||||
Percentage of Consideration in Cash | 29.00% | 29.00% | 29.00% | 29.00% |
Note 14 - License Agreements -
Note 14 - License Agreements - Summary of Remaining Unpaid Milestone Payments by Indication (Details) $ in Billions | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Milestones by Indication [Member] | Milestone Payments Not Involving Performance of Company Obligations [Member] | Benign Prostate Hyperplasia [Member] | |
Unpaid milestone payments | $ 12 |
Milestones by Indication [Member] | Milestone Payments Not Involving Performance of Company Obligations [Member] | Prostate Cancer [Member] | |
Unpaid milestone payments | 21 |
Milestones by Indication [Member] | Milestone Payments Not Involving Performance of Company Obligations [Member] | Prostatitis and Other Diseases of Prostate [Member] | |
Unpaid milestone payments | 21 |
Milestones Not Associated with Indication [Member] | Milestone Payments Not Involving Performance of Company Obligations [Member] | Gross Sale Targets [Member] | |
Unpaid milestone payments | 8 |
Milestones Not Associated with Indication [Member] | Milestone Payments Not Involving Performance of Company Obligations [Member] | Regulatory Approvals [Member] | |
Unpaid milestone payments | |
Milestones Not Associated with Indication [Member] | Milestone Payments Involving Performance of Company Obligations [Member] | Regulatory Approvals [Member] | |
Unpaid milestone payments | $ 5 |
Note 15 - Income Taxes (Details
Note 15 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 2,700 | $ 3,000 | |
Threshold Percentage of Cumulative Change in Ownership | 50.00% | ||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 0 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | $ 0 | $ 0 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | ||
BRITISH COLUMBIA | |||
Effective Income Tax Rate Reconciliation, Foreign Manufacturing and Processing Tax, Percent | 11.00% | ||
Effective Income Tax Rate Reconciliation, at Foreign and Foreign Province Tax Rate, Percent | 26.00% | ||
Scenario, Forecast [Member] | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | ||
Scenario, Forecast [Member] | BRITISH COLUMBIA | |||
Effective Income Tax Rate Reconciliation, Foreign Manufacturing and Processing Tax, Percent | 12.00% | ||
Effective Income Tax Rate Reconciliation, at Foreign and Foreign Province Tax Rate, Percent | 27.00% | ||
If Valuation Allowance No Longer Exists [Member] | |||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 1,200 | ||
Research Tax Credit Carryforward [Member] | |||
Tax Credit Carryforward, Amount | 9,600 | ||
Investment Tax Credit Carryforward [Member] | |||
Tax Credit Carryforward, Amount | 2,600 | ||
Foreign Tax Credit [Member] | |||
Tax Credit Carryforward, Amount | 200 | ||
Foreign Tax Authority [Member] | |||
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | (1,400) | ||
Foreign Tax Authority [Member] | Canada Revenue Agency [Member] | |||
Operating Loss Carryforwards | 133,700 | ||
Domestic Tax Authority [Member] | |||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | (500) | ||
Operating Loss Carryforwards | 2,100 | ||
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | 500 | ||
Domestic Tax Authority [Member] | Research Tax Credit Carryforward [Member] | |||
Tax Credit Carryforward, Amount | 1,600 | ||
State and Local Jurisdiction [Member] | Research Tax Credit Carryforward [Member] | |||
Tax Credit Carryforward, Amount | 600 | ||
State and Local Jurisdiction [Member] | California Franchise Tax Board [Member] | |||
Operating Loss Carryforwards | $ 1,400 |
Note 15 - Income Taxes - Compon
Note 15 - Income Taxes - Component of Loss Before Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
United States | $ (1,931) | $ (521) | $ (1,389) |
Canada | (6,697) | (10,643) | (12,808) |
Loss before provision for income taxes | $ (8,628) | $ (11,164) | $ (14,197) |
Note 15 - Income Taxes - Provis
Note 15 - Income Taxes - Provision for Income Taxes (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Current Tax: | |||
Canada | |||
US | |||
State | |||
Deferred Tax: | |||
Canada | |||
US | |||
Note 15 - Income Taxes - Reconc
Note 15 - Income Taxes - Reconciliation of Income Taxes to Amount Computed by Applying Statutory Federal Income Tax Rate to Net Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Combined federal and provincial income tax rates | 26.00% | 26.00% | 26.00% |
Income tax benefit at statutory rates | $ (2,243) | $ (2,902) | $ (3,691) |
State income tax, net of federal benefit | (3) | 1 | (63) |
Permanent items | 3 | (17) | 36 |
Tax credits | (105) | ||
Non-deductible stock-based compensation | 429 | 81 | 155 |
Foreign accrual property income | 72 | 69 | 48 |
Expired NOLs | 140 | 79 | 887 |
Return to provision true up | 1 | 60 | (320) |
Uncertain tax positions | 718 | 68 | 296 |
Rate differential | (154) | 60 | (175) |
Effect of Canadian rate change | (1,428) | ||
Other | 12 | (112) | (57) |
Revaluation of warrant liability | (860) | 86 | |
CTA | (312) | (1,702) | |
Change in valuation allowance | 2,768 | 2,656 | 4,691 |
Income tax expense | |||
Domestic Tax Authority [Member] | |||
Effect of U.S. federal rate change | 545 | ||
State and Local Jurisdiction [Member] | |||
Effect of U.S. state rate change | $ 183 |
Note 15 - Income Taxes - Summar
Note 15 - Income Taxes - Summary of Significant Components of Deferred Tax Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred tax assets: | ||
Net operating loss carryforwards (non-capital losses) | $ 36,110 | $ 32,140 |
Scientific research and development | 2,605 | 2,509 |
Tax credits | 3,964 | 4,066 |
Stock based compensation | 815 | 1,116 |
Other, net | 164 | 529 |
Share issue costs | 490 | 1,042 |
Total deferred tax assets, net, before valuation allowance | 44,148 | 41,402 |
Valuation allowance | (44,148) | (41,402) |
Net deferred tax assets |
Note 15 - Income Taxes - Unreco
Note 15 - Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Beginning balance | $ 428 | $ 325 | |
Increase related to prior year tax positions | 610 | 103 | 304 |
Increase related to current year tax positions | 113 | 21 | |
Ending balance | $ 1,151 | $ 428 | $ 325 |
Note 16 - Commitments and Con76
Note 16 - Commitments and Contingencies (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Headquarters Lease and Rental Expense Per Month | $ 9,187 | ||
Operating Leases, Rent Expense, Net | 100,000 | $ 100,000 | $ 100,000 |
Purchase Commitment, Estimated Penalties | 2,600,000 | ||
Research and Development Expense [Member] | |||
Purchase Commitment, Penalty Expense | $ 600,000 | $ 300,000 | $ 600,000 |
Note 16 - Commitments and Con77
Note 16 - Commitments and Contingencies - Future Minimum Lease Payments Under Non-cancelable Operating Leases (Details) $ in Thousands | Dec. 31, 2017USD ($) |
2,018 | $ 126 |
2,019 | 52 |
Total | $ 178 |
Note 17 - 401(k) Plan (Details
Note 17 - 401(k) Plan (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 4.00% | ||
Defined Contribution Plan, Cost | $ 0.1 | $ 0.1 | $ 0.1 |