Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Aug. 06, 2019 | |
Document Information [Line Items] | ||
Entity Registrant Name | Vaxart, Inc. | |
Entity Central Index Key | 0000072444 | |
Trading Symbol | vxrt | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Common Stock, Shares Outstanding (in shares) | 15,785,735 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Title of 12(b) Security | Common Stock |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 16,258 | $ 11,506 |
Accounts receivable | 35 | 1,796 |
Prepaid expenses and other current assets | 814 | 1,343 |
Total current assets | 17,107 | 14,645 |
Property and equipment, net | 1,517 | 1,066 |
Right-of-use assets, net | 565 | |
Intangible assets, net | 17,959 | 19,413 |
Other long-term assets | 102 | 103 |
Total assets | 37,250 | 35,227 |
Current liabilities: | ||
Accounts payable | 610 | 962 |
Current portion of secured promissory note payable to Oxford Finance | 1,667 | 1,667 |
Current portion of operating lease liability | 565 | |
Liability related to sale of future royalties, current portion | 3,150 | 3,328 |
Other accrued liabilities | 1,485 | 1,518 |
Total current liabilities | 7,477 | 7,475 |
Operating lease liability, net of current portion | 216 | |
Long-term portion | 12,519 | 14,413 |
Secured promissory note payable to Oxford Finance, net of current portion | 1,175 | 1,944 |
Other long-term liabilities | 18 | 157 |
Total liabilities | 21,405 | 23,989 |
Commitments and contingencies (Note 9) | ||
Stockholders’ equity: | ||
Preferred Stock: $0.10 par value; 5,000,000 shares authorized; none issued and outstanding as of June 30, 2019 or December 31, 2018 | ||
Common Stock: $0.10 par value; 100,000,000 shares authorized; 15,785,735 and 7,141,189 shares issued and outstanding as of June 30, 2019 and December 31, 2018, respectively | 1,579 | 714 |
Additional paid-in capital | 119,258 | 108,513 |
Accumulated deficit | (104,992) | (97,989) |
Total stockholders’ equity | 15,845 | 11,238 |
Total liabilities and stockholders’ equity | $ 37,250 | $ 35,227 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Jun. 30, 2019 | Dec. 31, 2018 |
Preferred stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 15,785,735 | 7,141,189 |
Common stock, shares outstanding (in shares) | 15,785,735 | 7,141,189 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Revenue: | ||||
Revenue from Contract with Customer, Including Assessed Tax | $ 85 | $ 608 | $ 5,492 | $ 2,111 |
Operating expenses: | ||||
Research and development | 3,707 | 5,012 | 7,536 | 8,420 |
General and administrative | 1,375 | 1,771 | 3,401 | 3,781 |
Impairment of intangible assets | 1,600 | 1,600 | ||
Total operating expenses | 5,082 | 8,383 | 10,937 | 13,801 |
Operating loss | (4,997) | (7,775) | (5,445) | (11,690) |
Other income and (expenses): | ||||
Bargain purchase gain | (328) | 6,660 | ||
Interest income | 34 | 36 | 39 | 41 |
Interest expense | (97) | (136) | (204) | (573) |
Non-cash interest expense related to sale of future royalties | (516) | (468) | (1,060) | (766) |
Loss on revaluation of financial instruments | (3) | |||
Foreign exchange gain, net | (48) | (199) | (43) | (197) |
Total other income and (expenses) | (627) | (1,095) | (1,268) | 5,162 |
Net loss before income taxes | (5,624) | (8,870) | (6,713) | (6,528) |
Provision for income taxes | 13 | 1 | 263 | 29 |
Net loss | (5,637) | (8,871) | (6,976) | (6,557) |
Series B and C preferred dividend | (339) | |||
Net comprehensive loss attributable to common stockholders | $ (5,637) | $ (8,871) | $ (6,976) | $ (6,896) |
Net loss per share - basic and diluted (in dollars per share) | $ (0.39) | $ (1.24) | $ (0.64) | $ (1.26) |
Shares used to compute net loss per share - basic and diluted (in shares) | 14,597,446 | 7,141,189 | 10,969,473 | 5,477,265 |
Government Contract [Member] | ||||
Revenue: | ||||
Revenue from Contract with Customer, Including Assessed Tax | $ 520 | $ 1,130 | ||
Royalty [Member] | ||||
Revenue: | ||||
Revenue from Contract with Customer, Including Assessed Tax | 69 | 70 | 3,728 | 963 |
Non Cash Royalty Revenue [Member] | ||||
Revenue: | ||||
Revenue from Contract with Customer, Including Assessed Tax | $ 16 | $ 18 | $ 1,764 | $ 18 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Deficit) (Unaudited) - USD ($) $ in Thousands | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balances (in shares) at Dec. 31, 2017 | 1,221,064 | 138,492 | |||
Balances at Dec. 31, 2017 | $ 1 | $ 41,259 | $ (79,982) | $ (38,722) | |
Issuance of common stock upon conversion of convertible promissory notes, related parties (in shares) | 1,571,702 | ||||
Issuance of common stock upon conversion of convertible promissory notes, related parties | $ 157 | 35,420 | 35,577 | ||
Issuance of common stock upon conversion of convertible preferred stock (in shares) | (1,221,064) | 1,918,543 | |||
Issuance of common stock upon conversion of convertible preferred stock | $ (1) | $ 192 | (191) | ||
Reclassification of warrant to equity | 70 | 70 | |||
Issuance of common stock upon reverse merger (in shares) | 3,510,439 | ||||
Issuance of common stock upon reverse merger | $ 365 | 31,403 | 31,768 | ||
Issuance of common stock upon exercise of stock options (in shares) | 2,013 | ||||
Issuance of common stock upon exercise of stock options | 13 | 13 | |||
Stock-based compensation | 86 | 86 | |||
Net income (loss) | 2,314 | 2,314 | |||
Issuance of common stock warrants | 70 | 70 | |||
Balances (in shares) at Mar. 31, 2018 | 7,141,189 | ||||
Balances at Mar. 31, 2018 | $ 714 | 108,060 | (77,668) | 31,106 | |
Balances (in shares) at Dec. 31, 2017 | 1,221,064 | 138,492 | |||
Balances at Dec. 31, 2017 | $ 1 | 41,259 | (79,982) | (38,722) | |
Net income (loss) | (6,557) | ||||
Balances (in shares) at Jun. 30, 2018 | 7,141,189 | ||||
Balances at Jun. 30, 2018 | $ 714 | 108,178 | (86,539) | 22,353 | |
Balances (in shares) at Mar. 31, 2018 | 7,141,189 | ||||
Balances at Mar. 31, 2018 | $ 714 | 108,060 | (77,668) | 31,106 | |
Stock-based compensation | 118 | 118 | |||
Net income (loss) | (8,871) | (8,871) | |||
Balances (in shares) at Jun. 30, 2018 | 7,141,189 | ||||
Balances at Jun. 30, 2018 | $ 714 | 108,178 | (86,539) | 22,353 | |
Balances (in shares) at Dec. 31, 2018 | 7,141,189 | ||||
Balances at Dec. 31, 2018 | $ 714 | 108,513 | (97,989) | 11,238 | |
Reclassification of warrant to equity | 100 | 100 | |||
Stock-based compensation | 164 | 164 | |||
Net income (loss) | (1,339) | (1,339) | |||
Cumulative effect of adoption of new leases standard at Dec. 31, 2018 | (27) | (27) | |||
Balances as of January 1, 2019, as adjusted at Dec. 31, 2018 | $ 714 | 108,513 | (98,016) | 11,211 | |
Issuance of common stock and warrants, net of offering costs (in shares) | 1,200,000 | ||||
Issuance of common stock and warrants, net of offering costs | $ 120 | 2,320 | 2,440 | ||
Issuance of common stock warrants | 100 | 100 | |||
Balances (in shares) at Mar. 31, 2019 | 8,341,189 | ||||
Balances at Mar. 31, 2019 | $ 834 | 111,097 | (99,355) | 12,576 | |
Balances (in shares) at Dec. 31, 2018 | 7,141,189 | ||||
Balances at Dec. 31, 2018 | $ 714 | 108,513 | (97,989) | 11,238 | |
Net income (loss) | (6,976) | ||||
Cumulative effect of adoption of new leases standard at Dec. 31, 2018 | (27) | (27) | |||
Balances as of January 1, 2019, as adjusted at Dec. 31, 2018 | $ 714 | 108,513 | (98,016) | 11,211 | |
Balances (in shares) at Jun. 30, 2019 | 15,785,735 | ||||
Balances at Jun. 30, 2019 | $ 1,579 | 119,258 | (104,992) | 15,845 | |
Balances (in shares) at Mar. 31, 2019 | 8,341,189 | ||||
Balances at Mar. 31, 2019 | $ 834 | 111,097 | (99,355) | 12,576 | |
Reclassification of warrant to equity | 333 | 333 | |||
Stock-based compensation | 180 | 180 | |||
Net income (loss) | (5,637) | (5,637) | |||
Issuance of common stock and warrants, net of offering costs (in shares) | 925,455 | ||||
Issuance of common stock and warrants, net of offering costs | $ 93 | 7,648 | 7,741 | ||
Issuance of common stock warrants | 333 | 333 | |||
Issuance of common stock upon exercise of pre-funded warrants (in shares) | 6,519,091 | ||||
Issuance of common stock upon exercise of pre-funded warrants | $ 652 | 652 | |||
Balances (in shares) at Jun. 30, 2019 | 15,785,735 | ||||
Balances at Jun. 30, 2019 | $ 1,579 | $ 119,258 | $ (104,992) | $ 15,845 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (Deficit) (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2019 | Mar. 31, 2019 | |
Offering costs | $ 1,579 | $ 560 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Cash flows from operating activities: | ||
Net loss | $ (6,976,000) | $ (6,557,000) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Bargain purchase gain | (6,660,000) | |
Depreciation and amortization | 2,097,000 | 1,437,000 |
Impairment of intangible assets | 1,600,000 | |
Stock-based compensation | 344,000 | 204,000 |
Loss on revaluation of financial instruments | 3,000 | |
Non-cash interest expense | 64,000 | 366,000 |
Amortization of note discount | 18,000 | |
Non-cash interest expense related to sale of future royalties | 1,060,000 | 766,000 |
Non-cash revenue related to sale of future royalties | (3,132,000) | |
Change in operating assets and liabilities: | ||
Accounts receivable | 1,761,000 | 14,735,000 |
Prepaid expenses and other assets | 530,000 | (448,000) |
Accounts payable | (347,000) | (3,259,000) |
Accrued liabilities | (371,000) | (5,693,000) |
Net cash used in operating activities | (4,970,000) | (3,488,000) |
Cash flows from investing activities: | ||
Purchase of property and equipment | (711,000) | (339,000) |
Cash acquired in reverse merger | 25,525,000 | |
Cash paid for fractional shares in merger | (21,000) | |
Purchases of short-term investments | (573,000) | |
Proceeds from maturities of short-term investments | 1,988,000 | |
Net cash (used in) provided by investing activities | (711,000) | 26,580,000 |
Cash flows from financing activities: | ||
Net proceeds from issuance of common stock in registered direct offering | 2,540,000 | |
Net proceeds from issuance of common stock, pre-funded warrants and common warrants in underwritten offering | 8,074,000 | |
Repayment of principal on secured promissory note payable to Oxford Finance | (833,000) | (694,000) |
Repayment of short-term note | (61,000) | |
Proceeds from issuance of common stock upon exercise of pre-funded warrants | 652,000 | |
Proceeds from issuance of common stock upon exercise of stock options | 13,000 | |
Net cash provided by (used in) financing activities | 10,433,000 | (742,000) |
Net increase in cash and cash equivalents | 4,752,000 | 22,350,000 |
Cash, cash equivalents and restricted cash at beginning of the period | 11,506,000 | 1,571,000 |
Cash, cash equivalents and restricted cash at end of the period | 16,258,000 | 23,921,000 |
Supplemental disclosure of cash flow information: | ||
Interest paid | 136,000 | 189,000 |
Supplemental disclosure of non-cash investing and financing activity: | ||
Issuance of warrants to placement agents’ designees | 100,000 | |
Issuance of warrants to underwriters’ designees | 333,000 | |
Issuance of common stock upon reverse merger, net of cash paid for partial shares | 31,768,000 | |
Conversion of convertible promissory notes, related parties into common stock upon reverse merger | 35,577,000 | |
Reclassification of convertible preferred stock warrant liability to equity | 70,000 | |
Acquisition of property and equipment included in accounts payable | $ 47,000 | $ 14,000 |
Note 1 - Organization and Basis
Note 1 - Organization and Basis of Presentation | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | NOTE 1. Organization and Basis of Presentation General Vaxart Biosciences, Inc. was originally incorporated in California in March 2004, July 2007, On February 13, 2018, 0.22148 Immediately following the completion of the Merger, the Company effected a reverse stock split at a ratio of one eleven Immediately after the Reverse Stock Split there were approximately 7.1 51% 49% 0.0201346 On March 20, 2019, “March 2019 1,200,000 $3.0 $2.5 $320,000. 84,000 March 2019 one $3.125 five $100,000 10 On April 11, 2019, “April 2019 925,455 8,165,455 10,454,546 1,363,636 $1.10, $1.00, $0.10. one $0.10, may one $1.10, five The total gross proceeds from the April 2019 $9.3 $8.1 June 30, 2019 $0.6 1,646,364 Pursuant to the terms of an underwriting agreement, the Company paid the underwriters aggregate commissions and reimbursable costs of $750,000. 636,364 April 2019 one $1.375 five $333,000 10 The Company’s principal operations are based in South San Francisco, California, and it operates in one Liquidity and Going Concern Since incorporation, the Company has been involved primarily in performing research and development activities, hiring personnel, and raising capital to support these activities. The Company has experienced losses and negative cash flows from operations since its inception. As of June 30, 2019 105.0 2.8 January 2021 ( 8 The Company expects to incur increasing costs as research and clinical trials are advanced and, therefore, expects to continue to incur losses and negative operating cash flows for the next several years. Absent additional funding or adjustments to currently planned operating activities, management believes that the Company’s cash and cash equivalents of $ 16.3 June 30, 2019 not first 2020. The Company reviews its operations and clinical plans on a continuing basis, including its commitments for upcoming clinical trials. The Company plans to finance its operations with royalty revenue on sales of Inavir, additional equity or debt financing arrangements, and potentially with additional funding from government contracts or strategic alliances with partner companies. The availability and amount of such funding is not The uncertainties inherent in the Company’s future operations and in its ability to obtain additional funding raise substantial doubt about its ability to continue as a going concern beyond one not While management believes its plan to raise additional funds will alleviate the conditions that raise substantial doubt, these plans are not not may may |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 2. Basis of Presentation – The Company has prepared the accompanying condensed consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted pursuant to these rules and regulations. These condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements and footnotes related thereto for the year ended December 31, 2018, included in the Company’s Annual Report on Form 10 -K filed with the SEC on February 6, 2019 ( the “Annual Report”). Except as noted below, there have been no material changes to the Company’s significant accounting policies described in Note 2 to the consolidated financial statements included in the Annual Report. In the opinion of management, the unaudited condensed consolidated financial statements include all adjustments (consisting only of normal recurring adjustments) necessary to present fairly the Company’s financial position and the results of its operations and cash flows. The results of operations for such interim periods are not necessarily indicative of the results to be expected for the full year. Basis of Consolidation – The condensed consolidated financial statements include the financial statements of Vaxart, Inc. and its subsidiaries. All significant transactions and balances between Vaxart, Inc. and its subsidiaries have been eliminated in consolidation. Use of Estimates – The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and disclosure of contingent assets and liabilities in the financial statements and accompanying notes. Actual results and outcomes could differ from these estimates and assumptions. Concentration of Credit Risk – Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash, cash equivalents, short-term investments and accounts receivable. The Company places its cash, cash equivalents and short-term investments at financial institutions that management believes are of high credit quality. The Company is exposed to credit risk in the event of default by the financial institutions holding the cash and cash equivalents to the extent such amounts are in excess of the federally insured limits. The Company has not experienced any losses on its deposits since inception. The primary focus of the Company’s investment strategy is to preserve capital and meet liquidity requirements. The Company’s investment policy addresses the level of credit exposure by limiting the concentration in any one corporate issuer or sector and establishing a minimum allowable credit rating. The Company generally requires no collateral from its customers. L eases – Effective January 1, 2019, the Company records operating leases as right-of-use assets and operating lease liabilities in its condensed consolidated balance sheets for all operating leases with terms exceeding one year. Right-of-use assets represent the right to use an underlying asset for the lease term, including extension options considered reasonably certain to be exercised, and operating lease liabilities to make lease payments. Right-of-use assets and operating lease liabilities are recognized based on the present value of lease payments over the lease term. To the extent that lease agreements do not provide an implicit rate, the Company uses its incremental borrowing rate based on information available at the lease commencement date to determine the present value of lease payments. The expense for operating lease payments is recognized on a straight-line basis over the lease term and is included in operating expenses in the Company’s statement of operations and comprehensive loss. Recent ly Adopted Accounting Pronouncements In February 2016, the FASB issued ASU 2016 - 02 Leases (Topic 842 ) , which replaced most current lease guidance when it became effective. This standard update was designed to increase transparency and improve comparability by requiring entities to recognize assets and liabilities on the balance sheet for all leases, with certain exceptions. The new standard states that a lessee will recognize a lease liability for the obligation to make lease payments and a right-of-use asset for the right to use the underlying asset for the lease term. Leases are classified as either finance or operating, with classification affecting the pattern of expense recognition in the statements of operations. The Company adopted the new guidance effective January 1, 2019, using the modified retrospective method, and used the effective date method of adoption, as permitted by ASU 2018 - 11, Leases (Topic 842 ): Ta rgeted Improvements , which the FASB issued in July 2018, clarified by ASU 2019 - 01, Leases (Topic 842 ): Codification Improvements , which the FASB issued in March 2019, which reduces the disclosure requirements on transition. The Company has elected the short-term lease recognition exemption for all classes of assets, which means that it will not recognize right-of-use assets or lease liabilities for leases with a duration of one year or less. Further, the Company has elected to use all of the practical expedients available on transition, whereby it has not reassessed under the new standard its prior conclusions about lease identification, lease classification and initial direct costs. The adoption of this standard had a material effect on the Company’s condensed consolidated balance sheets, the most significant effects being the recognition of new right-of-use assets and lease liabilities. The Company recognized lease liabilities of $1,229,000, $783,000 of which was current, and right-of-use assets of $953,000 based on the present value of the remaining minimum rental payments for existing operating leases, derecognized liabilities related to deferred rent and lease loss accrual of $249,000, $111,000 of which was current, and recognized an increase of $27,000 to accumulated deficit on adoption of the new accounting policy. The increase in accumulated deficit arose because the right-of-use asset impairment charge that would have been recorded in the three months ended December 31, 2018, under Topic 842 exceeded the lease loss accrual, net of accretion, that was recorded. This impact aside, the adoption had no effect on the Company’s statements of operations or cash flows, other than on related disclosures. Recent Accounting Pronouncements The Company has reviewed all newly-issued accounting pronouncements and concluded that they either are not applicable to the Company’s operations or no material effect is expected on its condensed consolidated financial statements as a result of future adoption. |
Note 3 - Fair Value of Financia
Note 3 - Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 3 . Fair Value of Financial Instruments Fair value accounting is applied for all financial assets and liabilities and nonfinancial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis (at least annually). Financial instruments include cash and cash equivalents, short-term investments, accounts receivable, accounts payable and accrued liabilities that approximate fair value due to their relatively short maturities. As short-term investments are classified as held-to-maturity, they are recorded at their amortized cost. Assets and liabilities recorded at fair value on a recurring basis in the balance sheets are categorized based upon the level of judgment associated with inputs used to measure their fair values. The accounting guidance for fair value provides a framework for measuring fair value and requires certain disclosures about how fair value is determined. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The accounting guidance also establishes a three The three Level 1 Level 2 not Level 3 no The Company’s money market funds are classified within Level 1 3 The Company’s only recurring financial assets that are measured at fair value were $15,000 June 30, 2019 December 31, 2018, no six June 30, 2019 3 six June 30, 2018 Convertible Preferred Stock Warrant Liability Total (in thousands) Balance at January 1, 2018 $ 67 $ 67 Issuances — — Revaluation loss included in loss on revaluation of financial instruments, net 3 3 Settlements (70 ) (70 ) Balance at June 30, 2018 $ — $ — Total gains included in other income and (expenses) attributable to liabilities still held as of June 30, 2018 $ — $ — |
Note 4 - Balance Sheet Componen
Note 4 - Balance Sheet Components | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Supplemental Balance Sheet Disclosures [Text Block] | NOTE 4 . Balance Sheet Components (a) Cash and Cash Equivalents Cash and cash equivalents comprises the following: June 30, 2019 December 31, 2018 (in thousands) Cash at banks $ 16,243 $ 11,441 Restricted cash — 50 Money market funds 15 15 Total cash and cash equivalents $ 16,258 $ 11,506 (b) Accounts Receivable Accounts receivable comprises the following: June 30, 2019 December 31, 2018 (in thousands) Royalties receivable $ 15 $ 1,776 Government contract - billed 20 20 Accounts receivable $ 35 $ 1,796 The Company has provided no June 30, 2019 December 31, 2018 (c) Property and Equipment, Net Property and equipment, net consists of the following: June 30, 2019 December 31, 2018 (in thousands) Laboratory equipment $ 2,775 $ 2,076 Office and computer equipment 227 227 Leasehold improvements 340 333 Total property and equipment 3,342 2,636 Less: accumulated depreciation (1,825 ) (1,570 ) Property and equipment, net $ 1,517 $ 1,066 Depreciation expense was $125,000 $121,000 three June 30, 2019 2018 $255,000 $219,000 six June 30, 2019 2018 no six June 30, 2019 2018 (d) Right-of-Use Assets , Net Right-of-use assets, net consists of the following: June 30, 2019 (in thousands) Facilities $ 557 Office equipment 8 Right-of-use assets, net $ 565 (e) Intangible Assets Intangible assets comprise developed technology, intellectual property and, until it was considered fully impaired, in-process research and development. Intangible assets are carried at cost less accumulated amortization. Amortization is computed using the straight-line method over useful lives ranging from 1.3 11.75 20 June 30, 2019 December 31, 2018 (in thousands) Purchased technology $ 22,100 $ 22,100 Intellectual property 80 80 Total cost 22,180 22,180 Less: accumulated amortization (4,221 ) (2,767 ) Intangible assets, net $ 17,959 $ 19,413 Intangible asset amortization expense for the three June 30, 2019 2018 $675,000 $805,000 six June 30, 2019 2018 $1,454,000 $1,218,000, 2 June 2018, three June 30, 2018, $1.6 1 As of June 30, 2019 Year Ending December 31, Amount 2019 (six months remaining) $ 866 2020 1,732 2021 1,732 2022 1,732 2023 1,731 Thereafter 10,166 Total $ 17,959 (f) Accrued Liabilities Accrued liabilities consist of the following: June 30, 2019 December 31, 2018 (in thousands) Accrued compensation $ 773 $ 632 Accrued clinical and manufacturing expenses 18 75 Accrued professional and consulting services 48 166 Reserve for return of royalties 339 339 Deferred rent and lease loss accrual, current portion — 111 Other liabilities, current portion 307 195 Total $ 1,485 $ 1,518 |
Note 5 - Revenue
Note 5 - Revenue | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Revenue [Text Block] | NOTE 5 . Revenue U.S. Government HHS BARDA Contract In September 2015, May 25 July 18, 2017, June 28, 2018, $14 $1.7 September 30, 2018. $15.7 $520,000 $1,130,000 three six June 30, 2018, December 31, 2018, no Billings under the contract were based on approved provisional indirect billing rates, which permit recovery of fringe benefits, overhead and general and administrative expenses. Indirect rates as well as allowable costs are subject to audit by HHS BARDA on an annual basis. Management believes that revenues recognized to date have been recorded in amounts that are expected to be realized upon final audit and settlement. When the final determination of the allowable costs for any year has been made, revenue and billings may not Royalty Agreements Aviragen entered into a royalty-bearing research and license agreement with GlaxoSmithKline, plc (“GSK”) in 1990 July 2019 three June 30, 2019 2018 $69,000 $70,000, six June 30, 2019 six June 30, 2018 $764,000 $411,000, 7% The Company also generates royalty revenue from the sale of Inavir in Japan, pursuant to a collaboration and license agreement that Aviragen entered into with Daiichi Sankyo Company, Limited (“Daiichi Sankyo”) in 2009. September 2010, 4% December 2029, six June 30, 2019 six June 30, 2018, $2,964,000 $552,000, 4% No three June 30, 2019 2018 $16,000 $18,000, 6 5% $1,000 $1,000 three June 30, 2019 2018 $237,000 $29,000 six June 30, 2019 2018 The Company’s royalty revenue is seasonal, in line with the flu season. The majority of the Company’s royalty revenue is earned in the first fourth |
Note 6 - Liabilities Related to
Note 6 - Liabilities Related to Sale of Future Royalties | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Liabilities Related to Sale of Future Royalties [Text Block] | NOTE 6 . Liabilities Related to Sale of Future Royalties In April 2016, $20.0 first $3.0 15% $1.0 April 1, Under the relevant accounting guidance, due to a limit on the amount of royalties that HCRP can earn under the RIAA, this transaction is accounted for as a liability that is being amortized using the interest method over the life of the arrangement. The Company has no not not The following table shows the activity within the liability account in the six June 30, 2019 ( Total liability related to sale of future royalties, start of period $ 17,741 Non-cash royalty revenue paid to HCRP (3,132 ) Non-cash interest expense recognized 1,060 Total liability related to sale of future royalties, end of period 15,669 Current portion (3,150 ) Long-term portion $ 12,519 |
Note 7 - Leases
Note 7 - Leases | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | NOTE 7 . Leas es The Company has obtained the right of use for office and manufacturing facilities under five one three one three one The Company obtained the right of use of real estate located in South San Francisco, California, in June 2015 April 30, 2020, five February 2018 February 28, 2021, no November 30, 2018. three August 31, 2019, no three July 2019 September 2021. As of June 30, 2019 one 10.5% 1.32 The following table summarizes the Company’s undiscounted cash payment obligations for its operating lease liabilities with initial terms of more than twelve June 30, 2019 ( Year Ending December 31, 2019 (excluding the six months ended June 30, 2019) $ 361 2020 414 Thereafter 58 Undiscounted total 833 Less: imputed interest (52 ) Present value of future minimum payments 781 Current portion of operating lease liability (565 ) Operating lease liability, net of current portion $ 216 In addition, future obligations under operating leases for equipment with initial terms of one $1,000. no Certain operating lease agreements include non-lease costs, such as common area maintenance, which are excluded from operating lease costs. Operating lease expenses for the three six June 30, 2019 Three Months Ended Six Months Ended June 30, 2019 June 30, 2019 Lease cost (in thousands) Operating lease cost $ 222 $ 445 Short-term lease cost 4 7 Sublease income (55 ) (109 ) Total lease cost $ 171 $ 343 Net cash outflows associated with operating leases totaled $200,000 $399,000 three six June 30, 2019 $222,000 $368,000 three six June 30, 2018 Future minimum payments and sublease income under operating leases as of December 31, 2018, Year Ending December 31, Lease Payments Sublease Income (in thousands) 2019 $ 859 $ 213 2020 411 219 2021 56 38 Thereafter — — Total $ 1,326 $ 470 |
Note 8 - Secured Promissory Not
Note 8 - Secured Promissory Note Payable to Oxford Finance | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Secured Promissory Note Payable [Text Block] | NOTE 8 . Secured Promissory Note Payable to Oxford Finance On December 22, 2016, $5.0 $5.0 30 6.17%, four first 12 36 $325,000 In connection with the Loan Agreement, the Company issued a warrant to Oxford Finance to purchase 7,563 $33.11 December 2026. $134,000, 10.5%. $96,000 $138,000 three June 30, 2019 2018 $64,000 $94,000 $202,000 $279,000 six June 30, 2019 2018 $136,000 $189,000 The Warrant provided that if the share price at the next equity financing was less than the Warrant exercise price, then the Warrant would be for the new class of shares, the exercise price would be the new class share price, and the number of shares would be calculated by dividing $250,000 Due to the antidilution protection, following the Merger, the Warrant was amended to allow the holder to purchase 10,914 $22.99 no $70,000 February 13, 2018, |
Note 9 - Commitments and Contin
Note 9 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 9 . Commitments and Contingencies (a) Leases The Company’s lease commitments are detailed in Note 7. (b) Indemnifications In the ordinary course of business, the Company enters into agreements that may may third not may may (c) Litigation From time to time the Company may not may |
Note 10 - Stockholders' Equity
Note 10 - Stockholders' Equity | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 1 0 . Stock holders’ Equity (a) P referred Stock The Company is authorized to issue 5,000,000 $0.10 may, 5,000,000 one may No no (b) Common Stock On April 23, 2019, $0.10, 200,000,000 100,000,000 April 23, 2019, one may no June 30, 2019 no In the event of the Company’s voluntary or involuntary liquidation, dissolution, distribution of assets or winding-up, the holders of the common stock will be entitled to receive an equal amount per share of all of the Company’s assets of whatever kind available for distribution to stockholders, after the rights of the holders of the preferred stock have been satisfied. There are no The Company had shares of common stock reserved for issuance as follows: June 30, 2019 December 31, 2018 Options issued and outstanding 2,166,800 865,163 Available for future grants of equity awards 186,410 223,377 Common stock warrants 12,832,188 10,914 Total 15,185,398 1,099,454 (c) Warrants The Company has the following warrants outstanding as of June 30, 2019 none Securities into which warrants are convertible Warrants outstanding Exercise Price Expiration Date Common Stock 1,646,364 $ 0.10 April 2024 Common Stock 10,454,546 $ 1.10 April 2024 Common Stock 636,364 $ 1.375 April 2024 Common Stock 84,000 $ 3.125 March 2024 Common Stock 10,914 $ 22.99 December 2026 Total 12,832,188 The aggregate fair value at issuance of the warrants entitling the holder to purchase one $3.125 March 2019 1 $100,000, $2.08 80%, 2.34%, zero 5.0 one $1.375 April 2019 1 $333,000, $0.89 83%, 2.31%, zero 5.0 In the event of a Fundamental Transaction (a transfer of ownership of the Company as defined in the warrant) within the Company’s control, the holders of unexercised common stock warrants exercisable for $1.10 not |
Note 11 - Equity Incentive Plan
Note 11 - Equity Incentive Plans | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | NOTE 1 1 . Equity Incentive Plan s Prior to the Merger, Private Vaxart issued equity awards for compensation purposes to employees, directors and consultants under its 2007 “2007 2007 July 2017 no may 2007 In November 2016, 2016 “2016 2016 Under the 2016 2016 ten may 2019 “2019 no 2016 On April 23, 2019, 2019 may 2019 may The aggregate number of shares of common stock that may 2019 not 1,600,000 2019 ten may A summary of stock option transactions in the six June 30, 2019 Weighted Shares Number of Average Available Options Exercise For Grant Outstanding Price Balance at January 1, 2019 200,650 865,163 $ 8.13 Authorized under 2019 Plan 1,600,000 — $ — Removed from 2016 Plan (223,389 ) — $ — Granted (1,413,590 ) 1,413,590 $ 0.76 Forfeited — (7,399 ) $ 5.35 Canceled 22,739 (104,554 ) $ 11.00 Balance at June 30, 2019 186,410 2,166,800 $ 3.19 The weighted average grant date fair value of options awarded in the six June 30, 2019 2018 $0.55 $3.59, Six Months Ended June 30, 2019 2018 Risk-free interest rate 1.89% - 2.31% 2.79% - 2.80% Expected term 5.39 - 6.08 Years 5.84 - 6.05 Years Expected volatility 83% - 85% 78% - 80% Dividend yield —% —% The Company measures the fair value of all stock-based awards on the grant date and records the fair value of these awards, net of estimated forfeitures, to compensation expense over the service period. Total stock-based compensation recognized for options was as follows: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 (in thousands) (in thousands) Research and development $ 80 $ 59 $ 159 $ 103 General and administrative 100 59 185 101 Total stock-based compensation $ 180 $ 118 $ 344 $ 204 As of June 30, 2019 $1.4 2.82 |
Note 12 - Net Loss Per Share At
Note 12 - Net Loss Per Share Attributable to Common Stockholders | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 1 2 . Net Loss Per Share Attributable to Common Stockholders The following table presents the calculation of basic and diluted net loss per share (in thousands, except share and per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Net loss $ (5,637 ) $ (8,871 ) $ (6,976 ) $ (6,557 ) Series B and C preferred dividend — — — (339 ) Net loss attributable to common stockholders – diluted calculation $ (5,637 ) $ (8,871 ) $ (6,976 ) $ (6,896 ) Shares used to compute net loss per share – basic and diluted 14,597,446 7,141,189 10,969,473 5,477,265 Net loss per share – basic and diluted $ (0.39 ) $ (1.24 ) $ (0.64 ) $ (1.26 ) No The following potentially dilutive securities were excluded from the computation of diluted weighted average shares outstanding because they would have been antidilutive: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Options to purchase common stock 1,561,067 878,555 1,212,654 765,702 Warrants to purchase common stock 11,802,695 10,794 5,944,948 8,230 Warrant to purchase convertible preferred stock — — — 1,797 Series B and C convertible preferred stock outstanding, including cumulative dividends — — — 431,064 Series A convertible preferred stock outstanding — — — 24,723 Convertible promissory notes, related party (as converted) — — — 373,388 Total potentially dilutive securities excluded from denominator of the diluted earnings per share computation 13,363,762 889,349 7,157,602 1,604,904 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation December 31, 2018, 10 February 6, 2019 ( no 2 not |
Consolidation, Policy [Policy Text Block] | Basis of Consolidation |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk The primary focus of the Company’s investment strategy is to preserve capital and meet liquidity requirements. The Company’s investment policy addresses the level of credit exposure by limiting the concentration in any one no |
Lessee, Leases [Policy Text Block] | L eases January 1, 2019, one not |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent ly Adopted Accounting Pronouncements In February 2016, 2016 02 Leases (Topic 842 January 1, 2019, 2018 11, Leases (Topic 842 Ta July 2018, 2019 01, Leases (Topic 842 March 2019, not one not The adoption of this standard had a material effect on the Company’s condensed consolidated balance sheets, the most significant effects being the recognition of new right-of-use assets and lease liabilities. The Company recognized lease liabilities of $1,229,000, $783,000 $953,000 $249,000, $111,000 $27,000 The increase in accumulated deficit arose because the right-of-use asset impairment charge that would have been recorded in the three December 31, 2018, 842 no Recent Accounting Pronouncements The Company has reviewed all newly-issued accounting pronouncements and concluded that they either are not no |
Note 3 - Fair Value of Financ_2
Note 3 - Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Convertible Preferred Stock Warrant Liability Total (in thousands) Balance at January 1, 2018 $ 67 $ 67 Issuances — — Revaluation loss included in loss on revaluation of financial instruments, net 3 3 Settlements (70 ) (70 ) Balance at June 30, 2018 $ — $ — Total gains included in other income and (expenses) attributable to liabilities still held as of June 30, 2018 $ — $ — |
Note 4 - Balance Sheet Compon_2
Note 4 - Balance Sheet Components (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Cash and Cash Equivalents [Table Text Block] | June 30, 2019 December 31, 2018 (in thousands) Cash at banks $ 16,243 $ 11,441 Restricted cash — 50 Money market funds 15 15 Total cash and cash equivalents $ 16,258 $ 11,506 |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | June 30, 2019 December 31, 2018 (in thousands) Royalties receivable $ 15 $ 1,776 Government contract - billed 20 20 Accounts receivable $ 35 $ 1,796 |
Property, Plant and Equipment [Table Text Block] | June 30, 2019 December 31, 2018 (in thousands) Laboratory equipment $ 2,775 $ 2,076 Office and computer equipment 227 227 Leasehold improvements 340 333 Total property and equipment 3,342 2,636 Less: accumulated depreciation (1,825 ) (1,570 ) Property and equipment, net $ 1,517 $ 1,066 |
Lessee, Operating Lease, Right-of-Use Assets [Table Text Block] | June 30, 2019 (in thousands) Facilities $ 557 Office equipment 8 Right-of-use assets, net $ 565 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | June 30, 2019 December 31, 2018 (in thousands) Purchased technology $ 22,100 $ 22,100 Intellectual property 80 80 Total cost 22,180 22,180 Less: accumulated amortization (4,221 ) (2,767 ) Intangible assets, net $ 17,959 $ 19,413 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Year Ending December 31, Amount 2019 (six months remaining) $ 866 2020 1,732 2021 1,732 2022 1,732 2023 1,731 Thereafter 10,166 Total $ 17,959 |
Schedule of Accrued Liabilities [Table Text Block] | June 30, 2019 December 31, 2018 (in thousands) Accrued compensation $ 773 $ 632 Accrued clinical and manufacturing expenses 18 75 Accrued professional and consulting services 48 166 Reserve for return of royalties 339 339 Deferred rent and lease loss accrual, current portion — 111 Other liabilities, current portion 307 195 Total $ 1,485 $ 1,518 |
Note 6 - Liabilities Related _2
Note 6 - Liabilities Related to Sale of Future Royalties (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Deferred Revenue, by Arrangement, Disclosure [Table Text Block] | Total liability related to sale of future royalties, start of period $ 17,741 Non-cash royalty revenue paid to HCRP (3,132 ) Non-cash interest expense recognized 1,060 Total liability related to sale of future royalties, end of period 15,669 Current portion (3,150 ) Long-term portion $ 12,519 |
Note 7 - Leases (Tables)
Note 7 - Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Year Ending December 31, 2019 (excluding the six months ended June 30, 2019) $ 361 2020 414 Thereafter 58 Undiscounted total 833 Less: imputed interest (52 ) Present value of future minimum payments 781 Current portion of operating lease liability (565 ) Operating lease liability, net of current portion $ 216 |
Lease, Cost [Table Text Block] | Three Months Ended Six Months Ended June 30, 2019 June 30, 2019 Lease cost (in thousands) Operating lease cost $ 222 $ 445 Short-term lease cost 4 7 Sublease income (55 ) (109 ) Total lease cost $ 171 $ 343 |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Year Ending December 31, Lease Payments Sublease Income (in thousands) 2019 $ 859 $ 213 2020 411 219 2021 56 38 Thereafter — — Total $ 1,326 $ 470 |
Note 10 - Stockholders' Equity
Note 10 - Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Common Stock Reserved for Issuance [Table Text Block] | June 30, 2019 December 31, 2018 Options issued and outstanding 2,166,800 865,163 Available for future grants of equity awards 186,410 223,377 Common stock warrants 12,832,188 10,914 Total 15,185,398 1,099,454 |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Securities into which warrants are convertible Warrants outstanding Exercise Price Expiration Date Common Stock 1,646,364 $ 0.10 April 2024 Common Stock 10,454,546 $ 1.10 April 2024 Common Stock 636,364 $ 1.375 April 2024 Common Stock 84,000 $ 3.125 March 2024 Common Stock 10,914 $ 22.99 December 2026 Total 12,832,188 |
Note 11 - Equity Incentive Pl_2
Note 11 - Equity Incentive Plans (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Weighted Shares Number of Average Available Options Exercise For Grant Outstanding Price Balance at January 1, 2019 200,650 865,163 $ 8.13 Authorized under 2019 Plan 1,600,000 — $ — Removed from 2016 Plan (223,389 ) — $ — Granted (1,413,590 ) 1,413,590 $ 0.76 Forfeited — (7,399 ) $ 5.35 Canceled 22,739 (104,554 ) $ 11.00 Balance at June 30, 2019 186,410 2,166,800 $ 3.19 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Six Months Ended June 30, 2019 2018 Risk-free interest rate 1.89% - 2.31% 2.79% - 2.80% Expected term 5.39 - 6.08 Years 5.84 - 6.05 Years Expected volatility 83% - 85% 78% - 80% Dividend yield —% —% |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 (in thousands) (in thousands) Research and development $ 80 $ 59 $ 159 $ 103 General and administrative 100 59 185 101 Total stock-based compensation $ 180 $ 118 $ 344 $ 204 |
Note 12 - Net Loss Per Share _2
Note 12 - Net Loss Per Share Attributable to Common Stockholders (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Net loss $ (5,637 ) $ (8,871 ) $ (6,976 ) $ (6,557 ) Series B and C preferred dividend — — — (339 ) Net loss attributable to common stockholders – diluted calculation $ (5,637 ) $ (8,871 ) $ (6,976 ) $ (6,896 ) Shares used to compute net loss per share – basic and diluted 14,597,446 7,141,189 10,969,473 5,477,265 Net loss per share – basic and diluted $ (0.39 ) $ (1.24 ) $ (0.64 ) $ (1.26 ) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Options to purchase common stock 1,561,067 878,555 1,212,654 765,702 Warrants to purchase common stock 11,802,695 10,794 5,944,948 8,230 Warrant to purchase convertible preferred stock — — — 1,797 Series B and C convertible preferred stock outstanding, including cumulative dividends — — — 431,064 Series A convertible preferred stock outstanding — — — 24,723 Convertible promissory notes, related party (as converted) — — — 373,388 Total potentially dilutive securities excluded from denominator of the diluted earnings per share computation 13,363,762 889,349 7,157,602 1,604,904 |
Note 1 - Organization and Bas_2
Note 1 - Organization and Basis of Presentation (Details Textual) | Apr. 11, 2019USD ($)$ / sharesshares | Mar. 20, 2019USD ($)$ / sharesshares | Feb. 13, 2018shares | Jun. 30, 2019USD ($)shares | Jun. 30, 2018USD ($) | Dec. 31, 2018USD ($) |
Conversion of Stock, Shares Issued | 0.22148 | |||||
Stock Issued During Period, Shares, Reverse Stock Splits | 7,100,000 | |||||
Exchange Ratio, Number of Shares Exchanged Per Share | 0.0201346 | |||||
Stock Issued During Period, Shares, New Issues | 1,200,000 | |||||
Gross Proceeds from Issuance of Common Stock | $ | $ 3,000,000 | |||||
Proceeds from Issuance of Common Stock | $ | $ 9,300,000 | 2,500,000 | $ 2,540,000 | |||
Payments of Stock Issuance Costs | $ | $ 320,000 | |||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 10,454,546 | |||||
Stock Issued During Period, Shares, New Issues, Excluding Shares Sold to Underwriters | 925,455 | |||||
Class of Warrant Right, Number of Pre-funded Warrants Issued During Period | 8,165,455 | |||||
Shares Issued, Price Per Share | $ / shares | $ 1.10 | |||||
Pre-funded Warrant Price | $ / shares | 1 | |||||
Pre-funded Warrant, Accompanying Warrant, Amount Paid Per Share | $ / shares | $ 0.10 | |||||
Proceeds from Issuance of Common Stock, Net | $ | $ 8,100,000 | |||||
Proceeds from Warrant Exercises | $ | $ 652,000 | |||||
Class of Warrant or Right, Outstanding | 12,832,188 | |||||
Payments for Aggregate Commissions to Underwriters | $ | $ 750,000 | |||||
Number of Reportable Segments | 1 | |||||
Retained Earnings (Accumulated Deficit), Ending Balance | $ | $ (104,992,000) | $ (97,989,000) | ||||
Notes Payable, Total | $ | 2,800,000 | |||||
Cash and Cash Equivalents, at Carrying Value, Ending Balance | $ | $ 16,300,000 | |||||
Over-Allotment Option [Member] | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 1,363,636 | |||||
Warrants in Connection with March 2019 Offering [Member] | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 84,000 | |||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | 1 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 3.125 | |||||
Warrants and Rights Outstanding, Term | 5 years | |||||
Warrants and Rights Outstanding | $ | $ 100,000 | |||||
Pre-funded Warrants [Member] | ||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | 1 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 0.10 | |||||
Class of Warrant or Right, Outstanding | 1,646,364 | |||||
Common Warrants [Member] | ||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | 1 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 1.10 | |||||
Class of Warrant or Right, Period to Expiration | 5 years | |||||
Underwriter Warrants [Member] | ||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | 1 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 1.375 | |||||
Class of Warrant or Right, Period to Expiration | 5 years | |||||
Class of Warrant or Right, Issued During Period | 636,364 | |||||
Class of Warrant or Right, Issued During Period, Fair Value | $ | $ 333,000 | |||||
Private Vaxart's Stockholders, Warrantholders, and Optionholders [Member] | ||||||
Ownership Percentage | 51.00% | |||||
Aviragens Stockholderrs and Optionholders [Member] | ||||||
Ownership Percentage | 49.00% | |||||
Reverse Stock Split [Member] | ||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 11 |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | Jun. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Operating Lease, Liability, Total | $ 781,000 | ||
Operating Lease, Liability, Current | 565,000 | ||
Operating Lease, Right-of-Use Asset | 565,000 | ||
Deferred Rent Credit, Current | 111,000 | ||
Retained Earnings (Accumulated Deficit), Ending Balance | $ (104,992,000) | $ (97,989,000) | |
Accounting Standards Update 2016-02 [Member] | |||
Operating Lease, Liability, Total | $ 1,229,000 | ||
Operating Lease, Liability, Current | 783,000 | ||
Operating Lease, Right-of-Use Asset | 953,000 | ||
Deferred Rent Credit | (249,000) | ||
Deferred Rent Credit, Current | (111,000) | ||
Retained Earnings (Accumulated Deficit), Ending Balance | $ (27,000) |
Note 3 - Fair Value of Financ_3
Note 3 - Fair Value of Financial Instruments (Details Textual) - Fair Value, Recurring [Member] - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Financial Liabilities Fair Value Disclosure, Total | $ 0 | $ 0 |
Money Market Funds [Member] | ||
Cash and Cash Equivalents, Fair Value Disclosure | $ 15,000 | $ 15,000 |
Note 3 - Fair Value of Financ_4
Note 3 - Fair Value of Financial Instruments - a Reconciliation of All Liabilities Measured At Fair Value On a Recurring Basis Using Significant Unobservable Inputs (Level 3) (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Balance at January 1, 2018 | $ 67 |
Issuances | |
Revaluation loss included in loss on revaluation of financial instruments, net | 3 |
Settlements | (70) |
Balance at June 30, 2018 | |
Total gains included in other income and (expenses) attributable to liabilities still held as of June 30, 2018 | |
Convertible Preferred Stock Warrant Liability [Member] | |
Balance at January 1, 2018 | 67 |
Issuances | |
Revaluation loss included in loss on revaluation of financial instruments, net | 3 |
Settlements | (70) |
Balance at June 30, 2018 | |
Total gains included in other income and (expenses) attributable to liabilities still held as of June 30, 2018 |
Note 4 - Balance Sheet Compon_3
Note 4 - Balance Sheet Components (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Accounts Receivable, Allowance for Credit Loss, Current | $ 0 | $ 0 | $ 0 | ||
Depreciation, Total | 125,000 | $ 121,000 | 255,000 | $ 219,000 | |
Impairment of Property and Equipment | 0 | 0 | |||
Amortization of Intangible Assets, Total | 675,000 | 805,000 | 1,454,000 | 1,218,000 | |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 1,600,000 | $ 1,600,000 | |||
In Process Research and Development 1 [Member] | |||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 1,600,000 | ||||
Intellectual Property [Member] | |||||
Finite-Lived Intangible Asset, Useful Life | 20 years | ||||
Minimum [Member] | |||||
Finite-Lived Intangible Asset, Useful Life | 1 year 109 days | ||||
Maximum [Member] | |||||
Finite-Lived Intangible Asset, Useful Life | 11 years 273 days |
Note 4 - Balance Sheet Compon_4
Note 4 - Balance Sheet Components - Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Cash at banks | $ 16,243 | $ 11,441 | ||
Restricted cash | 50 | |||
Money market funds | 15 | 15 | ||
Total cash and cash equivalents | $ 16,258 | $ 11,506 | $ 23,921 | $ 1,571 |
Note 4 - Balance Sheet Compon_5
Note 4 - Balance Sheet Components - Accounts Receivable, Net of Allowance (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Accounts receivable | $ 35 | $ 1,796 |
Royalty [Member] | ||
Accounts receivable | 15 | 1,776 |
Government Contract [Member] | ||
Accounts receivable | $ 20 | $ 20 |
Note 4 - Balance Sheet Compon_6
Note 4 - Balance Sheet Components - Property and Equipment, Net (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Property and equipment, gross | $ 3,342 | $ 2,636 |
Less: accumulated depreciation | (1,825) | (1,570) |
Property and equipment, net | 1,517 | 1,066 |
Laboratory Equipment [Member] | ||
Property and equipment, gross | 2,775 | 2,076 |
Office Equipment [Member] | ||
Property and equipment, gross | 227 | 227 |
Leasehold Improvements [Member] | ||
Property and equipment, gross | $ 340 | $ 333 |
Note 4 - Balance Sheet Compon_7
Note 4 - Balance Sheet Components - Right-of-Use Assets, Net (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Right-of-use assets, net | $ 565 | |
Facilities [Member] | ||
Right-of-use assets, net | 557 | |
Office Equipment [Member] | ||
Right-of-use assets, net | $ 8 |
Note 4 - Balance Sheet Compon_8
Note 4 - Balance Sheet Components - Intangible assets (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Intangible assets, gross | $ 22,180 | $ 22,180 |
Less: accumulated amortization | (4,221) | (2,767) |
Intangible assets, net | 17,959 | 19,413 |
Purchased Technology [Member] | ||
Intangible assets, gross | 22,100 | 22,100 |
Intellectual Property [Member] | ||
Intangible assets, gross | $ 80 | $ 80 |
Note 4 - Balance Sheet Compon_9
Note 4 - Balance Sheet Components - Estimated Future Amortization Expense (Details) $ in Thousands | Jun. 30, 2019USD ($) |
2019 (six months remaining) | $ 866 |
2020 | 1,732 |
2021 | 1,732 |
2022 | 1,732 |
2023 | 1,731 |
Thereafter | 10,166 |
Total | $ 17,959 |
Note 4 - Balance Sheet Compo_10
Note 4 - Balance Sheet Components - Accrued liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Accrued compensation | $ 773 | $ 632 |
Accrued clinical and manufacturing expenses | 18 | 75 |
Accrued professional and consulting services | 48 | 166 |
Reserve for return of royalties | 339 | 339 |
Deferred rent and lease loss accrual, current portion | 111 | |
Other liabilities, current portion | 307 | 195 |
Total | $ 1,485 | $ 1,518 |
Note 5 - Revenue (Details Textu
Note 5 - Revenue (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | 37 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 28, 2018 | Sep. 30, 2015 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 85,000 | $ 608,000 | $ 5,492,000 | $ 2,111,000 | ||
Income Tax Expense (Benefit), Total | 13,000 | 1,000 | $ 263,000 | 29,000 | ||
Foreign Tax Authority [Member] | National Tax Agency, Japan [Member] | ||||||
Royalty Withholding Tax | 5.00% | |||||
Income Tax Expense (Benefit), Total | 1,000 | 1,000 | $ 237,000 | 29,000 | ||
Government Contract [Member] | ||||||
Contract Value | $ 15,700,000 | $ 14,000,000 | ||||
Contract Value, Adjustment | $ 1,700,000 | |||||
Revenues, Total | 520,000 | 1,130,000 | ||||
Revenue from Contract with Customer, Including Assessed Tax | 520,000 | 1,130,000 | ||||
Royalty [Member] | ||||||
Revenue from Contract with Customer, Including Assessed Tax | 69,000 | 70,000 | 3,728,000 | 963,000 | ||
Royalty [Member] | GSK Research and License Agreement [Member] | ||||||
Revenue from Contract with Customer, Including Assessed Tax | 69,000 | 70,000 | $ 764,000 | $ 411,000 | ||
Royalty Percentage | 7.00% | 7.00% | ||||
Royalty [Member] | Daiichi Sankyo Collaberation and License Agreement [Member] | ||||||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 | $ 2,964,000 | $ 552,000 | ||
Royalty Percentage | 4.00% | 4.00% | ||||
Royalty [Member] | Daiichi Sankyo Collaberation and License Agreement [Member] | HealthCare Royalty Partners III, L.P. [Member] | ||||||
Liability Related to Sale of Future Royalties | $ 16,000 | $ 18,000 | $ 16,000 | $ 18,000 |
Note 6 - Liabilities Related _3
Note 6 - Liabilities Related to Sale of Future Royalties (Details Textual) - HCRP [Member] $ in Millions | 1 Months Ended |
Apr. 30, 2016USD ($) | |
Proceeds from Sale of Future Royalties, Net | $ 20 |
Royalty Interest Due Each Year | $ 3 |
Royalty Interest, Percentage of Additional Royalties Due Each Year | 15.00% |
Royalty Interest, Additional Royalties Due Each Year | $ 1 |
Note 6 - Liabilities Related _4
Note 6 - Liabilities Related to Sale of Future Royalties - Deferred Revenue Activity (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Current portion | $ (3,150) | $ (3,328) |
Long-term portion | 12,519 | $ 14,413 |
HealthCare Royalty Partners III, L.P. [Member] | Royalty Arrangement [Member] | ||
Total liability related to sale of future royalties, start of period | 17,741 | |
Non-cash royalty revenue paid to HCRP | (3,132) | |
Non-cash interest expense recognized | 1,060 | |
Total liability related to sale of future royalties, end of period | 15,669 | |
Current portion | (3,150) | |
Long-term portion | $ 12,519 |
Note 7 - Leases (Details Textua
Note 7 - Leases (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Lessee, Operating Lease, Number of Right-of-Use Leases | 5 | 5 | ||
Lessee, Operating Lease, Number of Right-of-Use Leases, Subleased | 1 | 1 | ||
Lessee, Operating Lease, Number Leases Exceeding One Year | 3 | 3 | ||
Lessee, Operating Lease, Number Leases Exceeding Less than One Year | 3 | 3 | ||
Lessee, Operating Lease, Renewal Term | 5 years | 5 years | ||
Operating Lease, Weighted Average Discount Rate, Percent | 10.50% | 10.50% | ||
Operating Lease, Weighted Average Remaining Lease Term | 1 year 116 days | 1 year 116 days | ||
Short-term Lease Commitment, Amount | $ 1,000 | $ 1,000 | ||
Lessee, Finance Lease, Number of Leases | 0 | 0 | ||
Operating Lease, Payments | $ 200,000 | $ 222,000 | $ 399,000 | $ 368,000 |
Note 7 - Leases - Lease Liabili
Note 7 - Leases - Lease Liabilities Payment Obligations (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
2019 (excluding the six months ended June 30, 2019) | $ 361 | |
2020 | 414 | |
Thereafter | 58 | |
Undiscounted total | 833 | |
Less: imputed interest | (52) | |
Present value of future minimum payments | 781 | |
Current portion of operating lease liability | (565) | |
Operating lease liability, net of current portion | $ 216 |
Note 7 - Leases - Operating Lea
Note 7 - Leases - Operating Lease Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Operating lease cost | $ 222 | $ 445 |
Short-term lease cost | 4 | 7 |
Sublease income | (55) | (109) |
Total lease cost | $ 171 | $ 343 |
Note 7 - Leases - Minimum Payme
Note 7 - Leases - Minimum Payments and Sublease Income Under ASC 840 (Details) $ in Thousands | Dec. 31, 2018USD ($) |
2019, lease payments | $ 859 |
2019, sublease income | 213 |
2020, lease payments | 411 |
2020, sublease income | 219 |
2021, lease payments | 56 |
2021, sublease income | 38 |
Thereafter, lease payments | |
Thereafter, sublease income | |
Total, lease payments | 1,326 |
Total, sublease income | $ 470 |
Note 8 - Secured Promissory N_2
Note 8 - Secured Promissory Note Payable to Oxford Finance (Details Textual) - USD ($) | Dec. 22, 2016 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Apr. 11, 2019 | Feb. 13, 2018 |
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 10,454,546 | ||||||
Debt Conversion, Converted Instrument, Amount | $ 35,577,000 | ||||||
Warrants in Connection with Loan Agreement [Member] | |||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 7,563 | 10,914 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 33.11 | $ 22.99 | |||||
Warrants Not Settleable in Cash, Fair Value Disclosure | $ 134,000 | $ 70,000 | |||||
Loan Agreement [Member] | Oxford Finance [Member] | |||||||
Long-term Debt, Gross | $ 5,000,000 | ||||||
Debt Instrument, Term | 4 years | ||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 325,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 10.50% | ||||||
Interest Expense, Debt, Total | $ 96,000 | $ 138,000 | 202,000 | 279,000 | |||
Interest Paid, Including Capitalized Interest, Operating and Investing Activities, Total | $ 64,000 | $ 94,000 | $ 136,000 | $ 189,000 | |||
Debt Conversion, Converted Instrument, Amount | $ 250,000 | ||||||
Loan Agreement [Member] | Oxford Finance [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 6.17% |
Note 10 - Stockholders' Equit_2
Note 10 - Stockholders' Equity (Details Textual) | 6 Months Ended | |||||
Jun. 30, 2019USD ($)$ / sharesshares | Apr. 23, 2019$ / sharesshares | Apr. 22, 2019shares | Apr. 11, 2019USD ($)$ / sharesshares | Mar. 20, 2019USD ($)$ / sharesshares | Dec. 31, 2018$ / sharesshares | |
Preferred Stock, Shares Authorized | shares | 5,000,000 | 5,000,000 | ||||
Preferred Stock, Par or Stated Value Per Share | $ 0.10 | $ 0.10 | ||||
Preferred Stock, Shares Outstanding, Ending Balance | shares | 0 | 0 | ||||
Common Stock, Par or Stated Value Per Share | $ 0.10 | $ 0.10 | $ 0.10 | |||
Common Stock, Shares Authorized | shares | 100,000,000 | 100,000,000 | 200,000,000 | 100,000,000 | ||
Common Stock, Number of Votes Per Share | 1 | |||||
Dividends, Common Stock, Total | $ | $ 0 | |||||
Warrants in Connection with March 2019 Offering [Member] | ||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | shares | 1 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 3.125 | |||||
Warrants and Rights Outstanding | $ | $ 100,000 | |||||
Warrants in Connection with March 2019 Offering [Member] | Measurement Input, Share Price [Member] | ||||||
Warrants and Rights Outstanding, Measurement Input | 2.08 | |||||
Warrants in Connection with March 2019 Offering [Member] | Measurement Input, Price Volatility [Member] | ||||||
Warrants and Rights Outstanding, Measurement Input | 0.8 | |||||
Warrants in Connection with March 2019 Offering [Member] | Measurement Input, Risk Free Interest Rate [Member] | ||||||
Warrants and Rights Outstanding, Measurement Input | 0.0234 | |||||
Warrants in Connection with March 2019 Offering [Member] | Measurement Input, Expected Dividend Rate [Member] | ||||||
Warrants and Rights Outstanding, Measurement Input | 0 | |||||
Warrants in Connection with March 2019 Offering [Member] | Measurement Input, Expected Term [Member] | ||||||
Warrants and Rights Outstanding, Measurement Input | 5 | |||||
Warrants in Connection With the April 2019 Offering [Member] | ||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | shares | 1 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.375 | |||||
Warrants and Rights Outstanding | $ | $ 333,000 | |||||
Warrant Exercise Price to be Entitled to Receive Cash Consideration, Fundamental Transaction | $ 1.10 | |||||
Warrants in Connection With the April 2019 Offering [Member] | Measurement Input, Share Price [Member] | ||||||
Warrants and Rights Outstanding, Measurement Input | 0.89 | |||||
Warrants in Connection With the April 2019 Offering [Member] | Measurement Input, Price Volatility [Member] | ||||||
Warrants and Rights Outstanding, Measurement Input | 0.83 | |||||
Warrants in Connection With the April 2019 Offering [Member] | Measurement Input, Risk Free Interest Rate [Member] | ||||||
Warrants and Rights Outstanding, Measurement Input | 0.0231 | |||||
Warrants in Connection With the April 2019 Offering [Member] | Measurement Input, Expected Dividend Rate [Member] | ||||||
Warrants and Rights Outstanding, Measurement Input | 0 | |||||
Warrants in Connection With the April 2019 Offering [Member] | Measurement Input, Expected Term [Member] | ||||||
Warrants and Rights Outstanding, Measurement Input | 5 |
Note 10 - Stockholders' Equit_3
Note 10 - Stockholders' Equity - Shares of Common Stock Reserved for Issuance (Details) - shares | Jun. 30, 2019 | Dec. 31, 2018 |
Common stock reserved for issuance (in shares) | 15,185,398 | 1,099,454 |
Options Issued and Outstanding [Member] | ||
Common stock reserved for issuance (in shares) | 2,166,800 | 865,163 |
Options Available for Future Grants [Member] | ||
Common stock reserved for issuance (in shares) | 186,410 | 223,377 |
Common Warrants [Member] | ||
Common stock reserved for issuance (in shares) | 12,832,188 | 10,914 |
Note 10 - Stockholders' Equit_4
Note 10 - Stockholders' Equity - Summary of Warrants Outstanding (Details) | Jun. 30, 2019$ / sharesshares |
Warrants outstanding (in shares) | 12,832,188 |
First Set of Warrants Expiring April 2024 [Member] | |
Warrants outstanding (in shares) | 1,646,364 |
Exercise Price (in dollars per share) | $ / shares | $ 0.10 |
Second Set of Warrants Expiring April 2024 [Member] | |
Warrants outstanding (in shares) | 10,454,546 |
Exercise Price (in dollars per share) | $ / shares | $ 1.10 |
Third Set of Warrants Expiring April 2024 [Member] | |
Warrants outstanding (in shares) | 636,364 |
Exercise Price (in dollars per share) | $ / shares | $ 1.375 |
Warrants Expiring March 2024 [Member] | |
Warrants outstanding (in shares) | 84,000 |
Exercise Price (in dollars per share) | $ / shares | $ 3.125 |
Warrants Expiring December 2026 [Member] | |
Warrants outstanding (in shares) | 10,914 |
Exercise Price (in dollars per share) | $ / shares | $ 22.99 |
Note 11 - Equity Incentive Pl_3
Note 11 - Equity Incentive Plans (Details Textual) - USD ($) $ / shares in Units, $ in Millions | Apr. 23, 2019 | Nov. 30, 2016 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | Jul. 30, 2017 |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 186,410 | 200,650 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 0.55 | $ 3.59 | ||||
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 1.4 | |||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years 299 days | |||||
The 2007 Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 0 | |||||
The 2016 Equity Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 0 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||||
The 2019 Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,600,000 |
Note 11 - Equity Incentive Pl_4
Note 11 - Equity Incentive Plans - Summary of Stock Option Transactions (Details) | 6 Months Ended |
Jun. 30, 2019$ / sharesshares | |
Shares available for grant, beginning balance (in shares) | 200,650 |
Number of options outstanding, beginning balance (in shares) | 865,163 |
Weighted average exercise price, beginning balance (in dollars per share) | $ / shares | $ 8.13 |
Shares available for grant, authorized under 2019 Plan (in shares) | 1,600,000 |
Shares available for grant, removed from 2016 Plan (in shares) | (223,389) |
Shares available for grant, granted (in shares) | (1,413,590) |
Number of options outstanding, granted (in shares) | 1,413,590 |
Weighted average exercise price, granted (in dollars per share) | $ / shares | $ 0.76 |
Shares available for grant, forfeited (in shares) | |
Number of options outstanding, forfeited (in shares) | (7,399) |
Weighted average exercise price, forfeited (in dollars per share) | $ / shares | $ 5.35 |
Shares available for grant, canceled (in shares) | 22,739 |
Number of options outstanding, canceled (in shares) | (104,554) |
Weighted average exercise price, canceled (in dollars per share) | $ / shares | $ 11 |
Shares available for grant, ending balance (in shares) | 186,410 |
Number of options outstanding, ending balance (in shares) | 2,166,800 |
Weighted average exercise price, ending balance (in dollars per share) | $ / shares | $ 3.19 |
Note 11 - Equity Incentive Pl_5
Note 11 - Equity Incentive Plans - Fair Value Assumptions (Details) | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Dividend yield | ||
Minimum [Member] | ||
Risk-free interest rate | 1.89% | 2.79% |
Expected term (Year) | 5 years 142 days | 5 years 306 days |
Expected volatility | 83.00% | 78.00% |
Maximum [Member] | ||
Risk-free interest rate | 2.31% | 2.80% |
Expected term (Year) | 6 years 29 days | 6 years 18 days |
Expected volatility | 85.00% | 80.00% |
Note 11 - Equity Incentive Pl_6
Note 11 - Equity Incentive Plans - Total Stock-based Compensation Recognized for Options (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Stock-based compensation | $ 180 | $ 118 | $ 344 | $ 204 |
Research and Development Expense [Member] | ||||
Stock-based compensation | 80 | 59 | 159 | 103 |
General and Administrative Expense [Member] | ||||
Stock-based compensation | $ 100 | $ 59 | $ 185 | $ 101 |
Note 12 - Net Loss Per Share _3
Note 12 - Net Loss Per Share Attributable to Common Stockholders (Details Textual) $ in Thousands | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Dilutive Securities, Effect on Basic Earnings Per Share, Total | $ 0 |
Note 12 - Net Loss Per Share _4
Note 12 - Net Loss Per Share Attributable to Common Stockholders - Calculation of Basic and Diluted Net (Loss) Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Net loss | $ (5,637) | $ (8,871) | $ (6,976) | $ (6,557) |
Series B and C preferred dividend | (339) | |||
Net loss attributable to common stockholders – diluted calculation | $ (5,637) | $ (8,871) | $ (6,976) | $ (6,896) |
Shares used to compute net loss per share - basic and diluted (in shares) | 14,597,446 | 7,141,189 | 10,969,473 | 5,477,265 |
Net loss per share - basic and diluted (in dollars per share) | $ (0.39) | $ (1.24) | $ (0.64) | $ (1.26) |
Note 12 - Net Loss Per Share _5
Note 12 - Net Loss Per Share Attributable to Common Stockholders - Summary of Antidilutive Securities (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Potentially dilutive securities excluded from denominator of the diluted earnings per share computation (in shares) | 13,363,762 | 889,349 | 7,157,602 | 1,604,904 |
Share-based Payment Arrangement, Option [Member] | ||||
Potentially dilutive securities excluded from denominator of the diluted earnings per share computation (in shares) | 1,561,067 | 878,555 | 1,212,654 | 765,702 |
Warrant [Member] | Convertible Preferred Stock [Member] | ||||
Potentially dilutive securities excluded from denominator of the diluted earnings per share computation (in shares) | 1,797 | |||
Warrant [Member] | Common Stock [Member] | ||||
Potentially dilutive securities excluded from denominator of the diluted earnings per share computation (in shares) | 11,802,695 | 10,794 | 5,944,948 | 8,230 |
Series B and C Convertible Preferred Stock, Including Cumulative Dividends [Member] | ||||
Potentially dilutive securities excluded from denominator of the diluted earnings per share computation (in shares) | 431,064 | |||
Series A Convertible Preferred Stock [Member] | ||||
Potentially dilutive securities excluded from denominator of the diluted earnings per share computation (in shares) | 24,723 | |||
Convertible Debt Securities [Member] | ||||
Potentially dilutive securities excluded from denominator of the diluted earnings per share computation (in shares) | 373,388 |