Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Mar. 14, 2023 | Jun. 30, 2022 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0000072444 | ||
Entity Registrant Name | Vaxart, Inc. | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2022 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Transition Report | false | ||
Entity File Number | 001-35285 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 59-1212264 | ||
Entity Address, Address Line One | 170 Harbor Way, Suite 300 | ||
Entity Address, City or Town | South San Francisco | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 94080 | ||
City Area Code | 650 | ||
Local Phone Number | 550-3500 | ||
Title of 12(b) Security | Common Stock, $0.0001 par value | ||
Trading Symbol | VXRT | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 393,574,122 | ||
Entity Common Stock, Shares Outstanding | 135,561,649 | ||
Auditor Name | WithumSmith+Brown, PC | ||
Auditor Location | San Francisco, California | ||
Auditor Firm ID | 100 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash, cash equivalents and restricted cash | $ 46,013 | $ 143,745 |
Short-term investments | 49,704 | 22,742 |
Accounts receivable | 20 | 71 |
Prepaid expenses and other current assets | 3,714 | 2,609 |
Total current assets | 99,451 | 169,167 |
Long-term investments | 0 | 16,210 |
Property and equipment, net | 15,585 | 6,601 |
Right-of-use assets, net | 25,715 | 13,168 |
Intangible assets, net | 5,020 | 10,624 |
Goodwill | 4,508 | 4,508 |
Other long-term assets | 3,568 | 890 |
Total assets | 153,847 | 221,168 |
Current liabilities: | ||
Accounts payable | 5,514 | 3,872 |
Deferred grant revenue | 2,000 | 0 |
Other accrued current liabilities | 8,084 | 5,064 |
Current portion of operating lease liability | 2,228 | 1,011 |
Current portion of liability related to sale of future royalties | 95 | 836 |
Total current liabilities | 17,921 | 10,783 |
Operating lease liability, net of current portion | 19,477 | 11,997 |
Liability related to sale of future royalties, net of current portion | 5,621 | 10,686 |
Other long-term liabilities | 231 | 171 |
Total liabilities | 43,250 | 33,637 |
Commitments and contingencies (Note 9) | ||
Stockholders’ equity: | ||
Preferred Stock: $0.0001 par value; 5,000,000 shares authorized; none issued and outstanding as of December 31, 2022 or 2021 | 0 | 0 |
Common Stock: $0.0001 par value; 250,000,000 and 150,000,000 shares authorized as of December 31, 2022 and 2021, respectively; 134,199,429 and 125,594,393 shares issued and outstanding as of December 31, 2022 and 2021, respectively | 13 | 13 |
Additional paid-in capital | 437,992 | 406,943 |
Accumulated deficit | (327,109) | (219,351) |
Accumulated other comprehensive loss | (299) | (74) |
Total stockholders’ equity | 110,597 | 187,531 |
Total liabilities and stockholders’ equity | $ 153,847 | $ 221,168 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
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) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 250,000,000 | 150,000,000 |
Common stock, shares issued (in shares) | 134,199,429 | 125,594,393 |
Common stock, shares outstanding (in shares) | 134,199,429 | 125,594,393 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 107 | $ 892 |
Operating expenses: | ||
Research and development | 81,054 | 48,749 |
General and administrative | 29,386 | 21,890 |
Impairment of intangible assets | 4,254 | 3,005 |
Total operating expenses | 114,694 | 73,644 |
Operating loss | (114,587) | (72,752) |
Other income (expense): | ||
Interest income | 1,247 | 81 |
Non-cash interest expense related to sale of future royalties | (1,305) | (1,480) |
Gain on remeasurement of future royalty liability | 6,960 | 3,789 |
Foreign exchange loss, net | (6) | (1) |
Loss before income taxes | (107,691) | (70,363) |
Provision for income taxes | 67 | 107 |
Net loss | $ (107,758) | $ (70,470) |
Net loss per share attributable to common stockholders, basic and diluted (in dollars per share) | $ (0.84) | $ (0.58) |
Shares used to compute net loss per share, basic and diluted (in shares) | 127,683,813 | 121,453,723 |
Comprehensive loss: | ||
Net loss | $ (107,758) | $ (70,470) |
Unrealized loss on available-for-sale investments, net of tax | (225) | (74) |
Comprehensive loss | (107,983) | (70,544) |
Customer Service Contracts [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 13 |
Non Cash Royalty Revenue [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | $ 107 | $ 879 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balances (in shares) at Dec. 31, 2020 | 110,271,093 | ||||
Balances at Dec. 31, 2020 | $ 11 | $ 272,274 | $ (148,881) | $ 0 | $ 123,404 |
Issuance of common stock (in shares) | 13,239,839 | ||||
Issuance of common stock | $ 2 | 122,208 | 0 | 0 | 122,210 |
Issuance of common stock upon exercise of common stock warrants (in shares) | 1,012,540 | ||||
Issuance of common stock upon exercise of common stock warrants | $ 0 | 1,849 | 0 | 0 | $ 1,849 |
Issuance of common stock upon exercise of options (in shares) | 1,070,921 | 1,070,921 | |||
Issuance of common stock upon exercise of options | $ 0 | 1,745 | 0 | 0 | $ 1,745 |
Stock-based compensation | 0 | 8,867 | 0 | 0 | 8,867 |
Unrealized gains (losses) on available-for-sale investments | 0 | 0 | 0 | (74) | (74) |
Net loss | 0 | 0 | (70,470) | 0 | (70,470) |
Issuance of common stock upon exercise of common stock warrants | $ 0 | 1,849 | 0 | 0 | 1,849 |
Balances (in shares) at Dec. 31, 2021 | 125,594,393 | ||||
Balances at Dec. 31, 2021 | $ 13 | 406,943 | (219,351) | (74) | 187,531 |
Issuance of common stock (in shares) | 8,419,700 | ||||
Issuance of common stock | $ 0 | 17,237 | 0 | 0 | 17,237 |
Issuance of common stock upon exercise of common stock warrants (in shares) | 5,000 | ||||
Issuance of common stock upon exercise of common stock warrants | $ 0 | 2 | 0 | 0 | $ 2 |
Issuance of common stock upon exercise of options (in shares) | 180,336 | 180,336 | |||
Issuance of common stock upon exercise of options | $ 0 | 223 | 0 | 0 | $ 223 |
Stock-based compensation | 0 | 13,587 | 0 | 0 | 13,587 |
Unrealized gains (losses) on available-for-sale investments | 0 | 0 | 0 | (225) | (225) |
Net loss | 0 | 0 | (107,758) | 0 | (107,758) |
Issuance of common stock upon exercise of common stock warrants | $ 0 | 2 | 0 | 0 | 2 |
Balances (in shares) at Dec. 31, 2022 | 134,199,429 | ||||
Balances at Dec. 31, 2022 | $ 13 | $ 437,992 | $ (327,109) | $ (299) | $ 110,597 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Offering costs | $ 786 | $ 5,752 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | ||
Net loss | $ (107,758,000) | $ (70,470,000) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 5,805,000 | 4,208,000 |
Accretion of (discount) premium on investments | (163,000) | 85,000 |
Impairment of intangible assets | 4,254,000 | 3,005,000 |
Stock-based compensation | 13,587,000 | 8,867,000 |
Gain on remeasurement of future royalty liability | (6,960,000) | (3,789,000) |
Non-cash interest expense related to sale of future royalties | 1,305,000 | 1,480,000 |
Non-cash revenue related to sale of future royalties | (151,000) | (1,098,000) |
Change in operating assets and liabilities: | ||
Accounts receivable | 51,000 | 263,000 |
Prepaid expenses and other assets | (3,783,000) | (1,800,000) |
Accounts payable | 357,000 | 1,626,000 |
Deferred grant revenue | 2,000,000 | 0 |
Accrued liabilities | (3,323,000) | (2,209,000) |
Net cash used in operating activities | (94,779,000) | (59,832,000) |
Cash flows from investing activities: | ||
Purchase of property and equipment | (9,601,000) | (5,157,000) |
Acquisition of business, net of cash acquired | 0 | (4,829,000) |
Purchases of investments | (55,014,000) | (44,811,000) |
Proceeds from maturities of investments | 44,200,000 | 5,700,000 |
Net cash used in investing activities | (20,415,000) | (49,097,000) |
Cash flows from financing activities: | ||
Net proceeds from issuance of common stock through at-the-market facilities | 17,237,000 | 122,210,000 |
Proceeds from issuance of common stock upon exercise of common stock warrants | 2,000 | 1,849,000 |
Proceeds from issuance of common stock upon exercise of stock options | 223,000 | 1,745,000 |
Net cash provided by financing activities | 17,462,000 | 125,804,000 |
Net (decrease) increase in cash, cash equivalents and restricted cash | (97,732,000) | 16,875,000 |
Cash, cash equivalents and restricted cash at beginning of the period | 143,745,000 | 126,870,000 |
Cash, cash equivalents and restricted cash at end of the period | 46,013,000 | 143,745,000 |
Supplemental disclosure of non-cash investing and financing activity: | ||
Operating lease liabilities arising from obtaining right-of-use assets | 9,997,000 | 8,395,000 |
Lease-related assets and liabilities derecognized on early termination and modification of leases | 0 | 321,000 |
Acquisition of property and equipment included in accounts payable and accrued expenses | 1,803,000 | 453,000 |
Cash and cash equivalents | 44,013,000 | 143,745,000 |
Restricted cash | 2,000,000 | 0 |
Cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows | $ 46,013,000 | $ 143,745,000 |
Note 1 - Organization and Natur
Note 1 - Organization and Nature of Business | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. General Vaxart Biosciences, Inc. was originally incorporated in California in March 2004, July 2007, February 2018, On October 13, 2020, “October 2020 October 13, 2020, In the year ended December 31, 2021, October 2020 October 2020 December 31, 2022 2021, October 2020 On September 13, 2021, October 2020 September 15, 2021, “September 2021 may September 16, 2021, December 31, 2022 September 2021 The Company’s principal operations are based in South San Francisco, California, and it operates in one |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Basis of Presentation, Liquidity and Going Concern The Company is a clinical-stage biotechnology company with no December 31, 2022, 2022 no Subsequent to December 31, 2022, 15 second 2024. The Company will be dependent upon raising additional capital through placement of its common stock, notes or other securities, borrowings, or entering into a partnership with a strategic party in order to implement its business plan. There can be no The financial statements do not Basis of Consolidation Use of Estimates 2 Foreign Currencies no Cash, Cash Equivalents and Restricted Cash three may December 31, 2022 2021 zero Investments may three The Company determines the appropriate classification of its investments in marketable securities at the time of purchase and reevaluates such designation at each balance sheet date. Marketable debt securities are classified and accounted for as available-for-sale. After consideration of the Company’s objectives to preserve capital, as well as its liquidity requirements, it may 12 12 12 12 Securities are evaluated for impairment at the end of each reporting period. Impairment is evaluated considering numerous factors, including whether a decline in fair value below the amortized cost basis is due to credit-related factors or non-credit-related factors, the financial condition and near-term prospects of the issuer, and intent and ability to hold the investment to allow for an anticipated recovery in fair value. A credit-related impairment is recognized as an allowance on the balance sheet with a corresponding adjustment to earnings. Any impairment that is not 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 Accounts Receivable no December 31, 2022 2021 Property and Equipment The useful lives of the property and equipment are as follows: Laboratory equipment (in years) 5 Office and computer equipment (in years) 3 Leasehold improvements Shorter of remaining lease term or estimated useful life Goodwill and Other Intangible Assets not Impairment of Long-Lived Assets fourth may not December 31, 2022 2021 7 Accrued Clinical and Manufacturing Expenses third not The Company estimates the amount of services provided through discussions with internal personnel and external service providers as to the progress or stage of completion of the services and the agreed-upon fee to be paid for such services. The Company makes significant judgments and estimates in determining the accrued balance in each reporting period. As actual costs become known, it adjusts its accrued estimates. Although the Company does not may third not Leases one not not Revenue Recognition five (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations based on estimated selling prices; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account. Revenue from royalties earned as a percentage of sales, including milestone payments based on achieving a specified level of sales, where a license is deemed to be the predominant item to which the royalties relate, is recognized as revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied), as required under the sales- and usage-based royalty exception. Revenue from contracts with customers is recognized ratably, based on costs incurred, as the Company provides promised services to its customers in amounts that reflect the consideration that the Company expects to receive for those services. In 2022, no December 31, 2022. Under cost reimbursable contracts, the Company recognizes revenue as allowable costs are incurred and the fixed fee is earned. Reimbursable costs under the contract primarily include direct labor, subcontract costs, materials, equipment, travel, and approved overhead and indirect costs. Fixed fees under cost reimbursable contracts are earned in proportion to the allowable costs incurred in performance of the work relative to total estimated contract costs, with such costs incurred representing a reasonable measurement of the proportional performance of the work completed. Payments to the Company under cost reimbursable contracts, such as this contract, are provisional payments subject to adjustment upon annual audit by the government. Management believes that revenue for periods not may Research and Development Costs third Stock-Based Compensation may Net Income (Loss) Per Share Diluted net income (loss) per common share is computed giving effect to all potential dilutive common shares, comprising common stock issuable upon exercise of stock options, warrants, RSUs and ESPP. The Company uses the treasury-stock method to compute diluted income (loss) per share with respect to its stock options, warrants, RSUs and ESPP. For purposes of this calculation, options, warrants, RSUs and ESPP plan grants to purchase common stock are considered to be potential common shares and are only included in the calculation of diluted net income per share when their effect is dilutive. In the event of a net loss, the effects of all potentially dilutive shares are excluded from the diluted net loss per share calculation as their inclusion would be antidilutive. Recent Accounting Pronouncements The Company has reviewed all significant newly-issued accounting pronouncements that are not not not |
Note 3 - Business Combination
Note 3 - Business Combination | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | NOTE 3. On November 30, 2021, December 31, 2021. The fair value of the assets acquired in connection with the acquisition are as follows (in thousands): Property and equipment $ 321 Goodwill 4,508 Total purchase price $ 4,829 In addition, the Company paid $671,000 in prepaid rent in connection with the modification of the pre-existing embedded lease at the Burlingame facility (see Note 8 Goodwill, which represents the excess of the purchase price over the fair value of assets acquired, is attributable primarily to the expected cost savings of manufacturing internally, as opposed to outsourcing, and the assembled workforce. All of the goodwill is expected to be deductible for income tax purposes. |
Note 4 - Fair Value of Financia
Note 4 - Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 4. 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, marketable securities, accounts receivable, accounts payable and accrued liabilities that approximate fair value due to their relatively short maturities. Assets and liabilities recorded at fair value on a recurring basis in the consolidated 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 following table sets forth the fair value of the Company’s financial assets that are measured on a recurring basis as of December 31, 2022 2021 Level 1 Level 2 Level 3 Total December 31, 2022 Financial assets: Money market funds $ 30,834 $ — $ — $ 30,834 U.S. Treasury securities — 41,542 — 41,542 Commercial paper — 5,674 — 5,674 Corporate debt securities — 2,488 — 2,488 Total assets $ 30,834 $ 49,704 $ — $ 80,538 Level 1 Level 2 Level 3 Total December 31, 2021 Financial assets: Money market funds $ 70,978 $ — $ — $ 70,978 U.S. Treasury securities — 24,997 — 24,997 Commercial paper — 7,491 — 7,491 Corporate debt securities — 6,464 — 6,464 Total assets $ 70,978 $ 38,952 $ — $ 109,930 The Company held no financial liabilities measured on a recurring basis as of December 31, 2022 2021 December 31, 2022 2021. |
Note 5 - Balance Sheet Componen
Note 5 - Balance Sheet Components | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Supplemental Balance Sheet Disclosures [Text Block] | NOTE 5. (a) Cash, Cash Equivalents, Restricted Cash and Investments Cash, cash equivalents, restricted cash and investments consisted of the following (in thousands): Amortized Gross Unrealized Estimated Cash, Cash Equivalents Short-Term Long-Term Cost Gains Losses Fair Value and Restricted Cash Investments Investments December 31, 2022 Cash at banks $ 15,179 $ — $ — $ 15,179 $ 15,179 $ — $ — Money market funds 30,834 — — 30,834 30,834 — — U.S. Treasury securities 41,812 — (270 ) 41,542 — 41,542 — Commercial paper 2,488 — — 2,488 — 2,488 — Corporate debt securities 5,703 — (29 ) 5,674 — 5,674 — Total $ 96,016 $ — $ (299 ) $ 95,717 $ 46,013 $ 49,704 $ — Amortized Gross Unrealized Estimated Cash and Cash Short-Term Long-Term Cost Gains Losses Fair Value Equivalents Investments Investments December 31, 2021 Cash at banks $ 72,767 $ — $ — $ 72,767 $ 72,767 $ — $ — Money market funds 70,978 — — 70,978 70,978 — — U.S. Treasury securities 25,055 — (58 ) 24,997 — 12,022 12,975 Commercial paper 7,491 — — 7,491 — 7,491 — Corporate debt securities 6,480 — (16 ) 6,464 — 3,229 3,235 Total $ 182,771 $ — $ (74 ) $ 182,697 $ 143,745 $ 22,742 $ 16,210 (b) Accounts Receivable Accounts receivable comprises royalties receivable of $20,000 and $71,000 as of December 31, 2022 2021 December 31, 2022 2021 (c) Property and Equipment, Net Property and equipment, net consists of the following (in thousands): December 31, 2022 December 31, 2021 Laboratory equipment $ 12,035 $ 5,057 Office and computer equipment 1,078 481 Leasehold improvements 1,760 1,063 Construction in progress 3,984 1,305 Total property and equipment 18,857 7,906 Less: accumulated depreciation (3,272 ) (1,305 ) Property and equipment, net $ 15,585 $ 6,601 Depreciation expense was $1,967,000, and $732,000 the years ended December 31, 2022 2021, December 31, 2022 2021 (d) Right-of-Use Assets, Net Right-of-use assets, net comprises facilities of $25.7 million and $13.2 million as of December 31, 2022 2021, one 2022, 8 (e) Intangible Assets, Net 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 life of 11.75 years for developed technology and 20 years for intellectual property. As of December 31, 2022 December 31, 2022 December 31, 2021 Developed technology $ 5,000 $ 10,600 Intellectual property 80 80 Total cost 5,080 10,680 Less: accumulated amortization (60 ) (56 ) Intangible assets, net $ 5,020 $ 10,624 Intangible asset amortization expense was $1.3 million and $1.7 million for the years ended December 31, 2022 2021, 19 7 December 31, 2022 2021, As of December 31, 2022 Year Ending December 31, Amount 2023 $ 731 2024 731 2025 731 2026 731 2027 731 Thereafter 1,365 Total $ 5,020 (f) Goodwill Goodwill, which represents the excess of the purchase price over the fair value of assets acquired, comprises $4.5 million for both years ended December 31, 2022 2021 December 31, 2022 December 31, 2021, 2021 4. December 31, 2022 2021, no (g) Other Accrued Liabilities Other accrued liabilities consist of the following (in thousands): December 31, 2022 December 31, 2021 Accrued compensation $ 3,112 $ 2,786 Accrued clinical and manufacturing expenses 2,413 986 Accrued professional and consulting services 691 556 Accrued other expenses 1,868 736 Total $ 8,084 $ 5,064 |
Note 6 - Revenue
Note 6 - Revenue | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Revenue [Text Block] | NOTE 6. Royalty agreement The Company 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, December 2029 2022 2021, nil. 7 2022 2021, December 31, 2022 2021, |
Note 7 - Liabilities Related to
Note 7 - Liabilities Related to Sale of Future Royalties | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Liabilities Related to Sale of Future Royalties [Text Block] | 7. In April 2016, first 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 was accounted for as a liability that is being amortized using the effective interest method over the life of the arrangement. The Company has no not not The following table shows the activity within the liability account during the year ended December 31, 2022 ( Total liability related to sale of future royalties, start of year $ 11,522 Non-cash royalty revenue paid to HCRP (151 ) Non-cash interest expense recognized 1,305 Revaluation gain recognized (6,960 ) Total liability related to sale of future royalties, end of year 5,716 Current portion (95 ) Long-term portion $ 5,621 Due to a decline in royalties earned since the outbreak of COVID- 19, December 31, 2022 2021, |
Note 8 - Leases
Note 8 - Leases | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 8. The Company has obtained the right of use for office and manufacturing facilities under six operating lease agreements with initial terms exceeding one two one one The Company obtained the right of use of real estate located in South San Francisco, California, in November 2020 September 30, 2025, March 31, 2029, no June 2015 April 30, 2020, five July 2019, April 30, 2025, March 31, 2029, eight September 2021 March 31, 2029, eight three September 30, 2022, first 2023. December 31, 2022, no March 30, 2029, five May 31, 2025, two one As of December 31, 2022 one The following table summarizes the Company’s undiscounted cash payment obligations for its operating lease liabilities with initial terms of more than twelve December 31, 2022 Year Ending December 31, Amount 2023 $ 4,072 2024 4,213 2025 4,356 2026 4,964 2027 5,138 Thereafter 6,649 Undiscounted total 29,392 Less: imputed interest (7,687 ) Present value of future minimum payments 21,705 Current portion of operating lease liability (2,228 ) Operating lease liability, net of current portion $ 19,477 The Company has future obligations of $29.4 million for facilities. The Company presently has no finance leases. Certain operating lease agreements for facilities include non-lease costs, such as common area maintenance, which are recorded as variable lease costs. Operating lease expenses for the years ended December 31, 2022 2021, one not Year Ended December 31, 2022 2021 Lease cost Operating lease cost $ 4,159 $ 2,513 Short-term lease cost 436 340 Variable lease cost 1,312 1,233 Sublease income - (36 ) Total lease cost $ 5,907 $ 4,050 |
Note 9 - Commitments and Contin
Note 9 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 9. (a) Purchase Commitments As of December 31, 2022 Note 8 March 31, 2029, not (b) Indemnifications In the ordinary course of business, the Company enters into agreements that may may third not may may (c) From time to time the Company may On August 4, 2020, Godfrey v. Latour, et al. September 4, 2020 Ennis v. Latour, et al second November 25, 2020. third June 11, 2021. third third third June 2020; April 24, 2020, two June 8, 2020. third no August 31, 2021, third November 17, 2022, In August September 2020, two first Himmelberg v. Vaxart, Inc. et al. August 24, 2020. second Hovhannisyan v. Vaxart, Inc. et al. September 1, 2020 ( September 17, 2020, two December 9, 2020, On January 29, 2021, July 8, 2021, May 14, 2021, June 10, 2021, first August 9, 2021, first first three 10 10b 5, 20 20A first first July 8, 2021, first December 22, 2021, July 27, 2022, $2.0 November 2, 2022, November 14, 2022, second January 25, 2023, On October 23, 2020, Roth v. Armistice Capital LLC, et al. 16 On January 8, 2021, pro se Chan v. Vaxart, Inc. et al. |
Note 10 - Stockholders' Equity
Note 10 - Stockholders' Equity | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 10. (a) Preferred Stock The Company is authorized to issue 5,000,000 shares of preferred stock, $0.0001 par value per share. The Company’s board of directors may, 5,000,000 one may no (b) Common Stock As of December 31, 2022 August 4, 2022, one may no December 31, 2022 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 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: December 31, 2022 December 31, 2021 Options issued and outstanding 14,725,261 10,216,106 RSUs issued and outstanding 808,310 — Available for future grants of equity awards 12,074,692 5,582,742 Common stock warrants 227,434 232,434 2022 Employee Stock Purchase Plan 1,800,000 — Total 29,635,697 16,031,282 (c) Warrants The Company has the following warrants outstanding as of December 31, 2022 none Securities into which warrants are convertible Warrants outstanding Exercise Price Expiration Date Common Stock 44,148 $ 1.10 April 2024 Common Stock 26,515 $ 1.375 April 2024 Common Stock 29,150 $ 2.50 March 2025 Common Stock 100,532 $ 3.125 February 2025 Common Stock 16,175 $ 3.125 March 2024 Common Stock 10,914 $ 22.99 December 2026 Total 227,434 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 the unexercised common stock warrants exercisable for $1.10 and $2.50 and those exercisable for $3.125 expiring in February 2025 not |
Note 11 - Equity Incentive Plan
Note 11 - Equity Incentive Plans | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | NOTE 11. On April 23, 2019, 2019 “2019 may 2019 may 2019 not 2019 The aggregate number of shares of common stock authorized for issuance under the 2019 2019 June 8, 2020, June 16, 2021, August 4, 2022, 2019 2019 ten may During the year ended December 31, 2022, four three A summary of stock option and RSU transactions in each of the two December 31, 2022 2021 Weighted Weighted Shares Number of Option Average Number of RSU Average Available Options Exercise RSUs Grant Date For Grant Outstanding Price Outstanding Fair Value Balance at January 1, 2021 1,230,863 6,813,033 $ 2.70 — $ — Authorized under 2019 Plan Amendment 8,900,000 — $ — — $ — Granted (5,178,438 ) 5,178,438 $ 7.09 — $ — Exercised — (1,070,921 ) $ 1.63 — $ — Forfeited 630,317 (650,054 ) $ 3.16 — $ — Canceled — (54,390 ) $ 11.98 — $ — Balance at December 31, 2021 5,582,742 10,216,106 $ 4.96 — $ — Authorized under 2019 Plan Amendment 12,000,000 — $ — — $ — Granted (7,291,935 ) 6,376,657 $ 4.10 915,278 $ 3.58 Exercised — (180,336 ) $ 1.24 — $ — Forfeited 1,625,133 (1,518,230 ) $ 6.19 (106,968 ) $ 3.62 Canceled 158,752 (168,936 ) $ 7.17 — $ — Balance at December 31, 2022 12,074,692 14,725,261 $ 4.48 808,310 $ 3.57 As of December 31, 2022 The aggregate intrinsic value represents the total pre-tax value (i.e., the difference between the Company’s stock price and the exercise price) of stock options outstanding as of December 31, 2022 The Company received $223,000 for the 180,336 options exercised during the year ended December 31, 2022 December 31, 2021, The weighted average grant date fair value of options awarded in the years ended December 31, 2022 2021, Year Ended December 31, 2022 2021 Risk-free interest rate 1.62% - 4.02 % 0.91% - 1.35 % Expected term (in years) 5.42 - 6.08 5.44 - 6.08 Expected volatility 125% - 131 % 122% - 131 % 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 (in thousands): Year Ended December 31, 2022 2021 Research and development $ 9,183 $ 4,304 General and administrative 4,404 4,563 Total stock-based compensation $ 13,587 $ 8,867 Effective June 16, 2021, three ten June 16, 2023. three June 30, 2021. As of December 31, 2022 On August 4, 2022, 2022 “2022 6 one 85% 6 No December 31, 2022, The fair value of the ESPP shares is estimated using the Black-Scholes option pricing model. The weighted average estimated fair value for shares issued under our ESPP in fiscal years 2022 December 31, 2022 nil. |
Note 12 - Benefit Plan
Note 12 - Benefit Plan | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | NOTE 12. The Company provides a tax-qualified employee savings and retirement plan commonly known as a 401 may $20,500 2022 $19,500 2021. 50 may $6,500 2022 2021. Employees direct their contributions, which vest immediately, across a series of mutual funds. In the years ended December 31, 2022 2021, December 31, 2022 2021, December 31, 2022 2021, |
Note 13 - Income Taxes
Note 13 - Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 13. The provision for income taxes consists of the following (in thousands): Year Ended December 31, 2022 2021 Current: Federal $ — $ — State 3 1 Foreign 64 106 Total Current 67 107 Deferred: Federal — — State — — Foreign — — Total Deferred — — Provision for income taxes $ 67 $ 107 The components of the deferred tax assets are as follows (in thousands): December 31, 2022 December 31, 2021 Deferred tax assets: Net operating loss carryforwards $ 39,822 $ 30,256 Research and development tax credits 7,943 4,923 Capitalized research and development 14,260 4,016 Sale of future royalties 2,886 5,826 Lease liability 4,581 3,184 Accruals, reserves and other 5,004 3,043 Total deferred tax assets 74,496 51,248 Valuation allowance (66,323 ) (42,589 ) Deferred tax assets net of valuation allowance 8,173 8,659 Deferred tax liabilities: Intangible assets (2,614 ) (5,410 ) Right-of-use assets (5,427 ) (3,223 ) Depreciation on property and equipment (132 ) (26 ) Total deferred tax liabilities (8,173 ) (8,659 ) Net deferred tax assets $ — $ — A reconciliation of the provision for income taxes with the expected provision for income taxes computed by applying the federal statutory income tax rate of 21% Year Ended December 31, 2022 2021 U.S. federal taxes at statutory rate 21.0 % 21.0 % State taxes (net of federal benefit) 0.1 4.0 Foreign rate differential (0.3 ) 0.3 Permanently non-deductible items (1.5 ) 0.2 Tax credits 3.0 3.4 Change in valuation allowance (22.0 ) (29.3 ) Tax attributes write-off due to change in control — — Prior year true-up (0.2 ) 0.6 Other (0.2 ) (0.3 ) Provision for income taxes (0.1 )% (0.1 )% The Company’s actual tax expense differed from the statutory federal income tax expense using a tax rate of 21% for the years ended December 31, 2022 2021, As of December 31, 2022 2021, not 2024 2028 As of December 31, 2022 not may not As of December 31, 2022 2021, 2039. not Beginning on January 1, 2022, December 2017, five fifteen not Sections 382 383 not 382 383 not The Company is required to reduce its deferred tax assets by a valuation allowance if it is more likely than not not December 31, 2022 2021. December 31, 2022 2021, The Company records unrecognized tax benefits, where appropriate, for all uncertain income tax positions. The Company recorded unrecognized tax benefits for uncertain tax positions of approximately $4.9 million and $2.4 million as of December 31, 2022 2021 none A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): Year Ended December 31, 2022 2021 Beginning Balance $ 2,422 $ 1,281 Additions based on tax positions related to the current year 2,589 1,132 Increase (decreases) related to prior years’ tax positions (66 ) 9 Ending Balance $ 4,945 $ 2,422 The Company’s policy is to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. During the year ended December 31, 2022 2021, no twelve The Company files income tax returns in the U.S, Australia, as well as with various U.S. states. The Company is subject to tax audits in all jurisdictions in which it files income tax returns. Tax audits by their very nature are often complex and can require several years to complete. There are currently no Under the tax statute of limitations applicable to the Internal Revenue Code, the Company and its U.S. subsidiary, either standalone or as part of the consolidated group, is no 2017. no 2016 2004 2015 |
Note 14 - Net Loss Per Share At
Note 14 - Net Loss Per Share Attributable to Common Stockholders | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 14. The following table presents the calculation of basic and diluted net loss per share (in thousands, except share and per share amounts): Year Ended December 31, 2022 2021 Net loss $ (107,758 ) $ (70,470 ) Shares used to compute net loss per share, basic and diluted 127,683,813 121,453,723 Net loss per share attributable to common stockholders, basic and diluted $ (0.84 ) $ (0.58 ) No adjustment has been made to the net loss attributable to common stockholders as the effect would be anti-dilutive due to the net loss. The following potentially dilutive weighted average securities were excluded from the computation of weighted average shares outstanding because they would have been antidilutive: Year Ended December 31, 2022 2021 Options to purchase common stock 13,567,390 8,206,137 Restricted stock unit to purchase common stock 460,975 — Warrants to purchase common stock 228,725 369,043 Employee Stock Purchase Plan 392,095 — Total potentially dilutive securities excluded from denominator of the diluted earnings per share computation 14,649,185 8,575,180 |
Note 15 - Subsequent Events
Note 15 - Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 15. Since December 31, 2022 September 2021 1 March 14, 2023 Changes in the status of litigation since December 31, 2022, 9. Litigation In the first 2023, 2 27% In light of the recent situation affecting Silicon Valley Bank, N.A. (“SVB”), including the Federal Deposit Insurance Corporation takeover of SVB, the Company decided to move any cash or other deposits previously held at SVB to larger financial institutions. We have access to all of our cash and other deposits previously held at SVB. We do not |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation, Liquidity and Going Concern The Company is a clinical-stage biotechnology company with no December 31, 2022, 2022 no Subsequent to December 31, 2022, 15 second 2024. The Company will be dependent upon raising additional capital through placement of its common stock, notes or other securities, borrowings, or entering into a partnership with a strategic party in order to implement its business plan. There can be no The financial statements do not |
Consolidation, Policy [Policy Text Block] | Basis of Consolidation |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates 2 |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currencies no |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash, Cash Equivalents and Restricted Cash three may December 31, 2022 2021 zero |
Investment, Policy [Policy Text Block] | Investments may three The Company determines the appropriate classification of its investments in marketable securities at the time of purchase and reevaluates such designation at each balance sheet date. Marketable debt securities are classified and accounted for as available-for-sale. After consideration of the Company’s objectives to preserve capital, as well as its liquidity requirements, it may 12 12 12 12 Securities are evaluated for impairment at the end of each reporting period. Impairment is evaluated considering numerous factors, including whether a decline in fair value below the amortized cost basis is due to credit-related factors or non-credit-related factors, the financial condition and near-term prospects of the issuer, and intent and ability to hold the investment to allow for an anticipated recovery in fair value. A credit-related impairment is recognized as an allowance on the balance sheet with a corresponding adjustment to earnings. Any impairment that is not |
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 |
Receivable [Policy Text Block] | Accounts Receivable no December 31, 2022 2021 |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment The useful lives of the property and equipment are as follows: Laboratory equipment (in years) 5 Office and computer equipment (in years) 3 Leasehold improvements Shorter of remaining lease term or estimated useful life |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | Goodwill and Other Intangible Assets not |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets fourth may not December 31, 2022 2021 7 |
Accrued Clinical And Manufacturing Expenses Policy [Policy Text Block] | Accrued Clinical and Manufacturing Expenses third not The Company estimates the amount of services provided through discussions with internal personnel and external service providers as to the progress or stage of completion of the services and the agreed-upon fee to be paid for such services. The Company makes significant judgments and estimates in determining the accrued balance in each reporting period. As actual costs become known, it adjusts its accrued estimates. Although the Company does not may third not |
Lessee, Leases [Policy Text Block] | Leases one not not |
Revenue [Policy Text Block] | Revenue Recognition five (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations based on estimated selling prices; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account. Revenue from royalties earned as a percentage of sales, including milestone payments based on achieving a specified level of sales, where a license is deemed to be the predominant item to which the royalties relate, is recognized as revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied), as required under the sales- and usage-based royalty exception. Revenue from contracts with customers is recognized ratably, based on costs incurred, as the Company provides promised services to its customers in amounts that reflect the consideration that the Company expects to receive for those services. In 2022, no December 31, 2022. Under cost reimbursable contracts, the Company recognizes revenue as allowable costs are incurred and the fixed fee is earned. Reimbursable costs under the contract primarily include direct labor, subcontract costs, materials, equipment, travel, and approved overhead and indirect costs. Fixed fees under cost reimbursable contracts are earned in proportion to the allowable costs incurred in performance of the work relative to total estimated contract costs, with such costs incurred representing a reasonable measurement of the proportional performance of the work completed. Payments to the Company under cost reimbursable contracts, such as this contract, are provisional payments subject to adjustment upon annual audit by the government. Management believes that revenue for periods not may |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Costs third |
Share-Based Payment Arrangement [Policy Text Block] | Stock-Based Compensation may |
Earnings Per Share, Policy [Policy Text Block] | Net Income (Loss) Per Share Diluted net income (loss) per common share is computed giving effect to all potential dilutive common shares, comprising common stock issuable upon exercise of stock options, warrants, RSUs and ESPP. The Company uses the treasury-stock method to compute diluted income (loss) per share with respect to its stock options, warrants, RSUs and ESPP. For purposes of this calculation, options, warrants, RSUs and ESPP plan grants to purchase common stock are considered to be potential common shares and are only included in the calculation of diluted net income per share when their effect is dilutive. In the event of a net loss, the effects of all potentially dilutive shares are excluded from the diluted net loss per share calculation as their inclusion would be antidilutive. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements The Company has reviewed all significant newly-issued accounting pronouncements that are not not not |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Property, Plant, and Equipment, Useful Life [Table Text Block] | Laboratory equipment (in years) 5 Office and computer equipment (in years) 3 Leasehold improvements Shorter of remaining lease term or estimated useful life |
Note 3 - Business Combination (
Note 3 - Business Combination (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Property and equipment $ 321 Goodwill 4,508 Total purchase price $ 4,829 |
Note 4 - Fair Value of Financ_2
Note 4 - Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Level 1 Level 2 Level 3 Total December 31, 2022 Financial assets: Money market funds $ 30,834 $ — $ — $ 30,834 U.S. Treasury securities — 41,542 — 41,542 Commercial paper — 5,674 — 5,674 Corporate debt securities — 2,488 — 2,488 Total assets $ 30,834 $ 49,704 $ — $ 80,538 Level 1 Level 2 Level 3 Total December 31, 2021 Financial assets: Money market funds $ 70,978 $ — $ — $ 70,978 U.S. Treasury securities — 24,997 — 24,997 Commercial paper — 7,491 — 7,491 Corporate debt securities — 6,464 — 6,464 Total assets $ 70,978 $ 38,952 $ — $ 109,930 |
Note 5 - Balance Sheet Compon_2
Note 5 - Balance Sheet Components (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Cash, Cash Equivalents and Investments [Table Text Block] | Amortized Gross Unrealized Estimated Cash, Cash Equivalents Short-Term Long-Term Cost Gains Losses Fair Value and Restricted Cash Investments Investments December 31, 2022 Cash at banks $ 15,179 $ — $ — $ 15,179 $ 15,179 $ — $ — Money market funds 30,834 — — 30,834 30,834 — — U.S. Treasury securities 41,812 — (270 ) 41,542 — 41,542 — Commercial paper 2,488 — — 2,488 — 2,488 — Corporate debt securities 5,703 — (29 ) 5,674 — 5,674 — Total $ 96,016 $ — $ (299 ) $ 95,717 $ 46,013 $ 49,704 $ — Amortized Gross Unrealized Estimated Cash and Cash Short-Term Long-Term Cost Gains Losses Fair Value Equivalents Investments Investments December 31, 2021 Cash at banks $ 72,767 $ — $ — $ 72,767 $ 72,767 $ — $ — Money market funds 70,978 — — 70,978 70,978 — — U.S. Treasury securities 25,055 — (58 ) 24,997 — 12,022 12,975 Commercial paper 7,491 — — 7,491 — 7,491 — Corporate debt securities 6,480 — (16 ) 6,464 — 3,229 3,235 Total $ 182,771 $ — $ (74 ) $ 182,697 $ 143,745 $ 22,742 $ 16,210 |
Property, Plant and Equipment [Table Text Block] | December 31, 2022 December 31, 2021 Laboratory equipment $ 12,035 $ 5,057 Office and computer equipment 1,078 481 Leasehold improvements 1,760 1,063 Construction in progress 3,984 1,305 Total property and equipment 18,857 7,906 Less: accumulated depreciation (3,272 ) (1,305 ) Property and equipment, net $ 15,585 $ 6,601 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | December 31, 2022 December 31, 2021 Developed technology $ 5,000 $ 10,600 Intellectual property 80 80 Total cost 5,080 10,680 Less: accumulated amortization (60 ) (56 ) Intangible assets, net $ 5,020 $ 10,624 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Year Ending December 31, Amount 2023 $ 731 2024 731 2025 731 2026 731 2027 731 Thereafter 1,365 Total $ 5,020 |
Schedule of Accrued Liabilities [Table Text Block] | December 31, 2022 December 31, 2021 Accrued compensation $ 3,112 $ 2,786 Accrued clinical and manufacturing expenses 2,413 986 Accrued professional and consulting services 691 556 Accrued other expenses 1,868 736 Total $ 8,084 $ 5,064 |
Note 7 - Liabilities Related _2
Note 7 - Liabilities Related to Sale of Future Royalties (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Deferred Revenue, by Arrangement, Disclosure [Table Text Block] | Total liability related to sale of future royalties, start of year $ 11,522 Non-cash royalty revenue paid to HCRP (151 ) Non-cash interest expense recognized 1,305 Revaluation gain recognized (6,960 ) Total liability related to sale of future royalties, end of year 5,716 Current portion (95 ) Long-term portion $ 5,621 |
Note 8 - Leases (Tables)
Note 8 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Year Ending December 31, Amount 2023 $ 4,072 2024 4,213 2025 4,356 2026 4,964 2027 5,138 Thereafter 6,649 Undiscounted total 29,392 Less: imputed interest (7,687 ) Present value of future minimum payments 21,705 Current portion of operating lease liability (2,228 ) Operating lease liability, net of current portion $ 19,477 |
Lease, Cost [Table Text Block] | Year Ended December 31, 2022 2021 Lease cost Operating lease cost $ 4,159 $ 2,513 Short-term lease cost 436 340 Variable lease cost 1,312 1,233 Sublease income - (36 ) Total lease cost $ 5,907 $ 4,050 |
Note 10 - Stockholders' Equity
Note 10 - Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Common Stock Reserved for Issuance [Table Text Block] | December 31, 2022 December 31, 2021 Options issued and outstanding 14,725,261 10,216,106 RSUs issued and outstanding 808,310 — Available for future grants of equity awards 12,074,692 5,582,742 Common stock warrants 227,434 232,434 2022 Employee Stock Purchase Plan 1,800,000 — Total 29,635,697 16,031,282 |
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 44,148 $ 1.10 April 2024 Common Stock 26,515 $ 1.375 April 2024 Common Stock 29,150 $ 2.50 March 2025 Common Stock 100,532 $ 3.125 February 2025 Common Stock 16,175 $ 3.125 March 2024 Common Stock 10,914 $ 22.99 December 2026 Total 227,434 |
Note 11 - Equity Incentive Pl_2
Note 11 - Equity Incentive Plans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Weighted Weighted Shares Number of Option Average Number of RSU Average Available Options Exercise RSUs Grant Date For Grant Outstanding Price Outstanding Fair Value Balance at January 1, 2021 1,230,863 6,813,033 $ 2.70 — $ — Authorized under 2019 Plan Amendment 8,900,000 — $ — — $ — Granted (5,178,438 ) 5,178,438 $ 7.09 — $ — Exercised — (1,070,921 ) $ 1.63 — $ — Forfeited 630,317 (650,054 ) $ 3.16 — $ — Canceled — (54,390 ) $ 11.98 — $ — Balance at December 31, 2021 5,582,742 10,216,106 $ 4.96 — $ — Authorized under 2019 Plan Amendment 12,000,000 — $ — — $ — Granted (7,291,935 ) 6,376,657 $ 4.10 915,278 $ 3.58 Exercised — (180,336 ) $ 1.24 — $ — Forfeited 1,625,133 (1,518,230 ) $ 6.19 (106,968 ) $ 3.62 Canceled 158,752 (168,936 ) $ 7.17 — $ — Balance at December 31, 2022 12,074,692 14,725,261 $ 4.48 808,310 $ 3.57 |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Year Ended December 31, 2022 2021 Risk-free interest rate 1.62% - 4.02 % 0.91% - 1.35 % Expected term (in years) 5.42 - 6.08 5.44 - 6.08 Expected volatility 125% - 131 % 122% - 131 % Dividend yield — % — % |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Year Ended December 31, 2022 2021 Research and development $ 9,183 $ 4,304 General and administrative 4,404 4,563 Total stock-based compensation $ 13,587 $ 8,867 |
Note 13 - Income Taxes (Tables)
Note 13 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended December 31, 2022 2021 Current: Federal $ — $ — State 3 1 Foreign 64 106 Total Current 67 107 Deferred: Federal — — State — — Foreign — — Total Deferred — — Provision for income taxes $ 67 $ 107 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2022 December 31, 2021 Deferred tax assets: Net operating loss carryforwards $ 39,822 $ 30,256 Research and development tax credits 7,943 4,923 Capitalized research and development 14,260 4,016 Sale of future royalties 2,886 5,826 Lease liability 4,581 3,184 Accruals, reserves and other 5,004 3,043 Total deferred tax assets 74,496 51,248 Valuation allowance (66,323 ) (42,589 ) Deferred tax assets net of valuation allowance 8,173 8,659 Deferred tax liabilities: Intangible assets (2,614 ) (5,410 ) Right-of-use assets (5,427 ) (3,223 ) Depreciation on property and equipment (132 ) (26 ) Total deferred tax liabilities (8,173 ) (8,659 ) Net deferred tax assets $ — $ — |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended December 31, 2022 2021 U.S. federal taxes at statutory rate 21.0 % 21.0 % State taxes (net of federal benefit) 0.1 4.0 Foreign rate differential (0.3 ) 0.3 Permanently non-deductible items (1.5 ) 0.2 Tax credits 3.0 3.4 Change in valuation allowance (22.0 ) (29.3 ) Tax attributes write-off due to change in control — — Prior year true-up (0.2 ) 0.6 Other (0.2 ) (0.3 ) Provision for income taxes (0.1 )% (0.1 )% |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | Year Ended December 31, 2022 2021 Beginning Balance $ 2,422 $ 1,281 Additions based on tax positions related to the current year 2,589 1,132 Increase (decreases) related to prior years’ tax positions (66 ) 9 Ending Balance $ 4,945 $ 2,422 |
Note 14 - Net Loss Per Share _2
Note 14 - Net Loss Per Share Attributable to Common Stockholders (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year Ended December 31, 2022 2021 Net loss $ (107,758 ) $ (70,470 ) Shares used to compute net loss per share, basic and diluted 127,683,813 121,453,723 Net loss per share attributable to common stockholders, basic and diluted $ (0.84 ) $ (0.58 ) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Year Ended December 31, 2022 2021 Options to purchase common stock 13,567,390 8,206,137 Restricted stock unit to purchase common stock 460,975 — Warrants to purchase common stock 228,725 369,043 Employee Stock Purchase Plan 392,095 — Total potentially dilutive securities excluded from denominator of the diluted earnings per share computation 14,649,185 8,575,180 |
Note 1 - Organization and Nat_2
Note 1 - Organization and Nature of Business (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | 11 Months Ended | 12 Months Ended | |||
Sep. 15, 2021 | Oct. 13, 2020 | Sep. 30, 2021 | Sep. 13, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Proceeds from Issuance of Common Stock | $ 17,237 | $ 122,210 | ||||
The October 2020 Offering [Member] | ||||||
Open Market Sale Agreement, Maximum Aggregate Offering Price | $ 250,000 | |||||
Payments of Stock Issuance Costs | $ 300 | |||||
Open Market Sale Agreement, Sales Commission, Percentage | 4.50% | |||||
Stock Issued During Period, Shares, New Issues (in shares) | 13,239,839 | 13,932,490 | ||||
Proceeds from Issuance of Common Stock | $ 127,900 | $ 133,400 | ||||
Proceeds from Issuance of Common Stock, Net | $ 122,200 | $ 127,100 | ||||
The September 2021 ATM [Member] | ||||||
Open Market Sale Agreement, Maximum Aggregate Offering Price | $ 100,000 | |||||
Open Market Sale Agreement, Sales Commission, Percentage | 3% | |||||
Stock Issued During Period, Shares, New Issues (in shares) | 8,419,700 | |||||
Proceeds from Issuance of Common Stock | $ 18,000 | |||||
Proceeds from Issuance of Common Stock, Net | $ 17,200 |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash, Cash Equivalents, and Short-Term Investments, Total | $ 95,700 | ||
Net Cash Provided by (Used in) Operating Activities, Total | (94,779) | $ (59,832) | |
Restricted Cash, Total | 2,000 | 0 | |
Accounts Receivable, Allowance for Credit Loss, Ending Balance | 0 | ||
Deferred Revenue, Current, Total | $ 2,000 | $ 0 | |
Developed Technology Rights [Member] | Maximum [Member] | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 11 years 9 months | 11 years 9 months | |
Intellectual Property [Member] | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 20 years | 20 years |
Note 2 - Summary of Significa_4
Note 2 - Summary of Significant Accounting Policies - Estimated Useful Lives (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Laboratory Equipment [Member] | |
Laboratory equipment (in years) (Year) | 5 years |
Office Equipment [Member] | |
Laboratory equipment (in years) (Year) | 3 years |
Note 3 - Business Combination_2
Note 3 - Business Combination (Details Textual) | Nov. 30, 2021 USD ($) |
Business Combination, Separately Recognized Transactions, Additional Disclosures, Acquisition Cost Expensed | $ 82,000 |
Prepaid Rent | 671,000 |
Acquisition of Kindred BioSciences [Member] | |
Business Combination, Consideration Transferred, Total | $ 4,829,000 |
Note 3 - Business Combination -
Note 3 - Business Combination - Allocation of the Purchase Price to the Fair Value of the Respective Assets and Liabilities Acquired (Details) - USD ($) $ in Thousands | Nov. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 |
Goodwill, Ending Balance | $ 4,508 | $ 4,508 | |
Acquisition of Kindred BioSciences [Member] | |||
Business combination, property and equipment acquired | $ 321 | ||
Goodwill, Ending Balance | 4,508 | ||
Business Combination, Consideration Transferred, Total | $ 4,829 |
Note 4 - Fair Value of Financ_3
Note 4 - Fair Value of Financial Instruments (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value, Recurring [Member] | ||
Financial Liabilities Fair Value Disclosure, Total | $ 0 | $ 0 |
Note 4 - Fair Value of Financ_4
Note 4 - Fair Value of Financial Instruments - Financial Assets Measured on a Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Money Market Funds [Member] | ||
Money market funds, Fair Value | $ 30,834 | $ 70,978 |
Fair Value, Recurring [Member] | ||
Total assets | 80,538 | 109,930 |
Fair Value, Recurring [Member] | US Treasury Securities [Member] | ||
Investments, Fair Value Disclosure | 41,542 | 24,997 |
Fair Value, Recurring [Member] | Commercial Paper, Not Included with Cash and Cash Equivalents [Member] | ||
Investments, Fair Value Disclosure | 5,674 | 7,491 |
Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | ||
Investments, Fair Value Disclosure | 2,488 | 6,464 |
Fair Value, Recurring [Member] | Money Market Funds [Member] | ||
Money market funds, Fair Value | 30,834 | 70,978 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Total assets | 30,834 | 70,978 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | US Treasury Securities [Member] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Commercial Paper, Not Included with Cash and Cash Equivalents [Member] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Corporate Debt Securities [Member] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] | ||
Money market funds, Fair Value | 30,834 | 70,978 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Total assets | 49,704 | 38,952 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | US Treasury Securities [Member] | ||
Investments, Fair Value Disclosure | 41,542 | 24,997 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Commercial Paper, Not Included with Cash and Cash Equivalents [Member] | ||
Investments, Fair Value Disclosure | 5,674 | 7,491 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member] | ||
Investments, Fair Value Disclosure | 2,488 | 6,464 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Money Market Funds [Member] | ||
Money market funds, Fair Value | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Total assets | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | US Treasury Securities [Member] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Commercial Paper, Not Included with Cash and Cash Equivalents [Member] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Corporate Debt Securities [Member] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Money Market Funds [Member] | ||
Money market funds, Fair Value | $ 0 | $ 0 |
Note 5 - Balance Sheet Compon_3
Note 5 - Balance Sheet Components (Details Textual) - USD ($) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounts Receivable, after Allowance for Credit Loss, Current, Total | $ 20,000 | $ 71,000 | |
Accounts Receivable, Allowance for Credit Loss, Current | 0 | ||
Depreciation, Total | 1,967,000 | 732,000 | |
Tangible Asset Impairment Charges, Total | 0 | ||
Operating Lease, Right-of-Use Asset | 25,715,000 | 13,168,000 | |
Amortization of Intangible Assets | 1,300,000 | 1,700,000 | |
Goodwill, Ending Balance | 4,508,000 | 4,508,000 | |
Goodwill, Impairment Loss | $ 0 | ||
Developed Technology Rights [Member] | |||
Finite-Lived Intangible Asset, Remaining Life (Year) | 6 years 10 months 24 days | ||
Impairment of Intangible Assets (Excluding Goodwill), Total | $ 4,300,000 | $ 3,000,000 | |
Intellectual Property [Member] | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 20 years | 20 years | |
Finite-Lived Intangible Asset, Remaining Life (Year) | 5 years | ||
Maximum [Member] | Developed Technology Rights [Member] | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 11 years 9 months | 11 years 9 months | |
Facility in Burlingame, California [Member] | |||
Operating Lease, Right-of-Use Asset | $ 15,000,000 | ||
Royalty [Member] | |||
Accounts Receivable, after Allowance for Credit Loss, Current, Total | $ 20,000 | $ 71,000 |
Note 5 - Balance Sheet Compon_4
Note 5 - Balance Sheet Components - Cash and Cash Equivalents and Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Cash and cash equivalents | $ 44,013 | $ 143,745 | |
Cash, cash equivalents and restricted cash | 46,013 | 143,745 | $ 126,870 |
Gross Unrealized Loss | (299) | (74) | |
Short-term investments | 49,704 | 22,742 | |
Long-term investments | 0 | 16,210 | |
Investments and Cash | 96,016 | 182,771 | |
Investments and Cash, Fair Value Disclosure | 95,717 | 182,697 | |
US Treasury Securities [Member] | |||
Amortized Cost | 41,812 | 25,055 | |
Gross Unrealized Loss | (270) | (58) | |
Estimated Fair Value | 41,542 | 24,997 | |
Short-term investments | 41,542 | 12,022 | |
Long-term investments | 0 | 12,975 | |
Commercial Paper, Not Included with Cash and Cash Equivalents [Member] | |||
Amortized Cost | 2,488 | 7,491 | |
Gross Unrealized Loss | 0 | ||
Estimated Fair Value | 2,488 | 7,491 | |
Short-term investments | 2,488 | 7,491 | |
Corporate Debt Securities [Member] | |||
Amortized Cost | 5,703 | 6,480 | |
Gross Unrealized Loss | (29) | (16) | |
Estimated Fair Value | 5,674 | 6,464 | |
Short-term investments | 5,674 | 3,229 | |
Long-term investments | 3,235 | ||
Cash [Member] | |||
Cash and cash equivalents | 15,179 | 72,767 | |
Money market funds, Fair Value | 15,179 | 72,767 | |
Cash, cash equivalents and restricted cash | 15,179 | 72,767 | |
Money Market Funds [Member] | |||
Cash and cash equivalents | 30,834 | 70,978 | |
Money market funds, Fair Value | 30,834 | 70,978 | |
Cash, cash equivalents and restricted cash | $ 30,834 | $ 70,978 |
Note 5 - Balance Sheet Compon_5
Note 5 - Balance Sheet Components - Property and Equipment, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Property and equipment, gross | $ 18,857 | $ 7,906 |
Less: accumulated depreciation | (3,272) | (1,305) |
Property and equipment, net | 15,585 | 6,601 |
Laboratory Equipment [Member] | ||
Property and equipment, gross | 12,035 | 5,057 |
Office Equipment [Member] | ||
Property and equipment, gross | 1,078 | 481 |
Leasehold Improvements [Member] | ||
Property and equipment, gross | 1,760 | 1,063 |
Construction in Progress [Member] | ||
Property and equipment, gross | $ 3,984 | $ 1,305 |
Note 5 - Balance Sheet Compon_6
Note 5 - Balance Sheet Components - Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Intangible assets, gross | $ 5,080 | $ 10,680 |
Less: accumulated amortization | (60) | (56) |
Intangible assets, net | 5,020 | 10,624 |
Developed Technology Rights [Member] | ||
Intangible assets, gross | 5,000 | 10,600 |
Intellectual Property [Member] | ||
Intangible assets, gross | $ 80 | $ 80 |
Note 5 - Balance Sheet Compon_7
Note 5 - Balance Sheet Components - Estimated Future Amortization Expense (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
2023 | $ 731 |
2024 | 731 |
2025 | 731 |
2026 | 731 |
2027 | 731 |
Thereafter | 1,365 |
Total | $ 5,020 |
Note 5 - Balance Sheet Compon_8
Note 5 - Balance Sheet Components - Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Accrued compensation | $ 3,112 | $ 2,786 |
Accrued clinical and manufacturing expenses | 2,413 | 986 |
Accrued professional and consulting services | 691 | 556 |
Accrued other expenses | 1,868 | 736 |
Total | $ 8,084 | $ 5,064 |
Note 6 - Revenue (Details Textu
Note 6 - Revenue (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 107,000 | $ 892,000 |
Income Tax Expense (Benefit), Total | $ 67,000 | 107,000 |
Foreign Tax Authority [Member] | National Tax Agency, Japan [Member] | ||
Royalty Withholding Tax | 5% | |
Income Tax Expense (Benefit), Total | $ 5,000 | 44,000 |
Royalty [Member] | Daiichi Sankyo Collaberation and License Agreement [Member] | ||
Royalty Percentage | 4% | |
Revenue from Contract with Customer, Including Assessed Tax | $ 0 | |
Non Cash Royalty Revenue [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 107,000 | 879,000 |
Non Cash Royalty Revenue [Member] | Daiichi Sankyo Collaberation and License Agreement [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | $ 107,000 | $ 879,000 |
Note 7 - Liabilities Related _3
Note 7 - Liabilities Related to Sale of Future Royalties (Details Textual) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |
Apr. 30, 2016 | Dec. 31, 2022 | Dec. 31, 2021 | |
Re-valuation Gain Recognized | $ 7 | $ 3.8 | |
HCRP [Member] | |||
Proceeds from Sale of Future Royalties, Net | $ 20 | ||
Royalty Interest Due Each Year | $ 3 | ||
Royalty Interest, Percentage of Additional Royalties Due Each Year | 15% | ||
Royalty Interest, Additional Royalties Due Each Year | $ 1 |
Note 7 - Liabilities Related _4
Note 7 - Liabilities Related to Sale of Future Royalties - Deferred Revenue Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Revaluation gain recognized | $ (7,000) | $ (3,800) |
Current portion | (95) | (836) |
Long-term portion | 5,621 | 10,686 |
HealthCare Royalty Partners III, L.P. [Member] | Royalty Arrangement [Member] | ||
Total liability related to sale of future royalties, start of year | 11,522 | |
Non-cash royalty revenue paid to HCRP | (151) | |
Non-cash interest expense recognized | 1,305 | |
Revaluation gain recognized | (6,960) | |
Total liability related to sale of future royalties, end of year | 5,716 | $ 11,522 |
Current portion | (95) | |
Long-term portion | $ 5,621 |
Note 8 - Leases (Details Textua
Note 8 - Leases (Details Textual) $ in Millions | Dec. 31, 2022 USD ($) | Jul. 31, 2019 |
Lessee, Operating Lease, Expected Tenant Improvements | $ 2.3 | |
Operating Lease, Weighted Average Discount Rate, Percent | 9.80% | |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 6 years 1 month 6 days | |
Short-Term Lease Commitment, Amount | $ 29.4 | |
Lessee, Finance Lease, Number of Leases | 0 | |
Right of Use for Office and Manufacturing Facilities with Initial Terms Exceeding One Year [Member] | ||
Lessee, Operating Lease, Number of Right-of-Use Leases | 6 | |
Operating Lease Arrangements for Facilities [Member] | ||
Lessee, Short-term Lease, Number of Leases | 2 | |
Lease Agreements for Manufacturing Equipment with Initial Terms of One Year or Less [Member] | ||
Lessee, Short-term Lease, Number of Leases | 1 | |
South San Francisco Real Estate [Member] | ||
Lessee, Operating Lease, Renewal Term (Year) | 8 years | 5 years |
September 2021 Lease for Facility in South San Francisco [Member] | ||
Lessee, Operating Lease, Renewal Term (Year) | 8 years | |
Facility in South San Francisco [Member] | ||
Lessee, Operating Lease, Renewal Term (Year) | 5 years | |
Facility in Burlingame, California [Member] | ||
Lessee, Short-term Lease, Number of Leases | 2 | |
Lessee, Operating Lease, Renewal Term (Year) | 30 months | |
Lessee, Operating Lease, Number of Renewal Option | 2 |
Note 8 - Leases - Lease Liabili
Note 8 - Leases - Lease Liabilities Payment Obligations (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
2023 | $ 4,072 | |
2024 | 4,213 | |
2025 | 4,356 | |
2026 | 4,964 | |
2027 | 5,138 | |
Thereafter | 6,649 | |
Undiscounted total | 29,392 | |
Less: imputed interest | (7,687) | |
Present value of future minimum payments | 21,705 | |
Current portion of operating lease liability | (2,228) | $ (1,011) |
Operating lease liability, net of current portion | $ 19,477 | $ 11,997 |
Note 8 - Leases - Operating Lea
Note 8 - Leases - Operating Lease Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Operating lease cost | $ 4,159 | $ 2,513 |
Short-term lease cost | 436 | 340 |
Variable lease cost | 1,312 | 1,233 |
Sublease income | 0 | (36) |
Total lease cost | $ 5,907 | $ 4,050 |
Note 9 - Commitments and Cont_2
Note 9 - Commitments and Contingencies (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Nov. 02, 2022 | Dec. 31, 2022 | |
Himmelberg V. Vaxart, Inc. et al. [Member] | ||
Litigation Settlement, Amount Awarded to Other Party | $ 12 | |
Payments for Legal Settlements | $ 2 | |
Lease for Facility in South San Francisco, California [Member] | ||
Purchase Obligation, Total | 7.9 | |
Lessee, Operating Lease, Lease Not yet Commenced | 0.4 | |
Lessee, Operating Lease, Lease Not yet Commenced, Minimum Tenant Improvements | 2.3 | |
Payments for Tenant Improvements | 1.1 | |
Lessee, Operating Lease, Lease Not Yet Commenced, Purchase Obligation | $ 1.2 |
Note 10 - Stockholders' Equit_2
Note 10 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Aug. 04, 2022 | Dec. 31, 2022 | Aug. 03, 2022 | Dec. 31, 2021 | |
Preferred Stock, Shares Authorized (in shares) | 5,000,000 | 5,000,000 | ||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | $ 0.0001 | ||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 0 | 0 | ||
Common Stock, Shares Authorized (in shares) | 250,000,000 | 150,000,000 | 150,000,000 | |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | $ 0.0001 | ||
Common Stock, Increase in Shares Authorized (in shares) | 100,000,000 | |||
Dividends, Total | $ 0 | |||
First Set of Warrants Expiring April 2024 [Member] | ||||
Warrant Exercise Price to be Entitled to Receive Cash Consideration, Fundamental Transaction (in dollars per share) | $ 1.10 | |||
Warrants Expiring March 2025 [Member] | ||||
Warrant Exercise Price to be Entitled to Receive Cash Consideration, Fundamental Transaction (in dollars per share) | 2.50 | |||
Warrants Expiring February 2025 [Member] | ||||
Warrant Exercise Price to be Entitled to Receive Cash Consideration, Fundamental Transaction (in dollars per share) | $ 3.125 |
Note 10 - Stockholders' Equit_3
Note 10 - Stockholders' Equity - Shares of Common Stock Reserved for Issuance (Details) - shares | Dec. 31, 2022 | Dec. 31, 2021 |
Common stock reserved for issuance (in shares) | 29,635,697 | 16,031,282 |
Common Warrants [Member] | ||
Common stock reserved for issuance (in shares) | 227,434 | 232,434 |
Share-Based Payment Arrangement, Option [Member] | ||
Common stock reserved for issuance (in shares) | 14,725,261 | 10,216,106 |
Restricted Stock Units (RSUs) [Member] | ||
Common stock reserved for issuance (in shares) | 808,310 | 0 |
Future Grants of Equity Awards [Member] | ||
Common stock reserved for issuance (in shares) | 12,074,692 | 5,582,742 |
ESPP [Member] | ||
Common stock reserved for issuance (in shares) | 1,800,000 | 0 |
Note 10 - Stockholders' Equit_4
Note 10 - Stockholders' Equity - Summary of Warrants Outstanding (Details) | Dec. 31, 2022 $ / shares shares |
Securities into which warrants are convertible (in shares) | 227,434 |
First Set of Warrants Expiring September 2024 [Member] | |
Securities into which warrants are convertible (in shares) | 44,148 |
Securities into which warrants are convertible (in dollars per share) | $ / shares | $ 1.10 |
First Set of Warrants Expiring April 2024 [Member] | |
Securities into which warrants are convertible (in shares) | 26,515 |
Securities into which warrants are convertible (in dollars per share) | $ / shares | $ 1.375 |
Second Set of Warrants Expiring April 2024 [Member] | |
Securities into which warrants are convertible (in shares) | 29,150 |
Securities into which warrants are convertible (in dollars per share) | $ / shares | $ 2.50 |
Warrants Expiring March 2025 [Member] | |
Securities into which warrants are convertible (in shares) | 100,532 |
Securities into which warrants are convertible (in dollars per share) | $ / shares | $ 3.125 |
Warrants Expiring February 2025 [Member] | |
Securities into which warrants are convertible (in shares) | 16,175 |
Securities into which warrants are convertible (in dollars per share) | $ / shares | $ 3.125 |
Warrants Expiring March 2024 [Member] | |
Securities into which warrants are convertible (in shares) | 10,914 |
Securities into which warrants are convertible (in dollars per share) | $ / shares | $ 22.99 |
Note 11 - Equity Incentive Pl_3
Note 11 - Equity Incentive Plans (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||
Jun. 16, 2021 | Jun. 15, 2021 | Jun. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Aug. 04, 2022 | Dec. 31, 2020 | Jun. 08, 2020 | Apr. 23, 2019 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 14,725,261 | 10,216,106 | 6,813,033 | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance (in dollars per share) | $ 4.48 | $ 4.96 | $ 2.70 | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term (Year) | 6 years 7 months 6 days | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Intrinsic Value | $ 148,000 | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number (in shares) | 5,881,798 | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 3.88 | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term (Year) | 5 years 4 months 6 days | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | $ 133,000 | ||||||||
Share Price (in dollars per share) | $ 0.96 | ||||||||
Proceeds from Stock Options Exercised | $ 223,000 | $ 1,745,000 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period (in shares) | 180,336 | 1,070,921 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 481,000 | $ 6,200,000 | |||||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 29,635,697 | 16,031,282 | |||||||
Share-Based Payment Arrangement, Expense | $ 13,587,000 | $ 8,867,000 | |||||||
Restricted Stock Units (RSUs) [Member] | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance (in dollars per share) | $ 3.57 | $ 0 | $ 0 | ||||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 808,310 | 0 | |||||||
Restricted Stock Units (RSUs) [Member] | Employees [Member] | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 850,061 | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 4 years | ||||||||
Restricted Stock Units (RSUs) [Member] | Director [Member] | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 29,500 | ||||||||
Restricted Stock Units (RSUs) [Member] | Director [Member] | The Day Before Annual Stockholders Meeting, or Grant Date Anniversary [Member] | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 35,717 | ||||||||
Share-Based Payment Arrangement, Option [Member] | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 4.10 | $ 6.49 | |||||||
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 28,100,000 | ||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 10 months 24 days | ||||||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 14,725,261 | 10,216,106 | |||||||
Share-Based Payment Arrangement, Option [Member] | Minimum [Member] | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term (Year) | 5 years 5 months 1 day | 5 years 5 months 8 days | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 125% | 122% | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.62% | 0.91% | |||||||
Share-Based Payment Arrangement, Option [Member] | Maximum [Member] | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term (Year) | 6 years 29 days | 6 years 29 days | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 131% | 131% | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 4.02% | 1.35% | |||||||
Share-Based Payment Arrangement, Option [Member] | Former Chairman of the Board [Member] | Minimum [Member] | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Month) | 3 months | ||||||||
Share-Based Payment Arrangement, Option [Member] | Former Chairman of the Board [Member] | Maximum [Member] | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Month) | 10 months | ||||||||
Stock Options with Accelerated Vesting [Member] | Former Chairman of the Board [Member] | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Accelerated Vesting, Number (in shares) | 100,000 | ||||||||
Share-Based Payment Arrangement, Plan Modification, Incremental Cost | $ 1,300,000 | ||||||||
The 2019 Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 16,900,000 | 28,900,000 | 8,000,000 | 1,600,000 | |||||
The 2022 ESPP [Member] | |||||||||
Share Price (in dollars per share) | $ 0.46 | ||||||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 1,800,000 | 1,800,000 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term (Year) | 6 months | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 84.66% | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 4.60% | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0% | ||||||||
Share-Based Payment Arrangement, Expense | $ 0 |
Note 11 - Equity Incentive Pl_4
Note 11 - Equity Incentive Plans - Summary of Stock Option Transactions (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Shares available for grant, balance (in shares) | 5,582,742 | 1,230,863 |
Number of options outstanding, beginning balance (in shares) | 10,216,106 | 6,813,033 |
Weighted average exercise price, balance (in dollars per share) | $ 4.96 | $ 2.70 |
Shares availabe for grant, 2019 Plan Amendment (in shares) | 12,000,000 | 8,900,000 |
Shares available for grant, granted (in shares) | (7,291,935) | (5,178,438) |
Number of options outstanding, granted (in shares) | 6,376,657 | 5,178,438 |
Weighted average exercise price, granted (in dollars per share) | $ 4.10 | $ 7.09 |
Number of options outstanding, exercised (in shares) | (180,336) | (1,070,921) |
Weighted average exercise price, exercised (in dollars per share) | $ 1.24 | $ 1.63 |
Shares available for grant, forfeited (in shares) | 1,625,133 | 630,317 |
Number of options outstanding, forfeited (in shares) | (1,518,230) | (650,054) |
Weighted average exercise price, forfeited (in dollars per share) | $ 6.19 | $ 3.16 |
Shares available for grant, canceled (in shares) | 158,752 | 0 |
Number of options outstanding, canceled (in shares) | (168,936) | (54,390) |
Weighted average exercise price, canceled (in dollars per share) | $ 7.17 | $ 11.98 |
Shares available for grant, balance (in shares) | 12,074,692 | 5,582,742 |
Number of options outstanding, balance (in shares) | 14,725,261 | 10,216,106 |
Weighted average exercise price, balance (in dollars per share) | $ 4.48 | $ 4.96 |
Restricted Stock Units (RSUs) [Member] | ||
Weighted average exercise price, balance (in dollars per share) | 0 | 0 |
Weighted average exercise price, granted (in dollars per share) | 3.58 | 0 |
Weighted average exercise price, exercised (in dollars per share) | 0 | 0 |
Weighted average exercise price, forfeited (in dollars per share) | 3.62 | 0 |
Weighted average exercise price, canceled (in dollars per share) | $ 0 | 0 |
Granted (in shares) | 915,278 | |
Exercised (in shares) | 0 | |
Forfeited (in shares) | (106,968) | |
Weighted average exercise price, balance (in dollars per share) | $ 3.57 | $ 0 |
Balance at December 31, 2022 (in shares) | 808,310 |
Note 11 - Equity Incentive Pl_5
Note 11 - Equity Incentive Plans - Assumptions of Options (Details) - Share-Based Payment Arrangement, Option [Member] | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Minimum [Member] | ||
Risk-free interest rate | 1.62% | 0.91% |
Expected term (in years) (Year) | 5 years 5 months 1 day | 5 years 5 months 8 days |
Expected volatility | 125% | 122% |
Maximum [Member] | ||
Risk-free interest rate | 4.02% | 1.35% |
Expected term (in years) (Year) | 6 years 29 days | 6 years 29 days |
Expected volatility | 131% | 131% |
Note 11 - Equity Incentive Pl_6
Note 11 - Equity Incentive Plans - Total Stock-based Compensation Recognized for Options (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Payment Arrangement, Expense | $ 13,587 | $ 8,867 |
Research and Development Expense [Member] | ||
Share-Based Payment Arrangement, Expense | 9,183 | 4,304 |
General and Administrative Expense [Member] | ||
Share-Based Payment Arrangement, Expense | $ 4,404 | $ 4,563 |
Note 12 - Benefit Plan (Details
Note 12 - Benefit Plan (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 3% | |
Defined Contribution Plan, Cost | $ 658,000 | $ 288,000 |
Defined Contribution Plan, Administrative Expense | $ 19,000 | $ 14,000 |
Note 13 - Income Taxes (Details
Note 13 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2019 | Dec. 31, 2020 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | 21% | 21% | |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 23,700 | $ 20,600 | ||
Unrecognized Tax Benefits, Ending Balance | 4,945 | 2,422 | $ 1,281 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense, Total | 0 | 0 | ||
Domestic Tax Authority [Member] | ||||
Operating Loss Carryforwards | 162,100 | 115,900 | ||
Domestic Tax Authority [Member] | Research Tax Credit Carryforward [Member] | ||||
Tax Credit Carryforward, Amount | 6,900 | 3,100 | ||
State and Local Jurisdiction [Member] | ||||
Operating Loss Carryforwards | $ 85,000 | 84,800 | ||
Open Tax Year | 2016 2017 2018 2019 2020 2021 | |||
State and Local Jurisdiction [Member] | Research Tax Credit Carryforward [Member] | ||||
Tax Credit Carryforward, Amount | $ 7,000 | $ 5,000 | ||
Foreign Tax Authority [Member] | Australian Taxation Office [Member] | ||||
Operating Loss Carryforwards | $ 6,200 |
Note 13 - Income Taxes - Compon
Note 13 - Income Taxes - Components of Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Current: | ||
Federal | $ 0 | $ 0 |
State | 3 | 1 |
Foreign | 64 | 106 |
Total Current | 67 | 107 |
Deferred: | ||
Federal | 0 | 0 |
State | 0 | 0 |
Foreign | 0 | 0 |
Total Deferred | 0 | 0 |
Provision for income taxes | $ 67 | $ 107 |
Note 13 - Income Taxes - Comp_2
Note 13 - Income Taxes - Components of Deferred Tax Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Net operating loss carryforwards | $ 39,822 | $ 30,256 |
Research and development tax credits | 7,943 | 4,923 |
Capitalized research and development | 14,260 | 4,016 |
Sale of future royalties | 2,886 | 5,826 |
Lease liability | 4,581 | 3,184 |
Accruals, reserves and other | 5,004 | 3,043 |
Total deferred tax assets | 74,496 | 51,248 |
Valuation allowance | (66,323) | (42,589) |
Deferred tax assets net of valuation allowance | 8,173 | 8,659 |
Intangible assets | (2,614) | (5,410) |
Right-of-use assets | (5,427) | (3,223) |
Depreciation on property and equipment | (132) | (26) |
Total deferred tax liabilities | (8,173) | (8,659) |
Net deferred tax assets | $ 0 | $ 0 |
Note 13 - Income Taxes - Reconc
Note 13 - Income Taxes - Reconciliation of Effective Tax Rate (Details) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2019 | |
U.S. federal taxes at statutory rate | 21% | 21% | 21% |
State taxes (net of federal benefit) | 0.10% | 4% | |
Foreign rate differential | (0.30%) | 0.30% | |
Permanently non-deductible items | (1.50%) | 0.20% | |
Tax credits | 3% | 3.40% | |
Change in valuation allowance | (22.00%) | (29.30%) | |
Tax attributes write-off due to change in control | 0% | 0% | |
Prior year true-up | (0.20%) | 0.60% | |
Other | (0.20%) | (0.30%) | |
Provision for income taxes | (0.10%) | (0.10%) |
Note 13 - Income Taxes - Unreco
Note 13 - Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Beginning Balance | $ 2,422 | $ 1,281 |
Additions based on tax positions related to the current year | 2,589 | 1,132 |
Decrease related to prior years’ tax positions | (66) | |
Increase related to prior years’ tax positions | 9 | |
Ending Balance | $ 4,945 | $ 2,422 |
Note 14 - Net Loss Per Share _3
Note 14 - Net Loss Per Share Attributable to Common Stockholders (Details Textual) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Dilutive Securities, Effect on Basic Earnings Per Share, Total | $ 0 |
Note 14 - Net Loss Per Share _4
Note 14 - 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 | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Net loss | $ (107,758) | $ (70,470) |
Shares used to compute net loss per share, basic and diluted (in shares) | 127,683,813 | 121,453,723 |
Net loss per share attributable to common stockholders, basic and diluted (in dollars per share) | $ (0.84) | $ (0.58) |
Note 14 - Net Loss Per Share _5
Note 14 - Net Loss Per Share Attributable to Common Stockholders- Summary of Antidilutive Securities (Details) - shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Potentially dilutive securities excluded from denominator of the diluted earnings per share computation (in shares) | 14,649,185 | 8,575,180 |
Share-Based Payment Arrangement, Option [Member] | ||
Potentially dilutive securities excluded from denominator of the diluted earnings per share computation (in shares) | 13,567,390 | 8,206,137 |
Restricted Stock Units (RSUs) [Member] | ||
Potentially dilutive securities excluded from denominator of the diluted earnings per share computation (in shares) | 460,975 | 0 |
Warrant [Member] | Common Stock [Member] | ||
Potentially dilutive securities excluded from denominator of the diluted earnings per share computation (in shares) | 228,725 | 369,043 |
Employee Stock Purchase Plan [Member] | ||
Potentially dilutive securities excluded from denominator of the diluted earnings per share computation (in shares) | 392,095 | 0 |
Note 15 - Subsequent Events (De
Note 15 - Subsequent Events (Details Textual) - USD ($) $ in Thousands | 2 Months Ended | 12 Months Ended | |
Mar. 08, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Proceeds from Issuance of Common Stock | $ 17,237 | $ 122,210 | |
The September 2021 ATM [Member] | |||
Stock Issued During Period, Shares, New Issues (in shares) | 8,419,700 | ||
Proceeds from Issuance of Common Stock | $ 18,000 | ||
Subsequent Event [Member] | The September 2021 ATM [Member] | |||
Stock Issued During Period, Shares, New Issues (in shares) | 1,362,220 | ||
Proceeds from Issuance of Common Stock | $ 1,500 |