Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Mar. 08, 2019 | Jun. 30, 2018 | |
Document Information [Line Items] | |||
Entity Registrant Name | BIOLIFE SOLUTIONS INC | ||
Entity Central Index Key | 0000834365 | ||
Trading Symbol | blfs | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Common Stock, Shares Outstanding (in shares) | 18,651,678 | ||
Entity Public Float | $ 115 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2018 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Balance Sheets
Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Current assets | ||
Cash and cash equivalents | $ 30,657 | $ 6,663 |
Accounts receivable, trade, net of allowance for doubtful accounts of $0 and $6 at December 31, 2018 and 2017, respectively | 3,045 | 1,021 |
Inventories | 3,509 | 1,847 |
Prepaid expenses and other current assets | 353 | 400 |
Total current assets | 37,564 | 9,931 |
Property and equipment | ||
Leasehold improvements | 1,284 | 1,284 |
Furniture and computer equipment | 706 | 682 |
Manufacturing and other equipment | 1,657 | 1,149 |
Subtotal | 3,647 | 3,115 |
Less: Accumulated depreciation | (2,328) | (2,009) |
Net property and equipment | 1,319 | 1,106 |
Investment in SAVSU | 6,548 | 1,070 |
Long-term deposits | 36 | 36 |
Total assets | 45,467 | 12,143 |
Current liabilities | ||
Accounts payable | 720 | 691 |
Accrued expenses and other current liabilities | 91 | 201 |
Accrued compensation | 998 | 491 |
Deferred rent, current portion | 130 | 130 |
Total current liabilities | 1,939 | 1,513 |
Deferred rent, long-term | 349 | 492 |
Other long-term liabilities | 31 | 46 |
Total liabilities | 2,319 | 2,051 |
Commitments and Contingencies (Note 8) | ||
Shareholders’ equity | ||
Preferred stock, $0.001 par value; 1,000,000 shares authorized, Series A, 4,250 shares designated, and 0 and 4,250 shares issued and outstanding at December 31, 2018 and 2017, respectively | ||
Common stock, $0.001 par value; 150,000,000 shares authorized, 18,547,406 and 14,021,422 shares issued and outstanding at December 31, 2018 and 2017, respectively | 19 | 14 |
Additional paid-in capital | 114,160 | 84,036 |
Accumulated deficit | (71,031) | (73,958) |
Total shareholders’ equity | 43,148 | 10,092 |
Total liabilities and shareholders’ equity | $ 45,467 | $ 12,143 |
Balance Sheets (Parentheticals)
Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Accounts receivable, allowance for doubtful accounts | $ 0 | $ 6 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, authorized (in shares) | 1,000,000 | 1,000,000 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, authorized (in shares) | 150,000,000 | 150,000,000 |
Common stock, issued (in shares) | 18,547,406 | 14,021,422 |
Common stock, outstanding (in shares) | 18,547,406 | 14,021,422 |
Series A Preferred Stock [Member] | ||
Preferred stock, par value (in dollars per share) | $ 1,000 | |
Preferred stock, designated (in shares) | 4,250 | 4,250 |
Preferred stock, issued (in shares) | 0 | 4,250 |
Preferred stock, outstanding (in shares) | 0 | 4,250 |
Statements of Operations
Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Product sales | $ 19,742 | $ 11,022 |
Cost of product sales | 6,217 | 4,276 |
Gross profit | 13,525 | 6,746 |
Operating expenses | ||
Research and development | 1,298 | 1,193 |
Sales and marketing | 2,615 | 2,086 |
General and administrative | 5,950 | 4,523 |
Total operating expenses | 9,863 | 7,802 |
Operating income (loss) | 3,662 | (1,056) |
Other income (expenses) | ||
Interest income | 281 | 1 |
Interest expense | (5) | (190) |
Loss from equity-method investment in SAVSU | (672) | (1,005) |
Financing costs and write off of deferred financing costs | (109) | |
Amortization of debt discount | (156) | |
Total other income (expenses) | (396) | (1,459) |
Net income (loss) before provision for income taxes | 3,266 | (2,515) |
Income taxes | ||
Net income (loss) | 3,266 | (2,515) |
Less: Preferred stock dividends and accumulated deficit impact of preferred stock redemption | (339) | (213) |
Net income (loss) attributable to common stockholders | $ 2,927 | $ (2,728) |
Basic net income (loss) per common share (in dollars per share) | $ 0.18 | $ (0.21) |
Diluted net income (loss) per common share (in dollars per share) | $ 0.14 | $ (0.21) |
Weighted average shares outstanding used to compute basic earnings per share (in shares) | 16,256,465 | 13,263,881 |
Weighted average shares outstanding used to compute diluted earnings per share (in shares) | 21,627,278 | 13,263,881 |
Statements of Shareholders' Equ
Statements of Shareholders' Equity - USD ($) $ in Thousands | Preferred Stock [Member]Series A Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2016 | 12,863,824 | ||||
Balance at Dec. 31, 2016 | $ 13 | $ 74,356 | $ (71,202) | $ 3,167 | |
Cumulative-effect adjustment resulting from adoption of ASU 2016-09 at Dec. 31, 2016 | 28 | (28) | |||
Vesting of JV related stock-based compensation | 22 | 22 | |||
Series A preferred stock issued on conversion of related party note and accrued interest on June 30, 2017, net of stock issuance costs of $9 (in shares) | 4,250 | ||||
Series A preferred stock issued on conversion of related party note and accrued interest on June 30, 2017, net of stock issuance costs of $9 | 4,241 | 4,241 | |||
Stock based compensation | 1,270 | 1,270 | |||
Stock option/warrant exercises (in shares) | 1,045,719 | ||||
Stock option/warrant exercises | $ 1 | 3,977 | 3,978 | ||
Stock issued – on vested RSUs (in shares) | 51,563 | ||||
Stock issued for services (in shares) | 60,316 | ||||
Stock issued for services | 142 | 142 | |||
Preferred stock dividends | (213) | (213) | |||
Net income (loss) | (2,515) | (2,515) | |||
Balance (in shares) at Dec. 31, 2017 | 4,250 | 14,021,422 | |||
Balance at Dec. 31, 2017 | $ 14 | 84,036 | (73,958) | 10,092 | |
Stock based compensation | 1,519 | 1,519 | |||
Stock option/warrant exercises (in shares) | 2,974,827 | ||||
Stock option/warrant exercises | $ 3 | 12,897 | 12,900 | ||
Stock issued – on vested RSUs (in shares) | 116,647 | ||||
Stock issued for services (in shares) | 5,939 | ||||
Stock issued for services | 36 | 36 | |||
Preferred stock dividends | (330) | (330) | |||
Net income (loss) | 3,266 | 3,266 | |||
Series A preferred stock redemption (in shares) | (4,250) | ||||
Series A preferred stock redemption | (4,241) | (9) | (4,250) | ||
Stock issued for private equity transaction – Casdin Capital, net of legal fees of $85 (in shares) | 1,428,571 | ||||
Stock issued for private equity transaction – Casdin Capital, net of legal fees of $85 | $ 2 | 19,913 | 19,915 | ||
Balance (in shares) at Dec. 31, 2018 | 18,547,406 | ||||
Balance at Dec. 31, 2018 | $ 19 | $ 114,160 | $ (71,031) | $ 43,148 |
Statements of Shareholders' E_2
Statements of Shareholders' Equity (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Additional Paid-in Capital [Member] | ||
Issuance fees | $ 85 | $ 9 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities | ||
Net income (loss) | $ 3,266,000 | $ (2,515,000) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities | ||
Depreciation | 338,000 | 339,000 |
Stock-based compensation expense | 1,519,000 | 1,270,000 |
Stock issued for services | 107,000 | |
Write off of deferred financing costs | 68,000 | |
Amortization of debt discount | 156,000 | |
Loss from equity-method investment in SAVSU | 672,000 | 1,005,000 |
Amortization of deferred rent related to lease incentives | (127,000) | (127,000) |
Change in operating assets and liabilities | ||
Accounts receivable, trade | (2,024,000) | 172,000 |
Inventories | (1,662,000) | (89,000) |
Prepaid expenses and other current assets | (104,000) | (181,000) |
Accounts payable | (11,000) | 21,000 |
Accrued compensation and other current liabilities | 497,000 | 292,000 |
Accrued interest | 152,000 | |
Deferred rent | (16,000) | (65,000) |
Net cash provided by operating activities | 2,348,000 | 605,000 |
Cash flows from investing activities | ||
Investment in SAVSU | (6,000,000) | |
Purchase of property and equipment | (500,000) | (144,000) |
Net cash used in investing activities | (6,500,000) | (144,000) |
Cash flows from financing activities | ||
Proceeds from private equity transaction | 20,000,000 | |
Proceeds from note payable to related party | 1,000,000 | |
Proceeds from exercise of common stock options and warrants | 12,900,000 | 3,978,000 |
Payments on equipment loan | (12,000) | (13,000) |
Payments on capital lease obligation | (13,000) | (11,000) |
Payments for redemption of preferred stock | (4,250,000) | |
Payments related to stock issuance | (43,000) | (9,000) |
Payments of preferred stock dividends | (436,000) | (106,000) |
Deferred costs paid related to potential stock issuance | (43,000) | |
Net cash provided by financing activities | 28,146,000 | 4,796,000 |
Net increase in cash and cash equivalents | 23,994,000 | 5,257,000 |
Cash and cash equivalents - beginning of year | 6,663,000 | 1,406,000 |
Cash and cash equivalents - end of year | 30,657,000 | 6,663,000 |
Non-cash investing and financing activities | ||
Series A preferred stock dividends accrued not yet paid | 106,000 | |
Stock issued for services in prior period included in liabilities at prior year-end | 36,000 | 36,000 |
Receivables converted to equity investment in SAVSU | 150,000 | |
Preferred stock issued to convert related party note payable and accrued interest | 4,250,000 | |
Capital lease obligations incurred for purchase of equipment | 52,000 | |
Purchase of equipment with debt | 18,000 | 39,000 |
Legal fees for private equity transaction not yet paid | 44,000 | |
Purchase of property and equipment not yet paid | $ 54,000 | $ 22,000 |
Note 1 - Organization and Signi
Note 1 - Organization and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Basis of Presentation and Significant Accounting Policies [Text Block] | 1. Organization and Significant Accounting Policies Business BioLife Solutions, Inc. (“BioLife,” “us,” “we,” “our,” or the “Company”) is a developer, manufacturer and marketer of proprietary clinical grade cell and tissue hypothermic storage and cryopreservation freeze media. Our proprietary HypoThermosol® and CryoStor® platform of solutions are highly valued in the biobanking, drug discovery, and regenerative medicine markets. Our biopreservation media products are serum-free and protein-free, fully defined, and are formulated to reduce preservation-induced cell damage and death. Our enabling technology provides commercial companies and clinical researchers significant improvement in shelf life and post-preservation viability and function of cells, tissues, and organs. Additionally, for our direct, distributor, and contract customers, we perform custom formulation, fill, and finish services. Use of estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Earnings per share Basic earnings per share is calculated by dividing the net income (loss) attributable to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated using the weighted average number of common shares outstanding plus dilutive common stock equivalents outstanding as determined by the treasury method during the period. In periods when we have a net loss, common stock equivalents are excluded from our calculation of earnings per share as their inclusion would have an antidilutive effect. For the year ended December 31, 2018, December 31, 2017, 3.4 6.7 238,000 The following table shows the calculation of basic and diluted earnings per share: Year Ended December 31, (In thousands , except share and earnings per share data ) 2018 2017 Numerator: Net income (loss) attributable to common stockholders $ 2,927 $ (2,728 ) Denominator: Weighted average basic shares outstanding 16,256,465 13,263,881 Effect of dilutive securities 5,370,813 — Weighted average diluted shares 21,627,278 13,263,881 Basic earnings per share $ 0.18 $ (0.21 ) Diluted earnings per share $ 0.14 $ (0.21 ) Cash and cash equivalents Cash equivalents consist primarily of interest-bearing money market accounts. We consider all highly liquid debt instruments purchased with an initial maturity of three may not We paid $5,000 $38,000 December 31, 2018 2017, Equity Method Investments We account for our ownership in SAVSU Technologies, Inc. (“SAVSU”) using the equity method of accounting. This method states that if the investment provides us the ability to exercise significant influence, but not 20% 50%, January 22, 2018, 35%, December 31, 2016. 35% December 31, 2017. $6 44.4% December 31, 2018. 18 56% not 1,000,000 $23 As of December 31, 2018, $5.8 $11.0 $0.5 December 31, 2017, $0.6 $5.5 $0.2 December 31 2018 2017, $1.9 $2.2 December 31, 2018, Inventories Inventories represent biopreservation solutions, raw materials used to make biopreservation solutions and are stated at the lower of cost or net realizable value. Cost is determined using the first first Accounts receivable Accounts receivable are stated at principal amount, do not ninety Property and equipment Property and equipment are stated at cost and are depreciated using the straight-line method over estimated useful lives of three ten Deferred rent For our operating leases, we recognize rent expense on a straight-line basis over the terms of the leases and, accordingly, we record the difference between cash rent payments and the recognition of rent expense as a deferred rent liability. Landlord-funded leasehold improvements, to the extent the improvements are not Revenue recognition On January 1, 2018, No. 2014 09, 606 January 1, 2018. January 1, 2018 not 605, not no To determine revenue recognition for contractual arrangements that we determine are within the scope of Topic 606, five five not one We invoice and receive payment from our customers after we recognize revenue, resulting in receivables from our customers that are presented as accounts receivable on our balance sheet. Accounts receivable consist of short-term amounts due from our customers (generally 30 90 Income taxes We account for income taxes using an asset and liability method which generally requires recognition of deferred tax assets and liabilities for the expected future tax effects of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are recognized for the future tax effects of differences between tax bases of assets and liabilities, and financial reporting amounts, based upon enacted tax laws and statutory rates applicable to the periods in which the differences are expected to affect taxable income. We evaluate the likelihood of realization of deferred tax assets and provide an allowance where, in management’s opinion, it is more likely than not not not December 31, 2015 2018. Advertising Advertising costs are expensed as incurred and totaled $30,000 $39,000 December 31, 2018 2017, Operating segments As described above, our activities are directed in the life sciences field of biopreservation products and services. As of December 31, 2018, 2017 Concentrations of credit risk and business risk In the years 2018 2017, 29% two 12% one 13% 10% December 31, 2018. 11% 16% December 31, 2017. December 31, 2018, three 71% December 31, 2017, two 41% 2018 2017, 88% 77%, Research and development Research and development costs are expensed as incurred. Stock Based Compensation We use the Black-Scholes option pricing model as our method of valuation for stock option awards. Restricted stock unit grants are valued at the fair value of our common stock on the date of grant. Share-based compensation expense is based on the value of the portion of the stock-based award that will vest during the period, adjusted for forfeitures. Our determination of the fair value of stock option awards on the date of grant using an option pricing model is affected by our stock price as well as assumptions regarding a number of highly complex and subjective variables. These variables include, but are not The fair value of options at the date of grant is determined under the Black-Scholes option pricing model. We did not December 31, 2018. December 31, 2017, Assumptions 2017 Risk-free rate 2.12 % Annual rate of dividends –– Historical volatility 74 % Expected life (in years) 5.7 The risk-free interest rate was based on the U.S. Treasury yield curve in effect at the time of grant. We do not may not Management adopted Financial Accounting Standards Board (“FASB”) Accounting Standard Update No. 2016 09 January 1, 2017. 2016 09 not $28,000 Recent accounting pronouncements In August 2016, No. 2016 15, 230 2016 15 January 1, 2018, no In February 2016, No. 2016 02, 842 2016 02 2016 02. December 15, 2018. 842 January 1, 2019 not December 31, 2018, $1.8 $1.9 In January 2016, No. 2016 01, 825 2016 01 January 1, 2018, no With the exception of the new standards discussed above, there have been no not |
Note 2 - Fair Value Measurement
Note 2 - Fair Value Measurement | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 2 . Fair Value Measurement In accordance with FASB ASC Topic 820, 820” 820 820 three Level 1 Level 2 1 not Level 3 As of December 31, 2018 2017, not The following tables set forth the Company’s assets measured at fair value on a recurring basis as of December 31, 2018 December 31, 2017, three (In thousands) As of December 31, 201 8 Level 1 Level 2 Total Total Cash and cash equivalents $ 30,657 $ — $ 30,657 As of December 31, 201 7 Level 1 Level 2 Total Total Cash and cash equivalents $ 6,663 $ — $ 6,663 The fair values of bank deposits and money market funds classified as Level 1 no 2 3 not 1 2 December 31, 2018 2017. |
Note 3 - Inventories
Note 3 - Inventories | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 3 . Inventories Inventories consist of the following at December 31, 2018 2017: (In thousands) 201 8 201 7 Raw materials $ 1,453 $ 583 Work in progress 652 454 Finished goods 1,404 810 Total $ 3,509 $ 1,847 |
Note 4 - Deferred Rent
Note 4 - Deferred Rent | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Deferred Rent [Text Block] | 4 . Deferred Rent Deferred rent consists of the following at December 31, 2018 2017: (In thousands) 201 8 201 7 Landlord-funded leasehold improvements $ 1,125 $ 1,125 Less accumulated amortization (757 ) (630 ) Total (current portion $130 at December 31, 2018 and 2017) 368 495 Straight line rent adjustment 111 127 Total deferred rent $ 479 $ 622 During each of the years ended December 31, 2018 2017, $127,000 In addition, during the years ended December 31, 2018 2017, $16,000 $65,000, |
Note 5 - Income Taxes
Note 5 - Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 5 . Income Taxes Income tax benefit reconciled to tax calculated at statutory rates is as follows: (In thousands) 201 8 201 7 Federal tax expense (benefit) on net income/loss at statutory rate $ 686 $ (855 ) Change in valuation allowance (412 ) (3,419 ) Basis difference related to investment in SAVSU –– (110 ) Return to provision 52 (1,038 ) Federal rate change true-up –– 5,421 Stock compensation (748 ) –– Book loss in SAVSU 141 –– 162(m) limitation on executive compensation deductibility 296 –– Other (15 ) 1 Benefit (expense) for income taxes, net $ –– $ –– At December 31, 2018 2017, (In thousands) 201 8 201 7 Deferred tax assets (liabilities) Net operating loss carryforwards $ 7,381 $ 8,162 Accrued compensation 181 32 Depreciation (24 ) 43 Section 263a inventory adjustment 42 29 Stock-based compensation 664 688 Deferred rent 101 –– Outside basis difference in SAVSU –– (225 ) Other –– 28 Total 8,345 8,757 Less: Valuation allowance (8,345 ) (8,757 ) Net deferred tax asset $ –– $ –– On December 22, 2017, “H.R.1”, H.R.1 21% 35%, January 1, 2018. December 31, 2017. $5.4 December 31, 2017. 2018 $2.3 $2.3 The Company has the following net operating loss tax carryforwards available at December 31, 2018: (In thousands) Year of Expiration Net Operating 2019 $ 259 2020 2,849 2021 4,168 2023 1,217 2024 646 2025 589 2026 873 2027 2,607 2028 2,512 2029 2,196 2030 1,232 2031 1,028 2032 437 2033 37 2034 6,409 2035 3,093 2036 4,995 Total $ 35,147 Based on historical losses and potential future changes in the ownership of the Company, the utilization of such loss and tax credit carryforwards could be substantially limited. We have recorded a full valuation allowance against our deferred tax assets. As we trend towards positive net income, we will continue to assess our valuation allowance. Based on all available evidence, we determined that we have not December 31, 2018. may |
Note 6 - Warrants
Note 6 - Warrants | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Warrants [Text Block] | 6 . Warrants The following table summarizes warrant activity for the years ended December 31, 2018 2017: Year Ended Year Ended (In thousands, except exercise price) December 31, 2018 December 31, 201 7 Wtd. Avg. Wtd. Avg. Exercise Exercise Shares Price Shares Price Outstanding at beginning of year 6,689 $ 4.50 7,603 $ 4.46 Exercised (2,609 ) 4.75 (914 ) 4.18 Outstanding and exercisable at end of year 4,080 $ 4.35 6,689 $ 4.50 The outstanding warrants have expiration dates between March 2021 May 2021. |
Note 7 - Stock-based Compensati
Note 7 - Stock-based Compensation | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 7 . Stock-Based Compensation Stock Compensation Plans Our stock-based compensation programs are long-term retention programs that are intended to attract, retain and provide incentives for talented employees, officers and directors, and to align stockholder and employee interests. We have the following stock-based compensation plans and programs: During 2013, 2013 “2013 3.1 2013 May 2017, 4.1 December 31, 2018, 2.6 280,000 2013 The Company also issued, outside any approved compensation plans, non-incentive stock options. As of December 31, 2018, 425,000 Issuance of Shares When options and warrants are exercised, it is the Company’s policy to issue new shares. Stock Option Activity Service Vesting-Based Stock Options The following is a summary of service vesting-based stock option activity for 2018 2017, December 31, 2018 2017: Year Ended Year Ended December 31, 201 8 December 31, 201 7 Wtd. Avg. Wtd. Avg. Exercise Exercise Shares Price Shares Price Outstanding at beginning of year 2,390,012 $ 1.85 2,513,861 $ 1.78 Granted –– –– 155,000 2.93 Exercised (330,983 ) 1.36 (131,427 ) 1.17 Forfeited (15,627 ) 4.34 (52,932 ) 3.45 Expired - vested –– –– (94,490 ) 1.78 Outstanding at end of year 2,043,402 $ 1.91 2,390,012 $ 1.85 Stock options exercisable at year end 1,661,999 $ 1.87 1,583,585 $ 1.72 We recognized stock compensation expense of $597,000 $612,000 December 31, 2018 2017, none $1.91 December 31, 2018 2017, During the year ended December 31, 2018, 330,983 $3.8 December 31, 2017, 131,427 $91,817 As of December 31, 2018, $20.7 $16.9 2018 December 31, 2018. The following table summarizes information about service vesting-based stock options outstanding at December 31, 2018: Range of Exercise Prices Number Outstanding at December 31, 201 8 Weighted Average Remaining Contractual Life Weighted Average Exercise Price $ 0.49 - 1.00 3,571 2.91 $ .49 $ 1.01 - 1.50 412,073 1.91 $ 1.24 $ 1.51 - 2.50 1,549,367 6.52 $ 1.94 $ 2.51 - 8.60 78,391 6.69 $ 4.99 2,043,402 5.59 $ 1.91 The weighted average remaining contractual life of exercisable service vesting-based options at December 31, 2018, 5.4 December 31, 2018 $531,000 1.5 Performance-based Stock Options The Company’s Board of Directors implemented a Management Performance Bonus Plan for 2017. December 31, 2017, 1,000,000 may $1.64, 2017 50% 2017, 50% one not no February 27, 2018, 2017 999,997 50% March 8, 2018 50% March 8, 2019. The following is a summary of performance-based stock option activity under our stock option plans for 2018 2017, December 31, 2018 2017: Year Ended Year Ended December 31, 2018 December 31, 2017 Wtd. Avg. Wtd. Avg. Exercise Exercise Shares Price Shares Price Outstanding at beginning of year 999,997 $ 1.64 999,997 $ 1.64 Granted –– –– –– –– Exercised (35,000 ) 1.64 –– –– Outstanding at end of year 964,997 $ 1.64 999,997 $ 1.64 Stock options exercisable at year end 465,001 $ 1.64 –– $ –– We recognized stock compensation expense of $509,000 December 31, 2018 2017. December 31, 2018, 35,000 $285,000 December 31, 2018, $10.0 $4.8 December 31, 2018, 3.0 2017 December 31, 2018. Restricted Stock The following is a summary of unvested restricted stock activity for 2018 2017, December 31, 2018 2017: Year Ended Year Ended December 31, 201 8 December 31, 201 7 Wtd. Avg. Wtd. Avg. Grant Date Grant Date Shares Fair Value Shares Fair Value Outstanding at beginning of year 237,926 $ 1.79 98,439 $ 1.90 Granted 181,268 7.02 207,350 1.76 Vested (116,647 ) 1.81 (51,563 ) 1.90 Forfeited (22,628 ) 3.95 (16,300 ) 1.76 Non-vested at end of year 279,919 $ 5.00 237,926 $ 1.79 The aggregate fair value of the awards granted during the years ended December 31, 2018 2017 $1.3 $365,000, December 31, 2018 2017 $1.1 $154,000, We recognized stock compensation expense of $413,000 $149,000 December 31, 2018 2017, December 31, 2018, $1.1 3.0 We recorded total stock compensation expense for the years ended December 31, 2018 2017, Year Ended December 31, (In thousands) 2018 201 7 Research and development costs $ 260 $ 237 Sales and marketing costs 269 231 General and administrative costs 809 638 Cost of product sales 181 164 Total $ 1,519 $ 1,270 |
Note 8 - Commitments and Contin
Note 8 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 8 . Commitments and Contingencies Leases We lease approximately 32,000 July 31, 2021 two five first August 1, 2021, second first $59,000 December 31, 2018, August October The following is a schedule of future minimum lease payments required under the facility leases as of December 31, 2018: Year Ending (In thousands) December 31 2019 $ 748 2020 764 2021 452 Total $ 1,964 Rental expense for this facility lease for the years ended December 31, 2018 2017 $809,000 $755,000, Employment agreements We have employment agreements with our Chief Executive Officer, Chief Financial Officer, Chief Technology Officer, Vice President of Operations, Vice President of Marketing, and Vice President of Sales. None may Litigation From time to time, the Company is subject to various legal proceedings that arise in the ordinary course of business, none |
Note 9 - Preferred Stock
Note 9 - Preferred Stock | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 9 . Preferred Stock On June 30, 2017, $4.25 June 1, 2017, 4,250 No no December 31, 2017, 4,250 $1,000 10%. May 17, 2018 25%, 1,063 $1,063,000. November 27, 2018 3,187 $3,187,000. no no December 31, 2018. |
Note 10 - Revenue
Note 10 - Revenue | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 10. Revenue The following table disaggregates revenue by market segment and distributors: Year Ended December 31, (In thousands) 2018 2017 Regenerative Medicine $ 11,029 $ 5,307 Distributors 6,418 3,232 Drug discovery 1,199 1,318 BioBanking 1,096 1,165 Total $ 19,742 $ 11,022 |
Note 11 - Subsequent Events
Note 11 - Subsequent Events | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 1 1 . Subsequent Event Astero Acquisition On March 13, 2019, one hundred 100% In connection with the Acquisition, the Company will pay to the Sellers (i) a base payment in the amount of $12,500,000, x $8,000,000 $4,500,000 one 2019, 2020 2021 $3,500,000, $5,000,000 2021 three 2019 2021 The obligations of the parties to consummate the Acquisition is subject to the following closing conditions: (i) the satisfaction of the representations and warranties in the Purchase Agreement, by each party, (ii) performance in all material respects each parties respective obligations in all materials respects of the Purchase Agreement by each party, (iii) delivery of the closing deliverables by each party and (iv) for only Astero and the Sellers, proof that no Pursuant to the terms of the Purchase Agreement, at or prior to the Closing, the Company, the Seller Representative, and Continental Stock Transfer & Trust Company (the “Escrow Agent”), shall enter into an escrow agreement (the “Escrow Agreement”). At the Closing, the Company shall pay to the Escrow Agent by wire transfer in immediately available funds (i) $1,000,000 x $250,000 $750,000 18 $3,750,000 one |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Use of Estimates, Policy [Policy Text Block] | Use of estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. |
Earnings Per Share, Policy [Policy Text Block] | Earnings per share Basic earnings per share is calculated by dividing the net income (loss) attributable to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated using the weighted average number of common shares outstanding plus dilutive common stock equivalents outstanding as determined by the treasury method during the period. In periods when we have a net loss, common stock equivalents are excluded from our calculation of earnings per share as their inclusion would have an antidilutive effect. For the year ended December 31, 2018, December 31, 2017, 3.4 6.7 238,000 The following table shows the calculation of basic and diluted earnings per share: Year Ended December 31, (In thousands , except share and earnings per share data ) 2018 2017 Numerator: Net income (loss) attributable to common stockholders $ 2,927 $ (2,728 ) Denominator: Weighted average basic shares outstanding 16,256,465 13,263,881 Effect of dilutive securities 5,370,813 — Weighted average diluted shares 21,627,278 13,263,881 Basic earnings per share $ 0.18 $ (0.21 ) Diluted earnings per share $ 0.14 $ (0.21 ) |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and cash equivalents Cash equivalents consist primarily of interest-bearing money market accounts. We consider all highly liquid debt instruments purchased with an initial maturity of three may not We paid $5,000 $38,000 December 31, 2018 2017, |
Equity Method Investments [Policy Text Block] | Equity Method Investments We account for our ownership in SAVSU Technologies, Inc. (“SAVSU”) using the equity method of accounting. This method states that if the investment provides us the ability to exercise significant influence, but not 20% 50%, January 22, 2018, 35%, December 31, 2016. 35% December 31, 2017. $6 44.4% December 31, 2018. 18 56% not 1,000,000 $23 As of December 31, 2018, $5.8 $11.0 $0.5 December 31, 2017, $0.6 $5.5 $0.2 December 31 2018 2017, $1.9 $2.2 December 31, 2018, |
Inventory, Policy [Policy Text Block] | Inventories Inventories represent biopreservation solutions, raw materials used to make biopreservation solutions and are stated at the lower of cost or net realizable value. Cost is determined using the first first |
Receivables, Policy [Policy Text Block] | Accounts receivable Accounts receivable are stated at principal amount, do not ninety |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and equipment Property and equipment are stated at cost and are depreciated using the straight-line method over estimated useful lives of three ten |
Lessee, Leases [Policy Text Block] | Deferred rent For our operating leases, we recognize rent expense on a straight-line basis over the terms of the leases and, accordingly, we record the difference between cash rent payments and the recognition of rent expense as a deferred rent liability. Landlord-funded leasehold improvements, to the extent the improvements are not |
Revenue Recognition, Policy [Policy Text Block] | Revenue recognition On January 1, 2018, No. 2014 09, 606 January 1, 2018. January 1, 2018 not 605, not no To determine revenue recognition for contractual arrangements that we determine are within the scope of Topic 606, five five not one We invoice and receive payment from our customers after we recognize revenue, resulting in receivables from our customers that are presented as accounts receivable on our balance sheet. Accounts receivable consist of short-term amounts due from our customers (generally 30 90 |
Income Tax, Policy [Policy Text Block] | Income taxes We account for income taxes using an asset and liability method which generally requires recognition of deferred tax assets and liabilities for the expected future tax effects of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are recognized for the future tax effects of differences between tax bases of assets and liabilities, and financial reporting amounts, based upon enacted tax laws and statutory rates applicable to the periods in which the differences are expected to affect taxable income. We evaluate the likelihood of realization of deferred tax assets and provide an allowance where, in management’s opinion, it is more likely than not not not December 31, 2015 2018. |
Advertising Costs, Policy [Policy Text Block] | Advertising Advertising costs are expensed as incurred and totaled $30,000 $39,000 December 31, 2018 2017, |
Segment Reporting, Policy [Policy Text Block] | Operating segments As described above, our activities are directed in the life sciences field of biopreservation products and services. As of December 31, 2018, 2017 |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations of credit risk and business risk In the years 2018 2017, 29% two 12% one 13% 10% December 31, 2018. 11% 16% December 31, 2017. December 31, 2018, three 71% December 31, 2017, two 41% 2018 2017, 88% 77%, |
Research and Development Expense, Policy [Policy Text Block] | Research and development Research and development costs are expensed as incurred. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock Based Compensation We use the Black-Scholes option pricing model as our method of valuation for stock option awards. Restricted stock unit grants are valued at the fair value of our common stock on the date of grant. Share-based compensation expense is based on the value of the portion of the stock-based award that will vest during the period, adjusted for forfeitures. Our determination of the fair value of stock option awards on the date of grant using an option pricing model is affected by our stock price as well as assumptions regarding a number of highly complex and subjective variables. These variables include, but are not The fair value of options at the date of grant is determined under the Black-Scholes option pricing model. We did not December 31, 2018. December 31, 2017, Assumptions 2017 Risk-free rate 2.12 % Annual rate of dividends –– Historical volatility 74 % Expected life (in years) 5.7 The risk-free interest rate was based on the U.S. Treasury yield curve in effect at the time of grant. We do not may not Management adopted Financial Accounting Standards Board (“FASB”) Accounting Standard Update No. 2016 09 January 1, 2017. 2016 09 not $28,000 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent accounting pronouncements In August 2016, No. 2016 15, 230 2016 15 January 1, 2018, no In February 2016, No. 2016 02, 842 2016 02 2016 02. December 15, 2018. 842 January 1, 2019 not December 31, 2018, $1.8 $1.9 In January 2016, No. 2016 01, 825 2016 01 January 1, 2018, no With the exception of the new standards discussed above, there have been no not |
Note 1 - Organization and Sig_2
Note 1 - Organization and Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year Ended December 31, (In thousands , except share and earnings per share data ) 2018 2017 Numerator: Net income (loss) attributable to common stockholders $ 2,927 $ (2,728 ) Denominator: Weighted average basic shares outstanding 16,256,465 13,263,881 Effect of dilutive securities 5,370,813 — Weighted average diluted shares 21,627,278 13,263,881 Basic earnings per share $ 0.18 $ (0.21 ) Diluted earnings per share $ 0.14 $ (0.21 ) |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Assumptions 2017 Risk-free rate 2.12 % Annual rate of dividends –– Historical volatility 74 % Expected life (in years) 5.7 |
Note 2 - Fair Value Measureme_2
Note 2 - Fair Value Measurement (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | As of December 31, 201 8 Level 1 Level 2 Total Total Cash and cash equivalents $ 30,657 $ — $ 30,657 As of December 31, 201 7 Level 1 Level 2 Total Total Cash and cash equivalents $ 6,663 $ — $ 6,663 |
Note 3 - Inventories (Tables)
Note 3 - Inventories (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | (In thousands) 201 8 201 7 Raw materials $ 1,453 $ 583 Work in progress 652 454 Finished goods 1,404 810 Total $ 3,509 $ 1,847 |
Note 4 - Deferred Rent (Tables)
Note 4 - Deferred Rent (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Deferred Rent [Table Text Block] | (In thousands) 201 8 201 7 Landlord-funded leasehold improvements $ 1,125 $ 1,125 Less accumulated amortization (757 ) (630 ) Total (current portion $130 at December 31, 2018 and 2017) 368 495 Straight line rent adjustment 111 127 Total deferred rent $ 479 $ 622 |
Note 5 - Income Taxes (Tables)
Note 5 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | (In thousands) 201 8 201 7 Federal tax expense (benefit) on net income/loss at statutory rate $ 686 $ (855 ) Change in valuation allowance (412 ) (3,419 ) Basis difference related to investment in SAVSU –– (110 ) Return to provision 52 (1,038 ) Federal rate change true-up –– 5,421 Stock compensation (748 ) –– Book loss in SAVSU 141 –– 162(m) limitation on executive compensation deductibility 296 –– Other (15 ) 1 Benefit (expense) for income taxes, net $ –– $ –– |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | (In thousands) 201 8 201 7 Deferred tax assets (liabilities) Net operating loss carryforwards $ 7,381 $ 8,162 Accrued compensation 181 32 Depreciation (24 ) 43 Section 263a inventory adjustment 42 29 Stock-based compensation 664 688 Deferred rent 101 –– Outside basis difference in SAVSU –– (225 ) Other –– 28 Total 8,345 8,757 Less: Valuation allowance (8,345 ) (8,757 ) Net deferred tax asset $ –– $ –– |
Summary of Operating Loss Carryforwards [Table Text Block] | (In thousands) Year of Expiration Net Operating 2019 $ 259 2020 2,849 2021 4,168 2023 1,217 2024 646 2025 589 2026 873 2027 2,607 2028 2,512 2029 2,196 2030 1,232 2031 1,028 2032 437 2033 37 2034 6,409 2035 3,093 2036 4,995 Total $ 35,147 |
Note 6 - Warrants (Tables)
Note 6 - Warrants (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Year Ended Year Ended (In thousands, except exercise price) December 31, 2018 December 31, 201 7 Wtd. Avg. Wtd. Avg. Exercise Exercise Shares Price Shares Price Outstanding at beginning of year 6,689 $ 4.50 7,603 $ 4.46 Exercised (2,609 ) 4.75 (914 ) 4.18 Outstanding and exercisable at end of year 4,080 $ 4.35 6,689 $ 4.50 |
Note 7 - Stock-based Compensa_2
Note 7 - Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Year Ended Year Ended December 31, 201 8 December 31, 201 7 Wtd. Avg. Wtd. Avg. Exercise Exercise Shares Price Shares Price Outstanding at beginning of year 2,390,012 $ 1.85 2,513,861 $ 1.78 Granted –– –– 155,000 2.93 Exercised (330,983 ) 1.36 (131,427 ) 1.17 Forfeited (15,627 ) 4.34 (52,932 ) 3.45 Expired - vested –– –– (94,490 ) 1.78 Outstanding at end of year 2,043,402 $ 1.91 2,390,012 $ 1.85 Stock options exercisable at year end 1,661,999 $ 1.87 1,583,585 $ 1.72 Year Ended Year Ended December 31, 2018 December 31, 2017 Wtd. Avg. Wtd. Avg. Exercise Exercise Shares Price Shares Price Outstanding at beginning of year 999,997 $ 1.64 999,997 $ 1.64 Granted –– –– –– –– Exercised (35,000 ) 1.64 –– –– Outstanding at end of year 964,997 $ 1.64 999,997 $ 1.64 Stock options exercisable at year end 465,001 $ 1.64 –– $ –– |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | Range of Exercise Prices Number Outstanding at December 31, 201 8 Weighted Average Remaining Contractual Life Weighted Average Exercise Price $ 0.49 - 1.00 3,571 2.91 $ .49 $ 1.01 - 1.50 412,073 1.91 $ 1.24 $ 1.51 - 2.50 1,549,367 6.52 $ 1.94 $ 2.51 - 8.60 78,391 6.69 $ 4.99 2,043,402 5.59 $ 1.91 |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | Year Ended Year Ended December 31, 201 8 December 31, 201 7 Wtd. Avg. Wtd. Avg. Grant Date Grant Date Shares Fair Value Shares Fair Value Outstanding at beginning of year 237,926 $ 1.79 98,439 $ 1.90 Granted 181,268 7.02 207,350 1.76 Vested (116,647 ) 1.81 (51,563 ) 1.90 Forfeited (22,628 ) 3.95 (16,300 ) 1.76 Non-vested at end of year 279,919 $ 5.00 237,926 $ 1.79 |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Year Ended December 31, (In thousands) 2018 201 7 Research and development costs $ 260 $ 237 Sales and marketing costs 269 231 General and administrative costs 809 638 Cost of product sales 181 164 Total $ 1,519 $ 1,270 |
Note 8 - Commitments and Cont_2
Note 8 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | Year Ending (In thousands) December 31 2019 $ 748 2020 764 2021 452 Total $ 1,964 |
Note 10 - Revenue (Tables)
Note 10 - Revenue (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Year Ended December 31, (In thousands) 2018 2017 Regenerative Medicine $ 11,029 $ 5,307 Distributors 6,418 3,232 Drug discovery 1,199 1,318 BioBanking 1,096 1,165 Total $ 19,742 $ 11,022 |
Note 1 - Organization and Sig_3
Note 1 - Organization and Significant Accounting Policies (Details Textual) | Sep. 30, 2018USD ($)shares | Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($)shares | Jan. 01, 2019USD ($) | Jan. 22, 2018 | Jan. 01, 2017USD ($) | Dec. 31, 2016USD ($) |
Interest Paid, Including Capitalized Interest, Operating and Investing Activities, Total | $ 5,000 | $ 38,000 | |||||
Assets, Current, Total | 37,564,000 | 9,931,000 | |||||
Assets, Total | 45,467,000 | 12,143,000 | |||||
Liabilities, Total | 2,319,000 | 2,051,000 | |||||
Net Income (Loss) Attributable to Parent, Total | 3,266,000 | (2,515,000) | |||||
Liability for Uncertainty in Income Taxes, Current | 0 | ||||||
Advertising Expense | $ 30,000 | 39,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares | 0 | ||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | |||||||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense, Total | $ 0 | ||||||
Accounting Standards Update 2016-02 [Member] | Subsequent Event [Member] | |||||||
Operating Lease, Right-of-Use Asset | $ 1,800,000 | ||||||
Operating Lease, Liability, Total | $ 1,900,000 | ||||||
Retained Earnings [Member] | |||||||
Net Income (Loss) Attributable to Parent, Total | 3,266,000 | (2,515,000) | |||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 28,000 | (28,000) | |||||
Additional Paid-in Capital [Member] | |||||||
Net Income (Loss) Attributable to Parent, Total | |||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 28,000 | $ 28,000 | |||||
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | |||||||
Concentration Risk, Percentage | 29.00% | 12.00% | |||||
Number of Major Customers | 2 | 1 | |||||
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | CANADA | |||||||
Concentration Risk, Percentage | 13.00% | 11.00% | |||||
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Foreign Countries [Member] | |||||||
Concentration Risk, Percentage | 10.00% | 16.00% | |||||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | |||||||
Concentration Risk, Percentage | 71.00% | 41.00% | |||||
Number of Major Customers | 3 | 2 | |||||
Product Concentration Risk [Member] | Sales Revenue, Net [Member] | CryoStor Products [Member] | |||||||
Concentration Risk, Percentage | 88.00% | 77.00% | |||||
Minimum [Member] | |||||||
Property, Plant and Equipment, Useful Life | 3 years | ||||||
Maximum [Member] | |||||||
Property, Plant and Equipment, Useful Life | 10 years | ||||||
SAVSU [Member] | |||||||
Assets, Current, Total | $ 5,800,000 | $ 600,000 | |||||
Assets, Total | 11,000,000 | 5,500,000 | |||||
Liabilities, Total | 500,000 | 200,000 | |||||
Net Income (Loss) Attributable to Parent, Total | $ 1,900,000 | $ 2,200,000 | |||||
SAVSU [Member] | |||||||
Equity Method Investment, Ownership Percentage | 44.40% | 35.00% | 35.00% | ||||
Payments to Acquire Equity Method Investments | $ 6,000,000 | ||||||
Purchase Option, Term | 1 year 180 days | ||||||
Purchase Option, Additional Ownership Percentage to be Acquired | 56.00% | ||||||
Purchase Option, Consideration Transferred, Equity Interests Issuable, Shares | shares | 1,000,000 | ||||||
Purchase Option, Consideration Transferred, Equity Interests Issuable | $ 23,000,000 | ||||||
Employee Stock Option [Member] | |||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | shares | 3,400,000 | ||||||
Warrant [Member] | |||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | shares | 6,700,000 | ||||||
Unvested Stock Awards [Member] | |||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | shares | 238,000 |
Note 1 - Organization and Sig_4
Note 1 - Organization and Significant Accounting Policies - Calculation of Diluted Shares (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Net income (loss) attributable to common stockholders | $ 2,927 | $ (2,728) |
Weighted average shares outstanding used to compute basic earnings per share (in shares) | 16,256,465 | 13,263,881 |
Effect of dilutive securities (in shares) | 5,370,813 | |
Weighted average diluted shares (in shares) | 21,627,278 | 13,263,881 |
Basic net income (loss) per common share (in dollars per share) | $ 0.18 | $ (0.21) |
Diluted net income (loss) per common share (in dollars per share) | $ 0.14 | $ (0.21) |
Note 1 - Organization and Sig_5
Note 1 - Organization and Significant Accounting Policies - Fair Value Assumptions (Details) - Employee Stock Option [Member] | 12 Months Ended |
Dec. 31, 2017 | |
Risk-free rate | 2.12% |
Annual rate of dividends | |
Historical volatility | 74.00% |
Expected life (in years) (Year) | 5 years 255 days |
Note 2 - Fair Value Measureme_3
Note 2 - Fair Value Measurement (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | $ 0 | $ 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value Disclosure | $ 0 | $ 0 |
Note 2 - Fair Value Measureme_4
Note 2 - Fair Value Measurement - Financial Assets on Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value, Inputs, Level 2 [Member] | ||
Total Cash and cash equivalents | $ 0 | $ 0 |
Fair Value, Measurements, Recurring [Member] | ||
Total Cash and cash equivalents | 30,657 | 6,663 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Total Cash and cash equivalents | 30,657 | 6,663 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Total Cash and cash equivalents |
Note 3 - Inventories - Summary
Note 3 - Inventories - Summary of Inventory (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Raw materials | $ 1,453 | $ 583 |
Work in progress | 652 | 454 |
Finished goods | 1,404 | 810 |
Total | $ 3,509 | $ 1,847 |
Note 4 - Deferred Rent (Details
Note 4 - Deferred Rent (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Amortization of Deferred Rent | $ 127,000 | $ 127,000 |
Increase (Decrease) in Deferred Liabilities, Total | $ (16,000) | $ (65,000) |
Note 4 - Deferred Rent - Summar
Note 4 - Deferred Rent - Summary of Deferred Rent (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Landlord-funded leasehold improvements | $ 1,125 | $ 1,125 |
Less accumulated amortization | (757) | (630) |
Total (current portion $130 at December 31, 2018 and 2017) | 368 | 495 |
Straight line rent adjustment | 111 | 127 |
Total deferred rent | $ 479 | $ 622 |
Note 5 - Income Taxes (Details
Note 5 - Income Taxes (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 35.00% |
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ 5.4 | |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest, Total | $ 2.3 | |
Operating Loss Carryforwards, Reduction | $ 2.3 |
Note 5 - Income Taxes - Effecti
Note 5 - Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Federal tax expense (benefit) on net income/loss at statutory rate | $ 686 | $ (855) |
Change in valuation allowance | (412) | (3,419) |
Basis difference related to investment in SAVSU | (110) | |
Return to provision | 52 | (1,038) |
Federal rate change true-up | 5,421 | |
Stock compensation | (748) | |
Book loss in SAVSU | 141 | |
162(m) limitation on executive compensation deductibility | 296 | |
Other | (15) | 1 |
Benefit (expense) for income taxes, net |
Note 5 - Income Taxes - Deferre
Note 5 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred tax assets (liabilities) | ||
Net operating loss carryforwards | $ 7,381 | $ 8,162 |
Accrued compensation | 181 | 32 |
Depreciation | (24) | |
Depreciation | 43 | |
Section 263a inventory adjustment | 42 | 29 |
Stock-based compensation | 664 | 688 |
Deferred rent | 101 | |
Outside basis difference in SAVSU | ||
Outside basis difference in SAVSU | (225) | |
Other | 28 | |
Total | 8,345 | 8,757 |
Less: Valuation allowance | (8,345) | (8,757) |
Net deferred tax asset |
Note 5 - Income Taxes - Operati
Note 5 - Income Taxes - Operating Loss Carryforwards (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Net Operating Losses | $ 35,147 |
Year 1 [Member] | |
Net Operating Losses | 259 |
Year 2 [Member] | |
Net Operating Losses | 2,849 |
Year 3 [Member] | |
Net Operating Losses | 4,168 |
Year 4 [Member] | |
Net Operating Losses | 1,217 |
Year 5 [Member] | |
Net Operating Losses | 646 |
Year 6 [Member] | |
Net Operating Losses | 589 |
Year 7 [Member] | |
Net Operating Losses | 873 |
Year 8 [Member] | |
Net Operating Losses | 2,607 |
Year 9 [Member] | |
Net Operating Losses | 2,512 |
Year 10 [Member] | |
Net Operating Losses | 2,196 |
Year 11 [Member] | |
Net Operating Losses | 1,232 |
Year 12 [Member] | |
Net Operating Losses | 1,028 |
Year 13 [Member] | |
Net Operating Losses | 437 |
Year 14 [Member] | |
Net Operating Losses | 37 |
Year 15 [Member] | |
Net Operating Losses | 6,409 |
Year 16 [Member] | |
Net Operating Losses | 3,093 |
Year 17 [Member] | |
Net Operating Losses | $ 4,995 |
Note 6 - Warrants - Summary of
Note 6 - Warrants - Summary of Warrant Activity (Details) - $ / shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Outstanding, Number (in shares) | 6,689 | 7,603 |
Outstanding, Weighted average exercise price (in dollars per share) | $ 4.50 | $ 4.46 |
Exercised, Number (in shares) | (2,609) | (914) |
Exercised, Weighted average exercise price (in dollars per share) | $ 4.75 | $ 4.18 |
Outstanding, Number (in shares) | 4,080 | 6,689 |
Outstanding, Weighted average exercise price (in dollars per share) | $ 4.35 | $ 4.50 |
Note 7 - Stock-based Compensa_3
Note 7 - Stock-based Compensation (Details Textual) - USD ($) | Feb. 27, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | May 31, 2017 | Dec. 31, 2016 | Dec. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance | 279,919 | 237,926 | 98,439 | |||
Allocated Share-based Compensation Expense, Total | $ 1,519,000 | $ 1,270,000 | ||||
Performance Shares [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance | 964,997 | 999,997 | 999,997 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 35,000 | |||||
Restricted Stock [Member] | ||||||
Allocated Share-based Compensation Expense, Total | $ 413,000 | $ 149,000 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ 1,100,000 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Fair Value | $ 1,300,000 | 365,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 1,100,000 | $ 154,000 | ||||
Employee Stock Option [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance | 2,043,402 | 2,390,012 | 2,513,861 | |||
Allocated Share-based Compensation Expense, Total | $ 597,000 | $ 612,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 0 | $ 1.91 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 330,983 | 131,427 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 3,800,000 | $ 91,817 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | 20,700,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 16,900,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 5 years 146 days | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ 531,000 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 182 days | |||||
The 2013 Performance Incentive Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance | 2,600,000 | |||||
The 2013 Performance Incentive Plan [Member] | Performance Shares [Member] | ||||||
Common Stock, Capital Shares Reserved for Future Issuance | 4,100,000 | 3,100,000 | ||||
The 2013 Performance Incentive Plan [Member] | Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance | 280,000 | |||||
All Other Unapproved Compensation Plans [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance | 425,000 | |||||
Management Performance Bonus Plan 2017 [Member] | Performance Shares [Member] | ||||||
Allocated Share-based Compensation Expense, Total | $ 509,000 | $ 509,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 35,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 285,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | 10,000,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 4,800,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 3 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,000,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price | $ 1.64 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 999,997 | |||||
Management Performance Bonus Plan 2017 [Member] | Performance Shares [Member] | Vesting on Release of Audited Financial Statements for 2017 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | |||||
Management Performance Bonus Plan 2017 [Member] | Performance Shares [Member] | Vesting One Year After Release of Audited Financial Statements for 2017 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | |||||
Management Performance Bonus Plan 2017 [Member] | Performance Shares [Member] | Share-based Compensation Award, Tranche One [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | |||||
Management Performance Bonus Plan 2017 [Member] | Performance Shares [Member] | Share-based Compensation Award, Tranche Two [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% |
Note 7 - Stock-based Compensa_4
Note 7 - Stock-based Compensation - Stock Option Activity (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Granted (in shares) | 0 | |
Outstanding at end of year, weighted average exercise price (in dollars per share) | $ 1.91 | |
Employee Stock Option [Member] | ||
Outstanding at beginning of year (in shares) | 2,390,012 | 2,513,861 |
Outstanding at beginning of year, weighted average exercise price (in dollars per share) | $ 1.85 | $ 1.78 |
Granted (in shares) | 155,000 | |
Granted, weighted average exercise price (in dollars per share) | $ 2.93 | |
Exercised (in shares) | (330,983) | (131,427) |
Exercised, weighted average exercise price (in dollars per share) | $ 1.36 | $ 1.17 |
Forfeited (in shares) | (15,627) | (52,932) |
Forfeited, weighted average exercise price (in dollars per share) | $ 4.34 | $ 3.45 |
Expired - vested (in shares) | (94,490) | |
Expired - vested (in dollars per share) | $ 1.78 | |
Outstanding at end of year (in shares) | 2,043,402 | 2,390,012 |
Outstanding at end of year, weighted average exercise price (in dollars per share) | $ 1.91 | $ 1.85 |
Stock options exercisable at year end (in shares) | 1,661,999 | 1,583,585 |
Stock options exercisable at year end, weighted average exercise price (in dollars per share) | $ 1.87 | $ 1.72 |
Performance Shares [Member] | ||
Outstanding at beginning of year (in shares) | 999,997 | 999,997 |
Outstanding at beginning of year, weighted average exercise price (in dollars per share) | $ 1.64 | $ 1.64 |
Granted (in shares) | ||
Granted, weighted average exercise price (in dollars per share) | ||
Exercised (in shares) | (35,000) | |
Exercised, weighted average exercise price (in dollars per share) | $ 1.64 | |
Outstanding at end of year (in shares) | 964,997 | 999,997 |
Outstanding at end of year, weighted average exercise price (in dollars per share) | $ 1.64 | $ 1.64 |
Stock options exercisable at year end (in shares) | 465,001 | |
Stock options exercisable at year end, weighted average exercise price (in dollars per share) | $ 1.64 |
Note 7 - Stock-based Compensa_5
Note 7 - Stock-based Compensation - Shares Authorized Under Stock Option Plan (Details) | 12 Months Ended |
Dec. 31, 2018$ / sharesshares | |
Exercise price, upper range (in dollars per share) | |
Number of shares outstanding (in shares) | shares | 2,043,402 |
Weighted average remaining contractual life (Year) | 5 years 215 days |
Weighted average exercise price (in dollars per share) | $ 1.91 |
Price Range 1 [Member] | |
Exercise price, lower range (in dollars per share) | 0.49 |
Exercise price, upper range (in dollars per share) | $ 1 |
Number of shares outstanding (in shares) | shares | 3,571 |
Weighted average remaining contractual life (Year) | 2 years 332 days |
Weighted average exercise price (in dollars per share) | $ 0.49 |
Price Range 2 [Member] | |
Exercise price, lower range (in dollars per share) | 1.01 |
Exercise price, upper range (in dollars per share) | $ 1.50 |
Number of shares outstanding (in shares) | shares | 412,073 |
Weighted average remaining contractual life (Year) | 1 year 332 days |
Weighted average exercise price (in dollars per share) | $ 1.24 |
Price Range 3 [Member] | |
Exercise price, lower range (in dollars per share) | 1.51 |
Exercise price, upper range (in dollars per share) | $ 2.50 |
Number of shares outstanding (in shares) | shares | 1,549,367 |
Weighted average remaining contractual life (Year) | 6 years 189 days |
Weighted average exercise price (in dollars per share) | $ 1.94 |
Price Range 4 [Member] | |
Exercise price, lower range (in dollars per share) | 2.51 |
Exercise price, upper range (in dollars per share) | $ 8.60 |
Number of shares outstanding (in shares) | shares | 78,391 |
Weighted average remaining contractual life (Year) | 6 years 251 days |
Weighted average exercise price (in dollars per share) | $ 4.99 |
Note 7 - Stock-based Compensa_6
Note 7 - Stock-based Compensation - Restricted Stock Activity (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Non-vested at beginning of year (in shares) | 237,926 | 98,439 |
Non-vested at beginning of year, grant date fair value (in dollars per share) | $ 1.79 | $ 1.90 |
Unvested granted (in shares) | 181,268 | 207,350 |
Granted, grant date fair value (in dollars per share) | $ 7.02 | $ 1.76 |
Vested (in shares) | (116,647) | (51,563) |
Vested, grant date fair value (in dollars per share) | $ 1.81 | $ 1.90 |
Forfeited (in shares) | (22,628) | (16,300) |
Forfeited, grant date fair value (in dollars per share) | $ 3.95 | $ 1.76 |
Non-vested at end of year (in shares) | 279,919 | 237,926 |
Non-vested at end of year, grant date fair value (in dollars per share) | $ 5 | $ 1.79 |
Note 7 - Stock-based Compensa_7
Note 7 - Stock-based Compensation - Stock Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Stock compensation expense | $ 1,519 | $ 1,270 |
Research and Development Expense [Member] | ||
Stock compensation expense | 260 | 237 |
Selling and Marketing Expense [Member] | ||
Stock compensation expense | 269 | 231 |
General and Administrative Expense [Member] | ||
Stock compensation expense | 809 | 638 |
Cost of Sales [Member] | ||
Stock compensation expense | $ 181 | $ 164 |
Note 8 - Commitments and Cont_3
Note 8 - Commitments and Contingencies (Details Textual) | 12 Months Ended | |
Dec. 31, 2018USD ($)a | Dec. 31, 2017USD ($) | |
Operating Leases, Rent Expense, Net, Total | $ 809,000 | $ 755,000 |
Bothell, Washington Headquarters [Member] | ||
Area of Real Estate Property | a | 32,000 | |
Lessee, Operating Lease, Renewal Term | 5 years | |
Monthly Base Rent Expense | $ 59,000 |
Note 8 - Commitments and Cont_4
Note 8 - Commitments and Contingencies - Future Minimum Lease Payments (Details) $ in Thousands | Dec. 31, 2018USD ($) |
2019 | $ 748 |
2020 | 764 |
2021 | 452 |
Total | $ 1,964 |
Note 9 - Preferred Stock (Detai
Note 9 - Preferred Stock (Details Textual) - USD ($) | Nov. 27, 2018 | May 17, 2018 | Jun. 30, 2017 | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Conversion, Converted Instrument, Amount | $ 4,250,000 | ||||
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | |||
Stock Redeemed or Called During Period, Value | $ 4,250,000 | ||||
Dividends Payable | $ 106,000 | ||||
Series A Preferred Stock [Member] | |||||
Debt Conversion, Converted Instrument, Amount | $ 4,250,000 | ||||
Debt Conversion, Converted Instrument, Shares Issued | 4,250 | ||||
Preferred Stock, Shares Outstanding, Ending Balance | 0 | 4,250 | |||
Preferred Stock, Par or Stated Value Per Share | $ 1,000 | ||||
Preferred Stock, Dividend Rate, Percentage | 10.00% | ||||
Preferred Stock Redeemed or Called During Period, Percent | 25.00% | ||||
Stock Redeemed or Called During Period, Shares | 3,187 | 1,063 | |||
Stock Redeemed or Called During Period, Value | $ 3,187,000 | $ 1,063,000 | |||
Dividends Payable | $ 0 |
Note 10 - Revenue - Disaggregat
Note 10 - Revenue - Disaggregated Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Net product sales | $ 19,742 | $ 11,022 |
Regenerative Medicine [Member] | ||
Net product sales | 11,029 | 5,307 |
Distribution Service [Member] | ||
Net product sales | 6,418 | 3,232 |
Drug Discovery [Member] | ||
Net product sales | 1,199 | 1,318 |
BioBanking [Member] | ||
Net product sales | $ 1,096 | $ 1,165 |
Note 11 - Subsequent Events (De
Note 11 - Subsequent Events (Details Textual) - Subsequent Event [Member] - Astero [Member] | Mar. 13, 2019USD ($) |
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% |
Business Combination, Consideration Transferred, Total | $ 12,500,000 |
Payments to Acquire Businesses, Gross | 8,000,000 |
Business Combination, Consideration Transferred, Liabilities Incurred | 4,500,000 |
Maximum Potential Earnout Payment for 2019, 2020, and 2021 [Member] | |
Business Combination, Contingent Consideration, Liability, Total | 3,500,000 |
Maximum Potential Earnout Payment for 2021 [Member] | |
Business Combination, Contingent Consideration, Liability, Total | 5,000,000 |
Indemnity Escrow Amount [Member] | |
Escrow Deposit | 1,000,000 |
Indemnity Escrow, Payable to Sellers From the Initial Cash Payment and Closing [Member] | |
Escrow Deposit | 250,000 |
Indemnity Escrow, Payable to Sellers From the Product Milestone Payment [Member] | |
Escrow Deposit | 750,000 |
Product Milestone Escrow Amount [Member] | |
Escrow Deposit | $ 3,750,000 |