Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Aug. 06, 2019 | |
Document Information [Line Items] | ||
Entity Registrant Name | 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 Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Common Stock, Shares Outstanding (in shares) | 19,002,764 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Title of 12(b) Security | Common Stock |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Current assets | ||
Cash and cash equivalents | $ 19,617 | $ 30,657 |
Accounts receivable, trade, net of allowance for doubtful accounts of $26 and $0 at June 30, 2019 and December 31, 2018, respectively | 3,832 | 3,045 |
Inventories | 5,306 | 3,509 |
Prepaid expenses and other current assets | 384 | 353 |
Total current assets | 29,139 | 37,564 |
Property and equipment | ||
Leasehold improvements | 1,284 | 1,284 |
Furniture and computer equipment | 577 | 706 |
Manufacturing and other equipment | 1,733 | 1,657 |
Subtotal | 3,594 | 3,647 |
Less: Accumulated depreciation | (2,276) | (2,328) |
Net property and equipment | 1,318 | 1,319 |
Operating lease right-of-use assets | 1,079 | |
Investment in SAVSU | 6,100 | 6,548 |
Intangible assets, net | 4,446 | |
Goodwill | 9,524 | |
Long-term deposits | 136 | 36 |
Total assets | 51,742 | 45,467 |
Current liabilities | ||
Accounts payable | 876 | 720 |
Accrued expenses and other current liabilities | 204 | 91 |
Accrued compensation | 963 | 998 |
Lease liability - operating, current portion | 665 | |
Lease liability – financing, current portion | 14 | |
Deferred rent, current portion | 130 | |
Contingent consideration - current | 371 | |
Total current liabilities | 3,093 | 1,939 |
Deferred rent, long-term | 349 | |
Long-term lease liability - operating | 806 | |
Long-term lease liability - financing | 10 | |
Other long-term liabilities | 7 | 31 |
Contingent consideration – long-term | 1,560 | |
Total liabilities | 5,476 | 2,319 |
Commitments and Contingencies (Note 10) | ||
Shareholders’ equity | ||
Common stock, $0.001 par value; 150,000,000 shares authorized, 18,898,609 and 18,547,406 shares issued and outstanding at June 30, 2019 and December 31, 2018, respectively | 19 | 19 |
Additional paid-in capital | 116,013 | 114,160 |
Accumulated deficit | (69,766) | (71,031) |
Total shareholders’ equity | 46,266 | 43,148 |
Total liabilities and shareholders’ equity | $ 51,742 | $ 45,467 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Accounts receivable, allowance for doubtful accounts | $ 26 | $ 0 |
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) | 18,898,609 | 18,547,406 |
Common stock, outstanding (in shares) | 18,898,609 | 18,547,406 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Product sales | $ 6,701 | $ 5,178 | $ 12,471 | $ 8,993 |
Cost of product sales | 1,958 | 1,537 | 3,606 | 2,901 |
Gross profit | 4,743 | 3,641 | 8,865 | 6,092 |
Operating expenses | ||||
Research and development | 739 | 325 | 1,111 | 671 |
Sales and marketing | 928 | 641 | 1,776 | 1,253 |
General and administrative | 2,118 | 1,390 | 4,321 | 2,744 |
Acquisition costs | 39 | 247 | ||
Total operating expenses | 3,824 | 2,356 | 7,455 | 4,668 |
Operating income | 919 | 1,285 | 1,410 | 1,424 |
Other income (expenses), net | ||||
Interest income | 137 | 32 | 307 | 41 |
Interest expense | (1) | (1) | (4) | (1) |
Loss from equity-method investment in SAVSU | (217) | (177) | (448) | (321) |
Total other income (expenses), net | (81) | (146) | (145) | (281) |
Income before provision for income taxes | 838 | 1,139 | 1,265 | 1,143 |
Income taxes | ||||
Net income | 838 | 1,139 | 1,265 | 1,143 |
Less: Preferred stock dividends | (93) | (200) | ||
Net income attributable to common stockholders | $ 838 | $ 1,046 | $ 1,265 | $ 943 |
Basic net income per common share (in dollars per share) | $ 0.04 | $ 0.07 | $ 0.07 | $ 0.06 |
Diluted net income per common share (in dollars per share) | $ 0.03 | $ 0.05 | $ 0.05 | $ 0.05 |
Basic shares used to compute earnings per share (in shares) | 18,819,459 | 15,180,169 | 18,734,401 | 14,642,378 |
Diluted shares used to compute earnings per share (in shares) | 24,539,299 | 20,374,358 | 24,439,959 | 19,063,595 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity (Unaudited) - 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, 2017 | 4,250 | 14,021,422 | |||
Balance at Dec. 31, 2017 | $ 14 | $ 84,036 | $ (73,958) | $ 10,092 | |
Stock based compensation | 748 | 748 | |||
Stock option/warrant exercises (in shares) | 2,003,605 | ||||
Stock option/warrant exercises | $ 2 | 8,897 | 8,899 | ||
Stock issued – on vested RSUs (in shares) | 76,539 | ||||
Stock issued – on vested RSUs | |||||
Net income | 1,143 | 1,143 | |||
Series A preferred stock redemption (in shares) | (1,063) | ||||
Series A preferred stock redemption | (1,063) | (1,063) | |||
Stock issued for services (in shares) | 5,939 | ||||
Stock issued for services | 36 | 36 | |||
Preferred stock dividends | (200) | (200) | |||
Balance (in shares) at Jun. 30, 2018 | 3,187 | 16,107,505 | |||
Balance at Jun. 30, 2018 | $ 16 | 92,654 | (73,015) | 19,655 | |
Balance (in shares) at Mar. 31, 2018 | 4,250 | 14,145,413 | |||
Balance at Mar. 31, 2018 | $ 14 | 84,518 | (74,061) | 10,471 | |
Stock based compensation | 374 | 374 | |||
Stock option/warrant exercises (in shares) | 1,941,167 | ||||
Stock option/warrant exercises | $ 2 | 8,825 | 8,827 | ||
Stock issued – on vested RSUs (in shares) | 20,925 | ||||
Stock issued – on vested RSUs | |||||
Net income | 1,139 | 1,139 | |||
Series A preferred stock redemption (in shares) | (1,063) | ||||
Series A preferred stock redemption | (1,063) | (1,063) | |||
Preferred stock dividends | (93) | (93) | |||
Balance (in shares) at Jun. 30, 2018 | 3,187 | 16,107,505 | |||
Balance at Jun. 30, 2018 | $ 16 | 92,654 | (73,015) | 19,655 | |
Balance (in shares) at Dec. 31, 2018 | 18,547,406 | ||||
Balance at Dec. 31, 2018 | $ 19 | 114,160 | (71,031) | 43,148 | |
Stock based compensation | 1,252 | 1,252 | |||
Stock option/warrant exercises (in shares) | 265,061 | ||||
Stock option/warrant exercises | 601 | 601 | |||
Stock issued – on vested RSUs (in shares) | 86,142 | ||||
Stock issued – on vested RSUs | |||||
Net income | 1,265 | 1,265 | |||
Balance (in shares) at Jun. 30, 2019 | 18,898,609 | ||||
Balance at Jun. 30, 2019 | $ 19 | 116,013 | (69,766) | 46,266 | |
Balance (in shares) at Mar. 31, 2019 | 18,717,095 | ||||
Balance at Mar. 31, 2019 | $ 19 | 114,951 | (70,604) | 44,366 | |
Stock based compensation | 646 | 646 | |||
Stock option/warrant exercises (in shares) | 160,364 | ||||
Stock option/warrant exercises | 416 | 416 | |||
Stock issued – on vested RSUs (in shares) | 21,150 | ||||
Stock issued – on vested RSUs | |||||
Net income | 838 | 838 | |||
Balance (in shares) at Jun. 30, 2019 | 18,898,609 | ||||
Balance at Jun. 30, 2019 | $ 19 | $ 116,013 | $ (69,766) | $ 46,266 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Cash flows from operating activities | ||
Net income | $ 1,265,000 | $ 1,143,000 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Depreciation | 209,000 | 161,000 |
Stock-based compensation expense | 1,252,000 | 748,000 |
Amortization of deferred rent related to lease incentives | 0 | (63,000) |
Amortization of operating lease liability | (87,000) | |
Interest expense – finance type lease | 2,000 | |
Loss from equity-method investment in SAVSU | 448,000 | 321,000 |
Amortization of intangible assets | 104,000 | |
Change in operating assets and liabilities | ||
Accounts receivable, trade | (632,000) | (1,145,000) |
Inventories | (1,341,000) | (275,000) |
Prepaid expenses and other current assets | (32,000) | (103,000) |
Accounts payable | (36,000) | 168,000 |
Accrued compensation and other current liabilities | (20,000) | 4,000 |
Deferred rent | (6,000) | |
Other liabilities | (53,000) | |
Net cash provided by operating activities | 1,079,000 | 953,000 |
Cash flows from investing activities | ||
Payments related to the Astero Bio Acquisition, net of cash acquired | (12,438,000) | |
Investment in equity investment SAVSU | (1,000,000) | |
Purchase of property and equipment | (267,000) | (61,000) |
Net cash used in investing activities | (12,705,000) | (1,061,000) |
Cash flows from financing activities | ||
Payments on equipment loan | (8,000) | (5,000) |
Payments on capital lease obligations | (7,000) | (7,000) |
Proceeds from exercise of common stock options and warrants | 601,000 | 8,899,000 |
Payments of preferred stock dividends | (213,000) | |
Payments for redemption of preferred stock | (1,063,000) | |
Net cash provided by financing activities | 586,000 | 7,611,000 |
Net increase (decrease) in cash and cash equivalents | (11,040,000) | 7,503,000 |
Cash and cash equivalents - beginning of period | 30,657,000 | 6,663,000 |
Cash and cash equivalents - end of period | 19,617,000 | 14,166,000 |
Non-cash investing and financing activities | ||
Series A preferred stock dividends accrued not yet paid | 93,000 | |
Stock issued for services provided in prior period included in liabilities at year-end | 36,000 | |
Receivables converted to equity investment in SAVSU | 150,000 | |
Purchase of equipment with debt | 18,000 | |
Purchase of property and equipment not yet paid | $ 4,000 | $ 20,000 |
Note 1 - Organization and Signi
Note 1 - Organization and Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2019 | |
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 leading developer, manufacturer and supplier of a portfolio of bioproduction tools including; proprietary biopreservation media and automated thawing devices for cell and gene therapies. Our CryoStor ® ® ® Basis of Presentation We have prepared the accompanying unaudited consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Pursuant to these rules and regulations, we have condensed or omitted certain information and footnote disclosures we normally include in our annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). In management’s opinion, we have made all adjustments (consisting only of normal, recurring adjustments) necessary to fairly present our financial position, results of operations and cash flows. Our interim period operating results do not necessarily indicate the results that may be expected for any other interim period or for the full year. These consolidated financial statements and accompanying notes should be read in conjunction with the financial statements and notes thereto in our Annual Report on Form 10 -K for the year ended December 31, 2018 on file with the SEC. Changes in Significant Accounting Policies The following significant accounting policies have been added or updated since our Annual Report on Form 10 -K for the year ended December 31, 2018. Business Combinations The Company’s identifiable assets acquired and liabilities assumed in a business combination are recorded at their acquisition date fair values. The valuation requires management to make significant estimates and assumptions, especially with respect to long-lived and intangible assets. Critical estimates in valuing intangible assets include, but are not limited to: ● future expected cash flows, including revenue and expense projections; ● discount rates to determine the present value of recognized assets and liabilities and; ● revenue volatility to determine contingent consideration using option pricing models The Company’s estimates of fair value are based upon assumptions it believes to be reasonable, but that are inherently uncertain and unpredictable. Assumptions may be incomplete or inaccurate, and unanticipated events and circumstances may occur. Goodwill is calculated as the excess of the purchase price over the fair value of net assets acquired, including the amount assigned to identifiable intangible assets. Acquisition-related costs, including advisory, legal, accounting, valuation, and other costs, are expensed in the periods in which these costs are incurred. The results of operations of an acquired business are included in the consolidated financial statements beginning at the acquisition date. The Company estimates the acquisition date fair value of the acquisition-related contingent consideration using various valuation approaches, including option pricing models, as well as significant unobservable inputs, reflecting the Company’s assessment of the assumptions market participants would use to value these liabilities. The fair value of the contingent consideration is remeasured each reporting period, with any change in the value recorded as other income or expense. During the measurement period, which may be up to one year from the acquisition date, any refinements made to the fair value of the assets acquired, liabilities assumed, or contingent consideration are recorded in the period in which the adjustments are recognized. Upon the conclusion of the measurement period or final determination of the fair value of the assets acquired, liabilities assumed, or contingent consideration, whichever comes first, any subsequent adjustments are recognized in the consolidated statements of operations. Goodwill Goodwill represents the excess of the purchase price over the net amount of identifiable assets acquired and liabilities assumed in a business combination measured at fair value. Goodwill is not amortized but is tested for impairment at least annually. The Company reviews goodwill for impairment annually at the end of its fourth fiscal quarter and whenever events or changes in circumstances indicate that the fair value of a reporting unit may be less than its carrying amount (a triggering event). The Company first assesses qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the quantitative goodwill impairment test described in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 350. The more likely than not threshold is defined as having a likelihood of more than 50 percent. If, after assessing the totality of events or circumstances, the Company determines that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the quantitative goodwill impairment test is unnecessary and goodwill is considered to be unimpaired. However, if based on the qualitative assessment the Company concludes that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the Company will proceed with performing the quantitative goodwill impairment test. In performing the quantitative goodwill impairment test, the Company determines the fair value of each reporting unit and compares it to its carrying value. If the fair value of the reporting unit exceeds the carrying value of the net assets assigned to that unit, goodwill is not impaired. If the carrying value of a reporting unit exceeds its fair value, the Company records an impairment loss equal to the difference. As of June 30, 2019, management believes there are no indications of impairment. Intangible Assets Intangible assets consist of developed technology, customer relationships, and tradenames and trademarks, resulting from the Company’s acquisitions. Intangible assets are recorded at fair value on the date of acquisition and amortized over their estimated useful lives on a straight-line basis. Significant Accounting Policies Update In February 2016, the FASB issued Accounting Standards Update (“ASU”) No. 2016 - 02, Leases: Topic 842 (“ASU 2016 - 02” ) that replaces existing lease guidance. The new standard is intended to provide enhanced transparency and comparability by requiring lessees to record right-of-use assets and corresponding lease liabilities on the balance sheet. Under the new guidance, leases will continue to be classified as either finance or operating, with classification affecting the pattern of expense recognition in the Statements of Operations. Lessor accounting is largely unchanged under ASU 2016 - 02. We adopted ASU 2016 - 02 and related ASUs (collectively ASC 842 ) effective January 1, 2019 using the additional transition option for the modified retrospective method and did not restate comparative periods. Consequently, periods before January 1, 2019 will continue to be reported in accordance with the prior accounting guidance, ASC 840, Leases. We elected the package of practical expedients, which permits us to retain prior conclusions about lease identification, lease classification and initial direct costs for leases that commenced before January 1, 2019. The new standard also provides practical expedients for an entity’s ongoing accounting. We elected the short-term lease recognition exemption for all leases that qualify. We also elected the practical expedient to combine lease and non-lease components for all of our leases other than net lease real estate leases. The adoption of this standard resulted in the recording of operating lease right-of-use assets of $1.3 million and short-term and long-term lease liabilities of $1.8 million as of January 1, 2019. The difference between right-of-use assets and lease liabilities relates to liabilities of $0.5 million for deferred rent and lease incentives liabilities that were included on our Balance Sheet prior to adoption of ASC 842. These amounts were eliminated at the time of adoption and are included in the lease liabilities. Adoption of ASC 842 did not have a material impact on the Company’s net earnings and had no impact on cash flows. Principles of Consolidation The consolidated financial statements for the three and six months ended June 30, 2019 include the accounts of the Company and as of April 1, 2019, its wholly-owned subsidiary, Astero Bio Corporation. All intercompany balances and transactions have been eliminated in consolidation. The acquisition of Astero closed on April 1, 2019 and thus the financial statements for the three and six months ended June 30, 2018 and the balance sheet as of December 31, 2018, only include accounts of the Company. 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 control, over the investee, we account for the investment under the equity method. Significant influence is generally deemed to exist if the Company’s ownership interest in the voting stock of the investee ranges between 20% and 50%, although other factors, such as representation on the investee’s board of directors, are considered in determining whether the equity method of accounting is appropriate. Under the equity method of accounting, the investment is recorded at its initial carrying value in the consolidated balance sheet and is periodically adjusted for capital contributions, dividends received and our share of the investee’s earnings or losses together with other-than-temporary impairments which are recorded as a component of other income (expense), net in the consolidated statements of operations. For the three and six months ended June 30, 2019, SAVSU’s net loss totaled $0.5 million and $1.0 million, respectively which our ownership resulted in a $0.2 million and $0.4 million loss, respectively. For the three and six months ended June 30, 2018, SAVSU’s net loss totaled $0.6 million and $1.1 million, respectively, of which our ownership resulted in a $0.2 million and $0.3 million loss, respectively. Concentrations of credit risk and business risk In the three months ended June 30, 2019, we derived approximately 17% of our product revenue from one customer and in the six months ended June 30, 2019, we derived approximately 20% of our revenue from one customer. In the three months ended June 30, 2018, we derived approximately 38% of our product revenue from three customers and in the six months ended June 30, 2018, we derived approximately 27% of our revenue from two customers. No other customer accounted for more than 10% of revenue in the three and six months ended June 30, 2019 or 2018. In the three months ended June 30, 2019 and 2018, we derived approximately 82% and 87%, of our revenue from CryoStor products, respectively. In each of the six months ended June 30, 2019 and 2018, we derived approximately 86%, of our revenue from CryoStor products. At June 30, 2019, two customers accounted for approximately 28% of total gross accounts receivable. At December 31, 2018, three customers accounted for approximately 71% of total gross accounts receivable. Revenue from customers located in Canada represented 17% and 20% and in all other foreign countries represented 12% and 14% of total revenue during the three and six months ended June 30, 2019, respectively. Revenue from customers located in Canada represented 11% and 12% and in all other foreign countries represented 11% and 11% of total revenue during the three and six months ended June 30, 2018, respectively. All revenue from foreign customers is denominated in United States dollars. Recent Accounting Pronouncements There have been no new accounting pronouncements not yet effective that have significance, or potential significance, to our Financial Statements. |
Note 2 - Fair Value Measurement
Note 2 - Fair Value Measurement | 6 Months Ended |
Jun. 30, 2019 | |
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 June 30, 2019 December 31, 2018, not The following tables set forth the Company’s financial assets measured at fair value on a recurring basis as of June 30, 2019 December 31, 2018, three As of June 30, 2019 Level 1 Level 2 Level 3 Total Assets: Total cash and cash equivalents $ 19,617 $ — $ — $ 19,617 Liabilities: Contingent consideration - business combinations $ — $ — $ 1,931 $ 1,931 As of December 31, 2018 Level 1 Level 2 Total Total cash and cash equivalents $ 30,657 $ — $ 30,657 The fair values of cash and cash equivalents classified as Level 1 3 3. no June 30, 2019, three six June 30, 2019. no 2 3 not 1 2 six June 30, 2019 twelve December 31, 2018. |
Note 3 - Acquisition of Astero
Note 3 - Acquisition of Astero Bio Corporation | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 3. Acquisition of Astero Bio Corporation On April 1, 2019, Astero’s ThawSTAR product line is comprised of a family of automated thawing devices for frozen cell and gene therapies packaged in cryovials and cryobags. The products improve the quality of administration of high-value, temperature-sensitive biologic therapies to patients by standardizing the thawing process and reducing the risks of contamination and overheating, which are inherent with the use of traditional water baths. Consideration transferred The Astero Acquisition was accounted for as a purchase of a business under FASB ASC Topic 805, $12.5 $8.5 three $1.9 $324,000, $4.6 $9.5 not may Total consideration recorded for the acquisition of Astero is as follows (amounts in thousands): Cash consideration $ 12,521 Contingent consideration 1,931 Working capital adjustment (71 ) Total consideration transferred $ 14,381 Transaction costs related to the acquisition are expensed as incurred and are not $39,000 $247,000 three six June 30, 2019, Fair Value of Net Assets Acquired The table below represents the purchase price allocation to the net assets acquired based on their estimated fair values (amounts in thousands). We may one March 31, 2019. Cash and cash equivalents $ 12 Accounts receivable 154 Inventory 456 Customer relationships 160 Tradenames 470 Developed technology 3,920 Goodwill 9,524 Other assets 100 Accounts Payable (251 ) Other liabilities (164 ) Fair value of net assets acquired $ 14,381 The fair value of Astero’s identifiable intangible assets and estimated useful lives have been preliminary estimated as follows (amounts in thousands): Estimated Fair Value Estimated Useful Life (Years) Customer relationships $ 160 4 Tradenames 470 9 Developed technologies 3,920 5 – 9 Total identifiable intangible assets $ 4,550 Fair value measurement methodologies used to calculate the value of any asset can be broadly classified into one three three third Some of the more significant assumptions inherent in the development of intangible asset fair values, from the perspective of a market participant, include, but are not Acquired Goodwill The goodwill of $9.5 not Revenue, Net Income and Pro Forma Presentation The Company recorded revenue from Astero of $374,000 $542,000 three six June 30, 2019. April 1, 2019 January 1, 2018 six June 30, 2019 2018 $104,000 $208,000 $4.6 $108,000 $216,000, $47,000 $94,000, $247,000 $103,000 six June 30, 2019. not not January 1, 2018 Six Months Ended June 30, (In thousands) 2019 2018 Total revenue $ 12,681 $ 9,016 Net income attributable to common stockholders $ 801 $ 258 Earnings per share: Basic $ 0.04 $ 0.02 Diluted $ 0.03 $ 0.01 |
Note 4 - Inventory
Note 4 - Inventory | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 4. Inventory Inventory consists of the following at June 30, 2019 December 31, 2018: (In thousands) June 30, 2019 December 31, 2018 Raw materials $ 2,068 $ 1,453 Work in progress 275 652 Finished goods 2,963 1,404 Total $ 5,306 $ 3,509 |
Note 5 - Deferred Rent
Note 5 - Deferred Rent | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Deferred Rent [Text Block] | 5. Deferred Rent Deferred rent consists of the following at December 31, 2018. January 1, 2019 2016 02 12 (In thousands) December 31, 2018 Landlord-funded leasehold improvements $ 1,125 Less accumulated amortization (757 ) Total 368 Straight line rent adjustment 111 Total deferred rent $ 479 During the three six June 30, 2019, no three six June 30, 2018, $32,000 $63,000, Straight line rent adjustment for the three six June 30, 2018 |
Note 6 - Share-based Compensati
Note 6 - Share-based Compensation | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 6. Share-based Compensation Service Vesting-Based Stock Options The following is a summary of service vesting-based stock option activity for the six June 30, 2019 June 30, 2019: Six Month Period Ended June 30, 2019 Wtd. Avg. Exercise Options Price Outstanding at beginning of year 2,043,402 $ 1.91 Granted — $ — Exercised (236,061 ) $ 1.96 Forfeited (3,438 ) $ 5.69 Expired — $ — Outstanding service vesting-based at June 30, 2019 1,803,903 $ 1.90 Service vesting-based options exercisable at June 30, 2019 1,600,799 $ 1.87 We recognized stock compensation expense related to service vesting-based options of $95,000 $149,000 three June 30, 2019 2018, $240,000 $303,000 six June 30, 2019 June 30, 2018, June 30, 2019, $27.2 $24.1 June 30, 2019. three June 30, 2019 2018 $2.0 $724,000, six June 30, 2019 2018 $3.5 $1.0 no six June 30, 2019 2018. June 30, 2019, 5.2 5.1 June 30, 2019 $279,000 1.4 Performance-based Stock Options The Company’s Board of Directors implemented a Management Performance Bonus Plan for 2017. December 31, 2017, 1,000,000 $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 for the six June 30, 2019, June 30, 2019: Six Month Period Ended June 30, 2019 Wtd. Avg. Exercise Options Price Outstanding at beginning of year 964,997 $ 1.64 Granted — $ — Exercised — $ — Outstanding performance-based at June 30, 2019 964,997 $ 1.64 Performance-based options exercisable at June 30, 2019 964,997 $ 1.64 We recognized stock compensation expense related to performance-based options of none $127,000 three June 30, 2019 2018, none $252,000 six June 30, 2019 2018. June 30, 2019, $14.8 June 30, 2019. three six June 30, 2019 none three six June 30, 2018 $285,000. June 30, 2019, 2.5 June 30, 2019 There were no three six June 30, 2019 2018. Restricted Stock Service vesting-based restricted stock The following is a summary of service vesting-based restricted stock activity for the six June 30, 2019, June 30, 2019: Six Month Period Ended June 30, 2019 Service vesting-based restricted stock Number of Grant-Date Outstanding at beginning of year 279,919 $ 5.00 Granted 177,718 $ 17.80 Vested (86,142 ) $ 4.51 Forfeited (21,269 ) $ 10.17 Outstanding at June 30, 2019 350,226 $ 11.30 The aggregate fair value of the service vesting-based awards granted during the three June 30, 2019 2018 $548,000 $154,000, six June 30, 2019 2018 $3.2 $1.1 three June 30, 2019 2018 $369,000 $174,000, six June 30, 2019 2018 $1.2 $481,000, We recognized stock compensation expense of $268,000 $98,000 three June 30, 2019 2018, $522,000 $193,000 six June 30, 2019 2018, June 30, 2019, $3.6 3.4 Performance-based restricted stock In 2019, 94,247 four 94,247 0% 200% January 1, 2019 December 31, 2020 20 94,247 50th may 188,494 80th no 30th 29,604 April 1, 2019 two Six Month Period Ended June 30, 2019 Performance-based restricted stock Number of Grant-Date Outstanding at beginning of year — $ — Expected to vest 123,851 $ 17.79 Vested — $ — Outstanding at June 30, 2019 123,851 $ 17.79 For the period ended June 30, 2019, $2.2 $283,000 $490,000 three six June 30, 2019, June 30, 2019, $1.7 1.5 Total Stock Compensation Expense We recorded total stock compensation expense for the three six June 30, 2019 2018, Three Month Period Ended Six Month Period Ended June 30, June 30, (In thousands) 2019 2018 2019 2018 Research and development costs $ 97 $ 65 $ 177 $ 130 Sales and marketing costs 131 69 297 138 General and administrative costs 350 191 677 382 Cost of product sales 68 49 101 98 Total $ 646 $ 374 $ 1,252 $ 748 |
Note 7 - Warrants
Note 7 - Warrants | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Warrants [Text Block] | 7. Warrants At June 30, 2019 December 31, 2018, 4,048,505 4,080,005 $4.34 $4.35, three six June 30, 2019, 24,000 29,000 $4.75 $114,000 $138,000, March 2021 May 2021. |
Note 8 - Income Taxes
Note 8 - Income Taxes | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 8. Income Taxes We have recorded a full valuation allowance against our deferred tax assets. As we continue to have multiple quarters of positive net income, we will assess our valuation allowance. Based on all available evidence, we determined that we have not June 30, 2019. may |
Note 9 - Net Income (Loss) Per
Note 9 - Net Income (Loss) Per Common Share | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 9. Net Income (Loss) per Common Share Basic earnings per share is calculated by dividing the net income (loss) 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 three six June 30, 2019 2018, The following table shows the calculation of basic and diluted earnings per shares: Three Month Period Ended Six Month Period Ended June 30, June 30, (In thousands, except per share and share data) 2019 2018 2019 2018 Numerator: Net income attributable to common stockholders $ 838 $ 1,046 $ 1,265 $ 943 Denominator: Weighted average basic shares outstanding 18,819,459 15,180,169 18,734,401 14,642,378 Effect of dilutive securities 5,719,840 5,194,189 5,705,558 4,421,217 Weighted average diluted shares 24,539,299 20,374,358 24,439,959 19,063,595 Basic earnings per share $ 0.04 $ 0.07 $ 0.07 $ 0.06 Diluted earnings per share $ 0.03 $ 0.05 $ 0.05 $ 0.05 |
Note 10 - Commitments & Conting
Note 10 - Commitments & Contingencies | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 10. Commitments & Contingencies 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, Vice President of Sales – Thaw Technologies, Vice President of Product Development – Thaw Technologies 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 11 - Revenue
Note 11 - Revenue | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 11 . Revenue We currently operate as one The following table disaggregates revenue by market segment and distributors: Three Month Period Ended Six Month Period Ended June 30, June 30, (In thousands) 2019 2018 2019 2018 Net product sales: Regenerative medicine $ 3,978 $ 2,985 $ 6,157 $ 5,089 Distributors 2,215 1,695 5,319 2,734 Drug discovery 248 263 486 640 BioBanking 260 235 509 530 Total $ 6,701 $ 5,178 $ 12,471 $ 8,993 The following table disaggregates revenue by product category: Three Month Period Ended Six Month Period Ended June 30, June 30, (In thousands) 2019 2018 2019 2018 Net product sales: Media $ 6,327 $ 5,178 $ 12,097 $ 8,993 Automated thawing products 374 — 374 — Total $ 6,701 $ 5,178 $ 12,471 $ 8,993 |
Note 12 - Leases
Note 12 - Leases | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Lessee, Leases [Text Block] | 12. Leases Our operating leases are primarily related to our Bothell, Washington headquarters space lease. The term of our lease continues until July 31, 2021 two five first August 1, 2021, second first not not 6.5%, 8.1%, 2.0 1.7 three June 30, 2019 $142,000 $186,000, six June 30, 2019 $285,000 $371,000, Maturities of lease liabilities as of June 30, 2019 (In thousands) Operating Leases Financing Leases 2019 (less than one year) $ 362 $ 7 2020 764 15 2021 452 3 Total lease payments 1,578 25 Less: interest (107 ) (2 ) Total present value of lease liabilities $ 1,471 $ 23 |
Note 13 - Subsequent Event
Note 13 - Subsequent Event | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 13. Subsequent Event On July 8, 2019, 56% not 1.1 August 7, 2019. Due to the limited time since the acquisition date and the effort required to assess the fair value of assets acquired and liabilities assumed, the initial accounting for the business combination is incomplete at the time of this filing. As a result, the Company is unable to provide the amounts recognized for the major classes of assets acquired and liabilities assumed, acquisition contingencies and goodwill. Also, the Company is unable to provide pro forma revenues and earnings of the combined entity. This information is expected to be included in the Company's Quarterly Report on Form 10 September 30, 2019. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation We have prepared the accompanying unaudited consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Pursuant to these rules and regulations, we have condensed or omitted certain information and footnote disclosures we normally include in our annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). In management’s opinion, we have made all adjustments (consisting only of normal, recurring adjustments) necessary to fairly present our financial position, results of operations and cash flows. Our interim period operating results do not may 10 December 31, 2018 Changes in Significant Accounting Policies The following significant accounting policies have been added or updated since our Annual Report on Form 10 December 31, 2018. Business Combinations The Company’s identifiable assets acquired and liabilities assumed in a business combination are recorded at their acquisition date fair values. The valuation requires management to make significant estimates and assumptions, especially with respect to long-lived and intangible assets. Critical estimates in valuing intangible assets include, but are not ● future expected cash flows, including revenue and expense projections; ● discount rates to determine the present value of recognized assets and liabilities and; ● revenue volatility to determine contingent consideration using option pricing models The Company’s estimates of fair value are based upon assumptions it believes to be reasonable, but that are inherently uncertain and unpredictable. Assumptions may may Goodwill is calculated as the excess of the purchase price over the fair value of net assets acquired, including the amount assigned to identifiable intangible assets. Acquisition-related costs, including advisory, legal, accounting, valuation, and other costs, are expensed in the periods in which these costs are incurred. The results of operations of an acquired business are included in the consolidated financial statements beginning at the acquisition date. The Company estimates the acquisition date fair value of the acquisition-related contingent consideration using various valuation approaches, including option pricing models, as well as significant unobservable inputs, reflecting the Company’s assessment of the assumptions market participants would use to value these liabilities. The fair value of the contingent consideration is remeasured each reporting period, with any change in the value recorded as other income or expense. During the measurement period, which may one Goodwill Goodwill represents the excess of the purchase price over the net amount of identifiable assets acquired and liabilities assumed in a business combination measured at fair value. Goodwill is not fourth may first not 350. not 50 not not not not June 30, 2019, no Intangible Assets Intangible assets consist of developed technology, customer relationships, and tradenames and trademarks, resulting from the Company’s acquisitions. Intangible assets are recorded at fair value on the date of acquisition and amortized over their estimated useful lives on a straight-line basis. Significant Accounting Policies Update In February 2016, No. 2016 02, 842 2016 02” 2016 02. We adopted ASU 2016 02 842 January 1, 2019 not January 1, 2019 840, January 1, 2019. The adoption of this standard resulted in the recording of operating lease right-of-use assets of $1.3 $1.8 January 1, 2019. $0.5 842. 842 not no |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The consolidated financial statements for the three six June 30, 2019 April 1, 2019, April 1, 2019 three six June 30, 2018 December 31, 2018, |
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%, three six June 30, 2019, $0.5 $1.0 $0.2 $0.4 three six June 30, 2018, $0.6 $1.1 $0.2 $0.3 |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations of credit risk and business risk In the three June 30, 2019, 17% one six June 30, 2019, 20% one three June 30, 2018, 38% three six June 30, 2018, 27% two No 10% three six June 30, 2019 2018. three June 30, 2019 2018, 82% 87%, six June 30, 2019 2018, 86%, June 30, 2019, two 28% December 31, 2018, three 71% Revenue from customers located in Canada represented 17% 20% 12% 14% three six June 30, 2019, 11% 12% 11% 11% three six June 30, 2018, |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements There have been no not |
Note 2 - Fair Value Measureme_2
Note 2 - Fair Value Measurement (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | As of June 30, 2019 Level 1 Level 2 Level 3 Total Assets: Total cash and cash equivalents $ 19,617 $ — $ — $ 19,617 Liabilities: Contingent consideration - business combinations $ — $ — $ 1,931 $ 1,931 As of December 31, 2018 Level 1 Level 2 Total Total cash and cash equivalents $ 30,657 $ — $ 30,657 |
Note 3 - Acquisition of Aster_2
Note 3 - Acquisition of Astero Bio Corporation (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Cash consideration $ 12,521 Contingent consideration 1,931 Working capital adjustment (71 ) Total consideration transferred $ 14,381 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Cash and cash equivalents $ 12 Accounts receivable 154 Inventory 456 Customer relationships 160 Tradenames 470 Developed technology 3,920 Goodwill 9,524 Other assets 100 Accounts Payable (251 ) Other liabilities (164 ) Fair value of net assets acquired $ 14,381 Estimated Fair Value Estimated Useful Life (Years) Customer relationships $ 160 4 Tradenames 470 9 Developed technologies 3,920 5 – 9 Total identifiable intangible assets $ 4,550 |
Business Acquisition, Pro Forma Information [Table Text Block] | Six Months Ended June 30, (In thousands) 2019 2018 Total revenue $ 12,681 $ 9,016 Net income attributable to common stockholders $ 801 $ 258 Earnings per share: Basic $ 0.04 $ 0.02 Diluted $ 0.03 $ 0.01 |
Note 4 - Inventory (Tables)
Note 4 - Inventory (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | (In thousands) June 30, 2019 December 31, 2018 Raw materials $ 2,068 $ 1,453 Work in progress 275 652 Finished goods 2,963 1,404 Total $ 5,306 $ 3,509 |
Note 5 - Deferred Rent (Tables)
Note 5 - Deferred Rent (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Deferred Rent [Table Text Block] | (In thousands) December 31, 2018 Landlord-funded leasehold improvements $ 1,125 Less accumulated amortization (757 ) Total 368 Straight line rent adjustment 111 Total deferred rent $ 479 |
Note 6 - Share-based Compensa_2
Note 6 - Share-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Six Month Period Ended June 30, 2019 Wtd. Avg. Exercise Options Price Outstanding at beginning of year 2,043,402 $ 1.91 Granted — $ — Exercised (236,061 ) $ 1.96 Forfeited (3,438 ) $ 5.69 Expired — $ — Outstanding service vesting-based at June 30, 2019 1,803,903 $ 1.90 Service vesting-based options exercisable at June 30, 2019 1,600,799 $ 1.87 Six Month Period Ended June 30, 2019 Wtd. Avg. Exercise Options Price Outstanding at beginning of year 964,997 $ 1.64 Granted — $ — Exercised — $ — Outstanding performance-based at June 30, 2019 964,997 $ 1.64 Performance-based options exercisable at June 30, 2019 964,997 $ 1.64 |
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | Six Month Period Ended June 30, 2019 Service vesting-based restricted stock Number of Grant-Date Outstanding at beginning of year 279,919 $ 5.00 Granted 177,718 $ 17.80 Vested (86,142 ) $ 4.51 Forfeited (21,269 ) $ 10.17 Outstanding at June 30, 2019 350,226 $ 11.30 Six Month Period Ended June 30, 2019 Performance-based restricted stock Number of Grant-Date Outstanding at beginning of year — $ — Expected to vest 123,851 $ 17.79 Vested — $ — Outstanding at June 30, 2019 123,851 $ 17.79 |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Month Period Ended Six Month Period Ended June 30, June 30, (In thousands) 2019 2018 2019 2018 Research and development costs $ 97 $ 65 $ 177 $ 130 Sales and marketing costs 131 69 297 138 General and administrative costs 350 191 677 382 Cost of product sales 68 49 101 98 Total $ 646 $ 374 $ 1,252 $ 748 |
Note 9 - Net Income (Loss) Pe_2
Note 9 - Net Income (Loss) Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Month Period Ended Six Month Period Ended June 30, June 30, (In thousands, except per share and share data) 2019 2018 2019 2018 Numerator: Net income attributable to common stockholders $ 838 $ 1,046 $ 1,265 $ 943 Denominator: Weighted average basic shares outstanding 18,819,459 15,180,169 18,734,401 14,642,378 Effect of dilutive securities 5,719,840 5,194,189 5,705,558 4,421,217 Weighted average diluted shares 24,539,299 20,374,358 24,439,959 19,063,595 Basic earnings per share $ 0.04 $ 0.07 $ 0.07 $ 0.06 Diluted earnings per share $ 0.03 $ 0.05 $ 0.05 $ 0.05 |
Note 11 - Revenue (Tables)
Note 11 - Revenue (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Month Period Ended Six Month Period Ended June 30, June 30, (In thousands) 2019 2018 2019 2018 Net product sales: Regenerative medicine $ 3,978 $ 2,985 $ 6,157 $ 5,089 Distributors 2,215 1,695 5,319 2,734 Drug discovery 248 263 486 640 BioBanking 260 235 509 530 Total $ 6,701 $ 5,178 $ 12,471 $ 8,993 Three Month Period Ended Six Month Period Ended June 30, June 30, (In thousands) 2019 2018 2019 2018 Net product sales: Media $ 6,327 $ 5,178 $ 12,097 $ 8,993 Automated thawing products 374 — 374 — Total $ 6,701 $ 5,178 $ 12,471 $ 8,993 |
Note 12 - Leases (Tables)
Note 12 - Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | (In thousands) Operating Leases Financing Leases 2019 (less than one year) $ 362 $ 7 2020 764 15 2021 452 3 Total lease payments 1,578 25 Less: interest (107 ) (2 ) Total present value of lease liabilities $ 1,471 $ 23 |
Note 1 - Organization and Sig_2
Note 1 - Organization and Significant Accounting Policies (Details Textual) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Dec. 31, 2018USD ($) | Jan. 01, 2019USD ($) | |
Operating Lease, Right-of-Use Asset | $ 1,079 | $ 1,079 | $ 1,300 | |||
Operating Lease, Liability, Total | 1,471 | 1,471 | $ 1,800 | |||
Deferred Rent Credit | $ 479 | |||||
Net Income (Loss) Attributable to Parent, Total | 838 | $ 1,139 | 1,265 | $ 1,143 | ||
Income (Loss) from Equity Method Investments, Total | $ (217) | $ (177) | $ (448) | $ (321) | ||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | ||||||
Concentration Risk, Percentage | 17.00% | 38.00% | 20.00% | 27.00% | ||
Number of Major Customers | 1 | 3 | 1 | 2 | ||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | CANADA | ||||||
Concentration Risk, Percentage | 17.00% | 11.00% | 20.00% | 12.00% | ||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Non-US [Member] | ||||||
Concentration Risk, Percentage | 12.00% | 11.00% | 14.00% | 11.00% | ||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | CryoStor Products [Member] | ||||||
Concentration Risk, Percentage | 82.00% | 87.00% | 86.00% | 86.00% | ||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | ||||||
Concentration Risk, Percentage | 28.00% | 71.00% | ||||
Number of Major Customers | 2 | 3 | ||||
SAVSU [Member] | ||||||
Income (Loss) from Equity Method Investments, Total | $ (200) | $ (200) | $ (400) | $ (300) | ||
SAVSU [Member] | ||||||
Net Income (Loss) Attributable to Parent, Total | $ (500) | $ (600) | $ (1,000) | $ (1,100) |
Note 2 - Fair Value Measureme_3
Note 2 - Fair Value Measurement (Details Textual) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
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 | Jun. 30, 2019 | Dec. 31, 2018 |
Contingent consideration - business combinations | $ 0 | $ 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Total cash and cash equivalents | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Total cash and cash equivalents | 0 | 0 |
Fair Value, Recurring [Member] | ||
Total cash and cash equivalents | 19,617 | 30,657 |
Contingent consideration - business combinations | 1,931 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Total cash and cash equivalents | 19,617 | 30,657 |
Contingent consideration - business combinations | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Total cash and cash equivalents | ||
Contingent consideration - business combinations | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Total cash and cash equivalents | ||
Contingent consideration - business combinations | $ 1,931 |
Note 3 - Acquisition of Aster_3
Note 3 - Acquisition of Astero Bio Corporation (Details Textual) - USD ($) | Apr. 01, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 |
Goodwill, Ending Balance | $ 9,524,000 | $ 9,524,000 | ||||
Business Combination, Acquisition Related Costs | 39,000 | 247,000 | ||||
Astero [Member] | ||||||
Payments to Acquire Businesses, Gross | $ 12,521,000 | |||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 8,500,000 | |||||
Business Combination, Contingent Consideration, Liability, Total | 1,900,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net Tangible Assets | 324,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | 4,600,000 | |||||
Goodwill, Ending Balance | $ 9,500,000 | 9,524,000 | 9,524,000 | |||
Business Combination, Acquisition Related Costs | 39,000 | 247,000 | 103,000 | |||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 374,000 | 374,000 | ||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | $ (542,000) | (542,000) | ||||
Business Combination, Pro Forma Information, Amortization Expense | 104,000 | 208,000 | ||||
Business Combination, Pro Forma Information, Share-based Compensation Expense | 108,000 | 216,000 | ||||
Business Combination, Pro Forma Information, Employee Related Expense | $ 47,000 | $ 94,000 |
Note 3 - Acquisition of Aster_4
Note 3 - Acquisition of Astero Bio Corporation - Consideration Transferred (Details) - Astero [Member] $ in Thousands | Apr. 01, 2019USD ($) |
Cash consideration | $ 12,521 |
Contingent consideration | 1,931 |
Working capital adjustment | (71) |
Total consideration transferred | $ 14,381 |
Note 3 - Acquisition of Aster_5
Note 3 - Acquisition of Astero Bio Corporation - Fair Value of Net Assets Acquired (Details) - USD ($) | 3 Months Ended | |||
Mar. 31, 2019 | Jun. 30, 2019 | Apr. 01, 2019 | Dec. 31, 2018 | |
Goodwill, Ending Balance | $ 9,524,000 | |||
Astero [Member] | ||||
Cash and cash equivalents | 12,000 | |||
Accounts receivable | 154,000 | |||
Inventory | 456,000 | |||
Goodwill, Ending Balance | 9,524,000 | $ 9,500,000 | ||
Other assets | 100,000 | |||
Accounts Payable | (251,000) | |||
Other liabilities | (164,000) | |||
Fair value of net assets acquired | 14,381,000 | |||
Identifiable intangible assets | $ 4,550,000 | |||
Astero [Member] | Customer Relationships [Member] | ||||
Intangible assets | 160,000 | |||
Identifiable intangible assets | $ 160,000 | |||
Identifiable intangible assets useful life (Year) | 4 years | |||
Astero [Member] | Trade Names [Member] | ||||
Intangible assets | 470,000 | |||
Identifiable intangible assets | $ 470,000 | |||
Identifiable intangible assets useful life (Year) | 9 years | |||
Astero [Member] | Developed Technology Rights [Member] | ||||
Intangible assets | $ 3,920,000 | |||
Identifiable intangible assets | $ 3,920,000 | |||
Astero [Member] | Developed Technology Rights [Member] | Minimum [Member] | ||||
Identifiable intangible assets useful life (Year) | 5 years | |||
Astero [Member] | Developed Technology Rights [Member] | Maximum [Member] | ||||
Identifiable intangible assets useful life (Year) | 9 years |
Note 3 - Acquisition of Aster_6
Note 3 - Acquisition of Astero Bio Corporation - Pro Forma Information (Details) - Astero [Member] - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Total revenue | $ 12,681 | $ 9,016 |
Net income attributable to common stockholders | $ 801 | $ 258 |
Basic (in dollars per share) | $ 0.04 | $ 0.02 |
Diluted (in dollars per share) | $ 0.03 | $ 0.01 |
Note 4 - Inventory - Summary of
Note 4 - Inventory - Summary of Inventory (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Raw materials | $ 2,068 | $ 1,453 |
Work in progress | 275 | 652 |
Finished goods | 2,963 | 1,404 |
Total | $ 5,306 | $ 3,509 |
Note 5 - Deferred Rent (Details
Note 5 - Deferred Rent (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Amortization of Deferred Rent | $ 0 | $ 32,000 | $ 0 | $ 63,000 |
Note 5 - Deferred Rent - Summar
Note 5 - Deferred Rent - Summary of Deferred Rent (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Landlord-funded leasehold improvements | $ 1,125 |
Less accumulated amortization | (757) |
Total | 368 |
Straight line rent adjustment | 111 |
Total deferred rent | $ 479 |
Note 6 - Share-based Compensa_3
Note 6 - Share-based Compensation (Details Textual) - USD ($) | Apr. 01, 2019 | Feb. 27, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2017 |
Share-based Payment Arrangement, Expense | $ 646,000 | $ 374,000 | $ 1,252,000 | $ 748,000 | |||
Share-based Payment Arrangement, Option [Member] | |||||||
Share-based Payment Arrangement, Expense | 95,000 | 149,000 | 240,000 | 303,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | 27,200,000 | 27,200,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | 24,100,000 | 24,100,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 2,000,000 | 724,000 | $ 3,500,000 | $ 1,000,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 0 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 5 years 73 days | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 5 years 36 days | ||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | 279,000 | $ 279,000 | |||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 146 days | ||||||
Performance Shares [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | |||||||
Performance Shares [Member] | Management Performance Bonus Plan 2017 [Member] | |||||||
Share-based Payment Arrangement, Expense | 0 | 127,000 | $ 0 | $ 252,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | 14,800,000 | 14,800,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | 14,800,000 | 14,800,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 0 | $ 285,000 | $ 0 | $ 285,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 0 | 0 | 0 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 2 years 182 days | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 2 years 182 days | ||||||
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 | ||||||
Performance Shares [Member] | Management Performance Bonus Plan 2017 [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% | ||||||
Performance Shares [Member] | Management Performance Bonus Plan 2017 [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% | ||||||
Performance Shares [Member] | Management Performance Bonus Plan 2017 [Member] | Share-based Payment Arrangement, Tranche One [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | ||||||
Performance Shares [Member] | Management Performance Bonus Plan 2017 [Member] | Share-based Payment Arrangement, Tranche Two [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | ||||||
Restricted Stock [Member] | |||||||
Share-based Payment Arrangement, Expense | $ 268,000 | $ 98,000 | $ 522,000 | $ 193,000 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | 3,600,000 | $ 3,600,000 | |||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 3 years 146 days | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Fair Value | 548,000 | 154,000 | $ 3,200,000 | 1,100,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | 369,000 | $ 174,000 | $ 1,200,000 | $ 481,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 177,718 | ||||||
Performance-based Restricted Stock [Member] | |||||||
Share-based Payment Arrangement, Expense | 283,000 | $ 490,000 | |||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 1,700,000 | $ 1,700,000 | |||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 182 days | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 94,247 | 94,247 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 29,604 | 123,851 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | $ 2,200,000 | $ 2,200,000 | |||||
Performance-based Restricted Stock [Member] | Minimum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Awards | 0.00% | ||||||
Performance-based Restricted Stock [Member] | Maximum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 188,494 | 188,494 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Awards | 200.00% |
Note 6 - Share-based Compensa_4
Note 6 - Share-based Compensation - Stock Option Activity (Details) - $ / shares | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | |
Share-based Payment Arrangement, Option [Member] | |||
Outstanding (in shares) | 2,043,402 | ||
Outstanding at beginning of year, weighted average exercise price (in dollars per share) | $ 1.91 | ||
Granted (in shares) | 0 | 0 | |
Granted, weighted average exercise price (in dollars per share) | |||
Exercised (in shares) | (236,061) | ||
Exercised, weighted average exercise price (in dollars per share) | $ 1.96 | ||
Forfeited (in shares) | (3,438) | ||
Forfeited, weighted average exercise price (in dollars per share) | $ 5.69 | ||
Expired (in shares) | |||
Expired, weighted average exercise price (in dollars per share) | |||
Outstanding (in shares) | 1,803,903 | ||
Outstanding at end of year, weighted average exercise price (in dollars per share) | $ 1.90 | ||
Stock options exercisable at year end (in shares) | 1,600,799 | 1,600,799 | |
Stock options exercisable at year end, weighted average exercise price (in dollars per share) | $ 1.87 | ||
Outstanding (in shares) | 1,600,799 | ||
Performance Shares [Member] | |||
Outstanding at beginning of year, weighted average exercise price (in dollars per share) | $ 1.64 | ||
Granted (in shares) | |||
Granted, weighted average exercise price (in dollars per share) | |||
Exercised (in shares) | |||
Exercised, weighted average exercise price (in dollars per share) | |||
Outstanding at end of year, weighted average exercise price (in dollars per share) | $ 1.64 | ||
Stock options exercisable at year end (in shares) | 964,997 | 964,997 | |
Stock options exercisable at year end, weighted average exercise price (in dollars per share) | $ 1.64 | ||
Outstanding (in shares) | 964,997 | ||
Outstanding (in shares) | 964,997 |
Note 6 - Share-based Compensa_5
Note 6 - Share-based Compensation - Restricted Stock Activity (Details) - $ / shares | Apr. 01, 2019 | Jun. 30, 2019 |
Restricted Stock [Member] | ||
Outstanding at beginning of year (in shares) | 279,919 | |
Outstanding at beginning of year (in dollars per share) | $ 5 | |
Unvested granted (in shares) | 177,718 | |
Granted, grant date fair value (in dollars per share) | $ 17.80 | |
Vested (in shares) | (86,142) | |
Vested, grant date fair value (in dollars per share) | $ 4.51 | |
Forfeited (in shares) | (21,269) | |
Forfeited, grant date fair value (in dollars per share) | $ 10.17 | |
Outstanding (in shares) | 350,226 | |
Outstanding (in dollars per share) | $ 11.30 | |
Performance-based Restricted Stock [Member] | ||
Outstanding at beginning of year (in shares) | ||
Outstanding at beginning of year (in dollars per share) | ||
Unvested granted (in shares) | 29,604 | 123,851 |
Granted, grant date fair value (in dollars per share) | $ 17.79 | |
Vested (in shares) | ||
Vested, grant date fair value (in dollars per share) | ||
Outstanding (in shares) | 123,851 | |
Outstanding (in dollars per share) | $ 17.79 |
Note 6 - Share-based Compensa_6
Note 6 - Share-based Compensation - Stock Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Stock compensation expense | $ 646 | $ 374 | $ 1,252 | $ 748 |
Research and Development Expense [Member] | ||||
Stock compensation expense | 97 | 65 | 177 | 130 |
Selling and Marketing Expense [Member] | ||||
Stock compensation expense | 131 | 69 | 297 | 138 |
General and Administrative Expense [Member] | ||||
Stock compensation expense | 350 | 191 | 677 | 382 |
Cost of Sales [Member] | ||||
Stock compensation expense | $ 68 | $ 49 | $ 101 | $ 98 |
Note 7 - Warrants (Details Text
Note 7 - Warrants (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | |
Class of Warrant or Right, Outstanding | 4,048,505 | 4,048,505 | 4,080,005 |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 4.34 | $ 4.34 | $ 4.35 |
Class of Warrant or Right, Exercised During Period | 24,000 | 29,000 | |
Class of Warrant or Right, Exercised During Period, Exercise Price | $ 4.75 | $ 4.75 | |
Proceeds from Warrant Exercises | $ 114,000 | $ 138,000 |
Note 9 - Net Income (Loss) Pe_3
Note 9 - Net Income (Loss) Per Common Share - Calculation of Diluted Shares (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Net income attributable to common stockholders | $ 838 | $ 1,046 | $ 1,265 | $ 943 |
Basic shares used to compute earnings per share (in shares) | 18,819,459 | 15,180,169 | 18,734,401 | 14,642,378 |
Effect of dilutive securities (in shares) | 5,719,840 | 5,194,189 | 5,705,558 | 4,421,217 |
Weighted average diluted shares (in shares) | 24,539,299 | 20,374,358 | 24,439,959 | 19,063,595 |
Basic net income per common share (in dollars per share) | $ 0.04 | $ 0.07 | $ 0.07 | $ 0.06 |
Diluted net income per common share (in dollars per share) | $ 0.03 | $ 0.05 | $ 0.05 | $ 0.05 |
Note 11 - Revenue - Disaggregat
Note 11 - Revenue - Disaggregated Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Net product sales | $ 6,701 | $ 5,178 | $ 12,471 | $ 8,993 |
Regenerative Medicine [Member] | ||||
Net product sales | 3,978 | 2,985 | 6,157 | 5,089 |
Media [Member] | ||||
Net product sales | 6,327 | 5,178 | 12,097 | 8,993 |
Distribution Service [Member] | ||||
Net product sales | 2,215 | 1,695 | 5,319 | 2,734 |
Automated Thawing Products [Member] | ||||
Net product sales | 374 | 374 | ||
Drug Discovery [Member] | ||||
Net product sales | 248 | 263 | 486 | 640 |
BioBanking [Member] | ||||
Net product sales | $ 260 | $ 235 | $ 509 | $ 530 |
Note 12 - Leases (Details Textu
Note 12 - Leases (Details Textual) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019USD ($) | Jun. 30, 2019USD ($) | |
Operating Lease, Weighted Average Discount Rate, Percent | 6.50% | 6.50% |
Finance Lease, Weighted Average Discount Rate, Percent | 8.10% | 8.10% |
Operating Lease, Weighted Average Remaining Lease Term | 2 years | 2 years |
Finance Lease, Weighted Average Remaining Lease Term | 1 year 255 days | 1 year 255 days |
Operating Lease, Cost | $ 142,000 | $ 285,000 |
Operating Lease, Payments | $ 186,000 | $ 371,000 |
Bothell, Washington Headquarters [Member] | ||
Lessee, Operating Lease, Renewal Term | 5 years | 5 years |
Note 12 - Leases - Maturities o
Note 12 - Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jan. 01, 2019 |
2019, operating leases | $ 362 | |
2019, financing leases | 7 | |
2020, operating leases | 764 | |
2020, financing leases | 15 | |
2021, operating leases | 452 | |
2021, financing leases | 3 | |
Total operating lease payments | 1,578 | |
Total financing lease payments | 25 | |
Less: operating lease interest | (107) | |
Less: financing lease interest | (2) | |
Total present value of operating lease liabilities | 1,471 | $ 1,800 |
Total present value of financing lease liabilities | $ 23 |
Note 13 - Subsequent Event (Det
Note 13 - Subsequent Event (Details Textual) - SAVSU [Member] - Subsequent Event [Member] shares in Millions | 1 Months Ended |
Aug. 08, 2019shares | |
Business Acquisition, Percentage of Voting Interests Acquired | 56.00% |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 1.1 |