Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Mar. 23, 2022 | Jun. 30, 2021 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0000925741 | ||
Entity Registrant Name | BioCardia, Inc. | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2021 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Transition Report | false | ||
Entity File Number | 0-21419 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 23-2753988 | ||
Entity Address, Address Line One | 320 Soquel Way | ||
Entity Address, City or Town | Sunnyvale | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 94085 | ||
City Area Code | 650 | ||
Local Phone Number | 226-0120 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 51,800,000 | ||
Entity Common Stock, Shares Outstanding | 16,871,265 | ||
Auditor Name | PKF San Diego, LLP | ||
Auditor Location | San Diego, California | ||
Auditor Firm ID | 27 | ||
Warrant [Member] | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Warrant to Purchase Common Stock | ||
Trading Symbol | BCDAW | ||
Security Exchange Name | NASDAQ | ||
Common Stock [Member] | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Common Stock, par value $0.001 | ||
Trading Symbol | BCDA | ||
Security Exchange Name | NASDAQ |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 12,872 | $ 21,407 |
Accounts receivable, net of allowance for doubtful accounts of $22 and $16 as of December 31, 2021 and 2020 | 147 | 232 |
Prepaid expenses and other current assets | 462 | 401 |
Other receivable due from related party | 0 | 618 |
Total current assets | 13,481 | 22,658 |
Property and equipment, net | 182 | 145 |
Operating lease right-of-use asset, net | 1,883 | 567 |
Other assets | 172 | 54 |
Total assets | 15,718 | 23,424 |
Current liabilities: | ||
Accounts payable | 507 | 746 |
Accrued expenses and other current liabilities | 2,121 | 2,205 |
Deferred revenue | 847 | 683 |
Operating lease liability - current | 237 | 614 |
Total current liabilities | 3,712 | 4,248 |
Operating lease liability - noncurrent | 1,631 | 0 |
Total liabilities | 5,343 | 4,248 |
Commitments and contingencies (Notes 1,2,5 and 14) | ||
Stockholders’ equity: | ||
Preferred stock, $0.001 par value, 25,000,000 shares authorized as of December 31, 2021 and December 31, 2020; no shares issued and outstanding as of December 31, 2021 and 2020 | 0 | 0 |
Common stock, $0.001 par value, 100,000,000 shares authorized as of December 31, 2021 and 2020; 16,871,265 and 16,297,381 shares issued and outstanding as of December 31, 2021 and 2020, respectively | 17 | 16 |
Additional paid-in capital | 139,055 | 135,234 |
Accumulated deficit | (128,697) | (116,074) |
Total stockholders’ equity | 10,375 | 19,176 |
Total liabilities and stockholders’ equity | $ 15,718 | $ 23,424 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Allowance for doubtful accounts | $ 22,000 | $ 16,000 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 25,000,000 | 25,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 16,871,265 | 16,297,381 |
Common stock, shares outstanding (in shares) | 16,871,265 | 16,297,381 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue: | ||
Total revenue | $ 1,015 | $ 145 |
Costs and expenses: | ||
Cost of goods sold | 0 | 4 |
Research and development | 8,558 | 9,809 |
Selling, general and administrative | 5,087 | 5,861 |
Total costs and expenses | 13,645 | 15,674 |
Operating loss | (12,630) | (15,529) |
Other income (expense): | ||
Interest income | 9 | 21 |
Gain on extinguishment of Paycheck Protection Program note payable | 0 | 509 |
Interest expense | 0 | (3) |
Other expense | (2) | (2) |
Total other income, net | 7 | 525 |
Net loss | $ (12,623) | $ (15,004) |
Net loss per share, basic and diluted (in dollars per share) | $ (0.75) | $ (1.48) |
Weighted-average shares used in computing net loss per share, basic and diluted (in shares) | 16,917,664 | 10,118,682 |
Product [Member] | ||
Revenue: | ||
Total revenue | $ 1 | $ 13 |
Collaboration Agreement [Member] | ||
Revenue: | ||
Total revenue | $ 1,014 | $ 132 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Public Offering [Member]Common Stock [Member] | Public Offering [Member]Additional Paid-in Capital [Member] | Public Offering [Member]Retained Earnings [Member] | Public Offering [Member] | The $8.5 Million Registered Direct Offering [Member]Common Stock [Member] | The $8.5 Million Registered Direct Offering [Member]Additional Paid-in Capital [Member] | The $8.5 Million Registered Direct Offering [Member]Retained Earnings [Member] | The $8.5 Million Registered Direct Offering [Member] | The $10.5 Million Registered Direct Offering [Member]Common Stock [Member] | The $10.5 Million Registered Direct Offering [Member]Additional Paid-in Capital [Member] | The $10.5 Million Registered Direct Offering [Member]Retained Earnings [Member] | The $10.5 Million Registered Direct Offering [Member] | Restricted Stock Units (RSUs) [Member]Management [Member]Common Stock [Member] | Restricted Stock Units (RSUs) [Member]Management [Member]Additional Paid-in Capital [Member] | Restricted Stock Units (RSUs) [Member]Management [Member] | Restricted Stock Units (RSUs) [Member]Board of Directors [Member]Common Stock [Member] | Restricted Stock Units (RSUs) [Member]Board of Directors [Member]Additional Paid-in Capital [Member] | Restricted Stock Units (RSUs) [Member]Board of Directors [Member] | Restricted Stock Units (RSUs) [Member]Common Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2019 | 6,825,183 | ||||||||||||||||||||||
Balance at Dec. 31, 2019 | $ 7 | $ 103,433 | $ (101,070) | $ 2,370 | |||||||||||||||||||
Common stock issued (in shares) | 5,476,190 | 1,789,474 | 2,038,836 | ||||||||||||||||||||
Common stock issued | $ 5 | $ 10,268 | $ 0 | $ 10,273 | $ 2 | $ 7,825 | $ 0 | $ 7,827 | $ 2 | $ 9,763 | $ 0 | $ 9,765 | |||||||||||
Restricted stock units issued (in shares) | 71,624 | 39,807 | 26,172 | ||||||||||||||||||||
Restricted stock units issued | $ 232 | $ 232 | $ 613 | $ 613 | |||||||||||||||||||
Common stock grants to former directors to settle board compensation obligations (in shares) | 29,625 | ||||||||||||||||||||||
Common stock grants to former directors to settle board compensation obligations | $ 0 | 148 | 0 | 148 | |||||||||||||||||||
Exercise of common stock warrants (in shares) | 470 | ||||||||||||||||||||||
Exercise of common stock warrants | $ 0 | 0 | 0 | 0 | |||||||||||||||||||
Share-based compensation | 2,952 | 2,952 | |||||||||||||||||||||
Net loss | (15,004) | (15,004) | |||||||||||||||||||||
Balance (in shares) at Dec. 31, 2020 | 16,297,381 | ||||||||||||||||||||||
Balance at Dec. 31, 2020 | $ 16 | 135,234 | (116,074) | 19,176 | |||||||||||||||||||
Common stock issued (in shares) | 453,832 | ||||||||||||||||||||||
Common stock issued | $ 1 | 1,941 | 0 | 1,942 | |||||||||||||||||||
Restricted stock units issued (in shares) | 40,100 | 78,372 | |||||||||||||||||||||
Restricted stock units issued | $ 214 | $ 214 | |||||||||||||||||||||
Share-based compensation | 1,661 | 1,661 | |||||||||||||||||||||
Net loss | (12,623) | $ (12,623) | |||||||||||||||||||||
Exercise of common stock options (in shares) | 1,580 | 1,580 | |||||||||||||||||||||
Exercise of common stock options | 5 | $ 5 | |||||||||||||||||||||
Balance (in shares) at Dec. 31, 2021 | 16,871,265 | ||||||||||||||||||||||
Balance at Dec. 31, 2021 | $ 17 | $ 139,055 | $ (128,697) | $ 10,375 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Public Offering [Member] | ||
Issuance costs | $ 1,227 | |
The $8.5 Million Registered Direct Offering [Member] | ||
Issuance costs | 673 | |
The $10.5 Million Registered Direct Offering [Member] | ||
Issuance costs | $ 735 | |
Issuance costs | $ 59 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Operating activities: | ||
Net loss | $ (12,623) | $ (15,004) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 60 | 68 |
Non-cash interest expense on convertible stockholder notes | 0 | 3 |
Gain on extinguishment of Paycheck Protection Program note payable | 0 | (509) |
Share-based compensation | 1,661 | 2,952 |
Loss on disposal of property and equipment | 19 | 0 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 85 | (85) |
Inventory | 0 | 4 |
Prepaid expenses and other current assets | (179) | 241 |
Other receivable due from related party | 618 | (618) |
Accounts payable | (239) | (168) |
Accrued liabilities and other current liabilities | 130 | 797 |
Deferred revenue | 164 | (8) |
Operating lease liability - current | (618) | 86 |
Operating lease liability - noncurrent | (24) | (614) |
Right-of-use assets | 580 | 498 |
Net cash used in operating activities | (10,366) | (12,357) |
Investing activities: | ||
Purchase of property and equipment | (116) | (32) |
Net cash used in investing activities | (116) | (32) |
Financing activities: | ||
Proceeds from sale of common stock | 2,001 | 0 |
Issuance costs of sale of common stock | (59) | (2,635) |
Proceeds from Paycheck Protection Program note payable | 0 | 506 |
Tax withholding payments on settlement of restricted stock unit awards | 0 | (160) |
Proceeds from exercise of common stock options | 5 | 0 |
Net cash provided by financing activities | 1,947 | 28,211 |
Net change in cash and cash equivalents | (8,535) | 15,822 |
Cash and cash equivalents at beginning of year | 21,407 | 5,585 |
Cash and cash equivalents at end of year | 12,872 | 21,407 |
Supplemental disclosure for noncash investing and financing activities: | ||
Restricted stock units issued to settle management bonus obligations | 393 | 391 |
Restricted stock units issued to settle board compensation obligations | 0 | 613 |
Common stock grants to former directors to settle board compensation obligations | 0 | 148 |
Right-of-use asset obtained in exchange for lease obligation | 1,896 | 0 |
Public Offering [Member] | ||
Financing activities: | ||
Proceeds from sale of common stock | 0 | 11,500 |
The $8.5 Million Registered Direct Offering [Member] | ||
Financing activities: | ||
Proceeds from sale of common stock | 0 | 8,500 |
The $10.5 Million Registered Direct Offering [Member] | ||
Financing activities: | ||
Proceeds from sale of common stock | $ 0 | $ 10,500 |
Note 1 - Summary of Business
Note 1 - Summary of Business | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | ( 1 Summary of Business (a) Organization and Description of Business BioCardia, Inc. (we, us, our, BioCardia or the Company), is a clinical-stage company focused on developing cellular and cell-derived therapeutics for the treatment of cardiovascular and pulmonary diseases with significant unmet medical needs. The Company’s lead therapeutic candidates are based on the CardiAMP Cell Therapy System, a platform which provides an autologous bone marrow derived cell therapy for treatment in two second 1 BioCardia also has three 1 2 3 The ongoing novel coronavirus (COVID- 19 19 not twelve December 31, 2021, may 19 may |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | ( 2 Significant Accounting Policies (a) Basis of Presentation and Consolidation These consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (U.S. GAAP) and include all adjustments necessary for the fair presentation of the Company’s financial position for the periods presented. The consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, BioCardia Lifesciences, Inc. All material intercompany accounts and transactions have been eliminated during the consolidation process. (b) Liquidity Going Concern The Company has incurred net losses and negative cash flows from operations since our inception and had an accumulated deficit of $128.7 million as of December 31, 2021. December 31, 2021 not fourth 2022. one not The Company’s ability to continue as a going concern and to continue further development of its therapeutic candidates beyond the fourth 2022, not not may may (c) Use of Estimates The preparation of the financial statements in accordance with U.S. GAAP requires management to make certain estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ materially from those estimates. Significant items subject to such estimates and assumptions include share-based compensation, the useful lives of property and equipment, right-of-use assets and related liabilities, incremental borrowing rate, allowances for doubtful accounts and sales returns, clinical accruals and assumptions used for revenue recognition. (d) Cash Equivalents The Company classifies all highly liquid investments with an original maturity date of 90 (e) Concentration of Credit Risk Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash and cash equivalents. The Company maintains its cash at reputable U.S. financial institutions, which at times, exceed federally insured limits of $250,000 December 31, 2021, one not not (f) Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable are recorded at the invoiced amount and do not not December 31, 2021 2020, (g) Property and Equipment, Net Property and equipment, net, are carried at cost less accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the related assets, as described in the table below. Maintenance and repairs are expensed as incurred. When assets are retired or otherwise disposed of, the cost and the related accumulated depreciation and amortization are removed from the accounts and any resulting gain or loss is reflected in the accompanying consolidated statements of operations. Asset Estimated useful lives (in years) Computer equipment and software 3 Laboratory and manufacturing equipment 3 Furniture and fixtures 3 Leasehold improvements 5 years or lease term, if shorter (h) Right-of-Use Assets Operating lease right-of-use asset and liabilities 12 The Company’s lease liabilities are recognized at the applicable lease commencement date based on the present value of the lease payments required to be paid over the lease term. Variable lease payments are expensed as incurred and are not The Company's ROU assets are also recognized at the applicable lease commencement date. The ROU asset equals the carrying amount of the related lease liability, adjusted for any lease payments made prior to lease commencement and lease incentives provided by the lessor, if any. The Company reduces a ROU asset, and the periodic reduction is the difference between the straight-line total lease cost for the period (including reduction of initial direct costs) and the periodic accretion of the lease liability using the effective interest method. The Company’s lease terms may The Company’s lease contracts often include lease and non-lease components. The Company has elected the practical expedient offered by the standard to not The Company has elected not twelve (i) Long-lived Assets Impairment assessment of long-lived assets may not December 31, 2021, (j) Clinical Trial Accruals As part of the process of preparing its consolidated financial statements, the Company is required to estimate its expenses resulting from its obligations under contracts with vendors and consultants and clinical site agreements in connection with conducting clinical trials. The financial terms of these contracts are subject to negotiation and may not not may may (k) Revenue Recognition Net product revenue Collaboration agreement revenue In determining the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements, the Company performs the following steps: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. As part of the accounting for these arrangements, the Company must develop assumptions that require judgment to determine the stand-alone selling price for each performance obligation identified in the contract. The Company uses key assumptions to determine the stand-alone selling price, which may not The Company applies judgment in determining whether a combined performance obligation is satisfied at a point in time or over time, and, if over time, concluding upon the appropriate method of measuring progress to be applied for purposes of recognizing revenue. The Company evaluates the measure of progress each reporting period and, as estimates related to the measure of progress change, related revenue recognition is adjusted accordingly. Changes in the Company’s estimated measure of progress are accounted for prospectively as a change in accounting estimate. The Company recognizes collaboration revenue by measuring the progress toward complete satisfaction of the performance obligation using an input measure. The Company will re-evaluate the estimate of expected costs to satisfy the performance obligation each reporting period and make adjustments for any significant changes. Amounts received prior to satisfying the revenue recognition criteria are recorded as deferred revenue in the Company’s consolidated balance sheets. If the related performance obligation is expected to be satisfied within the next twelve may not one December 31, 2021 2020, Multiple contracts with the same customer - two one one Contract costs - one not Contract modifications - one not not not (l) Product Warranties The Company provides a standard warranty of serviceability on all its products for the duration of the product’s shelf life, which is two not December 31, 2021 2020. (m) Research and Development The Company’s research and development costs are expensed as incurred. Research and development expense include the costs of basic research activities as well as other research, engineering, and technical effort required to develop new products or services or make significant improvement to an existing product or manufacturing process. Research and development costs also include pre-approval regulatory and clinical trial expenses and support costs for collaborative partnering programs wherein the Company provides biotherapeutic delivery systems and customer training and support for their use in clinical trials and studies. The Company’s research and development costs consist primarily of: • Salaries, benefits and other personnel-related expenses, including share-based compensation; • Fees paid for services provided by clinical research organizations, research institutions, consultants and other outside service providers; • Costs to acquire and manufacture materials used in research and development activities and clinical trials; • Laboratory consumables and supplies; • Facility-related expenses allocated to research and development activities; • Fees to collaborators to license technology; and • Depreciation expense for equipment used for research and development and clinical purposes. (n) Share-Based Compensation The Company measures and recognizes share-based compensation expense for equity awards to employees, directors and consultants based on fair value at the grant date. The Company uses the Black-Scholes-Merton (BSM) option pricing model to calculate fair value of its stock option grants. The compensation cost for restricted stock awards is based on the closing price of the Company’s common stock on the date of grant. Share-based compensation expense recognized in the consolidated statements of operations is based on the period the services are performed and recognized as compensation expense on a straight-line basis over the requisite service period. The Company accounts for forfeitures as they occur. Measurement of nonemployee awards - The measurement of equity-classified nonemployee awards is fixed at the grant date, and the Company may 505 50 The BSM option pricing model requires the input of subjective assumptions, including the risk-free interest rate, the expected volatility in the value of the Company’s common stock, and the expected term of the option. These estimates involve inherent uncertainties and the application of management’s judgment. If factors change and different assumptions are used, the share-based compensation expense could be materially different in the future. These assumptions are estimated as follows: Risk-free Interest Rate The risk-free interest rate assumption is based on the zero Expected Volatility The Company has limited historical data of its own to utilize in determining expected volatility. As such the Company based the volatility assumption on a combined weighted average of the Company’s own historical data and that of a selected peer group. The peer group was developed based on companies in the biotechnology and medical device industries whose shares are publicly traded. Expected Term The expected term represents the period of time that options are expected to be outstanding. As the Company does not (o) Income Taxes The Company accounts for income taxes based on the asset and liability method whereby deferred tax asset and liability account balances are determined based on differences between the financial reporting and tax bases of assets, liabilities, operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. A valuation allowance is provided when it is more likely than not not In evaluating the ability to recover its deferred income tax assets, the Company considers all available positive and negative evidence, including its operating results, forecasts of future taxable income, and ongoing tax planning. In the event the Company was to determine that it would be able to realize its deferred tax assets in the future in excess of their net recorded amount, it would make an adjustment to the valuation allowance, which would reduce the provision for income taxes. Conversely, in the event that all or part of the net deferred tax assets are determined not The Company recognizes and measures benefits for uncertain tax positions using a two first not not second 50% No (p) Fair Value of Financial Instruments The Company applies fair value accounting for all financial assets and liabilities and nonfinancial assets and liabilities that are required to be recognized or disclosed at fair value in the consolidated financial statements. The Company defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where observable prices or inputs are not The Company’s financial assets and liabilities consist principally of cash and cash equivalents, accounts receivable, and accounts payable. The fair value of the Company’s cash equivalents is determined based on quoted prices in active markets for identical assets. Cash in the Company’s operating bank accounts represents the difference between cash in the money market accounts and total cash and cash equivalents reported on the consolidated balance sheets. The recorded values of the Company’s accounts receivable and accounts payable approximate their current fair values due to the relatively short-term nature of these accounts. (q) Net Loss per Share Basic net loss per share is calculated by dividing the net loss by the weighted average number of shares of common stock outstanding and fully vested restricted stock units. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of common share equivalents outstanding for the period determined using the treasury-stock method. Common stock equivalents are comprised of unvested restricted stock units, warrants to purchase common stock and options outstanding under the stock option plans. For all periods presented, there is no (r) Recent Accounting Pronouncements Recent accounting pronouncements issued by the Financial Accounting Standards Board, including its Emerging Issues Task Force, and the American Institute of Certified Public Accountants did not not |
Note 3 - Fair Value Measurement
Note 3 - Fair Value Measurements | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | ( 3 Fair Value Measurements The fair value of financial instruments reflects the amounts that the Company estimates to receive in connection with the sale of an asset or paid in connection with the transfer of a liability in an orderly transaction between market participants at the measurement date (exit price). The Company follows a fair value hierarchy that prioritizes the use of inputs used in valuation techniques into the following three Level 1 Level 2 not Level 3 no The following table sets forth the fair value of the financial assets measured on a recurring basis and indicates the fair value hierarchy utilized to determine such fair value (in thousands). As of December 31, 2021 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 12,917 $ — $ — $ 12,917 Cash in checking account — — — (45 ) Total cash and cash equivalent $ 12,917 $ — $ — $ 12,872 As of December 31, 2020 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 20,662 $ — $ — $ 20,662 Cash in checking account — — — 745 Total cash and cash equivalent $ 20,662 $ — $ — $ 21,407 |
Note 4 - Property and Equipment
Note 4 - Property and Equipment, Net | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | ( 4 Property and Equipment, Net Property and equipment, net consisted of the following (in thousands): December 31, December 31, 2021 2020 Computer equipment and software $ 133 $ 159 Laboratory and manufacturing equipment 460 550 Furniture and fixtures 26 59 Leasehold improvements 26 332 Construction in progress 74 70 Property and equipment, gross 719 1,170 Less accumulated depreciation (537 ) (1,025 ) Property and equipment, net $ 182 $ 145 Depreciation expense totaled approximately $60,000 and $68,000 for the years ended December 31, 2021 2020, |
Note 5 - Operating Lease Right-
Note 5 - Operating Lease Right-of-use Asset, Net | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | ( 5 Operating Lease Right-of-Use Assets, Net The Company determines if an arrangement is a lease at inception by assessing whether it conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Company’s operating lease related to a property lease for its laboratory and corporate offices expired in December 2021, January 2027, 36 not ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. The Company’s lease does not not no The components of lease expense for the year ended December 31, 2021 2020, December 31, December 31, 2021 2020 Straight-line rent expense recognized for operating lease $ 623 $ 601 Variable rent expense recognized for operating lease 322 395 Total rent expense $ 945 $ 996 Weighted average remaining lease term (in years) 5.1 1.0 Weighted average discount rate 10.74 % 12.05 % Supplemental cash flow information related to the operating lease was as follows (in thousands): December 31, December 31, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities $ 686 $ 630 Cash lease expense (imputed interest expense component of net income) 43 103 Total rent expense $ 729 $ 733 Future minimum lease payments under the operating lease as of December 31, 2021 For the years ending December 31, 2022 $ 424 2023 471 2024 485 2025 499 2026 514 Thereafter 43 Total undiscounted lease payments 2,436 Less imputed interest 568 Total operating lease liabilities $ 1,868 |
Note 6 - Collaborative Agreemen
Note 6 - Collaborative Agreements | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Collaborative Arrangement Disclosure [Text Block] | ( 6 Collaborative Agreements The Company has entered into various collaborations related to clinical development. These agreements allow partners to utilize the Company’s enabling biotherapeutic delivery systems, including training and support during clinical and preclinical delivery of biotherapeutics. Under the terms of these agreements, the Company typically receives a use fee and payments for the systems and services provided. The Company gains access to certain data generated by its partners for use in its own product development efforts and also receives nonexclusive patent rights to any partner discovered BioCardia technology improvement inventions. Revenue from collaborative agreements is recognized in the Consolidated Statements of Operations in the line “Collaboration agreement revenue.” |
Note 7 - Accrued Expenses and O
Note 7 - Accrued Expenses and Other Current Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Accrued Liabilities and Other Current Liabilities Disclosure [Text Block] | ( 7 Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following (in thousands): December 31, December 31, 2021 2020 Accrued expenses $ 240 $ 87 Accrued salaries and employee benefits 861 961 Accrued clinical trial costs 334 452 Grant liability 590 615 Customer deposits 96 90 Total $ 2,121 $ 2,205 |
Note 8 - Note Payable Under Pay
Note 8 - Note Payable Under Paycheck Protection Program | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | ( 8 Note payable under Paycheck Protection Program On May 1, 2020, May 1, 2020. In accordance with the requirements of the CARES Act, the Borrower used the proceeds from the Note in accordance with the requirements of the PPP to cover certain qualified expenses, including payroll costs, rent and utility costs. Interest accrued on the Note at the rate of 1.00% On October 7, 2020, November 2, 2020. December 31, 2020. |
Note 9 - Stockholders' Equity
Note 9 - Stockholders' Equity | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | ( 9 Stockholders Equity $10.5 December 15, 2020, December 15 December 15 December 15 December 15 December 18, 2020, December 15 not December 15 3, October 9, 2020, October 20, 2020, December 15, 2020. $8.5 December 14, 2020, December 14 December 14 December 14 December 14 not December 16, 2020, December 14 not December 14 3, October 9, 2020, October 20, 2020, December 14, 2020. 2020 1 May 2020, 1 1 June 17, 2020, 1, 45 June 18, 2020. June 19, 2020. On June 8, 2020, two Lincoln Park Capital stock purchase agreement - March 29, 2021, $20 Pursuant to the Purchase Agreement, Lincoln Park purchased 373,832 shares of common stock, at a price of $5.35 per share, for a total gross purchase price of $2 million (the Initial Purchase) and the Company issued 80,000 shares of common stock as commitment shares, which included 5,000 commitment shares issued on a pro rata basis for the initial $2 36 not $2 may may may not may The Company controls the timing and amount of any sales of its common stock to Lincoln Park. There is no no may $4.2736 may not 9.99% The Purchase Agreement does not 36 may not may no As of December 31, 2021, not Warrants Number of Weighted Common Stock Average Warrants Exercise Price Balance, December 31, 2020 2,424,724 $ 6.36 Warrants for common stock sold — — Warrants for common stock exercised — — Balance, December 31, 2021 2,424,724 $ 6.36 |
Note 10 - Share-based Compensat
Note 10 - Share-based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | ( 10 Share-Based Compensation BioCardia Lifesciences adopted, and the BioCardia Lifesciences shareholders approved, the 2002 2002 “2002 2002 not not 2002 2016, 2016 “2016 2016 2016 2002 2016 four ten no 2016 2016 2016 first January 1, 2021). December 31, 2021, 2016 The Company recognizes in the consolidated statements of operations the grant-date fair value of stock options and other equity-based compensation. Share-based compensation expense for the years ended December 31, 2021 2020 Years ended December 31, 2021 2020 Research and development $ 795 $ 1,369 Selling, general and administrative 866 1,583 Total share-based compensation $ 1,661 $ 2,952 On January 29, 2020 ( No The repricing on January 29, 2020 three The following table summarizes activity under the Company’s stock option plans, including the 2002 2016 Options outstanding Number of shares Weighted average exercise price Weighted average remaining contractual term (years) Aggregate intrinsic value (in thousands) Balance, December 31, 2020 1,114,306 $ 5.89 7.5 $ 177.1 Stock options granted 772,435 3.56 Stock options exercised (1,580 ) 2.49 Stock options forfeited (235,350 ) 4.49 Stock options expired (125 ) 5.32 Balance, December 31, 2021 1,649,686 $ 5.00 7.6 $ — Exercisable, December 31, 2021 762,867 $ 6.62 6.0 $ — Options vested and expected to vest 1,649,686 $ 5.00 7.6 $ — The aggregate intrinsic value represents the difference between the total pre-tax value (i.e., the difference between the Company’s stock price and the exercise price) of stock options outstanding as of December 31, 2021, The total intrinsic value of options exercised was $3,000 and zero December 31, 2021 2020, December 31, 2021 2020 Employee, Director and Non-employee Share-Based Compensation During the years ended December 31, 2021 2020, Years ended December 31, 2021 2020 Risk-free interest rate 0.6 - 1.6% 0.4 - 1.6% Volatility 110 - 120% 107 - 112% Dividend yield None None Expected term (in years) 6.25 - 10.0 6.25 - 10.0 Unrecognized share-based compensation for employees, non-employee directors and non-employee options granted through December 31, 2021 Share-Based Compensation (RSUs) During the years ended December 31, 2021 2020, During the year ended December 31, 2020, April 2018 March 30, 2020. December 31, 2020, April 1, 2020 December 31, 2020. one two 2016 The following table summarizes the activity for RSUs during the years ended December 31, 2021 2020: Weighted average grant date Number of fair value shares per share Balance, December 31, 2020 224,311 $ 4.12 RSUs granted 131,375 3.61 RSUs released (118,472 ) 3.73 RSUs forfeited (36,943 ) 3.49 Balance, December 31, 2021 200,271 $ 4.13 RSUs vested and settled are converted into the Company’s common stock on a one one December 31, 2021, not not December 31, 2021 |
Note 11 - Concentrations
Note 11 - Concentrations | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | ( 11 Concentrations Three customers accounted for approximately 67%, 13% and 13% of total revenues in 2021. 2020. December 31, 2021. December 31, 2020. |
Note 12 - Net Loss Per Share
Note 12 - Net Loss Per Share | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | ( 12 Net Loss per Share The following table sets forth the computation of the basic and diluted net loss per share for the years ended December 31, 2021 2020 Years ended December 31, 2021 2020 Net loss $ (12,623 ) $ (15,004 ) Weighted average shares used to compute net loss per share, basic and diluted 16,917,664 10,118,682 Net loss per share, basic and diluted $ (0.75 ) $ (1.48 ) The following weighted-average outstanding common stock equivalents were excluded from the computation of diluted net loss per share for the periods presented because including them would have been antidilutive: December 31, 2021 2020 Stock options to purchase common stock 1,649,686 1,114,306 Unvested restricted stock units 5,468 8,200 Common stock warrants 2,424,724 2,424,724 Total 4,079,878 3,547,230 |
Note 13 - Income Taxes
Note 13 - Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | ( 13 Income Taxes The Company’s provision for income taxes for the years ended December 31, 2021 2020 The provision for income taxes differs from the amount which would result by applying the federal statutory income tax rate to pre-tax loss for the years ended December 31, 2021 2020. Years ended December 31, 2021 2020 Tax at federal statutory rate $ (2,651 ) $ (3,151 ) State, net of federal benefit — (449 ) Research and development credit (279 ) (276 ) Share-based compensation 264 649 PPP Note forgiveness — (107 ) Other 2 2 Change in valuation allowance 2,664 3,332 Total provision for income taxes $ — $ — Deferred income taxes reflect the net tax effects of temporary differences between carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes as well as net operating loss and tax credit carryforwards, net of any adjustment for unrecognized tax benefits. The components of the net deferred income tax assets as of December 31, 2021 2020 Years ended December 31, 2021 2020 Accrued compensation $ 191 $ 225 Inventory adjustments 15 335 Depreciation and amortization 24 90 Share-based compensation 595 686 Net operating loss and tax credit carryforwards 30,277 26,931 Other 2 173 Gross Deferred Tax Asset 31,104 28,440 Valuation Allowance (31,104 ) (28,440 ) Net deferred tax asset $ — $ — The Company had approximately $106.1 million and $62.4 million of federal and state net operating loss (NOL) carryforwards, respectively, as of December 31, 2021. 2022 2028 2021, 2020, 2019, 2018 no may may may one not 50% three Generally, utilization of the net operating loss carryforwards and credits may 382, 383, 1986, may not 382 383 As of December 31, 2021, 2028. no The Company does not not not December 31, 2021 2020. December 31, 2021 December 31, 2020 No The aggregate changes in the balance of gross unrecognized tax benefits were as follows (in thousands): Years ended December 31, 2021 2020 Balance, beginning of year $ 1,235 $ 1,046 Additions based on tax positions related to the current year 158 189 Reductions for tax positions related to prior years (25 ) — Balance, end of year $ 1,368 $ 1,235 Recognition of approximately $991,000 and $895,000 of unrecognized tax benefits would impact the effective rate at December 31, 2021 2020 2021 |
Note 14 - Contingencies and Con
Note 14 - Contingencies and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Contingencies Disclosure [Text Block] | ( 14 Contingencies and Contingencies Contingencies may not |
Note 15 - Grant Funding
Note 15 - Grant Funding | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Grant Funding [Text Block] | ( 15 Grant Funding In June 2016, 1998 not three December 31, 2022. As of December 31, 2021, December 31, 2021. December 31, 2021. |
Note 16 - Related Party Transac
Note 16 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | ( 16 Related Party Transactions Litigation Funding Agreement On April 9, 2020, No. 3:19 05645 Under the terms of the Funding Agreement, the Funder agreed to fund the legal fees and costs incurred by the Company in connection with the Litigation on and after March 1, 2020 (a) 50% of the remaining Litigation Proceeds, up to three (b) 30% of the remaining Litigation Proceeds. Although the Company is required under the terms of the Funding Agreement to consult with the Funder regarding any settlement in connection with the Litigation and to allow Funder to participate in any real-time settlement negotiations, the Company has the sole and exclusive right to settle on whatever terms it deems acceptable. On April 12, 2021, not In March 2022, December 31, 2021. December 31, 2021. |
Note 17 - Employee Benefit Plan
Note 17 - Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | ( 17 Employee Benefit Plans The Company’s U.S. employees are eligible to participate in a retirement and savings plan that qualifies under Section 401 may not December 31, 2021 2020, |
Note 18 - Subsequent Events
Note 18 - Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | ( 18 Subsequent Events In March 2022 16 March 17, 2022. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | (a) Basis of Presentation and Consolidation These consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (U.S. GAAP) and include all adjustments necessary for the fair presentation of the Company’s financial position for the periods presented. The consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, BioCardia Lifesciences, Inc. All material intercompany accounts and transactions have been eliminated during the consolidation process. |
Going Concern and Liquidity [Policy Text Block] | (b) Liquidity Going Concern The Company has incurred net losses and negative cash flows from operations since our inception and had an accumulated deficit of $128.7 million as of December 31, 2021. December 31, 2021 not fourth 2022. one not The Company’s ability to continue as a going concern and to continue further development of its therapeutic candidates beyond the fourth 2022, not not may may |
Use of Estimates, Policy [Policy Text Block] | (c) Use of Estimates The preparation of the financial statements in accordance with U.S. GAAP requires management to make certain estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ materially from those estimates. Significant items subject to such estimates and assumptions include share-based compensation, the useful lives of property and equipment, right-of-use assets and related liabilities, incremental borrowing rate, allowances for doubtful accounts and sales returns, clinical accruals and assumptions used for revenue recognition. |
Cash and Cash Equivalents, Policy [Policy Text Block] | (d) Cash Equivalents The Company classifies all highly liquid investments with an original maturity date of 90 |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | (e) Concentration of Credit Risk Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash and cash equivalents. The Company maintains its cash at reputable U.S. financial institutions, which at times, exceed federally insured limits of $250,000 December 31, 2021, one not not |
Accounts Receivable [Policy Text Block] | (f) Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable are recorded at the invoiced amount and do not not December 31, 2021 2020, |
Property, Plant and Equipment, Policy [Policy Text Block] | (g) Property and Equipment, Net Property and equipment, net, are carried at cost less accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the related assets, as described in the table below. Maintenance and repairs are expensed as incurred. When assets are retired or otherwise disposed of, the cost and the related accumulated depreciation and amortization are removed from the accounts and any resulting gain or loss is reflected in the accompanying consolidated statements of operations. Asset Estimated useful lives (in years) Computer equipment and software 3 Laboratory and manufacturing equipment 3 Furniture and fixtures 3 Leasehold improvements 5 years or lease term, if shorter |
Lessee, Leases [Policy Text Block] | (h) Right-of-Use Assets Operating lease right-of-use asset and liabilities 12 The Company’s lease liabilities are recognized at the applicable lease commencement date based on the present value of the lease payments required to be paid over the lease term. Variable lease payments are expensed as incurred and are not The Company's ROU assets are also recognized at the applicable lease commencement date. The ROU asset equals the carrying amount of the related lease liability, adjusted for any lease payments made prior to lease commencement and lease incentives provided by the lessor, if any. The Company reduces a ROU asset, and the periodic reduction is the difference between the straight-line total lease cost for the period (including reduction of initial direct costs) and the periodic accretion of the lease liability using the effective interest method. The Company’s lease terms may The Company’s lease contracts often include lease and non-lease components. The Company has elected the practical expedient offered by the standard to not The Company has elected not twelve |
Property, Plant and Equipment, Impairment [Policy Text Block] | (i) Long-lived Assets Impairment assessment of long-lived assets may not December 31, 2021, |
Clinical Trial Accruals, Policy [Policy Text Block] | (j) Clinical Trial Accruals As part of the process of preparing its consolidated financial statements, the Company is required to estimate its expenses resulting from its obligations under contracts with vendors and consultants and clinical site agreements in connection with conducting clinical trials. The financial terms of these contracts are subject to negotiation and may not not may may |
Revenue [Policy Text Block] | (k) Revenue Recognition Net product revenue Collaboration agreement revenue In determining the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements, the Company performs the following steps: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. As part of the accounting for these arrangements, the Company must develop assumptions that require judgment to determine the stand-alone selling price for each performance obligation identified in the contract. The Company uses key assumptions to determine the stand-alone selling price, which may not The Company applies judgment in determining whether a combined performance obligation is satisfied at a point in time or over time, and, if over time, concluding upon the appropriate method of measuring progress to be applied for purposes of recognizing revenue. The Company evaluates the measure of progress each reporting period and, as estimates related to the measure of progress change, related revenue recognition is adjusted accordingly. Changes in the Company’s estimated measure of progress are accounted for prospectively as a change in accounting estimate. The Company recognizes collaboration revenue by measuring the progress toward complete satisfaction of the performance obligation using an input measure. The Company will re-evaluate the estimate of expected costs to satisfy the performance obligation each reporting period and make adjustments for any significant changes. Amounts received prior to satisfying the revenue recognition criteria are recorded as deferred revenue in the Company’s consolidated balance sheets. If the related performance obligation is expected to be satisfied within the next twelve may not one December 31, 2021 2020, Multiple contracts with the same customer - two one one Contract costs - one not Contract modifications - one not not not |
Standard Product Warranty, Policy [Policy Text Block] | (l) Product Warranties The Company provides a standard warranty of serviceability on all its products for the duration of the product’s shelf life, which is two not December 31, 2021 2020. |
Research and Development Expense, Policy [Policy Text Block] | (m) Research and Development The Company’s research and development costs are expensed as incurred. Research and development expense include the costs of basic research activities as well as other research, engineering, and technical effort required to develop new products or services or make significant improvement to an existing product or manufacturing process. Research and development costs also include pre-approval regulatory and clinical trial expenses and support costs for collaborative partnering programs wherein the Company provides biotherapeutic delivery systems and customer training and support for their use in clinical trials and studies. The Company’s research and development costs consist primarily of: • Salaries, benefits and other personnel-related expenses, including share-based compensation; • Fees paid for services provided by clinical research organizations, research institutions, consultants and other outside service providers; • Costs to acquire and manufacture materials used in research and development activities and clinical trials; • Laboratory consumables and supplies; • Facility-related expenses allocated to research and development activities; • Fees to collaborators to license technology; and • Depreciation expense for equipment used for research and development and clinical purposes. |
Compensation Related Costs, Policy [Policy Text Block] | (n) Share-Based Compensation The Company measures and recognizes share-based compensation expense for equity awards to employees, directors and consultants based on fair value at the grant date. The Company uses the Black-Scholes-Merton (BSM) option pricing model to calculate fair value of its stock option grants. The compensation cost for restricted stock awards is based on the closing price of the Company’s common stock on the date of grant. Share-based compensation expense recognized in the consolidated statements of operations is based on the period the services are performed and recognized as compensation expense on a straight-line basis over the requisite service period. The Company accounts for forfeitures as they occur. Measurement of nonemployee awards - The measurement of equity-classified nonemployee awards is fixed at the grant date, and the Company may 505 50 The BSM option pricing model requires the input of subjective assumptions, including the risk-free interest rate, the expected volatility in the value of the Company’s common stock, and the expected term of the option. These estimates involve inherent uncertainties and the application of management’s judgment. If factors change and different assumptions are used, the share-based compensation expense could be materially different in the future. These assumptions are estimated as follows: Risk-free Interest Rate The risk-free interest rate assumption is based on the zero Expected Volatility The Company has limited historical data of its own to utilize in determining expected volatility. As such the Company based the volatility assumption on a combined weighted average of the Company’s own historical data and that of a selected peer group. The peer group was developed based on companies in the biotechnology and medical device industries whose shares are publicly traded. Expected Term The expected term represents the period of time that options are expected to be outstanding. As the Company does not |
Income Tax, Policy [Policy Text Block] | (o) Income Taxes The Company accounts for income taxes based on the asset and liability method whereby deferred tax asset and liability account balances are determined based on differences between the financial reporting and tax bases of assets, liabilities, operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. A valuation allowance is provided when it is more likely than not not In evaluating the ability to recover its deferred income tax assets, the Company considers all available positive and negative evidence, including its operating results, forecasts of future taxable income, and ongoing tax planning. In the event the Company was to determine that it would be able to realize its deferred tax assets in the future in excess of their net recorded amount, it would make an adjustment to the valuation allowance, which would reduce the provision for income taxes. Conversely, in the event that all or part of the net deferred tax assets are determined not The Company recognizes and measures benefits for uncertain tax positions using a two first not not second 50% No |
Fair Value of Financial Instruments, Policy [Policy Text Block] | (p) Fair Value of Financial Instruments The Company applies fair value accounting for all financial assets and liabilities and nonfinancial assets and liabilities that are required to be recognized or disclosed at fair value in the consolidated financial statements. The Company defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where observable prices or inputs are not The Company’s financial assets and liabilities consist principally of cash and cash equivalents, accounts receivable, and accounts payable. The fair value of the Company’s cash equivalents is determined based on quoted prices in active markets for identical assets. Cash in the Company’s operating bank accounts represents the difference between cash in the money market accounts and total cash and cash equivalents reported on the consolidated balance sheets. The recorded values of the Company’s accounts receivable and accounts payable approximate their current fair values due to the relatively short-term nature of these accounts. |
Earnings Per Share, Policy [Policy Text Block] | (q) Net Loss per Share Basic net loss per share is calculated by dividing the net loss by the weighted average number of shares of common stock outstanding and fully vested restricted stock units. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of common share equivalents outstanding for the period determined using the treasury-stock method. Common stock equivalents are comprised of unvested restricted stock units, warrants to purchase common stock and options outstanding under the stock option plans. For all periods presented, there is no |
New Accounting Pronouncements, Policy [Policy Text Block] | (r) Recent Accounting Pronouncements Recent accounting pronouncements issued by the Financial Accounting Standards Board, including its Emerging Issues Task Force, and the American Institute of Certified Public Accountants did not not |
Note 2 - Significant Accounti_2
Note 2 - Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Property, Plant and Equipment, Useful Life [Table Text Block] | Asset Estimated useful lives (in years) Computer equipment and software 3 Laboratory and manufacturing equipment 3 Furniture and fixtures 3 Leasehold improvements 5 years or lease term, if shorter |
Note 3 - Fair Value Measureme_2
Note 3 - Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | As of December 31, 2021 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 12,917 $ — $ — $ 12,917 Cash in checking account — — — (45 ) Total cash and cash equivalent $ 12,917 $ — $ — $ 12,872 As of December 31, 2020 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 20,662 $ — $ — $ 20,662 Cash in checking account — — — 745 Total cash and cash equivalent $ 20,662 $ — $ — $ 21,407 |
Note 4 - Property and Equipme_2
Note 4 - Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, December 31, 2021 2020 Computer equipment and software $ 133 $ 159 Laboratory and manufacturing equipment 460 550 Furniture and fixtures 26 59 Leasehold improvements 26 332 Construction in progress 74 70 Property and equipment, gross 719 1,170 Less accumulated depreciation (537 ) (1,025 ) Property and equipment, net $ 182 $ 145 |
Note 5 - Operating Lease Righ_2
Note 5 - Operating Lease Right-of-use Asset, Net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Lease, Cost [Table Text Block] | December 31, December 31, 2021 2020 Straight-line rent expense recognized for operating lease $ 623 $ 601 Variable rent expense recognized for operating lease 322 395 Total rent expense $ 945 $ 996 Weighted average remaining lease term (in years) 5.1 1.0 Weighted average discount rate 10.74 % 12.05 % |
Schedule of Operating Leases Cash Flow Information [Table Text Block] | December 31, December 31, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities $ 686 $ 630 Cash lease expense (imputed interest expense component of net income) 43 103 Total rent expense $ 729 $ 733 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | For the years ending December 31, 2022 $ 424 2023 471 2024 485 2025 499 2026 514 Thereafter 43 Total undiscounted lease payments 2,436 Less imputed interest 568 Total operating lease liabilities $ 1,868 |
Note 7 - Accrued Expenses and_2
Note 7 - Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Accrued Liabilities and Other Current Liabilities [Table Text Block] | December 31, December 31, 2021 2020 Accrued expenses $ 240 $ 87 Accrued salaries and employee benefits 861 961 Accrued clinical trial costs 334 452 Grant liability 590 615 Customer deposits 96 90 Total $ 2,121 $ 2,205 |
Note 9 - Stockholders' Equity (
Note 9 - Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Number of Weighted Common Stock Average Warrants Exercise Price Balance, December 31, 2020 2,424,724 $ 6.36 Warrants for common stock sold — — Warrants for common stock exercised — — Balance, December 31, 2021 2,424,724 $ 6.36 |
Note 10 - Share-based Compens_2
Note 10 - Share-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Share-based Compensation, Expense [Table Text Block] | Years ended December 31, 2021 2020 Research and development $ 795 $ 1,369 Selling, general and administrative 866 1,583 Total share-based compensation $ 1,661 $ 2,952 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Options outstanding Number of shares Weighted average exercise price Weighted average remaining contractual term (years) Aggregate intrinsic value (in thousands) Balance, December 31, 2020 1,114,306 $ 5.89 7.5 $ 177.1 Stock options granted 772,435 3.56 Stock options exercised (1,580 ) 2.49 Stock options forfeited (235,350 ) 4.49 Stock options expired (125 ) 5.32 Balance, December 31, 2021 1,649,686 $ 5.00 7.6 $ — Exercisable, December 31, 2021 762,867 $ 6.62 6.0 $ — Options vested and expected to vest 1,649,686 $ 5.00 7.6 $ — |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Weighted average grant date Number of fair value shares per share Balance, December 31, 2020 224,311 $ 4.12 RSUs granted 131,375 3.61 RSUs released (118,472 ) 3.73 RSUs forfeited (36,943 ) 3.49 Balance, December 31, 2021 200,271 $ 4.13 |
Share-based Payment Arrangement, Option [Member] | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Years ended December 31, 2021 2020 Risk-free interest rate 0.6 - 1.6% 0.4 - 1.6% Volatility 110 - 120% 107 - 112% Dividend yield None None Expected term (in years) 6.25 - 10.0 6.25 - 10.0 |
Note 12 - Net Loss Per Share (T
Note 12 - Net Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Years ended December 31, 2021 2020 Net loss $ (12,623 ) $ (15,004 ) Weighted average shares used to compute net loss per share, basic and diluted 16,917,664 10,118,682 Net loss per share, basic and diluted $ (0.75 ) $ (1.48 ) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | December 31, 2021 2020 Stock options to purchase common stock 1,649,686 1,114,306 Unvested restricted stock units 5,468 8,200 Common stock warrants 2,424,724 2,424,724 Total 4,079,878 3,547,230 |
Note 13 - Income Taxes (Tables)
Note 13 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Years ended December 31, 2021 2020 Tax at federal statutory rate $ (2,651 ) $ (3,151 ) State, net of federal benefit — (449 ) Research and development credit (279 ) (276 ) Share-based compensation 264 649 PPP Note forgiveness — (107 ) Other 2 2 Change in valuation allowance 2,664 3,332 Total provision for income taxes $ — $ — |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Years ended December 31, 2021 2020 Accrued compensation $ 191 $ 225 Inventory adjustments 15 335 Depreciation and amortization 24 90 Share-based compensation 595 686 Net operating loss and tax credit carryforwards 30,277 26,931 Other 2 173 Gross Deferred Tax Asset 31,104 28,440 Valuation Allowance (31,104 ) (28,440 ) Net deferred tax asset $ — $ — |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | Years ended December 31, 2021 2020 Balance, beginning of year $ 1,235 $ 1,046 Additions based on tax positions related to the current year 158 189 Reductions for tax positions related to prior years (25 ) — Balance, end of year $ 1,368 $ 1,235 |
Note 2 - Significant Accounti_3
Note 2 - Significant Accounting Policies 1 (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Retained Earnings (Accumulated Deficit), Ending Balance | $ (128,697,000) | $ (116,074,000) |
Cash and Cash Equivalents, at Carrying Value, Ending Balance | 12,872,000 | 21,407,000 |
Accounts Receivable, Allowance for Credit Loss, Current | 22,000 | 16,000 |
Impairment of Long-Lived Assets Held-for-use | $ 0 | |
Standard Product Warranty, Term (Year) | 2 years | |
Standard Product Warranty Accrual, Ending Balance | $ 0 | $ 0 |
Note 2 - Significant Accounti_4
Note 2 - Significant Accounting Policies 2 (Details Textual) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Month) | 12 years | |
Revenue, Remaining Performance Obligation, Amount | $ 683,000 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Month) | 12 months | |
Revenue, Remaining Performance Obligation, Amount | $ 847,000 |
Note 2 - Significant Accounti_5
Note 2 - Significant Accounting Policies - Estimated Useful Lives of Property and Equipment (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Computer Equipment and Software [Member] | |
Estimated useful lives (Year) | 3 years |
Laboratory and Manufacturing Equipment [Member] | |
Estimated useful lives (Year) | 3 years |
Furniture and Fixtures [Member] | |
Estimated useful lives (Year) | 3 years |
Note 3 - Fair Value Measureme_3
Note 3 - Fair Value Measurement - Fair Value of Assets Measured on a Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Cash and Cash Equivalents, Fair Value | $ 12,872 | $ 21,407 |
Cash and Cash Equivalents, Fair Value | (12,872) | (21,407) |
Money Market Funds [Member] | ||
Cash and Cash Equivalents, Fair Value | 12,917,000 | 20,662,000 |
Cash and Cash Equivalents, Fair Value | (12,917,000) | (20,662,000) |
Demand Deposits [Member] | ||
Cash and Cash Equivalents, Fair Value | 45,000 | 745,000 |
Cash and Cash Equivalents, Fair Value | (45,000) | (745,000) |
Fair Value, Inputs, Level 1 [Member] | ||
Cash and Cash Equivalents, Fair Value | 12,917 | 20,662 |
Cash and Cash Equivalents, Fair Value | (12,917) | (20,662) |
Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] | ||
Cash and Cash Equivalents, Fair Value | 12,917,000 | 20,662,000 |
Cash and Cash Equivalents, Fair Value | (12,917,000) | (20,662,000) |
Fair Value, Inputs, Level 1 [Member] | Demand Deposits [Member] | ||
Cash and Cash Equivalents, Fair Value | 0 | 0 |
Cash and Cash Equivalents, Fair Value | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Cash and Cash Equivalents, Fair Value | 0 | 0 |
Cash and Cash Equivalents, Fair Value | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Money Market Funds [Member] | ||
Cash and Cash Equivalents, Fair Value | 0 | 0 |
Cash and Cash Equivalents, Fair Value | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Demand Deposits [Member] | ||
Cash and Cash Equivalents, Fair Value | 0 | 0 |
Cash and Cash Equivalents, Fair Value | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Cash and Cash Equivalents, Fair Value | 0 | 0 |
Cash and Cash Equivalents, Fair Value | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Money Market Funds [Member] | ||
Cash and Cash Equivalents, Fair Value | 0 | 0 |
Cash and Cash Equivalents, Fair Value | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Demand Deposits [Member] | ||
Cash and Cash Equivalents, Fair Value | 0 | 0 |
Cash and Cash Equivalents, Fair Value | $ 0 | $ 0 |
Note 4 - Property and Equipme_3
Note 4 - Property and Equipment, Net (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Depreciation, Total | $ 60,000 | $ 68,000 |
Note 4 - Property and Equipme_4
Note 4 - Property and Equipment, Net - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Property and equipment, gross | $ 719 | $ 1,170 |
Less accumulated depreciation | (537) | (1,025) |
Property and equipment, net | 182 | 145 |
Computer Equipment and Software [Member] | ||
Property and equipment, gross | 133 | 159 |
Laboratory and Manufacturing Equipment [Member] | ||
Property and equipment, gross | 460 | 550 |
Furniture and Fixtures [Member] | ||
Property and equipment, gross | 26 | 59 |
Leasehold Improvements [Member] | ||
Property and equipment, gross | 26 | 332 |
Construction in Progress [Member] | ||
Property and equipment, gross | $ 74 | $ 70 |
Note 5 - Operating Lease Righ_3
Note 5 - Operating Lease Right-of-use Asset, Net - Impact of New Lease Standard (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Straight-line rent expense recognized for operating lease | $ 623 | $ 601 |
Variable rent expense recognized for operating lease | 322 | 395 |
Total rent expense | $ 945 | $ 996 |
Weighted average remaining lease term (in years) (Year) | 5 years 1 month 6 days | 1 year |
Weighted average discount rate | 10.74% | 12.05% |
Note 5 - Operating Lease Righ_4
Note 5 - Operating Lease Right-of-use Asset, Net - Supplement Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Cash paid for amounts included in the measurement of lease liabilities | $ 686 | $ 630 |
Cash lease expense (imputed interest expense component of net income) | (43) | (103) |
Total rent expense | $ 729 | $ 733 |
Note 5 - Operating Lease Righ_5
Note 5 - Operating Lease Right-of-use Asset, Net - Future Minimum Lease Payments Under Operating Lease (Details) $ in Thousands | Dec. 31, 2021USD ($) |
2022 | $ 424 |
2023 | 471 |
2024 | 485 |
2025 | 499 |
2026 | 514 |
Thereafter | 43 |
Total undiscounted lease payments | 2,436 |
Less imputed interest | 568 |
Total operating lease liabilities | $ 1,868 |
Note 7 - Accrued Expenses and_3
Note 7 - Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Accrued expenses | $ 240 | $ 87 |
Accrued salaries and employee benefits | 861 | 961 |
Accrued clinical trial costs | 334 | 452 |
Grant liability | 590 | 615 |
Customer deposits | 96 | 90 |
Total | $ 2,121 | $ 2,205 |
Note 8 - Note Payable Under P_2
Note 8 - Note Payable Under Paycheck Protection Program (Details Textual) - USD ($) | Nov. 02, 2020 | May 01, 2020 | Dec. 31, 2021 | Dec. 31, 2020 |
Gain (Loss) on Extinguishment of Debt, Total | $ 0 | $ 509,000 | ||
Paycheck Protection Program CARES Act [Member] | ||||
Proceeds from Issuance of Long-term Debt, Total | $ 506,413 | |||
Debt Instrument, Principle Amount Forgiven | $ 506,000 | |||
Debt Instrument, Interest Amount Forgiven | $ 3,000 | |||
Gain (Loss) on Extinguishment of Debt, Total | $ 509,000 |
Note 9 - Stockholders' Equity_2
Note 9 - Stockholders' Equity (Details Textual) - USD ($) | Mar. 29, 2021 | Dec. 18, 2020 | Dec. 16, 2020 | Jun. 19, 2020 | Jun. 17, 2020 | Jun. 08, 2020 | Sep. 04, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Aug. 06, 2019 |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | $ 0.001 | ||||||||
Stock Issued During Period, Value, New Issues | $ 1,942,000 | |||||||||
Proceeds from Issuance of Common Stock | 2,001,000 | $ 0 | ||||||||
Stock Issued During Period, Value, Issued for Services | 148,000 | |||||||||
Two Former Board Members [Member] | ||||||||||
Stock Issued During Period, Shares, Issued for Services (in shares) | 29,625 | |||||||||
Stock Issued During Period, Value, Issued for Services | $ 148,000 | |||||||||
Underwriters [Member] | ||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 75,000 | |||||||||
The $10.5 Million Registered Direct Offering [Member] | ||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 2,038,836 | |||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | |||||||||
Shares Issued, Price Per Share (in dollars per share) | $ 5.15 | |||||||||
Stock Issued During Period, Value, New Issues | $ 10,500,000 | 9,765,000 | ||||||||
Placement Agent Fee | 7.00% | |||||||||
Proceeds from Issuance of Common Stock | $ 9,800,000 | 0 | 10,500,000 | |||||||
The $8.5 Million Registered Direct Offering [Member] | ||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 1,789,474 | |||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | |||||||||
Shares Issued, Price Per Share (in dollars per share) | $ 4.75 | |||||||||
Stock Issued During Period, Value, New Issues | $ 8,500,000 | 7,827,000 | ||||||||
Placement Agent Fee | 7.00% | |||||||||
Proceeds from Issuance of Common Stock | $ 7,800,000 | 0 | 8,500,000 | |||||||
Placement Agent Maximum Expenses Reimbursement Amount | $ 40,000 | |||||||||
Public Offering [Member] | ||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 4,762,000 | |||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | |||||||||
Shares Issued, Price Per Share (in dollars per share) | $ 2.10 | |||||||||
Stock Issued During Period, Value, New Issues | 10,273,000 | |||||||||
Proceeds from Issuance of Common Stock | $ 10,300,000 | $ 0 | $ 11,500,000 | |||||||
Underwriters, Additional Common Shares Authorized to Purchase (in shares) | 714,190 | |||||||||
Purchase Agreement with Lincoln Park [Member] | ||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 373,832 | 0 | ||||||||
Shares Issued, Price Per Share (in dollars per share) | $ 5.35 | |||||||||
Proceeds from Issuance of Common Stock | $ 2,000,000 | |||||||||
Sale of Stock, Aggregate Value, Maximum | $ 20,000,000 | |||||||||
Stock Issuable, Commitment Shares on Pro Rata Basis (in shares) | 50,000 | |||||||||
Stock Issued During the Period, Shares, Commission Fees (in shares) | 80,000 | |||||||||
Stock Issued During the Period, Commitment Shares Issued on Pro Rata Basis (in shares) | 5,000 | |||||||||
Conditional Issuance, Maximum Number of Shares Allowed to be Purchased (in shares) | 100,000 | |||||||||
Stock Purchase Agreement Accelerated Purchase, Maximum, Percent of Shares Purchased on the Same Trading Day | 300.00% | |||||||||
Stock Purchase Agreement Accelerated Purchase, Maximum, Percent of Total Common Shares Traded During Specified Period | 30.00% | |||||||||
Maximum Number of Shares Allowed to be Issued Including Commitment Shares (in shares) | 3,266,177 | |||||||||
Percentage of Common Stock Outstanding | 19.99% | |||||||||
Private Placement Unit [Member] | ||||||||||
Number of Common Stock in Each Unit (in shares) | 1 |
Note 9 - Stockholders' Equity -
Note 9 - Stockholders' Equity - Warrants (Details) | 12 Months Ended |
Dec. 31, 2021$ / sharesshares | |
Balance, beginning (in shares) | shares | 2,424,724 |
Balance, beginning, weighted average exercise price (in dollars per share) | $ / shares | $ 6.36 |
Warrants for common stock sold (in shares) | shares | 0 |
Warrants for common stock sold, weighted average exercise price (in dollars per share) | $ / shares | $ 0 |
Warrants for common stock exercised (in shares) | shares | 0 |
Warrants for common stock exercised, weighted average exercise price (in dollars per share) | $ / shares | $ 0 |
Balance, ending (in shares) | shares | 2,424,724 |
Balance, ending, weighted average exercise price (in dollars per share) | $ / shares | $ 6.36 |
Note 10 - Share-based Compens_3
Note 10 - Share-based Compensation (Details Textual) - USD ($) | Jan. 01, 2021 | Jan. 29, 2020 | Dec. 31, 2021 | Dec. 31, 2020 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 5.32 | $ 3.56 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 515,036 | 772,435 | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount, Total | $ 569,000 | |||
Share-based Payment Arrangement, Expense | 412,000 | $ 1,661,000 | $ 2,952,000 | |
Share-based Payment Arrangement, Amount Capitalized | $ 157,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Remaining Weighted Average Award Vesting Period (Year) | 3 years | |||
Share Price (in dollars per share) | $ 1.94 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 3,000 | $ 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 3.10 | $ 1.73 | ||
Employees [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 772,435 | 342,232 | ||
Non-employee Directors and Employees [Member] | ||||
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 2,500,000 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 9 months 18 days | |||
Minimum [Member] | ||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 10.05 | |||
Maximum [Member] | ||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 97.21 | |||
The 2016 Plan [Member] | ||||
Annual Increase, Percentage of Common Shares Outstanding | 4.00% | |||
Annual Increase, Number of Common Shares (in shares) | 1,000,000 | 268,997 | ||
Share-based Payment Arrangement, Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | |||
Share-based Payment Arrangement, Option [Member] | The 2016 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 133,330 | |||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 61,000 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 4 months 24 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 131,375 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 118,472 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 200,271 | 224,311 | ||
Restricted Stock Units (RSUs) [Member] | Non-employee Directors and Employees [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance (in shares) | 200,271 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 194,803 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 5,468 | |||
Restricted Stock Units (RSUs) [Member] | Management [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 112,583 | 113,976 | ||
Restricted Stock Units (RSUs) [Member] | Director [Member] | ||||
Number of Share-based Awards Granted Quarterly, Numerator in Ratio | $ 92,500 | |||
Number of Share-based Awards Granted Quarterly, Denominator in Ratio | 4 | |||
Restricted Stock Units (RSUs) [Member] | Director [Member] | Share-based Payment Arrangement, Tranche One [Member] | ||||
Share-based Payment Arrangement, Expense | $ 190,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 122,977 | |||
Restricted Stock Units (RSUs) [Member] | Director [Member] | Share-based Payment Arrangement, Tranche Two [Member] | ||||
Share-based Payment Arrangement, Expense | $ 613,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 69,321 | |||
Restricted Stock Units (RSUs) [Member] | Maximum [Member] | Director [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 2 years |
Note 10 - Share-based Compens_4
Note 10 - Share-based Compensation - Share-based Compensation Expense (Details) - USD ($) | Jan. 29, 2020 | Dec. 31, 2021 | Dec. 31, 2020 |
Share-based compensation expense | $ 412,000 | $ 1,661,000 | $ 2,952,000 |
Research and Development Expense [Member] | |||
Share-based compensation expense | 795,000 | 1,369,000 | |
Selling, General and Administrative Expenses [Member] | |||
Share-based compensation expense | $ 866,000 | $ 1,583,000 |
Note 10 - Share-based Compens_5
Note 10 - Share-based Compensation - Stock Option Activity (Details) - USD ($) | Jan. 29, 2020 | Dec. 31, 2021 | Dec. 31, 2020 |
Stock options outstanding, beginning of period (in shares) | 1,114,306 | ||
Balance, weighted average exercise price, beginning of period (in dollars per share) | $ 5.89 | ||
Stock options outstanding, weighted average remaining contractual term (Year) | 7 years 7 months 6 days | 7 years 6 months | |
Stock options outstanding, aggregate intrinsic value | $ 177,100 | ||
Stock options granted (in shares) | 515,036 | 772,435 | |
Stock options granted, weighted average exercise price (in dollars per share) | $ 5.32 | $ 3.56 | |
Stock options exercised (in shares) | (1,580) | ||
Stock options exercised, weighted average exercise price (in dollars per share) | $ 2.49 | ||
Stock options forfeited (in shares) | (235,350) | ||
Stock options forfeited, weighted average exercise price (in dollars per share) | $ 4.49 | ||
Stock options expired (in shares) | (125) | ||
Stock options expired, weighted average exercise price (in dollars per share) | $ 5.32 | ||
Stock options outstanding, end of period (in shares) | 1,649,686 | 1,114,306 | |
Balance, weighted average exercise price, end of period (in dollars per share) | $ 5 | $ 5.89 | |
Exercisable, December 31, 2021 (in shares) | 762,867 | ||
Options exercisable, weighted average exercise price (in dollars per share) | $ 6.62 | ||
Options exercisable, weighted average remaining contractual term (Year) | 6 years | ||
Options vested and expected to vest (in shares) | 1,649,686 | ||
Options vested and expected to vest, weighted average exercise price (in dollars per share) | $ 5 | ||
Options vested and expected to vest, weighted average remaining contractual term (Year) | 7 years 7 months 6 days |
Note 10 - Share-based Compens_6
Note 10 - Share-based Compensation - Valuation Assumptions for Employee Stock Options (Details) - Share-based Payment Arrangement, Option [Member] | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Minimum [Member] | ||
Risk-free interest rate | 0.60% | 0.40% |
Volatility | 110.00% | 107.00% |
Expected term (Year) | 6 years 3 months | 6 years 3 months |
Maximum [Member] | ||
Risk-free interest rate | 1.60% | 1.60% |
Volatility | 120.00% | 112.00% |
Expected term (Year) | 10 years | 10 years |
Note 10 - Share-based Compens_7
Note 10 - Share-based Compensation - Summary of Non-vested RSUs (Details) - Restricted Stock Units (RSUs) [Member] | 12 Months Ended |
Dec. 31, 2021$ / sharesshares | |
Balance, shares (in shares) | shares | 224,311 |
Balance, weighted average grant date fair value per share (in dollars per share) | $ / shares | $ 4.12 |
RSUs granted, shares (in shares) | shares | 131,375 |
RSUs granted, weighted average grant date fair value per share (in dollars per share) | $ / shares | $ 3.61 |
RSUs released, shares (in shares) | shares | (118,472) |
RSUs released, weighted average grant date fair value per share (in dollars per share) | $ / shares | $ 3.73 |
RSUs forfeited, shares (in shares) | shares | (36,943) |
RSUs forfeited, weighted average grant date fair value per share (in dollars per share) | $ / shares | $ 3.49 |
Balance, shares (in shares) | shares | 200,271 |
Balance, weighted average grant date fair value per share (in dollars per share) | $ / shares | $ 4.13 |
Note 11 - Concentrations (Detai
Note 11 - Concentrations (Details Textual) - Customer Concentration Risk [Member] | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue Benchmark [Member] | Customer One [Member] | ||
Concentration Risk, Percentage | 67.00% | 70.00% |
Revenue Benchmark [Member] | Customer Two [Member] | ||
Concentration Risk, Percentage | 13.00% | 16.00% |
Revenue Benchmark [Member] | Customer Three [Member] | ||
Concentration Risk, Percentage | 13.00% | |
Accounts Receivable [Member] | Customer One [Member] | ||
Concentration Risk, Percentage | 24.00% | 22.00% |
Accounts Receivable [Member] | Customer Two [Member] | ||
Concentration Risk, Percentage | 14.00% | 18.00% |
Accounts Receivable [Member] | Customer Three [Member] | ||
Concentration Risk, Percentage | 12.00% | 11.00% |
Accounts Receivable [Member] | Customer Four [Member] | ||
Concentration Risk, Percentage | 12.00% |
Note 12 - Net Loss Per Share -
Note 12 - Net Loss Per Share - Basic and Diluted Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Net loss | $ (12,623) | $ (15,004) |
Weighted-average shares used in computing net loss per share, basic and diluted (in shares) | 16,917,664 | 10,118,682 |
Net loss per share, basic and diluted (in dollars per share) | $ (0.75) | $ (1.48) |
Note 12 - Net Loss Per Share _2
Note 12 - Net Loss Per Share - Anti-dilutive Securities (Details) - shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Antidilutive securities (in shares) | 4,079,878 | 3,547,230 |
Share-based Payment Arrangement, Option [Member] | ||
Antidilutive securities (in shares) | 1,649,686 | 1,114,306 |
Restricted Stock Units (RSUs) [Member] | ||
Antidilutive securities (in shares) | 5,468 | 8,200 |
Warrant [Member] | ||
Antidilutive securities (in shares) | 2,424,724 | 2,424,724 |
Note 13 - Income Taxes (Details
Note 13 - Income Taxes (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Expense (Benefit), Total | $ 0 | $ 0 |
Deferred Tax Liabilities, Net, Total | 0 | 0 |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 2,700,000 | 3,300,000 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 991,000 | 895,000 |
Domestic Tax Authority [Member] | ||
Operating Loss Carryforwards, Total | $ 62,400,000 | |
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | ||
Operating Loss Carryforwards, Total | 106,100,000 | |
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Research Tax Credit Carryforward [Member] | ||
Tax Credit Carryforward, Amount | 3,100,000 | |
State and Local Jurisdiction [Member] | Research Tax Credit Carryforward [Member] | ||
Tax Credit Carryforward, Amount | $ 2,300,000 |
Note 13 - Income Taxes - Effect
Note 13 - Income Taxes - Effective Income Tax Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Tax at federal statutory rate | $ (2,651) | $ (3,151) |
State, net of federal benefit | 0 | (449) |
Research and development credit | (279) | (276) |
Share-based compensation | 264 | 649 |
PPP Note forgiveness | 0 | (107) |
Other | 2 | 2 |
Change in valuation allowance | 2,664 | 3,332 |
Total provision for income taxes | $ 0 | $ 0 |
Note 13 - Income Taxes - Compon
Note 13 - Income Taxes - Components of the Net Deferred Income Tax Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Accrued compensation | $ 191 | $ 225 |
Inventory adjustments | 15 | 335 |
Depreciation and amortization | 24 | 90 |
Share-based compensation | 595 | 686 |
Net operating loss and tax credit carryforwards | 30,277 | 26,931 |
Other | 2 | 173 |
Gross Deferred Tax Asset | 31,104 | 28,440 |
Valuation Allowance | (31,104) | (28,440) |
Net deferred tax asset | $ 0 | $ 0 |
Note 13 - Income Taxes - Aggreg
Note 13 - Income Taxes - Aggregate Changes in the Balance of Gross Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Balance, beginning of year | $ 1,235 | $ 1,046 |
Additions based on tax positions related to the current year | 158 | 189 |
Reductions for tax positions related to prior years | (25) | 0 |
Balance, end of year | $ 1,368 | $ 1,235 |
Note 15 - Grant Funding (Detail
Note 15 - Grant Funding (Details Textual) - Grant Agreement [Member] - TEDCO [Member] - USD ($) | 1 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Dec. 31, 2021 | |
Grant Funding Available | $ 750,000 | |
Grant Funding, Term of Grant (Year) | 3 years | |
Proceeds from Grant Funding | $ 750,000 | |
Research and Development Expense Reduction from Qualified Grant Funding | 160,000 | |
Deferred Revenue from Grants, Current | $ 590,000 |
Note 16 - Related Party Trans_2
Note 16 - Related Party Transactions (Details Textual) - BSLF, L.L.C. [Member] - Funding Agreement [Member] - USD ($) | 1 Months Ended | 12 Months Ended |
Mar. 29, 2022 | Dec. 31, 2021 | |
Percentage of Remaining Litigation Proceeds Up to Three Times the Actual Funding Amount | 50.00% | |
Percentage of Remaining Litigation Proceeds | 30.00% | |
Increase (Decrease) in Accounts Payable, Related Parties | $ (523,000) | |
Due from Related Parties, Total | 562,000 | |
Selling, General and Administrative Expenses [Member] | ||
Legal Fees | 195,000 | |
Accrued Expenses and Other Current Liabilities [Member] | ||
Accounts Payable, Related Parties | $ 156,000 | |
Subsequent Event [Member] | ||
Legal Fees | $ 688,000 | |
Maximum Discount on Legal Service | $ 300,000 |
Note 17 - Employee Benefit Pl_2
Note 17 - Employee Benefit Plans (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 75.00% | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 30,000 | $ 26,000 |
Note 18 - Subsequent Events (De
Note 18 - Subsequent Events (Details Textual) | Mar. 17, 2022USD ($) |
BSLF, L.L.C. [Member] | Funding Agreement [Member] | Subsequent Event [Member] | |
Related Party Transaction, Amounts of Transaction | $ 156,000 |