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Note F - Common Stock and Warrants
 6 Months Ended
Jun. 30, 2016
Notes to Financial Statements  
Stockholders' Equity Note Disclosure [Text Block]
F.
 Common Stock and Warrants
 
Authorized, Issued, and Outstanding Common Shares
 
In April 2015, the Company amended and restated its Certificate
of Incorporation to increase the number of its authorized shares of common stock to 250,000,000 shares. Of the authorized shares, 14,646,982 and 14,490,954 shares of common stock were issued and outstanding at June 30, 2016 and December 31, 2015, respectively.
 
At
June 30, 2016 and December 31, 2015, the Company had reserved authorized shares of common stock for future issuance as follows:
 
   
June 30
,
2016
    
December 31,
2015
  
Conversion of Deerfield Convertible Notes
     2,088,931       1,991,219  
Conversion
of 2021 Notes
     5,040,914       —  
Outstanding awards under equity incentive plans
     2,238,153       1,397,511  
Outstanding common stock warrants
     2,087,477       2,325,383  
Possible future issuances under equity incentive plans
     1,130,111       1,410,848  
Total common
shares reserved for future issuance
     12,585,586       7,124,961  
 
Common Stock Activity
 
The following table summarizes common stock activity for the
six months ended June 30, 2016:
 
   
Shares of
Common Stock
  
Balance at December 31, 2015
     14,490,954  
Common stock warrants exercised     141,095  
Common stock options exercised
     14,933  
Balance at
June 30, 2016
     14,646,982  
 
The Company calculates the fair value of common stock warrants using a Monte Carlo simulation. There were warrants exercised for an aggregate of 141,095
and 12,251 shares of common stock during the six months ended June 30, 2016 and 2015, respectively. From 2008 through 2012, the Company issued warrants to purchase 595,920 shares of common stock in its private placement offerings of Series A redeemable convertible preferred stock, Series B redeemable convertible preferred stock and Series C redeemable convertible preferred stock (the “Underwriter Warrants”) and for leasing laboratory space. The Company accounted for the Underwriter Warrants as a derivative liability, which is adjusted to fair value at each reporting period, with the change in fair value recorded within other expenses in the statements of operations.