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Note 13 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Notes Tables

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

		December 31,
		2023				2022				2021
		(In thousands)
Continuing operations:
Current income tax expense:
Federal		$	—			$	—			$	—
State			—				—				—
Total current income tax expense			—				—				—
Deferred income tax benefit:
Federal			—				—				—
State			—				—				—
Total deferred income tax benefit			—				—				—
Income tax benefit in continuing operations		$	—			$	—			$	—
Income tax expense as a component of discontinued operations		$	462			$	3,952			$	1,006

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

		December 31,
		2023				2022
		(In thousands)
Deferred tax assets:
Net operating loss carryforwards		$	95,183			$	85,887
Research and development tax credits			92,837				78,992
Capitalized research and development			39,318				21,864
OMIDRIA royalty obligation			28,903				28,938
Stock-based compensation			10,132				12,517
Lease liability			5,085				5,926
Other			10,283				9,234
Total deferred tax assets			281,741				243,358
Deferred tax liabilities:
OMIDRIA contract royalty asset			(38,832	)			(34,883	)
Right of use assets			(4,304	)			(4,987	)
Property and equipment			(122	)			(288	)
Total deferred tax liabilities			(43,258	)			(40,158	)
Net deferred tax assets before valuation allowance			238,483				203,200
Less valuation allowance			(238,483	)			(203,200	)
Net deferred tax liabilities		$	—			$	—

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

		Year ended December 31,
		2023				2022				2021
U.S. Federal statutory rate on net loss			(21.0	)%			(21.0	)%			(21.0	)%
State tax, net of federal tax benefit			(2.1	)%			(1.7	)%			(0.6	)%
Change in valuation allowance			27.7	%			28.3	%			26.9	%
Tax credits			(8.0	)%			(6.8	)%			(5.5	)%
Stock compensation			1.5	%			1.4	%			0.3	%
Other			1.9	%			(0.2	)%			(0.1	)%
Effective tax rate			0.0	%			0.0	%			0.0	%

Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]

Balance at December 31, 2022		$	212
Increase in balance related to tax positions taken during prior years			1,796
Decrease in balance related to tax positions during prior years			(30	)
Decrease in balance as a result of a lapse of the applicable statute of limitations			(12	)
Balance at December 31, 2023		$	1,966

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- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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