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Note 7 - Stockholders' Equity and Common Stock Warrants | 12 Months Ended
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Dec. 31, 2019
Notes to Financial Statements |
Stockholders' Equity Note Disclosure [Text Block] | 7. Stockholders' Equity and Common Stock Warrants 2019 Common Stock Offerings In December 2019, Company completed an offering (the “December 2019 Offering”) of 6,266,787 shares of its common stock and warrants to purchase 6,266,787 shares of common stock. The shares of common stock and warrants were sold for a combined purchase price of $0.5585 per share for net proceeds of $3.0 million. The December 2019 Offering warrants are exercisable beginning on the date of their issuance until June 13, 2025 at an initial exercise price equal to $0.4335 per share. In addition, at the closing of the December 2019 Offering, the Company issued warrants to purchase up to 313,339 shares of common stock to designees of the placement agent. The placement agent's warrants have an exercise price of $0.6981 per share and a term of five years from the date of issuance. In November 2019, the Company completed a registered direct public offering (the “November 2019 Offering”) of 5,104,429 shares of its common stock, and 6,324,143 pre-funded warrants each to purchase one share of common stock, together with warrants to purchase up to 22,857,144 shares of common stock at a combined public offering price of $0.35 per share and associated warrants for total net proceeds of $3.3 million. The warrants were issued with an exercise price of $0.35 per warrant and are exercisable beginning on their date of issuance. Of the warrants issued, 11,428,572 have a term of 18 months and 11,428,572 have a term of 5 years. During the year ended December 31, 2019, 11,091,716 of those warrants were exercised for proceeds of $3.9 million. In addition, at the closing of the November 2019 Offering, the Company issued warrants to purchase up to 571,429 shares of common stock to designees of the placement agent. The placement agent's warrants have an exercise price of $0.4375 per share and a term of five years from the date of issuance. In May 2019, the Company completed a registered direct public offering (the “May 2019 Offering”) of 1,317,060 shares of common stock and a private placement of warrants to purchase 1,317,060 shares of common stock. The shares of common stock and warrants were sold for a combined purchase price of $4.895 for total net proceeds of $5.6 million. The warrants are exercisable beginning on the date of their issuance until November 29, 2024 at an initial exercise price equal to $5.00. In addition, at the closing of the May 2019 Offering, the Company issued warrants to purchase up to 65,853 shares of common stock to designees of the placement agent. The placement agent's warrants have an exercise price of $6.11875 per share and a term of 5 years from the date of issuance. 2018 Common Stock Offering In January 2018, the Company entered into an Underwriting Agreement (the “Agreement”) pursuant to which it issued 1,000,000 shares of common stock and warrants to purchase 1,000,000 shares of common stock with an initial exercise price of $12.00 per share for cash proceeds of $10.8 million. In addition, as compensation for its services, the Company granted to the underwriter in the transaction an option (the “Over-Allotment Option”) to purchase, in the aggregate, 150,000 shares of common stock (the “Option Shares”) and warrants to purchase up to 150,000 shares of common stock (the “Option Warrants”). The underwriter exercised its right to purchase a portion of the Option Warrants and received an additional 131,375 warrants to purchase common stock with an initial exercise price $12.00 per share. In addition, at the closing, the Company issued to designees of the underwriter warrants to purchase up to 50,000 shares of common stock. The underwriter’s warrants have an exercise price of $15.00 per share and a term of five years from the date of issuance. As a result of the Company's common stock offering in January 2018, all outstanding shares of the Company's Series A convertible preferred stock converted into 1,400,462 shares of common stock of which (i) 553,752 shares were issued for the automatic conversion of Series A convertible preferred stock (ii) 68,815 shares were issued upon settlement of accrued dividends and (iii) 777,895 shares were issued for the settlement of the “make-whole” adjustment feature. A deemed dividend of $8.2 million was recognized for the value of the common shares issued for the settlement of the make-whole adjustment feature. Common Stock Warrants During its evaluation of equity classification for the Company's common stock warrants issued in 2019 and 2018, the Company considered the conditions as prescribed within ASC 815 - 40, Derivatives and Hedging, Contracts in an Entity’s own Equity (“ASC 815 - 40” ). The conditions within ASC 815 - 40 are not subject to a probability assessment. The warrants do not fall under the liability criteria within ASC 480 Distinguishing Liabilities from Equity as they are not puttable and do not represent an instrument that has a redeemable underlying security. The warrants do meet the definition of a derivative instrument under ASC 815, but are eligible for the scope exception as they are indexed to the Company’s own stock and would be classified in permanent equity if freestanding. As of December 31, 2019, the Company had the following warrants outstanding to acquire shares of its common stock:
|  | Outstanding |  |  | Range of exercise price per share |  | Expiration dates
Common stock warrants issued in 2017 related to Series A convertible preferred stock offering |  |  | 903,870 |  |  |  | $33.30 |  |  | March 2022
Common stock warrants issued in 2018 related to the common stock offering |  |  | 1,181,375 |  |  | $12.00 | - | $15.00 |  | January 2023
Common stock warrants issued related to the May 2019 Offering |  |  | 1,382,913 |  |  | $5.00 | - | $6.11875 |  | May and December 2024
Common stock warrants issued related to the November 2019 Offering |  |  | 12,336,857 |  |  | $0.35 | - | $0.4375 |  | May 2024
Common stock warrants issued related to the December 2019 Offering |  |  | 6,580,126 |  |  | $0.4335 | - | $0.6981 |  | December 2024 and June 2025
|  |  | 22,385,141 |  |  |  |  |  |  |
During the years ended December 31, 2019 and 2018, 1,767 and 28,123 warrants expired, respectively.

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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