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Note 12 - Fair Value (Tables)

3 Months Ended

Mar. 31, 2024

Notes Tables

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

		March 31, 2024
(in thousands)		Level 1				Level 2				Level 3				Total
Cash equivalents:
U.S. Treasury securities		$	—			$	12,191			$	—			$	12,191
Money market funds			5,660				—				—				5,660
Marketable securities:
U.S. Treasury securities			—				6,178				—				6,178
Common stock warrant liabilities			—				—				2,790				2,790
Clene Nanomedicine contingent earn-out liability			—				—				22				22
Initial Stockholders contingent earn-out liability			—				—				3				3

		December 31, 2023
(in thousands)		Level 1				Level 2				Level 3				Total
Cash equivalents:
U.S. Treasury securities		$	—			$	19,884			$	—			$	19,884
Money market funds			5,113				—				—				5,113
Marketable securities:
U.S. Treasury securities			—				6,179				—				6,179
Common stock warrant liabilities			—				—				1,481				1,481
Clene Nanomedicine contingent earn-out liability			—				—				75				75
Initial Stockholders contingent earn-out liability			—				—				10				10

(in thousands)		Common Stock Warrant Liabilities				Clene Nanomedicine Contingent Earn-out				Initial Stockholders Contingent Earn-out
Balance – December 31, 2023		$	1,481			$	75			$	10
Change in fair value			1,309				(53	)			(7	)
Balance – March 31, 2024		$	2,790			$	22			$	3

(in thousands)		Clene Nanomedicine Contingent Earn-out				Initial Stockholders Contingent Earn-out
Balance – December 31, 2022		$	2,264			$	291
Change in fair value			55				7
Balance – March 31, 2023		$	2,319			$	298

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

		March 31,				December 31,
		2024				2023
Expected stock price volatility			105.00% – 120.00	%			105.00% – 110.00	%
Risk-free interest rate			4.28% – 5.38	%			3.88% – 5.03	%
Expected dividend yield			0.00	%			0.00	%
Expected term (in years)			0.50 – 4.25				0.75 – 4.50
Probability of change of control			20.00	%			25.00	%
Probability of dissolution			50.00	%			50.00	%
Probability of other outcome			30.00	%			25.00	%

		March 31,				December 31,
		2024				2023
Expected stock price volatility			100.00% – 105.00	%			100.00% – 110.00	%
Risk-free interest rate			4.55% – 5.15	%			4.13% – 4.74	%
Expected dividend yield			0.00	%			0.00	%
Expected term (in years)			0.83 – 2.21				1.08 – 2.46
Probability of NDA acceptance			20.00	%			20.00	%
Probability of fundamental transaction			20.00	%			25.00	%
Probability of dissolution			50.00	%			50.00	%
Probability of other outcome			10.00	%			5.00	%

		March 31,				December 31,
		2024				2023
Expected stock price volatility			97.50	%			115.00	%
Risk-free interest rate			4.70	%			4.20	%
Expected dividend yield			0.00	%			0.00	%
Expected term (in years)			1.75				2.00

X

- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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X

- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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- References

No definition available.

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