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Note 12 - Fair Value (Tables) | 9 Months Ended
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Sep. 30, 2024
Notes Tables |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] |
|  | September 30, 2024 |
(in thousands) |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 3,897 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,897 |
Common stock warrant liabilities |  |  | — |  |  |  | — |  |  |  | 592 |  |  |  | 592 |
|  | 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 |  |  | (956 | ) |  |  | (75 | ) |  |  | (10 | )
Change in 2023 Avenue Warrant fair value pursuant to the Third Amendment recorded as a debt discount |  |  | 67 |  |  |  | — |  |  |  | — |
Balance – September 30, 2024 |  | $ | 592 |  |  | $ | — |  |  | $ | — |
(in thousands) |  | Common Stock Warrant Liabilities |  |  | Clene Nanomedicine Contingent Earn-out |  |  | Initial Stockholders Contingent Earn-out |
Balance – December 31, 2022 |  | $ | — |  |  | $ | 2,264 |  |  | $ | 291 |
Initial fair value of instruments |  |  | 7,818 |  |  |  | — |  |  |  | — |
Change in fair value |  |  | (5,958 | ) |  |  | (2,114 | ) |  |  | (272 | )
Balance – September 30, 2023 |  | $ | 1,860 |  |  | $ | 150 |  |  | $ | 19 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] |
|  | September 30, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
Expected stock price volatility |  |  | 108.40% –114.80 | % |  |  | 105.00% –110.00 | %
Risk-free interest rate |  |  | 3.60% –4.50 | % |  |  | 3.88% –5.03 | %
Expected dividend yield |  |  | 0.00 | % |  |  | 0.00 | %
Expected term (in years) |  |  | 0.41 –3.75 |  |  |  | 0.75 –4.50 |
Probability of change of control |  |  | 10.00 | % |  |  | 25.00 | %
Probability of dissolution |  |  | 55.00 | % |  |  | 50.00 | %
Probability of other outcome |  |  | 35.00 | % |  |  | 25.00 | %
|  | September 30, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
Expected stock price volatility |  |  | 97.70% –109.50 | % |  |  | 100.00% –110.00 | %
Risk-free interest rate |  |  | 3.80% –4.30 | % |  |  | 4.13% –4.74 | %
Expected dividend yield |  |  | 0.00 | % |  |  | 0.00 | %
Expected term (in years) |  |  | 0.58 –1.71 |  |  |  | 1.08 –2.46 |
Probability of NDA acceptance |  |  | 20.00 | % |  |  | 20.00 | %
Probability of fundamental transaction |  |  | 10.00 | % |  |  | 25.00 | %
Probability of dissolution |  |  | 55.00 | % |  |  | 50.00 | %
Probability of other outcome |  |  | 15.00 | % |  |  | 5.00 | %
|  | September 30, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
Expected stock price volatility |  |  | 104.00 | % |  |  | 115.00 | %
Risk-free interest rate |  |  | 3.90 | % |  |  | 4.20 | %
Expected dividend yield |  |  | 0.00 | % |  |  | 0.00 | %
Expected term (in years) |  |  | 1.25 |  |  |  | 2.00 |

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- 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 + Details
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- 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 + Details
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