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Note 12 - Fair Value (Tables)
9 Months Ended
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