v3.8.0.1

Note 2 - Investments and Fair Value Measurement | 12 Months Ended
--- | ---
Dec. 31, 2017
Notes to Financial Statements |
Investments and Fair Value Measurement Disclosure [Text Block] | 2. Investments and Fair Value Measurement Investments The Company classifies its marketable securities as available-for-sale and records its investments at fair value. Available-for-sale securities are carried at estimated fair value based on quoted market prices or observable market inputs of almost identical assets, with the unrealized holding gains and losses included in accumulated other comprehensive income. Marketable securities which have maturities beyond one year as of the end of the reporting period are classified as non-current. The table below summarizes the Company ’s cash, cash equivalents and investments (in thousands):
|  | As of December 31 , 201 7 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
Cash and cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash |  | $ | 29,765 |  |  | $ | — |  |  | $ | — |  |  | $ | 29,765 |
U.S. government agency securities |  |  | 23,137 |  |  |  | — |  |  |  | — |  |  |  | 23,137 |
Total cash and cash equivalents |  |  | 52,902 |  |  |  | — |  |  |  | — |  |  |  | 52,902 |
Marketable securities : |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agency securities |  | $ | 7,567 |  |  | $ | — |  |  | $ | — |  |  | $ | 7,567 |
Total marketable securities |  |  | 7,567 |  |  |  | — |  |  |  | — |  |  |  | 7,567 |
Total cash, cash equivalents and investments |  | $ | 60,469 |  |  | $ | — |  |  | $ | — |  |  | $ | 60,469 |
|  | As of December 31 , 2016 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
Cash and cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash |  | $ | 49,833 |  |  | $ | — |  |  | $ | — |  |  | $ | 49,833 |
U.S. government agency securities |  |  | 30,474 |  |  |  | 3 |  |  |  | — |  |  |  | 30,477 |
Total cash and cash equivalents |  |  | 80,307 |  |  |  | 3 |  |  |  | — |  |  |  | 80,310 |
Total cash, cash equivalents and investments |  | $ | 80,307 |  |  | $ | 3 |  |  | $ | — |  |  | $ | 80,310 |
None of the available-for-sale securities held by the Company had material unrealized losses and there were no realized losses for the years ended December 31, 2017 and 2016. There were no other-than-temporary impairments for these securities as of December 31, 2017 or 2016. No gross realized gains or losses were recognized on the available-for-sale securities and, accordingly, there were no amounts reclassified out of accumulated other comprehensive income to earnings during the years ended December 31, 2017 and 2016. As of December 31, 2017 and 2016, the contractual maturity of all investments held was less than one year. Fair Value Measurement The Company ’s financial instruments consist of Level II assets and Level III liabilities. For Level II instruments, the Company estimates fair value by utilizing third party pricing services in developing fair value measurements where fair value is based on valuation methodologies such as models using observable market inputs, including benchmark yields, reported trades, broker/dealer quotes, bids, offers and other reference data. Such Level II instruments typically include U.S. treasury and U.S. government agency obligations. As of December 31, 2017 and December 31, 2016, the Company held, in addition to Level II assets, a contingent put option liability associated with the Company’s Amended and Restated Loan and Security Agreement, or the Original Loan Agreement, with Hercules Technology II, L.P. and Hercules Capital, Inc., formerly known as Hercules Technology Growth Capital, Inc., collectively referred to as the Lenders, which amended and restated the Loan and Security Agreement dated as of June 29, 2011, which was classified as a Level III liability. On March 2, 2017, the Company entered into an Amended and Restated Loan and Security Agreement, or the Amended Loan Agreement with Hercules Capital Funding Trust 2014 - 1 and Hercules Technology II, L.P., together, Hercules. The Amended Loan Agreement amends and restates the Original Loan Agreement. See Note 7 “Long-Term Debt” for further description. The Company’s estimate of fair value of the contingent put option liability was determined by using a risk-neutral valuation model, wherein the fair value of the underlying debt facility is estimated both with and without the presence of the default provisions, holding all other assumptions constant. The resulting difference between the two estimated fair values is the estimated fair value of the default provisions, or the contingent put option. Changes to the estimated fair value of these liabilities are recorded in interest income and other income (expense), net in the Consolidated Statements of Comprehensive Loss. The fair value of the underlying debt facility is estimated by calculating the expected cash flows in consideration of an estimated probability of default and expected recovery rate in default, and discounting such cash flows back to the reporting date using a risk-free rate. As of December 31, 2016, the Company also held a Level III liability associated with warrants, or PIPE warrants, issued in connection with the Company’s private placement equity offering, completed in June 2012. For a detailed description, see Note 11 “Stockholders’ Equity”. The PIPE warrants were considered a liability and were valued using the Black-Scholes option-pricing model, the inputs for which included exercise price of the PIPE warrants, market price of the underlying common shares, expected term, volatility based on a group of the Company’s peers and the risk-free rate corresponding to the expected term of the PIPE warrants. Changes to any of these inputs could have a significant impact to the estimated fair value of the PIPE warrants. The following table sets forth the fair value of the Company ’s financial assets and liabilities by level within the fair value hierarchy (in thousands):
|  | As of December 31 , 201 7 |
|  | Fair Value |  |  | Level I |  |  | Level II |  |  | Level III |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agency obligations |  | $ | 30,704 |  |  | $ | — |  |  | $ | 30,704 |  |  | $ | — |
Total assets measured at fair value |  | $ | 30,704 |  |  | $ | — |  |  | $ | 30,704 |  |  | $ | — |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contingent put option liability |  | $ | 207 |  |  | $ | — |  |  | $ | — |  |  | $ | 207 |
Total liabilities measured at fair value |  | $ | 207 |  |  | $ | — |  |  | $ | — |  |  | $ | 207 |
|  | As of December 31 , 2016 |
|  | Fair Value |  |  | Level I |  |  | Level II |  |  | Level III |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agency obligations |  | $ | 30,477 |  |  | $ | — |  |  | $ | 30,477 |  |  | $ | — |
Total assets measured at fair value |  | $ | 30,477 |  |  | $ | — |  |  | $ | 30,477 |  |  | $ | — |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
PIPE warrants |  | $ | 288 |  |  |  | — |  |  |  | — |  |  | $ | 288 |
Contingent put option liability |  |  | 124 |  |  |  | — |  |  |  | — |  |  |  | 124 |
Total liabilities measured at fair value |  | $ | 412 |  |  | $ | — |  |  | $ | — |  |  | $ | 412 |
The following table sets forth a summary of the changes in the fair value of the Company ’s Level III financial liabilities for the years ended December 31, 2017 and 2016 (in thousands):
|  | Year Ended December 31, 201 7 |
Fair value —beginning of period |  | $ | 412 |
Expiration of fair value of PIPE warrants |  |  | (288 | )
Change in fair value of contingent put option associated with Original Loan Agreement |  |  | 83 |
Fair value —end of period |  | $ | 207 |
|  | Year Ended December 31, 201 6 |
Fair value —beginning of period |  | $ | 1,179 |
Change in fair value of PIPE warrants |  |  | (625 | )
Change in fair value of contingent put option associated with Original Loan Agreement |  |  | (142 | )
Fair value —end of period |  | $ | 412 |

X
- Definition The disclosure of investments and fair value measurement. + References No definition available. + Details
Name: | acrx_InvestmentsAndFairValueMeasurementDisclosureTextBlock
Namespace Prefix: | acrx_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration