View Filing Data

Print Document View Excel Document

Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Mar. 31, 2015	Apr. 30, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	PROTEON THERAPEUTICS INC
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		16,449,164
Amendment Flag	false
Entity Central Index Key	0001359931
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Non-accelerated Filer
Entity Well-known Seasoned Issuer	No
Document Period End Date	Mar. 31, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 9,784	$ 68,840
Available-for-sale investments	69,741	14,755
Prepaid expenses and other current assets	1,208	1,006
Total current assets	80,733	84,601
Property and equipment, net	80	83
Other non-current assets	114	114
Total assets	80,927	84,798
Current liabilities:
Accounts payable	1,205	917
Accrued expenses	1,429	1,421
Total current liabilities	2,634	2,338
Total liabilities	2,634	2,338
Commitments and contingencies (Note 5)
Stockholders’ equity:
Preferred stock, $0.001 par value per share; 10,000,000 shares authorized, no shares issued and outstanding at March 31, 2015 and December 31, 2014	0	0
Common stock, $0.001 par value, 100,000,000 shares authorized at March 31, 2015 and December 31, 2014; 16,448,691 and 16,448,455 shares issued and outstanding at March 31, 2015 and December 31, 2014, respectively	16	16
Additional paid-in capital	192,731	192,324
Accumulated deficit	(114,454)	(109,874)
Accumulated other comprehensive loss		(6)
Total stockholders’ equity	78,293	82,460
Total liabilities and stockholders’ equity	$ 80,927	$ 84,798

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares	Mar. 31, 2015	Dec. 31, 2014
Preferred stock, par value (in Dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock,shares outstanding	0	0
Common stock, par value (in Dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	16,448,691	16,448,455
Common stock, shares outstanding	16,448,691	16,448,455

Condensed Consolidated Statements of Operations and Comprehensive Loss (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Research and Development Expense [Member]
Included in operating expenses, above, are the following amounts for non-cash stock based compensation expense
Allocated Share Based Compensation Expense	$ 110	$ 10
General and Administrative Expense [Member]
Included in operating expenses, above, are the following amounts for non-cash stock based compensation expense
Allocated Share Based Compensation Expense	297	7
Research and development	2,633	1,189
General and administrative	1,987	744
Total operating expenses	4,620	1,933
Loss from operations	(4,620)	(1,933)
Investment income	40
Interest expense		(828)
Other expense		(70)
Total other income (expense)	40	(898)
Net loss	(4,580)	(2,831)
Unrealized gain on available-for-sale investments	6
Accretion of redeemable convertible preferred stock to redemption value		(1,512)
Net loss attributable to common stockholders	$ (4,580)	$ (4,343)
Net loss per share attributable to common stockholders - basic and diluted (in Dollars per share)	$ (0.28)	$ (18.09)
Weighted-average common shares outstanding used in net loss per share attributable to common stockholders - basic and diluted (in Shares)	16,448,688	240,138
Allocated Share Based Compensation Expense	$ 407	$ 17
Comprehensive loss	$ (4,574)	$ (2,831)

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Operating activities
Net loss	$ (4,580)	$ (2,831)
Reconciliation of net loss to net cash used in operating activities:
Depreciation	8	7
Amortization of premium/discount on available-for-sale securities	198	4
Accretion of discount and debt issuance cost of convertible notes payable		741
Stock-based compensation	407	17
Change in fair value of derivative liability		69
Changes in:
Prepaid expenses and other assets	103	(259)
Interest receivable	(305)	15
Accounts payable and accrued expenses	296	589
Accrued interest payable		86
Net cash used in operating activities	(3,873)	(1,562)
Investing activities
Purchases of available-for-sale investments	(58,139)
Proceeds from maturities of available-for-sale investments	2,961	2,355
Purchase of property and equipment	(5)
Net cash (used in) provided by investing activities	(55,183)	2,355
(Decrease) increase in cash and cash equivalents	(59,056)	793
Cash and cash equivalents, beginning of period	68,840	2,793
Cash and cash equivalents, end of period	$ 9,784	3,586
Supplemental disclosure of non-cash investing and financing activities
Accretion of redeemable convertible preferred stock to redemption value		1,512
Fair value of derivative embedded within convertible notes payable		$ 1,512

Note 1 - Organization and Operations

3 Months Ended

Mar. 31, 2015

Disclosure Text Block [Abstract]

Nature of Operations [Text Block]

1.	Organization and Operations

The Company

Proteon Therapeutics, Inc. (the “Company”) is a late-stage biopharmaceutical company focused on the development of novel, first-in-class pharmaceuticals to address the needs of patients with renal and vascular disease. The Company was formed in June 2001 and incorporated on March 24, 2006. During 2013, the Company formed a wholly-owned subsidiary, organized in the United Kingdom, Proteon Therapeutics Limited. As of March 31, 2015, there has been no activity in this subsidiary other than its formation. During 2014, the Company formed a wholly-owned Massachusetts Securities Corporation subsidiary as a holding company for its available-for-sale investments, Proteon Securities Corp. The Company completed its initial public offering of its common stock, $0.001 par value per share (“Common Stock”) on October 27, 2014 (the “IPO”). Since inception, the Company has been primarily involved in research and development activities.

The Company devotes substantially all of its efforts to product research and development, initial market development and raising capital. The Company has not generated any product revenue related to its primary business purpose to date and is subject to a number of risks similar to those of other development stage companies, including dependence on key individuals, competition from other companies, the need for development of commercially viable products and the need to obtain adequate additional financing to fund the development of its product candidates. The Company is also subject to a number of risks similar to other companies in the biotechnology industry, including regulatory approval of products, uncertainty of market acceptance of products, competition from substitute products and larger companies, the need to obtain additional financing, compliance with government regulations, protection of proprietary technology, dependence on third parties, product liability and dependence on key individuals.

As of March 31, 2015, the Company had cash, cash equivalents and available-for-sale investments of $79.5 million. The Company believes that its existing cash, cash equivalents and available-for-sale investments will be sufficient to fund operations and capital expenditures into 2018. The Company had an accumulated deficit of $114.5 million as of March 31, 2015.

Note 2 - Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2015

Accounting Policies [Abstract]

Significant Accounting Policies [Text Block]

2.	Summary of Significant Accounting Policies

Initial Public Offering

On October 27, 2014, the Company completed the IPO of its Common Stock, pursuant to a registration statement on Form S-1, as amended. An aggregate of 7,026,500 shares of Common Stock registered under the registration statement were sold at a price of $10.00 per share (including 916,500 shares of Common Stock sold by the Company pursuant to the full exercise of an overallotment option granted to the Company’s underwriters in connection with the IPO). Net proceeds of the IPO were $62.5 million, after deducting underwriting discounts, commissions and offering-related expenses payable by the Company of approximately $7.8 million. In this transaction, all shares of the Company’s redeemable convertible preferred stock (the “Preferred Stock”) were automatically converted into an aggregate of 8,651,805 shares of its Common Stock and the Series D redeemable convertible preferred stock (the “Series D Preferred Stock”) investors’ rights and obligations were either exercised or extinguished.

Reverse Stock Split

On October 1, 2014, the Board of Directors and on October 3, 2014, the stockholders approved a 1-for-15.87 reverse stock split of the Company’s Common Stock and resulting in a proportional adjustment to the existing conversion ratios for each series of Preferred Stock. The effective date of the reverse stock split was October 6, 2014. All share, share equivalent and per share amounts have been adjusted to reflect the reverse stock split. The ratios by which shares of Preferred Stock are convertible into shares of Common Stock were also adjusted to reflect the effects of the reverse stock split.

Basis of Presentation and Principles of Consolidation

The unaudited interim condensed consolidated financial statements of the Company included herein have been prepared, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted from this report, as is permitted by such rules and regulations. Accordingly, these condensed consolidated financial statements should be read in conjunction with the financial statements as of and for the year ended December 31, 2014 and notes thereto, included in the Company’s Annual Report on Form 10-K, as filed with the SEC on March 20, 2015.

The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited financial statements. In the opinion of the Company’s management, the accompanying unaudited interim condensed consolidated financial statements contain all adjustments which are necessary to fairly present the Company’s financial position as of March 31, 2015, the results of its operations for the three months ended March 31, 2015 and 2014 and its cash flows for the three months ended March 31, 2015 and 2014. Such adjustments are of a normal and recurring nature. The results for the three months ended March 31, 2015 are not necessarily indicative of the results for the year ending December 31, 2015, or for any future period.

The unaudited interim condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Proteon Therapeutics Limited and Proteon Securities Corp. All intercompany balances and transactions have been eliminated in consolidation. These condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative United States generally accepted accounting principles as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”).

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. On an ongoing basis, the Company’s management evaluates its estimates, which include, but are not limited to, estimates related to convertible notes, stock-based compensation expense, clinical trial accruals and reported amounts of revenues and expenses during the reported period. The Company bases its estimates on historical experience and other market-specific or other relevant assumptions that it believes to be reasonable under the circumstances. Actual results may differ from those estimates or assumptions.

The Company historically utilized significant estimates and assumptions in determining the fair value of its Common Stock. The Company utilized various valuation methodologies in accordance with the framework of the 2004 and 2013 American Institute of Certified Public Accountants Technical Practice Aids, Valuation of Privately-Held Company Equity Securities Issued as Compensation, to estimate the fair value of its Common Stock prior to its IPO. Each valuation methodology included estimates and assumptions that required the Company’s judgment. These estimates and assumptions included a number of objective and subjective factors, including external market conditions affecting the biotechnology industry sector, the prices at which the Company sold shares of Preferred Stock, the superior rights and preferences of securities senior to the Company’s Common Stock at the time and the likelihood of achieving a liquidity event, such as an initial public offering or a sale of the Company. Significant changes to the key assumptions used in the valuations could have resulted in different fair values of Common Stock at each valuation date and materially affected the financial statements.

Fair Value of Financial Instruments

The Company’s financial instruments consist of cash and cash equivalents, available-for-sale investments, accounts payable, accrued liabilities, convertible promissory notes (“Convertible Notes”) and features embedded in the Convertible Notes (see Note 4). The Company is required to disclose information on all assets and liabilities reported at fair value that enables an assessment of the inputs used in determining the reported fair values. FASB ASC Topic 820, Fair Value Measurement and Disclosures, established a hierarchy of inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the financial instrument based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the inputs that market participants would use in pricing the financial instrument and are developed based on the best information available under the circumstances. The fair value hierarchy applies only to the valuation inputs used in determining the reported or disclosed fair value of the financial instruments and is not a measure of the investment credit quality. Fair value measurements are classified and disclosed in one of the following three categories:

	·	Level 1—Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.
	·	Level 2—Valuations based on quoted prices for similar assets or liabilities in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

Level 3—Valuations that require inputs that reflect the Company’s own assumptions that are both significant to the fair value measurement and unobservable.

To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

Financial instruments measured at fair value on a recurring basis include cash equivalents and short-term investments (see Note 3). There have been no changes to the valuation methods utilized by the Company during the three months ended March 31, 2015 and 2014. The Company evaluates transfers between levels at the end of each reporting period. There were no transfers of financial instruments between levels during the three months ended March 31, 2015 and 2014.

Recent Accounting Pronouncements

In May 2014, the FASB issued a new standard on revenue recognition providing a single, comprehensive revenue recognition model for all contracts with customers. The new revenue standard is based on the principle that revenue should be recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new standard is effective beginning January 1, 2017, with no early adoption permitted. The amendments may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of initial application. The Company is currently evaluating the impact of the new guidance on our condensed consolidated financial statements, if any.

In August 2014, the FASB issued authoritative guidance on determining when and how reporting entities must disclose going-concern uncertainties in their financial statements, including requiring management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date of issuance of the entity’s financial statements and providing certain disclosures if there is substantial doubt about the entity’s ability to continue as a going concern. This guidance will be effective for the Company’s fiscal year 2016 and for interim periods beginning in the first quarter of fiscal 2017. The Company is still evaluating the impact of this guidance on its financial statement disclosures.

There have been no other material changes to the significant accounting policies previously disclosed in the Company’s Annual Report on Form 10-K, as filed with the SEC on March 20, 2015.

Note 3 - Financial Instruments

3 Months Ended

Mar. 31, 2015

Fair Value Disclosures [Abstract]

Fair Value Disclosures [Text Block]

3.	Financial Instruments

Below is a summary of assets and liabilities measured at fair value (in thousands):

	As of March 31, 2015
	Quoted Prices in Active Markets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Financial assets
Cash equivalents	$	9,778	$	-	$	-	$	9,778
Government securities		64,452		-		-		64,452
Corporate bonds		-		5,289		-		5,289
Total	$	74,230	$	5,289	$	-	$	79,519

	As of December 31, 2014
	Quoted Prices in Active Markets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Financial assets
Cash equivalents	$	68,830	$	-	$	-	$	68,830
Government securities		6,508		-		-		6,508
Corporate bonds				8,247		-		8,247
Total	$	75,338	$	8,247	$	-	$	83,585

As of March 31, 2015 and December 31, 2014, the Company’s cash equivalents consist principally of money market funds. Government securities consist principally of government debt securities and money market funds which are classified as available-for-sale. Corporate bonds consist of bonds issued by highly-rated corporate entities which are classified as available-for-sale. Cash equivalents and government securities are stated at fair value and consist of Level 1 financial instruments in the fair value hierarchy. The Company determines the fair value of its debt security holdings based on pricing from a service provider. The service provider values the securities based on market prices from a variety of industry-standard independent data providers. These market prices are quoted prices in active markets for identical assets (Level 1 inputs). Corporate bonds are stated at fair value and consist of Level 2 financial instruments in the fair value hierarchy. The Company determines the fair value of its corporate bonds holdings based on pricing from a service provider. The service provider values the securities based on market prices from a variety of industry-standard independent data providers. Such market prices are based on inputs other than quoted prices included within Level 1 that are observable for the asset, either directly or indirectly (Level 2 inputs).

Available-for-sale securities at March 31, 2015 and December 31, 2014 consist of the following (in thousands):

	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
March 31, 2015
Government securities
(Due within 1 year)	$	64,452	$	4	$	(4	)	$	64,452
Corporate bonds
(Due within 1 year)		5,289		1		(1	)		5,289
	$	69,741	$	5	$	(5	)	$	69,741

December 31, 2014
Government securities
(Due within 1 year)	$	6,510	$	-	$	(2	)	$	6,508
Corporate bonds
(Due within 1 year)		8,251		-		(4	)		8,247
	$	14,761	$	-	$	(6	)	$	14,755

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Note 4 - Convertible Notes

3 Months Ended

Mar. 31, 2015

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]

4.	Convertible Notes

On September 4, 2013, the Company issued Convertible Notes with total aggregate proceeds of $4.3 million. The Convertible Notes accrued interest at 8% per annum and matured on or after March 31, 2014 upon written notice from a majority of the outstanding Convertible Note holders. On May 13, 2014, the Convertible Notes were converted to Series D Preferred Stock.

The Company recorded approximately $1.4 million as the fair value of the Convertible Notes’ combined embedded derivative liability upon issuance on September 4, 2013, with a corresponding amount recorded as debt discount. The debt discount and amounts recorded for issuance costs and embedded features were amortized to interest expense over the life of the Convertible Notes. Changes in the estimated fair value of the embedded features were recorded in earnings in the period in which they occurred.

Note 5 - Commitments and Contingencies

3 Months Ended

Mar. 31, 2015

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies Disclosure [Text Block]

5.	Commitments and Contingencies

Significant Contracts and Agreements

In February 2002, the Company entered into an agreement to license certain intellectual property with Johns Hopkins University. The agreement calls for payments to be made by the Company upon the commencement of product sales, in the form of a royalty of 2.5% on net sales of the product. As of the three months ended March 31, 2015 the Company has not commenced product sales and therefore has recognized no royalties on product sales.

Operating Leases

Future minimum payments required under the leases as of March 31, 2015 are summarized as follows (in thousands):

Year Ending December 31:	Amount

2015	$	126
2016		168
2017		168
2018		84
Total minimum lease payments	$	546

Rental expense for the three months ended March 31, 2015 and 2014 was $46,000 and $47,000, respectively. In addition to the base rent, the Company is also responsible for its share of operating expenses and real estate taxes, in accordance with the terms of the lease agreement. As of March 31, 2015, the Company has provided a security deposit in the amount of $14,000 to the Lessor.

Restricted cash related to facilities leases

At March 31, 2015 and December 31, 2014, the Company had $14,000 and $39,000, respectively, in an outstanding letter of credit to be used as collateral for leased premises. At March 31, 2015 and December 31, 2014, the Company pledged an aggregate of $14,000 and $39,000, respectively, to the bank as collateral for the letter of credit, which is included in long-term assets and both short-term deposits and long-term assets, respectively.

Note 6 - Common Stock

3 Months Ended

Mar. 31, 2015

Stockholders' Equity Note [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

6.	Common Stock

At March 31, 2015, the Company has 100,000,000 shares of Common Stock authorized for issuance, $0.001 par value per share, of which 16,448,691 shares were issued and outstanding. The Company has the following shares of Common Stock reserved for future issuance:

	March 31, 2015		December 31, 2014

Stock-based compensation awards		2,465,079		1,807,349
Employee Stock Purchase Plan		304,991		140,500
Total		2,770,070		1,947,849

- 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://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(d),(e))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB TOPIC 4.E)
-URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74512-122707

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.29-31)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 4
-Subparagraph (SAB TOPIC 4.C)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph d
-Article 4

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 29, 30, 31
-Article 5

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section E

Reference 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Article 4

Reference 18: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section C

Reference 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3

+ Details

Note 7 - Stock-based Compensation

3 Months Ended

Mar. 31, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

7.	Stock-based Compensation

Stock Options

The following table summarizes stock option activity for employees and non-employees:

	Options			Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (years)		Aggregate Intrinsic Value

Outstanding at December 31, 2014		1,235,526		$	4.19		7.1	$	7,709
Granted		399,929		$	10.61
Exercised		(236	)	$	1.27
Outstanding at March 31, 2015		1,635,219		$	5.76		7.6	$	9,632
Exercisable at March 31, 2015		593,324		$	2.38		4.4	$	5,505
Vested or expected to vest at March 31, 2015 (1)		1,526,587		$	5.65		7.4	$	9,153

(1) Represents the number of vested options at March 31, 2015 plus the number of unvested options expected to vest based on the unvested options outstanding at March 31, 2015.

Employee Stock Purchase Plan

The 2014 ESPP initially authorized the issuance of up to 140,500 shares of Common Stock. The number of shares increases each January 1, commencing on January 1, 2015 and ending on (and including) January 1, 2024, by an amount equal to the lesser of one percent of the outstanding shares as of the end of the immediately preceding fiscal year, 281,000 shares and any lower amount determined by the Company’s Board of Directors prior to each such January 1st. As of March 31, 2015, as a result of an increase on January 1, 2015 of one percent of the outstanding shares as of the end of the fiscal year ending December 31, 2014, the 2014 ESPP authorized the issuance of up to 304,991 shares of Common Stock. The first offering under the 2014 ESPP began on January 1, 2015. The Company incurred $11,000 in stock-based compensation expense related to the 2014 ESPP for the three months ended March 31, 2015.

Note 8 - Income Taxes

3 Months Ended

Mar. 31, 2015

Income Tax Disclosure [Abstract]

Income Tax Disclosure [Text Block]

8.	Income Taxes

Deferred taxes are recognized for temporary differences between the basis of assets and liabilities for financial statement and income tax purposes. The Company has evaluated the positive and negative evidence bearing upon the Company’s ability to realize the benefit of its deferred tax assets. Based on the Company’s history of operating losses, the Company has concluded that it is more likely than not that the benefit of its deferred tax assets will not be realized. Due to the uncertainty surrounding the realization of the favorable tax attributes in future tax returns, the Company has provided a full valuation allowance against its deferred tax assets. There were no significant income tax provisions or benefits for the three months ended March 31, 2015 and 2014.

Note 9 - Net Loss Per Share Attributable to Common Stockholders

3 Months Ended

Mar. 31, 2015

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

9.	Net Loss per Share Attributable to Common Stockholders

The Company computes basic and diluted loss per share using a methodology that gives effect to the impact of outstanding participating securities (the “two-class method”). As the three month periods ended March 31, 2015 and 2014 resulted in net losses, there is no income allocation required under the two-class method or dilution attributed to weighted-average shares outstanding in the calculation of diluted loss per share.

The following Common Stock equivalents, presented on an as converted basis, were excluded from the calculation of net loss per share for the periods presented, due to their anti-dilutive effect (in thousands):

	Three Months Ended March 31,
	2015		2014
Convertible preferred stock		-		4,254
Common stock warrants		-		660
Outstanding stock options		1,635		607
Outstanding ESPP shares		3		-
Convertible notes		-		249
		1,638		5,770

Note 10 - Subsequent Events

3 Months Ended

Mar. 31, 2015

Subsequent Events [Abstract]

Subsequent Events [Text Block]

10.	Subsequent Events

The Company has evaluated all activity that occurred subsequent to quarter end but prior to issuance of the condensed consolidated financial statements for events or transactions that could require disclosure or that could impact the carrying value of assets or liabilities as of the balance sheet date. In the judgment of management, there were no material events that impacted the unaudited condensed financial statements or disclosures.

Accounting Policies, by Policy (Policies)

3 Months Ended

Mar. 31, 2015

Accounting Policies [Abstract]

Basis of Accounting, Policy [Policy Text Block]

Basis of Presentation and Principles of Consolidation

Use of Estimates, Policy [Policy Text Block]

Use of Estimates

Fair Value Measurement, Policy [Policy Text Block]

Fair Value of Financial Instruments

	·	Level 1—Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.
	·	Level 2—Valuations based on quoted prices for similar assets or liabilities in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

Level 3—Valuations that require inputs that reflect the Company’s own assumptions that are both significant to the fair value measurement and unobservable.

New Accounting Pronouncements, Policy [Policy Text Block]

Recent Accounting Pronouncements

There have been no other material changes to the significant accounting policies previously disclosed in the Company’s Annual Report on Form 10-K, as filed with the SEC on March 20, 2015.

Note 3 - Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2015

Fair Value Disclosures [Abstract]

Fair Value, Assets Measured on Recurring Basis [Table Text Block]

	As of March 31, 2015
	Quoted Prices in Active Markets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Financial assets
Cash equivalents	$	9,778	$	-	$	-	$	9,778
Government securities		64,452		-		-		64,452
Corporate bonds		-		5,289		-		5,289
Total	$	74,230	$	5,289	$	-	$	79,519

	As of December 31, 2014
	Quoted Prices in Active Markets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Financial assets
Cash equivalents	$	68,830	$	-	$	-	$	68,830
Government securities		6,508		-		-		6,508
Corporate bonds				8,247		-		8,247
Total	$	75,338	$	8,247	$	-	$	83,585

Available-for-sale Securities [Table Text Block]

	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
March 31, 2015
Government securities
(Due within 1 year)	$	64,452	$	4	$	(4	)	$	64,452
Corporate bonds
(Due within 1 year)		5,289		1		(1	)		5,289
	$	69,741	$	5	$	(5	)	$	69,741

December 31, 2014
Government securities
(Due within 1 year)	$	6,510	$	-	$	(2	)	$	6,508
Corporate bonds
(Due within 1 year)		8,251		-		(4	)		8,247
	$	14,761	$	-	$	(6	)	$	14,755

- Definition

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

+ References + Details

Note 5 - Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2015

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]

Year Ending December 31:	Amount

2015	$	126
2016		168
2017		168
2018		84
Total minimum lease payments	$	546

Note 6 - Common Stock (Tables)

3 Months Ended

Mar. 31, 2015

Stockholders' Equity Note [Abstract]

Common Stock Reserve for Future Issuance [Table Text Block]

	March 31, 2015		December 31, 2014

Stock-based compensation awards		2,465,079		1,807,349
Employee Stock Purchase Plan		304,991		140,500
Total		2,770,070		1,947,849

Note 7 - Stock-based Compensation (Tables)

3 Months Ended

Mar. 31, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]

	Options			Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (years)		Aggregate Intrinsic Value

Outstanding at December 31, 2014		1,235,526		$	4.19		7.1	$	7,709
Granted		399,929		$	10.61
Exercised		(236	)	$	1.27
Outstanding at March 31, 2015		1,635,219		$	5.76		7.6	$	9,632
Exercisable at March 31, 2015		593,324		$	2.38		4.4	$	5,505
Vested or expected to vest at March 31, 2015 (1)		1,526,587		$	5.65		7.4	$	9,153

Note 9 - Net Loss Per Share Attributable to Common Stockholders (Tables)

3 Months Ended

Mar. 31, 2015

Earnings Per Share [Abstract]

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]

	Three Months Ended March 31,
	2015		2014
Convertible preferred stock		-		4,254
Common stock warrants		-		660
Outstanding stock options		1,635		607
Outstanding ESPP shares		3		-
Convertible notes		-		249
		1,638		5,770

Note 1 - Organization and Operations (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 31, 2015	Dec. 31, 2014
Disclosure Text Block [Abstract]
Common Stock, Par or Stated Value Per Share (in Dollars per share)	$ 0.001	$ 0.001
Cash, Cash Equivalents, and Short-term Investments	$ 79,500
Retained Earnings (Accumulated Deficit)	$ (114,454)	$ (109,874)

- Definition

Cash includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the customer may deposit additional funds at any time and effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid Investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Short-term investments, exclusive of cash equivalents, generally consist of marketable securities intended to be sold within one year (or the normal operating cycle if longer) and may include trading securities, available-for-sale securities, or held-to-maturity securities (if maturing within one year), as applicable.

+ References + Details

Note 2 - Summary of Significant Accounting Policies (Details) - USD ($) $ / shares in Units, $ in Millions			3 Months Ended
	Oct. 27, 2014	Oct. 21, 2014	Mar. 31, 2015
IPO [Member] \| Underwriters [Member]
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period		916,500
IPO [Member]
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items]
Stock Issued During Period, Shares, New Issues	7,026,500
Share Price (in Dollars per share)	$ 10.00
Proceeds from Issuance Initial Public Offering (in Dollars)	$ 62.5
Payments of Stock Issuance Costs (in Dollars)	$ 7.8
Conversion of Stock, Shares Converted	8,651,805
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period			236

Note 3 - Financial Instruments (Details) - Summary of Assets and Liabilities Measured at Fair Value - USD ($) $ in Thousands	Mar. 31, 2015	Dec. 31, 2014
Fair Value, Inputs, Level 1 [Member] \| Cash Equivalents [Member]
Financial assets
Assets	$ 9,778	$ 68,830
Fair Value, Inputs, Level 1 [Member] \| US Government Agencies Debt Securities [Member]
Financial assets
Assets	64,452	6,508
Fair Value, Inputs, Level 1 [Member]
Financial assets
Assets	74,230	75,338
Fair Value, Inputs, Level 2 [Member] \| Corporate Debt Securities [Member]
Financial assets
Assets	5,289	8,247
Fair Value, Inputs, Level 2 [Member]
Financial assets
Assets	5,289	8,247
Cash Equivalents [Member]
Financial assets
Assets	9,778	68,830
US Government Agencies Debt Securities [Member]
Financial assets
Assets	64,452	6,508
Corporate Debt Securities [Member]
Financial assets
Assets	5,289	8,247
Assets	$ 79,519	$ 83,585

Note 3 - Financial Instruments (Details) - Available-for-sale Securities - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
US Government Agencies Debt Securities [Member]
Government securities
Amortized Cost	$ 64,452	$ 6,510
Unrealized Gains	4
Unrealized Losses	(4)	(2)
Fair Value	64,452	6,508
Corporate Debt Securities [Member]
Government securities
Amortized Cost	5,289	8,251
Unrealized Gains	1
Unrealized Losses	(1)	(4)
Fair Value	5,289	8,247
Amortized Cost	69,741	14,761
Unrealized Gains	5
Unrealized Losses	(5)	(6)
Fair Value	$ 69,741	$ 14,755

Note 4 - Convertible Notes (Details) $ in Millions	Sep. 04, 2013 USD ($)
Debt Disclosure [Abstract]
Convertible Debt	$ 4.3
Debt Instrument, Interest Rate, Stated Percentage	8.00%
Embedded Derivative, Fair Value of Embedded Derivative Liability	$ 1.4

Note 5 - Commitments and Contingencies (Details) - USD ($)	1 Months Ended	3 Months Ended
	Feb. 28, 2002	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Commitments and Contingencies Disclosure [Abstract]
Royalty Payment Percentage Of Net Sales	2.50%
Royalty Expense		$ 0
Operating Leases, Rent Expense		46,000	$ 47,000
Security Deposit		14,000
Letters of Credit Outstanding, Amount		14,000		$ 39,000
Loans Pledged as Collateral		$ 14,000		$ 39,000

Note 5 - Commitments and Contingencies (Details) - Future Minimum Payments Operating Leases $ in Thousands	Mar. 31, 2015 USD ($)
Future Minimum Payments Operating Leases [Abstract]
2015	$ 126
2016	168
2017	168
2018	84
Total minimum lease payments	$ 546

Note 6 - Common Stock (Details) - $ / shares	Mar. 31, 2015	Dec. 31, 2014
Stockholders' Equity Note [Abstract]
Common Stock, Shares Authorized	100,000,000	100,000,000
Common Stock, Par or Stated Value Per Share (in Dollars per share)	$ 0.001	$ 0.001
Common Stock, Shares, Issued	16,448,691	16,448,455
Common Stock, Shares, Outstanding	16,448,691	16,448,455

Note 6 - Common Stock (Details) - Reserved for Future Issuances Shares of Common Stock - shares	Mar. 31, 2015	Dec. 31, 2014
Performance Shares [Member]
Note 6 - Common Stock (Details) - Reserved for Future Issuances Shares of Common Stock [Line Items]
Shares reserved for future issuance	2,465,079	1,807,349
The 2014 Employee Stock Purchase Plan [Member]
Note 6 - Common Stock (Details) - Reserved for Future Issuances Shares of Common Stock [Line Items]
Shares reserved for future issuance	304,991	140,500
Shares reserved for future issuance	2,770,070	1,947,849

Note 7 - Stock-based Compensation (Details) - USD ($)		3 Months Ended
Note 7 - Stock-based Compensation (Details) - USD ($)	Jan. 01, 2015	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Maximum [Member] \| The 2014 Employee Stock Purchase Plan [Member]
Note 7 - Stock-based Compensation (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award Number of Annual Additional Shares Percentage	1.00%
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized	281,000
The 2014 Employee Stock Purchase Plan [Member]
Note 7 - Stock-based Compensation (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized		304,991		140,500
Allocated Share-based Compensation Expense (in Dollars)		$ 11,000
Allocated Share-based Compensation Expense (in Dollars)		$ 407,000	$ 17,000

Note 7 - Stock-based Compensation (Details) - Stock Option Activity for Employees and Non-employees - USD ($)

3 Months Ended

12 Months Ended

Mar. 31, 2015

Dec. 31, 2014

Stock Option Activity for Employees and Non-employees [Abstract]

Options

1,635,219

1,235,526

Weighted-Average Exercise Price

$ 5.76

$ 4.19

Weighted-Average Remaining Contractual Term (years)

7 years 219 days

7 years 36 days

Aggregate Intrinsic Value

$ 9,632

$ 7,709

399,929

$ 10.61

(236)

$ 1.27

Exercisable at March 31, 2015

593,324

Exercisable at March 31, 2015

$ 2.38

Exercisable at March 31, 2015

4 years 146 days

Exercisable at March 31, 2015

$ 5,505

Vested or expected to vest at March 31, 2015 (1)

^[1]

1,526,587

Vested or expected to vest at March 31, 2015 (1)

^[1]

$ 5.65

Vested or expected to vest at March 31, 2015 (1)

^[1]

7 years 146 days

Vested or expected to vest at March 31, 2015 (1)

^[1]

$ 9,153

[1]	Represents the number of vested options at March 31, 2015 plus the number of unvested options expected to vest based on the unvested options outstanding at March 31, 2015.

Note 8 - Income Taxes (Details) - USD ($)	3 Months Ended
Note 8 - Income Taxes (Details) - USD ($)	Mar. 31, 2015	Mar. 31, 2014
Income Tax Disclosure [Abstract]
Income Tax Expense (Benefit)	$ 0	$ 0

Note 9 - Net Loss Per Share Attributable to Common Stockholders (Details) - Common Stock Equivalents Exluded From Calculation of Net Loss Per Share - shares shares in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Convertible Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities		4,254
Common Stock Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities		660
Equity Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities	1,635	607
The 2014 Employee Stock Purchase Plan [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities	3
Convertible Debt Securities [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities		249
Antidilutive Securities	1,638	5,770