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Nature of Operations [Text Block]

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 medical needs of patients with kidney 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 December 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 December 31, 2015, the Company had cash, cash equivalents and available-for-sale investments of $65.3 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 the fourth quarter of 2017. The Company had an accumulated deficit of $131.3 million as of December 31, 2015.

Note 2 - Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2015

Significant Accounting Policies [Text Block]

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.

At-The-Market Equity Offering Program

On November 12, 2015, the Company filed a shelf registration statement on Form S-3 (the “Registration Statement”), and entered into a Sales Agreement with Cowen and Company, LLC (the "Sales Agreement") to establish an at-the-market (“ATM”) equity offering program pursuant to which they are able, with the Company’s authorization, to offer and sell up to $40 million of the Company’s Common Stock at prevailing market prices from time to time. As of December 31, 2015, the Company had not commenced sales under this program. The Registration Statement became effective on January 12, 2016.

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, 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 accompanying 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 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.

Segment Information

Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company and the Company's chief operating decision maker view the Company's operations and manage its business in one operating segment, which is the business of developing and commercializing vonapanitase for the treatment of renal and vascular disease. Currently, the Company operates in only one geographic segment.

Fair Value of Financial Instruments

The Company’s financial instruments consist of cash and cash equivalents, available-for-sale investments, forward foreign currency contracts (see Note 6), accounts payable, accrued liabilities, convertible promissory notes (“Convertible Notes”) and features embedded in the Convertible Notes. 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, short-term investments and forward foreign currency contracts (see Note 6). There have been no changes to the valuation methods utilized by the Company during the years ended December 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 years ended December 31, 2015 and 2014.

Derivative Financial Instruments

The Company enters into forward foreign currency contracts to mitigate its exposure to fluctuations in the exchange rates between the Swiss Franc and the U.S. dollar (see Note 6). The Company records these derivative financial instruments on the consolidated balance sheets at fair value. Although these derivative contracts are intended to economically hedge foreign exchange risk, the Company has not elected to apply hedge accounting. As such, changes in the fair value of these instruments are recorded directly in earnings as a component of other income (expense), as they occur. The Company executes its derivative instruments with financial institutions that the Company judges to be credit-worthy, defined as institutions that hold an investment-grade credit rating.

Recent Accounting Pronouncements

In May 2014, the FASB issued ASU 2014-09,

“Revenue from Contracts with Customers”

(“ASU 2014-09”), 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, 2018, with no early adoption permitted. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. 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 its condensed consolidated financial statements, if any.

In August 2014, the FASB issued ASU 2014-15,

“Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern”

(“ASU 2014-15”). ASU 2014-15 is 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.

The adoption of this accounting standard may affect the Company’s financial statement disclosures in future periods.

In November 2015, the FASB issued ASU No. 2015-17,

Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes

(“ASU 2015-17”), which simplifies the presentation of deferred income taxes. ASU 2015-17 requires that deferred tax assets and liabilities be classified as noncurrent in a classified statement of financial position. ASU 2015-17 is effective for financial statements issued for fiscal years beginning after December 15, 2016 (and interim periods within those fiscal years) with early adoption permitted. ASU 2015-17 may be either applied prospectively to all deferred tax assets and liabilities or retrospectively to all periods presented. The Company has elected to early adopt ASU 2015-17 prospectively in the fourth quarter of 2015. As a result, the Company has presented all deferred tax assets and liabilities as noncurrent on the consolidated balance sheet as of December 31, 2015, but have not reclassified current deferred tax assets and liabilities on the consolidated balance sheet as of December 31, 2014. There was no impact on the Company’s results of operations as a result of the adoption of ASU 2015-17.

Cash and Cash Equivalents

The Company considers all highly liquid investments with maturities of 90 days or less from the purchase date to be cash equivalents. Cash and cash equivalents are held in depository and money market accounts and are reported at fair value.

Short-Term Investments

The Company classifies its investments as available-for-sale and records such assets at estimated fair value in the consolidated balance sheets, with unrealized gains and losses, if any, reported as a component of other comprehensive income (loss) within the consolidated statements of operations and comprehensive loss and as a separate component of stockholders' equity (deficit). The Company invests its excess cash balances primarily in government debt securities, money market funds and corporate bonds with strong credit ratings and maturities of less than one year. There have been no realized gains and losses for the years ended December 31, 2015, 2014 and 2013.

At each balance sheet date, the Company assesses available-for-sale securities in an unrealized loss position to determine whether the unrealized loss is other-than-temporary. The Company considers factors including: the significance of the decline in value compared to the cost basis, underlying factors contributing to a decline in the prices of securities in a single asset class, the length of time the market value of the security has been less than its cost basis, the security's relative performance versus its peers, sector or asset class, expected market volatility and the market and economy in general. When the Company determines that a decline in the fair value below its cost basis is other-than-temporary, the Company recognizes an impairment loss in the year in which the other-than-temporary decline occurred. There have been no other-than-temporary declines in value of short-term investments for the years ended December 31, 2015, 2014 and 2013, as it is more likely than not the Company will hold the securities until maturity or a recovery of the cost basis.

Concentrations of Credit Risk and Off-Balance Sheet Risk

Financial instruments that potentially subject the Company to concentrations of credit risk are primarily cash, cash equivalents and short-term investments. The Company's cash and cash equivalents are held in accounts with financial institutions that management believes are creditworthy. The Company's investment policy includes guidelines on the quality of the institutions and financial instruments and defines allowable investments that the Company believes minimizes the exposure to concentration of credit risk. These amounts at times may exceed federally insured limits. The Company has not experienced any credit losses in such accounts and does not believe it is exposed to any significant credit risk on these funds. The Company has no financial instruments with off-balance sheet risk of loss.

Deferred Financing Costs

At December 31, 2015, the Company had $0.1 million of deferred offering costs, which primarily consist of direct incremental legal and accounting fees related to the Registration Statement. These costs are recorded as a non-current asset.

Property and Equipment

Property and equipment is stated at cost, less accumulated depreciation. Maintenance and repairs that do not improve or extend the lives of the respective assets are expensed to operations as incurred. Upon disposal, the related cost and accumulated depreciation is removed from the accounts and any resulting gain or loss is included in the results of operations. Depreciation is recorded using the straight-line method over the estimated useful lives of the respective assets, which are as follows:

Asset	Estimated Useful Life
Computer equipment and software (in years)	3
Furniture, fixtures and other (in years)	5
Laboratory equipment (in years)	7

Revenue

In general, the Company recognizes revenue when all of the following criteria are met: persuasive evidence of arrangement exists; delivery has occurred or services have been rendered; the Company's price to the customer is fixed or determinable and collectability is reasonably assured. During 2014, the Company recognized $2.9 million of revenue related to the expiration of residual rights to license the Company’s technology.

Research and Development Costs

Research and development costs are charged to expense as incurred in performing research and development activities. The costs include employee compensation costs, facilities and overhead, clinical study and related clinical manufacturing costs, regulatory and other related costs. Nonrefundable advanced payments for goods or services to be received in the future for use in research and development activities are deferred and capitalized. The capitalized amounts are expensed as the related goods are delivered or the services are performed.

Stock-Based Compensation Expense

The Company accounts for its stock-based compensation awards to employees and directors in accordance with FASB ASC Topic 718,

Compensation-Stock Compensation

("ASC 718"). ASC 718 requires all stock-based payments to employees, including grants of employee stock options and restricted stock, to be recognized in the consolidated statements of operations and comprehensive loss based on their grant date fair values. Compensation expense related to awards to employees is recognized on a straight-line basis based on the grant date fair value over the associated service period of the award, which is generally the vesting term. Share-based payments issued to non-employees are recorded at their fair values and are periodically revalued as the equity instruments vest and are recognized as expense over the related service period in accordance with the provisions of ASC 718 and FASB ASC Topic 505,

Equity

and are expensed using an accelerated attribution model.

The Company estimates the fair value of its stock options using the Black-Scholes option pricing model, which requires the input of subjective assumptions, including (a) the expected stock price volatility, (b) the expected term of the award, (c) the risk-free interest rate, (d) expected dividends and (e) the estimated fair value of its Common Stock on the measurement date. Due to the lack of company specific historical and implied volatility data of its Common Stock, the Company has based its estimate of expected volatility on the historical volatility of a group of similar companies that are publicly traded. When selecting these public companies on which it has based its expected stock price volatility, the Company selected companies with comparable characteristics to it, including enterprise value, risk profiles, position within the industry and with historical share price information sufficient to meet the expected term of the stock based awards. The Company computes historical volatility data using the daily closing prices for the selected companies' shares during the equivalent period of the calculated expected term of the stock-based awards. The Company will continue to apply this process until a sufficient amount of historical information regarding the volatility of its own stock price becomes available. Due to the lack of Company specific historical option activity, the Company has estimated the expected term of its employee stock options using the "simplified" method, whereby, the expected term equals the arithmetic average of the vesting term and the original contractual term of the option. The expected term for non-employee awards is the remaining contractual term of the option. The risk-free interest rates are based on the U.S. Treasury securities with a maturity date commensurate with the expected term of the associated award. The Company has never paid and does not expect to pay dividends in the foreseeable future. Refer to Note 2, "

Use of Estimates

," for a discussion of the Company's estimated fair value of its Common Stock.

The Company is also required to estimate forfeitures at the time of grant and revise those estimates in subsequent periods if actual forfeitures differ from its estimates. The Company uses historical data to estimate forfeitures and records stock-based compensation expense only for those awards that are expected to vest. To the extent that actual forfeitures differ from the Company's estimates, the differences are recorded as a cumulative adjustment in the period the estimates were revised. Stock-based compensation expense recognized in the financial statements is based on awards that are ultimately expected to vest.

Income Taxes

Income taxes are recorded in accordance with FASB ASC Topic 740,

"Income Taxes"

("ASC 740"), which provides for deferred taxes using an asset and liability approach. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial reporting and tax reporting basis of assets and liabilities and are measured using enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse. Valuation allowances are provided if based upon the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company has evaluated available evidence and concluded that the Company may not realize the benefit of its deferred tax assets; therefore, a valuation allowance has been established for the full amount of the deferred tax assets.

The Company accounts for uncertain tax positions in accordance with the provisions of ASC 740. When uncertain tax positions exist, the Company recognizes the tax benefit of tax positions to the extent that the benefit will more likely than not be realized. The determination as to whether the tax benefit will more likely than not be realized is based upon the technical merits of the tax position as well as consideration of the available facts and circumstances. As of December 31, 2015 and 2014, the Company did not have any significant uncertain tax positions. The Company's practice is to recognize interest and/or penalties related to income tax matters in income tax expense. See Note 10 for further details.

Net Income (Loss) per Share Attributable to Common Stockholders

Basic net income (loss) per share is calculated by dividing net income (loss) attributable to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted net income per share is calculated by dividing the net income attributable to common stockholders by the weighted-average number of common equivalent shares outstanding for the period, including any dilutive effect from outstanding stock options and warrants using the treasury stock method.

The Company follows the two-class method when computing net income (loss) per share in periods when issued shares that meet the definition of participating securities are outstanding. The two-class method determines net income (loss) per share for each class of common and participating securities according to dividends declared or accumulated and participation rights in undistributed earnings. The two-class method requires income available to common stockholders for the period to be allocated between common and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed. Accordingly, in periods in which the Company reports a net loss attributable to common stockholders when participating securities are outstanding, losses are not allocated to the participating securities. For purposes of calculating diluted net income per share attributable to common shareholders, preferred stock, stock options, warrants and convertible debt are considered common stock equivalents.

Comprehensive Loss

Comprehensive loss consists of net income or loss and changes in equity during a period from transactions and other events and circumstances generated from non-owner sources. The Company's net loss equals comprehensive loss, net of any changes in the unrealized gains and losses of the Company's short-term investments, held as available-for-sale, for all periods presented.

Subsequent Events

The Company considers events or transactions that occur after the balance sheet date but prior to the date the consolidated financial statements are available to be issued for potential recognition or disclosure in the financial statements. The Company has completed an evaluation of all subsequent events after the consolidated balance sheet date of December 31, 2015 to ensure that this filing includes appropriate disclosure of events both recognized in the consolidated financial statements as of December 31, 2015 and events which occurred subsequently but were not recognized in the consolidated financial statements. See Note 13 for further details concerning events subsequent to the consolidated balance sheet dates.

Note 3 - Fair Value Measurements

12 Months Ended

Dec. 31, 2015

Fair Value Disclosures [Text Block]

Fair Value Measurements

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

	As of December 31, 2015
	Quoted Prices in Active Markets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets
Cash equivalents	$	39,233	$	-	$	-	$	39,233
Government securities		25,232		-		-		25,232
Total	$	64,465	$	-	$	-	$	64,465

Liabilities
Foreign currency forward contracts	$	-	$	537	$	-	$	537
Total	$	-	$	537	$	-	$	537

	As of December 31, 2014
	Quoted Prices in Active Markets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
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 December 31, 2015 and 2014, the Company’s cash equivalents consist principally of money market funds and government debt securities with original maturities of 90 days or less. 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. Forward foreign currency contracts consist of contracts with credit-worthy financial institutions to buy Swiss Francs with U.S. dollars in the future at agreed upon exchange rates.

Forward foreign currency contracts 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 forward foreign currency contracts based on pricing from a service provider. The service provider values the instruments 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). Cash equivalents and government securities are stated at fair value and consist of Level 1 financial instruments in the fair value hierarchy

The Company determined the fair value of its debt security holdings and corporate bonds 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 December 31, 2015 and 2014 consist of the following (in thousands):

	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
December 31, 2015
Government securities
(Due within 1 year)	$	25,243	$	1	$	(12	)	$	25,232
	$	25,243	$	1	$	(12	)	$	25,232

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

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.

Note 4 - Property and Equipment, Net

12 Months Ended

Dec. 31, 2015

Property, Plant and Equipment Disclosure [Text Block]

Property and Equipment, net

Property and equipment, net consists of the following (in thousands):

	As of December 31,
	2015			2014

Computer equipment and software	$	167		$	135
Furniture, fixtures, and other		244			84
Laboratory equipment		254			248
		665			467
Accumulated Depreciation		(441	)		(384	)
Property and equipment, net	$	224		$	83

Depreciation expense for the years ended December 31, 2015, 2014 and 2013 was $57,000, $30,000, and $27,000, respectively. During 2013, the Company sold fully depreciated fixed assets with an original cost basis of $0.2 million and a net book value of $0, recognizing a gain on sale of $0.1 million. The Company did not sell or dispose of any fixed assets during the years ended December 31, 2015 or 2014.

Note 5 - Accrued Expenses

12 Months Ended

Dec. 31, 2015

Accounts Payable and Accrued Liabilities Disclosure [Text Block]

Accrued Expenses

Accrued expenses consist of the following (in thousands):

	As of December 31,
	2015		2014

Payroll and employee-related costs	$	1,058	$	641
Contracted service costs		1,040		494
Professional fees and other		478		286
Total	$	2,576	$	1,421

Note 6 - Derivative Financial Instruments

12 Months Ended

Dec. 31, 2015

Derivative Instruments and Hedging Activities Disclosure [Text Block]

Derivative Financial Instruments

The Company enters into forward foreign currency contracts to mitigate its exposure to fluctuations in the U.S dollar value of forecasted transactions denominated in Swiss Franc. During the year ended December 31, 2015, the Company had forward foreign currency contract activity for which it did not elect hedge accounting for the forward foreign currency contracts outstanding as of December 31, 2015, but may elect to apply hedge accounting in the future. As a result, during the year ended December 31, 2015, the Company experienced unrealized losses within other expense in the consolidated statements of operations from the mark-to-market of outstanding forward foreign currency contracts. The Company expects potential volatility within other income (expense) in future periods for contracts for which the Company does not apply hedge accounting.

As of December 31, 2015, the Company had the following outstanding forward foreign currency contracts that were not designated for hedge accounting and that were used to reduce the exposure to fluctuations in the U.S dollar value of forecasted transactions denominated in Swiss Franc (dollars in thousands):

Notional Amount				Effective Date		Maturity Date		Number of Instruments
$	5,713			June 12, 2015		Various dates through December 15, 2016			4

No forward foreign currency contracts were held by the Company prior to May 2015. The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the balance sheet as of December 31, 2015 (in thousands):

	Balance Sheet line item	Gross amounts of recognized liabilities		Gross amount offset in consolidated balance sheet		Net Amount

Forward foreign currency contracts	Other current liabilities	$	537	$	-	$	537

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Section 50
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Note 7 - Commitments and Contingencies

12 Months Ended

Dec. 31, 2015

Commitments and Contingencies Disclosure [Text Block]

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 December 31, 2015 the Company has not commenced product sales and therefore has recognized no royalties on product sales.

In July 2015, the Company entered into a manufacturing services agreement with Lonza Ltd for the processing, development and manufacture of the active pharmaceutical ingredient (“API”) in its lead product candidate, vonapanitase. Under the agreement, the Company will execute purchase orders authorizing Lonza to manufacture the batches and will pay for the services and batches in accordance with terms and assumptions in the agreement and to be set forth in a project plan. As of December 31, 2015, the Company has executed one purchase order of $1.9 million for the manufacturing of one batch to commence in July 2016. In addition, management expects to pay $0.3 million to Lonza in the second quarter of 2016 for Lonza’s acquisition of raw materials in connection with this purchase order.

Operating Leases

The Company has various non-cancellable operating leases for facilities and office equipment that expire at various dates through 2018. In August 2014, the Company entered into an Amendment (the "Lease Amendment") to the existing Lease Agreement dated July 13, 2009 (the "Lease Agreement"), with Boston Properties Limited Partnership ("Lessor") pursuant to which the Company has agreed to extend the lease for approximately 5,000 square feet of property to be used for office space (the "Leased Property") located at 200 West St., Waltham, Massachusetts. The term of the Lease Amendment commences on January 1, 2015 (the "Commencement Date") and expires in June 2018, approximately three years and six months from the Commencement Date. The Company has the option to extend the term for an additional one-year period upon the Company's written notice to the Lessor at least nine months in advance of the extension. Rental expense for the years ended December 31, 2015, 2014 and 2013 was $0.2 million, $0.2 million and $0.2 million, respectively.

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

Year Ending December 31:	Amount

2016	$	168
2017		168
2018		84
Total minimum lease payments	$	420

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 December 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 December 31, 2015 and 2014, the Company had $14,000 and $38,000, respectively, in an outstanding letter of credit to be used as collateral for leased premises. At December 31, 2015 and 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 8 - Common Stock

12 Months Ended

Dec. 31, 2015

Stockholders' Equity Note Disclosure [Text Block]

Common Stock

General

At December 31, 2015, the Company has 100,000,000 shares of Common Stock authorized for issuance, $0.001 par value per share, of which 16,501,500 shares were issued and outstanding.

The Common Stock has the following characteristics:

Voting

The holders of shares of Common Stock are entitled to one vote for each share of Common Stock held at all meetings of stockholders and written action in lieu of meetings. There is no cumulative voting.

Dividends

The holders of shares of Common Stock are entitled to receive dividends, if and when declared by the Board of Directors. Cash dividends may not be declared or paid to holders of shares of Common Stock until paid on outstanding Preferred Stock. As of December 31, 2015, no dividends have been declared or paid since the Company's inception.

Liquidation

Upon the dissolution or liquidation or winding up of the affairs of the Company, whether voluntary or involuntary, holders of Common Stock will be entitled to receive all assets of the Company available for distribution to its stockholders equally on a per share basis, subject to any preferential rights of any then outstanding shares of Preferred Stock and after payment or provision for payment of the Company’s debts.

Reserved for Future Issuance

At December 31, 2015, the Company has 100,000,000 shares of Common Stock authorized for issuance, $0.001 par value per share, of which 16,501,500 shares were issued and outstanding. After the

1,768

shares issued in the fourth quarter for the ESPP plan, the Company has the following shares of Common Stock reserved for future issuance:

	December 31, 2015		December 31, 2014

Stock-based compensation awards		2,419,901		1,807,349
Employee Stock Purchase Plan		297,359		140,500
Total		2,717,260		1,947,849

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
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Reference 12: http://www.xbrl.org/2003/role/presentationRef
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-Section E

Reference 15: http://www.xbrl.org/2003/role/presentationRef
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-Name Staff Accounting Bulletin (SAB)
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-Section C

+ Details

Note 9 - Stock-based Compensation

12 Months Ended

Dec. 31, 2015

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

Stock-based Compensation

On August 21, 2014, the Company’s Board of Directors adopted the 2014 Equity Incentive Plan (the “2014 Plan”), the 2014 Employee Stock Purchase Plan (the “2014 ESPP”) and the 2006 Equity Incentive Plan (the “2006 Plan”), as amended and restated (collectively the “Plans”). On October 3, 2014, the stockholders approved these plans.

The Plans provide for the grant of incentive and non-statutory stock options, stock appreciation rights, restricted stock and stock unit awards, performance units, stock grants and qualified performance-based awards. Under the 2006 Plan, no new stock compensation awards will be granted subsequent to the completion of the Company’s IPO. The Company initially reserved 704,000 shares of Common Stock for issuance under the 2014 Plan. The 2014 Plan provides that the number of shares reserved and available for issuance under the 2014 Plan will automatically increase each January 1, beginning January 1, 2015 by four percent of the outstanding shares of Common Stock on the immediately preceding December 31 or such lesser number of shares as determined by the Company’s Board of Directors prior to each such January 1st.

Terms of the stock awards, including vesting requirements, are determined by the Board of Directors, subject to the provisions of the Plans. Options granted by the Company typically vest over three to four years. Certain awards provide for accelerated vesting if there is a change in control as defined in the Plans. Stock options outstanding under the 2006 Plan are exercisable from the date of grant for a period of ten years. Stock options granted under the 2014 Plan are exercisable only upon vesting. For options granted to date, the exercise price equaled the fair value of the Common Stock as determined by the Board of Directors on the date of grant.

Stock-based compensation expense

Total stock-based compensation expense is recognized for stock options granted to employees and non-employees and has been reported in the Company’s consolidated statements of operations as follows (in thousands):

	Year Ended December 31,
	2015		2014		2013

Research and development	$	650	$	114	$	106
General and administrative		1,514		345		49
Total	$	2,164	$	459	$	155

The Company estimates the fair value of each employee stock award on the grant date using the Black-Scholes option-pricing model based on the following assumptions regarding the fair value of the underlying Common Stock on each measurement date:

	Year Ended December 31,
	2015			2014			2013

Weighted average expected volatility		79.8	%		79.5	%		91.1	%
Expected term (in years)		6.11			6.00			5.95
Risk free interest rate		1.76	%		1.88	%		1.03	%
Expected dividend yield		0	%		0	%		0	%

Stock options issued to non-employees are accounted for using the fair value method of accounting; they are periodically revalued as the options vest and are recognized as expense over the related service period. The total expense related to all options granted to non-employees for the years ended December 31, 2015, 2014 and 2013 was $2,000, $4,000 and $32,000, respectively.

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		1,010,256		$	13.52
Exercised		(45,413	)	$	1.96
Outstanding at December 31, 2015		2,200,369		$	8.52		7.8	$	15,705
Exercisable at December 31, 2015		812,891		$	3.53		5.3	$	9,755
Vested or expected to vest at December 31, 2015 (1)		1,991,131		$	8.16		7.6	$	14,926

_________________________

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

During the year ended December 31, 2015, the Company granted stock options to purchase an aggregate of 1,010,256 shares of its Common Stock with a weighted-average exercise price of $13.52 and a weighted-average grant date fair value of $9.34. During the year ended December 31, 2014, the Company granted stock options to purchase an aggregate of 659,865 shares of its Common Stock with a weighted-average grant date fair value of $4.07. During the year ended December 31, 2013, the Company granted stock options to purchase an aggregate of 3,150 shares of its Common Stock with a weighted-average grant date fair value of $16.50.

The total intrinsic value of options exercised in the years ended December 31, 2015 and 2014 was $0.5 million and $0.2 million, respectively. As of December 31, 2015, there was $9.6 million of total unrecognized compensation cost related to employee non-vested stock options. As of December 31, 2015, total compensation cost related to non-employee, non-vested stock options was fully recognized. The total unrecognized compensation cost for employee awards will be adjusted for future forfeitures. The Company expects to recognize its remaining stock-based compensation expense over a weighted-average period of 3.0 years.

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 December 31, 2015, as a result of an increase of 164,491 shares 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 Company’s Board of Directors has determined there was to be no increase on January 1, 2016. The first offering under the 2014 ESPP began on January 1, 2015 and ended on June 30, 2015. The second offering under the 2014 ESPP began on July 1, 2015 and ended on December 31, 2015. During the year ended December 31, 2015, 7,632 shares were issued under the 2014 ESPP resulting in 297,359 shares remaining for future issuance under the plan as of December 31, 2015. The Company incurred $32,000 in stock-based compensation expense related to the 2014 ESPP for the year ended December 31, 2015.

Note 10 - Income Taxes

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Text Block]

10.

Income Taxes

For the years ended December 31, 2015, 2014 and 2013, the Company has not recorded a provision for federal or state income taxes as it has had cumulative net operating losses since inception. The Company's losses before income taxes consist solely of domestic losses.

A reconciliation of income taxes computed using the U.S. federal statutory rate to that reflected in operations follows (in thousands):

	Year Ended December 31,
	2015			2014			2013
Income tax benefit using U.S. federal statutory rate	$	(7,315	)	$	(1,136	)	$	(2,690	)
Permanent differences		260			124			299
Orphan Drug credit permanent addback		1,310			674			-
State income taxes, net of federal benefit		(808	)		(303	)		(389	)
Tax credits		(4,219	)		(2,176	)		(7,164	)
Expired net operating losses and tax credits		-			312			2,566
Change in valuation allowance		9,782			4,394			7,286
Mark-to-market derivative liability		-			(1,779	)		-
Other		990			(110	)		92
	$	-		$	-		$	-

The

significant components of the Company's deferred tax assets are as follows (in thousands):

	Year Ended December 31,
	2015			2014			2013
Net operating loss carryforwards	$	34,488		$	29,217		$	26,304
Federal and state tax credits		16,404			12,126			9,941
Deferred revenue		-			-			1,147
Accrued expenses		27			478			332
Patents		443			531			612
Stock-based compensation		596			92
Other		276			8			300
		52,234			42,452			38,636
Valuation allowance		(52,234	)		(42,452	)		(38,636	)
Net deferred tax asset	$	-		$	-		$	-

In November 2015, the FASB issued ASU No. 2015-17,

Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes

Management of the Company has evaluated the positive and negative evidence bearing upon the realizability of its deferred tax assets. Based on the Company's history of operating losses, management of the Company has concluded that it is more likely than not that the benefit of its deferred tax assets will not be realized. Accordingly, the Company has provided a full valuation allowance for deferred tax assets as of December 31, 2015, 2014 and 2013.

The valuation allowance increased approximately $9.8 million during the year ended December 31, 2015, due primarily to the addition of Orphan Drug tax credits and the generation of net operating losses. The valuation allowance increased approximately $3.8 million during the year ended December 31, 2014, due primarily to the addition of Orphan Drug Tax credits and the generation of net operating losses. The valuation allowance increased approximately $7.3 million during the year ended December 31, 2013, due primarily to the addition of Orphan Drug Tax credits for 2009 through 2012 as well as the generation of net operating losses during the year ended December 31, 2013, both of which have a full valuation allowance.

Subject to the limitations described below, as of December 31, 2015, 2014 and 2013, the Company has net operating loss carryforwards of approximately $94.4 million, $78.1 million and $69.9 million, respectively, to offset future federal taxable income, which will expire at various times between 2026 and 2035. The Company has an additional $0.4 million of net operating losses in 2015 that are attributable to excess stock option deductions which would be recorded as an increase in additional paid-in capital upon reducing cash taxes paid. As of December 31, 2015, 2014 and 2013, the Company has state net operating loss carryforwards of approximately $46.4 million, $55.1 million and $45.4 million, respectively, to offset future state taxable income, which will expire at various times between 2026 and 2035. As of December 31, 2015, 2014 and 2013, the Company has tax credit carryforwards of approximately $16.9 million, $12.5 million and $10.3 million, respectively, to offset future federal and state income taxes, which will expire at various times between 2023 and 2035.

Net operating loss and tax credit carryforwards are subject to review and possible adjustment by the Internal Revenue Service (the "IRS") and may become subject to an annual limitation in the event of certain cumulative changes in the ownership interest of significant shareholders over a three-year period in excess of 50% as defined under Sections 382 and 383 in the Internal Revenue Code. The Company is in the process of completing an analysis to determine if there were changes in ownership for tax years through 2015, as defined by Section 382. To the extent that the Company undergoes a change in ownership, this could substantially limit the amount of tax attributes that can be utilized annually to offset future taxable income or tax liabilities. If this were to occur, this could result in increased U.S. federal income tax liability for the Company if it generates taxable income in a future period. Limitations on the use of NOLs and other tax attributes could also increase the state tax liability. The use of tax attributes will also be limited to the extent that the Company does not generate positive taxable income in future tax periods. The amount of the annual limitation is determined based on the Company's value immediately prior to any ownership change.

The Company had no unrecognized tax benefits or related interest and penalties accrued during the years ended December 31, 2015, 2014 and 2013. The Company will recognize interest and penalties related to uncertain tax positions in income tax expense.

The Company is subject to U.S. federal income tax and primarily Massachusetts state income tax. The statute of limitations for assessment by the IRS and state tax authorities is open for tax years ending December 31, 2012 through 2015, although carryforward attributes that were generated prior to tax year 2012 may still be adjusted upon examination by the IRS or state tax authorities if they either have been or will be used in a future period. Currently, no federal or state income tax returns are under examination by the respective taxing authorities.

Note 11 - Net Loss Per Share Attributable to Common Stockholders

12 Months Ended

Dec. 31, 2015

Earnings Per Share [Text Block]

11.

Net Loss per Share Attributable to Common Stockholders

As described in Note 2, Summary of Significant Accounting Policies, 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 years ended December 31, 2015, 2014 and 2013 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):

	Year Ended December 31,
	2015		2014			2013
Convertible preferred stock		-		7,581	(a)		4,254
Common stock warrants		-		660	(a)		660
Outstanding stock options		2,200		1,236			607
Convertible notes		-		243	(a)		243
		2,200		9,720			5,764

(a) These instruments were either exercised or converted to Common Stock during 2014.

Note 12 - Quarterly Financial Information (Unaudited, in Thousands, Except Share and Per Share Data)

12 Months Ended

Dec. 31, 2015

Quarterly Financial Information [Text Block]

12.

Quarterly Financial Information (unaudited, in thousands, except share and per share data)

The Company uses the two-class method to calculate net income (loss) per share. During the fourth quarter of the year ended December 31, 2014, the Company recorded net income, although for the full year the Company recorded a net loss. For purposes of calculating basic net income per share for the fourth quarter of 2014, the Company excluded from the numerator $1.3 million of net income attributable to participating securities. The Company calculated diluted net income per share under both the if-converted method and the two-class method noting a greater dilutive effect under the two-class method. For the purposes of calculating diluted net income per share under the two-class method for the fourth quarter of 2014, the Company excluded from the numerator $1.3 million of net income attributable to participating securities and did not assume the conversion of Preferred Stock in the denominator on an as if-converted basis. Shares of Common Stock issuable upon exercise of outstanding stock options and warrants were included in the denominator on an as-if converted basis.

	Three Months Ended
	March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015
Revenue	$	-		$	-		$	-		$	-
Operating expenses		4,620			4,981			5,082			6,187
Net loss attributable to common stockholders		(4,580	)		(5,072	)		(5,383	)		(6,342	)
Net loss per share attributable to common stockholders:
Basic and Diluted	$	(0.28	)	$	(0.31	)	$	(0.33	)	$	(0.38	)
Weighted-average common shares outstanding used in net loss per share attributable to common stockholders:
Basic and Diluted		16,448,688			16,449,937			16,466,945			16,490,430

	Three Months Ended
	March 31, 2014			June 30, 2014			September 30, 2014			December 31, 2014
Revenue	$	-		$	-		$	2,948		$	-
Operating expenses		1,933			2,508			2,814			3,273
Net (loss) income		(2,831	)		(2,563	)		(5,181	)		7,233
Net (loss) income attributable to common stockholders - basic		(4,343	)		(4,460	)		(7,458	)		5,938
Net (loss) income attributable to common stockholders - diluted		(4,343	)		(4,460	)		(7,458	)		5,938
Net (loss) income per share attributable to common stockholders:
Basic	$	(18.09	)	$	(18.55	)	$	(31.00	)	$	0.52
Diluted	$	(18.09	)	$	(18.55	)	$	(31.00	)	$	0.48
Weighted-average common shares outstanding used in net (loss) income per share attributable to common stockholders:
Basic		240,138			240,374			240,610			11,444,807	(a)
Diluted		240,138			240,374			240,610			12,295,431	(a)

(a) In October 2014, the Company completed its initial public offering of common stock which resulted in net proceeds of approximately $62.5 million from the issuance of 7,026,500 shares of common stock, which includes the sale of 916,500 shares under the underwriter's over allotment option. Immediately prior to the closing of the Company’s IPO, 498,889 shares of Common Stock were issued upon the exercise of warrants with aggregate proceeds of $1.4 million. In connection with the public offering, all of the Company's outstanding redeemable convertible preferred stock was converted to 8,651,805 shares of common stock.

Note 13 - Subsequent Events

12 Months Ended

Dec. 31, 2015

Subsequent Events [Text Block]

13.

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.

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2015

Accounting Policies [Abstract]

Initial Public Offering, Policy [Policy Text Block

Initial Public Offering

At-the-market Equity Offering Program [Policy Text Block]

At-The-Market Equity Offering Program

Reverse Stock Split, Policy [Policy Text Block]

Reverse Stock Split

Basis of Accounting, Policy [Policy Text Block]

Basis of Presentation and Principles of Consolidation

Use of Estimates, Policy [Policy Text Block]

Use of Estimates

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.

Segment Reporting, Policy [Policy Text Block]

Segment Information

Fair Value Measurement, Policy [Policy Text Block]

Fair Value of Financial Instruments

Fair Value Measurement and Disclosures

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.

Derivatives, Policy [Policy Text Block]

Derivative Financial Instruments

New Accounting Pronouncements, Policy [Policy Text Block]

Recent Accounting Pronouncements

In May 2014, the FASB issued ASU 2014-09,

“Revenue from Contracts with Customers”

In August 2014, the FASB issued ASU 2014-15,

“Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern”

In November 2015, the FASB issued ASU No. 2015-17,

Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes

Cash and Cash Equivalents, Policy [Policy Text Block]

Cash and Cash Equivalents

Investment, Policy [Policy Text Block]

Short-Term Investments

Concentration Risk, Credit Risk, Policy [Policy Text Block]

Concentrations of Credit Risk and Off-Balance Sheet Risk

Deferred Charges, Policy [Policy Text Block]

Deferred Financing Costs

Property, Plant and Equipment, Policy [Policy Text Block]

Property and Equipment

Asset	Estimated Useful Life
Computer equipment and software (in years)	3
Furniture, fixtures and other (in years)	5
Laboratory equipment (in years)	7

Revenue Recognition, Policy [Policy Text Block]

Revenue

Research and Development Expense, Policy [Policy Text Block]

Research and Development Costs

Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]

Stock-Based Compensation Expense

The Company accounts for its stock-based compensation awards to employees and directors in accordance with FASB ASC Topic 718,

Compensation-Stock Compensation

Equity

and are expensed using an accelerated attribution model.

Use of Estimates

," for a discussion of the Company's estimated fair value of its Common Stock.

Income Tax, Policy [Policy Text Block]

Income Taxes

Income taxes are recorded in accordance with FASB ASC Topic 740,

"Income Taxes"

Earnings Per Share, Policy [Policy Text Block]

Net Income (Loss) per Share Attributable to Common Stockholders

Comprehensive Income, Policy [Policy Text Block]

Comprehensive Loss

Subsequent Events, Policy [Policy Text Block]

Subsequent Events

Note 2 - Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2015

Property Plant and Equipment Useful Lives [Table Text Block]

Asset	Estimated Useful Life
Computer equipment and software (in years)	3
Furniture, fixtures and other (in years)	5
Laboratory equipment (in years)	7

Note 3 - Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2015

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

	As of December 31, 2015
	Quoted Prices in Active Markets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets
Cash equivalents	$	39,233	$	-	$	-	$	39,233
Government securities		25,232		-		-		25,232
Total	$	64,465	$	-	$	-	$	64,465

Liabilities
Foreign currency forward contracts	$	-	$	537	$	-	$	537
Total	$	-	$	537	$	-	$	537

	As of December 31, 2014
	Quoted Prices in Active Markets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
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
December 31, 2015
Government securities
(Due within 1 year)	$	25,243	$	1	$	(12	)	$	25,232
	$	25,243	$	1	$	(12	)	$	25,232

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

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.

Note 4 - Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2015

Property, Plant and Equipment [Table Text Block]

	As of December 31,
	2015			2014

Computer equipment and software	$	167		$	135
Furniture, fixtures, and other		244			84
Laboratory equipment		254			248
		665			467
Accumulated Depreciation		(441	)		(384	)
Property and equipment, net	$	224		$	83

Note 5 - Accrued Expenses (Tables)

12 Months Ended

Dec. 31, 2015

Schedule of Accrued Liabilities [Table Text Block]

	As of December 31,
	2015		2014

Payroll and employee-related costs	$	1,058	$	641
Contracted service costs		1,040		494
Professional fees and other		478		286
Total	$	2,576	$	1,421

Note 6 - Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2015

Schedule of Derivative Instruments [Table Text Block]

Notional Amount				Effective Date		Maturity Date		Number of Instruments
$	5,713			June 12, 2015		Various dates through December 15, 2016			4

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]

	Balance Sheet line item	Gross amounts of recognized liabilities		Gross amount offset in consolidated balance sheet		Net Amount

Forward foreign currency contracts	Other current liabilities	$	537	$	-	$	537

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=56946850&loc=d3e41641-113959

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624163-113959

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=56946850&loc=d3e41678-113959

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=56946850&loc=d3e41638-113959

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5580258-113959

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5579245-113959

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624171-113959

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 25
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5579240-113959

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=56946850&loc=d3e41620-113959

Reference 11: 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.(n)(2))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

+ Details

Note 7 - Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2015

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

Year Ending December 31:	Amount

2016	$	168
2017		168
2018		84
Total minimum lease payments	$	420

Note 8 - Common Stock (Tables)	12 Months Ended
Note 8 - Common Stock (Tables)	Dec. 31, 2015
Notes Tables
Common Stock Reserved for Future Issuance [Table Text Block]	<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="border-collapse: collapse;; width: 700px;" align="center" cellpadding="0" cellspacing="0"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid">December 31,<br /> 2015</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid">December 31,<br /> 2014</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: center"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; font-size: 10pt; text-align: left">Stock-based compensation awards</td> <td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 14%; font-size: 10pt; text-align: right">2,419,901</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 14%; font-size: 10pt; text-align: right">1,807,349</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1.1pt">Employee Stock Purchase Plan</td> <td style="font-size: 10pt; padding-bottom: 1.1pt"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: right">297,359</td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1.1pt"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: right">140,500</td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 2.25pt">Total</td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">2,717,260</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">1,947,849</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> </tr> </table></div>

Note 9 - Stock-based Compensation (Tables)

12 Months Ended

Dec. 31, 2015

Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block]

	Year Ended December 31,
	2015		2014		2013

Research and development	$	650	$	114	$	106
General and administrative		1,514		345		49
Total	$	2,164	$	459	$	155

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

	Year Ended December 31,
	2015			2014			2013

Weighted average expected volatility		79.8	%		79.5	%		91.1	%
Expected term (in years)		6.11			6.00			5.95
Risk free interest rate		1.76	%		1.88	%		1.03	%
Expected dividend yield		0	%		0	%		0	%

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		1,010,256		$	13.52
Exercised		(45,413	)	$	1.96
Outstanding at December 31, 2015		2,200,369		$	8.52		7.8	$	15,705
Exercisable at December 31, 2015		812,891		$	3.53		5.3	$	9,755
Vested or expected to vest at December 31, 2015 (1)		1,991,131		$	8.16		7.6	$	14,926

Note 10 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

	Year Ended December 31,
	2015			2014			2013
Income tax benefit using U.S. federal statutory rate	$	(7,315	)	$	(1,136	)	$	(2,690	)
Permanent differences		260			124			299
Orphan Drug credit permanent addback		1,310			674			-
State income taxes, net of federal benefit		(808	)		(303	)		(389	)
Tax credits		(4,219	)		(2,176	)		(7,164	)
Expired net operating losses and tax credits		-			312			2,566
Change in valuation allowance		9,782			4,394			7,286
Mark-to-market derivative liability		-			(1,779	)		-
Other		990			(110	)		92
	$	-		$	-		$	-

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

	Year Ended December 31,
	2015			2014			2013
Net operating loss carryforwards	$	34,488		$	29,217		$	26,304
Federal and state tax credits		16,404			12,126			9,941
Deferred revenue		-			-			1,147
Accrued expenses		27			478			332
Patents		443			531			612
Stock-based compensation		596			92
Other		276			8			300
		52,234			42,452			38,636
Valuation allowance		(52,234	)		(42,452	)		(38,636	)
Net deferred tax asset	$	-		$	-		$	-

Note 11 - Net Loss Per Share Attributable to Common Stockholders (Tables)

12 Months Ended

Dec. 31, 2015

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

	Year Ended December 31,
	2015		2014			2013
Convertible preferred stock		-		7,581	(a)		4,254
Common stock warrants		-		660	(a)		660
Outstanding stock options		2,200		1,236			607
Convertible notes		-		243	(a)		243
		2,200		9,720			5,764

Note 12 - Quarterly Financial Information (Unaudited, in Thousands, Except Share and Per Share Data) (Tables)

12 Months Ended

Dec. 31, 2015

Schedule of Quarterly Financial Information [Table Text Block]

	Three Months Ended
	March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015
Revenue	$	-		$	-		$	-		$	-
Operating expenses		4,620			4,981			5,082			6,187
Net loss attributable to common stockholders		(4,580	)		(5,072	)		(5,383	)		(6,342	)
Net loss per share attributable to common stockholders:
Basic and Diluted	$	(0.28	)	$	(0.31	)	$	(0.33	)	$	(0.38	)
Weighted-average common shares outstanding used in net loss per share attributable to common stockholders:
Basic and Diluted		16,448,688			16,449,937			16,466,945			16,490,430

	Three Months Ended
	March 31, 2014			June 30, 2014			September 30, 2014			December 31, 2014
Revenue	$	-		$	-		$	2,948		$	-
Operating expenses		1,933			2,508			2,814			3,273
Net (loss) income		(2,831	)		(2,563	)		(5,181	)		7,233
Net (loss) income attributable to common stockholders - basic		(4,343	)		(4,460	)		(7,458	)		5,938
Net (loss) income attributable to common stockholders - diluted		(4,343	)		(4,460	)		(7,458	)		5,938
Net (loss) income per share attributable to common stockholders:
Basic	$	(18.09	)	$	(18.55	)	$	(31.00	)	$	0.52
Diluted	$	(18.09	)	$	(18.55	)	$	(31.00	)	$	0.48
Weighted-average common shares outstanding used in net (loss) income per share attributable to common stockholders:
Basic		240,138			240,374			240,610			11,444,807	(a)
Diluted		240,138			240,374			240,610			12,295,431	(a)

Note 1 - Organization and Operations (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Oct. 27, 2014
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001	$ 0.001
Cash, Cash Equivalents, and Short-term Investments	$ 65,300
Retained Earnings (Accumulated Deficit)	$ (131,251)	$ (109,874)

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.

Options Outstanding, Beginning Balance (in shares)

Note 2 - Summary of Significant Accounting Policies (Details Textual)			1 Months Ended	2 Months Ended	3 Months Ended								12 Months Ended
	Oct. 27, 2014 USD ($) $ / shares shares	Oct. 06, 2014	Oct. 31, 2014 USD ($) shares	Dec. 31, 2015 USD ($)	Dec. 31, 2015 USD ($)	Sep. 30, 2015 USD ($)	Jun. 30, 2015 USD ($)	Mar. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Sep. 30, 2014 USD ($)	Jun. 30, 2014 USD ($)	Mar. 31, 2014 USD ($)	Dec. 31, 2015 USD ($) shares	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)
IPO [Member] \| Underwriters [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period \| shares	916,500
IPO [Member]
Stock Issued During Period, Shares, New Issues \| shares	7,026,500		7,026,500
Share Price \| $ / shares	$ 10
Proceeds from Issuance Initial Public Offering	$ 62,500,000		$ 62,500,000
Payments of Stock Issuance Costs	$ 7,800,000
Conversion of Stock, Shares Converted \| shares	8,651,805
Reverse Stock Split [Member]
Stockholders' Equity Note, Stock Split, Conversion Ratio		15.87
Available-for-sale Securities, Gross Realized Gain (Loss)													$ 0	$ 0	$ 0
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities													0	0	0
Liability for Uncertain Tax Positions, Current				$ 0	$ 0				$ 0				$ 0	0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period \| shares													45,413
Proceeds from Issuance Initial Public Offering														62,485,000
Payments of Stock Issuance Costs														452,000
Maximum Value of Stock Offered for Sale				40,000,000
Number of Operating Segments													1
Number of Reportable Segments													1
Deferred Finance Costs, Gross				$ 100,000	100,000								$ 100,000
Revenues										$ 2,948,000				$ 2,948,000

Note 2 - Property and Equipment Useful Lives (Details)	12 Months Ended
Note 2 - Property and Equipment Useful Lives (Details)	Dec. 31, 2015
Computer Equipment and Software [Member]
Property and Equipment	3 years
Furniture and Fixtures [Member]
Property and Equipment	5 years
Laboratory Equipment [Member]
Property and Equipment	7 years

Note 3 - Summary of Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Fair Value, Inputs, Level 1 [Member] \| Cash and Cash Equivalents [Member]
Financial Assets	$ 39,233	$ 68,830
Fair Value, Inputs, Level 1 [Member] \| US Government Agencies Debt Securities [Member]
Financial Assets	25,232	6,508
Fair Value, Inputs, Level 1 [Member] \| Corporate Debt Securities [Member]
Financial Assets
Fair Value, Inputs, Level 1 [Member] \| Foreign Currency Forward Contracts [Member]
Financial Liabilities
Fair Value, Inputs, Level 1 [Member]
Financial Assets	64,465	75,338
Financial Liabilities
Fair Value, Inputs, Level 2 [Member] \| Cash and Cash Equivalents [Member]
Financial Assets
Fair Value, Inputs, Level 2 [Member] \| US Government Agencies Debt Securities [Member]
Financial Assets
Fair Value, Inputs, Level 2 [Member] \| Corporate Debt Securities [Member]
Financial Assets		8,247
Fair Value, Inputs, Level 2 [Member] \| Foreign Currency Forward Contracts [Member]
Financial Liabilities	537
Fair Value, Inputs, Level 2 [Member]
Financial Assets		8,247
Financial Liabilities	537
Fair Value, Inputs, Level 3 [Member] \| Cash and Cash Equivalents [Member]
Financial Assets
Fair Value, Inputs, Level 3 [Member] \| US Government Agencies Debt Securities [Member]
Financial Assets
Fair Value, Inputs, Level 3 [Member] \| Corporate Debt Securities [Member]
Financial Assets
Fair Value, Inputs, Level 3 [Member] \| Foreign Currency Forward Contracts [Member]
Financial Liabilities
Fair Value, Inputs, Level 3 [Member]
Financial Assets
Financial Liabilities
Cash and Cash Equivalents [Member]
Financial Assets	39,233	68,830
US Government Agencies Debt Securities [Member]
Financial Assets	25,232	6,508
Corporate Debt Securities [Member]
Financial Assets		8,247
Foreign Currency Forward Contracts [Member]
Financial Liabilities	537
Financial Assets	64,465	$ 83,585
Financial Liabilities	$ 537

Note 3 - Available-for-sale Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
US Government Agencies Debt Securities [Member]
Amortized Cost	$ 25,243	$ 6,510
Unrealized Gains	1
Unrealized Losses	(12)	(2)
Fair Value	25,232	6,508
Corporate Debt Securities [Member]
Amortized Cost		8,251
Unrealized Gains
Unrealized Losses		(4)
Fair Value		8,247
Amortized Cost	25,243	14,761
Unrealized Gains	1
Unrealized Losses	(12)	(6)
Fair Value	$ 25,232	$ 14,755

Note 4 - Property and Equipment, Net (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Depreciation, Depletion and Amortization	$ 57,000	$ 30,000	$ 27,000
Property, Plant and Equipment, Disposals			200,000
Fixed Asset, Net Book Value, Disposal			0
Gain (Loss) on Disposition of Property Plant Equipment			$ 100,000

Note 4 - Summary of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Computer Equipment and Software [Member]
Property and equipment	$ 167	$ 135
Furniture and Fixtures [Member]
Property and equipment	244	84
Laboratory Equipment [Member]
Property and equipment	254	248
Property and equipment	665	467
Accumulated Depreciation	(441)	(384)
Property and equipment, net	$ 224	$ 83

Note 5 - Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Payroll and employee-related costs	$ 1,058	$ 641
Contracted service costs	1,040	494
Professional fees and other	478	286
Total	$ 2,576	$ 1,421

Note 6 - Outstanding Forward Foreign Currency Contracts (Details) - Not Designated as Hedging Instrument [Member] - Foreign Exchange Forward [Member] $ in Thousands	Dec. 31, 2015 USD ($)
Notional Amount	$ 5,713
Number of Instruments	4

Note 6 - Fair Value of Derivative Instruments (Details) - Foreign Exchange Forward [Member] - Other Current Liabilities [Member] $ in Thousands	Dec. 31, 2015 USD ($)
Gross amounts of recognized liabilities	$ 537
Net Amount	$ 537

Note 7 - Commitments and Contingencies (Details Textual)	1 Months Ended	3 Months Ended	12 Months Ended
	Feb. 28, 2002	Jun. 30, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)	Aug. 31, 2014 ft²
Inventories [Member] \| Scenario, Forecast [Member]
Long-term Purchase Commitment, Expected Payment		$ 300,000
Inventories [Member]
Purchase Commitment, Amount Executed			$ 1,900,000
Royalty Payment, Percentage of Net Sales	2.50%
Area of Real Estate Property \| ft²						5,000
Operating Leases, Rent Expense			200,000	$ 200,000	$ 200,000
Security Deposit			14,000
Letters of Credit Outstanding, Amount			14,000	38,000
Loans Pledged as Collateral			$ 14,000	$ 39,000

Note 7 - Future Minimum Payments Operating Leases (Details) $ in Thousands	Dec. 31, 2015 USD ($)
2016	$ 168
2017	168
2018	84
Total minimum lease payments	$ 420

Note 8 - Common Stock (Details Textual)	3 Months Ended	12 Months Ended
Note 8 - Common Stock (Details Textual)	Dec. 31, 2015 $ / shares shares	Dec. 31, 2015 USD ($) $ / shares shares	Dec. 31, 2014 $ / shares shares	Oct. 27, 2014 $ / shares
The 2014 Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period	1,768	7,632
Common stock, shares issued (in shares)	16,501,500	16,501,500	16,448,455
Dividends, Common Stock \| $		$ 0
Common stock, shares authorized (in shares)	100,000,000	100,000,000	100,000,000
Common stock, par value (in dollars per share) \| $ / shares	$ 0.001	$ 0.001	$ 0.001	$ 0.001
Common stock, shares outstanding (in shares)	16,501,500	16,501,500	16,448,455
Number of Voting Rights for Each Common Stock Held		1

Note 8 - Common Stock Reserved for Future Issuance (Details) - shares	Dec. 31, 2015	Dec. 31, 2014
Performance Shares [Member]
Common Stock, Capital Shares Reserved for Future Issuance	2,419,901	1,807,349
The 2014 Employee Stock Purchase Plan [Member]
Common Stock, Capital Shares Reserved for Future Issuance	297,359	140,500
Common Stock, Capital Shares Reserved for Future Issuance	2,717,260	1,947,849

Note 9 - Stock-based Compensation (Details Textual) - USD ($)	3 Months Ended	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
The 2014 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized			704,000
Share-based Compensation Arrangement by Share-based Payment Award Number of Annual Additional Shares Percentage			4.00%
The Plans [Member] \| Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period			3 years
The Plans [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period			4 years
The 2006 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term			10 years
The 2014 Employee Stock Purchase Plan [Member] \| Maximum [Member]
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]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	304,991	304,991	140,500
Share-based Compensation Arrangement by Share-based Payment Award Number of Annual Additional Shares Percentage	1.00%	1.00%
Allocated Share-based Compensation Expense		$ 32,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized		164,491
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period	1,768	7,632
Common Stock, Capital Shares Reserved for Future Issuance	297,359	297,359	140,500
Employee Stock Option [Member] \| Non-Employees [Member]
Allocated Share-based Compensation Expense		$ 2,000	$ 4,000	$ 32,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term		5 years 109 days
Allocated Share-based Compensation Expense		$ 2,164,000	$ 459,000	$ 155,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross		1,010,256	659,865	3,150
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price		$ 13.52
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value		$ 9.34	$ 4.07	$ 16.50
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value		$ 500,000	$ 200,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options	$ 9,600,000	$ 9,600,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition		3 years
Common Stock, Capital Shares Reserved for Future Issuance	2,717,260	2,717,260	1,947,849

Note 9 - Stock-based Compensation Expense Recognized for Stock Options Granted (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Research and Development Expense [Member]
Allocated Share-based Compensation Expense	$ 650	$ 114	$ 106
General and Administrative Expense [Member]
Allocated Share-based Compensation Expense	1,514	345	49
Allocated Share-based Compensation Expense	$ 2,164	$ 459	$ 155

Note 9 - Black-scholes Valuation Assumptions (Details)	12 Months Ended
Note 9 - Black-scholes Valuation Assumptions (Details)	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Weighted average expected volatility	79.80%	79.50%	91.10%
Expected term (in years)	6 years 40 days	6 years	5 years 346 days
Risk free interest rate	1.76%	1.88%	1.03%
Expected dividend yield	0.00%	0.00%	0.00%

Note 9 - Stock Option Activity for Employees and Non-employees (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2015

Dec. 31, 2014

1,235,526

Options Outstanding, Weighted Average Exercise Price, Beginning Balance (in dollars per share)

$ 4.19

Options Outstanding, Weighted-average Remaining Contractual Term, Beginning Balance

7 years 292 days

7 years 36 days

Options Outstanding, Aggregate Intrinsic Value, Beginning Balance

$ 7,709

Options Granted (in shares)

1,010,256

Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price

$ 13.52

Options Exercised (in shares)

(45,413)

Options Exercised, Weighted Average Exercise Price (in dollars per share)

$ 1.96

Options Outstanding, Ending Balance (in shares)

2,200,369

1,235,526

Options Outstanding, Weighted Average Exercise Price, Ending Balance (in dollars per share)

$ 8.52

$ 4.19

Options Outstanding, Aggregate Intrinsic Value, Ending Balance

$ 15,705

$ 7,709

Options Exercisable (in shares)

812,891

Options Exercisable, Weighted Average Exercise Price (in dollars per share)

$ 3.53

Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term

5 years 109 days

Options Exercisable, Aggregate Intrinsic Value

$ 9,755

Options Vested or Expected to Vest (in shares)

^[1]

1,991,131

Options Vested or Expected to Vest, Weighted Average Exercise Price (in dollars per share)

^[1]

$ 8.16

Options Vested or Expected to Vest, Weighted-average Remaining Contractual Term

^[1]

7 years 219 days

Options Vested or Expected to Vest, Aggregate Intrinsic Value

^[1]

$ 14,926

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

Note 10 - Income Taxes (Details Textual) - USD ($)	12 Months Ended
Note 10 - Income Taxes (Details Textual) - USD ($)	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Domestic Tax Authority [Member]
Income Tax Expense (Benefit)	$ 0	$ 0	$ 0
Operating Loss Carryforwards	94,400,000	78,100,000	69,900,000
State and Local Jurisdiction [Member]
Income Tax Expense (Benefit)	0	0	0
Operating Loss Carryforwards	46,400,000	55,100,000	45,400,000
Unrecognized Tax Benefits	0	0	0
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense	0	0	0
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount	9,800,000	3,800,000	7,300,000
Operating Loss Carryforwards Attributable to Excess Stock Option Deductions	400,000
Tax Credit Carryforward, Amount	$ 16,900,000	$ 12,500,000	$ 10,300,000

Note 10 - Reconciliation of Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income tax benefit using U.S. federal statutory rate	$ (7,315)	$ (1,136)	$ (2,690)
Permanent differences	260	124	299
Orphan Drug credit permanent addback	1,310	674
State income taxes, net of federal benefit	(808)	(303)	(389)
Tax credits	(4,219)	(2,176)	(7,164)
Expired net operating losses and tax credits		312	2,566
Change in valuation allowance	9,782	4,394	7,286
Mark-to-market derivative liability		(1,779)
Other	$ 990	$ (110)	$ 92

Note 10 - Summary of Deferred Tax Assets (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Net operating loss carryforwards	$ 34,488,000	$ 29,217,000	$ 26,304,000
Federal and state tax credits	16,404,000	12,126,000	9,941,000
Deferred revenue			1,147,000
Accrued expenses	27,000	478,000	332,000
Patents	443,000	531,000	612,000
Stock-based compensation	596,000	92,000
Other	276,000	8,000	300,000
	52,234,000	42,452,000	38,636,000
Valuation allowance	(52,234,000)	(42,452,000)	(38,636,000)
Net deferred tax asset	$ 0	$ 0	$ 0

Note 11 - Common Stock Equivalents Excluded from Calculation of Net Loss Per Share (Details) - shares
shares in Thousands

12 Months Ended

Dec. 31, 2015

Dec. 31, 2014

Dec. 31, 2013

Convertible Preferred Stock [Member]

Common Stock Warrants [Member]

7,581

^[1]

4,254

Employee Stock Option [Member]

660

^[1]

660

Convertible Debt Securities [Member]

2,200

1,236

607

243

^[1]

243

Net (loss) income attributable to common stockholders - basic

2,200

9,720

5,764

[1]	These instruments were either exercised or converted to Common Stock during 2014.

Note 12 - Quarterly Financial Information (Unaudited, in Thousands, Except Share and Per Share Data) (Details Textual) - USD ($)		1 Months Ended		3 Months Ended	12 Months Ended
	Oct. 27, 2014	Oct. 31, 2014	Oct. 27, 2014	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
IPO [Member]
Proceeds from Issuance Initial Public Offering	$ 62,500,000	$ 62,500,000
Stock Issued During Period, Shares, New Issues	7,026,500	7,026,500
Class of Warrant or Right, Number of Securities Called by Warrants or Rights		916,500
Conversion of Stock, Shares Issued			8,651,805
Warrant [Member]
Proceeds from Issuance or Sale of Equity			$ 1,400,000
Preferred Stock, Accretion of Redemption Discount				$ 1,300,000
Proceeds from Issuance Initial Public Offering						$ 62,485,000
Stock Issued During Period, Shares, Warrants Exercised			498,889

Note 12 - Quarterly Financial Information (Details) - USD ($)
$ in Thousands

3 Months Ended

Dec. 31, 2014

Sep. 30, 2014

Jun. 30, 2014

Mar. 31, 2014

Revenue

$ 2,948

Operating expenses

3,273

2,814

2,508

1,933

5,938

(7,458)

(4,460)

(4,343)

Revenue

2,948

Operating expenses

3,273

2,814

2,508

1,933

Net loss

7,233

(5,181)

(2,563)

(2,831)

Net (loss) income attributable to common stockholders - basic

5,938

(7,458)

(4,460)

(4,343)

Net (loss) income attributable to common stockholders - diluted

$ 5,938

$ (7,458)

$ (4,460)

$ (4,343)

Basic (in dollars per share)

$ 0.52

$ (31)

$ (18.55)

$ (18.09)

Diluted (in dollars per share)

$ 0.48

$ (31)

$ (18.55)

$ (18.09)

Basic (in shares)

11,444,807

^[1]

240,610

240,374

240,138

Diluted (in shares)

12,295,431

^[1]

240,610

240,374

240,138

[1]

In October 2014, the Company completed its initial public offering of common stock which resulted in net proceeds of approximately $62.5 million from the issuance of 7,026,500 shares of common stock, which includes the sale of 916,500 shares under the underwriter's over allotment option. Immediately prior to the closing of the Company's IPO, 498,889 shares of Common Stock were issued upon the exercise of warrants with aggregate proceeds of $1.4 million. In connection with the public offering, all of the Company's outstanding redeemable convertible preferred stock was converted to 8,651,805 shares of common stock.

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.