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Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Mar. 31, 2017	Apr. 30, 2017
Document Information [Line Items]
Entity Registrant Name	PROTEON THERAPEUTICS INC
Entity Central Index Key	0001359931
Trading Symbol	prto
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		16,771,072
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 34,132	$ 36,392
Available-for-sale investments		4,925
Prepaid expenses and other current assets	1,255	1,438
Total current assets	35,387	42,755
Property and equipment, net	338	372
Other non-current assets	299	393
Total assets	36,024	43,520
Current liabilities:
Accounts payable	474	556
Accrued expenses	2,549	4,523
Total current liabilities	3,023	5,079
Total liabilities	3,023	5,079
Commitments and contingencies (Note 5)
Stockholders’ equity:
Preferred stock, $0.001 par value per share; 10,000,000 shares authorized, no shares issued and outstanding at March 31, 2017 and December 31, 2016	0	0
Common stock, $0.001 par value, 100,000,000 shares authorized at March 31, 2017 and December 31, 2016; 16,771,072 and 16,603,559 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively	17	17
Additional paid-in capital	199,259	198,201
Accumulated deficit	(166,275)	(159,777)
Total stockholders’ equity	33,001	38,441
Total liabilities and stockholders’ equity	$ 36,024	$ 43,520

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Mar. 31, 2017	Dec. 31, 2016
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	16,771,072	16,603,559
Common stock, shares oustanding (in shares)	16,771,072	16,603,559

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Operating expenses:
Research and development	$ 4,246	$ 4,349
General and administrative	2,234	2,470
Total operating expenses	6,480	6,819
Loss from operations	(6,480)	(6,819)
Other income (expense):
Investment income	32	56
Other (expense) income, net	(50)	211
Total other (expense) income	(18)	267
Net loss	(6,498)	(6,552)
Unrealized gain on available-for-sale investments		23
Comprehensive loss	(6,498)	(6,529)
Net loss attributable to common stockholders	$ (6,498)	$ (6,552)
Net loss per share attributable to common stockholders - basic and diluted (in dollars per share)	$ (0.39)	$ (0.40)
Weighted-average common shares outstanding used in net loss per share attributable to common stockholders - basic and diluted (in shares)	16,636,201	16,507,586
Included in operating expenses, above, are the following amounts for non-cash stock based compensation expense:
Allocated share-based compensation	$ 845	$ 866
Included in other (expense) income, net, above, are the following amounts from forward foreign currency contracts:
Realized gains from forward foreign currency contracts		6
Unrealized gains from forward foreign currency contracts		178
Total		184
Research and Development Expense [Member]
Included in operating expenses, above, are the following amounts for non-cash stock based compensation expense:
Allocated share-based compensation	298	308
General and Administrative Expense [Member]
Included in operating expenses, above, are the following amounts for non-cash stock based compensation expense:
Allocated share-based compensation	$ 547	$ 558

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Operating activities
Net loss	$ (6,498)	$ (6,552)
Reconciliation of net loss to net cash used in operating activities:
Depreciation	40	24
Amortization of premium/discount on available-for-sale securities	4	36
Unrealized gain on forward foreign currency contracts included in net income		(178)
Foreign currency remeasurement loss	(59)	(28)
Stock-based compensation	845	866
Changes in:
Prepaid expenses and other assets	293	331
Interest receivable	(15)	(26)
Accounts payable, accrued expenses and other current liabilities	(2,056)	(367)
Net cash used in operating activities	(7,446)	(5,894)
Investing activities
Purchases of available-for-sale investments		(23,721)
Proceeds from maturities of available-for-sale investments	4,920	13,614
Purchase of property and equipment	(6)	(8)
Net cash provided by (used in) investing activities	4,914	(10,115)
Financing activities
Exercise of stock options	108	12
Proceeds from issuance of common stock, net of issuance costs	105
Net cash provided by financing activities	213	12
Effect of exchange rate changes on cash	59	28
Decrease in cash and cash equivalents	(2,260)	(15,969)
Cash and cash equivalents, beginning of period	36,392	40,031
Cash and cash equivalents, end of period	$ 34,132	$ 24,062

Note 1 - Organization and Operations

3 Months Ended

Mar. 31, 2017

Notes to Financial Statements

Nature of Operations [Text Block]

1.	Organization and Operations

The Company

Proteon Therapeutics, Inc. (the “Company”) is a late-stage biopharmaceutical company focused on the development of novel,

first

-in-class pharmaceuticals to address the medical needs of patients with kidney and vascular disease. The Company was formed in

June

2001

and incorporated on

March

24,

2006.

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 therapeutic alternatives and larger companies, compliance with government regulations, protection of proprietary technology, dependence on

third

parties and product liability.

As of

March

31,

2017,

the Company had cash, cash equivalents and available-for-sale investments of

$34.1

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

third

quarter of

2018.

The Company had an accumulated deficit of

$166.3

million as of

March

31,

2017.

November

12,

2015,

the Company filed a shelf registration statement on Form S-

(the “Registration Statement”), and entered into a Sales Agreement (the "Sales Agreement") with Cowen and Company, LLC (“Cowen”) 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. The Registration Statement became effective on

January

12,

2016.

The Company will pay Cowen a commission equal to

of the gross proceeds of the sales price of all shares sold through it as sales agent under the Sales Agreement. The offering costs are offset against proceeds from the sale of common stock under this agreement. The Company filed a prospectus supplement on

March

16,

2017

because the Company is currently subject to General Instruction

I.B.6

of Form S-

which limits the amounts that the Company

may

sell under the Registration Statement. For the

three

months ended

March

31,

2017,

the Company sold

93,512

shares of common stock under the Sales Agreement for aggregate gross proceeds of

$0.2

million. Total offering costs of

$0.1

million were offset against the proceeds from the sale of common stock.

Note 2 - Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2017

Notes to Financial Statements

Significant Accounting Policies [Text Block]

Summary of Significant Accounting Policies

Basis of Presentation, Principles of Consolidation and Use of Estimates

The unaudited interim condensed consolidated financial statements of the Company included herein have been prepared, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted from this report, as is permitted by such rules and regulations. Accordingly, these condensed consolidated financial statements should be read in conjunction with the financial statements as of and for the year ended

December

31,

2016

and notes thereto, included in the Company’s Annual Report on Form

-K, as filed with the SEC on

March

16,

2017.

The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited financial statements. In the opinion of the Company’s management, the accompanying unaudited interim condensed consolidated financial statements contain all adjustments which are necessary to fairly present the Company’s financial position as of

March

31,

2017,

the results of its operations for the

three

months ended

March

31,

2017

and

2016

and its cash flows for the

three

months ended

March

31,

2017

and

2016.

Such adjustments are of a normal and recurring nature. The results for the

three

months ended

March

31,

2017

are not necessarily indicative of the results for the year ending

December

31,

2017,

or for any future period.

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

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 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.

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

4),

accounts payable, and accrued liabilities. 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

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

3).

There have been no changes to the valuation methods utilized by the Company during the

three

months ended

March

31,

2017

and

2016.

The Company evaluates transfers between levels at the end of each reporting period. There were no transfers of financial instruments between levels during the

three

months ended

March

31,

2017

and

2016.

Derivative Financial Instruments

The Company purchases Swiss Francs and enters into forward foreign currency contracts from time to time to mitigate its exposure to fluctuations in the exchange rates between the Swiss Franc and the U.S. dollar (see Note

4).

The latter are considered derivative financial instruments that the Company records on the consolidated balance sheet 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

March

2016,

the FASB issued ASU No.

2016

09,

Compensation - Stock Compensation (Topic

718):

Improvements to Employee Share-Based Payment Accounting

(“ASU

2016

09”),

which simplifies various aspects of the accounting for share-based payments, including accounting for income taxes, earnings per share, and forfeitures. ASU

2016

is effective for annual periods beginning after

December

15,

2016,

and interim periods within those annual periods with early adoption permitted. An entity that elects early adoption must adopt all of the amendments in the same period. The Company adopted ASU

2016

during the quarter ended

March

31,

2017.

As a result of adoption, the deferred tax assets associated with net operating losses increased by

$0.6

million. These amounts were offset by a corresponding increase in the valuation allowance. In addition, the Company has elected to recognize the effect of forfeitures in compensation cost when they occur rather than estimate forfeitures in advance. The Company will reverse any previously recognized compensation cost for an award in the period that the award is forfeited. The adoption had an immaterial impact on the condensed consolidated financial statements.

There have been no other material changes to the significant accounting policies previously disclosed in the Company’s Annual Report on Form

-K, as filed with the SEC on

March

16,

2017.

Note 3 - Fair Value Measurements

3 Months Ended

Mar. 31, 2017

Notes to Financial Statements

Fair Value Disclosures [Text Block]

Fair Value Measurements

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

	As of March 31, 2017
	Quoted Prices in Active Markets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets
Cash equivalents	$	21,507	$	-	$	-	$	21,507
Government securities		-		-		-		-
Total	$	21,507	$	-	$	-	$	21,507

	As of December 31, 2016
	Quoted Prices in Active Markets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets
Cash equivalents	$	28,876	$	-	$	-	$	28,876
Government securities		4,925		-		-		4,925
Total	$	33,801	$	-	$	-	$	33,801

As of

March

31,

2017

and

December

31,

2016,

the Company’s cash equivalents consist principally of money market funds with original maturities of

days or less.

Available-for-sale securities as of

December

31,

2016

consist of the following (in thousands):

	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
December 31, 2016
Government securities
(Due within 1 year)	$	4,924	$	1	$	-	$	4,925
	$	4,924	$	1	$	-	$	4,925

There were no available-for-sale securities as of

March

31,

2017.

- Definition

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

+ References + Details

Note 4 - Derivative Financial Instruments

3 Months Ended

Mar. 31, 2017

Notes to Financial Statements

Derivative Instruments and Hedging Activities Disclosure [Text Block]

4.	Derivative Financial Instruments

Beginning in

May

2015

and through

2016,

the Company has purchased Swiss Francs and enters into a series of forward foreign currency contracts to mitigate its exposure to fluctuations in the U.S. dollar value of forecasted transactions denominated in Swiss Franc. The latter are considered derivative financial instruments that the Company records on the consolidated balance sheet at fair value. The Company elected not to apply hedge accounting to these instruments. As a result, during the

three

months ended

March

31,

2016,

the Company experienced unrealized gains and (losses) within other income (expense), net, in the consolidated statements of operations from the mark-to-market of outstanding forward foreign currency contracts. As of

December

31,

2016,

all forward foreign currency contracts had been settled and are no longer outstanding.

Note 5 - Commitments and Contingencies

3 Months Ended

Mar. 31, 2017

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

Commitments and Contingencies

July

2015,

the Company entered into a manufacturing services agreement with Lonza Ltd, or (“Lonza”) for the processing, development and manufacturing of the active pharmaceutical ingredient (“API”) in its lead product candidate, vonapanitase. Under the agreement, the Company will issue purchase orders authorizing Lonza to manufacture API 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

March

31,

2017,

the Company has issued a purchase order for

7.6

million Swiss Francs, approximately

$7.6

million at current exchange rates, for the manufacturing of

three

batches to commence in

July

2017

and

one

batch to commence by the end of

2019.

No services have been rendered under this purchase order as of

March

31,

2017.

Future minimum payments required under operating leases as of

March

31,

2017

are summarized as follows (in thousands):

Year Ending December 31:	Amount

2017		128
2018		84
Total minimum lease payments	$	212

In addition to the base rent, the Company is also responsible for its share of operating expenses and real estate taxes, in accordance with the terms of the lease agreement. As of

March

31,

2017,

the Company has provided a security deposit in the amount of

$14,000

to the lessor.

Restricted cash related to facilities leases

As of

March

31,

2017

and

December

31,

2016,

the Company had

$14,000

in an outstanding letter of credit to be used as collateral for leased premises. As of

March

31,

2017

and

December

31,

2016,

the Company pledged an aggregate of

$14,000

to the bank as collateral for the letter of credit, which is included in long-term assets.

Note 6 - Stock-based Compensation

3 Months Ended

Mar. 31, 2017

Notes to Financial Statements

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

Stock-based Compensation

Stock Options

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

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

Outstanding at December 31, 2016		2,166,254		$	8.55		7.1	$	124
Granted		659,342		$	2.05
Exercised		(74,001	)	$	1.45
Outstanding at March 31, 2017		2,751,595		$	7.18		7.6	$	64
Exercisable at March 31, 2017		1,242,299		$	7.35		6.0	$	64
Vested or expected to vest at March 31, 2017 (1)		2,751,595		$	7.18		7.6	$	64

___________________

(1)

Represents the number of vested options at

March

31,

2017

plus the number of unvested options expected to vest based on the unvested options outstanding at

March

31,

2017.

Employee Stock Purchase Plan

The

2014

Employee Stock Purchase Plan (ESPP) initially authorized the issuance of up to

140,500

shares of Common Stock. The number of shares increases each

January

commencing on

January

2015

and ending on (and including)

January

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, or any lower amount determined by the Company’s Board of Directors prior to each such

January

1st.

The Company’s Board of Directors has determined there was to be no increase on

January

2017.

As of

March

31,

2017,

the

2014

ESPP authorized the issuance of up to

304,991

shares of Common Stock. The

fifth

offering under the

2014

ESPP began on

January

2017

and ends on

June

30,

2017.

shares were issued during the

three

months ended

March

31,

2017

under the

2014

ESPP.

Common Stock

The Company has the following shares reserved for future issuance:

	March 31, 2017		December, 31 2016

Stock-based compensation awards		3,572,611		2,982,470
Employee Stock Purchase Plan		292,821		292,821
Total		3,865,432		3,275,291

Note 7 - Income Taxes

3 Months Ended

Mar. 31, 2017

Notes to Financial Statements

Income Tax Disclosure [Text Block]

Income Taxes

Deferred taxes are recognized for temporary differences between the basis of assets and liabilities for financial statement and income tax purposes. The Company has evaluated the positive and negative evidence bearing upon the Company’s ability to realize the benefit of its deferred tax assets. Based on the Company’s history of operating losses, the Company has concluded that it is more likely than not that the benefit of its deferred tax assets will not be realized. Due to the uncertainty surrounding the realization of the favorable tax attributes in future tax returns, the Company has provided a full valuation allowance against its deferred tax assets. There were

significant income tax provisions or benefits for the

three

months ended

March

31,

2017

and

2016.

The Company adopted ASU

2016

09,

Improvements to Employee Share-Based Payment Accounting

, for the quarter ended

March

31,

2017.

As a result of adoption, the deferred tax assets associated with net operating losses will increase by

$0.6

million. These amounts will be offset by a corresponding increase in the valuation allowance

Note 8 - Net Loss Per Share Attributable to Common Stockholders

3 Months Ended

Mar. 31, 2017

Notes to Financial Statements

Earnings Per Share [Text Block]

8.	Net Loss per Share Attributable to Common Stockholders

The Company computes basic and diluted loss per share using a methodology that gives effect to the impact of outstanding participating securities (the

“two

-class method”). As the

three

months ended

March

31,

2017

and

2016

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:

	Three Months Ended March 31,
	2017		2016
Outstanding stock options		2,751,595		2,203,975
Outstanding ESPP shares		91,740		8,841
		2,843,335		2,212,816

Note 9 - Subsequent Events

3 Months Ended

Mar. 31, 2017

Notes to Financial Statements

Subsequent Events [Text Block]

Subsequent Events

The Company has evaluated all activity that occurred subsequent to quarter end but prior to issuance of the unaudited 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.

May

2017,

the Company announced that planned enrollment for the PATENCY-

trial has increased from

500

600

patients. The Company expects to complete enrollment for the PATENCY-

trial in the

first

quarter of

2018

and to report top-line data in the

first

quarter of

2019.

Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2017

Accounting Policies [Abstract]

Basis of Accounting, Policy [Policy Text Block]

Basis of Presentation, Principles of Consolidation and Use of Estimates

December

31,

2016

and notes thereto, included in the Company’s Annual Report on Form

-K, as filed with the SEC on

March

16,

2017.

March

31,

2017,

the results of its operations for the

three

months ended

March

31,

2017

and

2016

and its cash flows for the

three

months ended

March

31,

2017

and

2016.

Such adjustments are of a normal and recurring nature. The results for the

three

months ended

March

31,

2017

are not necessarily indicative of the results for the year ending

December

31,

2017,

or for any future period.

may

differ from those estimates or assumptions.

Fair Value Measurement, Policy [Policy Text Block]

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

4),

820,

Fair Value Measurement and Disclosures

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.

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

3).

There have been no changes to the valuation methods utilized by the Company during the

three

months ended

March

31,

2017

and

2016.

The Company evaluates transfers between levels at the end of each reporting period. There were no transfers of financial instruments between levels during the

three

months ended

March

31,

2017

and

2016.

Derivatives, Policy [Policy Text Block]

Derivative Financial Instruments

4).

New Accounting Pronouncements, Policy [Policy Text Block]

Recent Accounting Pronouncements

March

2016,

the FASB issued ASU No.

2016

09,

Compensation - Stock Compensation (Topic

718):

Improvements to Employee Share-Based Payment Accounting

(“ASU

2016

09”),

which simplifies various aspects of the accounting for share-based payments, including accounting for income taxes, earnings per share, and forfeitures. ASU

2016

is effective for annual periods beginning after

December

15,

2016,

and interim periods within those annual periods with early adoption permitted. An entity that elects early adoption must adopt all of the amendments in the same period. The Company adopted ASU

2016

during the quarter ended

March

31,

2017.

As a result of adoption, the deferred tax assets associated with net operating losses increased by

$0.6

There have been no other material changes to the significant accounting policies previously disclosed in the Company’s Annual Report on Form

-K, as filed with the SEC on

March

16,

2017.

Note 3 - Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2017

Notes Tables

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

	As of March 31, 2017
	Quoted Prices in Active Markets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets
Cash equivalents	$	21,507	$	-	$	-	$	21,507
Government securities		-		-		-		-
Total	$	21,507	$	-	$	-	$	21,507

	As of December 31, 2016
	Quoted Prices in Active Markets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets
Cash equivalents	$	28,876	$	-	$	-	$	28,876
Government securities		4,925		-		-		4,925
Total	$	33,801	$	-	$	-	$	33,801

Available-for-sale Securities [Table Text Block]

	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
December 31, 2016
Government securities
(Due within 1 year)	$	4,924	$	1	$	-	$	4,925
	$	4,924	$	1	$	-	$	4,925

- Definition

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

+ References + Details

Note 5 - Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2017

Notes Tables

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

Year Ending December 31:	Amount

2017		128
2018		84
Total minimum lease payments	$	212

Note 6 - Stock-based Compensation (Tables)

3 Months Ended

Mar. 31, 2017

Notes Tables

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, 2016		2,166,254		$	8.55		7.1	$	124
Granted		659,342		$	2.05
Exercised		(74,001	)	$	1.45
Outstanding at March 31, 2017		2,751,595		$	7.18		7.6	$	64
Exercisable at March 31, 2017		1,242,299		$	7.35		6.0	$	64
Vested or expected to vest at March 31, 2017 (1)		2,751,595		$	7.18		7.6	$	64

Common Stock Reserved for Future Issuance [Table Text Block]

<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse;"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.1pt"> </td> <td nowrap="nowrap" colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid">March 31,<br /> 2017</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.1pt"> </td> <td nowrap="nowrap" colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid">December, 31<br /> 2016</td> </tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td nowrap="nowrap" colspan="3" style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt"> </td> <td nowrap="nowrap" 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: 68%; 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: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,572,611</div></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: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,982,470</div></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"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">292,821</div></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"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">292,821</div></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: 2.5pt">Total</td> <td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,865,432</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,275,291</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> </tr> </table></div>

Note 8 - Net Loss Per Share Attributable to Common Stockholders (Tables)

3 Months Ended

Mar. 31, 2017

Notes Tables

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

	Three Months Ended March 31,
	2017		2016
Outstanding stock options		2,751,595		2,203,975
Outstanding ESPP shares		91,740		8,841
		2,843,335		2,212,816

Note 1 - Organization and Operations (Details Textual) - USD ($) $ in Thousands		3 Months Ended
	Nov. 12, 2015	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Cash, Cash Equivalents, and Short-term Investments		$ 34,100
Retained Earnings (Accumulated Deficit)		(166,275)		$ (159,777)
Proceeds from Issuance of Common Stock		$ 105
Sales Agreement [Member] \| Cowen and Company, LLC [Member]
Sale of Stock, Maximum Value of Stock Offered	$ 40,000
Sales of Stock, Commission Paid		3.00%
Stock Issued During Period, Shares, New Issues		93,512
Proceeds from Issuance of Common Stock		$ 200
Payments of Stock Issuance Costs		$ 100

Note 2 - Summary of Significant Accounting Policies (Details Textual) - Accounting Standards Update 2016-09 [Member] $ in Millions	Mar. 31, 2017 USD ($)
Deferred Tax Assets, Operating Loss Carryforwards	$ 0.6
Deferred Tax Assets, Valuation Allowance	$ 0.6

Note 3 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Available-for-sale Securities	$ 0	$ 4,925

Note 3 - Fair Value Measurements - Summary of Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Total	$ 21,507	$ 33,801
Cash Equivalents [Member]
Cash equivalents	21,507	28,876
US Government Agencies Debt Securities [Member]
Government securities		4,925
Fair Value, Inputs, Level 1 [Member]
Total	21,507	33,801
Fair Value, Inputs, Level 1 [Member] \| Cash Equivalents [Member]
Cash equivalents	21,507	28,876
Fair Value, Inputs, Level 1 [Member] \| US Government Agencies Debt Securities [Member]
Government securities		4,925
Fair Value, Inputs, Level 2 [Member]
Total
Fair Value, Inputs, Level 2 [Member] \| Cash Equivalents [Member]
Cash equivalents
Fair Value, Inputs, Level 2 [Member] \| US Government Agencies Debt Securities [Member]
Government securities
Fair Value, Inputs, Level 3 [Member]
Total
Fair Value, Inputs, Level 3 [Member] \| Cash Equivalents [Member]
Cash equivalents
Fair Value, Inputs, Level 3 [Member] \| US Government Agencies Debt Securities [Member]
Government securities

- Definition

Fair value portion of investment securities, including, but not limited to, marketable securities, derivative financial instruments, and investments accounted for under the equity method.

+ References + Details

Note 3 - Fair Value Measurements - Available-for-sale Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Amortized Cost		$ 4,924
Unrealized Gains		1
Unrealized Losses
Fair Value	$ 0	4,925
US Government Agencies Debt Securities [Member]
Amortized Cost		4,924
Unrealized Gains		1
Unrealized Losses
Fair Value		$ 4,925

Note 5 - Commitments and Contingencies (Details Textual) SFr in Millions	Mar. 31, 2017 USD ($)	Mar. 31, 2017 CHF (SFr)	Dec. 31, 2016 USD ($)
Security Deposit	$ 14,000
Letters of Credit Outstanding, Amount	14,000		$ 14,000
Loans Pledged as Collateral	14,000		$ 14,000
Inventories, Four Batches [Member]
Purchase Commitment, Amount Executed	$ 7,600,000	SFr 7.6

Note 5 - Commitments and Contingencies - Future Minimum Payments for Operating Leases (Details) $ in Thousands	Mar. 31, 2017 USD ($)
2017	$ 128
2018	84
Total minimum lease payments	$ 212

Note 6 - Stock-based Compensation (Details Textual) - shares	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016	Dec. 31, 2014
Common Stock, Capital Shares Reserved for Future Issuance	3,865,432	3,275,291
The 2014 Employee Stock Purchase Plan [Member]
Common Stock, Capital Shares Reserved for Future Issuance	292,821	292,821	140,500
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 Shares Authorized	304,991
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period	0
The 2014 Employee Stock Purchase Plan [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized	281,000

Note 6 - Stock-based Compensation - Stock Option Activity for Employees and Non-employees (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

12 Months Ended

Mar. 31, 2017

Dec. 31, 2016

Options Outstanding, Beginning Balance (in shares)

2,166,254

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

$ 8.55

Options Outstanding, Weighted-average Remaining Contractual Term, Beginning Balance (Year)

7 years 219 days

7 years 36 days

Options Outstanding, Aggregate Intrinsic Value, Beginning Balance

$ 64

$ 124

Options Granted (in shares)

659,342

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

$ 2.05

Options Exercised (in shares)

(74,001)

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

$ 1.45

Options Outstanding, Ending Balance (in shares)

2,751,595

2,166,254

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

$ 7.18

$ 8.55

Options Exercisable (in shares)

1,242,299

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

$ 7.35

Options Exercisable, Weighted-average Remaining Contractual Term (Year)

6 years

Options Exercisable, Aggregate Intrinsic Value

$ 64

Options Vested or Expected to Vest (in shares)

^[1]

2,751,595

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

^[1]

$ 7.18

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

^[1]

7 years 219 days

Options Vested or Expected to Vest, Aggregate Intrinsic Value

^[1]

$ 64

[1]	Represents the number of vested options at March 31, 2017 plus the number of unvested options expected to vest based on the unvested options outstanding at March 31, 2017.

Note 6 - Stock-based Compensation - Common Stock Reserved for Future Issuance (Details) - shares	Mar. 31, 2017	Dec. 31, 2016	Dec. 31, 2014
Reserved for future issuance (in shares)	3,865,432	3,275,291
The 2014 Employee Stock Purchase Plan [Member]
Reserved for future issuance (in shares)	292,821	292,821	140,500
Performance Shares [Member]
Reserved for future issuance (in shares)	3,572,611	2,982,470

Note 7 - Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income Tax Expense (Benefit)	$ 0	$ 0
Accounting Standards Update 2016-09 [Member]
Deferred Tax Assets, Operating Loss Carryforwards	600
Deferred Tax Assets, Valuation Allowance	$ 600

Note 8 - Net Loss Per Share Attributable to Common Stockholders - Common Stock Equivalents Excluded from Calculation of Net Loss Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Outstanding stock options (in shares)	2,843,335	2,212,816
Employee Stock Option [Member]
Outstanding stock options (in shares)	2,751,595	2,203,975
Outstanding ESPP Shares [Member]
Outstanding stock options (in shares)	91,740	8,841

Note 9 - Subsequent Events (Details Textual)	May 02, 2017	May 01, 2017
Patency-2 Trial [Member] \| Subsequent Event [Member]
Planned Enrollment, Number of Patients	600	500