View Filing Data

Print Document View Excel Document

Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Sep. 30, 2017	Oct. 31, 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)		17,619,418
Document Type	10-Q
Document Period End Date	Sep. 30, 2017
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 19,986	$ 36,392
Available-for-sale investments	27,444	4,925
Prepaid expenses and other current assets	554	1,438
Total current assets	47,984	42,755
Property and equipment, net	280	372
Other non-current assets	300	393
Total assets	48,564	43,520
Current liabilities:
Accounts payable	226	556
Accrued expenses	8,868	4,523
Total current liabilities	9,094	5,079
Total liabilities	9,094	5,079
Commitments and contingencies (Note 5)
Stockholders’ equity:
Preferred Stock	0	0
Common stock, $0.001 par value, 100,000,000 shares authorized at September 30, 2017 and December 31, 2016; 17,619,418 and 16,603,559 shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively	18	17
Additional paid-in capital	202,113	198,201
Accumulated deficit	(184,190)	(159,777)
Accumulated other comprehensive loss	(7)
Total stockholders’ equity	39,470	38,441
Total liabilities and stockholders’ equity	48,564	43,520
Series A Convertible Preferred Stock [Member]
Stockholders’ equity:
Preferred Stock	$ 21,536

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Sep. 30, 2017	Dec. 31, 2016
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	9,978,000	9,978,000
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)	17,619,418	16,603,559
Common stock, shares oustanding (in shares)	17,619,418	16,603,559
Series A Convertible Preferred Stock [Member]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	22,000	0
Preferred stock, shares issued (in shares)	22,000	0
Preferred stock, shares outstanding (in shares)	22,000	0

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Operating expenses:
Research and development	$ 10,336	$ 4,842	$ 18,473	$ 14,432
General and administrative	1,970	2,324	6,299	7,407
Total operating expenses	12,306	7,166	24,772	21,839
Loss from operations	(12,306)	(7,166)	(24,772)	(21,839)
Other income (expense):
Investment income	83	46	161	155
Other (expense) income, net	(84)	13	198	120
Total other (expense) income	(1)	59	359	275
Net loss	(12,307)	(7,107)	(24,413)	(21,564)
Unrealized (loss) gain on available-for-sale investments		(2)	(7)	19
Comprehensive loss	(12,307)	(7,109)	(24,420)	(21,545)
Net loss	12,307	7,107	24,413	21,564
Accretion of convertible preferred stock	(6,747)	0	(6,747)	0
Net loss attributable to common stockholders	$ (19,054)	$ (7,107)	$ (31,160)	$ (21,564)
Net loss per share attributable to common stockholders - basic and diluted (in dollars per share)	$ (1.08)	$ (0.43)	$ (1.82)	$ (1.30)
Weighted-average common shares outstanding used in net loss per share attributable to common stockholders - basic and diluted (in shares)	17,574,371	16,582,276	17,158,032	16,550,483
Included in operating expenses, above, are the following amounts for non-cash stock based compensation expense:
Allocated share-based compensation	$ 747	$ 687	$ 2,459	$ 2,499
Included in other (expense) income, net, above, are the following amounts from forward foreign currency contracts:
Realized losses from forward foreign currency contracts		(4)		(8)
Unrealized (losses) gains from forward foreign currency contracts		2		127
Total		(2)		119
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	235	168	841	797
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	$ 512	$ 519	$ 1,618	$ 1,702

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Operating activities
Net loss	$ (24,413)	$ (21,564)
Reconciliation of net loss to net cash used in operating activities:
Depreciation	115	87
Amortization of premium/discount on available-for-sale securities	(2)	108
Unrealized gain on forward foreign currency contracts included in net income		(127)
Foreign currency remeasurement gain	196	(6)
Stock-based compensation	2,459	2,499
Changes in:
Prepaid expenses and other assets	1,049	(20)
Interest receivable	(73)	46
Accounts payable, accrued expenses and other current liabilities	4,015	869
Net cash used in operating activities	(16,654)	(18,108)
Investing activities
Purchases of available-for-sale investments	(31,443)	(39,756)
Proceeds from maturities of available-for-sale investments	8,920	44,603
Purchase of property and equipment	(23)	(259)
Net cash (used in) provided by investing activities	(22,546)	4,588
Financing activities
Exercise of stock options	109	156
Proceeds from issuance of common stock under ESPP	58	5
Proceeds from issuance of common stock, net of issuance costs	1,287
Proceeds from the issuance of Series A redeemable convertible preferred stock, net of issuance costs	21,536
Net cash provided by financing activities	22,990	161
Effect of exchange rate changes on cash	(196)	6
Decrease in cash and cash equivalents	(16,406)	(13,353)
Cash and cash equivalents, beginning of period	36,392	40,031
Cash and cash equivalents, end of period	19,986	26,678
Accretion of convertible preferred stock	$ 6,747	$ 0

Note 1 - Organization and Operations

9 Months Ended

Sep. 30, 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

September 30, 2017,

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

$47.4

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

2019.

The Company had an accumulated deficit of

$184.2

million as of

September 30, 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

and

nine

months ended

September 30, 2017,

the Company sold

shares and

896,811

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

and

$1.4

million, respectively. For the

three

and

nine

months ending

September 30, 2017,

total offering costs of

and

$0.2

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

June 22, 2017,

the Company entered into a Securities Purchase Agreement (the “Purchase Agreement”) with a syndicate of current and new institutional investors, led by an affiliate of Deerfield Management Company, L.P., pursuant to which the Company agreed to issue and sell to the investors an aggregate of

22,000

shares of the Company’s Series A Convertible Preferred Stock, par value

$0.001

per share (the “Transaction”), for a purchase price of

$1,000

per share, or an aggregate gross purchase price of

$22.0

million, all upon the terms and conditions set forth in the Purchase Agreement. The Company closed this Transaction on

August 2, 2017 (

see Note

Note 2 - Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2017

Notes to Financial Statements

Significant Accounting Policies [Text Block]

2.	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

September 30, 2017,

the results of its operations for the

three

and

nine

months ended

September 30, 2017

and

2016

and its cash flows for the

nine

months ended

September 30, 2017

and

2016.

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

three

and

nine

months ended

September 30, 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

), 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

). There have been

changes to the valuation methods utilized by the Company during the

nine

months ended

September 30, 2017

and

2016.

The Company evaluates transfers between levels at the end of each reporting period. There were

transfers of financial instruments between levels during the

nine

months ended

September 30, 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

). 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.

Net Loss per Share Attributable to Common Stockholders

Basic net loss per share is calculated by dividing net loss attributable to common stockholders by the weighted-average number of common shares outstanding during the period. Net loss attributable to common stockholders is calculated by adjusting the net loss of the Company for cumulative preferred stock dividends and accretion of preferred stock. Diluted net loss per share is calculated by dividing the net loss 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 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

and

nine

months ended

September 30, 2017

and

2016

resulted in net losses, there is

income allocation required under the

two

-class method or dilution attributed to weighted-average shares outstanding in the calculation of diluted loss per share.

Recent Accounting Pronouncements

May 2017,

the FASB issued ASU

No.

2017

09,

Compensation - Stock Compensation (Topic

718

): Scope of Modification Accounting

(“ASU

2017

09”

), which clarifies when changes to the terms or conditions of a share-based payment award must be accounted for as modifications. The new guidance will reduce diversity in practice and result in fewer changes to the terms of an award being accounted for as modifications. Under ASU

2017

09,

an entity will

not

apply modification accounting to a share-based payment award if the award’s fair value, vesting conditions and classification as an equity or liability instrument are the same immediately before and after the change. ASU

2017

will be applied prospectively to awards modified on or after the adoption date. The guidance is effective for annual periods, and interim periods within those annual periods, beginning after

December 15, 2017.

Early adoption is permitted. The Company is evaluating the impact of the adoption of this guidance on its financial statements but does

not

expect it to have a material impact.

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

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

9 Months Ended

Sep. 30, 2017

Notes to Financial Statements

Fair Value Disclosures [Text Block]

3.	Fair Value Measurements

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

	As of September 30, 2017
	Quoted Prices in Active Markets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets
Cash equivalents	$	11,297	$	-	$	-	$	11,297
Government securities		27,444		-		-		27,444
Total	$	38,741	$	-	$	-	$	38,741

	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

September 30, 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 consist of the following (in thousands):

	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
September 30, 2017
Government securities
(Due within 1 year)	$	27,450	$	1	$	(7	)	$	27,444
	$	27,450	$	1	$	(7	)	$	27,444

December 31, 2016
Government securities
(Due within 1 year)	$	4,924	$	1	$	-		$	4,925
	$	4,924	$	1	$	-		$	4,925

- 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

9 Months Ended

Sep. 30, 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

nine

months ended

September 30, 2016,

the Company experienced unrealized gains 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

longer outstanding.

Note 5 - Commitments and Contingencies

9 Months Ended

Sep. 30, 2017

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

5.	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

September, 30, 2017,

the Company has issued a purchase order for

7.6

million Swiss Francs, approximately

$7.8

million at current exchange rates, for the manufacturing of

three

batches that commenced in

July 2017

and

one

batch to commence by the end of

2019.

As of

September 30, 2017,

nearly all of the services related to the

three

batches that commenced in

July 2017

have been rendered under this purchase order.

Future minimum payments required under operating leases as of

September 30, 2017

are summarized as follows (in thousands):

Year Ending December 31:	Amount

2017		44
2018		270
2019		207
Total minimum lease payments	$	521

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. In

August 2017,

the Company extended its lease until

September 30, 2019.

Pursuant to the lease amendment, the Company has provided a security deposit in the amount of

$22,000

to the lessor.

Restricted cash related to facilities leases

As of

September, 30, 2017

and

December 31, 2016,

the Company had

$22,000

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

September, 30, 2017

and

December 31, 2016,

the Company pledged an aggregate of

$22,000

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

Note 6 - Series A Preferred Financing

9 Months Ended

Sep. 30, 2017

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

6.	Series A Preferred Financing

August 2, 2017,

the Company issued and sold

22,000

shares of the Company’s Series A Convertible Preferred Stock, par value of

$0.001

per share (the “Series A Preferred”), for a purchase price of

$1,000

per share, or aggregate purchase price and gross proceeds of

$22.0

million, all upon the terms and conditions set forth in the Securities Purchase Agreement dated as of

June 22, 2017.

The Company incurred

$0.5

million of issuance costs in connection with the transaction. Each share of Series A Preferred is convertible into approximately

1,005

shares of the Company’s Common Stock at a conversion price of

$0.9949

per share, in each case subject to adjustment for any stock splits, stock dividends and similar events, provided that any conversion of Series A Preferred by a holder into shares of Common Stock is prohibited if, as a result of such conversion, the holder, together with its affiliates and any other person or entity whose beneficial ownership of the Company’s Common Stock would be aggregated with such holder’s for purposes of Section

(d) of the Securities Exchange Act of

1934,

as amended (the “Exchange Act”), would beneficially own more than

9.985%

of the total number of shares of Common Stock issued and outstanding after giving effect to such conversion.

Upon issuance, each share of Series A Preferred included an embedded beneficial conversion feature as the market price of the Company’s Common Stock on the date of issuance of the Series A Preferred was

$1.30

per share. As a result, the Company recorded the intrinsic value of the beneficial conversion feature of

$6.7

million as a discount on the Series A Preferred at issuance. As the Series A Preferred is immediately convertible upon issuance and does

not

include a stated redemption date, the discount on the Series A Preferred was immediately accreted.

The Company evaluated the Series A Preferred for liability or equity classification in accordance with the provisions of ASC

480,

Distinguishing Liabilities from Equity, and determined that equity treatment was appropriate because the Series A Preferred did

not

meet the definition of the liability instruments defined thereunder for convertible instruments. Specifically, the Series A Preferred are

not

mandatorily redeemable and do

not

embody an obligation to buy back the shares outside of the Company’s control in a manner that could require the transfer of assets. Additionally, the Company determined that the Series A Preferred would be recorded as permanent equity,

not

temporary equity, based on the guidance of ASC

480

given that there is

scenario where the holders of equally and more subordinated equity of the entity would

not

be entitled to also receive the same form of consideration upon the occurrence of the event that gives rise to the redemption.

Note 7 - Stock-based Compensation

9 Months Ended

Sep. 30, 2017

Notes to Financial Statements

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

7.	Stock-based Compensation

Stock Options

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

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

Outstanding at December 31, 2016		2,166,254		$	8.55		7.1	$	124
Granted		719,337
Exercised		(74,001	)
Forfeited		(30,272	)
Expired		(97,406	)
Outstanding at September 30, 2017		2,683,912		$	7.18		7.4	$	140
Exercisable at September 30, 2017		1,384,925		$	8.00		6.2	$	98
Vested or expected to vest at September 30, 2017 (1)		2,683,912		$	7.18		7.4	$	140

__________________

(

) Represents the number of vested options at

September 30, 2017

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

September 30, 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 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, 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

increase on

January 1, 2017.

As of

September 30, 2017,

the

2014

ESPP authorized the issuance of up to

304,991

shares of Common Stock. The

sixth

offering under the

2014

ESPP began on

July 1, 2017

and ends on

December 31, 2017.

shares and

45,047

shares were issued during the

three

and

nine

months ended

September 30, 2017

under the

2014

ESPP. The Company incurred

$18,000

and

$0.1

million in stock-based compensation expense related to the

2014

ESPP for the

three

and

nine

months ended

September 30, 2017,

respectively. The Company incurred

$30,000

and

$62,000

in stock-based compensation expense related to the

2014

ESPP for the

three

and

nine

months ended

September 30, 2016,

respectively.

Common Stock

The Company has the following shares reserved for future issuance:

	September 30, 2017		December 31, 2016

Stock-based compensation awards		3,587,144		2,982,470
Employee Stock Purchase Plan		247,774		292,821
Total		3,834,918		3,275,291

Note 8 - Income Taxes

9 Months Ended

Sep. 30, 2017

Notes to Financial Statements

Income Tax Disclosure [Text Block]

8.	Income Taxes

Deferred taxes are recognized for temporary differences between the basis of assets and liabilities for financial statement and income tax purposes. The Company has evaluated the positive and negative evidence bearing upon the Company’s ability to realize the benefit of its deferred tax assets. Based on the Company’s history of operating losses, the Company has concluded that it is more likely than

not

that the benefit of its deferred tax assets will

not

be realized. Due to the uncertainty surrounding the realization of the favorable tax attributes in future tax returns, the Company has provided a full valuation allowance against its deferred tax assets. There were

significant income tax provisions or benefits for the

nine

months ended

September 30, 2017

and

2016.

Note 9 - Net Loss Per Share Attributable to Common Stockholders

9 Months Ended

Sep. 30, 2017

Notes to Financial Statements

Earnings Per Share [Text Block]

9.	Net Loss per Share Attributable to Common Stockholders

The Company computes basic and diluted loss per share using a methodology that gives effect to the impact of outstanding participating securities (the “two-class method”). As the

three

and

nine

months ended

September 30, 2017

and

2016

resulted in net losses, there is

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 September 30,				Nine Months Ended September 30,
	2017		2016		2017		2016
Outstanding stock options		2,683,912		2,169,617		2,683,912		2,169,617
Outstanding ESPP shares		34,464		10,913		34,464		10,913
		2,718,376		2,180,530		2,718,376		2,180,530

Note 10 - Subsequent Events

9 Months Ended

Sep. 30, 2017

Notes to Financial Statements

Subsequent Events [Text Block]

10.	Subsequent Events

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

Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 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.

September 30, 2017,

the results of its operations for the

three

and

nine

months ended

September 30, 2017

and

2016

and its cash flows for the

nine

months ended

September 30, 2017

and

2016.

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

three

and

nine

months ended

September 30, 2017

are

not

necessarily indicative of the results for the year ending

December 31, 2017,

or for any future period.

not

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

820,

Fair Value Measurement and Disclosures

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.

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

). There have been

changes to the valuation methods utilized by the Company during the

nine

months ended

September 30, 2017

and

2016.

The Company evaluates transfers between levels at the end of each reporting period. There were

transfers of financial instruments between levels during the

nine

months ended

September 30, 2017

and

2016.

Derivatives, Policy [Policy Text Block]

Derivative Financial Instruments

not

Earnings Per Share, Policy [Policy Text Block]

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

and

nine

months ended

September 30, 2017

and

2016

resulted in net losses, there is

income allocation required under the

two

-class method or dilution attributed to weighted-average shares outstanding in the calculation of diluted loss per share.

New Accounting Pronouncements, Policy [Policy Text Block]

Recent Accounting Pronouncements

May 2017,

the FASB issued ASU

No.

2017

09,

Compensation - Stock Compensation (Topic

718

): Scope of Modification Accounting

(“ASU

2017

09”

2017

09,

an entity will

not

2017

will be applied prospectively to awards modified on or after the adoption date. The guidance is effective for annual periods, and interim periods within those annual periods, beginning after

December 15, 2017.

Early adoption is permitted. The Company is evaluating the impact of the adoption of this guidance on its financial statements but does

not

expect it to have a material impact.

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

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)

9 Months Ended

Sep. 30, 2017

Notes Tables

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

	As of September 30, 2017
	Quoted Prices in Active Markets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets
Cash equivalents	$	11,297	$	-	$	-	$	11,297
Government securities		27,444		-		-		27,444
Total	$	38,741	$	-	$	-	$	38,741

	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
September 30, 2017
Government securities
(Due within 1 year)	$	27,450	$	1	$	(7	)	$	27,444
	$	27,450	$	1	$	(7	)	$	27,444

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)

9 Months Ended

Sep. 30, 2017

Notes Tables

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

Year Ending December 31:	Amount

2017		44
2018		270
2019		207
Total minimum lease payments	$	521

Note 7 - Stock-based Compensation (Tables)

9 Months Ended

Sep. 30, 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		719,337
Exercised		(74,001	)
Forfeited		(30,272	)
Expired		(97,406	)
Outstanding at September 30, 2017		2,683,912		$	7.18		7.4	$	140
Exercisable at September 30, 2017		1,384,925		$	8.00		6.2	$	98
Vested or expected to vest at September 30, 2017 (1)		2,683,912		$	7.18		7.4	$	140

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; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td nowrap="nowrap"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td nowrap="nowrap" colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">September 30,<br /> 2017</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td nowrap="nowrap" colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31,<br /> 2016</td> </tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap"> </td> <td> </td> <td nowrap="nowrap" colspan="3" style="text-align: center"> </td> <td> </td> <td nowrap="nowrap" colspan="3"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; text-align: left">Stock-based compensation awards</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,587,144</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 12%; 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%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Employee Stock Purchase Plan</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">247,774</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; 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 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.25pt">Total</td> <td style="padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; text-align: left"> </td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,834,918</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left"> </td> <td style="padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; text-align: left"> </td> <td style="border-bottom: Black 2.25pt double; 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 2.25pt double; text-align: left"> </td> </tr> </table></div>

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

9 Months Ended

Sep. 30, 2017

Notes Tables

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2017		2016		2017		2016
Outstanding stock options		2,683,912		2,169,617		2,683,912		2,169,617
Outstanding ESPP shares		34,464		10,913		34,464		10,913
		2,718,376		2,180,530		2,718,376		2,180,530

Note 1 - Organization and Operations (Details Textual) - USD ($)			3 Months Ended	9 Months Ended
	Aug. 02, 2017	Nov. 12, 2015	Sep. 30, 2017	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Cash, Cash Equivalents, and Short-term Investments			$ 47,400,000	$ 47,400,000
Retained Earnings (Accumulated Deficit)			$ (184,190,000)	(184,190,000)		$ (159,777,000)
Proceeds from Issuance of Common Stock				$ 1,287,000
Preferred Stock, Par or Stated Value Per Share			$ 0.001	$ 0.001		$ 0.001
Proceeds from Issuance of Convertible Preferred Stock				$ 21,536,000
Series A Convertible Preferred Stock [Member]
Stock Issued During Period, Shares, New Issues	22,000
Payments of Stock Issuance Costs	$ 500,000
Preferred Stock, Par or Stated Value Per Share	$ 0.001		$ 0.001	$ 0.001		$ 0.001
Shares Issued, Price Per Share	$ 1,000
Proceeds from Issuance of Convertible Preferred Stock	$ 22,000,000
Sales Agreement [Member] \| Cowen and Company, LLC [Member]
Sale of Stock, Maximum Value of Stock Offered		$ 40,000,000
Sales of Stock, Commission Paid				3.00%
Stock Issued During Period, Shares, New Issues			0	896,811
Proceeds from Issuance of Common Stock			$ 0	$ 1,400,000
Payments of Stock Issuance Costs			$ 0	$ 200,000

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 - Summary of Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Total	$ 38,741	$ 33,801
Cash Equivalents [Member]
Cash equivalents	11,297	28,876
US Government Agencies Debt Securities [Member]
Government securities	27,444	4,925
Fair Value, Inputs, Level 1 [Member]
Total	38,741	33,801
Fair Value, Inputs, Level 1 [Member] \| Cash Equivalents [Member]
Cash equivalents	11,297	28,876
Fair Value, Inputs, Level 1 [Member] \| US Government Agencies Debt Securities [Member]
Government securities	27,444	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	Sep. 30, 2017	Dec. 31, 2016
Amortized Cost	$ 27,450	$ 4,924
Unrealized Gains	1	1
Unrealized Losses	(7)
Fair Value	27,444	4,925
US Government Agencies Debt Securities [Member]
Amortized Cost	27,450	4,924
Unrealized Gains	1	1
Unrealized Losses	(7)
Fair Value	$ 27,444	$ 4,925

Note 5 - Commitments and Contingencies (Details Textual) SFr in Millions	Sep. 30, 2017 USD ($)	Sep. 30, 2017 CHF (SFr)	Dec. 31, 2016 USD ($)
Security Deposit	$ 22,000
Letters of Credit Outstanding, Amount	22,000		$ 22,000
Loans Pledged as Collateral	22,000		$ 22,000
Inventories, Four Batches [Member]
Purchase Commitment, Amount Executed	$ 7,800,000	SFr 7.6

Note 5 - Commitments and Contingencies - Future Minimum Payments for Operating Leases (Details) $ in Thousands	Sep. 30, 2017 USD ($)
2017	$ 44
2018	270
2019	207
Total minimum lease payments	$ 521

Note 6 - Series A Preferred Financing (Details Textual) - USD ($)		3 Months Ended		9 Months Ended
	Aug. 02, 2017	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Preferred Stock, Par or Stated Value Per Share		$ 0.001		$ 0.001		$ 0.001
Proceeds from Issuance of Convertible Preferred Stock				$ 21,536,000
Accretion of Redeemable Convertible Preferred Stock to Redemption Value		$ 6,747,000	$ 0	$ 6,747,000	$ 0
Series A Convertible Preferred Stock [Member]
Preferred Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001		$ 0.001		$ 0.001
Shares Issued, Price Per Share	$ 1,000
Proceeds from Issuance of Convertible Preferred Stock	$ 22,000,000
Payments of Stock Issuance Costs	$ 500,000
Convertible Preferred Stock, Shares Issued upon Conversion	1,005
Convertible Preferred Stock, Conversion Price of Shares Issued upon Conversion	$ 0.9949
Convertible Preferred Stock, Maximum Ownership Percentage Allowed after Conversion of Stock	9.985%
Preferred Stock, Redemption Price Per Share	$ 1.30
Accretion of Redeemable Convertible Preferred Stock to Redemption Value	$ 6,700,000
Stock Issued During Period, Shares, New Issues	22,000

Note 7 - Stock-based Compensation (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016	Dec. 31, 2014
Common Stock, Capital Shares Reserved for Future Issuance	3,834,918		3,834,918		3,275,291
Allocated Share-based Compensation Expense	$ 747,000	$ 687,000	$ 2,459,000	$ 2,499,000
The 2014 Employee Stock Purchase Plan [Member]
Common Stock, Capital Shares Reserved for Future Issuance	247,774		247,774		292,821	140,500
Share-based Compensation Arrangement by Share-based Payment Award Number of Annual Additional Shares Percentage	1.00%		1.00%
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	304,991		304,991
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period	0		45,047
Allocated Share-based Compensation Expense	$ 18,000	$ 30,000	$ 100,000	$ 62,000
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 7 - Stock-based Compensation - Stock Option Activity for Employees and Non-employees (Details) - USD ($)
$ / shares in Units, $ in Thousands

9 Months Ended

12 Months Ended

Sep. 30, 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 146 days

7 years 36 days

Options Outstanding, Aggregate Intrinsic Value, Beginning Balance

$ 140

$ 124

Options Granted (in shares)

719,337

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

Options Exercised (in shares)

(74,001)

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

Options Forfeited (in shares)

(30,272)

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

Options Expired (in shares)

(97,406)

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

Options Outstanding, Ending Balance (in shares)

2,683,912

2,166,254

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

$ 7.18

$ 8.55

Options Exercisable (in shares)

1,384,925

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

$ 8

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

6 years 73 days

Options Exercisable, Aggregate Intrinsic Value

$ 98

Options Vested or Expected to Vest (in shares)

^[1]

2,683,912

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 146 days

Options Vested or Expected to Vest, Aggregate Intrinsic Value

^[1]

$ 140

[1]	Represents the number of vested options at September 30, 2017 plus the number of unvested options expected to vest based on the unvested options outstanding at September 30, 2017.

Note 7 - Stock-based Compensation - Common Stock Reserved for Future Issuance (Details) - shares	Sep. 30, 2017	Dec. 31, 2016	Dec. 31, 2014
Reserved for future issuance (in shares)	3,834,918	3,275,291
The 2014 Employee Stock Purchase Plan [Member]
Reserved for future issuance (in shares)	247,774	292,821	140,500
Performance Shares [Member]
Reserved for future issuance (in shares)	3,587,144	2,982,470

Note 8 - Income Taxes (Details Textual) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Income Tax Expense (Benefit)	$ 0	$ 0

Note 9 - Net Loss Per Share Attributable to Common Stockholders - Common Stock Equivalents Excluded From Calculation of Net Loss Per Share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Antidilutive Securities (in shares)	2,718,376	2,180,530	2,718,376	2,180,530
Employee Stock Option [Member]
Antidilutive Securities (in shares)	2,683,912	2,169,617	2,683,912	2,169,617
Employee Stock Purchase Plan [Member]
Antidilutive Securities (in shares)	34,464	10,913	34,464	10,913