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Document And Entity Information - shares	6 Months Ended
Document And Entity Information - shares	Jun. 30, 2019	Aug. 05, 2019
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	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Small Business	true
Entity Common Stock, Shares Outstanding (in shares)		19,585,394
Entity Shell Company	false
Document Type	10-Q
Document Period End Date	Jun. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Amendment Flag	false
Title of 12(b) Security	Common Stock

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 10,813	$ 19,371
Available-for-sale investments		2,496
Prepaid expenses and other current assets	614	1,369
Operating lease right-of-use asset	68
Total current assets	11,495	23,236
Property and equipment, net	83	263
Restricted cash	22	22
Total assets	11,600	23,521
Current liabilities:
Accounts payable	60	441
Accrued expenses	1,995	2,637
Operating lease liability	68
Total current liabilities	2,123	3,078
Total liabilities	2,123	3,078
Commitments and contingencies (Note 5)
Stockholders’ equity:
Common stock, $0.001 par value, 100,000,000 shares authorized at June 30, 2019 and December 31, 2018; 19,585,394 and 19,243,651 shares issued and outstanding at June 30, 2019 and December 31, 2018, respectively	19	19
Additional paid-in capital	210,587	209,366
Accumulated deficit	(222,316)	(210,470)
Accumulated other comprehensive income	4	5
Total stockholders’ equity	9,477	20,443
Total liabilities and stockholders’ equity	11,600	23,521
Series A Convertible Preferred Stock [Member]
Stockholders’ equity:
Preferred stock, $0.001 par value per share; 10,000,000 shares authorized at June 30, 2019 and December 31, 2018: Series A convertible preferred stock 22,000 shares authorized at June 30, 2019 and December 31, 2018 authorized; 21,660 and 22,000 issued and outstanding at June 30, 2019 and at December 31, 2018, respectively	$ 21,183	$ 21,523

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Jun. 30, 2019	Dec. 31, 2018
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
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)	19,585,394	19,243,651
Common stock, shares outstanding (in shares)	19,585,394	19,243,651
Series A Convertible Preferred Stock [Member]
Preferred stock, par value (in dollars per share)	$ 0.001
Preferred stock, shares authorized (in shares)	22,000	22,000
Preferred stock, shares issued (in shares)	21,660	22,000
Preferred stock, shares outstanding (in shares)	21,660	22,000

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Operating expenses:
Research and development	$ 2,120	$ 2,760	$ 6,168	$ 6,831
General and administrative	3,266	2,240	5,855	4,534
Total operating expenses	5,386	5,000	12,023	11,365
Loss from operations	(5,386)	(5,000)	(12,023)	(11,365)
Other income:
Investment income	73	106	178	198
Other (expense) income, net	(2)	15	(1)	207
Total other income	71	121	177	405
Net loss	(5,315)	(4,879)	(11,846)	(10,960)
Foreign currency translation adjustment	(2)	(3)	(1)	(1)
Unrealized gain on available-for-sale investments		8		16
Comprehensive loss	(5,317)	(4,874)	(11,847)	(10,945)
Reconciliation of net loss to net loss attributable to common stockholders:
Net loss	(5,315)	(4,879)	(11,846)	(10,960)
Net loss attributable to common stockholders	$ (5,315)	$ (4,879)	$ (11,846)	$ (10,960)
Net loss per share attributable to common stockholders - basic and diluted (in dollars per share)	$ (0.27)	$ (0.28)	$ (0.61)	$ (0.62)
Weighted-average common shares outstanding used in net loss per share attributable to common stockholders - basic and diluted (in shares)	19,585,394	17,674,729	19,421,131	17,674,729
Included in operating expenses, above, are the following amounts for non-cash stock-based compensation expense:
Allocated share-based compensation	$ 101	$ 922	$ 881	$ 1,743
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	4	312	259	579
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	$ 97	$ 610	$ 622	$ 1,164

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Preferred Stock [Member] Series A Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
Balance (in shares) at Dec. 31, 2017	22,000	17,674,729
Balance at Dec. 31, 2017	$ 21,523	$ 18	$ 202,953	$ (189,741)	$ (14)	$ 34,739
Stock-based compensation expense			821			821
Other comprehensive gain/(loss)					10	10
Net loss				(6,081)		(6,081)
Issuance of common stock upon ESPP purchase (in shares)
Issuance of common stock upon ESPP purchase
Balance (in shares) at Mar. 31, 2018	22,000	17,674,729
Balance at Mar. 31, 2018	$ 21,523	$ 18	203,774	(195,822)	(4)	29,489
Balance (in shares) at Dec. 31, 2017	22,000	17,674,729
Balance at Dec. 31, 2017	$ 21,523	$ 18	202,953	(189,741)	(14)	34,739
Net loss						(10,960)
Balance (in shares) at Jun. 30, 2018	22,000	17,726,713
Balance at Jun. 30, 2018	$ 21,523	$ 18	204,780	(200,701)	1	25,621
Balance (in shares) at Mar. 31, 2018	22,000	17,674,729
Balance at Mar. 31, 2018	$ 21,523	$ 18	203,774	(195,822)	(4)	29,489
Stock-based compensation expense			922			922
Other comprehensive gain/(loss)					5	5
Net loss				(4,879)		(4,879)
Issuance of common stock upon ESPP purchase (in shares)		51,984
Issuance of common stock upon ESPP purchase			84			84
Balance (in shares) at Jun. 30, 2018	22,000	17,726,713
Balance at Jun. 30, 2018	$ 21,523	$ 18	204,780	(200,701)	1	25,621
Balance (in shares) at Dec. 31, 2018	22,000	19,243,651
Balance at Dec. 31, 2018	$ 21,523	$ 19	209,366	(210,470)	5	20,443
Conversion of Series A convertible preferred stock into Common Stock (in shares)	(340)
Conversion of Series A convertible preferred stock into Common Stock	$ (340)
Stock Issued During Period, Shares, Conversion of Convertible Securities		341,743
Conversion of Series A convertible preferred stock into Common Stock			340
Stock-based compensation expense			780			780
Other comprehensive gain/(loss)					(2)	(2)
Net loss				(6,531)		(6,531)
Balance (in shares) at Mar. 31, 2019	21,660	19,585,394
Balance at Mar. 31, 2019	$ 21,183	$ 19	210,486	(217,001)	3	14,690
Balance (in shares) at Dec. 31, 2018	22,000	19,243,651
Balance at Dec. 31, 2018	$ 21,523	$ 19	209,366	(210,470)	5	20,443
Stock Issued During Period, Shares, Conversion of Convertible Securities		341,743
Net loss						(11,846)
Balance (in shares) at Jun. 30, 2019	21,660	19,585,394
Balance at Jun. 30, 2019	$ 21,183	$ 19	210,587	(222,316)	4	9,477
Balance (in shares) at Mar. 31, 2019	21,660	19,585,394
Balance at Mar. 31, 2019	$ 21,183	$ 19	210,486	(217,001)	3	14,690
Conversion of Series A convertible preferred stock into Common Stock (in shares)
Conversion of Series A convertible preferred stock into Common Stock
Stock Issued During Period, Shares, Conversion of Convertible Securities
Conversion of Series A convertible preferred stock into Common Stock
Stock-based compensation expense			101			101
Other comprehensive gain/(loss)					1	1
Net loss				(5,315)		(5,315)
Balance (in shares) at Jun. 30, 2019	21,660	19,585,394
Balance at Jun. 30, 2019	$ 21,183	$ 19	$ 210,587	$ (222,316)	$ 4	$ 9,477

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Operating activities
Net loss	$ (11,846,000)	$ (10,960,000)
Reconciliation of net loss to net cash used in operating activities:
Depreciation	196,000	61,000
Amortization of discount on available-for-sale securities	(4,000)	(14,000)
Foreign currency remeasurement loss	(1,000)	(25,000)
Stock-based compensation	881,000	1,743,000
Changes in:
Prepaid expenses and other assets	750,000	396,000
Operating lease right-of-use asset	132,000
Interest receivable	5,000	4,000
Accounts payable and accrued expenses	(1,023,000)	(7,009,000)
Operating lease liability	(132,000)
Net cash used in operating activities	(11,042,000)	(15,804,000)
Investing activities
Purchases of available-for-sale investments		(10,957,000)
Proceeds from maturities of available-for-sale investments	2,500,000	15,990,000
Proceeds from sale of available-for-sale investments		1,999,000
Purchase of property and equipment	(16,000)	(21,000)
Net cash provided by investing activities	2,484,000	7,011,000
Financing activities
Proceeds from issuance of common stock under ESPP		84,000
Net cash provided by financing activities		84,000
Effect of exchange rate changes on cash		24,000
Decrease in cash, cash equivalents and restricted cash	(8,558,000)	(8,685,000)
Cash, cash equivalents and restricted cash, beginning of period	19,393,000	21,192,000
Cash, cash equivalents and restricted cash, end of period	$ 10,835,000	$ 12,507,000

Note 1 - Organization and Operations	6 Months Ended
Note 1 - Organization and Operations	Jun. 30, 2019
Notes to Financial Statements
Nature of Operations [Text Block]	1. Organization and Operations The Company Proteon Therapeutics, Inc. (the “Company”) is a biopharmaceutical company that has historically 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. On March 28, 2019, the Company announced that its second Phase 3 trial, PATENCY- 2, for vonapanitase did not meet its co-primary endpoints of fistula use for hemodialysis ( p=0.328 ) and secondary patency ( p=0.932 ). The PATENCY- 2 clinical trial was the second of two randomized, double-blind Phase 3 trials, comparing a 30 microgram dose of investigational vonapanitase to placebo in patients with chronic kidney disease, or CKD, undergoing creation of a radiocephalic fistula for hemodialysis. Following the release of top-line data from the PATENCY- 2 clinical trial of vonapanitase on March 28, 2019, the Company began to evaluate its strategic alternatives focusing on enhancing stockholder value. It is conducting the process with the assistance of financial and legal advisors and is evaluating the full range of potential strategic alternatives, including but not limited to, a merger or sale of the Company, including a sale of assets or intellectual property, business combinations, joint ventures, public and private capital raises and recapitalization options. As part of these efforts, on April 15, 2019, the Company announced the engagement of H.C. Wainwright & Co., LLC as its financial advisor to assist in the strategic review process. Since these efforts may not be successful, the Company is also considering other possible alternatives, including a wind-down of operations and a liquidation and dissolution of the Company. The Company has discontinued substantially all its research and development activities, including a reduction in workforce, to reduce operating expenses while it evaluates these opportunities. As of June 30, 2019, the Company has terminated all but four of its employees. In 2019, the Company expects to incur severance costs of $2.9 million related to these terminations. These severance related expenses were fully recorded in the three months ending June 30, 2019. The Company remains subject to a number of risks similar to other companies in the biotechnology industry, including compliance with government regulations, protection of proprietary technology, dependence on third parties and product liability. On 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 “Series A Preferred”), 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 “Series A Financing”). The Company closed the Series A Financing on August 2, 2017 ( see Note 6 ). Pursuant to the Series A Financing, on August 2, 2017, the Company entered into a registration rights agreement with the holders of the Series A Preferred (the “Registration Rights Agreement”). On August 3, 2017, in accordance with the Registration Rights Agreement, the Company filed a registration statement on Form S- 3 to register the Common Stock (“Common Stock”) issuable upon conversion of the Series A Preferred. The registration statement became effective on August 21, 2017. As of June 30, 2019, 340 shares of the Series A Preferred were converted into 341,743 shares of the Company’s Common Stock. Liquidity and Going Concern As of June 30, 2019, the Company had cash and cash equivalents of $10.8 million. The Company believes that its existing cash and cash equivalents will be sufficient to fund operations and capital expenditures into 2020. The Company had an accumulated deficit of $222.3 million as of June 30, 2019. The Company anticipates operating losses to continue for the foreseeable future due to, among other things, costs related to its administrative organization. Additionally, as stated above, the Company announced that its second Phase 3 trial, PATENCY- 2, for vonapanitase did not meet its co-primary endpoints. As a result, the Company has begun to evaluate its strategic alternatives and has discontinued substantially all its research and development activities to reduce operating expenses while it evaluates these opportunities. These conditions raise substantial doubt about its ability to continue as a going concern within one year after the date that the financial statements are issued. To alleviate the conditions that raise substantial doubt about the Company’s ability to continue as a going concern, management has implemented a reduction in expenditures plan and is currently exploring strategic alternatives. While the current reduction in spending expenditure plans will allow the Company to fund its operations in the near-term, there can be no assurance that the Company will be able to achieve its future strategic alternatives raising substantial doubt about its ability to continue as a going concern. Pursuant to the requirements of Accounting Standards Codification (ASC) 205 - 40, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern management must evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. This evaluation initially does not take into consideration the potential mitigating effect of management’s plans that have not been fully implemented as of the date the financial statements are issued. When substantial doubt exists under this methodology, management evaluates whether the mitigating effect of its plans sufficiently alleviates substantial doubt about the Company’s ability to continue as a going concern. The mitigating effect of management’s plans, however, is only considered if both ( 1 ) it is probable that the plans will be effectively implemented within one year after the date that the financial statements are issued, and ( 2 ) it is probable that the plans, when implemented, will mitigate the relevant conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued. Under ASC 2015 - 40, the strategic alternatives being pursued by the Company cannot be considered probable at this time because none of the Company’s current plans have been finalized at the time of filing this Quarterly Report on Form 10 -Q and the implementation of any such plan is not probable of being effectively implemented as none of the plans are entirely within the Company’s control. Accordingly, substantial doubt is deemed to exist about the Company’s ability to continue as a going concern within one year after the date these financial statements are issued. The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the ordinary course of business. The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of the uncertainties described above.

Note 2 - Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2019

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, 2018

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

-K, as filed with the SEC on

March 13, 2019.

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

June 30, 2019,

the results of its operations for the

three

and

six

months ended

June 30, 2019

and

2018,

results of changes in stockholders equity for the

six

months ended

June 30, 2019

and

2018,

and its cash flows for the

six

months ended

June 30, 2019

and

2018.

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

three

and

six

months ended

June 30, 2019

are

not

necessarily indicative of the results for the year ending

December 31, 2019,

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, 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 and available-for-sale investments. There have been

changes to the valuation methods utilized by the Company during the

three

and

six

months ended

June 30, 2019

and

2018.

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

transfers of financial instruments between levels during the

three

and

six

months ended

June 30, 2019

and

2018.

Net Income (Loss) per Share Attributable to Common Stockholders

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

The Company follows the

two

-class method when computing net income (loss) per share in periods when issued shares that meet the definition of participating securities are outstanding. The

two

-class method determines net income (loss) per share for each class of common and participating securities according to dividends declared or accumulated and participation rights in undistributed earnings. The

two

-class method requires income available to common stockholders for the period to be allocated between common and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed. Accordingly, in periods in which the Company reports a net loss attributable to common stockholders when participating securities are outstanding, losses are

not

allocated to the participating securities. For purposes of calculating diluted net income per share attributable to common stockholders, preferred stock, stock options, warrants and convertible debt are considered common stock equivalents.

Recent Accounting Pronouncements

May 2014,

the FASB issued ASU

2014

09,

Revenue from Contracts with Customers (“ASU

2014

09”

), a new standard on revenue recognition providing a single, comprehensive revenue recognition model for all contracts with customers. The new revenue standard is based on the principle that revenue should be recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new standard was effective beginning

January 1, 2018,

with early adoption permitted. The Company adopted ASU

2017

during the quarter ended

March 31, 2018.

The adoption did

not

have a material impact on the consolidated financial statements.

February 2016,

the FASB issued ASU

2016

02,

Leases (Topic

842

): Amendments to FASB Codification (“ASU

2016

02”

), which increases transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. At the lease commencement date, the lessee must recognize a lease liability and right-of-use asset, which is initially measured at the present value of future lease payments. The Company adopted ASU

2016

January 1, 2019

using the optional transition method that allows for a cumulative-effect adjustment in the period of adoption and will

not

restate prior periods. It has have also elected to adopt the package of practical expedients permitted in Accounting Standards Codification Topic

842,

or ASC

842.

Accordingly, it is continuing to account for its existing operating lease as an operating lease under the new guidance, without reassessing whether the contract contains a lease under ASC

842

or whether classification of the operating leases would be different under ASC Topic

842,

and to treat lease and non-lease components as a single lease component. The Company’s sole lease at the adoption date was an operating lease for facilities and did

not

include any non-lease components.

As a result of the adoption of ASU

2016

02,

January 1, 2019,

the Company recognized (a) a lease liability of approximately

$0.2

million, which represents the present value of its remaining lease payments using an estimated incremental borrowing rate of

8%,

(b) a right-of-use asset of approximately

$0.2

million that will be expensed as operating lease expense over the term of the lease. Due to the adoption of the standard using the retrospective cumulative-effect adjustment method, there are

changes to previously reported results prior to

January 1, 2019.

Lease expense is

not

expected to change materially as a result of the adoption of ASU

2016

02.

August 2016,

the FASB issued ASU

2016

15,

Statement of Cash Flows (Topic

230

): Classification of Certain Cash Receipts and Cash Payments (“ASU

2016

15”

), which provides clarification regarding how certain cash receipts and cash payments are presented and classified in the statement of cash flows. This update addresses

eight

specific cash flow issues with the objective of reducing the existing diversity in practice. This update is effective for annual and interim periods beginning after

December 15, 2017,

which required the Company to adopt these provisions in the

first

quarter of fiscal

2018

using a retrospective approach. The Company adopted ASU

2016

during the quarter ended

March 31, 2018.

The adoption did

not

have a material impact on the condensed consolidated financial statements.

November 2016,

the FASB issued ASU

2016

18,

Statement of Cash Flows, Restricted Cash requiring restricted cash and restricted cash equivalents to be included with cash and cash equivalents on the statement of cash flows when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The guidance is effective for interim and annual periods beginning after

December 15, 2017,

with early adoption permitted. The Company adopted this standard during the

first

quarter of

2018.

Restricted cash is now included as a component of cash, cash equivalents, and restricted cash on the Company’s unaudited condensed consolidated statement of cash flows. Restricted cash is recorded within other non-current assets in the accompanying unaudited condensed consolidated balance sheets. The Company adopted ASU

2016

during the quarter ended

March 31, 2018.

The inclusion of restricted cash increased the beginning balances of the unaudited consolidated statement of cash flows by

$22,000

and the ending balances by

$22,000

for both the

six

months ended

June 30, 2019

and

2018.

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.

The Company adopted ASU

2017

during the quarter ended

March 31, 2018.

The adoption did

not

have a material impact on the condensed consolidated financial statements.

June 2018,

the FASB issued ASU

No.

2018

07,

Compensation - Stock Compensation (Topic

718

): Improvements to Nonemployee Share-Based Payment Accounting (“ASU

2018

07”

). ASU

2018

aims to simplify the accounting for share-based payments to nonemployees by aligning it to the accounting for share based payments to employees including determining the fair value of the award on the date of grant and recognizing the stock-based compensation expense as of the respective vesting date. The new standard also requires companies to elect to either measure the awards to nonemployees over an estimated expected term or contractual term as well as elect to estimate forfeitures or account for forfeitures as incurred. ASU

2018

is effective for fiscal years and interim periods within those fiscal years beginning after

December 15, 2018.

The guidance will be effective for the Company on

January 1, 2019.

The Company adopted ASU

2018

during the quarter ended

March 31, 2019.

The adoption did

not

have an impact on the condensed consolidated financial statements as all outstanding non-employee share-based awards had vested prior to

March 31, 2018.

Note 3 - Fair Value Measurements

6 Months Ended

Jun. 30, 2019

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 June 30, 2019
	Quoted Prices		Significant		Significant
	in Active		Observable		Unobservable
	Markets		Inputs		Inputs
	(Level 1)		(Level 2)		(Level 3)		Total
Assets
Cash equivalents	$	10,676	$	-	$	-	$	10,676
Total	$	10,676	$	-	$	-	$	10,676

	As of December 31, 2018
	Quoted Prices		Significant		Significant
	in Active		Observable		Unobservable
	Markets		Inputs		Inputs
	(Level 1)		(Level 2)		(Level 3)		Total
Assets
Cash equivalents	$	18,353	$	-	$	-	$	18,353
Government securities		2,496		-		-		2,496
Total	$	20,849	$	-	$	-	$	20,849

As of

June 30, 2019

and

December 31, 2018,

the Company’s cash equivalents consist principally of money market funds and government debt securities with original maturities of

days or less. Government securities consist principally of government debt securities and money market funds which are classified as available-for-sale.

Available-for-sale securities at

June 30, 2019

and

December 31, 2018

consist of the following (in thousands):

	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
June 30, 2019
Government securities
(Due within 1 year)	$	-	$	-	$	-	$	-
	$	-	$	-	$	-	$	-

December 31, 2018
Government securities
(Due within 1 year)	$	2,496	$	-	$	-	$	2,496
	$	2,496	$	-	$	-	$	2,496

- 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 - Property and Equipment, Net

6 Months Ended

Jun. 30, 2019

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

Property and Equipment, net

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

	As of
	June 30, 2019			December 31, 2018

Computer equipment and software	$	225		$	211
Furniture, fixtures, and other		365			365
Laboratory equipment		514			514
		1,104			1,090
Accumulated depreciation		(1,021	)		(827	)
Property and equipment, net	$	83		$	263

Depreciation expense for the

three

and

six

months ended

June 30, 2019

was

$21,000,

and

$196,000,

respectively. Depreciation expense for the

three

and

six

months ended

June 30, 2018

was

$29,000,

and

61,000,

respectively.

During the

three

months ended

March 31, 2019,

the Company voluntarily discontinued substantially all research and development activities and as a result the Company performed an impairment assessment of the laboratory equipment used in development of vonapanitase by comparing the equipment’s carrying value to its estimated fair value, which was determined based on the recoverability of the assets remaining value as of

March 31, 2019.

The analysis resulted in an impairment of the Company’s laboratory equipment of

zero

and

$133,000

which was charged to research and development expenses in the

three

and

six

months ended

June 30, 2019.

Note 5 - Commitments and Contingencies

6 Months Ended

Jun. 30, 2019

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

Commitments and Contingencies

Operating Lease

The Company’s primary facility is located in Waltham, Massachusetts, where it leases approximately

7,495

square feet of office space. In

July 2018,

it amended the lease extending its expiration to

September 2019.

During the

three

and

six

months ended

June 30, 2019,

it recognized operating lease expense of

$68,000

and

$139,000,

respectively including property taxes and routine maintenance expense, which approximated its cash payments for the period. As of

June 30, 2019,

the condensed consolidated balance sheet includes a

$68,000

operating lease right-of-use asset and a

$68,000

operating lease liability in other assets and other current liabilities, respectively.

The weighted average remaining lease term and the weighted average discount rate for operating lease at

June 30, 2019

was:

Weighted average discount			8	%
Weighted average remaining lease term *years			0.25

Future minimum payments required under operating leases as of

June 30, 2019

are summarized as follows (in thousands):

Year Ending December 31:	Amount
2019		68
Total minimum lease payments	$	68

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

June 30, 2019,

the Company has provided a security deposit in the amount of

$22,000

to the lessor.

Restricted cash related to facilities leases

As of

June 30, 2019

and

December 31, 2018,

the Company had

$22,000

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

June 30, 2019

and

December 31, 2018,

the Company pledged an aggregate of

$22,000

to the bank as collateral for the letter of credit, which is included in other non-current assets.

Note 6 - Series A Preferred Financing	6 Months Ended
Note 6 - Series A Preferred Financing	Jun. 30, 2019
Notes to Financial Statements
Preferred Stock [Text Block]	6. Series A Preferred Financing On 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 13 (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 no 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. As of June 30, 2019, 340 shares of the Series A convertible preferred stock were converted into 341,743 shares of Common Stock. The Company had issued and outstanding 21,660 share of Series A convertible preferred stock with a par value of $0.001 at June 30, 2019.

Note 7 - Stock-based Compensation

6 Months Ended

Jun. 30, 2019

Notes to Financial Statements

Share-based Payment Arrangement [Text Block]

Stock-based Compensation

Stock Options

The following table summarizes stock option activity for employees:

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

Outstanding at December 31, 2018		4,597,226		$	5.12		7.4	$	404
Granted		1,182,500		$	2.66
Exercised		-
Forfeited (1)		(1,514,779	)	$	2.87
Expired (1)		(606,667	)	$	5.14
Outstanding at June 30, 2019		3,658,280		$	5.25		6.3	$	-
Exercisable at June 30, 2019		2,184,564		$	6.91		4.6	$	-
Vested or expected to vest at June 30, 2019 (2)		3,658,280		$	5.25		6.3	$	-

________________________________

(

) Represents the number of options cancelled during the

six

months ended

June 30, 2019

as a result of employees that were terminated due to the reduction in force.

(

) Represents the number of vested options at

June 30, 2019

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

June 30, 2019.

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

January

1st.

As of

June 30, 2019,

as a result of an increase on

January 1, 2019

one

percent of the outstanding shares as of the end of the fiscal year ending

December 31, 2018,

the

2014

ESPP authorized the issuance of up to

192,436

shares of Common Stock. The

ninth

offering under the

2014

ESPP began on

January 1, 2019

and ended on

June 30, 2019.

shares were issued during the

three

and

six

months ended

June 30, 2019,

51,984

shares were issued during the

three

and

six

months ended

June 30, 2018

under the

2014

ESPP. The Company incurred

$17,000

and

$68,000

in stock-based compensation expense related to the

2014

ESPP for the

three

and

six

months ended

June 30, 2019

respectively. The Company incurred

$24,000

and

$48,000

in stock-based compensation expense related to the

2014

ESPP for the

three

and

six

months ended

June 30, 2018,

respectively

Common Stock

The Company has the following shares of Common Stock reserved for future issuance:

	June 30,		December 31,
	2019		2018

Conversion of Series A Preferred Stock		21,771,032		22,112,775
Stock-based compensation awards		2,575,322		5,163,957
Employee Stock Purchase Plan		118,120		118,120
Total		24,464,474		27,394,852

Note 8 - Income Taxes	6 Months Ended
Note 8 - Income Taxes	Jun. 30, 2019
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 no significant income tax provisions or benefits for the six months ended June 30, 2019 and 2018.

Note 9 - Net Loss Per Share Attributable to Common Stockholders

6 Months Ended

Jun. 30, 2019

Notes to Financial Statements

Earnings Per Share [Text Block]

Net Loss per Share Attributable to Common Stockholders

As described in Note

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

three

and

six

months ended

June 30, 2019

and

2018

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 June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
Outstanding stock options		3,658,280		4,447,226		3,658,280		4,447,226
Outstanding ESPP shares		-		-		-		-
Convertible preferred stock		21,771,032		22,112,775		21,771,032		22,112,775
		25,429,312		26,560,001		25,429,312		26,560,001

Note 10 - Restructuring Charges

6 Months Ended

Jun. 30, 2019

Notes to Financial Statements

Restructuring and Related Activities Disclosure [Text Block]

10.

Restructuring Charges

April 2019,

the Board of Directors approved a plan (

“2019

Restructuring Program”) to reduce operating expenses as the Company evaluates its strategic alternatives following the release of top-line data from the PATENCY-

clinical trial of vonapanitase on

March 28, 2019.

The restructuring initiatives are company-wide. The remainder of the charges are expected to be incurred by the end of the fiscal year ending

December 31, 2019 (

“Fiscal Year

2019”

). These actions are expected to result in pre-tax charges of

$2.9

million, all of which are anticipated to be cash expenditures.

Changes in the restructuring accrual during the

first

six

months ended

June 30, 2019

are summarized below (in thousands):

	As of December 31, 2018		Charges/(Benefits)		Payment/Other			As of June 30, 2019
2019 Restructuring Program
Employee Severance	$	-	$	2,900	$	(1,391	)	$	1,509
Total	$	-	$	2,900	$	(1,391	)	$	1,509

Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2019

Accounting Policies [Abstract]

Basis of Accounting, Policy [Policy Text Block]

Basis of Presentation, Principles of Consolidation and Use of Estimates

December 31, 2018

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

-K, as filed with the SEC on

March 13, 2019.

June 30, 2019,

the results of its operations for the

three

and

six

months ended

June 30, 2019

and

2018,

results of changes in stockholders equity for the

six

months ended

June 30, 2019

and

2018,

and its cash flows for the

six

months ended

June 30, 2019

and

2018.

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

three

and

six

months ended

June 30, 2019

are

not

necessarily indicative of the results for the year ending

December 31, 2019,

or for any future period.

not

may

differ from those estimates or assumptions.

Derivatives, Policy [Policy Text Block]

Fair Value of Financial Instruments

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 and available-for-sale investments. There have been

changes to the valuation methods utilized by the Company during the

three

and

six

months ended

June 30, 2019

and

2018.

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

transfers of financial instruments between levels during the

three

and

six

months ended

June 30, 2019

and

2018.

Earnings Per Share, Policy [Policy Text Block]

Net Income (Loss) per Share Attributable to Common Stockholders

The Company follows the

two

-class method when computing net income (loss) per share in periods when issued shares that meet the definition of participating securities are outstanding. The

two

not

New Accounting Pronouncements, Policy [Policy Text Block]

Recent Accounting Pronouncements

May 2014,

the FASB issued ASU

2014

09,

Revenue from Contracts with Customers (“ASU

2014

09”

January 1, 2018,

with early adoption permitted. The Company adopted ASU

2017

during the quarter ended

March 31, 2018.

The adoption did

not

have a material impact on the consolidated financial statements.

February 2016,

the FASB issued ASU

2016

02,

Leases (Topic

842

): Amendments to FASB Codification (“ASU

2016

02”

2016

January 1, 2019

using the optional transition method that allows for a cumulative-effect adjustment in the period of adoption and will

not

restate prior periods. It has have also elected to adopt the package of practical expedients permitted in Accounting Standards Codification Topic

842,

or ASC

842.

Accordingly, it is continuing to account for its existing operating lease as an operating lease under the new guidance, without reassessing whether the contract contains a lease under ASC

842

or whether classification of the operating leases would be different under ASC Topic

842,

and to treat lease and non-lease components as a single lease component. The Company’s sole lease at the adoption date was an operating lease for facilities and did

not

include any non-lease components.

As a result of the adoption of ASU

2016

02,

January 1, 2019,

the Company recognized (a) a lease liability of approximately

$0.2

million, which represents the present value of its remaining lease payments using an estimated incremental borrowing rate of

8%,

(b) a right-of-use asset of approximately

$0.2

million that will be expensed as operating lease expense over the term of the lease. Due to the adoption of the standard using the retrospective cumulative-effect adjustment method, there are

changes to previously reported results prior to

January 1, 2019.

Lease expense is

not

expected to change materially as a result of the adoption of ASU

2016

02.

August 2016,

the FASB issued ASU

2016

15,

Statement of Cash Flows (Topic

230

): Classification of Certain Cash Receipts and Cash Payments (“ASU

2016

15”

), which provides clarification regarding how certain cash receipts and cash payments are presented and classified in the statement of cash flows. This update addresses

eight

specific cash flow issues with the objective of reducing the existing diversity in practice. This update is effective for annual and interim periods beginning after

December 15, 2017,

which required the Company to adopt these provisions in the

first

quarter of fiscal

2018

using a retrospective approach. The Company adopted ASU

2016

during the quarter ended

March 31, 2018.

The adoption did

not

have a material impact on the condensed consolidated financial statements.

November 2016,

the FASB issued ASU

2016

18,

December 15, 2017,

with early adoption permitted. The Company adopted this standard during the

first

quarter of

2018.

2016

during the quarter ended

March 31, 2018.

The inclusion of restricted cash increased the beginning balances of the unaudited consolidated statement of cash flows by

$22,000

and the ending balances by

$22,000

for both the

six

months ended

June 30, 2019

and

2018.

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.

The Company adopted ASU

2017

during the quarter ended

March 31, 2018.

The adoption did

not

have a material impact on the condensed consolidated financial statements.

June 2018,

the FASB issued ASU

No.

2018

07,

Compensation - Stock Compensation (Topic

718

): Improvements to Nonemployee Share-Based Payment Accounting (“ASU

2018

07”

). ASU

2018

is effective for fiscal years and interim periods within those fiscal years beginning after

December 15, 2018.

The guidance will be effective for the Company on

January 1, 2019.

The Company adopted ASU

2018

during the quarter ended

March 31, 2019.

The adoption did

not

have an impact on the condensed consolidated financial statements as all outstanding non-employee share-based awards had vested prior to

March 31, 2018.

Note 3 - Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2019

Notes Tables

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

	As of June 30, 2019
	Quoted Prices		Significant		Significant
	in Active		Observable		Unobservable
	Markets		Inputs		Inputs
	(Level 1)		(Level 2)		(Level 3)		Total
Assets
Cash equivalents	$	10,676	$	-	$	-	$	10,676
Total	$	10,676	$	-	$	-	$	10,676

	As of December 31, 2018
	Quoted Prices		Significant		Significant
	in Active		Observable		Unobservable
	Markets		Inputs		Inputs
	(Level 1)		(Level 2)		(Level 3)		Total
Assets
Cash equivalents	$	18,353	$	-	$	-	$	18,353
Government securities		2,496		-		-		2,496
Total	$	20,849	$	-	$	-	$	20,849

Available-for-sale Securities [Table Text Block]

	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
June 30, 2019
Government securities
(Due within 1 year)	$	-	$	-	$	-	$	-
	$	-	$	-	$	-	$	-

December 31, 2018
Government securities
(Due within 1 year)	$	2,496	$	-	$	-	$	2,496
	$	2,496	$	-	$	-	$	2,496

Note 4 - Property and Equipment, Net (Tables)

6 Months Ended

Jun. 30, 2019

Notes Tables

Property, Plant and Equipment [Table Text Block]

	As of
	June 30, 2019			December 31, 2018

Computer equipment and software	$	225		$	211
Furniture, fixtures, and other		365			365
Laboratory equipment		514			514
		1,104			1,090
Accumulated depreciation		(1,021	)		(827	)
Property and equipment, net	$	83		$	263

Note 5 - Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2019

Notes Tables

Lease, Cost [Table Text Block]

Weighted average discount			8	%
Weighted average remaining lease term *years			0.25

Lessee, Operating Lease, Liability, Maturity [Table Text Block]

Year Ending December 31:	Amount
2019		68
Total minimum lease payments	$	68

Note 7 - Stock-based Compensation (Tables)

6 Months Ended

Jun. 30, 2019

Notes Tables

Share-based Payment Arrangement, Option, Activity [Table Text Block]

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

Outstanding at December 31, 2018		4,597,226		$	5.12		7.4	$	404
Granted		1,182,500		$	2.66
Exercised		-
Forfeited (1)		(1,514,779	)	$	2.87
Expired (1)		(606,667	)	$	5.14
Outstanding at June 30, 2019		3,658,280		$	5.25		6.3	$	-
Exercisable at June 30, 2019		2,184,564		$	6.91		4.6	$	-
Vested or expected to vest at June 30, 2019 (2)		3,658,280		$	5.25		6.3	$	-

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" align="center" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 30,</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: center"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; font-size: 10pt; text-align: left">Conversion of Series A Preferred Stock</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 15%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">21,771,032</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 15%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">22,112,775</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">Stock-based compensation awards</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,575,322</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,163,957</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Employee Stock Purchase Plan</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">118,120</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">118,120</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <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;">24,464,474</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;">27,394,852</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> </tr> </table></div>

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

6 Months Ended

Jun. 30, 2019

Notes Tables

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
Outstanding stock options		3,658,280		4,447,226		3,658,280		4,447,226
Outstanding ESPP shares		-		-		-		-
Convertible preferred stock		21,771,032		22,112,775		21,771,032		22,112,775
		25,429,312		26,560,001		25,429,312		26,560,001

Note 10 - Restructuring Charges (Tables)

6 Months Ended

Jun. 30, 2019

Notes Tables

Schedule of Restructuring Reserve by Type of Cost [Table Text Block]

	As of December 31, 2018		Charges/(Benefits)		Payment/Other			As of June 30, 2019
2019 Restructuring Program
Employee Severance	$	-	$	2,900	$	(1,391	)	$	1,509
Total	$	-	$	2,900	$	(1,391	)	$	1,509

Note 1 - Organization and Operations (Details Textual) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended
	Aug. 02, 2017 USD ($) $ / shares shares	Jun. 30, 2019 USD ($) $ / shares shares	Mar. 31, 2019 shares	Dec. 31, 2019 USD ($)	Jun. 30, 2019 USD ($) $ / shares shares	Dec. 31, 2018 USD ($) $ / shares
Entity Number of Employees		4			4
Preferred Stock, Par or Stated Value Per Share \| $ / shares		$ 0.001			$ 0.001	$ 0.001
Cash, Cash Equivalents, and Short-term Investments, Total		$ 10,800			$ 10,800
Retained Earnings (Accumulated Deficit), Ending Balance		$ (222,316)			$ (222,316)	$ (210,470)
Common Stock [Member]
Stock Issued During Period, Shares, Conversion of Convertible Securities \| shares			341,743		341,743
Series A Convertible Preferred Stock [Member]
Stock Issued During Period, Shares, New Issues \| shares	22,000
Preferred Stock, Par or Stated Value Per Share \| $ / shares	$ 0.001	$ 0.001			$ 0.001
Shares Issued, Price Per Share \| $ / shares	$ 1,000
Proceeds from Issuance of Convertible Preferred Stock	$ 22,000
Conversion of Stock, Shares Converted \| shares					340
Forecast [Member]
Severance Costs				$ 2,900

Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($)	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jan. 01, 2019	Dec. 31, 2018
Operating Lease, Liability, Current	$ 68,000
Operating Lease, Weighted Average Discount Rate, Percent	8.00%
Operating Lease, Right-of-Use Asset	$ 68,000
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect, Total	(8,558,000)	$ (8,685,000)
Restricted Cash and Cash Equivalents, Total	22,000	22,000
Accounting Standards Update 2016-02 [Member]
Operating Lease, Liability, Current			$ 200,000
Operating Lease, Weighted Average Discount Rate, Percent			8.00%
Operating Lease, Right-of-Use Asset			$ 200,000
Accounting Standards Update 2016-18 [Member]
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect, Total	$ 22,000	$ 22,000

Note 3 - Fair Value Measurements - Summary of Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Total	$ 10,676	$ 20,849
Cash Equivalents [Member]
Cash equivalents	10,676	18,353
US Government Agencies Debt Securities [Member]
Government securities		2,496
Fair Value, Inputs, Level 1 [Member]
Total	10,676	20,849
Fair Value, Inputs, Level 1 [Member] \| Cash Equivalents [Member]
Cash equivalents	10,676	18,353
Fair Value, Inputs, Level 1 [Member] \| US Government Agencies Debt Securities [Member]
Government securities		2,496
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

Note 3 - Fair Value Measurements - Available-for-sale Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Amortized Cost		$ 2,496
Unrealized Gains
Unrealized Losses
Fair Value		2,496
US Government Agencies Debt Securities [Member]
Amortized Cost		2,496
Unrealized Gains
Unrealized Losses
Fair Value		$ 2,496

Note 4 - Property and Equipment, Net (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Depreciation, Total	$ 21,000	$ 29,000	$ 196,000	$ 61,000
Laboratory Equipment [Member] \| Research and Development Expense [Member]
Impairment of Long-Lived Assets Held-for-use	$ 0		$ 133,000

Note 4 - Property and Equipment, Net - Summary of Property and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Property and equipment	$ 1,104	$ 1,090
Accumulated depreciation	(1,021)	(827)
Property and equipment, net	83	263
Computer Equipment and Software [Member]
Property and equipment	225	211
Furniture and Fixtures [Member]
Property and equipment	365	365
Laboratory Equipment [Member]
Property and equipment	$ 514	$ 514

Note 5 - Commitments and Contingencies (Details Textual)	3 Months Ended	6 Months Ended
	Jun. 30, 2019 USD ($) ft²	Jun. 30, 2019 USD ($) ft²	Dec. 31, 2018 USD ($)
Area of Real Estate Property \| ft²	7,495	7,495
Operating Lease, Expense	$ 68,000	$ 139,000
Operating Lease, Right-of-Use Asset	68,000	68,000
Operating Lease, Liability, Total	68,000	68,000
Security Deposit	22,000	22,000
Letters of Credit Outstanding, Amount	22,000	22,000	$ 22,000
Loans Pledged as Collateral	$ 22,000	$ 22,000	$ 22,000

Note 5 - Commitments and Contingencies - Operating Leases (Details)	Jun. 30, 2019
Weighted average discount	8.00%
Weighted average remaining lease term (Year)	91 days

Note 5 - Commitments and Contingencies - Future Minimum Payments for Operating Leases (Details) $ in Thousands	Jun. 30, 2019 USD ($)
2019	$ 68
Total minimum lease payments	$ 68

Note 6 - Series A Preferred Financing (Details Textual) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended		6 Months Ended
	Aug. 02, 2017	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
Preferred Stock, Par or Stated Value Per Share		$ 0.001		$ 0.001	$ 0.001
Common Stock [Member]
Stock Issued During Period, Shares, Conversion of Convertible Securities			341,743	341,743
Series A Convertible Preferred Stock [Member]
Stock Issued During Period, Shares, New Issues	22,000
Preferred Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001		$ 0.001
Shares Issued, Price Per Share	$ 1,000
Proceeds from Issuance of Convertible Preferred Stock	$ 22.0
Payments of Stock Issuance Costs	$ 0.5
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	$ 6.7
Conversion of Stock, Shares Converted				340
Preferred Stock, Shares Issued, Total		21,660		21,660	22,000
Preferred Stock, Shares Outstanding, Ending Balance		21,660		21,660	22,000

Note 7 - Stock-based Compensation (Details Textual) - USD ($)		3 Months Ended		6 Months Ended
	Jan. 01, 2019	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018	Dec. 31, 2014
Share-based Payment Arrangement, Expense		$ 101,000	$ 922,000	$ 881,000	$ 1,743,000
The 2014 Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized		192,436		192,436			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, Maximum Number of Additional Shares Authorizable	281,000
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period		0	51,984	0	51,984
Share-based Payment Arrangement, Expense		$ 17,000	$ 24,000	$ 68,000	$ 48,000

Note 7 - Stock-based Compensation - Stock Option Activity for Employees and Non-employees (Details) - USD ($)
$ / shares in Units, $ in Thousands

6 Months Ended

12 Months Ended

Jun. 30, 2019

Dec. 31, 2018

Options Outstanding, Beginning Balance (in shares)

4,597,226

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

$ 5.12

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

6 years 109 days

7 years 146 days

Options Outstanding, Aggregate Intrinsic Value

$ 404

Options Granted (in shares)

1,182,500

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

$ 2.66

Options Exercised (in shares)

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

Options Forfeited (in shares)

^[1]

(1,514,779)

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

^[1]

$ 2.87

Options Expired (in shares)

^[1]

(606,667)

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

^[1]

$ 5.14

Options Outstanding, Ending Balance (in shares)

3,658,280

4,597,226

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

$ 5.25

$ 5.12

Options Exercisable (in shares)

2,184,564

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

$ 6.91

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

4 years 219 days

Options Exercisable, Aggregate Intrinsic Value

Options Vested or Expected to Vest (in shares)

^[2]

3,658,280

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

^[2]

$ 5.25

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

^[2]

6 years 109 days

Options Vested or Expected to Vest, Aggregate Intrinsic Value

^[2]

[1]	Represents the number of options cancelled during the six months ended June 30, 2019 as a result of employees that were terminated due to the reduction in force.
[2]	Represents the number of vested options at June 30, 2019 plus the number of unvested options expected to vest based on the unvested options outstanding at June 30, 2019.

Note 7 - Stock-based Compensation - Common Stock Reserved for Future Issuance (Details) - shares	Jun. 30, 2019	Dec. 31, 2018
Reserved for future issuance (in shares)	24,464,474	27,394,852
The 2014 Employee Stock Purchase Plan [Member]
Reserved for future issuance (in shares)	118,120	118,120
Performance Shares [Member]
Reserved for future issuance (in shares)	2,575,322	5,163,957
Conversion of Series A Preferred Stock to Common Stock [Member]
Reserved for future issuance (in shares)	21,771,032	22,112,775

Note 8 - Income Taxes (Details Textual) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Income Tax Expense (Benefit), Total	$ 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		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Antidilutive Securities (in shares)	25,429,312	26,560,001	25,429,312	26,560,001
Convertible Preferred Stock [Member]
Antidilutive Securities (in shares)	21,771,032	22,112,775	21,771,032	22,112,775
Share-based Payment Arrangement, Option [Member]
Antidilutive Securities (in shares)	3,658,280	4,447,226	3,658,280	4,447,226
Employee Stock Purchase Plan [Member]
Antidilutive Securities (in shares)

Note 10 - Restructuring Charges (Details Textual) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2019	Jun. 30, 2019
Restructuring Charges, Total		$ 2,900
Forecast [Member]
Restructuring Charges, Total	$ 2,900

Note 10 - Restructuring Charges - Changes in the Restructuring Accrual (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2019 USD ($)
Beginning balance
Charges/(Benefits)	2,900
Payment/Other	(1,391)
Ending balance	1,509
Employee Severance [Member]
Beginning balance
Charges/(Benefits)	2,900
Payment/Other	(1,391)
Ending balance	$ 1,509