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Document And Entity Information - shares	6 Months Ended
Document And Entity Information - shares	Jun. 30, 2019	Aug. 06, 2019
Document Information [Line Items]
Entity Registrant Name	Vaxart, Inc.
Entity Central Index Key	0000072444
Trading Symbol	vxrt
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Common Stock, Shares Outstanding (in shares)		15,785,735
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	$ 16,258	$ 11,506
Accounts receivable	35	1,796
Prepaid expenses and other current assets	814	1,343
Total current assets	17,107	14,645
Property and equipment, net	1,517	1,066
Right-of-use assets, net	565
Intangible assets, net	17,959	19,413
Other long-term assets	102	103
Total assets	37,250	35,227
Current liabilities:
Accounts payable	610	962
Current portion of secured promissory note payable to Oxford Finance	1,667	1,667
Current portion of operating lease liability	565
Liability related to sale of future royalties, current portion	3,150	3,328
Other accrued liabilities	1,485	1,518
Total current liabilities	7,477	7,475
Operating lease liability, net of current portion	216
Long-term portion	12,519	14,413
Secured promissory note payable to Oxford Finance, net of current portion	1,175	1,944
Other long-term liabilities	18	157
Total liabilities	21,405	23,989
Commitments and contingencies (Note 9)
Stockholders’ equity:
Preferred Stock: $0.10 par value; 5,000,000 shares authorized; none issued and outstanding as of June 30, 2019 or December 31, 2018
Common Stock: $0.10 par value; 100,000,000 shares authorized; 15,785,735 and 7,141,189 shares issued and outstanding as of June 30, 2019 and December 31, 2018, respectively	1,579	714
Additional paid-in capital	119,258	108,513
Accumulated deficit	(104,992)	(97,989)
Total stockholders’ equity	15,845	11,238
Total liabilities and stockholders’ equity	$ 37,250	$ 35,227

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Jun. 30, 2019	Dec. 31, 2018
Preferred stock, par value (in dollars per share)	$ 0.10	$ 0.10
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.10	$ 0.10
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	15,785,735	7,141,189
Common stock, shares outstanding (in shares)	15,785,735	7,141,189

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
Revenue:
Revenue from Contract with Customer, Including Assessed Tax	$ 85	$ 608	$ 5,492	$ 2,111
Operating expenses:
Research and development	3,707	5,012	7,536	8,420
General and administrative	1,375	1,771	3,401	3,781
Impairment of intangible assets		1,600		1,600
Total operating expenses	5,082	8,383	10,937	13,801
Operating loss	(4,997)	(7,775)	(5,445)	(11,690)
Other income and (expenses):
Bargain purchase gain		(328)		6,660
Interest income	34	36	39	41
Interest expense	(97)	(136)	(204)	(573)
Non-cash interest expense related to sale of future royalties	(516)	(468)	(1,060)	(766)
Loss on revaluation of financial instruments				(3)
Foreign exchange gain, net	(48)	(199)	(43)	(197)
Total other income and (expenses)	(627)	(1,095)	(1,268)	5,162
Net loss before income taxes	(5,624)	(8,870)	(6,713)	(6,528)
Provision for income taxes	13	1	263	29
Net loss	(5,637)	(8,871)	(6,976)	(6,557)
Series B and C preferred dividend				(339)
Net comprehensive loss attributable to common stockholders	$ (5,637)	$ (8,871)	$ (6,976)	$ (6,896)
Net loss per share - basic and diluted (in dollars per share)	$ (0.39)	$ (1.24)	$ (0.64)	$ (1.26)
Shares used to compute net loss per share - basic and diluted (in shares)	14,597,446	7,141,189	10,969,473	5,477,265
Government Contract [Member]
Revenue:
Revenue from Contract with Customer, Including Assessed Tax		$ 520		$ 1,130
Royalty [Member]
Revenue:
Revenue from Contract with Customer, Including Assessed Tax	69	70	3,728	963
Non Cash Royalty Revenue [Member]
Revenue:
Revenue from Contract with Customer, Including Assessed Tax	$ 16	$ 18	$ 1,764	$ 18

Condensed Consolidated Statements of Stockholders' Equity (Deficit) (Unaudited) - USD ($) $ in Thousands	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balances (in shares) at Dec. 31, 2017	1,221,064	138,492
Balances at Dec. 31, 2017	$ 1		$ 41,259	$ (79,982)	$ (38,722)
Issuance of common stock upon conversion of convertible promissory notes, related parties (in shares)		1,571,702
Issuance of common stock upon conversion of convertible promissory notes, related parties		$ 157	35,420		35,577
Issuance of common stock upon conversion of convertible preferred stock (in shares)	(1,221,064)	1,918,543
Issuance of common stock upon conversion of convertible preferred stock	$ (1)	$ 192	(191)
Reclassification of warrant to equity			70		70
Issuance of common stock upon reverse merger (in shares)		3,510,439
Issuance of common stock upon reverse merger		$ 365	31,403		31,768
Issuance of common stock upon exercise of stock options (in shares)		2,013
Issuance of common stock upon exercise of stock options			13		13
Stock-based compensation			86		86
Net income (loss)				2,314	2,314
Issuance of common stock warrants			70		70
Balances (in shares) at Mar. 31, 2018		7,141,189
Balances at Mar. 31, 2018		$ 714	108,060	(77,668)	31,106
Balances (in shares) at Dec. 31, 2017	1,221,064	138,492
Balances at Dec. 31, 2017	$ 1		41,259	(79,982)	(38,722)
Net income (loss)					(6,557)
Balances (in shares) at Jun. 30, 2018		7,141,189
Balances at Jun. 30, 2018		$ 714	108,178	(86,539)	22,353
Balances (in shares) at Mar. 31, 2018		7,141,189
Balances at Mar. 31, 2018		$ 714	108,060	(77,668)	31,106
Stock-based compensation			118		118
Net income (loss)				(8,871)	(8,871)
Balances (in shares) at Jun. 30, 2018		7,141,189
Balances at Jun. 30, 2018		$ 714	108,178	(86,539)	22,353
Balances (in shares) at Dec. 31, 2018		7,141,189
Balances at Dec. 31, 2018		$ 714	108,513	(97,989)	11,238
Reclassification of warrant to equity			100		100
Stock-based compensation			164		164
Net income (loss)				(1,339)	(1,339)
Cumulative effect of adoption of new leases standard at Dec. 31, 2018				(27)	(27)
Balances as of January 1, 2019, as adjusted at Dec. 31, 2018		$ 714	108,513	(98,016)	11,211
Issuance of common stock and warrants, net of offering costs (in shares)		1,200,000
Issuance of common stock and warrants, net of offering costs		$ 120	2,320		2,440
Issuance of common stock warrants			100		100
Balances (in shares) at Mar. 31, 2019		8,341,189
Balances at Mar. 31, 2019		$ 834	111,097	(99,355)	12,576
Balances (in shares) at Dec. 31, 2018		7,141,189
Balances at Dec. 31, 2018		$ 714	108,513	(97,989)	11,238
Net income (loss)					(6,976)
Cumulative effect of adoption of new leases standard at Dec. 31, 2018				(27)	(27)
Balances as of January 1, 2019, as adjusted at Dec. 31, 2018		$ 714	108,513	(98,016)	11,211
Balances (in shares) at Jun. 30, 2019		15,785,735
Balances at Jun. 30, 2019		$ 1,579	119,258	(104,992)	15,845
Balances (in shares) at Mar. 31, 2019		8,341,189
Balances at Mar. 31, 2019		$ 834	111,097	(99,355)	12,576
Reclassification of warrant to equity			333		333
Stock-based compensation			180		180
Net income (loss)				(5,637)	(5,637)
Issuance of common stock and warrants, net of offering costs (in shares)		925,455
Issuance of common stock and warrants, net of offering costs		$ 93	7,648		7,741
Issuance of common stock warrants			333		333
Issuance of common stock upon exercise of pre-funded warrants (in shares)		6,519,091
Issuance of common stock upon exercise of pre-funded warrants		$ 652			652
Balances (in shares) at Jun. 30, 2019		15,785,735
Balances at Jun. 30, 2019		$ 1,579	$ 119,258	$ (104,992)	$ 15,845

Condensed Consolidated Statements of Stockholders' Equity (Deficit) (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2019	Mar. 31, 2019
Offering costs	$ 1,579	$ 560

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Cash flows from operating activities:
Net loss	$ (6,976,000)	$ (6,557,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Bargain purchase gain		(6,660,000)
Depreciation and amortization	2,097,000	1,437,000
Impairment of intangible assets		1,600,000
Stock-based compensation	344,000	204,000
Loss on revaluation of financial instruments		3,000
Non-cash interest expense	64,000	366,000
Amortization of note discount		18,000
Non-cash interest expense related to sale of future royalties	1,060,000	766,000
Non-cash revenue related to sale of future royalties	(3,132,000)
Change in operating assets and liabilities:
Accounts receivable	1,761,000	14,735,000
Prepaid expenses and other assets	530,000	(448,000)
Accounts payable	(347,000)	(3,259,000)
Accrued liabilities	(371,000)	(5,693,000)
Net cash used in operating activities	(4,970,000)	(3,488,000)
Cash flows from investing activities:
Purchase of property and equipment	(711,000)	(339,000)
Cash acquired in reverse merger		25,525,000
Cash paid for fractional shares in merger		(21,000)
Purchases of short-term investments		(573,000)
Proceeds from maturities of short-term investments		1,988,000
Net cash (used in) provided by investing activities	(711,000)	26,580,000
Cash flows from financing activities:
Net proceeds from issuance of common stock in registered direct offering	2,540,000
Net proceeds from issuance of common stock, pre-funded warrants and common warrants in underwritten offering	8,074,000
Repayment of principal on secured promissory note payable to Oxford Finance	(833,000)	(694,000)
Repayment of short-term note		(61,000)
Proceeds from issuance of common stock upon exercise of pre-funded warrants	652,000
Proceeds from issuance of common stock upon exercise of stock options		13,000
Net cash provided by (used in) financing activities	10,433,000	(742,000)
Net increase in cash and cash equivalents	4,752,000	22,350,000
Cash, cash equivalents and restricted cash at beginning of the period	11,506,000	1,571,000
Cash, cash equivalents and restricted cash at end of the period	16,258,000	23,921,000
Supplemental disclosure of cash flow information:
Interest paid	136,000	189,000
Supplemental disclosure of non-cash investing and financing activity:
Issuance of warrants to placement agents’ designees	100,000
Issuance of warrants to underwriters’ designees	333,000
Issuance of common stock upon reverse merger, net of cash paid for partial shares		31,768,000
Conversion of convertible promissory notes, related parties into common stock upon reverse merger		35,577,000
Reclassification of convertible preferred stock warrant liability to equity		70,000
Acquisition of property and equipment included in accounts payable	$ 47,000	$ 14,000

Note 1 - Organization and Basis of Presentation	6 Months Ended
Note 1 - Organization and Basis of Presentation	Jun. 30, 2019
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	NOTE 1. Organization and Basis of Presentation General Vaxart Biosciences, Inc. was originally incorporated in California in March 2004, under the name West Coast Biologicals, Inc. The Company changed its name to Vaxart, Inc. (“Private Vaxart”) in July 2007, and reincorporated in the state of Delaware. On February 13, 2018, Private Vaxart completed a business combination with Aviragen Therapeutics, Inc. (“Aviragen”), pursuant to which Aviragen merged with Private Vaxart, with Private Vaxart surviving as a wholly-owned subsidiary of Aviragen (the “Merger”). Pursuant to the terms of the Merger, Aviragen changed its name to Vaxart, Inc. (together with its subsidiaries, the “Company” or “Vaxart”) and Private Vaxart changed its name to Vaxart Biosciences, Inc. All of Private Vaxart’s convertible promissory notes and convertible preferred stock was converted into common stock, following which each share of common stock was converted into approximately 0.22148 shares of the Company’s common stock (the “Conversion”). Except as otherwise noted in these Financial Statements, all shares, equity securities and per share amounts of Private Vaxart are presented to give retroactive effect to the Conversion. Immediately following the completion of the Merger, the Company effected a reverse stock split at a ratio of one new share for every eleven shares of the Company’s common stock outstanding (the “Reverse Stock Split”). Except as otherwise noted in these Financial Statements, all share, equity security and per share amounts are presented to give retroactive effect to the Reverse Stock Split. Immediately after the Reverse Stock Split there were approximately 7.1 million shares of the Company’s common stock outstanding. Private Vaxart’s stockholders, warrantholders and optionholders owned approximately 51% of the fully-diluted common stock of the Company, with Aviragen’s stockholders and optionholders immediately prior to the Merger owning approximately 49% of the fully-diluted common stock of the Company. The Company also assumed all of Private Vaxart’s outstanding stock options and warrants with proportionate adjustments to the number of underlying shares and exercise prices based on an exchange ratio, based on the combined impact of the Conversion and the Reverse Stock Split, of approximately 0.0201346 shares of the Company for each share of Private Vaxart. On March 20, 2019, the Company completed a registered direct offering (the “March 2019 Offering”) of 1,200,000 shares of the Company’s common stock. The total gross proceeds from the offering to the Company were $3.0 million. After deducting placement agent fees and offering expenses payable by the Company, the aggregate net proceeds received by the Company totaled $2.5 million. Pursuant to the terms of the engagement letter with the placement agents, the Company paid the placement agents aggregate fees and reimbursable costs of $320,000. In addition, the Company issued the placement agents’ designees 84,000 common stock warrants at the closing of the March 2019 Offering, each warrant entitling the holder to purchase one share of common stock for $3.125 at any time within five years of their issuance date. The aggregate fair value of these warrants at issuance was estimated to be $100,000 (see Note 10 ), which was recorded in offering costs. On April 11, 2019, the Company completed a public underwritten offering (the “April 2019 Offering”) of 925,455 shares of common stock, 8,165,455 pre-funded warrants, and warrants to purchase 10,454,546 shares of common stock (including 1,363,636 common stock warrants issued upon the exercise by the underwriters of their option to purchase such warrants). Each share of common stock with an accompanying common stock warrant was sold for $1.10, and each pre-funded warrant with an accompanying common stock warrant was sold for $1.00, with the amount paid for each accompanying common stock warrant being $0.10. Each pre-funded warrant entitles the holder to purchase one share of common stock for $0.10, is immediately exercisable, subject to certain ownership limitations, and may be exercised at any time until all of the pre-funded warrants are exercised in full. Each common stock warrant entitles the holder to purchase one share of common stock for $1.10, is exercisable immediately, subject to certain ownership limitations, and will expire five years from the date of issuance. The total gross proceeds from the April 2019 Offering to the Company were $9.3 million. After deducting underwriting discounts, commissions and offering expenses payable by the Company, the aggregate net proceeds received by the Company were $8.1 million. In addition, as of June 30, 2019 , a further $0.6 million had been received from the exercise of pre-funded warrants and 1,646,364 pre-funded warrants remained outstanding. Pursuant to the terms of an underwriting agreement, the Company paid the underwriters aggregate commissions and reimbursable costs of $750,000. In addition, the Company issued the underwriters’ designees 636,364 common stock warrants at the closing of the April 2019 Offering, each warrant entitling the holder to purchase one share of common stock for $1.375 at any time within five years of their issuance date. The aggregate fair value of these warrants at issuance was estimated to be $333,000 (see Note 10 ), which was recorded in offering costs. The Company’s principal operations are based in South San Francisco, California, and it operates in one reportable segment, which is the discovery and development of oral recombinant protein vaccines, based on its proprietary oral vaccine platform. Liquidity and Going Concern Since incorporation, the Company has been involved primarily in performing research and development activities, hiring personnel, and raising capital to support these activities. The Company has experienced losses and negative cash flows from operations since its inception. As of June 30, 2019 , the Company had an accumulated deficit of $ 105.0 million and a loan with an outstanding balance of $ 2.8 million from Oxford Finance, LLC (“Oxford Finance”), repayable in monthly installments by January 2021 ( see Note 8 ). The Company expects to incur increasing costs as research and clinical trials are advanced and, therefore, expects to continue to incur losses and negative operating cash flows for the next several years. Absent additional funding or adjustments to currently planned operating activities, management believes that the Company’s cash and cash equivalents of $ 16.3 million held as of June 30, 2019 , are sufficient to fund the Company into, but probably not beyond, the first quarter of 2020. The Company reviews its operations and clinical plans on a continuing basis, including its commitments for upcoming clinical trials. The Company plans to finance its operations with royalty revenue on sales of Inavir, additional equity or debt financing arrangements, and potentially with additional funding from government contracts or strategic alliances with partner companies. The availability and amount of such funding is not certain. The uncertainties inherent in the Company’s future operations and in its ability to obtain additional funding raise substantial doubt about its ability to continue as a going concern beyond one year from the date these financial statements are issued. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. While management believes its plan to raise additional funds will alleviate the conditions that raise substantial doubt, these plans are not entirely within its control and cannot be assessed as being probable of occurring. If adequate funds are not available, the Company may be required to reduce operating expenses, delay or reduce the scope of its product development programs, obtain funds through arrangements with others that may require the Company to relinquish rights to certain of its technologies or products that the Company would otherwise seek to develop or commercialize itself, or cease operations.

Note 2 - Summary of Significant Accounting Policies	6 Months Ended
Note 2 - Summary of Significant Accounting Policies	Jun. 30, 2019
Notes to Financial Statements
Significant Accounting Policies [Text Block]	NOTE 2. Summary of Significant Accounting Policies Basis of Presentation – The Company has prepared the accompanying condensed consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted pursuant to these rules and regulations. These condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements and footnotes related thereto for the year ended December 31, 2018, included in the Company’s Annual Report on Form 10 -K filed with the SEC on February 6, 2019 ( the “Annual Report”). Except as noted below, there have been no material changes to the Company’s significant accounting policies described in Note 2 to the consolidated financial statements included in the Annual Report. In the opinion of management, the unaudited condensed consolidated financial statements include all adjustments (consisting only of normal recurring adjustments) necessary to present fairly the Company’s financial position and the results of its operations and cash flows. The results of operations for such interim periods are not necessarily indicative of the results to be expected for the full year. Basis of Consolidation – The condensed consolidated financial statements include the financial statements of Vaxart, Inc. and its subsidiaries. All significant transactions and balances between Vaxart, Inc. and its subsidiaries have been eliminated in consolidation. Use of Estimates – The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and disclosure of contingent assets and liabilities in the financial statements and accompanying notes. Actual results and outcomes could differ from these estimates and assumptions. Concentration of Credit Risk – Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash, cash equivalents, short-term investments and accounts receivable. The Company places its cash, cash equivalents and short-term investments at financial institutions that management believes are of high credit quality. The Company is exposed to credit risk in the event of default by the financial institutions holding the cash and cash equivalents to the extent such amounts are in excess of the federally insured limits. The Company has not experienced any losses on its deposits since inception. The primary focus of the Company’s investment strategy is to preserve capital and meet liquidity requirements. The Company’s investment policy addresses the level of credit exposure by limiting the concentration in any one corporate issuer or sector and establishing a minimum allowable credit rating. The Company generally requires no collateral from its customers. L eases – Effective January 1, 2019, the Company records operating leases as right-of-use assets and operating lease liabilities in its condensed consolidated balance sheets for all operating leases with terms exceeding one year. Right-of-use assets represent the right to use an underlying asset for the lease term, including extension options considered reasonably certain to be exercised, and operating lease liabilities to make lease payments. Right-of-use assets and operating lease liabilities are recognized based on the present value of lease payments over the lease term. To the extent that lease agreements do not provide an implicit rate, the Company uses its incremental borrowing rate based on information available at the lease commencement date to determine the present value of lease payments. The expense for operating lease payments is recognized on a straight-line basis over the lease term and is included in operating expenses in the Company’s statement of operations and comprehensive loss. Recent ly Adopted Accounting Pronouncements In February 2016, the FASB issued ASU 2016 - 02 Leases (Topic 842 ) , which replaced most current lease guidance when it became effective. This standard update was designed to increase transparency and improve comparability by requiring entities to recognize assets and liabilities on the balance sheet for all leases, with certain exceptions. The new standard states that a lessee will recognize a lease liability for the obligation to make lease payments and a right-of-use asset for the right to use the underlying asset for the lease term. Leases are classified as either finance or operating, with classification affecting the pattern of expense recognition in the statements of operations. The Company adopted the new guidance effective January 1, 2019, using the modified retrospective method, and used the effective date method of adoption, as permitted by ASU 2018 - 11, Leases (Topic 842 ): Ta rgeted Improvements , which the FASB issued in July 2018, clarified by ASU 2019 - 01, Leases (Topic 842 ): Codification Improvements , which the FASB issued in March 2019, which reduces the disclosure requirements on transition. The Company has elected the short-term lease recognition exemption for all classes of assets, which means that it will not recognize right-of-use assets or lease liabilities for leases with a duration of one year or less. Further, the Company has elected to use all of the practical expedients available on transition, whereby it has not reassessed under the new standard its prior conclusions about lease identification, lease classification and initial direct costs. The adoption of this standard had a material effect on the Company’s condensed consolidated balance sheets, the most significant effects being the recognition of new right-of-use assets and lease liabilities. The Company recognized lease liabilities of $1,229,000, $783,000 of which was current, and right-of-use assets of $953,000 based on the present value of the remaining minimum rental payments for existing operating leases, derecognized liabilities related to deferred rent and lease loss accrual of $249,000, $111,000 of which was current, and recognized an increase of $27,000 to accumulated deficit on adoption of the new accounting policy. The increase in accumulated deficit arose because the right-of-use asset impairment charge that would have been recorded in the three months ended December 31, 2018, under Topic 842 exceeded the lease loss accrual, net of accretion, that was recorded. This impact aside, the adoption had no effect on the Company’s statements of operations or cash flows, other than on related disclosures. Recent Accounting Pronouncements The Company has reviewed all newly-issued accounting pronouncements and concluded that they either are not applicable to the Company’s operations or no material effect is expected on its condensed consolidated financial statements as a result of future adoption.

Note 3 - Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2019

Notes to Financial Statements

Fair Value Disclosures [Text Block]

NOTE

Fair Value of Financial Instruments

Fair value accounting is applied for all financial assets and liabilities and nonfinancial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis (at least annually). Financial instruments include cash and cash equivalents, short-term investments, accounts receivable, accounts payable and accrued liabilities that approximate fair value due to their relatively short maturities. As short-term investments are classified as held-to-maturity, they are recorded at their amortized cost.

Assets and liabilities recorded at fair value on a recurring basis in the balance sheets are categorized based upon the level of judgment associated with inputs used to measure their fair values. The accounting guidance for fair value provides a framework for measuring fair value and requires certain disclosures about how fair value is determined. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The accounting guidance also establishes a

three

-level valuation hierarchy that prioritizes the inputs to valuation techniques used to measure fair value based upon whether such inputs are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect market assumptions made by the reporting entity.

The

three

-level hierarchy for the inputs to valuation techniques is briefly summarized as follows:

Level

– Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date;

Level

– Inputs are observable, unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities in markets that are

not

active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities; and

Level

– Unobservable inputs that are significant to the measurement of the fair value of the assets or liabilities that are supported by little or

market data.

The Company’s money market funds are classified within Level

of the fair value hierarchy and are valued based on quoted prices in active markets for identical securities. The Company’s convertible preferred stock warrant liability was classified within Level

of the fair value hierarchy as it was valued using inputs that were unobservable in the market.

The Company’s only recurring financial assets that are measured at fair value were

$15,000

held in money market funds and classified as cash equivalents as of both

June 30, 2019

and

December

31,

2018,

with

recurring financial liabilities held at either date or in the

six

months ended

June 30,

2019

. The following table presents a reconciliation of all liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level

) for the

six

months ended

June 30,

2018

	Convertible
	Preferred Stock
	Warrant Liability			Total
	(in thousands)
Balance at January 1, 2018	$	67		$	67
Issuances		—			—
Revaluation loss included in loss on revaluation of financial instruments, net		3			3
Settlements		(70	)		(70	)
Balance at June 30, 2018	$	—		$	—

Total gains included in other income and (expenses) attributable to liabilities still held as of June 30, 2018	$	—		$	—

- 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 - Balance Sheet Components

6 Months Ended

Jun. 30, 2019

Notes to Financial Statements

Supplemental Balance Sheet Disclosures [Text Block]

NOTE

Balance Sheet Components

(a)

Cash and Cash Equivalents

Cash and cash equivalents comprises the following:

	June 30, 2019		December 31, 2018
	(in thousands)
Cash at banks	$	16,243	$	11,441
Restricted cash		—		50
Money market funds		15		15
Total cash and cash equivalents	$	16,258	$	11,506

(b)

Accounts Receivable

Accounts receivable comprises the following:

	June 30, 2019		December 31, 2018
	(in thousands)
Royalties receivable	$	15	$	1,776
Government contract - billed		20		20
Accounts receivable	$	35	$	1,796

The Company has provided

allowance for uncollectible accounts as of

June 30, 2019

December 31, 2018

(c)

Property and Equipment, Net

Property and equipment, net consists of the following:

	June 30, 2019			December 31, 2018
	(in thousands)
Laboratory equipment	$	2,775		$	2,076
Office and computer equipment		227			227
Leasehold improvements		340			333

Total property and equipment		3,342			2,636
Less: accumulated depreciation		(1,825	)		(1,570	)
Property and equipment, net	$	1,517		$	1,066

Depreciation expense was

$125,000

and

$121,000

for the

three

months ended

June 30,

2019

and

2018

, respectively, and

$255,000

and

$219,000

for the

six

months ended

June 30,

2019

and

2018

, respectively. There were

impairments of the Company’s property and equipment recorded in the

six

months ended

June 30,

2019

2018

(d)

Right-of-Use Assets

, Net

Right-of-use assets, net consists of the following:

	June 30, 2019
	(in thousands)
Facilities	$	557
Office equipment		8
Right-of-use assets, net	$	565

(e)

Intangible Assets

Intangible assets comprise developed technology, intellectual property and, until it was considered fully impaired, in-process research and development. Intangible assets are carried at cost less accumulated amortization. Amortization is computed using the straight-line method over useful lives ranging from

1.3

11.75

years for developed technology and

years for intellectual property. Intangible assets consist of the following:

	June 30, 2019			December 31, 2018
	(in thousands)
Purchased technology	$	22,100		$	22,100
Intellectual property		80			80
Total cost		22,180			22,180
Less: accumulated amortization		(4,221	)		(2,767	)
Intangible assets, net	$	17,959		$	19,413

Intangible asset amortization expense for the

three

months ended

June 30,

2019

and

2018

, was

$675,000

and

$805,000

respectively, and for the

six

months ended

June 30,

2019

and

2018

, was

$1,454,000

and

$1,218,000,

respectively. Following the results of Phase

trials of teslexivir in

June 2018,

the in-process research and development was assessed as fully impaired in the

three

months ended

June

30,

2018,

with the related

$1.6

million acquired in the Merger (see Note

) being charged to operating expenses.

As of

June 30, 2019

, the estimated future amortization expense by year is as follows (in thousands):

Year Ending December 31,	Amount
2019 (six months remaining)	$	866
2020		1,732
2021		1,732
2022		1,732
2023		1,731
Thereafter		10,166
Total	$	17,959

(f)

Accrued Liabilities

Accrued liabilities consist of the following:

	June 30, 2019		December 31, 2018
	(in thousands)
Accrued compensation	$	773	$	632
Accrued clinical and manufacturing expenses		18		75
Accrued professional and consulting services		48		166
Reserve for return of royalties		339		339
Deferred rent and lease loss accrual, current portion		—		111
Other liabilities, current portion		307		195

Total	$	1,485	$	1,518

Note 5 - Revenue	6 Months Ended
Note 5 - Revenue	Jun. 30, 2019
Notes to Financial Statements
Revenue [Text Block]	NOTE 5 . Revenue U.S. Government HHS BARDA Contract In September 2015, the Department of Health and Human Services, Office of Biomedical Advanced Research and Development Authority (“HHS BARDA”) awarded the Company a contract to support the advanced development of a more effective and universal influenza vaccine to improve seasonal and pandemic influenza preparedness. On each of May 25 and July 18, 2017, and June 28, 2018, the Company entered into a Modification of Contract with HHS BARDA, the combined effect being to increase the value of the existing $14 million contract by $1.7 million and to extend it through September 30, 2018. The modified contract was a cost-plus-fixed-fee contract, which reimbursed the Company for allowable direct contract costs plus allowable indirect costs and a fixed fee, totaling $15.7 million. The Company recognized revenue of $520,000 and $1,130,000 during the three and six months ended June 30, 2018, respectively. As of December 31, 2018, the cumulative revenue recorded from inception under the HHS BARDA contract represented the maximum billable under the contract as presently modified, with no further change orders envisaged. Billings under the contract were based on approved provisional indirect billing rates, which permit recovery of fringe benefits, overhead and general and administrative expenses. Indirect rates as well as allowable costs are subject to audit by HHS BARDA on an annual basis. Management believes that revenues recognized to date have been recorded in amounts that are expected to be realized upon final audit and settlement. When the final determination of the allowable costs for any year has been made, revenue and billings may be adjusted accordingly in the period that the adjustments are known and collection is probable. Costs relating to contract acquisition are expensed as incurred. The Company does not consider any of the revenue recorded under this contract in any period to be at risk of reversal. Royalty Agreements Aviragen entered into a royalty-bearing research and license agreement with GlaxoSmithKline, plc (“GSK”) in 1990 for the development and commercialization of zanamivir, a neuraminidase inhibitor marketed by GSK under the name Relenza to treat influenza. All of the Company’s Relenza patents have expired, the last remaining intellectual property related to the Relenza patent portfolio, which is solely owned by the Company and exclusively licensed to GSK, having expired in July 2019 in Japan. The royalty revenue related to Relenza recognized in the three months ended June 30, 2019 and 2018 , was $69,000 and $70,000, respectively, and in the six months ended June 30, 2019 , and in the post-Merger period in the six months ended June 30, 2018 , was $764,000 and $411,000, respectively, representing 7% of net sales in Japan. The Company also generates royalty revenue from the sale of Inavir in Japan, pursuant to a collaboration and license agreement that Aviragen entered into with Daiichi Sankyo Company, Limited (“Daiichi Sankyo”) in 2009. In September 2010, laninamivir octanoate was approved for sale by the Japanese Ministry of Health and Welfare for the treatment of influenza in adults and children, which Daiichi Sankyo markets as Inavir. Under the agreement, the Company currently receives a 4% royalty on net sales of Inavir in Japan. The last patent related to Inavir is set to expire in December 2029, at which time royalty revenue will cease. The royalty revenue related to Inavir recognized in the six months ended June 30, 2019 , and in the post-Merger period in the six months ended June 30, 2018, was $2,964,000 and $552,000, respectively, representing 4% of net sales in Japan. No such revenue was recognized in the three months ended June 30, 2019 or 2018 , since the sums receivable, net of withholding tax, of $16,000 and $18,000, respectively, were payable to Healthcare Royalty Partners III, L.P. (“HCRP”) (see Note 6 ). Both the royalty revenue and the non-cash royalty revenue related to the sale of future royalties have been subjected to a 5% withholding tax in Japan, for which $1,000 and $1,000 was included in income tax expense in the three months ended June 30, 2019 and 2018 , respectively, and $237,000 and $29,000 was included in income tax expense in the six months ended June 30, 2019 and 2018 , respectively. The Company’s royalty revenue is seasonal, in line with the flu season. The majority of the Company’s royalty revenue is earned in the first and fourth fiscal quarters.

Note 6 - Liabilities Related to Sale of Future Royalties

6 Months Ended

Jun. 30, 2019

Notes to Financial Statements

NOTE

Liabilities Related to Sale of Future Royalties

April 2016,

Aviragen entered into a Royalty Interest Acquisition Agreement (the “RIAA”) with HCRP. Under the RIAA, HCRP made a

$20.0

million cash payment to Aviragen in consideration for acquiring certain royalty rights (“Royalty Rights”) related to the approved product Inavir in the Japanese market. The Royalty Rights were obtained pursuant to the collaboration and license agreements (the “License Agreement”) and a commercialization agreement that the Company entered into with Daiichi Sankyo. Per the terms of the RIAA, HCRP is entitled to the

first

$3.0

million plus

15%

of the next

$1.0

million in royalties earned in each year commencing on

April 1,

with any excess revenue being retained by the Company.

Under the relevant accounting guidance, due to a limit on the amount of royalties that HCRP can earn under the RIAA, this transaction is accounted for as a liability that is being amortized using the interest method over the life of the arrangement. The Company has

obligation to pay any amounts to HCRP other than to pass through to HCRP its share of royalties as they are received from Daiichi Sankyo. In order to record the amortization of the liability, the Company is required to estimate the total amount of future royalty payments to be received under the License Agreement and the payments that will be passed through to HCRP over the life of this agreement. Consequently, the Company imputes interest on the unamortized portion of the liability and records non-cash interest expense using an estimated effective interest rate. The royalties earned in each period that will be passed through to HCRP are recorded as non-cash royalty revenue related to sale of future royalties, with any excess

not

subject to pass-through being recorded as royalty revenue. When the pass-through royalties are paid to HCRP in the following quarter, the imputed liability related to sale of future royalties is commensurately reduced. The Company periodically assesses the expected royalty payments, and to the extent such payments are greater or less than the initial estimate, the Company adjusts the amortization of the liability and interest rate. As a result of this accounting, even though the Company does

not

retain HCRP’s share of the royalties, it will continue to record non-cash revenue related to those royalties until the amount of the associated liability, including the related interest, is fully amortized.

The following table shows the activity within the liability account in the

six

months ended

June 30, 2019 (

in thousands):

Total liability related to sale of future royalties, start of period	$	17,741
Non-cash royalty revenue paid to HCRP		(3,132	)
Non-cash interest expense recognized		1,060
Total liability related to sale of future royalties, end of period		15,669
Current portion		(3,150	)
Long-term portion	$	12,519

Note 7 - Leases

6 Months Ended

Jun. 30, 2019

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

NOTE

Leas

The Company has obtained the right of use for office and manufacturing facilities under

five

operating lease agreements,

one

of which has been subleased, and for equipment under

three

operating lease agreements with initial terms exceeding

one

year and under

three

operating lease agreements with initial terms of

one

year or less.

The Company obtained the right of use of real estate located in South San Francisco, California, in

June 2015

that terminates on

April 30, 2020,

with a

five

-year extension option. The Company also obtained, via the Merger, the right of use of facilities located in Alpharetta, Georgia, in

February 2018

that terminates on

February 28, 2021,

with

extension option. These facilities were subleased for the remainder of the lease term effective

November 30, 2018.

In addition, the Company obtained the right of use of facilities located in South San Francisco, California, under

three

leases that terminate on

August 31, 2019,

with

extension options, and the right of use of equipment under

three

leases that terminate between

July

2019

and

September 2021.

As of

June 30, 2019

, the weighted average discount rate for operating leases with initial terms of more than

one

year was

10.5%

and the weighted average remaining term of these leases was

1.32

years. Discount rates were determined using the Company’s marginal rate of borrowing at the time each lease was executed or extended.

The following table summarizes the Company’s undiscounted cash payment obligations for its operating lease liabilities with initial terms of more than

twelve

months as of

June 30, 2019 (

in thousands):

Year Ending December 31,
2019 (excluding the six months ended June 30, 2019)	$	361
2020		414
Thereafter		58
Undiscounted total		833
Less: imputed interest		(52	)
Present value of future minimum payments		781
Current portion of operating lease liability		(565	)
Operating lease liability, net of current portion	$	216

In addition, future obligations under operating leases for equipment with initial terms of

one

year or less totaled

$1,000.

The Company presently has

finance leases.

Certain operating lease agreements include non-lease costs, such as common area maintenance, which are excluded from operating lease costs. Operating lease expenses for the

three

and

six

months ended

June 30,

2019

, are summarized as follows:

	Three Months Ended			Six Months Ended
	June 30, 2019			June 30, 2019
Lease cost	(in thousands)
Operating lease cost	$	222		$	445
Short-term lease cost		4			7
Sublease income		(55	)		(109	)
Total lease cost	$	171		$	343

Net cash outflows associated with operating leases totaled

$200,000

and

$399,000

in the

three

and

six

months ended

June 30,

2019

, respectively. Rent expense was and

$222,000

and

$368,000

for the

three

and

six

months ended

June 30,

2018

, respectively.

Future minimum payments and sublease income under operating leases as of

December

31,

2018,

were as follows:

Year Ending December 31,	Lease Payments		Sublease Income
	(in thousands)
2019	$	859	$	213
2020		411		219
2021		56		38
Thereafter		—		—
Total	$	1,326	$	470

Note 8 - Secured Promissory Note Payable to Oxford Finance	6 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Secured Promissory Note Payable [Text Block]	NOTE 8 . Secured Promissory Note Payable to Oxford Finance On December 22, 2016, the Company entered into a loan and security agreement (the “Loan Agreement”) with Oxford Finance, under which the Company borrowed $5.0 million. The $5.0 million loan, which bears interest at 30 -day U.S. LIBOR plus 6.17%, is evidenced by a secured promissory note and is repayable over four years, with interest only payable over the first 12 months and the balance fully amortized over the subsequent 36 months. Upon repayment, an additional final payment equal to $325,000 is due, which is being accreted as interest expense over the term of the loan using the effective-interest method. The loan is secured by substantially all the Company’s assets, except for intellectual property. In connection with the Loan Agreement, the Company issued a warrant to Oxford Finance to purchase 7,563 shares of its Series C convertible preferred stock at an exercise price of $33.11 per share (the “Warrant”), expiring in December 2026. The fair value of the Warrant at the date of issuance was $134,000, which was recorded as debt discount and is being amortized as interest expense over the term of the loan using the effective-interest method. The annual effective interest rate of the note, including the accretion of the final payment and the amortization of the debt discount, is approximately 10.5%. The Company recorded interest expense related to the Loan Agreement of $96,000 and $138,000 during the three months ended June 30, 2019 and 2018 , respectively, of which $64,000 and $94,000 was paid, respectively, and recorded interest expense of $202,000 and $279,000 during the six months ended June 30, 2019 and 2018 , respectively, of which $136,000 and $189,000 was paid, respectively. The Warrant provided that if the share price at the next equity financing was less than the Warrant exercise price, then the Warrant would be for the new class of shares, the exercise price would be the new class share price, and the number of shares would be calculated by dividing $250,000 by the new class share price. Due to this antidilution protection, the Company determined that the Warrant needed to be recorded as a liability, and therefore estimated the fair value of the Warrant upon issuance and at each balance sheet date, with any changes in the fair value being recorded within the loss on revaluation of financial instruments line in the statements of operations and comprehensive loss. Due to the antidilution protection, following the Merger, the Warrant was amended to allow the holder to purchase 10,914 shares of common stock at an exercise price of $22.99 per share. Since the amended Warrant contains no non-standard antidilution protections or similar features, the fair value of $70,000 on February 13, 2018, was transferred to equity.

Note 9 - Commitments and Contingencies

6 Months Ended

Jun. 30, 2019

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

NOTE

. Commitments and Contingencies

(a)

Leases

The Company’s lease commitments are detailed in Note

(b)

Indemnifications

In the ordinary course of business, the Company enters into agreements that

may

include indemnification provisions. Pursuant to such agreements, the Company

may

indemnify, hold harmless and defend indemnified parties for losses suffered or incurred by the indemnified party. Some of the provisions will limit losses to those arising from

third

-party actions. In some cases, the indemnification will continue after the termination of the agreement. The maximum potential amount of future payments the Company could be required to make under these provisions is

not

determinable. The Company has never incurred material costs to defend lawsuits or settle claims related to these indemnification provisions. The Company has also entered into indemnification agreements with its directors and officers that

may

require the Company to indemnify its directors and officers against liabilities that

may

arise by reason of their status or service as directors or officers to the fullest extent permitted by Delaware corporate law. The Company currently has directors’ and officers’ insurance.

(c)

Litigation

From time to time the Company

may

be involved in claims arising in connection with its business. Based on information currently available, the Company believes that the amount, or range, of reasonably possible losses in connection with any pending actions against it in excess of established reserves, in the aggregate,

not

to be material to its consolidated financial condition or cash flows. However, losses

may

be material to the Company’s operating results for any particular future period, depending on the level of income or loss for such period.

Note 10 - Stockholders' Equity

6 Months Ended

Jun. 30, 2019

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

NOTE

. Stock

holders’ Equity

(a)

referred Stock

The Company is authorized to issue

5,000,000

shares of preferred stock,

$0.10

par value per share. The Company’s board of directors

may,

without further action by the stockholders, fix the rights, preferences, privileges and restrictions of up to an aggregate of

5,000,000

shares of preferred stock in

one

or more series and authorize their issuance. These rights, preferences and privileges could include dividend rights, conversion rights, voting rights, terms of redemption, liquidation preferences, sinking fund terms and the number of shares constituting any series or the designation of such series, any or all of which

may

be greater than the rights of the Company’s common stock. The issuance of preferred stock could adversely affect the voting power of holders of common stock and the likelihood that such holders will receive dividend payments and payments upon liquidation. In addition, the issuance of preferred stock could have the effect of delaying, deterring or preventing a change of control or other corporate action.

shares of preferred stock are currently outstanding, and we have

present plan to issue any shares of preferred stock.

(b)

Common Stock

April 23, 2019,

the Company’s stockholders approved a Certificate of Amendment to the Company’s Restated Certificate of Incorporation (the “Certificate”), to decrease the authorized number of shares of common stock, par value

$0.10,

from

200,000,000

100,000,000

shares. On

April 23, 2019,

the Certificate was filed with the Secretary of State of the State of Delaware. Except as otherwise required by law or as otherwise provided in any certificate of designation for any series of preferred stock, the holders of common stock possess all voting power for the election of the Company’s directors and all other matters requiring stockholder action. Holders of common stock are entitled to

one

vote per share on matters to be voted on by stockholders. Holders of common stock are entitled to receive such dividends, if any, as

may

be declared from time to time by the Company’s board of directors in its discretion out of funds legally available therefore. In

event will any stock dividends or stock splits or combinations of stock be declared or made on common stock unless the shares of common stock at the time outstanding are treated equally and identically. As of

June 30, 2019

dividends had been declared by the board of directors.

In the event of the Company’s voluntary or involuntary liquidation, dissolution, distribution of assets or winding-up, the holders of the common stock will be entitled to receive an equal amount per share of all of the Company’s assets of whatever kind available for distribution to stockholders, after the rights of the holders of the preferred stock have been satisfied. There are

sinking fund provisions applicable to the common stock.

The Company had shares of common stock reserved for issuance as follows:

	June 30, 2019		December 31, 2018

Options issued and outstanding		2,166,800		865,163
Available for future grants of equity awards		186,410		223,377
Common stock warrants		12,832,188		10,914
Total		15,185,398		1,099,454

(c)

Warrants

The Company has the following warrants outstanding as of

June 30, 2019

, all of which contain standard anti-dilution protections in the event of subsequent rights offerings, stock splits, stock dividends or other extraordinary dividends, or other similar changes in the Company’s common stock or capital structure, and

none

of which have any participating rights for any losses:

Securities into which warrants are convertible	Warrants outstanding	Exercise Price		Expiration Date

Common Stock	1,646,364	$	0.10	April 2024
Common Stock	10,454,546	$	1.10	April 2024
Common Stock	636,364	$	1.375	April 2024
Common Stock	84,000	$	3.125	March 2024
Common Stock	10,914	$	22.99	December 2026
Total	12,832,188

The aggregate fair value at issuance of the warrants entitling the holder to purchase

one

share of common stock for

$3.125

that were issued to the placement agents’ designees at the closing of the

March 2019

Offering (see Note

) was estimated to be

$100,000,

using the Black-Scholes valuation model, using a closing stock price of

$2.08

and assumptions including estimated volatility of

80%,

a risk-free interest rate of

2.34%,

zero

dividend rate and an estimated remaining term of

5.0

years. The aggregate fair value at issuance of the warrants entitling the holder to purchase

one

share of common stock for

$1.375

that were issued to the underwriters’ designees at the closing of the

April 2019

Offering (see Note

) was estimated to be

$333,000,

using the Black-Scholes valuation model, using a closing stock price of

$0.89

and assumptions including estimated volatility of

83%,

a risk-free interest rate of

2.31%,

zero

dividend rate and an estimated remaining term of

5.0

years.

In the event of a Fundamental Transaction (a transfer of ownership of the Company as defined in the warrant) within the Company’s control, the holders of unexercised common stock warrants exercisable for

$1.10

shall be entitled to receive cash consideration equal to a Black-Scholes valuation, as defined in the warrant. If such Fundamental Transaction is

not

within the Company’s control, the warrantholders would only be entitled to receive the same form of consideration (and in the same proportion) as the holders of the Company’s common stock, hence these warrants are classified as a component of permanent equity.

Note 11 - Equity Incentive Plans

6 Months Ended

Jun. 30, 2019

Notes to Financial Statements

Share-based Payment Arrangement [Text Block]

NOTE

Equity Incentive Plan

Prior to the Merger, Private Vaxart issued equity awards for compensation purposes to employees, directors and consultants under its

2007

Equity Incentive Plan (the

“2007

Plan”). The

2007

Plan expired in

July 2017

and

further awards

may

be made under the

2007

Plan. Each outstanding stock option to acquire shares of Private Vaxart stock, whether vested or unvested, was assumed in the Merger after adjustment for the impact of the Conversion and the Reverse Stock Split.

November 2016,

Aviragen’s stockholders approved the

2016

Equity Incentive Plan (

“2016

Plan”), under which all outstanding awards under Aviragen’s previous plans became available for issuance under the

2016

Plan if such awards were forfeited or otherwise terminated.

Under the

2016

Plan, Aviragen was authorized to issue incentive stock options (“ISOs”), non-qualified stock options (“NQSOs”), restricted stock (“RSAs”) and restricted stock units (“RSUs”). Awards that expired or were canceled generally became available for issuance again under the

2016

Plan. Awards have a maximum term of

ten

years from the grant date and

may

vest over varying periods, as specified by the Company’s Board of Directors for each grant. Following stockholder approval of the

2019

Equity Incentive Plan (the

“2019

Plan”),

further awards are available for grant under the

2016

Plan.

April 23, 2019,

the Company’s stockholders approved the adoption of the

2019

Plan, under which the Company is authorized to issue ISOs, NQSOs, stock appreciation rights, RSAs, RSUs, other stock awards and performance awards that

may

be settled in cash, stock, or other property. The

2019

Plan is designed to secure and retain the services of employees, directors and consultants, provide incentives for the Company’s employees, directors and consultants to exert maximum efforts for the success of the Company and its affiliates, and provide a means by which employees, directors and consultants

may

be given an opportunity to benefit from increases in the value of the Company’s common stock.

The aggregate number of shares of common stock that

may

be issued under the

2019

Plan will

not

exceed

1,600,000

shares, which can only be increased by stockholder approval, except that all awards are subject to adjustment in the event of a stock split, stock dividend or other extraordinary dividend, or other similar change in the Company’s common stock or capital structure. Awards that expire or are canceled generally become available for issuance again under the

2019

Plan. Awards have a maximum term of

ten

years from the grant date and

may

vest over varying periods, as specified by the Company’s board of directors for each grant.

A summary of stock option transactions in the

six

months ended

June 30,

2019

, is as follows:

							Weighted
	Shares			Number of			Average
	Available			Options			Exercise
	For Grant			Outstanding			Price

Balance at January 1, 2019		200,650			865,163		$	8.13
Authorized under 2019 Plan		1,600,000			—		$	—
Removed from 2016 Plan		(223,389	)		—		$	—
Granted		(1,413,590	)		1,413,590		$	0.76
Forfeited		—			(7,399	)	$	5.35
Canceled		22,739			(104,554	)	$	11.00

Balance at June 30, 2019		186,410			2,166,800		$	3.19

The weighted average grant date fair value of options awarded in the

six

months ended

June 30,

2019

and

2018

, was

$0.55

and

$3.59,

respectively. Fair values were estimated using the following assumptions:

	Six Months Ended June 30,
	2019	2018
Risk-free interest rate	1.89% - 2.31%	2.79% - 2.80%
Expected term	5.39 - 6.08 Years	5.84 - 6.05 Years
Expected volatility	83% - 85%	78% - 80%
Dividend yield	—%	—%

The Company measures the fair value of all stock-based awards on the grant date and records the fair value of these awards, net of estimated forfeitures, to compensation expense over the service period. Total stock-based compensation recognized for options was as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
	(in thousands)				(in thousands)
Research and development	$	80	$	59	$	159	$	103
General and administrative		100		59		185		101
Total stock-based compensation	$	180	$	118	$	344	$	204

As of

June 30, 2019

, the unrecognized stock-based compensation cost related to outstanding unvested stock options that are expected to vest was

$1.4

million, which the Company expects to recognize over an estimated weighted average period of

2.82

years.

Note 12 - Net Loss Per Share Attributable to Common Stockholders

6 Months Ended

Jun. 30, 2019

Notes to Financial Statements

Earnings Per Share [Text Block]

NOTE

. Net Loss

Per Share

Attributable to Common Stockholders

The following table presents the calculation of basic and diluted net loss per share (in thousands, except share and per share amounts):

	Three Months Ended June 30,						Six Months Ended June 30,
	2019			2018			2019			2018

Net loss	$	(5,637	)	$	(8,871	)	$	(6,976	)	$	(6,557	)

Series B and C preferred dividend		—			—			—			(339	)

Net loss attributable to common stockholders – diluted calculation	$	(5,637	)	$	(8,871	)	$	(6,976	)	$	(6,896	)

Shares used to compute net loss per share – basic and diluted		14,597,446			7,141,189			10,969,473			5,477,265

Net loss per share – basic and diluted	$	(0.39	)	$	(1.24	)	$	(0.64	)	$	(1.26	)

adjustment has been made to the net loss attributable to common stockholders as the effect would be antidilutive due to the net loss.

The following potentially dilutive securities were excluded from the computation of diluted weighted average shares outstanding because they would have been antidilutive:

	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018

Options to purchase common stock		1,561,067		878,555		1,212,654		765,702

Warrants to purchase common stock		11,802,695		10,794		5,944,948		8,230

Warrant to purchase convertible preferred stock		—		—		—		1,797

Series B and C convertible preferred stock outstanding, including cumulative dividends		—		—		—		431,064

Series A convertible preferred stock outstanding		—		—		—		24,723

Convertible promissory notes, related party (as converted)		—		—		—		373,388

Total potentially dilutive securities excluded from denominator of the diluted earnings per share computation		13,363,762		889,349		7,157,602		1,604,904

Significant Accounting Policies (Policies)	6 Months Ended
Significant Accounting Policies (Policies)	Jun. 30, 2019
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation – The Company has prepared the accompanying condensed consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted pursuant to these rules and regulations. These condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements and footnotes related thereto for the year ended December 31, 2018, included in the Company’s Annual Report on Form 10 -K filed with the SEC on February 6, 2019 ( the “Annual Report”). Except as noted below, there have been no material changes to the Company’s significant accounting policies described in Note 2 to the consolidated financial statements included in the Annual Report. In the opinion of management, the unaudited condensed consolidated financial statements include all adjustments (consisting only of normal recurring adjustments) necessary to present fairly the Company’s financial position and the results of its operations and cash flows. The results of operations for such interim periods are not necessarily indicative of the results to be expected for the full year.
Consolidation, Policy [Policy Text Block]	Basis of Consolidation – The condensed consolidated financial statements include the financial statements of Vaxart, Inc. and its subsidiaries. All significant transactions and balances between Vaxart, Inc. and its subsidiaries have been eliminated in consolidation.
Use of Estimates, Policy [Policy Text Block]	Use of Estimates – The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and disclosure of contingent assets and liabilities in the financial statements and accompanying notes. Actual results and outcomes could differ from these estimates and assumptions.
Concentration Risk, Credit Risk, Policy [Policy Text Block]	Concentration of Credit Risk – Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash, cash equivalents, short-term investments and accounts receivable. The Company places its cash, cash equivalents and short-term investments at financial institutions that management believes are of high credit quality. The Company is exposed to credit risk in the event of default by the financial institutions holding the cash and cash equivalents to the extent such amounts are in excess of the federally insured limits. The Company has not experienced any losses on its deposits since inception. The primary focus of the Company’s investment strategy is to preserve capital and meet liquidity requirements. The Company’s investment policy addresses the level of credit exposure by limiting the concentration in any one corporate issuer or sector and establishing a minimum allowable credit rating. The Company generally requires no collateral from its customers.
Lessee, Leases [Policy Text Block]	L eases – Effective January 1, 2019, the Company records operating leases as right-of-use assets and operating lease liabilities in its condensed consolidated balance sheets for all operating leases with terms exceeding one year. Right-of-use assets represent the right to use an underlying asset for the lease term, including extension options considered reasonably certain to be exercised, and operating lease liabilities to make lease payments. Right-of-use assets and operating lease liabilities are recognized based on the present value of lease payments over the lease term. To the extent that lease agreements do not provide an implicit rate, the Company uses its incremental borrowing rate based on information available at the lease commencement date to determine the present value of lease payments. The expense for operating lease payments is recognized on a straight-line basis over the lease term and is included in operating expenses in the Company’s statement of operations and comprehensive loss.
New Accounting Pronouncements, Policy [Policy Text Block]	Recent ly Adopted Accounting Pronouncements In February 2016, the FASB issued ASU 2016 - 02 Leases (Topic 842 ) , which replaced most current lease guidance when it became effective. This standard update was designed to increase transparency and improve comparability by requiring entities to recognize assets and liabilities on the balance sheet for all leases, with certain exceptions. The new standard states that a lessee will recognize a lease liability for the obligation to make lease payments and a right-of-use asset for the right to use the underlying asset for the lease term. Leases are classified as either finance or operating, with classification affecting the pattern of expense recognition in the statements of operations. The Company adopted the new guidance effective January 1, 2019, using the modified retrospective method, and used the effective date method of adoption, as permitted by ASU 2018 - 11, Leases (Topic 842 ): Ta rgeted Improvements , which the FASB issued in July 2018, clarified by ASU 2019 - 01, Leases (Topic 842 ): Codification Improvements , which the FASB issued in March 2019, which reduces the disclosure requirements on transition. The Company has elected the short-term lease recognition exemption for all classes of assets, which means that it will not recognize right-of-use assets or lease liabilities for leases with a duration of one year or less. Further, the Company has elected to use all of the practical expedients available on transition, whereby it has not reassessed under the new standard its prior conclusions about lease identification, lease classification and initial direct costs. The adoption of this standard had a material effect on the Company’s condensed consolidated balance sheets, the most significant effects being the recognition of new right-of-use assets and lease liabilities. The Company recognized lease liabilities of $1,229,000, $783,000 of which was current, and right-of-use assets of $953,000 based on the present value of the remaining minimum rental payments for existing operating leases, derecognized liabilities related to deferred rent and lease loss accrual of $249,000, $111,000 of which was current, and recognized an increase of $27,000 to accumulated deficit on adoption of the new accounting policy. The increase in accumulated deficit arose because the right-of-use asset impairment charge that would have been recorded in the three months ended December 31, 2018, under Topic 842 exceeded the lease loss accrual, net of accretion, that was recorded. This impact aside, the adoption had no effect on the Company’s statements of operations or cash flows, other than on related disclosures. Recent Accounting Pronouncements The Company has reviewed all newly-issued accounting pronouncements and concluded that they either are not applicable to the Company’s operations or no material effect is expected on its condensed consolidated financial statements as a result of future adoption.

Note 3 - Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2019

Notes Tables

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

	Convertible
	Preferred Stock
	Warrant Liability			Total
	(in thousands)
Balance at January 1, 2018	$	67		$	67
Issuances		—			—
Revaluation loss included in loss on revaluation of financial instruments, net		3			3
Settlements		(70	)		(70	)
Balance at June 30, 2018	$	—		$	—

Total gains included in other income and (expenses) attributable to liabilities still held as of June 30, 2018	$	—		$	—

Note 4 - Balance Sheet Components (Tables)

6 Months Ended

Jun. 30, 2019

Notes Tables

Schedule of Cash and Cash Equivalents [Table Text Block]

	June 30, 2019		December 31, 2018
	(in thousands)
Cash at banks	$	16,243	$	11,441
Restricted cash		—		50
Money market funds		15		15
Total cash and cash equivalents	$	16,258	$	11,506

Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]

	June 30, 2019		December 31, 2018
	(in thousands)
Royalties receivable	$	15	$	1,776
Government contract - billed		20		20
Accounts receivable	$	35	$	1,796

Property, Plant and Equipment [Table Text Block]

	June 30, 2019			December 31, 2018
	(in thousands)
Laboratory equipment	$	2,775		$	2,076
Office and computer equipment		227			227
Leasehold improvements		340			333

Total property and equipment		3,342			2,636
Less: accumulated depreciation		(1,825	)		(1,570	)
Property and equipment, net	$	1,517		$	1,066

Lessee, Operating Lease, Right-of-Use Assets [Table Text Block]

	June 30, 2019
	(in thousands)
Facilities	$	557
Office equipment		8
Right-of-use assets, net	$	565

Schedule of Finite-Lived Intangible Assets [Table Text Block]

	June 30, 2019			December 31, 2018
	(in thousands)
Purchased technology	$	22,100		$	22,100
Intellectual property		80			80
Total cost		22,180			22,180
Less: accumulated amortization		(4,221	)		(2,767	)
Intangible assets, net	$	17,959		$	19,413

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]

Year Ending December 31,	Amount
2019 (six months remaining)	$	866
2020		1,732
2021		1,732
2022		1,732
2023		1,731
Thereafter		10,166
Total	$	17,959

Schedule of Accrued Liabilities [Table Text Block]

	June 30, 2019		December 31, 2018
	(in thousands)
Accrued compensation	$	773	$	632
Accrued clinical and manufacturing expenses		18		75
Accrued professional and consulting services		48		166
Reserve for return of royalties		339		339
Deferred rent and lease loss accrual, current portion		—		111
Other liabilities, current portion		307		195

Total	$	1,485	$	1,518

Note 6 - Liabilities Related to Sale of Future Royalties (Tables)

6 Months Ended

Jun. 30, 2019

Notes Tables

Deferred Revenue, by Arrangement, Disclosure [Table Text Block]

Total liability related to sale of future royalties, start of period	$	17,741
Non-cash royalty revenue paid to HCRP		(3,132	)
Non-cash interest expense recognized		1,060
Total liability related to sale of future royalties, end of period		15,669
Current portion		(3,150	)
Long-term portion	$	12,519

Note 7 - Leases (Tables)

6 Months Ended

Jun. 30, 2019

Notes Tables

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

Year Ending December 31,
2019 (excluding the six months ended June 30, 2019)	$	361
2020		414
Thereafter		58
Undiscounted total		833
Less: imputed interest		(52	)
Present value of future minimum payments		781
Current portion of operating lease liability		(565	)
Operating lease liability, net of current portion	$	216

Lease, Cost [Table Text Block]

	Three Months Ended			Six Months Ended
	June 30, 2019			June 30, 2019
Lease cost	(in thousands)
Operating lease cost	$	222		$	445
Short-term lease cost		4			7
Sublease income		(55	)		(109	)
Total lease cost	$	171		$	343

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

Year Ending December 31,	Lease Payments		Sublease Income
	(in thousands)
2019	$	859	$	213
2020		411		219
2021		56		38
Thereafter		—		—
Total	$	1,326	$	470

Note 10 - Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2019

Notes Tables

Schedule of Common Stock Reserved for Issuance [Table Text Block]

	June 30, 2019		December 31, 2018

Options issued and outstanding		2,166,800		865,163
Available for future grants of equity awards		186,410		223,377
Common stock warrants		12,832,188		10,914
Total		15,185,398		1,099,454

Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block]

Securities into which warrants are convertible	Warrants outstanding	Exercise Price		Expiration Date

Common Stock	1,646,364	$	0.10	April 2024
Common Stock	10,454,546	$	1.10	April 2024
Common Stock	636,364	$	1.375	April 2024
Common Stock	84,000	$	3.125	March 2024
Common Stock	10,914	$	22.99	December 2026
Total	12,832,188

Note 11 - Equity Incentive Plans (Tables)

6 Months Ended

Jun. 30, 2019

Notes Tables

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

							Weighted
	Shares			Number of			Average
	Available			Options			Exercise
	For Grant			Outstanding			Price

Balance at January 1, 2019		200,650			865,163		$	8.13
Authorized under 2019 Plan		1,600,000			—		$	—
Removed from 2016 Plan		(223,389	)		—		$	—
Granted		(1,413,590	)		1,413,590		$	0.76
Forfeited		—			(7,399	)	$	5.35
Canceled		22,739			(104,554	)	$	11.00

Balance at June 30, 2019		186,410			2,166,800		$	3.19

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

	Six Months Ended June 30,
	2019	2018
Risk-free interest rate	1.89% - 2.31%	2.79% - 2.80%
Expected term	5.39 - 6.08 Years	5.84 - 6.05 Years
Expected volatility	83% - 85%	78% - 80%
Dividend yield	—%	—%

Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]

	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
	(in thousands)				(in thousands)
Research and development	$	80	$	59	$	159	$	103
General and administrative		100		59		185		101
Total stock-based compensation	$	180	$	118	$	344	$	204

Note 12 - Net Loss Per Share Attributable to Common Stockholders (Tables)

6 Months Ended

Jun. 30, 2019

Notes Tables

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	Three Months Ended June 30,						Six Months Ended June 30,
	2019			2018			2019			2018

Net loss	$	(5,637	)	$	(8,871	)	$	(6,976	)	$	(6,557	)

Series B and C preferred dividend		—			—			—			(339	)

Net loss attributable to common stockholders – diluted calculation	$	(5,637	)	$	(8,871	)	$	(6,976	)	$	(6,896	)

Shares used to compute net loss per share – basic and diluted		14,597,446			7,141,189			10,969,473			5,477,265

Net loss per share – basic and diluted	$	(0.39	)	$	(1.24	)	$	(0.64	)	$	(1.26	)

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

Options to purchase common stock		1,561,067		878,555		1,212,654		765,702

Warrants to purchase common stock		11,802,695		10,794		5,944,948		8,230

Warrant to purchase convertible preferred stock		—		—		—		1,797

Series B and C convertible preferred stock outstanding, including cumulative dividends		—		—		—		431,064

Series A convertible preferred stock outstanding		—		—		—		24,723

Convertible promissory notes, related party (as converted)		—		—		—		373,388

Total potentially dilutive securities excluded from denominator of the diluted earnings per share computation		13,363,762		889,349		7,157,602		1,604,904

Note 1 - Organization and Basis of Presentation (Details Textual)				6 Months Ended
	Apr. 11, 2019 USD ($) $ / shares shares	Mar. 20, 2019 USD ($) $ / shares shares	Feb. 13, 2018 shares	Jun. 30, 2019 USD ($) shares	Jun. 30, 2018 USD ($)	Dec. 31, 2018 USD ($)
Conversion of Stock, Shares Issued			0.22148
Stock Issued During Period, Shares, Reverse Stock Splits			7,100,000
Exchange Ratio, Number of Shares Exchanged Per Share			0.0201346
Stock Issued During Period, Shares, New Issues		1,200,000
Gross Proceeds from Issuance of Common Stock \| $		$ 3,000,000
Proceeds from Issuance of Common Stock \| $	$ 9,300,000	2,500,000		$ 2,540,000
Payments of Stock Issuance Costs \| $		$ 320,000
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	10,454,546
Stock Issued During Period, Shares, New Issues, Excluding Shares Sold to Underwriters	925,455
Class of Warrant Right, Number of Pre-funded Warrants Issued During Period	8,165,455
Shares Issued, Price Per Share \| $ / shares	$ 1.10
Pre-funded Warrant Price \| $ / shares	1
Pre-funded Warrant, Accompanying Warrant, Amount Paid Per Share \| $ / shares	$ 0.10
Proceeds from Issuance of Common Stock, Net \| $	$ 8,100,000
Proceeds from Warrant Exercises \| $				$ 652,000
Class of Warrant or Right, Outstanding				12,832,188
Payments for Aggregate Commissions to Underwriters \| $	$ 750,000
Number of Reportable Segments				1
Retained Earnings (Accumulated Deficit), Ending Balance \| $				$ (104,992,000)		$ (97,989,000)
Notes Payable, Total \| $				2,800,000
Cash and Cash Equivalents, at Carrying Value, Ending Balance \| $				$ 16,300,000
Over-Allotment Option [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	1,363,636
Warrants in Connection with March 2019 Offering [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights		84,000
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right		1
Class of Warrant or Right, Exercise Price of Warrants or Rights \| $ / shares		$ 3.125
Warrants and Rights Outstanding, Term		5 years
Warrants and Rights Outstanding \| $		$ 100,000
Pre-funded Warrants [Member]
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right	1
Class of Warrant or Right, Exercise Price of Warrants or Rights \| $ / shares	$ 0.10
Class of Warrant or Right, Outstanding				1,646,364
Common Warrants [Member]
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right	1
Class of Warrant or Right, Exercise Price of Warrants or Rights \| $ / shares	$ 1.10
Class of Warrant or Right, Period to Expiration	5 years
Underwriter Warrants [Member]
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right	1
Class of Warrant or Right, Exercise Price of Warrants or Rights \| $ / shares	$ 1.375
Class of Warrant or Right, Period to Expiration	5 years
Class of Warrant or Right, Issued During Period	636,364
Class of Warrant or Right, Issued During Period, Fair Value \| $	$ 333,000
Private Vaxart's Stockholders, Warrantholders, and Optionholders [Member]
Ownership Percentage			51.00%
Aviragens Stockholderrs and Optionholders [Member]
Ownership Percentage			49.00%
Reverse Stock Split [Member]
Stockholders' Equity Note, Stock Split, Conversion Ratio			11

Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($)	Jun. 30, 2019	Jan. 01, 2019	Dec. 31, 2018
Operating Lease, Liability, Total	$ 781,000
Operating Lease, Liability, Current	565,000
Operating Lease, Right-of-Use Asset	565,000
Deferred Rent Credit, Current			111,000
Retained Earnings (Accumulated Deficit), Ending Balance	$ (104,992,000)		$ (97,989,000)
Accounting Standards Update 2016-02 [Member]
Operating Lease, Liability, Total		$ 1,229,000
Operating Lease, Liability, Current		783,000
Operating Lease, Right-of-Use Asset		953,000
Deferred Rent Credit		(249,000)
Deferred Rent Credit, Current		(111,000)
Retained Earnings (Accumulated Deficit), Ending Balance		$ (27,000)

Note 3 - Fair Value of Financial Instruments (Details Textual) - Fair Value, Recurring [Member] - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Financial Liabilities Fair Value Disclosure, Total	$ 0	$ 0
Money Market Funds [Member]
Cash and Cash Equivalents, Fair Value Disclosure	$ 15,000	$ 15,000

Note 3 - Fair Value of Financial Instruments - a Reconciliation of All Liabilities Measured At Fair Value On a Recurring Basis Using Significant Unobservable Inputs (Level 3) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2018 USD ($)
Balance at January 1, 2018	$ 67
Issuances
Revaluation loss included in loss on revaluation of financial instruments, net	3
Settlements	(70)
Balance at June 30, 2018
Total gains included in other income and (expenses) attributable to liabilities still held as of June 30, 2018
Convertible Preferred Stock Warrant Liability [Member]
Balance at January 1, 2018	67
Issuances
Revaluation loss included in loss on revaluation of financial instruments, net	3
Settlements	(70)
Balance at June 30, 2018
Total gains included in other income and (expenses) attributable to liabilities still held as of June 30, 2018

Note 4 - Balance Sheet Components (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Accounts Receivable, Allowance for Credit Loss, Current	$ 0		$ 0		$ 0
Depreciation, Total	125,000	$ 121,000	255,000	$ 219,000
Impairment of Property and Equipment			0	0
Amortization of Intangible Assets, Total	675,000	805,000	1,454,000	1,218,000
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill)		1,600,000		$ 1,600,000
In Process Research and Development 1 [Member]
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill)		$ 1,600,000
Intellectual Property [Member]
Finite-Lived Intangible Asset, Useful Life			20 years
Minimum [Member]
Finite-Lived Intangible Asset, Useful Life			1 year 109 days
Maximum [Member]
Finite-Lived Intangible Asset, Useful Life			11 years 273 days

Note 4 - Balance Sheet Components - Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018	Dec. 31, 2017
Cash at banks	$ 16,243	$ 11,441
Restricted cash		50
Money market funds	15	15
Total cash and cash equivalents	$ 16,258	$ 11,506	$ 23,921	$ 1,571

Note 4 - Balance Sheet Components - Accounts Receivable, Net of Allowance (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Accounts receivable	$ 35	$ 1,796
Royalty [Member]
Accounts receivable	15	1,776
Government Contract [Member]
Accounts receivable	$ 20	$ 20

Note 4 - Balance Sheet Components - Property and Equipment, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Property and equipment, gross	$ 3,342	$ 2,636
Less: accumulated depreciation	(1,825)	(1,570)
Property and equipment, net	1,517	1,066
Laboratory Equipment [Member]
Property and equipment, gross	2,775	2,076
Office Equipment [Member]
Property and equipment, gross	227	227
Leasehold Improvements [Member]
Property and equipment, gross	$ 340	$ 333

Note 4 - Balance Sheet Components - Right-of-Use Assets, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Right-of-use assets, net	$ 565
Facilities [Member]
Right-of-use assets, net	557
Office Equipment [Member]
Right-of-use assets, net	$ 8

Note 4 - Balance Sheet Components - Intangible assets (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Intangible assets, gross	$ 22,180	$ 22,180
Less: accumulated amortization	(4,221)	(2,767)
Intangible assets, net	17,959	19,413
Purchased Technology [Member]
Intangible assets, gross	22,100	22,100
Intellectual Property [Member]
Intangible assets, gross	$ 80	$ 80

Note 4 - Balance Sheet Components - Estimated Future Amortization Expense (Details) $ in Thousands	Jun. 30, 2019 USD ($)
2019 (six months remaining)	$ 866
2020	1,732
2021	1,732
2022	1,732
2023	1,731
Thereafter	10,166
Total	$ 17,959

Note 4 - Balance Sheet Components - Accrued liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Accrued compensation	$ 773	$ 632
Accrued clinical and manufacturing expenses	18	75
Accrued professional and consulting services	48	166
Reserve for return of royalties	339	339
Deferred rent and lease loss accrual, current portion		111
Other liabilities, current portion	307	195
Total	$ 1,485	$ 1,518

Note 5 - Revenue (Details Textual) - USD ($)	3 Months Ended		6 Months Ended		37 Months Ended
Note 5 - Revenue (Details Textual) - USD ($)	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Jun. 28, 2018	Sep. 30, 2015
Revenue from Contract with Customer, Including Assessed Tax	$ 85,000	$ 608,000	$ 5,492,000	$ 2,111,000
Income Tax Expense (Benefit), Total	13,000	1,000	$ 263,000	29,000
Foreign Tax Authority [Member] \| National Tax Agency, Japan [Member]
Royalty Withholding Tax			5.00%
Income Tax Expense (Benefit), Total	1,000	1,000	$ 237,000	29,000
Government Contract [Member]
Contract Value					$ 15,700,000	$ 14,000,000
Contract Value, Adjustment					$ 1,700,000
Revenues, Total		520,000		1,130,000
Revenue from Contract with Customer, Including Assessed Tax		520,000		1,130,000
Royalty [Member]
Revenue from Contract with Customer, Including Assessed Tax	69,000	70,000	3,728,000	963,000
Royalty [Member] \| GSK Research and License Agreement [Member]
Revenue from Contract with Customer, Including Assessed Tax	69,000	70,000	$ 764,000	$ 411,000
Royalty Percentage			7.00%	7.00%
Royalty [Member] \| Daiichi Sankyo Collaberation and License Agreement [Member]
Revenue from Contract with Customer, Including Assessed Tax	0	0	$ 2,964,000	$ 552,000
Royalty Percentage			4.00%	4.00%
Royalty [Member] \| Daiichi Sankyo Collaberation and License Agreement [Member] \| HealthCare Royalty Partners III, L.P. [Member]
Liability Related to Sale of Future Royalties	$ 16,000	$ 18,000	$ 16,000	$ 18,000

Note 6 - Liabilities Related to Sale of Future Royalties (Details Textual) - HCRP [Member] $ in Millions	1 Months Ended
	Apr. 30, 2016 USD ($)
Proceeds from Sale of Future Royalties, Net	$ 20
Royalty Interest Due Each Year	$ 3
Royalty Interest, Percentage of Additional Royalties Due Each Year	15.00%
Royalty Interest, Additional Royalties Due Each Year	$ 1

Note 6 - Liabilities Related to Sale of Future Royalties - Deferred Revenue Activity (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Current portion	$ (3,150)	$ (3,328)
Long-term portion	12,519	$ 14,413
HealthCare Royalty Partners III, L.P. [Member] \| Royalty Arrangement [Member]
Total liability related to sale of future royalties, start of period	17,741
Non-cash royalty revenue paid to HCRP	(3,132)
Non-cash interest expense recognized	1,060
Total liability related to sale of future royalties, end of period	15,669
Current portion	(3,150)
Long-term portion	$ 12,519

Note 7 - Leases (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
Note 7 - Leases (Details Textual) - USD ($)	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Lessee, Operating Lease, Number of Right-of-Use Leases	5		5
Lessee, Operating Lease, Number of Right-of-Use Leases, Subleased	1		1
Lessee, Operating Lease, Number Leases Exceeding One Year	3		3
Lessee, Operating Lease, Number Leases Exceeding Less than One Year	3		3
Lessee, Operating Lease, Renewal Term	5 years		5 years
Operating Lease, Weighted Average Discount Rate, Percent	10.50%		10.50%
Operating Lease, Weighted Average Remaining Lease Term	1 year 116 days		1 year 116 days
Short-term Lease Commitment, Amount	$ 1,000		$ 1,000
Lessee, Finance Lease, Number of Leases	0		0
Operating Lease, Payments	$ 200,000	$ 222,000	$ 399,000	$ 368,000

Note 7 - Leases - Lease Liabilities Payment Obligations (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
2019 (excluding the six months ended June 30, 2019)	$ 361
2020	414
Thereafter	58
Undiscounted total	833
Less: imputed interest	(52)
Present value of future minimum payments	781
Current portion of operating lease liability	(565)
Operating lease liability, net of current portion	$ 216

Note 7 - Leases - Operating Lease Expenses (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Operating lease cost	$ 222	$ 445
Short-term lease cost	4	7
Sublease income	(55)	(109)
Total lease cost	$ 171	$ 343

Note 7 - Leases - Minimum Payments and Sublease Income Under ASC 840 (Details) $ in Thousands	Dec. 31, 2018 USD ($)
2019, lease payments	$ 859
2019, sublease income	213
2020, lease payments	411
2020, sublease income	219
2021, lease payments	56
2021, sublease income	38
Thereafter, lease payments
Thereafter, sublease income
Total, lease payments	1,326
Total, sublease income	$ 470

Note 8 - Secured Promissory Note Payable to Oxford Finance (Details Textual) - USD ($)		3 Months Ended		6 Months Ended
	Dec. 22, 2016	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Apr. 11, 2019	Feb. 13, 2018
Class of Warrant or Right, Number of Securities Called by Warrants or Rights						10,454,546
Debt Conversion, Converted Instrument, Amount					$ 35,577,000
Warrants in Connection with Loan Agreement [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	7,563						10,914
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 33.11						$ 22.99
Warrants Not Settleable in Cash, Fair Value Disclosure	$ 134,000						$ 70,000
Loan Agreement [Member] \| Oxford Finance [Member]
Long-term Debt, Gross	$ 5,000,000
Debt Instrument, Term	4 years
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid	$ 325,000
Debt Instrument, Interest Rate, Stated Percentage	10.50%
Interest Expense, Debt, Total		$ 96,000	$ 138,000	202,000	279,000
Interest Paid, Including Capitalized Interest, Operating and Investing Activities, Total		$ 64,000	$ 94,000	$ 136,000	$ 189,000
Debt Conversion, Converted Instrument, Amount	$ 250,000
Loan Agreement [Member] \| Oxford Finance [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	6.17%

Note 10 - Stockholders' Equity (Details Textual)	6 Months Ended
Note 10 - Stockholders' Equity (Details Textual)	Jun. 30, 2019 USD ($) $ / shares shares	Apr. 23, 2019 $ / shares shares	Apr. 22, 2019 shares	Apr. 11, 2019 USD ($) $ / shares shares	Mar. 20, 2019 USD ($) $ / shares shares	Dec. 31, 2018 $ / shares shares
Preferred Stock, Shares Authorized \| shares	5,000,000					5,000,000
Preferred Stock, Par or Stated Value Per Share	$ 0.10					$ 0.10
Preferred Stock, Shares Outstanding, Ending Balance \| shares	0					0
Common Stock, Par or Stated Value Per Share	$ 0.10	$ 0.10				$ 0.10
Common Stock, Shares Authorized \| shares	100,000,000	100,000,000	200,000,000			100,000,000
Common Stock, Number of Votes Per Share		1
Dividends, Common Stock, Total \| $	$ 0
Warrants in Connection with March 2019 Offering [Member]
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right \| shares					1
Class of Warrant or Right, Exercise Price of Warrants or Rights					$ 3.125
Warrants and Rights Outstanding \| $					$ 100,000
Warrants in Connection with March 2019 Offering [Member] \| Measurement Input, Share Price [Member]
Warrants and Rights Outstanding, Measurement Input					2.08
Warrants in Connection with March 2019 Offering [Member] \| Measurement Input, Price Volatility [Member]
Warrants and Rights Outstanding, Measurement Input					0.8
Warrants in Connection with March 2019 Offering [Member] \| Measurement Input, Risk Free Interest Rate [Member]
Warrants and Rights Outstanding, Measurement Input					0.0234
Warrants in Connection with March 2019 Offering [Member] \| Measurement Input, Expected Dividend Rate [Member]
Warrants and Rights Outstanding, Measurement Input					0
Warrants in Connection with March 2019 Offering [Member] \| Measurement Input, Expected Term [Member]
Warrants and Rights Outstanding, Measurement Input					5
Warrants in Connection With the April 2019 Offering [Member]
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right \| shares				1
Class of Warrant or Right, Exercise Price of Warrants or Rights				$ 1.375
Warrants and Rights Outstanding \| $				$ 333,000
Warrant Exercise Price to be Entitled to Receive Cash Consideration, Fundamental Transaction	$ 1.10
Warrants in Connection With the April 2019 Offering [Member] \| Measurement Input, Share Price [Member]
Warrants and Rights Outstanding, Measurement Input				0.89
Warrants in Connection With the April 2019 Offering [Member] \| Measurement Input, Price Volatility [Member]
Warrants and Rights Outstanding, Measurement Input				0.83
Warrants in Connection With the April 2019 Offering [Member] \| Measurement Input, Risk Free Interest Rate [Member]
Warrants and Rights Outstanding, Measurement Input				0.0231
Warrants in Connection With the April 2019 Offering [Member] \| Measurement Input, Expected Dividend Rate [Member]
Warrants and Rights Outstanding, Measurement Input				0
Warrants in Connection With the April 2019 Offering [Member] \| Measurement Input, Expected Term [Member]
Warrants and Rights Outstanding, Measurement Input				5

Note 10 - Stockholders' Equity - Shares of Common Stock Reserved for Issuance (Details) - shares	Jun. 30, 2019	Dec. 31, 2018
Common stock reserved for issuance (in shares)	15,185,398	1,099,454
Options Issued and Outstanding [Member]
Common stock reserved for issuance (in shares)	2,166,800	865,163
Options Available for Future Grants [Member]
Common stock reserved for issuance (in shares)	186,410	223,377
Common Warrants [Member]
Common stock reserved for issuance (in shares)	12,832,188	10,914

Note 10 - Stockholders' Equity - Summary of Warrants Outstanding (Details)	Jun. 30, 2019 $ / shares shares
Warrants outstanding (in shares)	12,832,188
First Set of Warrants Expiring April 2024 [Member]
Warrants outstanding (in shares)	1,646,364
Exercise Price (in dollars per share) \| $ / shares	$ 0.10
Second Set of Warrants Expiring April 2024 [Member]
Warrants outstanding (in shares)	10,454,546
Exercise Price (in dollars per share) \| $ / shares	$ 1.10
Third Set of Warrants Expiring April 2024 [Member]
Warrants outstanding (in shares)	636,364
Exercise Price (in dollars per share) \| $ / shares	$ 1.375
Warrants Expiring March 2024 [Member]
Warrants outstanding (in shares)	84,000
Exercise Price (in dollars per share) \| $ / shares	$ 3.125
Warrants Expiring December 2026 [Member]
Warrants outstanding (in shares)	10,914
Exercise Price (in dollars per share) \| $ / shares	$ 22.99

Note 11 - Equity Incentive Plans (Details Textual) - USD ($) $ / shares in Units, $ in Millions		1 Months Ended	6 Months Ended
	Apr. 23, 2019	Nov. 30, 2016	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018	Jul. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant			186,410		200,650
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value			$ 0.55	$ 3.59
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount			$ 1.4
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition			2 years 299 days
The 2007 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant						0
The 2016 Equity Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	0
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period		10 years
The 2019 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period	10 years
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	1,600,000

Note 11 - Equity Incentive Plans - Summary of Stock Option Transactions (Details)	6 Months Ended
	Jun. 30, 2019 $ / shares shares
Shares available for grant, beginning balance (in shares)	200,650
Number of options outstanding, beginning balance (in shares)	865,163
Weighted average exercise price, beginning balance (in dollars per share) \| $ / shares	$ 8.13
Shares available for grant, authorized under 2019 Plan (in shares)	1,600,000
Shares available for grant, removed from 2016 Plan (in shares)	(223,389)
Shares available for grant, granted (in shares)	(1,413,590)
Number of options outstanding, granted (in shares)	1,413,590
Weighted average exercise price, granted (in dollars per share) \| $ / shares	$ 0.76
Shares available for grant, forfeited (in shares)
Number of options outstanding, forfeited (in shares)	(7,399)
Weighted average exercise price, forfeited (in dollars per share) \| $ / shares	$ 5.35
Shares available for grant, canceled (in shares)	22,739
Number of options outstanding, canceled (in shares)	(104,554)
Weighted average exercise price, canceled (in dollars per share) \| $ / shares	$ 11
Shares available for grant, ending balance (in shares)	186,410
Number of options outstanding, ending balance (in shares)	2,166,800
Weighted average exercise price, ending balance (in dollars per share) \| $ / shares	$ 3.19

Note 11 - Equity Incentive Plans - Fair Value Assumptions (Details)	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Dividend yield
Minimum [Member]
Risk-free interest rate	1.89%	2.79%
Expected term (Year)	5 years 142 days	5 years 306 days
Expected volatility	83.00%	78.00%
Maximum [Member]
Risk-free interest rate	2.31%	2.80%
Expected term (Year)	6 years 29 days	6 years 18 days
Expected volatility	85.00%	80.00%

Note 11 - Equity Incentive Plans - Total Stock-based Compensation Recognized for Options (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Stock-based compensation	$ 180	$ 118	$ 344	$ 204
Research and Development Expense [Member]
Stock-based compensation	80	59	159	103
General and Administrative Expense [Member]
Stock-based compensation	$ 100	$ 59	$ 185	$ 101

Note 12 - Net Loss Per Share Attributable to Common Stockholders (Details Textual) $ in Thousands	6 Months Ended
	Jun. 30, 2019 USD ($)
Dilutive Securities, Effect on Basic Earnings Per Share, Total	$ 0

Note 12 - Net Loss Per Share Attributable to Common Stockholders - Calculation of Basic and Diluted Net (Loss) Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Net loss	$ (5,637)	$ (8,871)	$ (6,976)	$ (6,557)
Series B and C preferred dividend				(339)
Net loss attributable to common stockholders – diluted calculation	$ (5,637)	$ (8,871)	$ (6,976)	$ (6,896)
Shares used to compute net loss per share - basic and diluted (in shares)	14,597,446	7,141,189	10,969,473	5,477,265
Net loss per share - basic and diluted (in dollars per share)	$ (0.39)	$ (1.24)	$ (0.64)	$ (1.26)

Note 12 - Net Loss Per Share Attributable to Common Stockholders - Summary of Antidilutive Securities (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Potentially dilutive securities excluded from denominator of the diluted earnings per share computation (in shares)	13,363,762	889,349	7,157,602	1,604,904
Share-based Payment Arrangement, Option [Member]
Potentially dilutive securities excluded from denominator of the diluted earnings per share computation (in shares)	1,561,067	878,555	1,212,654	765,702
Warrant [Member] \| Convertible Preferred Stock [Member]
Potentially dilutive securities excluded from denominator of the diluted earnings per share computation (in shares)				1,797
Warrant [Member] \| Common Stock [Member]
Potentially dilutive securities excluded from denominator of the diluted earnings per share computation (in shares)	11,802,695	10,794	5,944,948	8,230
Series B and C Convertible Preferred Stock, Including Cumulative Dividends [Member]
Potentially dilutive securities excluded from denominator of the diluted earnings per share computation (in shares)				431,064
Series A Convertible Preferred Stock [Member]
Potentially dilutive securities excluded from denominator of the diluted earnings per share computation (in shares)				24,723
Convertible Debt Securities [Member]
Potentially dilutive securities excluded from denominator of the diluted earnings per share computation (in shares)				373,388