View Filing Data

Prepaid expenses and other assets

(1,823,000)

13,500,000

855,000

(873,000)

Net cash used in operating activities

(62,000)

(3,784,000)

Accrued liabilities

2,312,000

(6,393,000)

(13,090,000)

(14,548,000)

Cash flows from investing activities:

Purchase of property and equipment

(850,000)

(707,000)

Proceeds from sale of equipment

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

(850,000)

26,212,000

Cash flows from financing activities:

Net proceeds from issuance of common stock in registered direct offering

2,540,000

Exercise of pre-funded warrants

1,226,000

Exercise of common stock warrants

180,000

Repayment of principal on secured promissory note payable to Oxford Finance

(3,799,000)

(1,528,000)

Repayment of short-term note

(214,000)

Proceeds from issuance of common stock upon exercise of stock options

13,000

Net cash provided by (used in) financing activities

15,960,000

(1,729,000)

Net increase in cash and cash equivalents

2,020,000

9,935,000

Cash and cash equivalents at beginning of the period

11,506,000

1,571,000

Cash and cash equivalents at end of the period

13,526,000

11,506,000

Supplemental disclosure of cash flow information:

Interest paid

227,000

356,000

Supplemental disclosure of non-cash investing and financing activity:

Issuance of warrants to placement agents’ designees

100,000

Issuance of warrants to underwriters’ designees

830,000

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

Operating lease liabilities arising from obtaining right-of-use assets

1,929,000

Acquisition of property and equipment included in accounts payable

4,000

52,000

Proceeds due for sale of property and equipment included in prepaid expenses and other current assets

3,000

The April 2019 Offering [Member]

Cash flows from financing activities:

Net proceeds from issuance of common stock, pre-funded warrants and common warrants in underwritten offering

8,074,000

The September 2019 Offering [Member]

Cash flows from financing activities:

Net proceeds from issuance of common stock, pre-funded warrants and common warrants in underwritten offering

$ 7,739,000

[1]	The bargain purchase gain represents the excess of the fair value of tangible and identified intangible assets acquired, less liabilities assumed, over the purchase price.

Note 1 - Organization and Basis of Presentation	12 Months Ended
Note 1 - Organization and Basis of Presentation	Dec. 31, 2019
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	VAXART, INC. AND SUBSIDIARIES Notes to the Consolidated Financial Statements 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 Consolidated 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 Consolidated 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 the effective date of the March 2019 Offering. The aggregate fair value of these warrants at issuance was estimated to be $100,000 (see Note 12 ), 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 entitled the holder to purchase one share of common stock for $0.10, was immediately exercisable, subject to certain ownership limitations, and was exercisable at any time until all of the pre-funded warrants were 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 December 31, 2019, a further $0.8 million had been received from the exercise of all of 8,165,455 pre-funded warrants issued in the April 2019 Offering. 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 12 ), which was recorded in offering costs. On September 30, 2019, the Company completed a public underwritten offering (the “September 2019 Offering”) of 26,124,828 shares of common stock (including 3,558,161 shares of common stock issued upon the partial exercise by the underwriters of their option to purchase 4,000,000 shares), 4,100,000 pre-funded warrants, and warrants to purchase 30,666,667 shares of common stock (including 4,000,000 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 $0.30, and each pre-funded warrant with an accompanying common stock warrant was sold for $0.20, 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 imitations, 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 $0.30, is exercisable immediately, subject to certain ownership limitations, and will expire five years from the date of issuance. The total gross proceeds from the September 2019 Offering to the Company were $8.7 million. After deducting underwriting discounts, commissions and offering expenses payable by the Company, the aggregate net proceeds received by the Company were $7.7 million. In addition, as of December 31, 2019, $0.4 million had been received from the exercise of all of the 4,100,000 pre-funded warrants issued in the September 2019 Offering and a further $0.2 million had been received from the exercise of 598,067 of the common stock warrants issued in the September 2019 Offering. Pursuant to the terms of an underwriting agreement, the Company paid the underwriters aggregate commissions and reimbursable costs of $713,000. In addition, the Company issued the underwriters’ designees 2,115,738 common stock warrants at the closing of the September 2019 Offering, each warrant entitling the holder to purchase one share of common stock for $0.375 at any time within five years of their issuance date. The aggregate fair value of these warrants at issuance was estimated to be $497,000 (see Note 12 ), which was recorded in offering costs. As a result of the funds received in the March 2019 Offering, the April 2019 Offering and the September 2019 Offering, along with cost reductions afforded by restructuring (see Note 14 ) and the proceeds received from the registered direct offering completed on March 2, 2020 ( the “March 2020 Offering”) and from the exercise of warrants (see Note 19 ), substantial doubt about the Company’s ability to continue as a going concern no longer exists. 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.

Note 2 - Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2019

Significant Accounting Policies [Text Block]

NOTE

Summary of Significant Accounting Policies

Basis of Presentation

– The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

Basis of Consolidation

– The 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.

Foreign Currencies

– Foreign exchange gains and losses for assets and liabilities of the Company’s non-U.S. subsidiaries for which the functional currency is the U.S. dollar are recorded in foreign exchange gain or loss, net within other income and (expenses) in the Company’s consolidated statements of operations and comprehensive loss. The Company has

subsidiaries for which the local currency is the functional currency.

Cash and Cash Equivalents

– The Company considers all highly liquid debt investments with an original maturity of

three

months or less when purchased to be cash equivalents. Cash equivalents, which

may

consist of amounts invested in money market funds, corporate bonds and commercial paper, are stated at fair value.

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

collateral from its customers.

Accounts Receivable

– Accounts receivable arise from the Company’s royalty revenue receivable for sales, net of estimated returns, of Inavir and Relenza, and from its contracts with customers and with the Department of Health and Human Services, Office of Biomedical Advanced Research and Development Authority (“HHS BARDA”) (see Note

), and are reported at amounts expected to be collected in future periods. An allowance for uncollectible accounts will be recorded based on a combination of historical experience, aging analysis, and information on specific accounts, with related amounts recorded as a reserve against revenue recognized. Account balances will be written off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Company has provided

allowance for uncollectible accounts as of

December 31, 2019

and

2018

Property and Equipment

– Property and equipment is carried at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the respective assets. Depreciation begins at the time the asset is placed in service. Maintenance and repairs are charged to operations as incurred. Upon sale or retirement of assets, the cost and related accumulated depreciation are removed from the balance sheet and the resulting gain or loss is reflected in other income and (expenses) in the period realized.

The useful lives of the property and equipment are as follows:

Laboratory equipment (in years)			5
Office and computer equipment (in years)			3
Leasehold improvements			Shorter of remaining lease term or estimated useful life

Intangible Assets

– Intangible assets comprise developed technology, intellectual property and, until it was considered fully impaired (see Note

), 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. In-process research and development is considered to be indefinite-lived and is

not

amortized, but is subject to impairment testing. The Company assessed its in-process research and development as fully impaired in the year ended

December 31, 2018 (

see Note

Impairment of Long-Lived Assets

– The Company reviews its long-lived assets, including property and equipment and intangible assets with finite lives, for impairment whenever events or changes in circumstances indicate the carrying amount of these assets

may

not

be recoverable. Recoverability of these assets is measured by comparison of the carrying amount of each asset to the future undiscounted cash flows the asset is expected to generate over its remaining life. When indications of impairment are present and the estimated undiscounted future cash flows from the use of these assets is less than the assets’ carrying value, the related assets will be written down to fair value. The Company assessed leasehold improvements and furniture at its leased offices in Alpharetta, Georgia as impaired in the year ended

December 31, 2018 (

see Notes

and

). The Company also assessed its manufacturing equipment and its right-of-use asset and leasehold improvements at its manufacturing premises as impaired in the year ended

December 31, 2019 (

see Note

Accrued Clinical and Manufacturing Expenses

– The Company accrues for estimated costs of research and development activities conducted by

third

-party service providers, which include the conduct of preclinical studies and clinical trials, and contract manufacturing activities. The Company records the estimated costs of research and development activities based upon the estimated amount of services provided and includes the costs incurred but

not

yet invoiced within other accrued liabilities in the balance sheets and within research and development expense in the consolidated statements of operations and comprehensive loss. These costs can be a significant component of the Company’s research and development expenses.

The Company estimates the amount of services provided through discussions with internal personnel and external service providers as to the progress or stage of completion of the services and the agreed-upon fee to be paid for such services. The Company makes significant judgments and estimates in determining the accrued balance in each reporting period. As actual costs become known, it adjusts its accrued estimates. Although the Company does

not

expect its estimates to be materially different from amounts actually incurred, its understanding of the status and timing of services performed, the number of subjects enrolled, and the rate of enrollment

may

vary from its estimates and could result in the Company reporting amounts that are too high or too low in any particular period. The Company’s accrued expenses are dependent, in part, upon the receipt of timely and accurate reporting from contract research organizations and other

third

-party service providers. To date, the Company has

not

experienced any material differences between accrued costs and actual costs incurred.

Leases

– Effective

January 1, 2019,

the Company records operating leases as right-of-use assets and operating lease liabilities in its 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 consolidated statement of operations and comprehensive loss. The Company has elected to

not

separate lease and non-lease components of facilities leases, whereas non-lease components of equipment leases are accounted for separately from lease components.

Convertible Preferred Stock Warrant Liability

– The Company has issued certain convertible preferred stock warrants. These warrants were recorded within other accrued liabilities in the consolidated balance sheets at fair value due to down-round protection features contained in the convertible preferred stock into which the warrants were exercisable. At the end of each reporting period, changes in fair value of the warrants since the prior period were recorded as a component of (loss) gain on revaluation of financial instruments, net within other income and (expenses) in the consolidated statements of operations and comprehensive loss. In the event that the terms of the warrant change such that liability accounting is

longer required, the fair value on the date of such change is released to equity.

Revenue Recognition

– The Company recognizes revenue when it transfers control of promised goods or services to its customers, in an amount that reflects the consideration which the Company expects to receive in exchange for those goods or services. To determine revenue recognition, the Company performs the following

five

steps:

(i)

identification of the promised goods or services in the contract;

(ii)

determination of whether the promised goods or services are performance obligations including whether they are distinct in the context of the contract;

(iii)

measurement of the transaction price, including the constraint on variable consideration;

(iv)

allocation of the transaction price to the performance obligations based on estimated selling prices; and

(v)

recognition of revenue when (or as) the Company satisfies each performance obligation. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account.

Revenue from royalties earned as a percentage of sales, including milestone payments based on achieving a specified level of sales, where a license is deemed to be the predominant item to which the royalties relate, is recognized as revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied), as required under the sales- and usage-based royalty exception.

Revenue from contracts with customers is recognized ratably, based on costs incurred, as the Company provides promised services to its customers in amounts that reflect the consideration that the Company expects to receive for those services.

The Company performed research and development work under its cost-plus-fixed-fee contract with HHS BARDA. The Company recognizes revenue under research contracts only when a contract has been executed and the contract price is fixed or determinable. Revenue from the HHS BARDA contract is recognized in the period during which the related costs are incurred and the related services are rendered, provided that the applicable conditions under the contract have been met. Costs of contract revenue are recorded as a component of operating expenses in the consolidated statements of operations and comprehensive loss.

Under the cost reimbursable contract with HHS BARDA, the Company is reimbursed for allowable costs, and recognizes revenue as allowable costs are incurred and the fixed fee is earned. Reimbursable costs under the contract primarily include direct labor, subcontract costs, materials, equipment, travel, and approved overhead and indirect costs. Fixed fees under cost reimbursable contracts are earned in proportion to the allowable costs incurred in performance of the work relative to total estimated contract costs, with such costs incurred representing a reasonable measurement of the proportional performance of the work completed. Under the HHS BARDA contract, certain activities must be pre-approved in order for their costs to be deemed allowable direct costs. The HHS BARDA contract provides the U.S. government the ability to terminate the contract for convenience or to terminate for default if the Company fails to meet its obligations as set forth in the statement of work.

Payments to the Company under cost reimbursable contracts, such as this contract, are provisional payments subject to adjustment upon annual audit by the government. Management believes that revenue for periods

not

yet audited has 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 adjustment is known.

Research and Development Costs

– Research and development costs are expensed as incurred. Research and development costs consist primarily of salaries and benefits, stock-based compensation, consultant fees,

third

-party costs for conducting clinical trials and the manufacture of clinical trial materials, certain facility costs and other costs associated with clinical trials. Payments made to other entities are under agreements that are generally cancelable by the Company. Advance payments for research and development activities are recorded as prepaid expenses. The prepaid amounts are expensed as the related services are performed.

Stock-Based Compensation

– The Company measures the fair value of all stock-based awards, including stock options, to employees and, since

April 1, 2018,

to nonemployees, on the grant date and records the fair value of these awards, net of estimated forfeitures, to compensation expense over the service period. Prior to

April 1, 2018,

the fair value of awards to nonemployees was measured on the date of performance at the fair value of the consideration received or the fair value of the equity instruments issued, whichever was more reliably measured. The fair value of options is estimated using the Black-Scholes valuation model. The expected term of each option is estimated by taking the arithmetic average of its original contractual term and its average vesting term.

Net Income (Loss) Per Share Attributable to Common Stockholders

– Basic net income (loss) per share is computed by dividing net income (loss), as adjusted for dividends on the Series B and Series C convertible preferred stock in the period, by the weighted average number of common shares outstanding during the period, without consideration of potential common shares.

Diluted net income (loss) per common share is computed giving effect to all potential dilutive common shares, comprising common stock issuable upon exercise of stock options and warrants. The Company uses the treasury-stock method to compute diluted income (loss) per share with respect to its stock options and warrants. For purposes of this calculation, options and warrants to purchase common stock are considered to be potential common shares and are only included in the calculation of diluted net income per share when their effect is dilutive. In the event of a net loss, the effects of all potentially dilutive shares are excluded from the diluted net loss per share calculation as their inclusion would be antidilutive.

Recently Adopted Accounting Pronouncements

February

2016,

the FASB issued ASU

2016

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

2019,

using the modified retrospective method, and used the effective date method of adoption, as permitted by ASU

2018

11,

Leases (Topic

842

): Targeted 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 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 standard.

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

effect on the Company’s consolidated 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

material effect is expected on its consolidated financial statements as a result of future adoption.

Note 3 - Business Combination

12 Months Ended

Dec. 31, 2019

Business Combination Disclosure [Text Block]

NOTE

Business Combination

February

13,

2018,

the Company acquired Aviragen in a reverse merger (see Note

). On the date of the Merger, Aviragen had in-process research and development as it was conducting a Phase

trial, it had previously developed drugs that were licensed to others who brought them to market and it had a workforce that was considered to have the necessary skills, knowledge, and experience to perform a process that, when applied to the in-process research and development, was critical to the ability to convert it into outputs. Based on this evaluation, the Company determined that the Merger should be accounted for as a business combination.

Since the date of the Merger, the results of Aviragen’s operations have been included in the consolidated financial statements. As a result of the acquisition, the Company eliminated the majority of its debt and acquired a significant cash balance in exchange for equity securities.

The total purchase price for Aviragen is summarized as follows (in thousands):

Common stock	$	31,789

Total	$	31,789

In connection with the Aviragen acquisition, the Company allocated the total purchase consideration to the net assets and liabilities acquired, including identifiable intangible assets, based on their respective fair values at the acquisition date.

The following table summarizes the preliminary allocation of the purchase price to the fair value of the respective assets and liabilities acquired, adjustments made since the acquisition date and the final allocation as of

December 31, 2018:

	As of February 13, 2018			2018 Adjustments			As of December 31, 2018
				(in thousands)
Cash and cash equivalents	$	25,525		$	—		$	25,525
Accounts receivable		14,666			—			14,666
Prepaid expenses		446			(10	)		436
Property and equipment		170			—			170
Intangible assets:
Developed technology (1)		22,400			(300	)		22,100
In-process research and development (2)		1,600			—			1,600
Total assets		64,807			(310	)		64,497

Accounts payable		(3,379	)		75			(3,304	)
Other current liabilities		(6,351	)		(393	)		(6,744	)
Liability related to the sale of future royalties		(16,300	)		400			(15,900	)
Net assets acquired		38,777			(228	)		38,549

Purchase price		(31,789	)		—			(31,789	)

Bargain purchase gain (3)	$	6,988		$	(228	)	$	6,760

(

)

Developed technology comprises Inavir and Relenza, both influenza vaccines on which the Company is presently receiving royalty revenue, which, based on valuations prepared by an independent

third

party based on estimated discounted cash flows based on probability-weighted future development expenditures and revenue streams provided by the Company’s management, are being amortized on a straight-line basis over the estimated periods of future royalties of

11.75

and

1.3

years, respectively.

(

)

In-process research and development (see Note

) related to teslexivir, or

BTA074,

a direct-acting antiviral that, at the time of the Merger, was being actively developed as a treatment for genital warts. The valuation was prepared by an independent

third

party based on estimated discounted cash flows based on probability-weighted future development expenditures and revenue streams provided by the Company’s management.

(

)

The bargain purchase gain represents the excess of the fair value of tangible and identified intangible assets acquired, less liabilities assumed, over the purchase price.

Note 4 - Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2019

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, accounts receivable, accounts payable and accrued liabilities that approximate fair value due to their relatively short maturities.

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 by using inputs that are 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

December 31, 2019

and

2018,

with

recurring financial liabilities held at either date or in the year ended

December 31, 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 year ended

December 31, 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		3			3
Settlements		(70	)		(70	)
Balance at December 31, 2018	$	—		$	—

Total losses included in other income and (expenses) attributable to liabilities still held as of December 31, 2018	$	—		$	—

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 5 - Balance Sheet Components

12 Months Ended

Dec. 31, 2019

Supplemental Balance Sheet Disclosures [Text Block]

NOTE

Balance Sheet Components

(a)

Cash and Cash Equivalents

Cash and cash equivalents comprises the following:

	December 31, 2019		December 31, 2018
	(in thousands)
Cash at banks	$	13,511	$	11,441
Restricted cash		—		50
Money market funds		15		15
Cash and cash equivalents	$	13,526	$	11,506

(b)

Accounts Receivable

Accounts receivable comprises the following:

	December 31, 2019		December 31, 2018
	(in thousands)
Royalties receivable	$	3,438	$	1,776
Customer service contracts – billed		181		—
Government contract – billed		—		20
Accounts receivable	$	3,619	$	1,796

(c)

Property and Equipment, Net

Property and equipment, net consists of the following:

	December 31, 2019			December 31, 2018
	(in thousands)
Laboratory equipment	$	537		$	2,076
Office and computer equipment		132			227
Leasehold improvements		—			333
Total property and equipment		669			2,636
Less: accumulated depreciation		(459	)		(1,570	)
Property and equipment, net	$	210		$	1,066

Depreciation expense was

$504,000

and

$476,000

for the years ended

December 31, 2019

and

2018

, respectively. Property and equipment and leasehold improvements at

one

of the Company’s leased premises in California that were used in the Company’s manufacturing operations (see Note

) were assessed as impaired as of

December 31, 2019,

and accordingly an impairment charge of

$1,152,000

was recorded as a component of restructuring costs within operating expenses. Leasehold improvements and furniture at the Company’s leased premises in Georgia, which has been subleased, commencing in

November 2018,

for less than the rental that the Company is obligated to pay (see Note

), were assessed as impaired as of

September 30, 2018,

and accordingly an impairment charge of

$106,000

was recorded as a component of costs of exit from leased premises within operating expenses.

(d)

Right-of-Use

Assets, Net

Right-of-use assets consist of the following:

	December 31, 2019
	(in thousands)
Facilities	$	1,985
Office equipment		5
Right-of-use assets, net	$	1,990

The right of use of

one

of the Company’s leased premises in California that were used in the Company’s manufacturing operations (see Note

) was assessed as impaired as of

December 31, 2019,

and accordingly an impairment charge of

$120,000

was recorded as a component of restructuring costs within operating expenses.

(e)

Intangible Assets, Net

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. As of

December 31, 2019,

developed technology and intellectual property had remaining lives of

9.9

and

8.0

years, respectively. Intangible assets consist of the following:

	December 31, 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		(5,087	)		(2,767	)
Intangible assets, net	$	17,093		$	19,413

Intangible asset amortization expense was

$2,320,000

and

$2,727,000

for the years ended

December 31, 2019

and

2018

, respectively. Following the results of Phase

trials in

June 2018,

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

three

months ended

June

30,

2018,

with the

$1.6

million acquired in the Merger (see Note

) being charged to operating expenses.

As of

December 31, 2019

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

Year Ending December 31,	Amount
2020	$	1,732
2021		1,732
2022		1,732
2023		1,731
2024		1,732
Thereafter		8,434
Total	$	17,093

(f)

Other Accrued Liabilities

Other accrued liabilities consist of the following:

	December 31, 2019		December 31, 2018
	(in thousands)
Accrued compensation	$	903	$	632
Accrued clinical and manufacturing expenses		3,228		75
Accrued professional and consulting services		2		166
Reserve for return of royalties		178		339
Deferred rent and lease loss accrual, current portion		—		111
Other		254		195
Total	$	4,565	$	1,518

Note 6 - Revenue	12 Months Ended
Note 6 - Revenue	Dec. 31, 2019
Notes to Financial Statements
Revenue [Text Block]	NOTE 6. Revenue Service Contracts with Customers Contract Balances. Accounts receivable related to service contracts with customers was $181,000 as of December 31, 2019. Contract assets, representing unbilled receivables where revenue has been recognized in advance of customer billings, was $21,000, which is included in prepaid expenses and other current assets. There were no such receivables or contract assets as of December 31, 2018. Remaining Performance Obligations. Remaining Performance Obligations (“RPO”) comprise deferred revenue plus unbilled contract revenue. As of December 31, 2019, there was no deferred revenue and the aggregate amount of RPO was $2 1 1,000, all of which was unbilled contract revenue which is not recorded on the balance sheet. We expect 1 00% of this amount to be recognized as revenue within the next six months. Unbilled contract revenue represents non-cancelable contracts under which the Company has an obligation to perform, for which revenue has not yet been recognized in the financial statements and the fixed amounts billable have not yet been invoiced. U.S. Government HHS BARDA Contract In September 2015, 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 original $14 million contract by $1.7 million and to extend it through September 30, 2018. The modified contract is a cost-plus-fixed-fee contract, which reimburses the Company for allowable direct contract costs plus allowable indirect costs and a fixed-fee, totaling $15.7 million. The Company recognized revenue of $1,344,000 during the year ended December 31, 2018, of which $20,000 was reversed during the year ended December 31, 2019. As of December 31, 2019 , the cumulative revenue recorded from inception under the HHS BARDA contract represents $20,000 less than the maximum amount billable under the contract as presently modified, with no further change orders envisaged. Billings under the contract are 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. In the three months ended December 31, 2019, the Company wrote off $20,000 in revenue that was invoiced late in 2018 to correct prior undercharges but which may never be received, and does not consider any of the revenue recorded as of December 31, 2019, 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 as 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, at which time royalty revenue ceased, although it remains subject to minor adjustments for sales returns and exchange rate differences. Royalty revenue related to Relenza in 2019, and in the post-Merger period in 2018, was $778,000 and $788,000, 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 in Japan, at which time royalty revenue will cease. The royalty revenue related to Inavir recognized in 2019, and in the post-Merger period in 2018, was $3,668,000 and $552,000, respectively. In addition, the Company recognized non-cash royalty revenue related to the sale of future royalties (see Note 7 ) of $5,030,000 and $1,475,000 in 2019 and 2018, respectively. 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 $435,000 and $102,000 was included in income tax expense in the years ended December 31, 2019 and 2018, respectively.

Note 7 - Liabilities Related to the Sale of Future Royalties

12 Months Ended

Dec. 31, 2019

NOTE

Liabilities Related to the 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 was 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 the 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 the 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 during the year ended

December 31, 2019 (

in thousands):

Total liability related to the sale of future royalties, start of year	$	17,741
Non-cash royalty revenue paid to HCRP		(3,482	)
Non-cash interest expense recognized		2,073
Total liability related to the sale of future royalties, end of year		16,332
Current portion		(2,916	)
Long-term portion	$	13,416

Note 8 - Leases

12 Months Ended

Dec. 31, 2019

Lessee, Operating Leases [Text Block]

NOTE

Leases

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

five

operating lease agreements,

one

of which has terminated and

one

of which has been subleased, and for equipment under

three

operating lease agreements with initial terms exceeding

one

year,

one

of which has terminated, 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 was scheduled to terminate on

April 30, 2020,

with a

five

-year extension option that the Company exercised in

July 2019,

extending the lease until

April 30, 2025.

The right of use of these premises was assessed as impaired as of

December 31, 2019 (

see Note

). The Company also obtained, via the Merger in

February 2018,

the right of use of facilities located in Alpharetta, Georgia, 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

three

facilities located in South San Francisco, California, under

two

leases that terminate on

July 31, 2021

and

one

lease that terminated on

November 30, 2019,

with

extension options, and the right of use of equipment under

two

leases that terminate between

January 2020

and

September 2021

and

one

lease that terminated on

November 22, 2019.

As of

December 31, 2019,

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

one

year was

10.53%

and the weighted average remaining term of these leases was

3.72

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

December 31, 2019 (

in thousands):

Year Ending December 31,	Amount
2020	$	1,024
2021		620
2022		336
2023		348
2024		360
Thereafter		122
Undiscounted total		2,810
Less: imputed interest		(497	)
Present value of future minimum payments		2,313
Current portion of operating lease liability		(841	)
Operating lease liability, net of current portion	$	1,472

The Company presently has

finance leases and

future obligations under operating leases for equipment with initial terms of

one

year or less.

Certain operating lease agreements for facilities include non-lease costs, such as common area maintenance, which are recorded as variable lease costs. Operating lease expenses for the year ended

December 31, 2019,

are summarized as follows:

	Year Ended
	December 31, 2019
Lease cost	(in thousands)
Operating lease cost	$	959
Short-term lease cost		15
Variable lease cost		162
Sublease income		(217	)
Total lease cost	$	919

Net cash outflows associated with operating leases totaled

$983,000

in the year ended

December 31, 2019.

When the Company subleased its facilities located in Alpharetta, Georgia, for less than it is required to pay under the head lease, it recorded a lease loss charge of

$253,000

on the cease-use date in the

three

months ending

December 31, 2018,

which, along with the related impairment of property and equipment (see Note

), was recorded as a component of costs of exit from leased premises within operating expenses.

Liabilities related to costs of exit from leased premises are summarized as follows (in thousands):

Balance as of January 1, 2018	$	—
Costs of exit from leased premises		359
Deferred rent on cease-use date		19
Impairment of property and equipment		(106	)
Cash paid, net of receipts		(41	)
Accretion charges, included in rent expense		2
Balance as of December 31, 2018	$	233

Prior to

December 31, 2018,

rent expense was recognized on a straight-line basis over the noncancelable term of each operating lease and, accordingly, the Company recorded the difference between cash rent payments and the recognition of rent expense as a deferred rent liability, which was included within accrued expenses. Rent expense was

$875,000

for the year ended

December

31,

2018.

Future minimum payments and sublease income under operating leases as of

December

31,

2018,

were as follows:

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

Note 9 - Convertible Promissory Notes, Related Parties	12 Months Ended
Note 9 - Convertible Promissory Notes, Related Parties	Dec. 31, 2019
Notes to Financial Statements
Convertible Promissory Notes, Related Party [Text Block]	NOTE 9. Convertible Promissory Notes, Related Parties On December 10, 2014, the Company entered into a note purchase agreement with certain existing preferred stockholders under which the Company issued convertible promissory notes during December 2014 for total proceeds of $18.4 million. On November 20, 2015, the Company entered into a second note purchase agreement with certain existing preferred stockholders under which the Company issued convertible promissory notes during November and December 2015 for total proceeds of $11.0 million. These notes were issued with the same terms as the notes issued in 2014. As the holders of the convertible promissory notes each had an equity ownership in the Company, the convertible promissory notes were considered to be a related-party transaction. The convertible promissory notes bore interest at a rate of 8.0% per annum. As of December 31, 2017, the balance of the convertible promissory notes was $35.3 million, comprising principal of $29.4 million plus accrued interest associated with the convertible promissory notes of $6.3 million, offset by unamortized debt discount of $0.4 million. Interest expense related to the convertible promissory notes, including amortization of debt discount, totaled $0.3 million in the year ended December 31, 2018, all related to the 43 days prior to the Merger. On February 13, 2018, the balance of the convertible promissory notes was $35.6 million, comprising principal of $29.4 million plus accrued interest of $6.6 million, offset by the unamortized debt discount to $0.4 million. On that date, in conjunction with the Merger, the convertible promissory notes were exchanged for 1,571,702 shares of the Company’s common stock which, based on the closing stock price of $9.05, had a value of $14.2 million. The difference of $21.4 million was recorded as a capital contribution.

Note 10 - Secured Promissory Note Payable to Oxford Finance	12 Months Ended
	Dec. 31, 2019
Notes to Financial Statements
Secured Promissory Note Payable [Text Block]	NOTE 10. 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 bore interest at the 30 -day U.S. LIBOR rate plus 6.17%, was evidenced by a secured promissory note and was repayable over four years, with interest only payable over the first 12 months and the balance fully amortized over the subsequent 36 months. The loan was secured by substantially all the Company’s assets, except for intellectual property. In conjunction with the execution of the Loan Agreement, all the holders of convertible promissory notes signed subordination agreements, under which they agreed to subordinate in favor of Oxford Finance all amounts due under their promissory notes and any security interest in the Company’s property. In addition, the holders of the notes agreed that they would not demand or receive any payment until all amounts owed to Oxford Finance under the Loan Agreement had been fully paid in cash. Upon repayment, an additional final payment equal to $325,000 would be due, which was accreted as interest expense over the term of the loan using the effective-interest method. 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”). The fair value of the Warrant at the date of issuance was approximately $134,000 which, along with other initial costs, was recorded as debt discount and was amortized as interest expense over the term of the loan using the effective-interest method. 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 anti-dilution 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 loss on revaluation of financial instruments in other income and (expenses) in the consolidated 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 approximately $70,000 on February 13, 2018, was reclassified to equity (see Note 4 ). The annual effective interest rate of the note, including the accretion of the final payment and the amortization of the debt discount, was approximately 10.5%. The Company recorded interest expense related to the Loan Agreement of $311,000 and $526,000 during the years ended December 31, 2019 and 2018, respectively, of which $223,000 and $356,000 was paid, respectively. The note was repaid in full on November 4, 2019. At that date, the unamortized deferred financing costs of $98,000 plus $2,000 reimbursed to Oxford Finance for legal fees were expensed as loss on debt extinguishment within other income and (expenses).

Note 11 - Commitments and Contingencies	12 Months Ended
Note 11 - Commitments and Contingencies	Dec. 31, 2019
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	NOTE 11. Commitments and Contingencies (a) Leases The Company’s lease commitments are detailed in Note 8. (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 12 - Stockholders' Equity

12 Months Ended

Dec. 31, 2019

Stockholders' Equity Note Disclosure [Text Block]

NOTE

12.

Stockholders’ Equity

(a)

Convertible Preferred 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 our 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 the Company has

present plan to issue any shares of preferred stock. Prior to

February 13, 2018,

there were

three

classes of convertible preferred stock outstanding, all of which were converted into common stock in conjunction with the Merger (see Note

). Significant provisions of the convertible preferred stock were as follows:

Series C

– Shares of series C convertible preferred stock were issued in

2013

for net proceeds of

$20.0

million. The holders of Series C convertible preferred stock were entitled to receive non-compounding cumulative dividends, in preference to any dividends payable to holders of Series B and Series A convertible preferred stock or common stock, at an annual dividend rate of

8%.

Dividends accumulated from the date of issuance and were payable, whether or

not

declared, before any dividend on Series B and Series A convertible preferred stock or common stock could be paid or declared. Since

dividends were ever declared, holders were entitled to receive additional shares of common stock on conversion. As of

February 13, 2018,

when the convertible preferred stock was converted into common stock, accumulated and undeclared dividends for Series C convertible preferred stock were

$7.3

million, of which

$188,000

related to the pre-Merger period in

2018.

February 13, 2018,

in conjunction with the Merger, the Series C convertible preferred stock and the related accumulated dividends were converted into

696,028

and

253,851

shares of common stock, respectively.

Series B

– Shares of series B convertible preferred stock were issued between

2009

and

2014

for net proceeds of

$16.0

million. The holders of Series B convertible preferred stock were entitled to receive non-compounding cumulative dividends, in preference to any dividends payable to holders of Series A convertible preferred stock or common stock, at the annual dividend rate of

8%.

Dividends accumulated from the date of issuance and were payable, whether or

not

declared, before any dividend on Series A convertible preferred stock or common stock could be paid or declared. Since

dividends were ever declared, holders were entitled to receive additional shares of common stock on conversion. As of

February 13, 2018,

when the convertible preferred stock was converted into common stock, accumulated and undeclared dividends for Series B convertible preferred stock were

$7.6

million, of which

$151,000

related to the pre-Merger period in

2018.

February 13, 2018,

in conjunction with the Merger, the Series B convertible preferred stock and the related accumulated dividends were converted into

599,259

and

265,340

shares of common stock, respectively.

Series A

– Shares of series A convertible preferred stock were issued between

2007

and

2012

for net proceeds of

$2.9

million. The holders of Series A convertible preferred stock were entitled to receive noncumulative dividends, in preference to any dividends payable to holders of common stock, if declared by the board of directors.

dividends were ever declared. On

February 13, 2018,

in conjunction with the Merger, the Series A convertible preferred stock was converted into

104,065

shares of common stock.

(b)

Common Stock

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

December 31, 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:

	December 31, 2019		December 31, 2018

Options issued and outstanding		1,811,652		865,163
Available for future grants of equity awards		295,180		223,377
Common stock warrants		43,370,162		10,914
Total		45,476,994		1,099,454

(c)

Warrants

The Company has the following warrants outstanding as of

December 31, 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	30,068,600	$	0.30	September 2024
Common Stock	2,115,738	$	0.375	September 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	43,370,162

The aggregate fair value at issuance of the warrants issued to the placement agents’ designees at the closing of the

March 2019

Offering and to the underwriters’ designees at the closing of the

April 2019

Offering and the

September 2019

Offering (see Note

) were estimated to be

$100,000,

$333,000,

and

$497,000,

respectively, using the Black-Scholes valuation model and using parameters and assumptions tabulated as follows:

Offering		March 2019		April 2019		September 2019
Aggregate valuation on issuance date	$	100,000	$	333,000	$	497,000
Number of warrants issued		84,000		636,364		2,115,738
Exercise price	$	3.125	$	1.375	$	0.375
Closing stock price	$	2.08	$	0.89	$	0.36
Risk-free interest rate		2.34%		2.31%		1.55%
Expected term		5.0 Years		5.0 Years		5.0 Years
Expected volatility		80%		83%		83%
Dividend yield		—%		—%		—%

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 the unexercised common stock warrants exercisable for

$0.30,

$0.375

and

$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 13 - Equity Incentive Plans

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Text Block]

NOTE

13.

Equity Incentive Plans

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

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

Equity Plan”), under which all outstanding awards under their previous plans became available for issuance under the

2016

Equity Plan if such awards are forfeited or otherwise terminated. Under the

2016

Equity Plan, the Company 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

Equity Plan. Awards have a maximum term of

ten

years from the grant date and 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 each of the

two

years ended

December 31, 2019

, is as follows:

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

Balance at January 1, 2018		—			304,850		$	9.50
Assumed on consummation of Merger		291,102			627,106		$	26.33
Granted		(431,100	)		431,100		$	5.17
Exercised		—			(2,013	)	$	6.49
Forfeited		71,500			(89,903	)	$	5.90
Canceled		269,148			(405,977	)	$	34.64

Balance at December 31, 2018		200,650			865,163		$	8.13

Authorized under 2019 Plan		1,600,000			—		$	—
Removed from 2016 Plan		(223,389	)		—		$	—
Granted		(1,791,030	)		1,791,030		$	0.67
Forfeited		483,849			(592,528	)	$	1.57
Canceled		25,100			(252,013	)	$	9.25

Balance at December 31, 2019		295,180			1,811,652		$	2.74

As of

December 31, 2019

, there were

1,811,652

options outstanding with a weighted average exercise price of

$2.74,

a weighted average remaining term of

8.09

years and an aggregate intrinsic value of

$14,000.

Of these options,

582,085

were vested, with a weighted average exercise price of

$6.18,

a weighted average remaining term of

5.38

years and an aggregate intrinsic value of

$3,000.

The aggregate intrinsic value represents the total pre-tax value (i.e., the difference between the Company’s stock price and the exercise price) of stock options outstanding as of

December 31, 2019

, based on our common stock closing price of

$0.35,

which would have been received by the option holders had all their in-the-money options been exercised as of that date.

The grant date fair value of options vested in the years ended

December 31, 2019

and

2018

, was

$774,000

and

$332,000,

respectively. There were

options exercised in the year ended

December 31, 2019

. The intrinsic value of options exercised in the year ended

December 31, 2018

, was zero.

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

December 31, 2019

and

2018

, was

$0.48

and

$3.59,

respectively. Fair values were estimated using the following assumptions:

	Year Ended December 31,
	2019			2018

Risk-free interest rate		1.68% - 2.31%			2.79% - 2.80%
Expected term (in years)	5.39 - 10.00 Years			5.84 - 6.05 Years
Expected volatility		83% - 85%			78% - 80%
Dividend yield		—	%		—	%

Total stock-based compensation recognized for options was as follows:

	Year Ended December 31,
	2019		2018
	(in thousands)
Research and development	$	253	$	254
General and administrative		374		285
Total stock-based compensation	$	627	$	539

As of

December 31, 2019

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

$0.7

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

2.43

years.

Note 14 - Restructuring Costs

12 Months Ended

Dec. 31, 2019

Restructuring and Related Activities Disclosure [Text Block]

NOTE

14.

Restructuring Costs

Restructuring liabilities primarily consist of the estimated future obligations for contract suspension costs and severance and benefits obligations. These restructuring liabilities, all of which are expected to be paid in the year ending

December 31, 2020,

are recorded in either accounts payable or other accrued liabilities in the consolidated balance sheets.

The Company approved a reduction-in-force during the year ended

December 31, 2019,

for which it has accrued severance and benefits charges. As of

December 31, 2019,

cash payments had been made. The Company has also accrued the maximum amount potentially payable under a manufacturing work order which it suspended, recorded impairment charges against property and equipment and right-of-use assets formerly used for manufacturing from which

future benefits will be derived, and incurred legal fees in connection with the restructuring. The Company expects to record further charges in

2020

for legal fees, broker commissions and accretion related to the manufacturing premises and, potentially, further impairment of a right-of-use asset if it is unable to sublease the manufacturing premises for as much as it is presently paying, or if subleasing takes longer than expected. The Company has

not

agreed to pay the full amount accrued with respect to the suspended manufacturing work order and expects to reverse part of the related charge following negotiations with the vendor.

Restructuring liabilities are summarized as follows:

	Suspension		Severance		Impairment
	of Contract		Benefits		Charges			Other		Total
	(in thousands)
Balance at January 1, 2019	$	—	$	—	$	—		$	—	$	—
Period charges		3,223		368		1,272			57		4,920
Settlements		—		—		(1,272	)		—		(1,272	)
Balance at December 31, 2019	$	3,223	$	368	$	—		$	57	$	3,648

Note 15 - Benefit Plan	12 Months Ended
Note 15 - Benefit Plan	Dec. 31, 2019
Notes to Financial Statements
Pension and Other Postretirement Benefits Disclosure [Text Block]	NOTE 15. Benefit Plan The Company provides a tax-qualified employee savings and retirement plan commonly known as a 401 (k) plan (the “Plan”), which covers the Company’s eligible employees. Pursuant to the Plan, employees may elect to defer their current compensation up to the IRS annual contribution limit of $19,000 for calendar year 2019, up from $18,500 for 2018. Employees age 50 or over may elect to contribute an additional $6,000 annually. Employees direct their contributions, which vest immediately, across a series of mutual funds. In the years ended December 31, 2019 and 2018, the Company matched employee contributions up to 3% of each employee’s eligible earnings, vesting immediately. The Company’s matching contributions totaled $140,000 and $124,000 in the years ended December 31, 2019 and 2018, respectively. The costs of administering the Plan totaled $14,000 and $9,000 in the years ended December 31, 2019 and 2018, respectively.

Note 16 - Income Taxes

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Text Block]

NOTE

16.

Income Taxes

The provision for income taxes consists of the following for the years ended

December 31, 2019

and

2018

	Year Ended December 31,
	2019		2018
	(In thousands)
Current:
Federal	$	—	$	—
State		2		3
Foreign		488		106

Total Current		490		109

Deferred:
Federal		—		—
State		—		—
Foreign		—		—

Total Deferred		—		—

Provision for income taxes	$	490	$	109

The components of the deferred tax assets as of

December 31, 2019

and

2018

, are as follows:

	December 31, 2019			December 31, 2018
Deferred tax assets:	(In thousands)
Net operating loss carry-forwards	$	6,924		$	43,822
Research and development tax credits		1,591			3,357
Capitalized research and development		4,773			2,326
Sale of future royalties		7,486			8,383
Accruals, reserves and other		1,321			714
Total deferred tax assets		22,095			58,602
Valuation allowance		(13,365	)		(48,626	)
Deferred tax assets net of valuation allowance		8,730			9,976
Deferred tax liabilities:
Intangible assets		(8,730	)		(9,976	)
Total deferred tax liabilities		(8,730	)		(9,976	)

Net deferred tax assets	$	—		$	—

A reconciliation of the provision for income taxes with the expected provision for income taxes computed by applying the federal statutory income tax rate of

21%

to the net loss before provision for income taxes for the years ended

December 31, 2019

and

2018

	Year Ended December 31,
	2019		2018

U.S. federal taxes at statutory rate	21.0	%	21.0	%
State taxes (net of federal benefit)	0.4		0.6
Foreign rate differential	(2.6	)	3.1
Global intangible low-taxed income	—		(8.8	)
Permanently non-deductible items	(3.7	)	(2.5	)
Tax credits	1.7		2.1
Change in valuation allowance	194.2		(20.4	)
Tax attributes write-off due to change in control	(208.3	)	—
Prior year true-up	(0.9	)	—
NOL and credit adjustments	—		(3.8	)
Bargain purchase gain	—		8.1
Other	(4.5	)	—

Provision for income taxes	(2.7	)%	(0.6	)%

The Company’s actual tax expense differed from the statutory federal income tax expense using a tax rate of

21%

for the year ended

December 31, 2019

, primarily due to the write-off of tax attributes due to a change in control, foreign income taxes being taxed at different rates, nondeductible expenses, research and development tax credits, and the change in valuation allowance. The Company’s actual tax expense differed from the statutory federal income tax expense using a tax rate of

21%

for the year ended

December 31, 2018

, primarily due to state and foreign income taxes, nondeductible expenses, research and development tax credits, and the change in valuation allowance.

As of

December 31, 2019

and

2018

, the Company had a net operating loss (“NOL”) carryforwards of

$18.0

million and

$92.3

million for federal purposes, and

$1.6

million and

$76.9

million for state purposes, respectively. If

not

utilized, these carryforwards will begin to expire in

2024

for federal, and

2028

for state purposes. The reductions in carryforwards in

2019

were primarily due to a change in ownership.

As of

December 31, 2019

, the Company also has accumulated tax losses of

$10.1

million for Australia available for carry forward against future earnings, which under relevant tax laws do

not

expire but

may

not

be available under certain circumstances. As of

December 31, 2019

, the Company’s foreign subsidiaries have

positive accumulated earnings. As such,

federal or state income taxes have been provided on the losses of its foreign subsidiaries. If in the future there are positive earnings generated from the Company’s foreign subsidiaries, the Company will evaluate whether to record any applicable federal and state income taxes on such earnings.

As of

December 31, 2019

and

2018

, the Company had federal research and development tax credit carryforwards of

$0.1

million and

$3.0

million, respectively and state research and development tax credit carryforwards of

$2.7

million and

$2.3

million, respectively, before offset for unrecognized tax benefits, to offset future income tax liabilities. The federal research and development tax credits will expire in

2039,

not

utilized, while the state research and development tax credit can be carried forward indefinitely.

Sections

382

and

383

of the Internal Revenue Code provide for a limitation on the annual use of NOL and tax credit carryforwards following certain ownership changes that could limit the Company’s ability to utilize these carryforwards. The Company’s losses and credit carryforwards

may

be subject to these limitations. The Company has completed an analysis covering the period from

February 13, 2018,

through

September 30, 2019,

to determine if such ownership changes have occurred and concluded it was more likely than

not

that there were changes in ownership, including a change on

September 30, 2019,

which resulted in an annual limitation of

$62,000.

Due to the existence of the valuation allowance, limitations under Section

382

and

383

will

not

impact the Company’s effective tax rate. Further analyses will be performed prior to recognizing the benefits of any losses or credits in the financial statements.

The Company is required to reduce its deferred tax assets by a valuation allowance if it is more likely than

not

that some or all of its deferred tax assets will

not

be realized. Management must use judgment in assessing the potential need for a valuation allowance, which requires an evaluation of both negative and positive evidence. The weight given to the potential effect of negative and positive evidence should be commensurate with the extent to which it can be objectively verified. In determining the need for and amount of the valuation allowance, if any, the Company assesses the likelihood that it will be able to recover its deferred tax assets using historical levels of income, estimates of future income and tax planning strategies. As a result of historical cumulative losses, the Company determined that, based on all available evidence, there was substantial uncertainty as to whether it will recover recorded net deferred taxes in future periods. Accordingly, the Company recorded a valuation allowance against all of its net deferred tax assets as of

December 31, 2019

and

2018

. The net change in total valuation allowance was a decrease of approximately

$35.3

million for the year ended

December 31, 2019

and an increase of approximately

$25.7

million for the year ended

December 31, 2018.

The decrease in

2019

is primarily due to the reduction in NOL and tax credit carryforwards that were triggered by the change in ownership on

September 30, 2019.

The Company records unrecognized tax benefits, where appropriate, for all uncertain income tax positions. The Company recorded unrecognized tax benefits for uncertain tax positions of approximately

$851,000

as of

December 31, 2019,

none

of which would impact the effective tax rate, if recognized, because the benefit would be offset by an increase in the valuation allowance.

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

	Year Ended December 31,
	2019			2018
	(in thousands)
Beginning Balance	$	1,582		$	1,404
Additions based on tax positions related to the current year		159			181
Decreases related to prior years’ tax positions		(890	)		(3	)

Ending Balance	$	851		$	1,582

The Company’s policy is to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. During the years ended

December 31,

2019

and

2018

, the Company recognized

interest and penalties associated with unrecognized tax benefits. There are

tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly increase or decrease within

twelve

months of the reporting date.

The Company files income tax returns in the U.S, Australia, France and the United Kingdom, as well as with various U.S. states. The Company is subject to tax audits in all jurisdictions in which it files income tax returns. Tax audits by their very nature are often complex and can require several years to complete. There are currently

tax audits that have commenced with respect to income tax returns in any jurisdiction.

Under the tax statute of limitations applicable to the Internal Revenue Code, the Company and its U.S. subsidiary, either standalone or as part of the consolidated group, is

longer subject to U.S. federal income tax examinations by the Internal Revenue Service for tax years before tax year

2016.

Under the statute of limitations applicable to most state income tax laws, the Company is

longer subject to state income tax examinations by tax authorities for tax years before

2015

in states in which it has filed income tax returns. However, because the Company is carrying forward income tax attributes, such as net operating losses and tax credits, from earlier tax years, these attributes can still be audited when utilized on returns filed in the future. The Company is subject to foreign tax examinations by tax authorities for fiscal year

2014

and forward.

Note 17 - Net Loss Per Share Attributable to Common Stockholders

12 Months Ended

Dec. 31, 2019

Earnings Per Share [Text Block]

NOTE

17.

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):

	Year Ended December 31,
	2019			2018

Net loss	$	(18,645	)	$	(18,007	)

Series B and C preferred dividend		—			(339	)

Net loss attributable to common stockholders	$	(18,645	)	$	(18,346	)

Shares used to compute net loss per share, basic and diluted		21,569,523			6,316,065

Net loss per share attributable to common stockholders, basic and diluted	$	(0.86	)	$	(2.90	)

adjustment has been made to the net loss attributable to common stockholders as the effect would be anti-dilutive 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:

	Year Ended December 31,
	2019		2018

Options to purchase common stock		1,583,575		839,396

Warrant to purchase common stock		17,579,945		9,658

Warrant to purchase convertible preferred stock		—		891

Series B and C convertible preferred stock outstanding, including cumulative dividends		—		213,760

Series A convertible preferred stock outstanding		—		12,260

Convertible promissory notes, related party (as converted)		—		185,159

Total potentially dilutive securities excluded from denominator of the diluted earnings per share computation		19,163,520		1,261,124

Note 18 - Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information [Text Block]

NOTE

18.

Quarterly Financial Data (Unaudited)

Selected summarized quarterly financial information for fiscal

2019

and

2018

is as follows:

	Year Ended December 31, 2019
	First			Second			Third			Fourth

Revenue	$	5,407		$	85		$	454		$	3,916
Operating expenses	$	5,855		$	5,082		$	5,168		$	9,542
Net loss	$	(1,339	)	$	(5,637	)	$	(5,260	)	$	(6,409	)
Net loss per share – basic and diluted	$	(0.18	)	$	(0.39	)	$	(0.32	)	$	(0.13	)

	Year Ended December 31, 2018
	First		Second			Third			Fourth

Revenue	$	1,503	$	608		$	281		$	1,767
Operating expenses	$	5,418	$	8,383		$	6,161		$	5,953
Net income (loss)	$	2,314	$	(8,871	)	$	(6,548	)	$	(4,902	)
Net income (loss) attributable to common stockholders	$	1,975	$	(8,871	)	$	(6,548	)	$	(4,902	)
Net income (loss) per share – basic	$	0.54	$	(1.24	)	$	(0.92	)	$	(0.69	)
Net income (loss) per share – diluted	$	0.49	$	(1.24	)	$	(0.92	)	$	(0.69	)

Note 19 - Subsequent Events	12 Months Ended
Note 19 - Subsequent Events	Dec. 31, 2019
Notes to Financial Statements
Subsequent Events [Text Block]	NOTE 19. Subsequent Events On March 2, 2020, the Company completed a registered direct offering (the “March 2020 Offering”) of 4,000,000 shares of common stock and warrants to purchase 2,000,000 shares of common stock. Each share of common stock with half of an accompanying common stock warrant to purchase one share of common stock were sold for $2.50. Each common stock warrant entitles the holder to purchase one share of common stock for $2.50, is exercisable immediately, subject to certain ownership limitations, and will expire five years from the date of issuance. Each common stock warrants entitles the holder to receive cash consideration equal to a Black-Scholes valuation in the event of a Fundamental Transaction within the Company’s control (see Note 12 ). The total gross proceeds from the March 2020 Offering to the Company were $10.0 million. After deducting placement agent fees and offering expenses payable by the Company, the aggregate net proceeds received by the Company totaled $9.1 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 $775,000. In addition, the Company issued the placement agents’ designees 280,000 common stock warrants at the closing of the March 2020 Offering, each warrant entitling the holder to purchase one share of common stock for $3.125 at any time within five years of the effective date of the March 2020 Offering and to receive cash consideration equal to a Black-Scholes valuation in the event of a Fundamental Transaction within the Company’s control. The aggregate fair value of these warrants at issuance was estimated to be $453,000, using the Black-Scholes valuation model, using a closing stock price of $2.34 and assumptions including estimated volatility of 98%, a risk-free interest rate of 0.88%, a zero dividend rate and an estimated remaining term of 4.99 years. This estimated fair value is recorded in offering costs. Since December 31, 2019, in addition to the 4,000,000 shares of common stock issued in the March 2020 Offering, the Company has issued 18,472,183 shares of common stock upon the exercise of warrants for cash proceeds totaling $9.8 million. On March 17, 2019, the Company entered into an agreement with Emergent BioSolutions Inc. (“Emergent”), whereby Emergent will deploy its molecule-to-market contract development and manufacturing services to help develop and manufacture Vaxart’s experimental oral vaccine candidate for the coronavirus disease COVID- 19.

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Basis of Accounting, Policy [Policy Text Block]

Basis of Presentation

– The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

Consolidation, Policy [Policy Text Block]

Basis of Consolidation

Use of Estimates, Policy [Policy Text Block]

Use of Estimates

Foreign Currency Transactions and Translations Policy [Policy Text Block]

Foreign Currencies

subsidiaries for which the local currency is the functional currency.

Cash and Cash Equivalents, Policy [Policy Text Block]

Cash and Cash Equivalents

– The Company considers all highly liquid debt investments with an original maturity of

three

months or less when purchased to be cash equivalents. Cash equivalents, which

may

consist of amounts invested in money market funds, corporate bonds and commercial paper, are stated at fair value.

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

Concentration of Credit Risk

not

experienced any losses on its deposits since inception.

one

corporate issuer or sector and establishing a minimum allowable credit rating. The Company generally requires

collateral from its customers.

Receivable [Policy Text Block]

Accounts Receivable

allowance for uncollectible accounts as of

December 31, 2019

and

2018

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

Property and Equipment

The useful lives of the property and equipment are as follows:

Laboratory equipment (in years)			5
Office and computer equipment (in years)			3
Leasehold improvements			Shorter of remaining lease term or estimated useful life

Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block]

Intangible Assets

– Intangible assets comprise developed technology, intellectual property and, until it was considered fully impaired (see Note

), 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. In-process research and development is considered to be indefinite-lived and is

not

amortized, but is subject to impairment testing. The Company assessed its in-process research and development as fully impaired in the year ended

December 31, 2018 (

see Note

Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]

Impairment of Long-Lived Assets

may

not

December 31, 2018 (

see Notes

and

). The Company also assessed its manufacturing equipment and its right-of-use asset and leasehold improvements at its manufacturing premises as impaired in the year ended

December 31, 2019 (

see Note

Accrued Clinical And Manufacturing Expenses Policy [Policy Text Block]

Accrued Clinical and Manufacturing Expenses

– The Company accrues for estimated costs of research and development activities conducted by

third

not

may

third

-party service providers. To date, the Company has

not

experienced any material differences between accrued costs and actual costs incurred.

Lessee, Leases [Policy Text Block]

Leases

– Effective

January 1, 2019,

the Company records operating leases as right-of-use assets and operating lease liabilities in its consolidated balance sheets for all operating leases with terms exceeding

one

not

separate lease and non-lease components of facilities leases, whereas non-lease components of equipment leases are accounted for separately from lease components.

Derivatives, Policy [Policy Text Block]

Convertible Preferred Stock Warrant Liability

longer required, the fair value on the date of such change is released to equity.

Revenue [Policy Text Block]

Revenue Recognition

five

steps:

(i)

identification of the promised goods or services in the contract;

(ii)

determination of whether the promised goods or services are performance obligations including whether they are distinct in the context of the contract;

(iii)

measurement of the transaction price, including the constraint on variable consideration;

(iv)

allocation of the transaction price to the performance obligations based on estimated selling prices; and

(v)

not

may

be adjusted accordingly in the period that the adjustment is known.

Research and Development Expense, Policy [Policy Text Block]

Research and Development Costs

– Research and development costs are expensed as incurred. Research and development costs consist primarily of salaries and benefits, stock-based compensation, consultant fees,

third

Share-based Payment Arrangement [Policy Text Block]

Stock-Based Compensation

– The Company measures the fair value of all stock-based awards, including stock options, to employees and, since

April 1, 2018,

to nonemployees, on the grant date and records the fair value of these awards, net of estimated forfeitures, to compensation expense over the service period. Prior to

April 1, 2018,

Earnings Per Share, Policy [Policy Text Block]

Net Income (Loss) Per Share Attributable to Common Stockholders

New Accounting Pronouncements, Policy [Policy Text Block]

Recently Adopted Accounting Pronouncements

February

2016,

the FASB issued ASU

2016

Leases (Topic

842

)

January

2019,

using the modified retrospective method, and used the effective date method of adoption, as permitted by ASU

2018

11,

Leases (Topic

842

): Targeted 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.

$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 standard.

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

effect on the Company’s consolidated 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

material effect is expected on its consolidated financial statements as a result of future adoption.

Note 2 - Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Property, Plant, and Equipment, Useful Life [Table Text Block]

Laboratory equipment (in years)			5
Office and computer equipment (in years)			3
Leasehold improvements			Shorter of remaining lease term or estimated useful life

Note 3 - Business Combination (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Business Acquisitions by Acquisition, Equity Interest Issued or Issuable [Table Text Block]

Common stock	$	31,789

Total	$	31,789

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

	As of February 13, 2018			2018 Adjustments			As of December 31, 2018
				(in thousands)
Cash and cash equivalents	$	25,525		$	—		$	25,525
Accounts receivable		14,666			—			14,666
Prepaid expenses		446			(10	)		436
Property and equipment		170			—			170
Intangible assets:
Developed technology (1)		22,400			(300	)		22,100
In-process research and development (2)		1,600			—			1,600
Total assets		64,807			(310	)		64,497

Accounts payable		(3,379	)		75			(3,304	)
Other current liabilities		(6,351	)		(393	)		(6,744	)
Liability related to the sale of future royalties		(16,300	)		400			(15,900	)
Net assets acquired		38,777			(228	)		38,549

Purchase price		(31,789	)		—			(31,789	)

Bargain purchase gain (3)	$	6,988		$	(228	)	$	6,760

Note 4 - Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2019

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		3			3
Settlements		(70	)		(70	)
Balance at December 31, 2018	$	—		$	—

Total losses included in other income and (expenses) attributable to liabilities still held as of December 31, 2018	$	—		$	—

Note 5 - Balance Sheet Components (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Cash and Cash Equivalents [Table Text Block]

	December 31, 2019		December 31, 2018
	(in thousands)
Cash at banks	$	13,511	$	11,441
Restricted cash		—		50
Money market funds		15		15
Cash and cash equivalents	$	13,526	$	11,506

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

	December 31, 2019		December 31, 2018
	(in thousands)
Royalties receivable	$	3,438	$	1,776
Customer service contracts – billed		181		—
Government contract – billed		—		20
Accounts receivable	$	3,619	$	1,796

Property, Plant and Equipment [Table Text Block]

	December 31, 2019			December 31, 2018
	(in thousands)
Laboratory equipment	$	537		$	2,076
Office and computer equipment		132			227
Leasehold improvements		—			333
Total property and equipment		669			2,636
Less: accumulated depreciation		(459	)		(1,570	)
Property and equipment, net	$	210		$	1,066

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

	December 31, 2019
	(in thousands)
Facilities	$	1,985
Office equipment		5
Right-of-use assets, net	$	1,990

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

	December 31, 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		(5,087	)		(2,767	)
Intangible assets, net	$	17,093		$	19,413

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

Year Ending December 31,	Amount
2020	$	1,732
2021		1,732
2022		1,732
2023		1,731
2024		1,732
Thereafter		8,434
Total	$	17,093

Schedule of Accrued Liabilities [Table Text Block]

	December 31, 2019		December 31, 2018
	(in thousands)
Accrued compensation	$	903	$	632
Accrued clinical and manufacturing expenses		3,228		75
Accrued professional and consulting services		2		166
Reserve for return of royalties		178		339
Deferred rent and lease loss accrual, current portion		—		111
Other		254		195
Total	$	4,565	$	1,518

Note 7 - Liabilities Related to the Sale of Future Royalties (Tables)

12 Months Ended

Dec. 31, 2019

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

Total liability related to the sale of future royalties, start of year	$	17,741
Non-cash royalty revenue paid to HCRP		(3,482	)
Non-cash interest expense recognized		2,073
Total liability related to the sale of future royalties, end of year		16,332
Current portion		(2,916	)
Long-term portion	$	13,416

Note 8 - Leases (Tables)

12 Months Ended

Dec. 31, 2019

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

Year Ending December 31,	Amount
2020	$	1,024
2021		620
2022		336
2023		348
2024		360
Thereafter		122
Undiscounted total		2,810
Less: imputed interest		(497	)
Present value of future minimum payments		2,313
Current portion of operating lease liability		(841	)
Operating lease liability, net of current portion	$	1,472

Lease, Cost [Table Text Block]

	Year Ended
	December 31, 2019
Lease cost	(in thousands)
Operating lease cost	$	959
Short-term lease cost		15
Variable lease cost		162
Sublease income		(217	)
Total lease cost	$	919

Restructuring and Related Costs [Table Text Block]

Balance as of January 1, 2018	$	—
Costs of exit from leased premises		359
Deferred rent on cease-use date		19
Impairment of property and equipment		(106	)
Cash paid, net of receipts		(41	)
Accretion charges, included in rent expense		2
Balance as of December 31, 2018	$	233

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

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

Note 12 - Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2019

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

	December 31, 2019		December 31, 2018

Options issued and outstanding		1,811,652		865,163
Available for future grants of equity awards		295,180		223,377
Common stock warrants		43,370,162		10,914
Total		45,476,994		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	30,068,600	$	0.30	September 2024
Common Stock	2,115,738	$	0.375	September 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	43,370,162

Fair Value of Warrants, Assumptions [Table Text Block]

Offering		March 2019		April 2019		September 2019
Aggregate valuation on issuance date	$	100,000	$	333,000	$	497,000
Number of warrants issued		84,000		636,364		2,115,738
Exercise price	$	3.125	$	1.375	$	0.375
Closing stock price	$	2.08	$	0.89	$	0.36
Risk-free interest rate		2.34%		2.31%		1.55%
Expected term		5.0 Years		5.0 Years		5.0 Years
Expected volatility		80%		83%		83%
Dividend yield		—%		—%		—%

Note 13 - Equity Incentive Plans (Tables)

12 Months Ended

Dec. 31, 2019

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, 2018		—			304,850		$	9.50
Assumed on consummation of Merger		291,102			627,106		$	26.33
Granted		(431,100	)		431,100		$	5.17
Exercised		—			(2,013	)	$	6.49
Forfeited		71,500			(89,903	)	$	5.90
Canceled		269,148			(405,977	)	$	34.64

Balance at December 31, 2018		200,650			865,163		$	8.13

Authorized under 2019 Plan		1,600,000			—		$	—
Removed from 2016 Plan		(223,389	)		—		$	—
Granted		(1,791,030	)		1,791,030		$	0.67
Forfeited		483,849			(592,528	)	$	1.57
Canceled		25,100			(252,013	)	$	9.25

Balance at December 31, 2019		295,180			1,811,652		$	2.74

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

	Year Ended December 31,
	2019			2018

Risk-free interest rate		1.68% - 2.31%			2.79% - 2.80%
Expected term (in years)	5.39 - 10.00 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]

	Year Ended December 31,
	2019		2018
	(in thousands)
Research and development	$	253	$	254
General and administrative		374		285
Total stock-based compensation	$	627	$	539

Note 14 - Restructuring Costs (Tables)

12 Months Ended

Dec. 31, 2019

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

	Suspension		Severance		Impairment
	of Contract		Benefits		Charges			Other		Total
	(in thousands)
Balance at January 1, 2019	$	—	$	—	$	—		$	—	$	—
Period charges		3,223		368		1,272			57		4,920
Settlements		—		—		(1,272	)		—		(1,272	)
Balance at December 31, 2019	$	3,223	$	368	$	—		$	57	$	3,648

Note 16 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

	Year Ended December 31,
	2019		2018
	(In thousands)
Current:
Federal	$	—	$	—
State		2		3
Foreign		488		106

Total Current		490		109

Deferred:
Federal		—		—
State		—		—
Foreign		—		—

Total Deferred		—		—

Provision for income taxes	$	490	$	109

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

	December 31, 2019			December 31, 2018
Deferred tax assets:	(In thousands)
Net operating loss carry-forwards	$	6,924		$	43,822
Research and development tax credits		1,591			3,357
Capitalized research and development		4,773			2,326
Sale of future royalties		7,486			8,383
Accruals, reserves and other		1,321			714
Total deferred tax assets		22,095			58,602
Valuation allowance		(13,365	)		(48,626	)
Deferred tax assets net of valuation allowance		8,730			9,976
Deferred tax liabilities:
Intangible assets		(8,730	)		(9,976	)
Total deferred tax liabilities		(8,730	)		(9,976	)

Net deferred tax assets	$	—		$	—

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

	Year Ended December 31,
	2019		2018

U.S. federal taxes at statutory rate	21.0	%	21.0	%
State taxes (net of federal benefit)	0.4		0.6
Foreign rate differential	(2.6	)	3.1
Global intangible low-taxed income	—		(8.8	)
Permanently non-deductible items	(3.7	)	(2.5	)
Tax credits	1.7		2.1
Change in valuation allowance	194.2		(20.4	)
Tax attributes write-off due to change in control	(208.3	)	—
Prior year true-up	(0.9	)	—
NOL and credit adjustments	—		(3.8	)
Bargain purchase gain	—		8.1
Other	(4.5	)	—

Provision for income taxes	(2.7	)%	(0.6	)%

Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]

	Year Ended December 31,
	2019			2018
	(in thousands)
Beginning Balance	$	1,582		$	1,404
Additions based on tax positions related to the current year		159			181
Decreases related to prior years’ tax positions		(890	)		(3	)

Ending Balance	$	851		$	1,582

Note 17 - Net Loss Per Share Attributable to Common Stockholders (Tables)

12 Months Ended

Dec. 31, 2019

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

	Year Ended December 31,
	2019			2018

Net loss	$	(18,645	)	$	(18,007	)

Series B and C preferred dividend		—			(339	)

Net loss attributable to common stockholders	$	(18,645	)	$	(18,346	)

Shares used to compute net loss per share, basic and diluted		21,569,523			6,316,065

Net loss per share attributable to common stockholders, basic and diluted	$	(0.86	)	$	(2.90	)

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

	Year Ended December 31,
	2019		2018

Options to purchase common stock		1,583,575		839,396

Warrant to purchase common stock		17,579,945		9,658

Warrant to purchase convertible preferred stock		—		891

Series B and C convertible preferred stock outstanding, including cumulative dividends		—		213,760

Series A convertible preferred stock outstanding		—		12,260

Convertible promissory notes, related party (as converted)		—		185,159

Total potentially dilutive securities excluded from denominator of the diluted earnings per share computation		19,163,520		1,261,124

Note 18 - Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information [Table Text Block]

	Year Ended December 31, 2019
	First			Second			Third			Fourth

Revenue	$	5,407		$	85		$	454		$	3,916
Operating expenses	$	5,855		$	5,082		$	5,168		$	9,542
Net loss	$	(1,339	)	$	(5,637	)	$	(5,260	)	$	(6,409	)
Net loss per share – basic and diluted	$	(0.18	)	$	(0.39	)	$	(0.32	)	$	(0.13	)

	Year Ended December 31, 2018
	First		Second			Third			Fourth

Revenue	$	1,503	$	608		$	281		$	1,767
Operating expenses	$	5,418	$	8,383		$	6,161		$	5,953
Net income (loss)	$	2,314	$	(8,871	)	$	(6,548	)	$	(4,902	)
Net income (loss) attributable to common stockholders	$	1,975	$	(8,871	)	$	(6,548	)	$	(4,902	)
Net income (loss) per share – basic	$	0.54	$	(1.24	)	$	(0.92	)	$	(0.69	)
Net income (loss) per share – diluted	$	0.49	$	(1.24	)	$	(0.92	)	$	(0.69	)

Note 1 - Organization and Basis of Presentation (Details Textual)					3 Months Ended	12 Months Ended
	Sep. 30, 2019 USD ($) $ / shares shares	Apr. 11, 2019 USD ($) $ / shares shares	Mar. 20, 2019 USD ($) $ / shares shares	Feb. 13, 2018 shares	Dec. 31, 2019 USD ($) shares	Dec. 31, 2019 USD ($) shares	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 \| $			2,500,000			$ 2,540,000
Payments of Stock Issuance Costs \| $			$ 320,000
Proceeds from Warrant Exercises \| $						$ 180,000
Class of Warrant or Right, Outstanding					43,370,162	43,370,162
Payments for Aggregate Commissions to Underwriters \| $		$ 750,000
The April 2019 Offering [Member]
Stock Issued During Period, Shares, New Issues, Excluding Shares Sold to Underwriters		925,455
Shares Issued, Price Per Share \| $ / shares		$ 1.10
Proceeds from Issuance or Sale of Equity, Total \| $		$ 9,300,000
Net Proceeds from Issuance of Common Stock, Pre-funded Warrants and Common Warrants in Underwritten Offering \| $		$ 8,100,000				$ 8,074,000
The September 2019 Offering [Member]
Stock Issued During Period, Shares, New Issues, Excluding Shares Sold to Underwriters	26,124,828
Shares Issued, Price Per Share \| $ / shares	$ 0.30
Pre-funded Warrant Price \| $ / shares	0.20
Pre-funded Warrant, Accompanying Warrant, Amount Paid Per Share \| $ / shares	$ 0.10
Proceeds from Issuance or Sale of Equity, Total \| $	$ 8,700,000
Net Proceeds from Issuance of Common Stock, Pre-funded Warrants and Common Warrants in Underwritten Offering \| $	7,700,000					7,739,000
Payments for Aggregate Commissions to Underwriters \| $	$ 713,000
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
Warrants in Connection With the April 2019 Offering [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights		10,454,546
Warrants and Rights Outstanding \| $		$ 333,000
Class of Warrant Right, Number of Pre-funded Warrants Issued During Period		8,165,455
Pre-funded Warrant Price \| $ / shares		$ 1
Pre-funded Warrant, Accompanying Warrant, Amount Paid Per Share \| $ / shares		$ 0.10
Proceeds from Warrant Exercises \| $						$ 800,000
Warrants in Connection With the April 2019 Offering [Member] \| Over-Allotment Option [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights		1,363,636
Pre-funded Warrants [Member]
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right	1	1
Class of Warrant or Right, Exercise Price of Warrants or Rights \| $ / shares	$ 0.10	$ 0.10
Class of Warrant Right, Number of Pre-funded Warrants Issued During Period	4,100,000
Proceeds from Warrant Exercises \| $					$ 400,000
Class of Warrant or Right, Outstanding					8,165,455	8,165,455
Class of Warrant or Right, Exercised During Period					4,100,000
Common Warrants [Member]
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right	1	1
Class of Warrant or Right, Exercise Price of Warrants or Rights \| $ / shares	$ 0.30	$ 1.10
Warrants and Rights Outstanding, Term	5 years	5 years
Class of Warrant or Right, Exercised During Period					598,067
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, Issued During Period		636,364
Class of Warrant or Right, Period to Expiration		5 years
Class of Warrant or Right, Issued During Period, Fair Value \| $		$ 333,000
Warrants in Connection with the September 2019 Offering [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	30,666,667
Warrants and Rights Outstanding \| $	$ 497,000
Class of Warrant or Right, Exercised During Period	3,558,161
Warrants in Connection with the September 2019 Offering [Member] \| Over-Allotment Option [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	4,000,000
Common Stock Warrants [Member]
Proceeds from Warrant Exercises \| $					$ 200,000
Underwriter Warrants, September 2019 [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	$ 0.375
Warrants and Rights Outstanding \| $	$ 497,000
Class of Warrant or Right, Issued During Period	2,115,738
Class of Warrant or Right, Period to Expiration	5 years
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 ($)	12 Months Ended
	Dec. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
Accounts Receivable, Allowance for Credit Loss, Ending Balance	$ 0		$ 0
Operating Lease, Liability, Total	2,313,000
Operating Lease, Liability, Current	841,000
Operating Lease, Right-of-Use Asset	1,990,000
Deferred Rent Credit, Current			111,000
Retained Earnings (Accumulated Deficit), Ending Balance	$ (116,661,000)		$ (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)
Minimum [Member]
Finite-Lived Intangible Asset, Useful Life	1 year 109 days
Maximum [Member]
Finite-Lived Intangible Asset, Useful Life	11 years 273 days
Developed Technology Rights [Member] \| Minimum [Member]
Finite-Lived Intangible Asset, Useful Life	1 year 109 days
Developed Technology Rights [Member] \| Maximum [Member]
Finite-Lived Intangible Asset, Useful Life	11 years 273 days
Intellectual Property [Member]
Finite-Lived Intangible Asset, Useful Life	20 years

Note 2 - Summary of Significant Accounting Policies - Estimated Useful Lives (Details)	12 Months Ended
	Dec. 31, 2019
Laboratory Equipment [Member]
Laboratory equipment (in years) (Year)	5 years
Office Equipment [Member]
Laboratory equipment (in years) (Year)	3 years
Leasehold Improvements [Member]
Leasehold improvements	Shorter of remaining lease term or estimated useful life

Note 3 - Business Combination (Details Textual)	12 Months Ended
Note 3 - Business Combination (Details Textual)	Dec. 31, 2019
Maximum [Member]
Finite-Lived Intangible Asset, Useful Life	11 years 273 days
Minimum [Member]
Finite-Lived Intangible Asset, Useful Life	1 year 109 days
Developed Technology Rights [Member] \| Maximum [Member]
Finite-Lived Intangible Asset, Useful Life	11 years 273 days
Developed Technology Rights [Member] \| Minimum [Member]
Finite-Lived Intangible Asset, Useful Life	1 year 109 days

Note 3 - Business Combination - Total Purchase Price for Aviragen (Details) - USD ($) $ in Thousands		12 Months Ended
	Feb. 13, 2018	Dec. 31, 2018
Common stock	$ 31,789
Total	$ 31,789	$ 31,789

Note 3 - Business Combination - Allocation of the Purchase Price to the Fair Value of the Respective Assets and Liabilities Acquired (Details) - USD ($)
$ in Thousands

12 Months Ended

Feb. 13, 2018

Dec. 31, 2019

Dec. 31, 2018

Cash and cash equivalents

$ 25,525

In-process research and development (2)

14,666

Prepaid expenses

436

Property and equipment

170

Intangible assets:

Developed technology (1)

^[1]

22,100

^[2]

1,600

Total assets

64,497

Other current liabilities

(3,304)

(6,744)

(15,900)

Net assets acquired

38,549

Purchase price

$ (31,789)

(31,789)

Bargain purchase gain (3)

6,760

^[3]

Previously Reported [Member]

Cash and cash equivalents

25,525

In-process research and development (2)

14,666

Prepaid expenses

446

Property and equipment

170

Intangible assets:

Developed technology (1)

^[1]

22,400

^[2]

1,600

Total assets

64,807

Other current liabilities

(3,379)

(6,351)

(16,300)

Net assets acquired

38,777

Purchase price

(31,789)

Bargain purchase gain (3)

^[3]

$ 6,988

Restatement Adjustment [Member]

Cash and cash equivalents

In-process research and development (2)

Prepaid expenses

(10)

Property and equipment

Intangible assets:

Developed technology (1)

^[1]

(300)

^[2]

Total assets

(310)

Other current liabilities

(393)

400

Net assets acquired

(228)

Purchase price

Bargain purchase gain (3)

^[3]

$ (228)

[1]	Developed technology comprises Inavir and Relenza, both influenza vaccines on which the Company is presently receiving royalty revenue, which, based on valuations prepared by an independent third party based on estimated discounted cash flows based on probability-weighted future development expenditures and revenue streams provided by the Company's management, are being amortized on a straight-line basis over the estimated periods of future royalties of 11.75 and 1.3 years, respectively.
[2]	In-process research and development (see Note 5) related to teslexivir, or BTA074, a direct-acting antiviral that, at the time of the Merger, was being actively developed as a treatment for genital warts. The valuation was prepared by an independent third party based on estimated discounted cash flows based on probability-weighted future development expenditures and revenue streams provided by the Company's management.
[3]	The bargain purchase gain represents the excess of the fair value of tangible and identified intangible assets acquired, less liabilities assumed, over the purchase price.

Note 4 - Fair Value of Financial Instruments (Details Textual) - Fair Value, Recurring [Member] - USD ($)	Dec. 31, 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 4 - 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	12 Months Ended
	Dec. 31, 2018 USD ($)
Balance at January 1, 2018	$ 67
Issuances
Revaluation loss included in loss on revaluation of financial instruments	3
Settlements	(70)
Balance at December 31, 2018
Total losses included in other income and (expenses) attributable to liabilities still held as of December 31, 2018
Convertible Preferred Stock Warrant Liability [Member]
Balance at January 1, 2018	67
Issuances
Revaluation loss included in loss on revaluation of financial instruments	3
Settlements	(70)
Balance at December 31, 2018
Total losses included in other income and (expenses) attributable to liabilities still held as of December 31, 2018

Note 5 - Balance Sheet Components (Details Textual) - USD ($)	3 Months Ended	9 Months Ended	12 Months Ended
	Jun. 30, 2018	Sep. 30, 2018	Dec. 31, 2019	Dec. 31, 2018
Depreciation, Total			$ 504,000	$ 476,000
Impairment of Property and Equipment		$ 106,000	1,272,000	106,000
Amortization of Intangible Assets, Total			2,320,000	2,727,000
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill)				$ 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
Finite-Lived Intangible Asset, Remaining Life			8 years
Developed Technology Rights [Member]
Finite-Lived Intangible Asset, Remaining Life			9 years 328 days
Minimum [Member]
Finite-Lived Intangible Asset, Useful Life			1 year 109 days
Minimum [Member] \| Developed Technology Rights [Member]
Finite-Lived Intangible Asset, Useful Life			1 year 109 days
Maximum [Member]
Finite-Lived Intangible Asset, Useful Life			11 years 273 days
Maximum [Member] \| Developed Technology Rights [Member]
Finite-Lived Intangible Asset, Useful Life			11 years 273 days
Restructuring Charges [Member]
Impairment of Right-of-use Asset			$ 120,000
Restructuring Charges [Member] \| CALIFORNIA
Asset Impairment Charges, Total			$ 1,152,000

Note 5 - Balance Sheet Components - Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash at banks	$ 13,511	$ 11,441
Restricted cash		50
Money market funds	15	15
Cash and cash equivalents	$ 13,526	$ 11,506	$ 1,571

Note 5 - Balance Sheet Components - Accounts Receivable, Net of Allowance (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Accounts receivable	$ 3,619	$ 1,796
Royalty [Member]
Accounts receivable	3,438	1,776
Customer Service Contracts [Member]
Accounts receivable	181
Government Contract [Member]
Accounts receivable		$ 20

Note 5 - Balance Sheet Components - Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Property and equipment, gross	$ 669	$ 2,636
Less: accumulated depreciation	(459)	(1,570)
Property and equipment, net	210	1,066
Laboratory Equipment [Member]
Property and equipment, gross	537	2,076
Office Equipment [Member]
Property and equipment, gross	132	227
Leasehold Improvements [Member]
Property and equipment, gross		$ 333

Note 5 - Balance Sheet Components - Right-of-Use Assets, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Right-of-use assets, net	$ 1,990
Facilities [Member]
Right-of-use assets, net	1,985
Office Equipment [Member]
Right-of-use assets, net	$ 5

Note 5 - Balance Sheet Components - Intangible assets (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Intangible assets, gross	$ 22,180	$ 22,180
Less accumulated amortization	(5,087)	(2,767)
Intangible assets, net	17,093	19,413
Purchased Technology [Member]
Intangible assets, gross	22,100	22,100
Intellectual Property [Member]
Intangible assets, gross	$ 80	$ 80

Note 5 - Balance Sheet Components - Estimated Future Amortization Expense (Details) $ in Thousands	Dec. 31, 2019 USD ($)
2020	$ 1,732
2021	1,732
2022	1,732
2023	1,731
2024	1,732
Thereafter	8,434
Total	$ 17,093

Note 5 - Balance Sheet Components - Accrued liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Accrued compensation	$ 903	$ 632
Accrued clinical and manufacturing expenses	3,228	75
Accrued professional and consulting services	2	166
Reserve for return of royalties	178	339
Deferred rent and lease loss accrual, current portion		111
Other	254	195
Total	$ 4,565	$ 1,518

Note 6 - Revenue 1 (Details Textual) - USD ($)	3 Months Ended								12 Months Ended		37 Months Ended
Note 6 - Revenue 1 (Details Textual) - USD ($)	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Jun. 28, 2018	Sep. 30, 2015
Contract with Customer, Asset, Net, Current, Total	$ 181,000				$ 0				$ 181,000	$ 0
Contract With Customer, Asset, Revenue Recognized	21,000				0				21,000	0
Contract with Customer, Liability, Total	0								0
Revenue from Contract with Customer, Including Assessed Tax	3,916,000	$ 454,000	$ 85,000	$ 5,407,000	$ 1,767,000	$ 281,000	$ 608,000	$ 1,503,000	9,862,000	4,159,000
Income Tax Expense (Benefit), Total									$ 490,000	109,000
Foreign Tax Authority [Member] \| National Tax Agency, Japan [Member]
Royalty Withholding Tax									5.00%
Income Tax Expense (Benefit), Total									$ 435,000	102,000
Government Contract [Member]
Contract Value											$ 15,700,000	$ 14,000,000
Contract Value, Adjustment											$ 1,700,000
Revenues, Total										1,344,000
Contract with Customer, Asset, Credit Loss Expense (Reversal)									20,000
Contract with Customer, Asset, Allowance for Credit Loss, Period Increase (Decrease), Total									(20,000)
Contract with Customer, Asset, Allowance for Credit Loss, Writeoff	$ 20,000
Revenue from Contract with Customer, Including Assessed Tax									(20,000)	1,344,000
Royalty [Member]
Revenue from Contract with Customer, Including Assessed Tax									4,446,000	1,340,000
Royalty [Member] \| GSK Research and License Agreement [Member]
Revenue from Contract with Customer, Including Assessed Tax									$ 778,000	$ 788,000
Royalty Percentage									7.00%	7.00%
Royalty [Member] \| Daiichi Sankyo Collaberation and License Agreement [Member]
Revenue from Contract with Customer, Including Assessed Tax									$ 3,668,000	$ 552,000
Royalty Percentage									4.00%
Non-cash Royalty Revenue, Related to Sale of Future Royalties									$ 5,030,000	$ 1,475,000

Note 6 - Revenue 2 (Details Textual) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 - USD ($)	Dec. 31, 2019	Sep. 30, 2019
Revenue, Remaining Performance Obligation, Amount	$ 211,000
Revenue, Remaining Performance Obligation, Percentage	100.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period		1 year

Note 7 - Liabilities Related to the 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 7 - Liabilities Related to the Sale of Future Royalties - Deferred Revenue Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Current portion	$ (2,916)	$ (3,328)
Long-term portion	13,416	$ 14,413
HealthCare Royalty Partners III, L.P. [Member] \| Royalty Arrangement [Member]
Total liability related to the sale of future royalties, start of year	17,741
Non-cash royalty revenue paid to HCRP	(3,482)
Non-cash interest expense recognized	2,073
Total liability related to the sale of future royalties, end of year	16,332
Current portion	(2,916)
Long-term portion	$ 13,416

Note 8 - Leases (Details Textual) - USD ($)	3 Months Ended	12 Months Ended
Note 8 - Leases (Details Textual) - USD ($)	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Lessee, Operating Lease, Number of Right-of-Use Leases		5
Lessee, Operating Lease, Number of Right-of-Use Leases, Terminated		1
Lessee, Operating Lease, Number of Right-of-Use Leases, Subleased		1
Lessee, Operating Lease, Number Leases Exceeding One Year		3
Lessee, Operating Lease, Number Leases Exceeding Less than One Year		3
Lessee, Operating Lease, Renewal Term		5 years
Operating Lease, Weighted Average Discount Rate, Percent		10.53%
Operating Lease, Weighted Average Remaining Lease Term		3 years 262 days
Lessee, Finance Lease, Number of Leases		0
Short-term Lease Commitment, Amount		$ 0
Operating Lease, Payments		$ 983,000	$ 875,000
Operating Lease, Impairment Loss	$ 253,000

Note 8 - Leases - Lease Liabilities Payment Obligations (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
2020	$ 1,024
2021	620
2022	336
2023	348
2024	360
Thereafter	122
Undiscounted total	2,810
Less: imputed interest	(497)
Present value of future minimum payments	2,313
Current portion of operating lease liability	(841)
Operating lease liability, net of current portion	$ 1,472

Note 8 - Leases - Operating Lease Expenses (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($)
Operating lease cost	$ 959
Short-term lease cost	15
Variable lease cost	162
Sublease income	(217)
Total lease cost	$ 919

Note 8 - Leases - Liabilities Related to Costs of Exit From Leased Premises (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Balance as of January 1, 2018	$ 233
Costs of exit from leased premises		359
Deferred rent on cease-use date		19
Impairment of property and equipment		(106)
Cash paid, net of receipts	$ (1,272)	(41)
Accretion charges, included in rent expense		2
Balance as of December 31, 2018		$ 233

Note 8 - 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 9 - Convertible Promissory Notes, Related Parties (Details Textual) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended	12 Months Ended
	Feb. 13, 2018	Dec. 10, 2014	Dec. 31, 2015	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Interest Expense, Total				$ 315	$ 821
Debt Conversion, Converted Instrument, Amount					35,577
Other Ownership Interests, Contributed Capital	$ 21,400
Convertible Promissory Notes Issued in 2014 and 2015 [Member]
Debt Instrument, Interest Rate, Stated Percentage			8.00%
Long-term Debt, Gross	35,600					$ 35,300
Debt Instrument, Principal Amount	29,400					29,400
Debt Instrument, Interest Amount	6,600					6,300
Debt Instrument, Unamortized Discount, Total	$ 400					$ 400
Interest Expense, Total					$ 300
Debt Conversion, Converted Instrument, Shares Issued	1,571,702
Debt Instrument, Convertible, Conversion Price	$ 9.05
Debt Conversion, Converted Instrument, Amount	$ 14,200
Note Purchase Agreement [Member]
Proceeds from Convertible Debt		$ 18,400
Second Note Purchase Agreement [Member]
Proceeds from Convertible Debt			$ 11,000

Note 10 - Secured Promissory Note Payable to Oxford Finance (Details Textual) - USD ($)			12 Months Ended
	Nov. 04, 2019	Dec. 22, 2016	Dec. 31, 2019	Dec. 31, 2018	Feb. 13, 2018
Debt Conversion, Converted Instrument, Amount				$ 35,577,000
Amortization of Debt Issuance Costs	$ 98,000
Legal Fees	$ 2,000
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 Conversion, Converted Instrument, Amount		$ 250,000
Debt Instrument, Interest Rate, Effective Percentage					10.50%
Interest Expense, Debt, Total			311,000	526,000
Interest Paid, Including Capitalized Interest, Operating and Investing Activities, Total			$ 223,000	$ 356,000
Loan Agreement [Member] \| Oxford Finance [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate		6.17%

Note 12 - Stockholders' Equity (Details Textual)		12 Months Ended		62 Months Ended	72 Months Ended
Note 12 - Stockholders' Equity (Details Textual)	Feb. 13, 2018 USD ($) shares	Dec. 31, 2019 USD ($) $ / shares shares	Dec. 31, 2013 USD ($)	Feb. 13, 2018 USD ($) shares	Dec. 31, 2014 USD ($)	Dec. 31, 2012 USD ($)	Sep. 30, 2019 USD ($)	Apr. 11, 2019 USD ($)	Mar. 20, 2019 USD ($)	Dec. 31, 2018 $ / shares shares
Preferred Stock, Shares Authorized \| shares		5,000,000								5,000,000
Preferred Stock, Par or Stated Value Per Share \| $ / shares		$ 0.10								$ 0.10
Preferred Stock, Shares Outstanding, Ending Balance \| shares		0								0
Conversion of Stock, Shares Issued \| shares	0.22148
Common Stock, Number of Votes Per Share		1
Dividends, Common Stock, Total		$ 0
Warrants in Connection with March 2019 Offering [Member]
Warrants and Rights Outstanding									$ 100,000
Warrants in Connection With the April 2019 Offering [Member]
Warrants and Rights Outstanding								$ 333,000
Underwriter Warrants, September 2019 [Member]
Warrants and Rights Outstanding							$ 497,000
Second Set of Warrants Expiring September 2024 [Member]
Warrant Exercise Price to be Entitled to Receive Cash Consideration, Fundamental Transaction \| $ / shares		$ 0.30
Third Set of Warrants Expiring September 2024 [Member]
Warrant Exercise Price to be Entitled to Receive Cash Consideration, Fundamental Transaction \| $ / shares		0.375
First Set of Warrants Expiring April 2024 [Member]
Warrant Exercise Price to be Entitled to Receive Cash Consideration, Fundamental Transaction \| $ / shares		$ 1.10
Conversion From Series C Preferred Stock to Common Stock [Member]
Conversion of Stock, Shares Issued \| shares	696,028
Accumulated and Undeclared Dividends, Shares Issued Upon Conversion \| shares	253,851			253,851
Conversion From Series B Preferred Stock to Common Stock [Member]
Conversion of Stock, Shares Issued \| shares	599,259
Accumulated and Undeclared Dividends, Shares Issued Upon Conversion \| shares	265,340			265,340
Conversion From Series A Preferred Stock to Common Stock [Member]
Conversion of Stock, Shares Issued \| shares	104,065
Series C Convertible Preferred Stock [Member]
Proceeds from Issuance of Convertible Preferred Stock			$ 20,000,000
Preferred Stock, Dividend Rate, Percentage			8.00%
Dividends, Total				$ 0
Accumulated and Undeclared Dividends	$ 7,300,000			7,300,000
Pre-merger Accumulated and Undeclared Dividends	188,000			188,000
Series B Convertible Preferred Stock [Member]
Proceeds from Issuance of Convertible Preferred Stock					$ 16,000,000
Preferred Stock, Dividend Rate, Percentage					8.00%
Accumulated and Undeclared Dividends	7,600,000			7,600,000
Pre-merger Accumulated and Undeclared Dividends	$ 151,000			$ 151,000
Series A Convertible Preferred Stock [Member]
Proceeds from Issuance of Convertible Preferred Stock						$ 2,900,000
Dividends, Total						$ 0

Note 12 - Stockholders' Equity - Shares of Common Stock Reserved for Issuance (Details) - shares	Dec. 31, 2019	Dec. 31, 2018
Common stock reserved for issuance (in shares)	45,476,994	1,099,454
Options Issued and Outstanding [Member]
Common stock reserved for issuance (in shares)	1,811,652	865,163
Options Available for Future Grants [Member]
Common stock reserved for issuance (in shares)	295,180	223,377
Common Warrants [Member]
Common stock reserved for issuance (in shares)	43,370,162	10,914

Note 12 - Stockholders' Equity - Summary of Warrants Outstanding (Details)	Dec. 31, 2019 $ / shares shares
Warrants outstanding (in shares)	43,370,162
First Set of Warrants Expiring September 2024 [Member]
Warrants outstanding (in shares)	30,068,600
Exercise Price (in dollars per share) \| $ / shares	$ 0.30
Second Set of Warrants Expiring September 2024 [Member]
Warrants outstanding (in shares)	2,115,738
Exercise Price (in dollars per share) \| $ / shares	$ 0.375
Third Set of Warrants Expiring September 2024 [Member]
Warrants outstanding (in shares)	10,454,546
Exercise Price (in dollars per share) \| $ / shares	$ 1.10
First Set of Warrants Expiring April 2024 [Member]
Warrants outstanding (in shares)	636,364
Exercise Price (in dollars per share) \| $ / shares	$ 1.375
Second Set of Warrants Expiring April 2024 [Member]
Warrants outstanding (in shares)	84,000
Exercise Price (in dollars per share) \| $ / shares	$ 3.125
Warrants Expiring March 2024 [Member]
Warrants outstanding (in shares)	10,914
Exercise Price (in dollars per share) \| $ / shares	$ 22.99

Note 12 - Stockholders' Equity - Assumptions for Fair Value of Warrants (Details)	Sep. 30, 2019 USD ($) shares	Apr. 11, 2019 USD ($) shares	Mar. 20, 2019 USD ($) shares
Warrants in Connection with March 2019 Offering [Member]
Aggregate valuation on issuance date \| $			$ 100,000
Number of warrants issued (in shares) \| shares			84,000
Warrants in Connection with March 2019 Offering [Member] \| Measurement Input, Exercise Price [Member]
Measurement Input			3.125
Warrants in Connection with March 2019 Offering [Member] \| Measurement Input, Share Price [Member]
Measurement Input			2.08
Warrants in Connection with March 2019 Offering [Member] \| Measurement Input, Risk Free Interest Rate [Member]
Measurement Input			0.0234
Warrants in Connection with March 2019 Offering [Member] \| Measurement Input, Expected Term [Member]
Measurement Input			5
Warrants in Connection with March 2019 Offering [Member] \| Measurement Input, Price Volatility [Member]
Measurement Input			0.8
Warrants in Connection with March 2019 Offering [Member] \| Measurement Input, Expected Dividend Rate [Member]
Measurement Input			0
Warrants in Connection With the April 2019 Offering [Member]
Aggregate valuation on issuance date \| $		$ 333,000
Number of warrants issued (in shares) \| shares		636,364
Warrants in Connection With the April 2019 Offering [Member] \| Measurement Input, Exercise Price [Member]
Measurement Input		1.375
Warrants in Connection With the April 2019 Offering [Member] \| Measurement Input, Share Price [Member]
Measurement Input		0.89
Warrants in Connection With the April 2019 Offering [Member] \| Measurement Input, Risk Free Interest Rate [Member]
Measurement Input		0.0231
Warrants in Connection With the April 2019 Offering [Member] \| Measurement Input, Expected Term [Member]
Measurement Input		5
Warrants in Connection With the April 2019 Offering [Member] \| Measurement Input, Price Volatility [Member]
Measurement Input		0.83
Warrants in Connection With the April 2019 Offering [Member] \| Measurement Input, Expected Dividend Rate [Member]
Measurement Input		0
Warrants in Connection with the September 2019 Offering [Member]
Aggregate valuation on issuance date \| $	$ 497,000
Number of warrants issued (in shares) \| shares	2,115,738
Warrants in Connection with the September 2019 Offering [Member] \| Measurement Input, Exercise Price [Member]
Measurement Input	0.375
Warrants in Connection with the September 2019 Offering [Member] \| Measurement Input, Share Price [Member]
Measurement Input	0.36
Warrants in Connection with the September 2019 Offering [Member] \| Measurement Input, Risk Free Interest Rate [Member]
Measurement Input	0.0155
Warrants in Connection with the September 2019 Offering [Member] \| Measurement Input, Expected Term [Member]
Measurement Input	5
Warrants in Connection with the September 2019 Offering [Member] \| Measurement Input, Price Volatility [Member]
Measurement Input	0.83
Warrants in Connection with the September 2019 Offering [Member] \| Measurement Input, Expected Dividend Rate [Member]
Measurement Input	0

Note 13 - Equity Incentive Plans (Details Textual) - USD ($)		1 Months Ended	12 Months Ended
	Apr. 23, 2019	Nov. 30, 2016	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Jul. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant			295,180	200,650
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance			1,811,652	865,163	304,850
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance			$ 2.74	$ 8.13	$ 9.50
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period				2,013
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount			$ 700,000
Common Stock [Member]
Share Price			$ 0.35
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period				2,013
Share-based Payment Arrangement, Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance			1,811,652
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance			$ 2.74
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term			8 years 32 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value			$ 14,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number			582,085
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price			$ 6.18
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term			5 years 138 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value			$ 3,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value			$ 774,000	$ 332,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period			0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value			$ 0.48	$ 3.59
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition			2 years 156 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 13 - Equity Incentive Plans - Summary of Stock Option Transactions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Shares available for grant, balance (in shares)	200,650
Number of options outstanding, beginning balance (in shares)	865,163	304,850
Weighted average exercise price, balance (in dollars per share)	$ 8.13	$ 9.50
Shares available for grant, assumed on consummation of Merger (in shares)		291,102
Number of options outstanding, assumed on consummation of Merger (in shares)		627,106
Weighted average exercise price, assumed on consummation of Merger (in dollars per share)		$ 26.33
Shares available for grant, granted (in shares)	(1,791,030)	(431,100)
Number of options outstanding, granted (in shares)	1,791,030	431,100
Weighted average exercise price, granted (in dollars per share)	$ 0.67	$ 5.17
Number of options outstanding, exercised (in shares)		(2,013)
Weighted average exercise price, exercised (in dollars per share)		$ 6.49
Shares available for grant, forfeited (in shares)	483,849	71,500
Number of options outstanding, forfeited (in shares)	(592,528)	(89,903)
Weighted average exercise price, forfeited (in dollars per share)	$ 1.57	$ 5.90
Shares available for grant, canceled (in shares)	25,100	269,148
Number of options outstanding, canceled (in shares)	(252,013)	(405,977)
Weighted average exercise price, canceled (in dollars per share)	$ 9.25	$ 34.64
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, balance (in shares)	295,180	200,650
Number of options outstanding, balance (in shares)	1,811,652	865,163
Weighted average exercise price, balance (in dollars per share)	$ 2.74	$ 8.13

Note 13 - Equity Incentive Plans - Fair Value Assumptions (Details)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Minimum [Member]
Risk-free interest rate	1.68%	2.79%
Expected term (in years) (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 (in years) (Year)	10 years	6 years 18 days
Expected volatility	85.00%	80.00%
Dividend yield

Note 13 - Equity Incentive Plans - Total Stock-based Compensation Recognized for Options (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Stock-based compensation	$ 627	$ 539
Research and Development Expense [Member]
Stock-based compensation	253	254
General and Administrative Expense [Member]
Stock-based compensation	$ 374	$ 285

Note 14 - Restructuring Costs (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Payments for Restructuring	$ 1,272	$ 41
Employee Severance [Member]
Payments for Restructuring	$ 0

Note 14 - Restructuring Costs - Restructuring Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Balance
Restructuring costs	4,920
Cash paid, net of receipts	(1,272)	(41)
Balance	3,648
Contract Termination [Member]
Balance
Restructuring costs	3,223
Cash paid, net of receipts
Balance	3,223
Employee Severance [Member]
Balance
Restructuring costs	368
Cash paid, net of receipts	0
Balance	368
Impairment Charges [Member]
Balance
Restructuring costs	1,272
Cash paid, net of receipts	(1,272)
Balance
Other Restructuring [Member]
Balance
Restructuring costs	57
Cash paid, net of receipts
Balance	$ 57

Note 15 - Benefit Plan (Details Textual) - USD ($)	12 Months Ended
Note 15 - Benefit Plan (Details Textual) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay	3.00%	3.00%
Defined Contribution Plan, Cost	$ 140,000	$ 124,000
Defined Contribution Plan, Administrative Expense	$ 14,000	$ 9,000

Note 16 - Income Taxes (Details Textual) - USD ($)	12 Months Ended
Note 16 - Income Taxes (Details Textual) - USD ($)	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%	21.00%
Operating Loss Carryforwards, Annual Limitations	$ 62,000
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount	(35,300,000)	$ 25,700,000
Unrecognized Tax Benefits, Ending Balance	851,000	1,582,000	$ 1,404,000
Domestic Tax Authority [Member]
Operating Loss Carryforwards, Total	18,000,000	92,300,000
Domestic Tax Authority [Member] \| Research Tax Credit Carryforward [Member]
Tax Credit Carryforward, Amount	$ 100,000	3,000,000
Domestic Tax Authority [Member] \| Internal Revenue Service (IRS) [Member]
Open Tax Year	2016
State and Local Jurisdiction [Member]
Operating Loss Carryforwards, Total	$ 1,600,000	76,900,000
Open Tax Year	2015
State and Local Jurisdiction [Member] \| Research Tax Credit Carryforward [Member]
Tax Credit Carryforward, Amount	$ 2,700,000	$ 2,300,000
Foreign Tax Authority [Member]
Open Tax Year	2014 2015 2016 2017 2018 2019
Foreign Tax Authority [Member] \| Australian Taxation Office [Member]
Operating Loss Carryforwards, Total	$ 10,100,000

Note 16 - Income Taxes - Components of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Current:
Federal
State	2	3
Foreign	488	106
Total Current	490	109
Deferred:
Federal
State
Foreign
Total Deferred
Provision for income taxes	$ 490	$ 109

Note 16 - Income Taxes - Summary of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Net operating loss carry-forwards	$ 6,924	$ 43,822
Research and development tax credits	1,591	3,357
Capitalized research and development	4,773	2,326
Sale of future royalties	7,486	8,383
Accruals, reserves and other	1,321	714
Total deferred tax assets	22,095	58,602
Valuation allowance	(13,365)	(48,626)
Deferred tax assets net of valuation allowance	8,730	9,976
Intangible assets	(8,730)	(9,976)
Total deferred tax liabilities	(8,730)	(9,976)
Net deferred tax assets

Note 16 - Income Taxes - Reconciliation of Effective Tax Rate (Details)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
U.S. federal taxes at statutory rate	21.00%	21.00%
State taxes (net of federal benefit)	0.40%	0.60%
Foreign rate differential	(2.60%)	3.10%
Global intangible low-taxed income		(8.80%)
Permanently non-deductible items	(3.70%)	(2.50%)
Tax credits	1.70%	2.10%
Change in valuation allowance	194.20%	(20.40%)
Tax attributes write-off due to change in control	(208.30%)
Prior year true-up	(0.90%)
NOL and credit adjustments		(3.80%)
Bargain purchase gain		8.10%
Other	(4.50%)
Provision for income taxes	(2.70%)	(0.60%)

Note 16 - Income Taxes - Unrecognized Tax Benefits (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Beginning Balance	$ 1,582,000	$ 1,404,000
Additions based on tax positions related to the current year	159,000	181,000
Decreases related to prior years’ tax positions	(890,000)	(3,000)
Ending Balance	$ 851,000	$ 1,582,000

Note 17 - Net Loss Per Share Attributable to Common Stockholders (Details Textual) $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($)
Dilutive Securities, Effect on Basic Earnings Per Share, Total	$ 0

Note 17 - 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								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Net loss	$ (6,409)	$ (5,260)	$ (5,637)	$ (1,339)	$ (4,902)	$ (6,548)	$ (8,871)	$ 2,314	$ (18,645)	$ (18,007)
Preferred dividend										(339)
Net loss attributable to common stockholders					$ (4,902)	$ (6,548)	$ (8,871)	$ 1,975	$ (18,645)	$ (18,346)
Shares used to compute net loss per share – basic and diluted (in shares)									21,569,523	6,316,065
Net loss per share – basic and diluted (in dollars per share)	$ (0.13)	$ (0.32)	$ (0.39)	$ (0.18)					$ (0.86)	$ (2.90)

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

+ References + Details

Note 17 - Net Loss Per Share Attributable to Common Stockholders - Summary of Antidilutive Securities (Details) - shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Potentially dilutive securities excluded from denominator of the diluted earnings per share computation (in shares)	19,163,520	1,261,124
Share-based Payment Arrangement, Option [Member]
Potentially dilutive securities excluded from denominator of the diluted earnings per share computation (in shares)	1,583,575	839,396
Warrant [Member] \| Common Stock [Member]
Potentially dilutive securities excluded from denominator of the diluted earnings per share computation (in shares)	17,579,945	9,658
Warrant [Member] \| Convertible Preferred Stock [Member]
Potentially dilutive securities excluded from denominator of the diluted earnings per share computation (in shares)		891
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)		213,760
Series A Convertible Preferred Stock [Member]
Potentially dilutive securities excluded from denominator of the diluted earnings per share computation (in shares)		12,260
Convertible Debt Securities [Member]
Potentially dilutive securities excluded from denominator of the diluted earnings per share computation (in shares)		185,159

Note 18 - Quarterly Financial Data (Unaudited) - Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Revenue	$ 3,916	$ 454	$ 85	$ 5,407	$ 1,767	$ 281	$ 608	$ 1,503	$ 9,862	$ 4,159
Operating expenses	9,542	5,168	5,082	5,855	5,953	6,161	8,383	5,418	25,647	25,915
Net loss	$ (6,409)	$ (5,260)	$ (5,637)	$ (1,339)	(4,902)	(6,548)	(8,871)	2,314	$ (18,645)	$ (18,007)
Net loss per share – basic and diluted (in dollars per share)	$ (0.13)	$ (0.32)	$ (0.39)	$ (0.18)					$ (0.86)	$ (2.90)
Net loss attributable to common stockholders					$ (4,902)	$ (6,548)	$ (8,871)	$ 1,975	$ (18,645)	$ (18,346)
Net income (loss) per share – basic (in dollars per share)					$ (0.69)	$ (0.92)	$ (1.24)	$ 0.54
Net income (loss) per share – diluted (in dollars per share)					$ (0.69)	$ (0.92)	$ (1.24)	$ 0.49

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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