0001437749-23-030502 | 10-Q | XBRL Viewer

Intangible Assets Disclosure [Text Block]

Note 6. Intangible assets

The components of intangible assets, net, as of September 30, 2023 and December 31, 2022 were as follows (in thousands):

	*September 30,*			*December 31,*
	*2023*			*2022*
Lease-in-place agreements	$	1,053		$	1,053
Leasing commissions and other		293			290
Gross intangible assets	$	1,346		$	1,343
Accumulated amortization		(1,078	)		(721	)
Intangible assets, net	$	268		$	622

Amortization expense for intangible assets was $119,000 for the three months ended September 30, 2023 and 2022. Amortization expense for intangible assets was $357,000 and $379,000 for the nine months ended September 30, 2023 and 2022, respectively.

Amortization expense for finite-lived intangible assets as of September 30, 2023 is expected to be as follows (in thousands):

For the year ending December 31,
2023	$	97
2024		167
2025		4
Total amortization	$	268

Note 3 - Prepaid Expenses and Other Current Assets

9 Months Ended

Sep. 30, 2023

Prepaid Expenses and Other Current Assets [Text Bock]

Note 3. Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets at September 30, 2023 and December 31, 2022 consisted of the following (in thousands):

	*September 30,*		*December 31,*
	*2023*		*2022*
Prepaid insurance	$	1,136	$	874
Contract research organization and other deposits		5,224		9,177
Interest receivable		1,285		—
Other		189		160
Total prepaid expenses and other current assets	$	7,834	$	10,211

Contract research organization and other deposits represent cash payments made to vendors in excess of expenses incurred.

Note 7 - Stockholders' Equity and Stock-based Compensation Expense - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Total stock-based compensation expense	$ 949	$ 469	$ 2,457	$ 1,450
Research and Development Expense [Member]
Total stock-based compensation expense	405	399	1,186	1,234
General and Administrative Expense [Member]
Total stock-based compensation expense	$ 544	$ 70	$ 1,271	$ 216

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net loss	$ (25,651,000)	$ (20,257,000)	$ (76,298,000)	$ (57,112,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation			2,457,000	1,450,000
Depreciation	273,000	181,000	817,000	533,000
Amortization of intangible assets	119,000	119,000	357,000	379,000
Changes in operating assets and liabilities:
Prepaid and other current assets			2,377,000	2,790,000
Operating lease right-of-use assets and liabilities			(17,000)	(6,000)
Accounts payable and accrued expenses			5,815,000	(3,592,000)
Accrued development expense			5,064,000	1,293,000
Accrued compensation and benefits			17,000	(1,717,000)
Other liabilities			(298,000)	(212,000)
Net cash used in operating activities			(59,709,000)	(56,194,000)
Cash flows from investing activities:
Purchase of property and equipment			(373,000)	(3,047,000)
Net cash used in investing activities			(373,000)	(3,047,000)
Cash flows from financing activities:
Proceeds from issuance of common stock upon exercise of stock options	464,000		1,417,000	466,000
Net cash provided by financing activities			1,417,000	466,000
Net decrease in cash and cash equivalents			(58,665,000)	(58,775,000)
Cash and cash equivalents at beginning of period			201,015,000	233,437,000
Cash and cash equivalents at end of period	$ 142,350,000	$ 174,662,000	$ 142,350,000	$ 174,662,000

Note 5 - Property and Equipment

9 Months Ended

Sep. 30, 2023

Property, Plant and Equipment Disclosure [Text Block]

Note 5. Property and equipment

The components of property and equipment, net, as of September 30, 2023 and December 31, 2022 were as follows (in thousands):

	*September 30,*			*December 31,*
	*2023*			*2022*
Land	$	3,734		$	3,734
Buildings		15,980			15,980
Site improvements		494			470
Tenant improvements		3,018			3,016
Furniture and equipment		868			851
Construction in progress		—			13
Gross property and equipment	$	24,094		$	24,064
Accumulated depreciation		(2,017	)		(1,200	)
Property and equipment, net	$	22,077		$	22,864

Depreciation expense for property and equipment was $273,000 and $181,000 for the three months ended September 30, 2023 and 2022, respectively. Depreciation expense for property and equipment was $817,000 and $533,000 for the nine months ended September 30, 2023 and 2022, respectively.

Note 7 - Stockholders' Equity and Stock-based Compensation Expense

9 Months Ended

Sep. 30, 2023

Shareholders' Equity and Share-Based Payments [Text Block]

Note 7. Stockholders’ Equity and Stock-Based Compensation Expense

2022 Registered Direct Offering

On November 22, 2022, the Company completed a common stock offering pursuant to which certain investors purchased 1,666,667 shares of common stock at a price of $30.00 per share. Net proceeds of the offering were approximately $47.3 million after deducting offering expenses.

At-the-Market Common Stock Offering

On May 1, 2023, the Company entered into an at-the-market offering program (“ATM”) to sell, from time to time, shares of Company common stock having an aggregate offering price of up to $200 million in common stock pursuant to a shelf registration statement that was filed with the U.S. Securities and Exchange Commission (the “SEC”) on May 1, 2023 and became effective immediately upon filing. The Company is obligated to pay a commission of up to 3% of the gross proceeds from the sale of shares of common stock in the offering. The Company is not obligated to sell any shares in the offering.

There were no common stock sales under the ATM during the three and nine months ended September 30, 2023.

In March 2020, the Company entered into an at-the-market offering program (“2020 Program”) to sell, from time to time, shares of Company common stock having an aggregate offering price of up to $100 million in transactions pursuant to a shelf registration statement that was declared effective by the SEC on May 5, 2020. The Company gave notice of termination for the 2020 Program on April 26, 2023, which was effective May 1, 2023. There were no common stock sales under the 2020 Program through its termination.

Stock Option and Performance Award Activity in 2023

During the nine months ended September 30, 2023, stock options and unvested Performance Awards outstanding under the Company’s stock option plans changed as follows:

	*Stock Options*			*Performance Awards*
Outstanding as of December 31, 2022		2,529,448			7,142
Options granted		132,000			—
Options exercised		(495,299	)		—
Options forfeited/canceled		(7,142	)		—
Outstanding as of September 30, 2023		2,159,007			7,142

The weighted average exercise price per share of options outstanding at September 30, 2023 was $13.71. As outstanding options vest over the current remaining vesting period of 2.3 years, the Company expects to recognize stock-based compensation expense of $8.0 million. If and when outstanding Performance Awards vest, the Company will recognize stock-based compensation expense of $0.1 million over the implicit service period.

During the three months ended September 30, 2023, there were 214,124 stock options exercised. Of the stock options exercised, 3,853 stock options were net settled in satisfaction of the exercise price, with no cash proceeds received. Cash proceeds to the Company for options not net settled totaled $464,000 during the three months ended September 30, 2023.

During the nine months ended September 30, 2023, there were 495,299 stock options exercised. Of the stock options exercised, 101,058 stock options were net settled in satisfaction of the exercise price, with no cash proceeds received. Cash proceeds to the Company for options not net settled totaled $1,417,000 during the nine months ended September 30, 2023.

Subsequent to September 30, 2023, there were 800,000 stock options granted to officers and employees at an exercise price of $17.54 per share.

Stock-based Compensation Expense in 2023

During the three and nine months ended September 30, 2023 and 2022, the Company’s stock-based compensation expense was as follows (in thousands):

	*Three months ended*				*Nine months ended*
	*September 30,*				*September 30,*
	*2023*		*2022*		*2023*		*2022*
Research and development	$	405	$	399	$	1,186	$	1,234
General and administrative		544		70		1,271		216
Total stock-based compensation expense	$	949	$	469	$	2,457	$	1,450

2018 Equity Incentive Plan

The Company’s Board of Directors (the “Board”) or a designated committee of the Board is responsible for administration of the Company’s 2018 Omnibus Incentive Plan, as amended (the “2018 Plan”) and determines the terms and conditions of each option granted, consistent with the terms of the 2018 Plan. The Company’s employees, directors, and consultants are eligible to receive awards under the 2018 Plan, including grants of stock options and Performance Awards. Share-based awards generally expire 10 years from the date of grant. The 2018 Plan, as amended on May 5, 2022, provides for issuance of up to 5,000,000 shares of common stock, par value $0.001 per share, subject to adjustment as provided in the 2018 Plan.

When stock options or Performance Awards are exercised net of the exercise price and taxes, the number of shares of stock issued is reduced by the number of shares equal to the amount of taxes owed by the award recipient and that number of shares are cancelled. The Company then uses its cash to pay tax authorities the amount of statutory taxes owed by and on behalf of the award recipient.

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	120,000,000	120,000,000
Common stock, shares issued (in shares)	42,129,798	41,735,557
Common stock, shares outstanding (in shares)	42,129,798	41,735,557

Note 4 - Real Property (Details Textual) - Office Building [Member] - TEXAS	Sep. 30, 2023 ft²
Net Rentable Area (Square Foot)	90,000
Percentage of Currently Leased	60.00%
Percentage of Occupancy	25.00%

Note 5 - Property and Equipment - Components of Property and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Gross property and equipment	$ 24,094	$ 24,064
Accumulated depreciation	(2,017)	(1,200)
Property and equipment, net	22,077	22,864
Land [Member]
Gross property and equipment	3,734	3,734
Building [Member]
Gross property and equipment	15,980	15,980
Building Improvements [Member]
Gross property and equipment	494	470
Leasehold Improvements [Member]
Gross property and equipment	3,018	3,016
Furniture and Fixtures [Member]
Gross property and equipment	868	851
Construction in Progress [Member]
Gross property and equipment	$ 0	$ 13

Note 1 - General and Liquidity

9 Months Ended

Sep. 30, 2023

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

Note 1. General and Liquidity

Cassava Sciences, Inc. and its wholly-owned subsidiary (collectively referred to as the “Company”) discover and develop proprietary pharmaceutical product candidates that may offer significant improvements to patients and healthcare professionals. The Company generally focuses its discovery and product development efforts on disorders of the nervous system.

The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and pursuant to the instructions to the Quarterly Report on Form 10-Q and Article 10 of Regulation S-X. All intercompany transactions and balances have been eliminated in consolidation. Accordingly, the condensed consolidated financial statements do not include all of the information and footnotes required by GAAP for complete consolidated financial statements. In the opinion of management of the Company, all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 30, 2023 are not necessarily indicative of the results that may be expected for any other interim period or for the year 2023. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.

Liquidity

The Company has incurred significant net losses and negative cash flows since inception, and as a result has an accumulated deficit of $359.9 million at September 30, 2023. The Company expects its cash requirements to be significant in the future. The amount and timing of the Company’s future cash requirements will depend on regulatory and market acceptance of its product candidates and the resources it devotes to researching and developing, formulating, manufacturing, commercializing and supporting its products. The Company may seek additional funding through public or private financing in the future, if such funding is available and on terms acceptable to the Company. There are no assurances that additional financing will be available on favorable terms, or at all. However, management believes that the current working capital position will be sufficient to meet the Company’s working capital needs for at least the next 12 months.

Note 10 - 2020 Cash Incentive Bonus Plan

9 Months Ended

Sep. 30, 2023

Cash Incentive Bonus Plan [Text Block]

Note 10. 2020 Cash Incentive Bonus Plan

In August 2020, the Board approved the Plan. The Plan was established to promote the long-term success of the Company by creating an “at-risk” cash bonus program that rewards Plan participants with additional cash compensation in lockstep with significant increases in the Company’s market capitalization. The Plan is considered “at-risk” because Plan participants will not receive a cash bonus unless the Company’s market capitalization increases significantly and certain other conditions specified in the Plan are met. Specifically, Plan participants will not be paid any cash bonuses unless (1) the Company completes a merger or acquisition transaction that constitutes a sale of ownership of the Company or its assets (a "Merger Transaction") or (2) the Compensation Committee of the Board (the "Compensation Committee") determines the Company has sufficient cash on hand, as defined in the Plan. Because of the inherent discretion and uncertainty regarding these requirements, the Company has concluded that a Plan grant date has not occurred as of September 30, 2023.

Plan participants will be paid all earned cash bonuses in the event of a Merger Transaction.

As of December 31, 2022, the Company’s independent directors were participants in the Plan. However, effective March 16, 2023, the Board amended the Plan to remove all independent directors as participants in the Plan and the independent directors consented to such removal. The independent directors’ share of potential benefits under the Plan were completely forfeited to the Company and will not be allocated to any other participant under the Plan. The Company’s independent directors have not received, and as a result of such amendment will never receive, any payments under the Plan.

The Company’s market capitalization for purposes of the Plan is determined based on either (1) the closing price of one share of the Company’s common stock on the Nasdaq Capital Market multiplied by the total issued and outstanding shares and options to purchase shares of the Company, or (2) the aggregate consideration payable to security holders of the Company in a Merger Transaction. This constitutes a market condition under applicable accounting guidance.

The Plan triggers a potential cash bonus each time the Company’s market capitalization increases significantly, up to a maximum $5 billion in market capitalization. The Plan specifies 14 incremental amounts between $200 million and $5 billion (each increment, a “Valuation Milestone”). Each Valuation Milestone triggers a potential cash bonus award in a pre-set amount defined in the Plan. Each Valuation Milestone must be achieved and maintained for no less than 20 consecutive trading days for Plan participants to be eligible for a potential cash bonus award. Approximately 67% of each cash bonus award associated with a Valuation Milestone is subject to adjustment and approval by the Compensation Committee. Any amounts not awarded by the Compensation Committee are no longer available for distribution.

If the Company were to exceed a $5 billion market capitalization for no less than 20 consecutive trading days, all Valuation Milestones would be deemed achieved, in which case cash bonus awards would range from a minimum of $111.4 million up to a hypothetical maximum of $289.7 million. Payment of cash bonuses is deferred until such time as (1) the Company completes a Merger Transaction, or (2) the Compensation Committee determines the Company has sufficient cash on hand to render payment (each, a “Performance Condition”), neither of which may ever occur. Accordingly, there can be no assurance that Plan participants will ever be paid a cash bonus that is awarded under the Plan, even if the Company’s market capitalization increases significantly.

The Plan is accounted for as a liability award. The fair value of each Valuation Milestone award will be determined once a grant date occurs and will be remeasured each reporting period. Compensation expense associated with the Plan will be recognized over the expected achievement period for each of the 14 Valuation Milestones, when a Performance Condition is considered probable of being met.

In October 2020, the Company achieved the first Valuation Milestone. Subsequently, the Compensation Committee approved a potential cash bonus award of $6.5 million in total for all Plan participants (after the March 2023 Plan amendment), subject to future satisfaction of a Performance Condition.

During the year ended December 31, 2021, the Company achieved 11 additional Valuation Milestones triggering potential Company obligations to all Plan participants from a minimum of $74.9 million up to a hypothetical maximum of $202.3 million (after the March 2023 Plan amendment), to be determined by the Compensation Committee and contingent upon future satisfaction of a Performance Condition. However, no compensation expense was recorded since no grant date has occurred and no Performance Conditions are considered probable of being met. There is no continuing service requirement for Plan participants once the Compensation Committee approves a cash bonus award.

No Valuation Milestones were achieved during 2022 or the nine months ended September 30, 2023.

No actual cash payments were authorized or made to participants under the Plan through the date of filing of this Form 10-Q.

Note 4 - Real Property - Components of Other Income, Net (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Lease revenue	$ 583	$ 620	$ 1,699	$ 1,780
Property operating expenses	(360)	(410)	(1,083)	(1,032)
Other income, net	$ 223	$ 210	$ 616	$ 748

Note 6 - Intangible Assets (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
Note 6 - Intangible Assets (Details Textual) - USD ($)	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Amortization of Intangible Assets	$ 119,000	$ 119,000	$ 357,000	$ 379,000

Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Sep. 30, 2023	Nov. 02, 2023
Document Information [Line Items]
Entity Central Index Key	0001069530
Entity Registrant Name	CASSAVA SCIENCES INC
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2023
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	000-29959
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	91-1911336
Entity Address, Address Line One	6801 N. Capital of Texas Highway, Building 1; Suite 300
Entity Address, City or Town	Austin
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	78731
City Area Code	512
Local Phone Number	501-2444
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	SAVA
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		42,174,062

Note 5 - Property and Equipment (Tables)

9 Months Ended

Sep. 30, 2023

Property, Plant and Equipment [Table Text Block]

	*September 30,*			*December 31,*
	*2023*			*2022*
Land	$	3,734		$	3,734
Buildings		15,980			15,980
Site improvements		494			470
Tenant improvements		3,018			3,016
Furniture and equipment		868			851
Construction in progress		—			13
Gross property and equipment	$	24,094		$	24,064
Accumulated depreciation		(2,017	)		(1,200	)
Property and equipment, net	$	22,077		$	22,864

Note 7 - Stockholders' Equity and Stock-based Compensation Expense - Stock Option and Performance Award Activity (Details) - shares	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023
Outstanding, options (in shares)		2,529,448
Options granted (in shares)		132,000
Options exercised (in shares)	(214,124)	(495,299)
Options forfeited/canceled (in shares)		(7,142)
Outstanding, options (in shares)	2,159,007	2,159,007
Performance Shares [Member]
Outstanding, performance awards (in shares)		7,142
Performance awards granted (in shares)		0
Performance awards exercised (in shares)		0
Performance awards forfeited/canceled (in shares)		0
Outstanding, performance awards (in shares)	7,142	7,142

Note 11 - Contingencies

9 Months Ended

Sep. 30, 2023

Contingencies Disclosure [Text Block]

Note 11. Contingencies

From time to time, the Company may become involved in litigation or other legal proceedings and claims, including U.S. government inquiries, investigations and Citizen Petitions submitted to FDA, and may receive inquiries from government authorities relating to matters arising from the ordinary course of business. The outcome of these proceedings is inherently uncertain. Regardless of outcome, legal proceedings can have an adverse impact on the Company because of defense and settlement costs, diversion of management resources, and other factors. At this time, no assessment can be made as to their likely outcome or whether the outcome will be material to the Company. No information is available to indicate that it is probable that a loss has been incurred or can be reasonably estimated as of the date of the condensed consolidated financial statements and, as such, no accrual for these matters has been recorded within the condensed consolidated financial statements.

Government Investigations

On November 15, 2021, the Company disclosed that certain government agencies had asked the Company to provide corporate information and documents. These were confidential requests. The Company has been voluntarily cooperating and intends to continue to cooperate with these inquiries. No government agency has informed the Company that it has found evidence of research misconduct or wrongdoing by the Company or its officers, employees or directors. No government agency has filed any claims or charges relating to these inquiries. We cannot predict the outcome or impact of these ongoing matters, including whether a government agency may pursue an enforcement action against the Company or others.

Securities Class Actions and Shareholder Derivative Actions

Between August 27, 2021 and October 26, 2021, four putative class action lawsuits were filed alleging violations of the federal securities laws by the Company and certain named officers. The complaints rely on allegations contained in Citizen Petitions submitted to FDA and allege that various statements made by the defendants regarding simufilam were rendered materially false and misleading. The Citizen Petitions were all subsequently denied by FDA. These actions were filed in the U.S. District Court for the Western District of Texas. The complaints seek unspecified compensatory damages and other relief on behalf of a purported class of purchasers.

On June 30, 2022, a federal judge consolidated the four class action lawsuits into one case and appointed a lead plaintiff and a lead counsel. Lead plaintiff filed a consolidated amended complaint on August 18, 2022 on behalf of a putative class of purchasers of the Company’s securities between September 14, 2020 and July 26, 2022. On May 11, 2023, the court dismissed with prejudice plaintiffs’ claims against defendant Nadav Friedmann, PhD, MD, our former Chief Medical Officer and a Company director, who is now deceased, but otherwise denied defendants’ motion to dismiss. Defendants filed an answer to the consolidated amended complaint on July 3, 2023. The Company believes the claims are without merit and intends to defend against these lawsuits vigorously. The Company is unable to estimate the possible loss or range of loss, if any, associated with these lawsuits.

On November 4, 2021, a related shareholder derivative action was filed, purportedly on behalf of the Company, in the U.S. District Court for the Western District of Texas, asserting claims under the U.S. securities laws and state fiduciary duty laws against certain named officers and the members of the Company’s Board. This complaint relies on the allegations made in Citizen Petitions that were submitted to (and subsequently denied by) FDA. The complaint alleges, among other things, that the individual defendants exposed the Company to unspecified damages and securities law liability by causing it to make materially false and misleading statements, in violation of the U.S. securities laws and in breach of their fiduciary duties to the Company. The derivative case seeks, among other things, to recover unspecified compensatory damages on behalf of the Company arising out of the individual defendant’s alleged wrongful conduct. Although the plaintiff in this derivative case does not seek relief against the Company, the Company has certain indemnification obligations to the individual defendants. Since November 4, 2021, four additional shareholder derivative actions were filed alleging substantially similar claims, two in the U.S. District Court for the Western District of Texas, one in Texas state court (Travis County District Court) and one in the Delaware Court of Chancery. On July 5, 2022, the three federal court actions were consolidated into a single action.

On August 19, 2022, a shareholder derivative action was filed, purportedly on behalf of the Company, in the Delaware Court of Chancery, asserting claims under state fiduciary duty laws against certain named officers and members of the Company’s Board. The complaint alleges, among other things, that the individual defendants breached their fiduciary duties by approving the 2020 Cash Incentive Bonus Plan in August 2020. The complaints seek unspecified compensatory damages and other relief. On January 6, 2023, the plaintiffs filed an amended complaint. Defendants filed a partial answer to the amended complaint on March 10, 2023, and moved to partially dismiss the amended complaint on March 14, 2023. Defendants’ motion to dismiss remains pending. Although the plaintiffs in this derivative case do not seek relief against the Company, the Company has certain indemnification obligations to the individual defendants.

The Company is unable to estimate the possible loss or range of loss, if any, associated with these lawsuits.

Use of Estimates, Policy [Policy Text Block]

The entire disclosure for loss and gain contingencies. Describes any existing condition, situation, or set of circumstances involving uncertainty as of the balance sheet date (or prior to issuance of the financial statements) as to a probable or reasonably possible loss incurred by an entity that will ultimately be resolved when one or more future events occur or fail to occur, and typically discloses the amount of loss recorded or a range of possible loss, or an assertion that no reasonable estimate can be made.

+ References + Details

Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2023

Accounting Policies [Abstract]

Use of Estimates

The Company makes estimates and assumptions in preparing its condensed consolidated financial statements in conformity with GAAP. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amount of revenue earned and expenses incurred during the reporting period. The Company evaluates its estimates on an ongoing basis, including those estimates related to manufacturing agreements and research collaborations. Actual results could differ from these estimates and assumptions.

Cash and Cash Equivalents, Policy [Policy Text Block]

Cash and Cash Equivalents and Concentration of Credit Risk

The Company invests in cash and cash equivalents. The Company considers highly liquid financial instruments with original maturities of three months or less to be cash equivalents. Highly liquid investments that are considered cash equivalents include money market accounts and funds, certificates of deposit, and U.S. Treasury securities. The Company maintains its cash and cash equivalents at one financial institution.

Fair Value Measurement, Policy [Policy Text Block]

Fair Value Measurements

The Company recognizes financial instruments in accordance with the authoritative guidance on fair value measurements and disclosures for financial assets and liabilities. This guidance defines fair value, establishes a framework for measuring fair value in accordance with GAAP, and expands disclosures about fair value measurements. The guidance also establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include:

●

Level 1 includes quoted prices in active markets.

●

Level 2 includes significant observable inputs, such as quoted prices for identical or similar securities, or other inputs that are observable and can be corroborated by observable market data for similar securities. The Company uses market pricing and other observable market inputs obtained from third-party providers. It uses the bid price to establish fair value where a bid price is available. The Company does not have any financial instruments where the fair value is based on Level 2 inputs.

●

Level 3 includes unobservable inputs that are supported by little or no market activity. The Company does not have any financial instruments where the fair value is based on Level 3 inputs.

If a financial instrument uses inputs that fall in different levels of the hierarchy, the instrument will be categorized based upon the lowest level of input that is significant to the fair value calculation. The fair value of cash and cash equivalents was based on Level 1 inputs at September 30, 2023 and December 31, 2022.

Segment Reporting, Policy [Policy Text Block]

Business Segments

The Company reports segment information based on how it internally evaluates the operating performance of its business units, or segments. The Company’s operations are confined to one business segment: the development of novel drugs and diagnostics.

Government Assistance [Policy Text Block]

Proceeds from Grants

During the three and nine months ended September 30, 2023, there were no reimbursements received pursuant to National Institutes of Health (“NIH”) research grants. During the three and nine months ended September 30, 2022, the Company received reimbursements totaling $0.4 million and $0.9 million, respectively, pursuant to NIH research grants. The Company records the proceeds from these grants as reductions to its research and development expenses.

Share-Based Payment Arrangement [Policy Text Block]

Stock-based Compensation

The Company recognizes non-cash expense for the fair value of all stock options and other share-based awards. The Company uses the Black-Scholes option valuation model to calculate the fair value of stock options, using the single-option award approach and straight-line attribution method. This model requires the input of subjective assumptions including expected stock price volatility, expected life and estimated forfeitures of each award. These assumptions consist of estimates of future market conditions, which are inherently uncertain, and therefore, are subject to management's judgment. For all options granted, it recognizes the resulting fair value as expense on a straight-line basis over the vesting period of each respective stock option, generally four years.

The Company has granted share-based awards that vest upon achievement of certain performance criteria (“Performance Awards”). The Company multiplies the number of Performance Awards by the fair value of its common stock on the date of grant to calculate the fair value of each award. It estimates an implicit service period for achieving performance criteria for each award. The Company recognizes the resulting fair value as expense over the implicit service period when it concludes that achieving the performance criteria is probable. It periodically reviews and updates as appropriate its estimates of implicit service periods and conclusions on achieving the performance criteria. Performance Awards vest and common stock is issued upon achievement of the performance criteria.

Earnings Per Share, Policy [Policy Text Block]

Net Loss per Share

The Company computes basic net loss per share on the basis of the weighted-average number of common shares outstanding for the reporting period. Diluted net loss per share is computed on the basis of the weighted-average number of common shares outstanding plus potential dilutive common shares outstanding using the treasury-stock method. Potential dilutive common shares consist of outstanding common stock options. There is no difference between the Company’s net loss and comprehensive loss. The numerators and denominators in the calculation of basic and diluted net loss per share were as follows (in thousands, except net loss per share data):

	*Three months ended*						*Nine months ended*
	*September 30,*						*September 30,*
	*2023*			*2022*			*2023*			*2022*
Numerator:
Net loss	$	(25,651	)	$	(20,257	)	$	(76,298	)	$	(57,112	)
Denominator:
Shares used in computing net loss per share, basic and diluted		42,002			40,050			41,845			40,009
Net loss per share, basic and diluted	$	(0.61	)	$	(0.51	)	$	(1.82	)	$	(1.43	)

Dilutive common stock options excluded from net loss per share, diluted		1,780			1,946			1,938			2,064

The Company excluded common stock options outstanding from the calculation of net loss per share, diluted, because the effect of including outstanding options would have been anti-dilutive. The Company also excluded 57,143 restricted stock awards from the calculation of net loss per share, diluted, until their expiration in June 2022 because the effect of including restricted stock awards would have been anti-dilutive.

Fair Value of Financial Instruments, Policy [Policy Text Block]

Fair Value of Financial Instruments

Financial instruments include accounts payable and accrued liabilities. The estimated fair value of certain financial instruments may be determined using available market information or other appropriate valuation methodologies. However, considerable judgment is required in interpreting market data to develop estimates of fair value; therefore, the estimates are not necessarily indicative of the amounts that could be realized or would be paid in a current market exchange. The effect of using different market assumptions and/or estimation methodologies may be material to the estimated fair value amounts. The carrying amounts of accounts payable and accrued liabilities are at cost, which approximates fair value due to the short maturity of those instruments.

Research and Development Expense, Policy [Policy Text Block]

Research Contract Costs and Accruals

The Company has entered into various research and development contracts with research institutions and other third-party vendors. These agreements are generally cancelable. Related payments are recorded as research and development expenses as incurred. The Company records prepaids and accruals for estimated ongoing research costs. When evaluating the adequacy of prepaid expenses and accrued liabilities, the Company analyzes progress of the studies including the phase or completion of events, invoices received and contracted costs. Significant judgments and estimates are made in determining the prepaid and accrued balances at the end of any reporting period. Actual results could differ from the Company’s estimates. The Company’s historical prepaid and accrual estimates have not been materially different from actual costs.

Incentive Bonus Plan

In 2020, the Company established the 2020 Cash Incentive Bonus Plan (the “Plan”) to incentivize Plan participants. Awards under the Plan are accounted for as liability awards under Accounting Standards Codification (ASC) 718 “Stock-based Compensation”. The fair value of each potential Plan award will be determined once a grant date occurs and will be remeasured each reporting period. Compensation expense associated with the Plan will be recognized over the expected achievement period for each Plan award, when a Performance Condition (as defined below) is considered probable of being met. See Note 10 for further discussion of the Plan.

Lessee, Leases [Policy Text Block]

Leases

The Company recognizes assets and liabilities that arise from leases. For operating leases, the Company is required to recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments during the lease term, in the condensed consolidated balance sheets. The Company elected the short-term lease recognition exemption for all leases that qualify. This means, for those leases that qualify, the Company does not recognize right-of-use assets or lease liabilities. As the Company`s leases do not provide an implicit rate, it uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. Lease expense for lease payments is recognized on a straight-line basis over the lease term.

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

Property and equipment

Property and equipment are recorded at cost, net of accumulated depreciation. Depreciation is recorded using the straight-line method over the estimated useful lives of the assets. Owned buildings and related improvements have estimated useful lives of 39 years and approximately 10 years, respectively. Tenant improvements are amortized using the straight-line method over the useful lives of the improvements or the remaining term of the corresponding leases, whichever is shorter. The remaining term of the corresponding leases is approximately 0.6 years.

Property and equipment are reviewed for impairment when events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. If property and equipment are considered to be impaired, an impairment loss is recognized.

Intangible Assets, Finite-Lived, Policy [Policy Text Block]

Intangible assets

Acquired intangible assets are recorded at fair value at the date of acquisition and primarily consist of lease-in-place agreements and leasing commissions. Intangible assets are amortized over the estimated life of the lease-in-place agreements, which is approximately 0.5 years at September 30, 2023.

Intangible assets are reviewed for impairment on an annual basis, and when there is reason to believe that their values have been diminished or impaired. If intangible assets are considered to be impaired, an impairment loss is recognized.

Income Tax, Policy [Policy Text Block]

Income Taxes

The Company accounts for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax balances are adjusted to reflect tax rates based on currently enacted tax laws, which will be in effect in the years in which the temporary differences are expected to reverse. The Company has accumulated significant deferred tax assets that reflect the tax effects of net operating loss and tax credit carryovers and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Realization of certain deferred tax assets is dependent upon future earnings. The Company is uncertain about the timing and amount of any future earnings. Accordingly, the Company offsets these deferred tax assets with a valuation allowance.

The Company accounts for uncertain tax positions in accordance with ASC 740, “Income Taxes”, which clarifies the accounting for uncertainty in tax positions. These provisions require recognition of the impact of a tax position in the Company’s condensed consolidated financial statements only if that position is more likely than not of being sustained upon examination by taxing authorities, based on the technical merits of the position. Any interest and penalties related to uncertain tax positions will be reflected as a component of income tax expense.

Note 5 - Property and Equipment (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Depreciation	$ 273,000	$ 181,000	$ 817,000	$ 533,000

Note 7 - Stockholders' Equity and Stock-based Compensation Expense (Tables)

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement, Activity [Table Text Block]

	*Stock Options*			*Performance Awards*
Outstanding as of December 31, 2022		2,529,448			7,142
Options granted		132,000			—
Options exercised		(495,299	)		—
Options forfeited/canceled		(7,142	)		—
Outstanding as of September 30, 2023		2,159,007			7,142

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

	*Three months ended*				*Nine months ended*
	*September 30,*				*September 30,*
	*2023*		*2022*		*2023*		*2022*
Research and development	$	405	$	399	$	1,186	$	1,234
General and administrative		544		70		1,271		216
Total stock-based compensation expense	$	949	$	469	$	2,457	$	1,450

Note 1 - General and Liquidity (Details Textual) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Retained Earnings (Accumulated Deficit)	$ (359,850)	$ (283,552)

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Note 9 - Commitments

9 Months Ended

Sep. 30, 2023

Commitments Disclosure [Text Block]

Note 9. Commitments

Right-of-use Asset and Liability

The Company had an operating lease for approximately 6,000 square feet of office space in Austin, Texas with an expiration of April 30, 2024. The Company and the landlord consented to early terminate this lease on February 22, 2023 with no continuing obligations.

There was no rent expense for the three months ended September 30, 2023. Rent expense for the three months ended September 30, 2022 totaled $41,000.

Rent expense for the nine months ended September 30, 2023 and 2022 totaled $24,000 and $123,000, respectively.

There was no cash paid for operating lease liabilities during the three months ended September 30, 2023. Cash paid for operating lease liabilities during the three months ended September 30, 2022 totaled $41,000.

Cash paid for operating lease liabilities during the nine months ended September 30, 2023 and 2022 totaled $24,000 and $124,000, respectively.

Other Commitments

The Company conducts its product research and development programs through a combination of internal and collaborative programs that include, among others, arrangements with universities, contract research organizations and clinical research sites. The Company has contractual arrangements with these organizations that are cancelable. The Company’s obligations under these contracts are largely based on services performed.

Note 2 - Significant Accounting Policies

9 Months Ended

Sep. 30, 2023

Significant Accounting Policies [Text Block]

Note 2. Significant Accounting Policies

Use of Estimates

Cash and Cash Equivalents and Concentration of Credit Risk

Fair Value Measurements

●

Level 1 includes quoted prices in active markets.

●

Level 3 includes unobservable inputs that are supported by little or no market activity. The Company does not have any financial instruments where the fair value is based on Level 3 inputs.

Business Segments

Proceeds from Grants

Stock-based Compensation

Net Loss per Share

	*Three months ended*						*Nine months ended*
	*September 30,*						*September 30,*
	*2023*			*2022*			*2023*			*2022*
Numerator:
Net loss	$	(25,651	)	$	(20,257	)	$	(76,298	)	$	(57,112	)
Denominator:
Shares used in computing net loss per share, basic and diluted		42,002			40,050			41,845			40,009
Net loss per share, basic and diluted	$	(0.61	)	$	(0.51	)	$	(1.82	)	$	(1.43	)

Dilutive common stock options excluded from net loss per share, diluted		1,780			1,946			1,938			2,064

Fair Value of Financial Instruments

Research Contract Costs and Accruals

Incentive Bonus Plan

Leases

Property and equipment

Intangible assets

Income Taxes

Note 11 - Contingencies (Details Textual)				2 Months Ended
Note 11 - Contingencies (Details Textual)	Jul. 05, 2022	Jun. 30, 2022	Nov. 04, 2021	Oct. 26, 2021
Violations of Federal Securities Laws [Member]
Loss Contingency, New Claims Filed, Number		1		4
Shareholder Derivative Actions [Member]
Loss Contingency, New Claims Filed, Number	3		4
Shareholder Derivative Actions, Texas Court [Member]
Loss Contingency, New Claims Filed, Number			2
Shareholder Derivative Actions, Texas State Court Member
Loss Contingency, New Claims Filed, Number			1
Shareholder Derivative Actions, Delaware Court [Member]
Loss Contingency, New Claims Filed, Number			1

Note 8 - Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Expense (Benefit)	$ 0	$ 0	$ 0	$ 0

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 142,350	$ 201,015
Prepaid expenses and other current assets	7,834	10,211
Total current assets	150,184	211,226
Operating lease right-of-use assets	0	122
Property and equipment, net	22,077	22,864
Intangible assets, net	268	622
Total assets	172,529	234,834
Current liabilities:
Accounts payable and accrued expenses	9,492	4,017
Accrued development expense	7,344	2,280
Accrued compensation and benefits	187	170
Operating lease liabilities, current	0	104
Other current liabilities	391	492
Total current liabilities	17,414	7,063
Operating lease liabilities, non-current	0	35
Other non-current liabilities	0	197
Total liabilities	17,414	7,295
Commitments and contingencies (Notes 9, 10 and 11)
Stockholders' equity:
Preferred stock, $0.001 par value; 10,000,000 shares authorized, none issued and outstanding	0	0
Common stock, $0.001 par value; 120,000,000 shares authorized; 42,129,798 and 41,735,557 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively	42	42
Additional paid-in capital	514,923	511,049
Retained Earnings (Accumulated Deficit)	(359,850)	(283,552)
Total stockholders' equity	155,115	227,539
Total liabilities and stockholders' equity	$ 172,529	$ 234,834

Note 10 - 2020 Cash Incentive Bonus Plan (Details Textual) - Cash Incentive Bonus Plan [Member] $ in Thousands		1 Months Ended	9 Months Ended
	Mar. 16, 2023 USD ($)	Nov. 07, 2023 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2021 USD ($)	Oct. 31, 2020 USD ($)
Cash Bonus Incentive, Incremental Amounts	14			11
Performance Plan, Minimum Number of Days Valuation Milestone Must be Achieved and Maintained (Day)	20 days
Percentage Valuation Milestone Cash Bonus Award Subject to Approval and Adjustment	67.00%
Cash Incentive Bonus Award					$ 6,500
Share-Based Payment Arrangement, Expense, after Tax			$ 0
Subsequent Event [Member]
Payments for Cash Incentive Bonus		$ 0
Minimum [Member]
Performance Plan, Valuation Milestone Amount	$ 200,000			$ 74,900
Cash Incentive Bonus Award, Exceeds Maximum	111,400
Maximum [Member]
Performance Plan, Valuation Milestone Amount	5,000,000			$ 202,300
Cash Incentive Bonus Award, Exceeds Maximum	$ 289,700

Note 3 - Prepaid Expenses and Other Current Assets (Tables)

9 Months Ended

Sep. 30, 2023

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block]

	*September 30,*		*December 31,*
	*2023*		*2022*
Prepaid insurance	$	1,136	$	874
Contract research organization and other deposits		5,224		9,177
Interest receivable		1,285		—
Other		189		160
Total prepaid expenses and other current assets	$	7,834	$	10,211

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Share-Based Payment Arrangement, Employee [Member] Common Stock [Member]	Share-Based Payment Arrangement, Employee [Member] Additional Paid-in Capital [Member]	Share-Based Payment Arrangement, Employee [Member] Retained Earnings [Member]	Share-Based Payment Arrangement, Employee [Member]	Share-Based Payment Arrangement, Nonemployee [Member] Common Stock [Member]	Share-Based Payment Arrangement, Nonemployee [Member] Additional Paid-in Capital [Member]	Share-Based Payment Arrangement, Nonemployee [Member] Retained Earnings [Member]	Share-Based Payment Arrangement, Nonemployee [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Dec. 31, 2021									40,016,792
Balance at Dec. 31, 2021									$ 40	$ 461,181	$ (207,306)	$ 253,915
Stock-based compensation for stock options	$ 0	$ 471	$ 0	$ 471	$ 0	$ 24	$ 0	$ 24
Issuance of common stock pursuant to exercise of stock options (in shares)									14,488
Issuance of common stock pursuant to exercise of stock options									$ 0	211	0	211
Net loss									$ 0	0	(17,527)	(17,527)
Balance (in shares) at Mar. 31, 2022									40,031,280
Balance at Mar. 31, 2022									$ 40	461,887	(224,833)	237,094
Balance (in shares) at Dec. 31, 2021									40,016,792
Balance at Dec. 31, 2021									$ 40	461,181	(207,306)	253,915
Net loss												(57,112)
Balance (in shares) at Sep. 30, 2022									40,059,514
Balance at Sep. 30, 2022									$ 40	463,097	(264,418)	198,719
Balance (in shares) at Mar. 31, 2022									40,031,280
Balance at Mar. 31, 2022									$ 40	461,887	(224,833)	237,094
Stock-based compensation for stock options	0	462	0	462	0	23	0	23
Issuance of common stock pursuant to exercise of stock options (in shares)									66,637
Issuance of common stock pursuant to exercise of stock options									$ 0	119	0	119
Net loss									$ 0	0	(19,328)	(19,328)
Balance (in shares) at Jun. 30, 2022									40,097,917
Balance at Jun. 30, 2022									$ 40	462,491	(244,161)	218,370
Stock-based compensation for stock options	0	447	0	447	0	23	0	23
Issuance of common stock pursuant to exercise of stock options (in shares)									18,740
Issuance of common stock pursuant to exercise of stock options									$ 0	136	0	136
Net loss									$ 0	0	(20,257)	(20,257)
Expiration of restricted stock Performance Awards (in shares)									(57,143)
Expiration of restricted stock Performance Awards									$ 0	0	0	0
Balance (in shares) at Sep. 30, 2022									40,059,514
Balance at Sep. 30, 2022									$ 40	463,097	(264,418)	198,719
Balance (in shares) at Dec. 31, 2022									41,735,557
Balance at Dec. 31, 2022									$ 42	511,049	(283,552)	227,539
Stock-based compensation for stock options	0	650	0	650	0	23	0	23
Issuance of common stock pursuant to exercise of stock options (in shares)									13,878
Issuance of common stock pursuant to exercise of stock options									$ 0	64	0	64
Net loss									$ 0	0	(24,271)	(24,271)
Balance (in shares) at Mar. 31, 2023									41,749,435
Balance at Mar. 31, 2023									$ 42	511,786	(307,823)	204,005
Balance (in shares) at Dec. 31, 2022									41,735,557
Balance at Dec. 31, 2022									$ 42	511,049	(283,552)	$ 227,539
Issuance of common stock pursuant to exercise of stock options (in shares)												495,299
Net loss												$ (76,298)
Balance (in shares) at Sep. 30, 2023									42,129,798
Balance at Sep. 30, 2023									$ 42	514,923	(359,850)	155,115
Balance (in shares) at Mar. 31, 2023									41,749,435
Balance at Mar. 31, 2023									$ 42	511,786	(307,823)	204,005
Stock-based compensation for stock options	0	812	0	812	0	23	0	23
Issuance of common stock pursuant to exercise of stock options (in shares)									170,092
Issuance of common stock pursuant to exercise of stock options									$ 0	889	0	889
Net loss									$ 0	0	(26,376)	(26,376)
Balance (in shares) at Jun. 30, 2023									41,919,527
Balance at Jun. 30, 2023									$ 42	513,510	(334,199)	$ 179,353
Stock-based compensation for stock options	$ 0	$ 926	$ 0	$ 926	$ 0	$ 23	$ 0	$ 23
Issuance of common stock pursuant to exercise of stock options (in shares)									210,271			214,124
Issuance of common stock pursuant to exercise of stock options									$ 0	464	0	$ 464
Net loss									$ 0	0	(25,651)	(25,651)
Balance (in shares) at Sep. 30, 2023									42,129,798
Balance at Sep. 30, 2023									$ 42	$ 514,923	$ (359,850)	$ 155,115

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

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Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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Note 2 - Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2023

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

	*Three months ended*						*Nine months ended*
	*September 30,*						*September 30,*
	*2023*			*2022*			*2023*			*2022*
Numerator:
Net loss	$	(25,651	)	$	(20,257	)	$	(76,298	)	$	(57,112	)
Denominator:
Shares used in computing net loss per share, basic and diluted		42,002			40,050			41,845			40,009
Net loss per share, basic and diluted	$	(0.61	)	$	(0.51	)	$	(1.82	)	$	(1.43	)

Dilutive common stock options excluded from net loss per share, diluted		1,780			1,946			1,938			2,064

Note 4 - Real Property (Tables)

9 Months Ended

Sep. 30, 2023

Schedule of Other Nonoperating Income (Expense) [Table Text Block]

	*Three months ended*						*Nine months ended*
	*September 30,*						*September 30,*
	*2023*			*2022*			*2023*			*2022*
Lease revenue	$	583		$	620		$	1,699		$	1,780
Property operating expenses		(360	)		(410	)		(1,083	)		(1,032	)
Other income, net	$	223		$	210		$	616		$	748

Note 3 - Prepaid Expenses and Other Current Assets - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Prepaid insurance	$ 1,136	$ 874
Contract research organization and other deposits	5,224	9,177
Interest receivable	1,285	0
Other	189	160
Total prepaid expenses and other current assets	$ 7,834	$ 10,211

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2023
Insider Trading Arr Line Items
Material Terms of Trading Arrangement [Text Block]	Item 5. *Other Information* During the quarter ended September 30, 2023, none of our directors or officers (as defined in Rule 16a-1(f) of the Exchange Act) informed us of the adoption or termination of a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as those terms are defined in Regulation S-K, Item 408.
Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false
Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false

Note 2 - Significant Accounting Policies (Details Textual) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) shares	Sep. 30, 2022 USD ($)
Number of Operating Segments			1
Government Assistance, Amount \| $	$ 0	$ 400	$ 0	$ 900
Operating Lease, Weighted Average Remaining Lease Term (Year)	7 months 6 days		7 months 6 days
Leases, Acquired-in-Place [Member]
Finite-Lived Intangible Asset, Useful Life (Year)	6 months		6 months
Building [Member]
Property, Plant and Equipment, Useful Life (Year)	39 years		39 years
Building Improvements [Member]
Property, Plant and Equipment, Useful Life (Year)	10 years		10 years
Share-Based Payment Arrangement, Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)			4 years
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) \| shares			57,143

Note 2 - Significant Accounting Policies - Calculation of Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Net loss	$ (25,651)	$ (26,376)	$ (24,271)	$ (20,257)	$ (19,328)	$ (17,527)	$ (76,298)	$ (57,112)
Shares used in computing net loss per share, basic and diluted (in shares)	42,002			40,050			41,845	40,009
Net loss per share, basic and diluted (in dollars per share)	$ (0.61)			$ (0.51)			$ (1.82)	$ (1.43)
Share-Based Payment Arrangement, Option [Member]
Dilutive common stock options excluded from net loss per share, diluted (in shares)	1,780			1,946			1,938	2,064

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

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

Note 6 - Intangible Assets - Amortization Expense for Finite-lived Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022
2023	$ 97
2024	167
2025	4
Total amortization	$ 268	$ 622

Note 6 - Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2023

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

	*September 30,*			*December 31,*
	*2023*			*2022*
Lease-in-place agreements	$	1,053		$	1,053
Leasing commissions and other		293			290
Gross intangible assets	$	1,346		$	1,343
Accumulated amortization		(1,078	)		(721	)
Intangible assets, net	$	268		$	622

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

For the year ending December 31,
2023	$	97
2024		167
2025		4
Total amortization	$	268

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Operating expenses:
Research and development, net of grant reimbursement	$ 23,603	$ 18,526	$ 70,692	$ 50,380
General and administrative	4,276	2,819	12,476	8,703
Total operating expenses	27,879	21,345	83,168	59,083
Operating loss	(27,879)	(21,345)	(83,168)	(59,083)
Interest income	2,005	878	6,254	1,223
Other income, net	223	210	616	748
Net loss	$ (25,651)	$ (20,257)	$ (76,298)	$ (57,112)
Net loss per share, basic and diluted (in dollars per share)	$ (0.61)	$ (0.51)	$ (1.82)	$ (1.43)
Shares used in computing net loss per share, basic and diluted (in shares)	42,002	40,050	41,845	40,009

Note 9 - Commitments (Details Textual)	3 Months Ended		9 Months Ended
Note 9 - Commitments (Details Textual)	Sep. 30, 2023 USD ($) ft²	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) ft²	Sep. 30, 2022 USD ($)
Operating Lease, Cost	$ 0	$ 41,000	$ 24,000	$ 123,000
Operating Lease, Payments	$ 0	$ 41,000	$ 24,000	$ 124,000
Office Space [Member] \| Austin, Texas [Member]
Area of Real Estate Property (Square Foot) \| ft²	6,000		6,000

Note 8 - Income Taxes

9 Months Ended

Sep. 30, 2023

Income Tax Disclosure [Text Block]

Note 8. Income Taxes

The Company did not provide for income taxes during the three and nine months ended September 30, 2023, because it has projected a net loss for the full year 2023 for which any benefit will be offset by an increase in the valuation allowance. There was also no provision for income taxes for the three and nine months ended September 30, 2022.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2