0001437749-24-005894 | 10-K | XBRL Viewer

Property, Plant and Equipment Disclosure [Text Block]

5. Property and Equipment

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

	*December 31,*
	*2023*			*2022*
Land	$	3,734		$	3,734
Buildings		15,980			15,980
Site improvements		494			470
Tenant improvements		3,062			3,016
Furniture and equipment		868			851
Construction in progress		—			13
Gross property and equipment	$	24,138		$	24,064
Accumulated depreciation		(2,284	)		(1,200	)
Property and equipment, net	$	21,854		$	22,864

Depreciation expense for property and equipment was $1,084,000, $804,000 and $310,000 for the years ended December 31, 2023, 2022 and 2021, respectively.

Note 9 - Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Net operating loss carryforwards	$ 33,322	$ 28,017
Share-based compensation	2,561	2,706
Research and development credit carryforwards	12,557	9,681
Capitalized research and development expenses	27,538	12,690
Other	1,371	934
Total deferred tax assets	77,349	54,028
Valuation allowance	(77,349)	(54,002)
Net deferred tax assets	0	26
Operating lease right-of-use assets	0	(26)
Total deferred tax liabilities	0	(26)
Net deferred tax asset (liability)	$ 0	$ 0

Note 10 - Leases and Commitments (Details Textual)	12 Months Ended
Note 10 - Leases and Commitments (Details Textual)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) ft²	Dec. 31, 2021 USD ($)
Operating Lease, Payments \| $	$ 24,000	$ 155,000	$ 109,000
Lease for Office Space in Austin, Texas [Member]
Area of Real Estate Property (Square Foot) \| ft²		6,000

Note 4 - Real Property and Other Income, Expense (Tables)

12 Months Ended

Dec. 31, 2023

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

	*Years ended December 31,*
	*2023*			*2022*			*2021*

Lease revenue	$	2,283		$	2,459		$	911
Property operating expenses		(1,376	)		(1,462	)		(477	)
Other income, net	$	907		$	997		$	434

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 121,136	$ 201,015
Prepaid expenses and other current assets	8,497	10,211
Total current assets	129,633	211,226
Operating lease right-of-use assets	0	122
Property and equipment, net	21,854	22,864
Intangible assets, net	176	622
Total assets	151,663	234,834
Current liabilities:
Accounts payable and other accrued expenses	10,573	4,017
Accrued development expense	3,037	2,280
Accrued compensation and benefits	200	170
Operating lease liabilities, current	0	104
Other current liabilities	385	492
Total current liabilities	14,195	7,063
Operating lease liabilities, non-current	0	35
Other non-current liabilities	0	197
Total liabilities	14,195	7,295
Commitments and contingencies (Notes 10, 11 and 12)
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; 42,236,919 and 41,735,557 shares issued and outstanding at December 31, 2023 and December 31, 2022, respectively	42	42
Additional paid-in capital	518,195	511,049
Retained Earnings (Accumulated Deficit)	(380,769)	(283,552)
Total stockholders' equity	137,468	227,539
Total liabilities and stockholders' equity	$ 151,663	$ 234,834

Note 7 - Stockholders' Equity and Stock-based Compensation Expense (Details Textual) - USD ($)				12 Months Ended
	Nov. 22, 2022	May 05, 2022	Feb. 12, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	May 01, 2023	Mar. 31, 2020
Proceeds from Issuance of Common Stock				$ 0	$ 47,329,000	$ 189,825,000
Common Stock, Par or Stated Value Per Share (in dollars per share)				$ 0.001	$ 0.001
Stock Options Exercised Net Settled Satisfaction Of Exercise Price (in shares)				101,058
Share-Based Payment Arrangement, Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Dividend Rate				0.00%	0.00%	0.00%
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount				$ 24,200,000
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)				2 years 9 months 18 days
Performance Shares [Member]
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount					$ 101,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Expirations (in shares)					57,143
The 2018 Equity Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year)		10 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares)		5,000,000
Common Stock, Par or Stated Value Per Share (in dollars per share)		$ 0.001
The 2022 Registered Direct Offering [Member]
Stock Issued During Period, Shares, New Issues (in shares)	1,666,667
Shares Issued, Price Per Share (in dollars per share)	$ 30
Proceeds from Issuance of Common Stock	$ 47,300,000
The 2021 Registered Direct Offering [Member]
Stock Issued During Period, Shares, New Issues (in shares)			4,081,633
Shares Issued, Price Per Share (in dollars per share)			$ 49
Proceeds from Issuance of Common Stock			$ 189,800,000
At-the-market Common Stock Offering [Member]
Stock Issued During Period, Shares, New Issues (in shares)				0
Equity Offering, Maximum Amount							$ 200,000,000	$ 100,000,000
Equity Offering, Percentage of Commission							3.00%

Note 5 - Property and Equipment - Components of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Gross property and equipment	$ 24,138	$ 24,064
Accumulated depreciation	(2,284)	(1,200)
Property and equipment, net	21,854	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	3,062	3,016
Furniture and Fixtures [Member]
Gross property and equipment	868	851
Construction in Progress [Member]
Gross property and equipment	$ 0	$ 13

Note 9 - Income Taxes - Schedule of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Beginning balance	$ 6,496	$ 5,001	$ 4,500
Expired research and development tax credits	(50)	0	0
Additions based on tax positions related to the current year	1,967	1,495	501
Ending balance	$ 8,413	$ 6,496	$ 5,001

Note 1 - General, Liquidity and Basis of Presentation

12 Months Ended

Dec. 31, 2023

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

1. General, Liquidity and Basis of Presentation

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

Basis of Consolidation

The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary. All intercompany transactions have been eliminated in consolidation.

Liquidity

The Company has incurred significant net losses and negative cash flows since inception, and as a result has an accumulated deficit of $380.8 million at December 31, 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 9 - Income Taxes (Details Textual) - USD ($)	12 Months Ended
Note 9 - Income Taxes (Details Textual) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%	21.00%	21.00%
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount	$ 23,300	$ 17,800
Unrecognized Tax Benefits	8,413,000	$ 6,496,000	$ 5,001,000	$ 4,500,000
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	0
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued	$ 0
Open Tax Year	2019 2020 2021 2022
Domestic Tax Authority [Member]
Operating Loss Carryforwards	$ 158,700,000
Domestic Tax Authority [Member] \| Research Tax Credit Carryforward [Member]
Tax Credit Carryforward, Amount	21,100,000
Domestic Tax Authority [Member] \| Carryforward Subject to Expiration [Member]
Operating Loss Carryforwards	74,100,000
Domestic Tax Authority [Member] \| Indefinite Life Carryforwards [Member]
Operating Loss Carryforwards	$ 84,600,000

Note 6 - Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2023

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

	*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		(1,170	)		(721	)
Intangible assets, net	$	176		$	622

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

For the year ending December 31,
2024		172
2025		4
Total amortization	$	176

Note 2 - Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Significant Accounting Policies [Text Block]

2. Summary of Significant Accounting Policies

Use of Estimates

The Company makes estimates and assumptions in preparing its consolidated financial statements in conformity with accounting principles generally accepted in the United States. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the 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 clinical trials and manufacturing agreements. Actual results could differ from these estimates and assumptions.

Proceeds from Grants

During 2023, there were no reimbursements received pursuant to National Institutes of Health (“NIH”) research grants. In 2022, and 2021, the Company received $0.9 million and $3.9 million of reimbursement, respectively, from the NIH and National Institute on Drug Abuse. The Company records the proceeds from these grants as reductions to its research and development expenses.

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 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 December 31, 2023 and 2022.

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.

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 (“Black-Scholes”) 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 three or 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.

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 and warrants. 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):

	*Years ended December 31,*
	*2023*			*2022*			*2021*
Numerator:
Net loss	$	(97,217	)	$	(76,246	)	$	(32,385	)
Denominator:
Shares used in computing net loss per share, basic and diluted		41,932			40,202			39,405
Net loss per share, basic and diluted	$	(2.32	)	$	(1.90	)	$	(0.82	)

Dilutive common stock options excluded from net loss per share, diluted		2,123			2,055			2,211

The Company excluded common stock options and warrants outstanding, along with 57,143 restricted stock awards, from the calculation of net loss per share, diluted, because the effect of including outstanding options would have been anti-dilutive. The 57,143 restricted stock awards expired during the year ended December 31, 2022.

Fair Value of Financial Instruments

Financial instruments include accounts payable, accrued expenses and other 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, accrued expenses and other liabilities are at cost, which approximates fair value due to the short maturity of those instruments.

Research Contracts, Prepaids 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 the 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 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 11 for further discussion of the Plan.

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 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 and equipment

Property and equipment is 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 related to leased space 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 0.4 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

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 approximates 0.3 years at December 31, 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 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 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.

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating expenses:
Research and development, net of grant reimbursement	$ 89,423	$ 68,032	$ 24,813
General and administrative	16,534	11,988	8,055
Total operating expenses	105,957	80,020	32,868
Operating loss	(105,957)	(80,020)	(32,868)
Interest income	7,833	2,777	49
Other income, net	907	997	434
Net loss	$ (97,217)	$ (76,246)	$ (32,385)
Net loss per share, basic and diluted (in dollars per share)	$ (2.32)	$ (1.9)	$ (0.82)
Shares used in computing net loss per share, basic and diluted (in shares)	41,932	40,202	39,405

Note 9 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

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

	Year ended December 31,
	*2023*			*2022*			*2021*
Tax at federal statutory rate		21	%		21	%		21	%
State tax, net of federal benefit		—			—			—
Share-based compensation		0.2			(0.5	)		1.2
Research and development credits		5.1			4.9			2.3
Section 162(m) limitation		—			(0.2	)		(0.5	)
Other		(2.3	)		(1.8	)		(0.2	)
Change in valuation allowance		(24.0	)		(23.4	)		(23.8	)
Effective income tax rate		—	%		—	%		—	%

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

	*December 31,*
	*2023*			*2022*
Deferred tax assets:
Net operating loss carryforwards	$	33,322		$	28,017
Share-based compensation		2,561			2,706
Research and development credit carryforwards		12,557			9,681
Capitalized research and development expenses		27,538			12,690
Other		1,371			934
Total deferred tax assets		77,349			54,028
Valuation allowance		(77,349	)		(54,002	)
Net deferred tax assets		—			26
Deferred tax liabilities:
Operating lease right-of-use assets		—			(26	)
Total deferred tax liabilities		—			(26	)
Net deferred tax asset (liability)	$	—		$	—

Summary of Income Tax Contingencies [Table Text Block]

	*Year ended December 31,*
	*2023*			*2022*		*2021*
Beginning balance	$	6,496		$	5,001	$	4,500
Expired research and development tax credits	$	(50	)	$	—	$	—
Additions based on tax positions related to the current year		1,967			1,495		501
Ending balance	$	8,413		$	6,496	$	5,001

Note 3 - Prepaid and Other Current Assets

12 Months Ended

Dec. 31, 2023

Prepaid Expenses and Other Current Assets [Text Bock]

3. Prepaid Expenses and Other Current Assets

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

	*December 31,*
	*2023*		*2022*
Prepaid insurance	$	759	$	874
Contract research organization and other deposits		6,489		9,177
Interest receivable		962		—
Other		287		160
Total prepaid expenses and other current assets	$	8,497	$	10,211

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

Note 9 - Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Text Block]

9. Income Taxes

The Company did not provide for income taxes during the periods presented because it had book and federal taxable losses in those years and the tax benefit that would have resulted from the pre-tax losses was fully offset by a change in the valuation allowance.

The reconciliation of the statutory federal income tax rate to the Company’s effective tax rate for periods presented was as follows:

	Year ended December 31,
	*2023*			*2022*			*2021*
Tax at federal statutory rate		21	%		21	%		21	%
State tax, net of federal benefit		—			—			—
Share-based compensation		0.2			(0.5	)		1.2
Research and development credits		5.1			4.9			2.3
Section 162(m) limitation		—			(0.2	)		(0.5	)
Other		(2.3	)		(1.8	)		(0.2	)
Change in valuation allowance		(24.0	)		(23.4	)		(23.8	)
Effective income tax rate		—	%		—	%		—	%

Deferred tax assets and valuation allowance

Deferred tax assets reflect the tax effects of net operating loss and tax credit carryforwards and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The Company’s deferred taxes assets at December 31, 2023 and 2022 were valued at the corporate tax rate of 21%. The Company offsets its deferred tax assets by a valuation allowance because it is uncertain about the timing and amount of any future profits. Significant components of its deferred tax assets are as follows (in thousands):

	*December 31,*
	*2023*			*2022*
Deferred tax assets:
Net operating loss carryforwards	$	33,322		$	28,017
Share-based compensation		2,561			2,706
Research and development credit carryforwards		12,557			9,681
Capitalized research and development expenses		27,538			12,690
Other		1,371			934
Total deferred tax assets		77,349			54,028
Valuation allowance		(77,349	)		(54,002	)
Net deferred tax assets		—			26
Deferred tax liabilities:
Operating lease right-of-use assets		—			(26	)
Total deferred tax liabilities		—			(26	)
Net deferred tax asset (liability)	$	—		$	—

The valuation allowance increased by $23.3 million and $17.8 million in 2023 and 2022, respectively, due primarily to continuing operations.

The Company’s net operating loss carryforwards of $158.7 million are federal, of which $74.1 million expires between 2029 and 2037 and $84.6 million carries forward indefinitely. As of December 31, 2023, the Company had federal research and development tax credits of approximately $21.1 million, which expire in the years 2024 through 2043.

Unrecognized tax benefits

As of December 31, 2023, 2022 and 2021, the Company has unrecognized tax benefits related to tax credits of $8.4 million, $6.5 million and $5.0 million, respectively. None of the unrecognized tax benefits as of December 31, 2023, if recognized, would impact the effective tax rate due to the valuation allowance and no interest or penalties have been recognized. A reconciliation of the beginning and ending balance of unrecognized tax benefits is as follows (in thousands):

	*Year ended December 31,*
	*2023*			*2022*		*2021*
Beginning balance	$	6,496		$	5,001	$	4,500
Expired research and development tax credits	$	(50	)	$	—	$	—
Additions based on tax positions related to the current year		1,967			1,495		501
Ending balance	$	8,413		$	6,496	$	5,001

As of December 31, 2023, there were no unrecognized tax benefits that we expect would change significantly over the next 12 months.

The Company files U.S. and Texas income tax returns. In the United States, the statute of limitations with respect to the federal income tax returns for tax years after 2019 are open to audit; however, since the Company has net operating losses, the taxing authority has the ability to review tax returns prior to the 2020 tax year and make adjustments to these net operating loss carryforwards. We are not under audit in any taxing jurisdiction at this time.

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

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

+ Details

Note 1 - General, Liquidity and Basis of Presentation (Details Textual) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Retained Earnings (Accumulated Deficit)	$ (380,769)	$ (283,552)

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Note 5 - Property and Equipment (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Depreciation	$ 1,084,000	$ 804,000	$ 310,000

Note 12 - Contingencies

12 Months Ended

Dec. 31, 2023

Contingencies Disclosure [Text Block]

12. Contingencies

The Company is, and 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. In addition, the Company has received, and from time to time 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. The Company believes that its total provisions for legal matters are adequate based upon currently available information.

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. On February 22, 2024, plaintiffs filed a motion to supplement their complaint to extend the putative class period through October 12, 2023.

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. Between November 4, 2021 and June 20, 2023, 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. All of the foregoing actions are currently stayed pending further developments in the consolidated securities action described above. On November 9, 2023, another shareholder derivative action alleging substantially similar claims was filed in the U.S. District Court for the Western District of Texas. The parties to that case expect that it will be consolidated into the existing consolidated federal court shareholder derivative action.

On February 2, 2024, a putative class action lawsuit was filed alleging violations of the federal securities law by the Company and certain named officers. The complaint relies on an October 12, 2023 journal article that describes a purported leaked report of alleged scientific misconduct by a scientific collaborator of the Company at City University of New York. The complaint alleges that various statements made by the defendants regarding simufilam were rendered materially false and misleading by this article. The action was filed in the U.S. District Court for the Northern District of Illinois. The complaint seeks unspecified compensatory damages and other relief on behalf of a purported class of purchasers of the Company’s securities between August 18, 2022 and October 12, 2023.

The Company believes the foregoing 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 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. On January 25, 2024, the parties entered into a binding settlement term sheet with respect to this action. The settlement is subject to certain conditions, including the filing of a Stipulation of Settlement and final court approval. The proposed settlement resolves the claims asserted against the Company and the individual defendants and would contain provisions that the settlement does not constitute an admission, concession, or finding of any fault, liability, or wrongdoing of any kind by any defendant. There can be no assurance that the final settlement agreement will be executed or that such agreement will be approved by the court.

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

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

12 Months Ended

Dec. 31, 2023

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

				*Weighted Average*		*Weighted Average*
	*Number of*			*Weighted Average*		*Remaining Contractual*		*Aggregate Intrinsic Value*
	*Options*			*Exercise Price*		*Term in Years*		*in Millions*

Outstanding as of December 31, 2022		2,529,448		$	12.13		3.94	$	49.60
Options granted		1,162,000			18.91
Options exercised		(602,420	)		8.38
Options forfeited/canceled		(49,999	)		32.59
Outstanding as of December 31, 2023		3,039,029			—		—	$	—
Vested and expected to vest at December 31, 2023		3,039,029			15.13		6.21	$	30.28
Exercisable at December 31, 2023		1,836,174		$	11.09		3.98	$	26.18

Share-Based Payment Arrangement, Option, Exercise Price Range [Table Text Block]

				*Options outstanding*						*Options exercisable*
						*Weighted*
						*average*		*Weighted*				*Weighted*
				*Number of*		*remaining*		*average*		*Number of*		*average*
*Range of exercise prices*				*outstanding*		*contractual*		*exercise*		*vested*		*exercise*
*From*		To		*options*		*life (in years)*		*price*		*options*		*price*
$	0.95	$	3.24		804,834		4.8	$	2.17		804,834	$	2.17
$	4.09	$	13.02		656,230		2.9	$	8.33		647,167	$	8.34
$	14.21	$	16.94		62,634		1.9	$	16.00		62,634	$	16.00
$	17.54	$	17.54		800,000		9.8	$	17.54		44,442	$	17.54
$	21.11	$	77.00		715,331		7.2	$	33.20		277,097	$	41.29
					3,039,029		6.2	$	15.13		1,836,174	$	11.09

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

2023

2022

2021

Volatility

152% to 155%

151% to 154%

147% to 151%

Risk-free interest rates

3.82% to 4.37%

1.98% to 3.69%

1.12% to 1.42%

Expected life of option (in years)

Dividend yield

zero

Forfeiture rate

zero

Weighted average fair value of stock options granted

18.21

35.16

65.83

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

	Number of Performance Awards
Outstanding as of December 31, 2022		7,142
Granted		—
Vested		—
Forfeited/canceled		—
Outstanding as of December 31, 2023		7,142

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

	*Years ended December 31,*
	*2023*		*2022*		*2021*

Research and development	$	2,050	$	1,631	$	1,302

General and administrative		2,536		435		457

Total stock-based compensation expense	$	4,586	$	2,066	$	1,759

Note 3 - Prepaid and Other Current Assets (Tables)

12 Months Ended

Dec. 31, 2023

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

	*December 31,*
	*2023*		*2022*
Prepaid insurance	$	759	$	874
Contract research organization and other deposits		6,489		9,177
Interest receivable		962		—
Other		287		160
Total prepaid expenses and other current assets	$	8,497	$	10,211

Note 10 - Leases and Commitments

12 Months Ended

Dec. 31, 2023

Leases And Commitments Disclosure [Text Block]

10. Leases and 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 expiring April 30, 2024. The Company terminated this lease on February 22, 2023 with no continuing obligations.

Cash paid for operating lease liabilities totaled $24,000, $155,000 and $109,000 during the years ended December 31, 2023, 2022 and 2021, 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. It has contractual arrangements with these organizations that are generally cancelable. The Company’s obligations under these contracts are largely based on services performed.

The Company is dependent on contract development and manufacturing organizations for the manufacture of all our materials for clinical studies.

Note 7 - Stockholders' Equity and Stock-based Compensation Expense - Stock Option Activity (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) $ / shares shares
Outstanding, options (in shares) \| shares	2,529,448
Outstanding, options, weighted average exercise price (in dollars per share) \| $ / shares	$ 12.13
Outstanding as of December 31, 2022, weighted average contractual term (Year)	3 years 11 months 8 days
Outstanding as of December 31, 2022, aggregate intrinsic value \| $	$ 49,600
Options granted (in shares) \| shares	1,162,000
Options granted, weighted average exercise price (in dollars per share) \| $ / shares	$ 18.91
Options exercised (in shares) \| shares	(602,420)
Options exercised, weighted average exercise price (in dollars per share) \| $ / shares	$ 8.38
Options forfeited/canceled (in shares) \| shares	(49,999)
Options forfeited/canceled, weighted average exercise price (in dollars per share) \| $ / shares	$ 32.59
Outstanding, options (in shares) \| shares	3,039,029
Outstanding, options, weighted average exercise price (in dollars per share) \| $ / shares	$ 0
Vested and expected to vest at December 31, 2023 (in shares) \| shares	3,039,029
Vested and expected to vest at December 31, 2022, weighted average exercise price (in dollars per share) \| $ / shares	$ 15.13
Vested and expected to vest at December 31, 2022, weighted average contractual term (Year)	6 years 2 months 15 days
Vested and expected to vest at December 31, 2022, aggregate intrinsic value \| $	$ 30,280
Exercisable at December 31, 2023 (in shares) \| shares	1,836,174
Exercisable at December 31, 2022, weighted average exercise price (in dollars per share) \| $ / shares	$ 11.09
Exercisable at December 31, 2022, weighted average contractual term (Year)	3 years 11 months 23 days
Exercisable at December 31, 2022, aggregate intrinsic value \| $	$ 26,180

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net loss	$ (97,217,000)	$ (76,246,000)	$ (32,385,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	4,586,000	2,066,000	1,759,000
Depreciation	1,084,000	804,000	310,000
Amortization of intangible assets	446,000	497,000	224,000
Changes in operating assets and liabilities:
Prepaid and other assets	1,714,000	1,189,000	(10,956,000)
Operating lease right-of-use assets and liabilities	(17,000)	(9,000)	28,000
Accounts payable and other accrued expenses	6,896,000	(3,449,000)	6,215,000
Accrued development expense	757,000	(523,000)	2,084,000
Accrued compensation and benefits	30,000	(1,707,000)	1,794,000
Other liabilities	(304,000)	(136,000)	731,000
Net cash used in operating activities	(82,025,000)	(77,514,000)	(30,196,000)
Cash flows from investing activities:
Purchase of property and equipment	(414,000)	(2,712,000)	(22,214,000)
Net cash used in investing activities	(414,000)	(2,712,000)	(22,214,000)
Cash flows from financing activities:
Proceeds from issuance of common stock upon exercise of stock options	2,560,000	475,000	1,824,000
Proceeds from issuance of common stock upon exercise of 2018 warrants	0	0	692,000
Proceeds from common stock offering, net of issuance costs	0	47,329,000	189,825,000
Net cash provided by financing activities	2,560,000	47,804,000	192,341,000
Net (decrease) increase in cash and cash equivalents	(79,879,000)	(32,422,000)	139,931,000
Cash and cash equivalents at beginning of period	201,015,000	233,437,000	93,506,000
Cash and cash equivalents at end of period	121,136,000	201,015,000	233,437,000
Non-cash investing activities
Purchases of property and equipment included in accounts payable	$ 0	$ 340,000	$ 0

Consolidated Statements of Stockholders' Equity - 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, 2020									35,237,987
Balance at Dec. 31, 2020									$ 35	$ 267,086	$ (174,921)	$ 92,200
Stock-based compensation for stock options	$ 0	$ 1,706	$ 0	$ 1,706	$ 0	$ 53	$ 0	$ 53
Issuance of common stock pursuant to exercise of stock options (in shares)									143,153
Issuance of common stock pursuant to exercise of stock options									$ 0	1,824	0	1,824
Issuance of common stock pursuant to exercise of warrants (in shares)									554,019
Issuance of common stock pursuant to exercise of warrants									$ 1	691	0	692
Common stock issued in conjunction with registered direct offering, net of issuance costs (in shares)									4,081,633
Common stock issued in conjunction with registered direct offering, net of issuance costs									$ 4	189,821	0	189,825
Net loss									$ 0	0	(32,385)	(32,385)
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	1,972	0	1,972	0	94	0	94
Issuance of common stock pursuant to exercise of stock options (in shares)									109,241
Issuance of common stock pursuant to exercise of stock options									$ 0	475	0	475
Common stock issued in conjunction with registered direct offering, net of issuance costs (in shares)									1,666,667
Common stock issued in conjunction with registered direct offering, net of issuance costs									$ 2	47,327	0	47,329
Net loss									$ 0	0	(76,246)	(76,246)
Expiration of restricted stock Performance Awards (in shares)									(57,143)
Expiration of restricted stock Performance Awards									$ 0	0	0	0
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	$ 4,493	$ 0	$ 4,493	$ 0	$ 93	$ 0	$ 93
Issuance of common stock pursuant to exercise of stock options (in shares)									501,362			602,420
Issuance of common stock pursuant to exercise of stock options									$ 0	2,560	0	$ 2,560
Net loss									$ 0	0	(97,217)	(97,217)
Balance (in shares) at Dec. 31, 2023									42,236,919
Balance at Dec. 31, 2023									$ 42	$ 518,195	$ (380,769)	$ 137,468

Note 13 - Subsequent Event - Warrant Dividend Distribution (Details Textual) - USD ($) $ / shares in Units, $ in Thousands			2 Months Ended	12 Months Ended
	Jan. 03, 2024	Dec. 22, 2023	Feb. 26, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Nov. 15, 2024
Volume Weighted Average Price (in dollars per share)		$ 26.4
Proceeds from Warrant Exercises				$ 0	$ 0	$ 692
Subsequent Event [Member]
Redemption Percentage of Warrants							0.10%
Warrant Redemption Price (in dollars per share)							$ 0.01
Class of Warrant or Right, Exercised During Period (in shares)			659,000
Proceeds from Warrant Exercises			$ 21,800
Stock Issued During Period, Shares, Warrant Exercises (in shares)			989,000
Proceeds From Warrants Exercised That Obligated to Pay Commission			$ 20,000
Commission Percentage of Gross Proceeds			2.50%
Warrants to Purchase Common Stock [Member]
Class Of Warrant Or Right Issued During Period (in shares)		4
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)		10
Warrants to Purchase Common Stock [Member] \| Subsequent Event [Member]
Class Of Warrant Or Right Issued During Period (in shares)	16,900,000
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)	$ 33
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares)	1
Bonus Share Fraction [Member] \| Subsequent Event [Member]
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares)	0.5

Consolidated Balance Sheets (Parentheticals) - $ / shares	Dec. 31, 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)	42,236,919	41,735,557
Common stock, shares outstanding (in shares)	42,236,919	41,735,557

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

12 Months Ended

Dec. 31, 2023

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

7. Stockholders' Equity and Stock-Based Compensation

Preferred Stock

The Company’s Board of Directors (the “Board”) has the authority to issue preferred stock in one or more series and to fix the rights, preferences, privileges, restrictions and the number of shares constituting any series or the designation of the series.

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.

2021 Registered Direct Offering

On February 12, 2021, the Company completed a common stock offering pursuant to which certain investors purchased 4,081,633 shares of common stock at a price of $49.00 per share. Net proceeds of the offering were approximately $189.8 million after deducting offering expenses.

At the Market (ATM) Common Stock Issuance

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 under the ATM. The Company is not obligated to sell any shares in the offering.

There were no common stock sales under the ATM during the year ended December 31, 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.

2008 Equity Incentive Plan

Under the Company’s 2008 Equity Incentive Plan, or 2008 Equity Plan, its employees, directors and consultants received share-based awards, including grants of stock options and performance awards. The 2008 Equity Plan expired in December 2017. Share-based awards generally expire ten years from the date of grant.

2018 Equity Incentive Plan

The Company’s Board or a designated Committee of the Board is responsible for administration of the Company’s 2018 Omnibus Incentive Plan (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 ten 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 may then use its cash to pay tax authorities the amount of statutory taxes owed by and on behalf of the award recipient.

Stock Options

The following summarizes information about stock option activity during 2023:

				*Weighted Average*		*Weighted Average*
	*Number of*			*Weighted Average*		*Remaining Contractual*		*Aggregate Intrinsic Value*
	*Options*			*Exercise Price*		*Term in Years*		*in Millions*

Outstanding as of December 31, 2022		2,529,448		$	12.13		3.94	$	49.60
Options granted		1,162,000			18.91
Options exercised		(602,420	)		8.38
Options forfeited/canceled		(49,999	)		32.59
Outstanding as of December 31, 2023		3,039,029			—		—	$	—
Vested and expected to vest at December 31, 2023		3,039,029			15.13		6.21	$	30.28
Exercisable at December 31, 2023		1,836,174		$	11.09		3.98	$	26.18

Of the stock options exercised during the year ended December 31, 2023, 101,058 stock options were net settled in satisfaction of the exercise price, with no cash proceeds received.

The following summarizes information about stock options at December 31, 2023 by a range of exercise prices:

				*Options outstanding*						*Options exercisable*
						*Weighted*
						*average*		*Weighted*				*Weighted*
				*Number of*		*remaining*		*average*		*Number of*		*average*
*Range of exercise prices*				*outstanding*		*contractual*		*exercise*		*vested*		*exercise*
*From*		To		*options*		*life (in years)*		*price*		*options*		*price*
$	0.95	$	3.24		804,834		4.8	$	2.17		804,834	$	2.17
$	4.09	$	13.02		656,230		2.9	$	8.33		647,167	$	8.34
$	14.21	$	16.94		62,634		1.9	$	16.00		62,634	$	16.00
$	17.54	$	17.54		800,000		9.8	$	17.54		44,442	$	17.54
$	21.11	$	77.00		715,331		7.2	$	33.20		277,097	$	41.29
					3,039,029		6.2	$	15.13		1,836,174	$	11.09

The Company uses Black-Scholes to estimate the fair value of options granted. Black-Scholes considers a number of factors, including the market price of the Company’s common stock. Factors utilized in Black-Scholes to value each stock option granted, and the weighted average fair value of options granted during the years ended December 31, 2023, 2022 and 2021 were as follows:

2023

2022

2021

Volatility

152% to 155%

151% to 154%

147% to 151%

Risk-free interest rates

3.82% to 4.37%

1.98% to 3.69%

1.12% to 1.42%

Expected life of option (in years)

Dividend yield

zero

Forfeiture rate

zero

Weighted average fair value of stock options granted

18.21

35.16

65.83

Volatility is based on reviews of the historical volatility of the Company’s common stock. Risk-free interest rates are based on yields of U.S. treasury notes in effect at the date of grant. Expected life of option is based on actual historical option exercises. Dividend yield is zero because the Company does not anticipate paying cash dividends in the foreseeable future.

As of December 31, 2023, the Company expects to recognize compensation expense of $24.2 million related to non-vested options held by equity plan participants over the weighted average remaining recognition period of 2.8 years.

Performance Awards

The following summarizes information about performance award activity during 2023:

	Number of Performance Awards
Outstanding as of December 31, 2022		7,142
Granted		—
Vested		—
Forfeited/canceled		—
Outstanding as of December 31, 2023		7,142

During the year ended December 31, 2022, a total of 57,143 shares of restricted stock awards expired as performance criteria related to these Performance Awards were not attained. These shares of restricted stock were returned to the 2008 Equity Incentive Plan, which expired in December 2017, and thus were retired.

If and when outstanding Performance Awards vest, the Company would recognize $101,000 in stock-based compensation expense. These performance awards expire in 2026.

Stock-Based Compensation Expense

The following summarizes information about stock-based compensation expense, in thousands:

	*Years ended December 31,*
	*2023*		*2022*		*2021*

Research and development	$	2,050	$	1,631	$	1,302

General and administrative		2,536		435		457

Total stock-based compensation expense	$	4,586	$	2,066	$	1,759

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Use of Estimates, Policy [Policy Text Block]

Use of Estimates

Government Assistance [Policy Text Block]

Proceeds from Grants

Cash and Cash Equivalents, Policy [Policy Text Block]

Cash and Cash Equivalents and Concentration of Credit Risk

Fair Value Measurement, Policy [Policy Text Block]

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.

Segment Reporting, Policy [Policy Text Block]

Business Segments

Stock-based Compensation

Earnings Per Share, Policy [Policy Text Block]

Net Loss per Share

	*Years ended December 31,*
	*2023*			*2022*			*2021*
Numerator:
Net loss	$	(97,217	)	$	(76,246	)	$	(32,385	)
Denominator:
Shares used in computing net loss per share, basic and diluted		41,932			40,202			39,405
Net loss per share, basic and diluted	$	(2.32	)	$	(1.90	)	$	(0.82	)

Dilutive common stock options excluded from net loss per share, diluted		2,123			2,055			2,211

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

Fair Value of Financial Instruments

Research and Development Expense, Policy [Policy Text Block]

Research Contracts, Prepaids and Accruals

Share-Based Payment Arrangement [Policy Text Block]

Incentive Bonus Plan

Lessee, Leases [Policy Text Block]

Leases

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

Property and equipment

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

Intangible assets

Income Tax, Policy [Policy Text Block]

Income Taxes

Document And Entity Information - USD ($)	12 Months Ended
Document And Entity Information - USD ($)	Dec. 31, 2023	Feb. 26, 2024	Jun. 30, 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	FY
Document Fiscal Year Focus	2023
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 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
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 967,000,000
Entity Common Stock, Shares Outstanding		43,225,211
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	Austin, Texas
Warrant [Member]
Document Information [Line Items]
Title of 12(b) Security	Warrants, exercisable for shares of Common Stock
Trading Symbol	SAVAW
Security Exchange Name	NASDAQ
Common Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	SAVA
Security Exchange Name	NASDAQ

Note 7 - Stockholders' Equity and Stock-based Compensation Expense - Stock Option Valuation Assumptions (Details) - Share-Based Payment Arrangement, Option [Member] - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Expected life of option (in years) (Year)	7 years	7 years	7 years
Dividend yield	0.00%	0.00%	0.00%
Forfeiture rate	0.00%	0.00%	0.00%
Weighted average fair value of stock options granted (in dollars per share)	$ 18.21	$ 35.16	$ 65.83
Minimum [Member]
Volatility	152.00%	151.00%	147.00%
Risk-free interest rates	3.82%	1.98%	1.12%
Maximum [Member]
Volatility	155.00%	154.00%	151.00%
Risk-free interest rates	4.37%	3.69%	1.42%

Note 2 - Summary of Significant Accounting Policies (Details Textual) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($)
Proceeds from Insurance Settlement, Operating Activities			$ 0
Government Assistance, Amount	$ 900	$ 3,900
Number of Operating Segments	1
Operating Lease, Weighted Average Remaining Lease Term (Year)	4 months 24 days
Leases, Acquired-in-Place [Member]
Finite-Lived Intangible Asset, Useful Life (Year)	3 months 18 days
Building [Member]
Property, Plant and Equipment, Useful Life (Year)	39 years
Building Improvements [Member]
Property, Plant and Equipment, Useful Life (Year)	10 years
Share-Based Payment Arrangement, Option [Member] \| Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)	3 years
Share-Based Payment Arrangement, Option [Member] \| Maximum [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	57,143

Note 6 - Intangible Assets - Amortization Expense for Finite-lived Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
2024	$ 172
2025	4
Total amortization	$ 176	$ 622

Note 7 - Stockholders' Equity and Stock-based Compensation Expense - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Total stock-based compensation expense	$ 4,586	$ 2,066	$ 1,759
Research and Development Expense [Member]
Total stock-based compensation expense	2,050	1,631	1,302
General and Administrative Expense [Member]
Total stock-based compensation expense	$ 2,536	$ 435	$ 457

Note 4 - Real Property Acquisitions - Components of Other Income, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Lease revenue	$ 2,283	$ 2,459	$ 911
Property operating expenses	(1,376)	(1,462)	(477)
Other income, net	$ 907	$ 997	$ 434

Note 9 - Income Taxes - Schedule of Effective Income Tax Reconciliation (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Tax at federal statutory rate	21.00%	21.00%	21.00%
State tax, net of federal benefit	0.00%	0.00%	0.00%
Share-based compensation	0.20%	(0.50%)	1.20%
Research and development credits	5.10%	4.90%	2.30%
Section 162(m) limitation	0.00%	(0.20%)	(0.50%)
Other	(2.30%)	(1.80%)	(0.20%)
Change in valuation allowance	(24.00%)	(23.40%)	(23.80%)
Effective income tax rate	0.00%	0.00%	0.00%

Note 11 - 2020 Cash Incentive Bonus Plan

12 Months Ended

Dec. 31, 2023

Cash Incentive Bonus Plan [Text Block]

Note 11. 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 December 31, 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 Company’s closing price of one share 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. Any warrants outstanding are excluded from the determination of market capitalization. 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 in 2020, the Compensation Committee approved a potential cash bonus award of $6.5 million in total for all Plan participants (after taking into account 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 taking into account 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 has been 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 the years ended December 31, 2023 and 2022.

No actual cash payments were authorized or made to participants under the Plan through December 31, 2023 and the date of filing of this Annual Report on Form 10-K.

Note 2 - Summary of Significant Accounting Policies - Calculation of Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net loss	$ (97,217)	$ (76,246)	$ (32,385)
Shares used in computing net loss per share, basic and diluted (in shares)	41,932	40,202	39,405
Net loss per share, basic and diluted (in dollars per share)	$ (2.32)	$ (1.9)	$ (0.82)
Share-Based Payment Arrangement, Option [Member]
Dilutive securities excluded from net loss per share, diluted (in shares)	2,123	2,055	2,211

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.

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+ Details

Note 8 - Employee 401(k) Benefit Plan

12 Months Ended

Dec. 31, 2023

Compensation and Employee Benefit Plans [Text Block]

8. Employee 401(k) Benefit Plan

The Company has a defined-contribution savings plan under Section 401(k) of the Internal Revenue Code. The plan covers substantially all employees. Employees are eligible to participate in the plan the first day of the month after hire and may contribute up to the current statutory limits under Internal Revenue Service regulations. The 401(k) plan permits the Company to make additional matching contributions on behalf of all employees. Through December 31, 2023, the Company has not made any matching contributions to the 401(k) plan.

Note 5 - Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Table Text Block]

	*December 31,*
	*2023*			*2022*
Land	$	3,734		$	3,734
Buildings		15,980			15,980
Site improvements		494			470
Tenant improvements		3,062			3,016
Furniture and equipment		868			851
Construction in progress		—			13
Gross property and equipment	$	24,138		$	24,064
Accumulated depreciation		(2,284	)		(1,200	)
Property and equipment, net	$	21,854		$	22,864

Note 6 - Intangible Assets (Details Textual) - USD ($)	12 Months Ended
Note 6 - Intangible Assets (Details Textual) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Amortization of Intangible Assets	$ 446,000	$ 497,000	$ 224,000

Note 7 - Stockholders' Equity and Stock-based Compensation Expense - Stock Option and Performance Award Activity (Details) - Performance Shares [Member]	12 Months Ended
	Dec. 31, 2023 shares
Outstanding, awards (in shares)	7,142
Granted, awards (in shares)	0
Vested, awards (in shares)	0
Forfeited/canceled, awards (in shares)	0
Outstanding, awards (in shares)	7,142

Note 6 - Intangible Assets - Components of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Gross intangible assets	$ 1,346	$ 1,343
Accumulated amortization	(1,170)	(721)
Total amortization	176	622
Leases, Acquired-in-Place [Member]
Gross intangible assets	1,053	1,053
Leasing Commissions and Other [Member]
Gross intangible assets	$ 293	$ 290

Note 6 - Intangible Assets

12 Months Ended

Dec. 31, 2023

Intangible Assets Disclosure [Text Block]

6. Intangible assets

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

	*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		(1,170	)		(721	)
Intangible assets, net	$	176		$	622

Amortization expense for intangible assets was $446,000, $497,000 and $224,000 for the years ended December 31, 2023, 2022 and 2021, respectively.

Amortization expense for finite-lived intangible assets is expected to be as follows (in thousands):

For the year ending December 31,
2024		172
2025		4
Total amortization	$	176

Insider Trading Arrangements	12 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Insider Trading Arr Line Items
Material Terms of Trading Arrangement [Text Block]	Item 9B. *Other Information* During the quarter ended December 31, 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 - Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

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

	*Years ended December 31,*
	*2023*			*2022*			*2021*
Numerator:
Net loss	$	(97,217	)	$	(76,246	)	$	(32,385	)
Denominator:
Shares used in computing net loss per share, basic and diluted		41,932			40,202			39,405
Net loss per share, basic and diluted	$	(2.32	)	$	(1.90	)	$	(0.82	)

Dilutive common stock options excluded from net loss per share, diluted		2,123			2,055			2,211

Note 7 - Stockholders' Equity and Stock-based Compensation Expense - Schedule of Stock Options by Exercise Price (Details)	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Options outstanding (in shares) \| shares	3,039,029
Options outstanding, weighted average contractual life (Year)	6 years 2 months 12 days
Options outstanding, weighted average exercise price (in dollars per share)	$ 15.13
Options exercisable (in shares) \| shares	1,836,174
Options exercisable, weighted average exercise price (in dollars per share)	$ 11.09
Range One [Member]
Options, exercise price, lower limit (in dollars per share)	0.95
Options, exercise price, upper limit (in dollars per share)	$ 3.24
Options outstanding (in shares) \| shares	804,834
Options outstanding, weighted average contractual life (Year)	4 years 9 months 18 days
Options outstanding, weighted average exercise price (in dollars per share)	$ 2.17
Options exercisable (in shares) \| shares	804,834
Options exercisable, weighted average exercise price (in dollars per share)	$ 2.17
Range Two [Member]
Options, exercise price, lower limit (in dollars per share)	4.09
Options, exercise price, upper limit (in dollars per share)	$ 13.02
Options outstanding (in shares) \| shares	656,230
Options outstanding, weighted average contractual life (Year)	2 years 10 months 24 days
Options outstanding, weighted average exercise price (in dollars per share)	$ 8.33
Options exercisable (in shares) \| shares	647,167
Options exercisable, weighted average exercise price (in dollars per share)	$ 8.34
Range Three [Member]
Options, exercise price, lower limit (in dollars per share)	14.21
Options, exercise price, upper limit (in dollars per share)	$ 16.94
Options outstanding (in shares) \| shares	62,634
Options outstanding, weighted average contractual life (Year)	1 year 10 months 24 days
Options outstanding, weighted average exercise price (in dollars per share)	$ 16
Options exercisable (in shares) \| shares	62,634
Options exercisable, weighted average exercise price (in dollars per share)	$ 16
Range Four [Member]
Options, exercise price, lower limit (in dollars per share)	17.54
Options, exercise price, upper limit (in dollars per share)	$ 17.54
Options outstanding (in shares) \| shares	800,000
Options outstanding, weighted average contractual life (Year)	9 years 9 months 18 days
Options outstanding, weighted average exercise price (in dollars per share)	$ 17.54
Options exercisable (in shares) \| shares	44,442
Options exercisable, weighted average exercise price (in dollars per share)	$ 17.54
Range Five [Member]
Options, exercise price, lower limit (in dollars per share)	21.11
Options, exercise price, upper limit (in dollars per share)	$ 77
Options outstanding (in shares) \| shares	715,331
Options outstanding, weighted average contractual life (Year)	7 years 2 months 12 days
Options outstanding, weighted average exercise price (in dollars per share)	$ 33.2
Options exercisable (in shares) \| shares	277,097
Options exercisable, weighted average exercise price (in dollars per share)	$ 41.29

Note 4 - Real Property and Other Income, Expense

12 Months Ended

Dec. 31, 2023

Real Estate Owned [Text Block]

4. Real Property and Other Income, Expense

The Company owns a two-building office complex in Austin, Texas, a portion of which serves as its corporate headquarters. This property is intended to accommodate the Company’s anticipated growth and expansion of its operations in the coming years. Maintenance, physical facilities, leasing, property management and other key responsibilities related to property ownership are being outsourced to professional real-estate managers. The office complex measures approximately 90,000 rentable square feet. At December 31, 2023, the Company occupied approximately 25% of the property with the remainder either leased or available for lease to third parties.

The Company records the net income from building operations and leases as other income, net, as leasing is not core to the Company’s operations. Building depreciation and amortization for space not occupied by the Company is included in general and administrative expense. Building depreciation and amortization for space occupied by the Company is allocated between general and administrative expense and research and development expense. Components of other income, net, for the periods presented were as follows (in thousands):

	*Years ended December 31,*
	*2023*			*2022*			*2021*

Lease revenue	$	2,283		$	2,459		$	911
Property operating expenses		(1,376	)		(1,462	)		(477	)
Other income, net	$	907		$	997		$	434

The Company had accrued property taxes related to the building totaling $338,000 and $433,000 at December 31, 2023 and 2022, respectively, included in other current liabilities.

Note 11 - 2020 Cash Incentive Bonus Plan (Details Textual) - Cash Incentive Bonus Plan [Member] $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	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
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 4 - Real Property and Other Income, Expense (Details Textual) - Office Building [Member] - TEXAS	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Aug. 04, 2021 ft²
Net Rentable Area (Square Foot) \| ft²			90,000
Percentage of Occupancy	25.00%
Accrual for Taxes Other than Income Taxes, Current \| $	$ 338,000	$ 433,000

Note 13 - Subsequent Event - Warrant Dividend Distribution

12 Months Ended

Dec. 31, 2023