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Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Sep. 30, 2016	Nov. 07, 2016
Document Information [Line Items]
Entity Registrant Name	WINDTREE THERAPEUTICS INC /DE/
Entity Central Index Key	0000946486
Trading Symbol	wint
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		8,476,033
Document Type	10-Q
Document Period End Date	Sep. 30, 2016
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 12,383	$ 38,722
Prepaid interest, current portion	1,093	1,710
Prepaid expenses and other current assets	210	362
Total current assets	13,686	40,794
Property and equipment, net	1,022	1,039
Restricted cash	225	225
Prepaid interest, non-current portion	1,501	2,319
Total assets	16,434	44,377
Current liabilities:
Accounts payable	5,237	3,263
Accrued expenses	8,892	7,582
Common stock warrant liability		223
Total current liabilities	14,129	11,068
Long-term debt	25,000	25,000
Other liabilities	155	43
Total liabilities	39,284	36,111
Stockholders’ equity / (deficit):
Preferred stock, $0.001 par value; 5,000,000 shares authorized; no shares issued or outstanding
Common stock, $0.001 par value; 60,000,000 shares authorized; 8,477,525 and 8,196,011 shares issued at September 30, 2016 and December 31, 2015, respectively; 8,476,033 and 8,194,519 shares outstanding at September 30, 2016 and December 31, 2015, respectively	8	8
Additional paid-in capital	592,262	590,490
Accumulated deficit	(612,066)	(579,178)
Treasury stock (at cost); 1,492 shares	(3,054)	(3,054)
Total stockholders’ (deficit) / equity	(22,850)	8,266
Total liabilities & stockholders’ equity	$ 16,434	$ 44,377

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Sep. 30, 2016	Dec. 31, 2015
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	60,000,000	36,000,000
Common stock, shares issued (in shares)	8,477,525	8,196,011
Common stock, shares outstanding (in shares)	8,476,033	8,194,519
Treasury stock, shares (in shares)	1,492	1,492

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Revenues:
Product sales				$ 7
Grant revenue	961	66	1,142	325
Total revenues	961	66	1,142	332
Expenses:
Cost of product sales				929
Research and development	7,081	6,452	25,757	20,663
Selling, general and administrative	1,613	2,057	7,053	8,793
Total expenses	8,694	8,509	32,810	30,385
Operating loss	(7,733)	(8,443)	(31,668)	(30,053)
Change in fair value of common stock warrant liability		139	223	577
Other income / (expense):
Loss on debt extinguishment		(11,758)		(11,758)
Interest income	3	1	15	2
Interest expense	(648)	(1,495)	(1,907)	(3,962)
Other income	15		449	133
Other expense, net	(630)	(13,252)	(1,443)	(15,585)
Net loss	$ (8,363)	$ (21,556)	$ (32,888)	$ (45,061)
Net loss per common share – Basic and diluted (in dollars per share)	$ (1)	$ (2.80)	$ (3.98)	$ (6.86)
Weighted-average number of common shares outstanding – basic and diluted (in shares)	8,355	7,550	8,262	6,601

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Cash flows from operating activities:
Net loss	$ (32,888)	$ (45,061)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	199	626
Change in provision for excess inventory		(174)
Stock-based compensation and 401(k) plan employer match	1,301	1,750
Fair value adjustment of common stock warrants	(223)	(577)
Amortization of discount of long-term debt		1,287
Loss on debt extinguishment		11,758
Debt discount write-off		707
Amortization of prepaid interest	1,435	420
Gain / (loss) on sale or disposal of equipment	(16)	84
Changes in:
Inventory		201
Prepaid expenses and other current assets	152	388
Accounts payable	1,974	2,107
Accrued expenses	1,298	673
Other assets		66
Other liabilities	124	(113)
Net cash used in operating activities	(26,644)	(25,858)
Cash flows from investing activities:
Purchase of property and equipment	(193)	(508)
Proceeds from sale of property and equipment	27	260
Net cash used in investing activities	(166)	(248)
Cash flows from financing activities:
Proceeds from issuance of securities, net of expenses	471	32,629
Proceeds from exercise of common stock warrants		136
Principal payments on long-term debt		(5,000)
Repayment of equipment loans		(62)
Net cash provided by / (used in) financing activities	471	27,703
Net decrease in cash and cash equivalents	(26,339)	1,597
Cash and cash equivalents – beginning of period	38,722	44,711
Cash and cash equivalents – end of period	12,383	46,308
Supplementary disclosure of cash flows information:
Interest paid	$ 280	$ 1,453

Note 1 - The Company and Description of Business

9 Months Ended

Sep. 30, 2016

Notes to Financial Statements

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

Note 1

–

The Company and Description of Business

Windtree Therapeutics, Inc. (referred to as “we,” “us,” or the “Company”) is a biotechnology company focused on developing novel KL

surfactant therapies for respiratory diseases and other potential applications. Surfactants are produced naturally in the lung and are essential for normal respiratory function and survival. Our proprietary technology platform includes both (i) a synthetic, peptide-containing surfactant (KL

surfactant) that is structurally similar to endogenous pulmonary surfactant, and (ii) novel drug delivery technologies being developed to enable noninvasive administration of aerosolized KL

surfactant. We believe that our proprietary technology platform may make it possible to develop a pipeline of surfactant products to address a variety of respiratory diseases for which there are few or no approved therapies.

Our lead development program is AEROSURF

® (lucinactant for inhalation), an investigational combination drug/device product that combines our proprietary synthetic KL

surfactant with our novel aerosol delivery system (ADS). We are developing AEROSURF to enable administration of aerosolized KL

surfactant to premature infants receiving nCPAP without invasive intubation and mechanical ventilation. We believe that AEROSURF has the potential to transform the treatment of RDS and reduce the number of premature infants who are subjected to invasive administration procedures, whether within minutes of birth or following nCPAP failure (defined as the need for intubation and delayed surfactant therapy). By enabling noninvasive delivery of aerosolized KL

surfactant, we believe that AEROSURF will address a serious unmet medical need and potentially provide transformative clinical and pharmacoeconomic benefits.

Note 2 - Liquidity Risks and Management's Plans

9 Months Ended

Sep. 30, 2016

Notes to Financial Statements

Liquidity Disclosures [Text Block]

Note

–

Liquidity Risks and Management

’s Plans

expect that we will continue to incur significant losses and will require significant additional capital to advance our AEROSURF clinical development program and support our

operations. As of September 30, 2016, we had cash and cash equivalents of $12.4 million, current accounts payable and accrued expenses of $1

4.1 million, including $4.0 million (including $0.3 million of accrued interest) due to Battelle Memorial Institute (Battelle) under our collaboration agreement, and $25 million of long-term debt under a secured loan (Deerfield Loan) with affiliates of Deerfield Management, L.P. (Deerfield). Before any additional financings or other transactions, we believe that we will have sufficient cash resources to support our development programs, business operations and debt service obligations through February 2017.

As a result of changes that we recently implemented in our AEROSURF phase 2 clinical program, the time required to complete our phase 2b clinical trial in premature infants 29 to 32 week gestational age has been extended, with results currently anticipated in mid-2017. Based on this revised time line, our current cash resources will not be sufficient to fund our development activities through completion of our phase 2b clinical trial and release of top-line results and

we will require additional capital to be able to complete our AEROSURF phase 2b clinical trial.

ven if we are able to raise the capital required

to complete our AEROSURF phase 2b clinical trial, our ability to fund our activities thereafter will be

highly dependent upon whether our clinical trial is successful and we achieve results that are sufficiently positive to support a strategic transaction or equity financing. Our clinical trials are subject to other significant risks and uncertainties, such that there can be no assurance that we will be successful in completing the phase 2b clinical trial within our planned time, if at all. If our clinical trial should be further delayed for any reason, our capital needs will likely increase. Moreover, if the results of our clinical trial are inconclusive, or present an unacceptable benefit / risk profile due to suboptimal efficacy and / or safety profile, we may be unable to secure the additional capital that we will require.

If we are unable to successfully complete enrollment and release top line data in accordance with our plan, or if the results of our clinical trial are inconclusive, or present an

unacceptable benefit / risk profile due to suboptimal efficacy and / or safety profile, we may be unable to secure the additional capital that we will require to support our research and development activities and operations and have sufficient cash resources to service and repay debt, which could have a material adverse effect on our business and our ability to continue as a going concern.

To secure the additional capital that we will require, we plan to pursue all or a combination of potential strategic alliances, including potentially with respect to markets outside the U.S., collaboration agreements and other strategic transactions (including potential merger, acquisition or other

corporate transaction). We also plan to seek additional capital through public or private equity offerings (including pursuant to the ATM Program with Stifel, Nicolaus & Company, Incorporated (Stifel)). If none of these alternatives is available, or if available, we are unable to raise sufficient capital through such transactions, we may be forced to limit

our development activities, including potentially by reducing the size of our clinical trial or ending the trial earlier than planned, which could have an adverse impact on the results. Ultimately, without sufficient capital, we may be forced to

cease our development activities.

Even if we are able to secure additional capital, such transactions and financings may only be available on unattractive terms, or could result in significant dilution of stockholders

’ interests, and the issuance or even potential issuance of shares could have a negative effect on the market price of our common stock. Moreover, our ability to secure additional capital at a time when we would like or require also may be affected by negative conditions in the broader financial and geopolitical markets or be constrained by the following factors: (i) our use of the 2014 Universal Shelf on Form S-3 is limited to no more than one third of our public float in any 12 month period (discussed below), (ii) in May 2016, we received a deficiency notice from The NASDAQ Stock Market (“Nasdaq”) that we are no longer in compliance with the minimum stockholders’ equity listing requirement (discussed below), and (iii) our stockholders may not approve, as required under Nasdaq listing rules, a strategic transaction recommended by our Board that is valued at a discount to the then-current market value of our common stock and involves greater than 20% of our outstanding common stock. Other potential risks and uncertainties affecting our ability to fund our business and development activities are described in our 2015 Form 10-K, as updated and supplemented in this Quarterly Report on Form 10-Q.

Our ability to secure needed capital using our 2014 Universal Shelf on Form S-3 is constrained by requirements affecting companies that have an aggregate market value of common stock held by nonaffiliated persons (public float) of less than $75

million. Form S-3

includes a “limited offering” rule that

limits the size of primary securities offerings conducted by such

smaller

companies in any 12-month period to no more than one third of their public float (measured

by reference to a closing price of our common stock

within 60 days of a transaction).

With respect to our ATM Program, on

May 24, 2016, we filed a Prospectus Supplement to our 2014 Universal Shelf for approximately $10.5 million in securities

, representing one third of our public float within 60 days of the date of the Prospectus Supplement. Accordingly, under the ATM Program, we could raise up to an aggregate of $10.5 million reduced by any other proceeds raised in the previous 12 months under the limited offering rule. For other public offerings that we may conduct under our 2014 Universal Shelf, we will be limited to one third of our public float (measured on a date within 60 days of the transaction) reduced by any amount raised in the previous 12 months under the limited offering rule.

For example, based on the closing price per share of our common stock on October 24, 2016 ($3.24), our public float was approximately $27.2 million. As a result, we currently could raise up to an aggregate of $9.1 million under the

limited offering rule, reduced by any amounts raised under the limited offering rule in the previous 12 months

, including under the ATM Program and any other potential transaction. In addition, to raise additional capital, we may be required to seek other methods of completing primary offerings, including, for example, under a registration statement on Form S-1, the preparation and maintenance of which would be more time-consuming and costly, or private placements, potentially with registration rights or priced at a discount to the market value of our stock, or other transactions, any of which could result in substantial equity dilution of stockholders’ interests.

Further, if we conduct an offering of our common stock at a price per share that represents a discount to the then-current market value of our common stock and that involves the issuance of more than 20% of the shares of common stock then outstanding, we may be required under Nasdaq listing rules to seek stockholder approval before we can proceed. There can be no assurance that we would be successful in obtaining such approvals. Failure to secure the additional capital that we will need, whether from non-dilutive sources or from equity offerings, would have a material adverse impact on our business and our ability to continue as a going concern.

In addition, we have from time to time collaborated with research organizations and universities to assess the potential utility of our KL

surfactant in studies funded in part through non-dilutive grants issued by U.S. Government-sponsored drug development programs, including grants in support of initiatives related to our AEROSURF clinical program. We also have received grants that have supported medical and biodefense-related initiatives under programs that encourage private sector development of medical countermeasures against chemical, biological, radiological and nuclear terrorism threat agents, and pandemic influenza, and provide a mechanism for federal acquisition of such countermeasures. Although there can be no assurance, we expect to pursue potential additional funding opportunities as they arise and expect that we may qualify for similar programs in the future.

Moreover, if we fail in the future to make any required payment under the Deerfield Loan or fail to comply with any commitments contained in the loan documents, Deerfield would be able to declare a default under the loan agreement, which could result in the acceleration of the payment obligations under all or a portion of our indebtedness. Since we have pledged substantially all of our assets to secure our obligations under the Deerfield Loan, a debt default would enable the lenders to foreclose on our assets securing the debt and could significantly diminish the market value and marketability of our common stock.

Unless we are successful in

securing the additional capital that we require to support our research and development activities, ongoing operations, and service and repay debt, management believes there is substantial doubt about our ability to continue as a going concern within one year after the filing date of this Form 10-Q. The accompanying financial statements have been prepared assuming that we will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. As of September 30, 2016, the financial statements do not include any adjustments relating to recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should we be unable to continue as a going concern.

As of September 30, 2016, we had outstanding 2.9 million pre-funded warrants issued in a July 2015 public offering, of which the entire exercise price was pre-paid upon issuance. Upon exercise of the pre-funded warrants, we would issue the shares to the holders and receive no additional proceeds. In addition, as of September 30, 2016, there were 60 million shares of common stock and 5 million shares of preferred stock authorized under our Amended and Restated Certificate of Incorporation and approximately 40.8 million shares of common stock and 5 million shares of preferred stock were available for issuance and not otherwise reserved.

Nasdaq Deficiency Notice

On May 19, 2016, we received a notification letter from the Staff notifying us that we are no longer in compliance with the minimum stockholders

’ equity requirement for continued listing on the Nasdaq Capital Market. Nasdaq Listing Rule 5550(b)(1) requires listed companies to maintain stockholders’ equity of at least $2.5 million. In our Quarterly Report on Form 10-Q for the quarter ended March 31, 2016, we reported stockholders’ deficit of $5.0 million. The Staff noted that, as of May 19, 2016, we also did not meet either of the alternative compliance standards under Nasdaq Listing Rule 5550(b) of (i) a market value of listed securities of at least $35 million, or (ii) net income of $500,000 from continuing operations. As of September 30, 2016, we had stockholders’ deficit of $22.9 million and a market value of listed securities of $21.7 million and as of November 11, 2016, remained out of compliance with the Nasdaq Listing Rules.

The deficiency notice had, and continues to have, no immediate effect on our listing status with the Nasdaq Capital Market.

In July 2016, we submitted a plan to regain compliance and the Staff granted us an extension until November 15, 2016 to evidence our compliance with the minimum stockholders’ equity rule. The elements of the plan that we submitted included potential debt modifications, strategic alliances and collaboration agreements, and transactions to secure additional capital through public or private equity offerings (including our ATM Program). Under the terms of the extension, we must regain compliance with the minimum stockholders’ equity rule no later than November 15, 2016, provide to the Staff a publicly available report that evidences such compliance and otherwise complies with conditions included in the extension notice. If after publicly reporting that we have regained compliance on or before November 15, 2016, should we fail to evidence compliance in the filing with the SEC of our periodic report on Form 10-K for the year ending December 31, 2016, we may be subject to delisting. If we fail to satisfy the terms of the extension on or before November 15, 2016 and we also are not in compliance with an alternative listing requirement (minimum value of listed securities of at least $35 million) under Nasdaq Listing Rule 5550(b), the Staff will provide a written delisting notification that our common stock will be delisted. There can be no assurance that we will be able to regain compliance with either the minimum stockholders’ equity rule or the minimum value of listed securities rule within the extension period, or at all. If the Staff issues a delisting notice, we will be entitled to request that the Staff’s determination be reviewed by a Nasdaq Hearings Panel. In that event, the Staff’s delisting determination would be stayed pending issuance of a written Hearings Panel decision and our common stock would continue to trade on Nasdaq at least until the Hearings Panel has issued its determination. A hearing would generally be scheduled within 45 days of our request for a hearing. Among other things, a Hearings Panel may affirm the Staff’s determination and delist our common stock or grant an exception to the listing standards for a limited time (up to 180 days from the Staff delisting determination), as permitted by Nasdaq Listing Rule 5815(c)(1)(A). If we were to request a review of a Staff delisting determination, there can be no assurance that a Hearings Panel would grant us a further exception for an additional period of time. If our common stock were delisted, the liquidity and trading price of our common stock may be adversely affected. Moreover, if our common stock is delisted, broker dealers may become subject to certain regulatory burdens that could discourage them from effecting transactions in our common stock, further limiting the liquidity of our common stock in the market.

Note 3 - Basis of Presentation

9 Months Ended

Sep. 30, 2016

Notes to Financial Statements

Basis of Accounting [Text Block]

Note

–

Basis of Presentation

The accompanying interim unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the U.S. for interim financial information in accordance with the instructions to Form

10-Q. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the U.S. for complete condensed consolidated financial statements. All share and per share information in this Quarterly Report related to our common stock has been retroactively restated to reflect the reverse stock split and reduction in authorized shares made effective on January 22, 2016. In the opinion of management, all adjustments (consisting of normally recurring accruals) considered for fair presentation have been included. Operating results for the three and nine months ended September 30, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016. There have been no changes to our critical accounting policies since December 31, 2015. For a discussion of our accounting policies,

see

, Note 4, “Accounting Policies and Recent Accounting Pronouncements,” in the Notes to Condensed Consolidated Financial Statements in our 2015 Form 10-K, as amended (2015 Form 10-K). Readers are encouraged to review those disclosures in conjunction with this Quarterly Report on Form 10-Q.

Note 4 - Stockholders' Equity

9 Months Ended

Sep. 30, 2016

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

Note

–

Stockholders

’ Equity

At-the-Market (ATM) Program

We have an ATM Program with Stifel pursuant to which Stifel, as our exclusive agent, may sell through the ATM Program, at such times that we may elect

through February 11, 2019, up to a maximum of $25 million of shares of our common stock. For a detailed description of our ATM Program,

see

, Note 10, “Stockholders’ Equity – At-the-Market Program,” in the 2015 Form 10-K, and our Current Report on Form 8-K dated February 11, 2016. Shares of our common stock sold under the ATM Program are issued pursuant to our 2014 Universal Shelf, which currently is subject to limitations under the Form S-3 registration statement (

see

, Note 2 – “Liquidity Risks and Management’s Plans”).

During the

three and nine months ended September 30, 2016, we completed offerings of our common stock under our ATM Program of 159,051 shares and 187,022 shares, respectively. This resulted in an aggregate purchase price of approximately $432,000 ($402,000 net) and $503,000 ($471,000 net), respectively, for the three and nine month periods ended September 30, 2016.

As of September 30, 2016, approximately $22.5 million remained available under the ATM Program

, subject to certain limitations under our 2014 Universal Shelf, which are described in Note 2, “Liquidity Risk and Management’s Plans.”

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

Note 5 - Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2016

Notes to Financial Statements

Significant Accounting Policies [Text Block]

Note

–

Summary of Significant Accounting Policies

Use of Estimates

The preparation of financial statements, in conformity with accounting principles generally accepted in the U.S., requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Severance

Effective February 1, 2016, we terminated the Employment Agreement between ourselves and our then President and Chief Executive Officer (

Former CEO). During the first quarter of 2016, we incurred a severance charge of $1.2 million in selling, general and administrative expense under the terms of the Former CEO’s employment agreement, including $0.2 million related to stock option expense for certain options that will continue to vest through August 1, 2017. Of the $1.0 million in severance not related to stock-based compensation, $0.5 million was paid during the nine months ended September 30, 2016. The remaining $0.5 million will be paid through the third quarter of 2017.

2016 Restructuring Plan

In May 2016, we implemented a restructuring plan to conserve our resources

and focus on execution of the AEROSURF phase 2 clinical program. The total severance cost of $0.4 million for all impacted employees was charged to expense during the second quarter of 2016 ($0.3 million to research and development expenses and $0.1 million to selling, general and administrative expenses). We paid $0.1 million and $0.2 million of the severance during the second and third quarters of 2016, respectively. The remaining $0.1 million will be paid during the fourth quarter of 2016.

Research and Development Expense

We account for research and development expense by the following categories: (a) product development and manufacturing, (b)

medical and regulatory operations, and (c) direct preclinical and clinical programs. Research and development expense includes personnel, facilities, manufacturing and quality operations, pharmaceutical and device development, research, clinical, regulatory, other preclinical and clinical activities and medical affairs. Research and development costs are charged to operations as incurred.

Net Loss Per Common Share

Basic net loss per share is computed by dividing net loss by the weighted average number of common shares outstanding for the period. Diluted net loss per common share is computed by giving effect to all potentially dilutive securities outstanding for the period.

As of

September 30, 2016 and 2015, the number of shares of common stock potentially issuable upon the exercise of stock options and warrants was 9.4 million and 9.2 million shares, respectively. For the three and nine months ended September 30, 2016 and 2015, all potentially dilutive securities were anti-dilutive and therefore have been excluded from the computation of diluted net loss per share.

In accordance with Accounting Standards Codification Topic 260,

Earnings per Share,

when calculating diluted net loss per common share, a gain associated with the decrease in the fair value of warrants classified as derivative liabilities results in an adjustment to the net loss; and the dilutive impact of the assumed exercise of these warrants results in an adjustment to the weighted average common shares outstanding. We utilize the treasury stock method to calculate the dilutive impact of the assumed exercise of warrants classified as derivative liabilities. For the three and nine months ended September 30, 2016 and 2015, the effect of the adjustments for warrants classified as derivative liabilities was anti-dilutive.

We do not have any components of other comprehensive income (loss).

Recent Accounting Pronouncements

In August 2014, the Financial Accounting Standards Board (FASB) issued

Accounting Standards Update (ASU) No. 2014-15,

Presentation of Financial Statements – Going Concern

, which is intended to define management’s responsibility to evaluate whether there is substantial doubt about an organization’s ability to continue as a going concern and to provide related footnote disclosures. Substantial doubt about an entity’s ability to continue as a going concern exists when relevant conditions and events, considered in the aggregate, indicate that it is probable that the entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued (or are available to be issued). ASU No. 2014-15 provides guidance to an organization’s management, with principles and definitions intended to reduce diversity in the timing and content of disclosures commonly provided by organizations in the footnotes of their financial statements. ASU No. 2014-15 is effective for annual reporting periods ending after December 15, 2016, and for annual and interim periods thereafter. While we currently intend to adopt the standard as of December 31, 2016, if this standard had been adopted as of September 30, 2016, management believes that it would have concluded that there is substantial doubt about the Company’s ability to continue as a going concern one year from the date of filing this Form 10-Q.

See

, Note 2 for additional information on our liquidity risks and management’s plans.

In February 2016, the FASB issued ASU No. 2016-02, amending the accounting for leases in

Leases

(ASU Topic 482). This ASU requires lessees to put most leases on their balance sheets but recognize expenses in the income statement in a manner similar to current accounting standards. The ASU is effective for the annual period ending December 31, 2019 and interim periods thereafter. Early adoption is permitted. Entities are required to use a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements. We are currently evaluating the effect that ASU 2016-02 may have on our condensed consolidated financial statements and related disclosures.

In March

2016, the FASB issued ASU 2016-09,

Compensation- Stock Compensation

(ASU 2016-09). ASU 2016-09 was issued as part of the FASB Simplification Initiative. This update addresses the income tax effects of stock-based payments and eliminates the windfall pool concept, as all of the tax effects related to stock-based payments will now be recorded at settlement (or expiration) through the income statement. The new guidance also permits entities to make an accounting policy election for the impact of forfeitures on the recognition of expense for stock-based payment awards. Forfeitures can be estimated or recognized when they occur. The standard is effective for annual periods beginning after December 15, 2016 and interim periods within that reporting period. Early adoption is permitted in any interim or annual period, with any adjustment reflected as of the beginning of the fiscal year of adoption. We are currently evaluating the effect that ASU 2016-09 may have on our condensed consolidated financial statements and related disclosures.

In June 2016, the FASB issued ASU No. 2016-13,

Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments

. This update amends the impairment model to utilize an expected loss methodology in place of the currently used incurred loss methodology, which will result in the more timely recognition of losses. The standard is effective for annual periods beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted beginning in 2019, with a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. We are currently evaluating the effect that ASU 2016-13 may have on our condensed consolidated financial statements and related disclosures.

Note 6 - Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2016

Notes to Financial Statements

Fair Value Disclosures [Text Block]

Note

–

Fair Value of Financial Instruments

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.

Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The fair value hierarchy is based on three levels of inputs, of which the first two are considered observable and the last unobservable, as follows:

●

Level 1

– Quoted prices in active markets for identical assets and liabilities.


	●	Level 2 – Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

●

Level 3

– Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

Fair Value on a Recurring Basis

The tables below categorize assets and liabilities measured at fair value on a recurring basis for the periods presented:

	Fair Value		Fair value measurement using
	September 30, 2016		Level 1		Level 2		Level 3

Assets:
Cash and cash equivalents	$	12,383	$	12,383	$	–	$	–
Certificate of deposit		225		225		–		–
Total assets	$	12,608	$	12,608	$	–	$	–

	Fair Value		Fair value measurement using
	December 31, 2015		Level 1		Level 2		Level 3

Assets:
Cash and cash equivalents	$	38,722	$	38,722	$	–	$	–
Certificate of deposit		225		225		–		–
Total a ssets	$	38,947	$	38,947	$	–	$	–

Liabilities:
Common stock warrant liability	$	223	$	–	$	–	$	223

The tables below summarize the activity of Level 3 inputs measured on a recurring basis for the

nine months ended September 30, 2016 and 2015:

(in thousands)	Fair Value Measurements of Common Stock Warrants Using Significant Unobservable Inputs (Level 3)

Balance at December 31, 2015	$	223
Change in fair value of common stock warrant liability		(223	)
Balance at September 30, 2016	$	–

(in thousands)	Fair Value Measurements of Common Stock Warrants Using Significant Unobservable Inputs (Level 3)

Balance at December 31, 2014	$	1,258
Exercise of warrants		(184	)
Change in fair value of common stock warrant liability		(577	)
Balance at September 30, 2015	$	497

The significant unobservable inputs for a trinomial model used in the fair value measurement of the common stock warrants measured on a recurring basis are the historical volatility of our common stock market price, expected term of the applicable warrants, and the risk-free interest rate based on the U.S. Treasury yield curve in effect at the measurement date. In addition to the significant unobservable inputs noted above, certain fair value measurements also take into account an assumption of the likelihood and timing of the occurrence of an event that would result in an adjustment to the exercise price in accordance with the anti-dilutive pricing provisions in certain of the warrants. Any significant increases or decreases in the unobservable inputs, with the exception of the risk-free interest rate, may result in significantly higher or lower fair value measurements.

The change for the nine months ended September 30, 2016 represents the write-off of the derivative liability upon expiration of the underlying warrants in February 2016.

Significant Unobservable Input Assumptions of Level 3 Valuations	September 30, 2016		September 30, 2015

Historical volatility		–		99	%
Expected term (in years)		–		0.4
Risk-free interest rate		–		0.05	%

Fair Value of Long-Term Debt

September 30, 2016 and December 31, 2015, the estimated fair value of the Deerfield Loan (

see,

Note 7, “Deerfield Loan”) approximated the carrying value of $25.0 million. The estimated fair value of the Deerfield Loan is based on discounting the future contractual cash flows to the present value at the valuation date. This analysis utilizes certain Level 3 unobservable inputs, including current cost of capital. Considerable judgment is required to interpret market data and to develop estimates of fair value. The estimates presented are not necessarily indicative of amounts we could realize in a current market exchange. The use of alternative market assumptions and estimation methodologies could have a material effect on these estimates of fair value.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Note 7 - Deerfield Loan

9 Months Ended

Sep. 30, 2016

Notes to Financial Statements

Long-term Debt [Text Block]

Note

–

Deerfield Loan

Long-term debt consists solely of amounts due under the Deerfield Loan for the periods presented:

	September 30,		December 31,
(in thousands)	2016		2015
Note payable	$	25,000	$	25,000

The principal amount of the loan is payable in two equal annual installments of $12.5 million

, payable in each of February 2018 and 2019. Under the Deerfield Loan agreement, the February 2018 installment is subject to a potential one-year deferral until February 2019 if we have achieved a market capitalization of $250 million as set forth in the Deerfield Loan agreement.

See

, Note 9, “Deerfield Loan,” in the Notes to Condensed Consolidated Financial Statements in our 2015 Form 10-K.

The following amounts comprise the Deerfield Loan interest expense for the periods presented:

	Three Months Ended				Nine Months Ended
(in thousands)	September 30,				September 30,
	2016		2015		2016		2015

Amortization of prepaid interest expense	$	347	$	420	$	1,435	$	420
Cash interest expense		191		150		191		1,451
Non-cash amortization of debt discount		–		138		–		1,287
Debt discount write-off		–		707		–		707
Amortization of debt costs		–		2		–		12
Write-off of debt costs		–		66		–		66
Total interest expense	$	538	$	1,483	$	1,626	$	3,943

mortization of prepaid interest expense represents non-cash amortization of $5 million of units that Deerfield agreed to purchase in our July 2015 public offering and accept in satisfaction of $5 million of future interest payments due under the Deerfield Notes at an interest rate of 8.75%.

For 2016, cash interest expense represents

interest at an annual rate of 8.75% on the outstanding principal amount for the period, paid in cash on a quarterly basis that exceeds the non-cash amortization of the prepaid interest expense. For 2015, cash interest expense represents interest at an annual rate of 8.75% on the outstanding principal amount for the period, paid in cash on a quarterly basis, up to the date of second amendment to the Deerfield Loan agreement dated July 22, 2015.

on-cash amortization of debt discount represents the amortization of previously capitalized transaction fees and the amortization of the reduction of the carrying value of the debt due to the fair value of the Deerfield Warrants issued.

ebt discount write-off represents the proportional write-off of unamortized debt discount at the time of a $2.5 million prepayment of principal amount outstanding under the Deerfield Loan in July 2015.

Note 8 - Stock Options and Stock-based Employee Compensation

9 Months Ended

Sep. 30, 2016

Notes to Financial Statements

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

Note

–

Stock Options and Stock-Based Employee Compensation

We recognize in our

condensed consolidated financial statements all stock-based awards to employees and non-employee directors based on their fair value on the date of grant, calculated using the Black-Scholes option-pricing model. Compensation expense related to stock-based awards is recognized ratably over the vesting period, which for employees is typically three years.

A summary of activity under our long-term incentive plans is presented below:

(in thousands, except for weighted-average data)
Stock Options	Shares			Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (In Yrs)

Outstanding at December 31, 2015		517		$	51.35

Granted		763			2.09
Forfeited or expired		(138	)		69.15
Outstanding at September 30, 2016		1,142		$	16.30		8.2

Vested and exercisable at September 30, 2016		303		$	49.97		5.2

The fair value of each option award is estimated on the date of grant using the Black-Scholes option-pricing formula based on the following weighted average assumptions:

	Nine Months Ended
	September 30,
	2016			2015

Weighted average expected volatility		78	%		83	%
Weighted average expected term (years)		5.7			5.6
Weighted average risk-free interest rate		1.4	%		1.5	%
Expected dividends		–			–

The table below summarizes the total stock-based compensation expense included in the statements of operations for the periods presented:

	Three Months Ended				Nine Months Ended
(in thousands)	September 30,				September 30,
	2016		2015		2016		2015
Research and development	$	140	$	192	$	462	$	551
Selling, general and administrative		133		226		664		801
Total	$	273	$	418	$	1,126	$	1,352

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References + Details

Significant Accounting Policies (Policies)	9 Months Ended
Significant Accounting Policies (Policies)	Sep. 30, 2016
Accounting Policies [Abstract]
Use of Estimates, Policy [Policy Text Block]	Use of Estimates The preparation of financial statements, in conformity with accounting principles generally accepted in the U.S., requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Severance Cost [Policy Text Block]	Severance Effective February 1, 2016, we terminated the Employment Agreement between ourselves and our then President and Chief Executive Officer ( Former CEO). During the first quarter of 2016, we incurred a severance charge of $1.2 million in selling, general and administrative expense under the terms of the Former CEO’s employment agreement, including $0.2 million related to stock option expense for certain options that will continue to vest through August 1, 2017. Of the $1.0 million in severance not related to stock-based compensation, $0.5 million was paid during the nine months ended September 30, 2016. The remaining $0.5 million will be paid through the third quarter of 2017.
Restructuring Plan [Policy Text Block]	2016 Restructuring Plan In May 2016, we implemented a restructuring plan to conserve our resources and focus on execution of the AEROSURF phase 2 clinical program. The total severance cost of $0.4 million for all impacted employees was charged to expense during the second quarter of 2016 ($0.3 million to research and development expenses and $0.1 million to selling, general and administrative expenses). We paid $0.1 million and $0.2 million of the severance during the second and third quarters of 2016, respectively. The remaining $0.1 million will be paid during the fourth quarter of 2016.
Research and Development Expense, Policy [Policy Text Block]	Research and Development Expense We account for research and development expense by the following categories: (a) product development and manufacturing, (b) medical and regulatory operations, and (c) direct preclinical and clinical programs. Research and development expense includes personnel, facilities, manufacturing and quality operations, pharmaceutical and device development, research, clinical, regulatory, other preclinical and clinical activities and medical affairs. Research and development costs are charged to operations as incurred.
Earnings Per Share, Policy [Policy Text Block]	Net Loss Per Common Share Basic net loss per share is computed by dividing net loss by the weighted average number of common shares outstanding for the period. Diluted net loss per common share is computed by giving effect to all potentially dilutive securities outstanding for the period. As of September 30, 2016 and 2015, the number of shares of common stock potentially issuable upon the exercise of stock options and warrants was 9.4 million and 9.2 million shares, respectively. For the three and nine months ended September 30, 2016 and 2015, all potentially dilutive securities were anti-dilutive and therefore have been excluded from the computation of diluted net loss per share. In accordance with Accounting Standards Codification Topic 260, Earnings per Share, when calculating diluted net loss per common share, a gain associated with the decrease in the fair value of warrants classified as derivative liabilities results in an adjustment to the net loss; and the dilutive impact of the assumed exercise of these warrants results in an adjustment to the weighted average common shares outstanding. We utilize the treasury stock method to calculate the dilutive impact of the assumed exercise of warrants classified as derivative liabilities. For the three and nine months ended September 30, 2016 and 2015, the effect of the adjustments for warrants classified as derivative liabilities was anti-dilutive. We do not have any components of other comprehensive income (loss).
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements In August 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-15, Presentation of Financial Statements – Going Concern , which is intended to define management’s responsibility to evaluate whether there is substantial doubt about an organization’s ability to continue as a going concern and to provide related footnote disclosures. Substantial doubt about an entity’s ability to continue as a going concern exists when relevant conditions and events, considered in the aggregate, indicate that it is probable that the entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued (or are available to be issued). ASU No. 2014-15 provides guidance to an organization’s management, with principles and definitions intended to reduce diversity in the timing and content of disclosures commonly provided by organizations in the footnotes of their financial statements. ASU No. 2014-15 is effective for annual reporting periods ending after December 15, 2016, and for annual and interim periods thereafter. While we currently intend to adopt the standard as of December 31, 2016, if this standard had been adopted as of September 30, 2016, management believes that it would have concluded that there is substantial doubt about the Company’s ability to continue as a going concern one year from the date of filing this Form 10-Q. See , Note 2 for additional information on our liquidity risks and management’s plans. In February 2016, the FASB issued ASU No. 2016-02, amending the accounting for leases in Leases (ASU Topic 482). This ASU requires lessees to put most leases on their balance sheets but recognize expenses in the income statement in a manner similar to current accounting standards. The ASU is effective for the annual period ending December 31, 2019 and interim periods thereafter. Early adoption is permitted. Entities are required to use a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements. We are currently evaluating the effect that ASU 2016-02 may have on our condensed consolidated financial statements and related disclosures. In March 2016, the FASB issued ASU 2016-09, Compensation- Stock Compensation (ASU 2016-09). ASU 2016-09 was issued as part of the FASB Simplification Initiative. This update addresses the income tax effects of stock-based payments and eliminates the windfall pool concept, as all of the tax effects related to stock-based payments will now be recorded at settlement (or expiration) through the income statement. The new guidance also permits entities to make an accounting policy election for the impact of forfeitures on the recognition of expense for stock-based payment awards. Forfeitures can be estimated or recognized when they occur. The standard is effective for annual periods beginning after December 15, 2016 and interim periods within that reporting period. Early adoption is permitted in any interim or annual period, with any adjustment reflected as of the beginning of the fiscal year of adoption. We are currently evaluating the effect that ASU 2016-09 may have on our condensed consolidated financial statements and related disclosures. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments . This update amends the impairment model to utilize an expected loss methodology in place of the currently used incurred loss methodology, which will result in the more timely recognition of losses. The standard is effective for annual periods beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted beginning in 2019, with a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. We are currently evaluating the effect that ASU 2016-13 may have on our condensed consolidated financial statements and related disclosures.

Note 6 - Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2016

Notes Tables

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

	Fair Value		Fair value measurement using
	September 30, 2016		Level 1		Level 2		Level 3

Assets:
Cash and cash equivalents	$	12,383	$	12,383	$	–	$	–
Certificate of deposit		225		225		–		–
Total assets	$	12,608	$	12,608	$	–	$	–

	Fair Value		Fair value measurement using
	December 31, 2015		Level 1		Level 2		Level 3

Assets:
Cash and cash equivalents	$	38,722	$	38,722	$	–	$	–
Certificate of deposit		225		225		–		–
Total a ssets	$	38,947	$	38,947	$	–	$	–

Liabilities:
Common stock warrant liability	$	223	$	–	$	–	$	223

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

(in thousands)	Fair Value Measurements of Common Stock Warrants Using Significant Unobservable Inputs (Level 3)

Balance at December 31, 2015	$	223
Change in fair value of common stock warrant liability		(223	)
Balance at September 30, 2016	$	–

(in thousands)	Fair Value Measurements of Common Stock Warrants Using Significant Unobservable Inputs (Level 3)

Balance at December 31, 2014	$	1,258
Exercise of warrants		(184	)
Change in fair value of common stock warrant liability		(577	)
Balance at September 30, 2015	$	497

Significant Unobservable Input Assumption Used for Valuation [Table Text Block]

Significant Unobservable Input Assumptions of Level 3 Valuations	September 30, 2016		September 30, 2015

Historical volatility		–		99	%
Expected term (in years)		–		0.4
Risk-free interest rate		–		0.05	%

Note 7 - Deerfield Loan (Tables)

9 Months Ended

Sep. 30, 2016

Notes Tables

Schedule of Long-term Debt Instruments [Table Text Block]

	September 30,		December 31,
(in thousands)	2016		2015
Note payable	$	25,000	$	25,000

Schedule of Debt Instrument Interest Expense [Table Text Block]

	Three Months Ended				Nine Months Ended
(in thousands)	September 30,				September 30,
	2016		2015		2016		2015

Amortization of prepaid interest expense	$	347	$	420	$	1,435	$	420
Cash interest expense		191		150		191		1,451
Non-cash amortization of debt discount		–		138		–		1,287
Debt discount write-off		–		707		–		707
Amortization of debt costs		–		2		–		12
Write-off of debt costs		–		66		–		66
Total interest expense	$	538	$	1,483	$	1,626	$	3,943

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Note 8 - Stock Options and Stock-based Employee Compensation (Tables)

9 Months Ended

Sep. 30, 2016

Notes Tables

Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block]

(in thousands, except for weighted-average data)
Stock Options	Shares			Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (In Yrs)

Outstanding at December 31, 2015		517		$	51.35

Granted		763			2.09
Forfeited or expired		(138	)		69.15
Outstanding at September 30, 2016		1,142		$	16.30		8.2

Vested and exercisable at September 30, 2016		303		$	49.97		5.2

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

	Nine Months Ended
	September 30,
	2016			2015

Weighted average expected volatility		78	%		83	%
Weighted average expected term (years)		5.7			5.6
Weighted average risk-free interest rate		1.4	%		1.5	%
Expected dividends		–			–

Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block]

	Three Months Ended				Nine Months Ended
(in thousands)	September 30,				September 30,
	2016		2015		2016		2015
Research and development	$	140	$	192	$	462	$	551
Selling, general and administrative		133		226		664		801
Total	$	273	$	418	$	1,126	$	1,352

Note 2 - Liquidity Risks and Management's Plans (Details Textual) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2016 USD ($) shares	Oct. 24, 2016 USD ($) $ / shares	May 24, 2016 USD ($)	Mar. 31, 2016 USD ($)	Dec. 31, 2015 USD ($) shares	Sep. 30, 2015 USD ($)	Dec. 31, 2014 USD ($)
Deerfield Loan [Member]
Debt Instrument Repayment of Principal Portion Number of Installments	2
Long-term Debt, Excluding Current Maturities	$ 25,000				$ 25,000
Battelle 2014 Collaboration Agreement [Member]
Accounts Payable and Accrued Liabilities, Current	4,000
Interest and Dividends Payable, Current	$ 300
Common Stock [Member] \| Subsequent Event [Member]
Share Price \| $ / shares		$ 3.24
Entity Public Float		$ 27,200
Prefunded Warrants [Member] \| July 2015 Public Offering [Member]
Class of Warrant or Right, Outstanding \| shares	2,900,000
Cash and Cash Equivalents, at Carrying Value	$ 12,383				38,722	$ 46,308	$ 44,711
Accounts Payable and Accrued Liabilities, Current	14,100
Long-term Debt, Excluding Current Maturities	25,000				$ 25,000
Prospectus Supplement to Universal Shelf, Equity Amount			$ 10,500
Prospectus Supplement, Amount that Could Be Raised	$ 9,100		$ 10,500
Excess Percentage of Common Stock Issued to Acquire Additional Capital	20.00%
Common Stock, Shares Authorized \| shares	60,000,000				36,000,000
Preferred Stock, Shares Authorized \| shares	5,000,000				5,000,000
Common Stock Capital Shares Available for Issuance \| shares	40,800,000
Preferred Stock Capital Shares Available for Issuance \| shares	5,000,000
Stockholders' Equity Attributable to Parent	$ (22,850)			$ (5,000)	$ 8,266

Note 4 - Stockholders' Equity (Details Textual) - Stifel ATM Program [Member]	3 Months Ended	9 Months Ended
	Sep. 30, 2016 USD ($) shares	Sep. 30, 2016 USD ($) shares
Maximum Potential Common Stock Available for Issue, Value	$ 25,000,000	$ 25,000,000
Stock Issued During Period, Shares, New Issues \| shares	159,051	187,022
Stock Issued During Period, Value, New Issues	$ 432,000	$ 503,000
Proceeds from Issuance of Common Stock	402,000	471,000
Common Stock, Remaining Shares Available under Program, Value	$ 22,500,000	$ 22,500,000

Note 5 - Summary of Significant Accounting Policies (Details Textual) - USD ($) shares in Millions	3 Months Ended				9 Months Ended		12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2017
Selling, General and Administrative Expenses [Member] \| Former CEO's Employment Agreement [Member]
Severance Costs				$ 1,200,000
Selling, General and Administrative Expenses [Member] \| The 2016 Restructuring Plan [Member]
Restructuring Charges			$ 0.10
Research and Development Expense [Member] \| The 2016 Restructuring Plan [Member]
Restructuring Charges			0.30
Former CEO's Employment Agreement [Member] \| Stock Option Expense [Member]
Severance Costs				200,000
Former CEO's Employment Agreement [Member] \| Not Related to Stock-based Compensation [Member]
Severance Costs				$ 1,000,000
Former CEO's Employment Agreement [Member] \| Scenario, Forecast [Member]
Payments for Restructuring							$ 500,000
Former CEO's Employment Agreement [Member]
Payments for Restructuring					$ 500,000
Scenario, Forecast [Member] \| The 2016 Restructuring Plan [Member] \| Employee Severance [Member]
Payments for Restructuring	$ 100,000
The 2016 Restructuring Plan [Member] \| Employee Severance [Member]
Payments for Restructuring		$ 200,000	100,000
The 2016 Restructuring Plan [Member]
Restructuring Charges			$ 400,000
Number of Shares of Common Stock Potentially Issuable upon the Exercise of Stock Options and Warrants					9.4	9.2

Note 6 - Fair Value of Financial Instruments (Details Textual) - USD ($) $ in Millions	Sep. 30, 2016	Dec. 31, 2015
Deerfield Loan [Member] \| Estimate of Fair Value Measurement [Member]
Long-term Debt, Fair Value	$ 25	$ 25

Note 6 - Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member] \| Certificates of Deposit [Member]
Assets:
Certificate of deposit	$ 225	$ 225
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Assets:
Cash and cash equivalents	12,383	38,722
Total assets	12,608	38,947
Liabilities:
Common stock warrant liability
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member] \| Certificates of Deposit [Member]
Assets:
Certificate of deposit
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Assets:
Cash and cash equivalents
Total assets
Liabilities:
Common stock warrant liability
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member] \| Certificates of Deposit [Member]
Assets:
Certificate of deposit
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Assets:
Cash and cash equivalents
Total assets
Liabilities:
Common stock warrant liability		223
Fair Value, Measurements, Recurring [Member] \| Certificates of Deposit [Member]
Assets:
Certificate of deposit	225	225
Fair Value, Measurements, Recurring [Member]
Assets:
Cash and cash equivalents	12,383	38,722
Total assets	12,608	38,947
Liabilities:
Common stock warrant liability		223
Common stock warrant liability		$ 223

Note 6 - Fair Value of Financial Instruments - Level 3 Rollforward (Details) - Fair Value, Inputs, Level 3 [Member] - Derivative Financial Instruments, Liabilities [Member] - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Beginning balance	$ 223	$ 1,258
Change in fair value of common stock warrant liability	(223)	(577)
Ending balance		497
Exercise of warrants		$ (184)

Note 6 - Fair Value of Financial Instruments - Significant Unobservable Input Assumptions of Level 3 Valuations (Details)	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Historical volatility	0.00%	99.00%
Expected term (in years)	0 years	146 days
Risk-free interest rate	0.00%	0.05%

Note 7 - Deerfield Loan (Details Textual) - Deerfield Loan [Member] $ in Millions	1 Months Ended	9 Months Ended
	Jul. 31, 2015 USD ($)	Sep. 30, 2016 USD ($)	Sep. 30, 2015
Long-term Debt, Maturities, Repayments of Principal in Year Three		$ 12.5
Debt Instrument Repayment of Principal Portion Number of Installments		2
Long-term Debt, Maturities, Repayments of Principal in Year Two		$ 12.5
Deferred Period for Loan Payment		1 year
Debt Instrument, Threshold for Potential One-year Deferral, Market Capitalization		$ 250.0
Debt Instrument, Prepaid Interest	$ 5.0
Debt Instrument, Interest Rate, Stated Percentage		8.75%	8.75%
Early Repayment of Senior Debt	$ 2.5

Note 7 - Deerfield Loan - Long-term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Deerfield Loan [Member]
Long-term Debt, Excluding Current Maturities	$ 25,000	$ 25,000
Long-term Debt, Excluding Current Maturities	$ 25,000	$ 25,000

Note 7 - Deerfield Loan - Long-term Debt Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Deerfield Loan [Member]
Amortization of prepaid interest expense	$ 347	$ 420	$ 1,435	$ 420
Cash interest expense	191	150	191	1,451
Non-cash amortization of debt discount		138		1,287
Debt discount write-off		707		707
Amortization of debt costs		2		12
Write-off of debt costs		66		66
Total interest expense	$ 538	$ 1,483	1,626	3,943
Debt discount write-off				$ 707

Note 8 - Stock Options and Stock-based Employee Compensation (Details Textual)	9 Months Ended
	Sep. 30, 2016
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	3 years

Note 8 - Stock Options and Stock-based Employee Compensation - Summary of Stock Option Activity (Details) shares in Thousands	9 Months Ended
	Sep. 30, 2016 $ / shares shares
Shares Outstanding, Beginning Balance (in shares) \| shares	517
Weighted Average Exercise Price, Outstanding, at Beginning Period (in dollars per share) \| $ / shares	$ 51.35
Shares Granted (in shares) \| shares	763
Weighted Average Exercise Price, Granted (in dollars per share) \| $ / shares	$ 2.09
Shares Forfeited or Expired (in shares) \| shares	(138)
Weighted Average Exercise Price, Forfeited or Expired (in dollars per share) \| $ / shares	$ 69.15
Shares Outstanding, Ending Balance (in shares) \| shares	1,142
Weighted Average Exercise Price, Outstanding, at Ending Period (in dollars per share) \| $ / shares	$ 16.30
Weighted Average Remaining Contractual Life, Outstanding	8 years 73 days
Shares Vested and Exercisable (in shares) \| shares	303
Weighted Average Exercise Price, Vested and Exercisable (in dollars per share) \| $ / shares	$ 49.97
Weighted Average Remaining Contractual Life, Vested and Exercisable	5 years 73 days

Note 8 - Stock Options and Stock-based Employee Compensation - Stock Options Valuation Assumptions (Details)	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Weighted average expected volatility	78.00%	83.00%
Weighted average expected term (years)	5 years 255 days	5 years 219 days
Weighted average risk-free interest rate	1.40%	1.50%
Expected dividends

Note 8 - Stock Options and Stock-based Employee Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Research and Development Expense [Member]
Stock-based compensation expense	$ 140	$ 192	$ 462	$ 551
Selling, General and Administrative Expenses [Member]
Stock-based compensation expense	133	226	664	801
Stock-based compensation expense	$ 273	$ 418	$ 1,126	$ 1,352