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Document And Entity Information - shares	6 Months Ended
Document And Entity Information - shares	Jun. 30, 2018	Aug. 03, 2018
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)		3,769,088
Document Type	10-Q
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Current Assets:
Cash and cash equivalents	$ 638	$ 1,815
Prepaid expenses and other current assets	397	422
Total current assets	1,035	2,237
Property and equipment, net	804	885
Restricted cash	140	225
Total assets	1,979	3,347
Current Liabilities:
Accounts payable	4,258	3,048
Collaboration payable	3,718	3,624
Accrued expenses	3,974	4,204
Deferred revenue - current portion	731	884
Loan payable	2,500
Total current liabilities	15,181	11,760
Restructured debt liability - contingent milestone payments	15,000	15,000
Deferred revenue - non-current portion		407
Other liabilities	182	100
Total liabilities	30,363	27,267
Stockholders' Equity:
Preferred stock, $0.001 par value; 5,000,000 shares authorized; 2,701 shares issued and outstanding at June 30, 2018 and December 31, 2017
Common stock, $0.001 par value; 120,000,000 shares authorized at June 30, 2018 and December 31, 2017; 3,769,162 shares issued at June 30, 2018 and December 31, 2017; 3,769,088 shares outstanding at June 30, 2018 and December 31, 2017	4	3
Additional paid-in capital	619,344	616,245
Accumulated deficit	(644,678)	(637,114)
Treasury stock (at cost); 74 shares	(3,054)	(3,054)
Total stockholders' equity	(28,384)	(23,920)
Total liabilities & stockholders' equity	$ 1,979	$ 3,347

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Jun. 30, 2018	Dec. 31, 2017
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)	2,701	2,701
Preferred stock, shares outstanding (in shares)	2,701	2,701
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)	3,769,162	3,769,162
Common stock, shares outstanding (in shares)	3,769,088	3,769,088
Treasury stock, shares (in shares)	74	74

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenues:
Grant revenue	$ 695	$ 1,147	$ 695	$ 1,366
Revenues	1,051	1,147	1,255	1,366
Expenses:
Research and development	2,879	5,483	5,997	11,896
General and administrative	1,208	1,804	3,134	3,726
Total operating expense	4,087	7,287	9,131	15,622
Operating loss	(3,036)	(6,140)	(7,876)	(14,256)
Other income / (expense):
Interest income	4	3	8	6
Interest expense	(92)	(615)	(182)	(1,226)
Other income	72		486
Other income / (expense), net	(16)	(612)	312	(1,220)
Net loss	(3,052)	(6,752)	(7,564)	(15,476)
Deemed dividend on Series A preferred stock		(532)		(4,136)
Net loss attributable to common shareholders	$ (3,052)	$ (7,284)	$ (7,564)	$ (19,612)
Net loss per common share
Basic and diluted (in dollars per share)	$ (0.81)	$ (14.37)	$ (2.17)	$ (40.96)
Weighted average number of common shares outstanding
Basic and diluted (in shares)	3,751	507	3,491	479
License [Member]
Revenues:
License revenue with affiliate	$ 356		$ 560

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Cash flows from operating activities:
Net loss	$ (7,564)	$ (15,476)
Adjustments to reconcile net loss to net cash used in operating activities:
Recognition of deferred revenue	(560)
Depreciation and amortization	82	101
Stock-based compensation and 401(k) plan employer match	558	660
Amortization of prepaid interest		543
Gain on sale of property and equipment	(9)
Changes in:
Prepaid expenses and other current assets	25	194
Accounts payable	1,210	2,231
Collaboration payable	94	(37)
Accrued expenses	(148)	(1,077)
Net cash used in operating activities	(6,312)	(12,861)
Cash flows from investing activities:
Proceeds from sale of property and equipment	9
Purchase of property and equipment		(24)
Net cash used in investing activities	9	(24)
Cash flows from financing activities:
Proceeds from loan payable, net of expenses	2,500
Proceeds from Private Placement issuance of securities, net of expenses	2,542	8,789
Proceeds from ATM Program, net of expenses		1,036
Net cash provided by financing activities	5,042	9,825
Net increase/(decrease) in cash and cash equivalents	(1,262)	(3,060)
Cash, cash equivalents and restricted cash - beginning of year	2,040	5,813
Cash, cash equivalents and restricted cash - end of year	778	2,753
Supplementary disclosure of cash flows information:
Interest paid		$ 514

Note 1 - The Company and Description of Business

6 Months Ended

Jun. 30, 2018

Notes to Financial Statements

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

Note

–

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

KL4

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 a synthetic, peptide-containing surfactant (

KL4

surfactant) that is structurally similar to endogenous pulmonary surfactant, and novel drug delivery technologies, including our proprietary aerosol delivery system (ADS), being developed to enable noninvasive administration of aerosolized

KL4

surfactant. We recently completed design verification for our new phase

ADS (which we previously referred to as the “NextGen ADS”), which we plan to use in our remaining AEROSURF

clinical development activities and, if approved, initial commercial activities. We believe that our proprietary technologies

may

make it possible to develop a pipeline of surfactant products to address a variety of respiratory diseases for which there are few or

approved therapies.

Our lead development program is AEROSURF

(lucinactant for inhalation), an investigational combination drug/device product that we are developing to improve the management of respiratory distress syndrome (RDS) in premature infants who

may

require surfactant therapy to sustain life. The currently-available surfactants in the United States (U.S.) are administered using invasive endotracheal intubation and mechanical ventilation, each of which

may

result in serious respiratory conditions and other complications. To avoid these risks, many premature infants are initially treated with noninvasive respiratory support such as nasal continuous positive airway pressure (nCPAP). Because nCPAP does

not

address the underlying surfactant deficiency, many premature infants respond poorly to nCPAP alone (typically within the

first

hours of life) and

may

require delayed surfactant therapy administered with invasive intubation (an outcome referred to as “nCPAP failure”). If surfactant therapy could be administered noninvasively, neonatologists would be able to provide surfactant therapy to premature infants earlier in their course of treatment and without exposing them to the risks associated with invasive endotracheal intubation and mechanical ventilation.

AEROSURF is designed to administer aerosolized

KL4

surfactant noninvasively and potentially meaningfully reduce the use of invasive endotracheal intubation and mechanical ventilation. We believe that AEROSURF, if approved, will allow for earlier treatment of premature infants who currently receive delayed surfactant therapy, decrease the morbidities and complications currently associated with surfactant administration, and reduce the number of premature infants who are subjected to invasive intubation and delayed surfactant therapy following nCPAP failure. We also believe that AEROSURF has the potential to address a serious unmet medical need and potentially provide transformative clinical and pharmacoeconomic benefits. Consistent with our belief, FDA has granted Fast Track designation for our

KL4

surfactant (including AEROSURF) to treat RDS.

In addition to advancing AEROSURF, we are assessing potential development pathways to potentially gain marketing approval for lyophilized

KL4

surfactant as an intratracheal instillate for the treatment and/or prevention of RDS. Lyophilized

KL4

surfactant

may

potentially provide benefits related to use, including longer shelf life, reduced cold-chain requirements and lower viscosity. We have discussed with the FDA a potential development plan, trial design and regulatory plan for approval. If we can define an acceptable development program that is achievable from a cost, timing and resource perspective, we might seek approval to treat premature infants who, because they are unable to breathe on their own or other reason, cannot benefit from AEROSURF.

We also believe that our

KL4

surfactant technology

may

potentially support a product pipeline to address a broad range of serious respiratory conditions in children and adults. We have received support, and plan to seek additional support, from the National Institutes of Health (NIH) and other government funding sources to explore the utility of our

KL4

surfactant to address a variety of such respiratory conditions as acute lung injury (ALI), including acute radiation exposure to the lung (acute pneumonitis and delayed lung injury), chemical-induced ALI, and influenza-induced ALI; as well as chronic rhinosinusitis, complications of certain major surgeries, mechanical ventilator-induced lung injury (often referred to as VILI), pneumonia, and diseases involving mucociliary clearance disorders, such as chronic obstructive pulmonary disease (COPD) and cystic fibrosis (CF). Although there can be

assurance, we

may

in the future support development activities to establish a proof-of-concept and, if successful, thereafter determine whether to seek strategic alliances or collaboration arrangements or pursue other financial alternatives to fund further development and, if approved, commercialization of additional

KL4

surfactant indications.

To leverage our capabilities, maximize the use of our resources and potentially reduce our dependency on a single product candidate, we also seek to enter into strategic alliances, collaboration agreements and other strategic transactions (including without limitation, by merger, acquisition or other corporate transaction). We are currently engaged in discussions for a potential strategic transaction that could diversify our assets and bring in additional capital. There can be

assurance, however, that we will be able to reach agreement on terms and within the time frame acceptable to all parties. Moreover, even if we reach agreement and complete a transaction, there can be

assurance that we will have sufficient resources to fund the continued development of AEROSURF or any other product candidates, that any of our development efforts would be successful, or that we would obtain regulatory approvals needed to commercialize our product candidates in the world’s markets.

Note 2 - Liquidity Risks and Management's Plans

6 Months Ended

Jun. 30, 2018

Notes to Financial Statements

Liquidity Disclosures [Text Block]

Note

–

Liquidity Risks and Management’s Plans

As of

June 30, 2018,

we had cash and cash equivalents of

$0.6

million and current liabilities of

$15.2

million. On

July 2, 2018,

we were able to secure

$1.5

million in additional capital (see below), and as of

August 3, 2018

we had cash and cash equivalents of

$0.7

million, which we believe is sufficient to maintain our operations through mid-

August

2018.

We are currently engaged in discussions for a potential strategic transaction that could diversify our assets and bring in additional capital to fund our activities. As we seek to finalize that transaction, Lee’s Pharmaceutical Holdings Limited (Lee’s), the majority holder of our common stock, has indicated to us that it will provide us interim financial support while we work to complete a strategic transaction; however, we have

not

executed agreements for any additional advances at this time and there can be

assurance that additional interim support will be forthcoming. Moreover, in connection with these activities, we are incurring and will continue to incur potentially significant legal, accounting, and other professional fees that represent an additional financial burden for which we will require additional capital.

We expect to continue to incur significant losses and will require significant additional capital to support our operations, advance our AEROSURF clinical development program, and satisfy existing obligations, and we do

not

currently have sufficient cash and cash equivalents for at least the next year following the date that the financial statements are issued. These conditions raise substantial doubt about our ability to continue as a going concern within

one

year after the date that the financial statements are issued.

To alleviate the conditions that raise substantial doubt about our ability to continue as a going concern, management plans to raise additional capital through

one

or more of the following: (i) strategic transactions, including potential alliances and collaborations focused on markets outside the U.S., as well as potential combinations (including by merger or acquisition) or other corporate transactions; and (ii) through private placements of our equity securities, although there can be

assurance that we will be able to secure such transactions or complete a private placement on acceptable terms, if at all. Although we are currently engaged in active diligence and discussions for a potential strategic transaction, there is

guarantee we will be able to complete the strategic transaction. In addition, if

none

of the other alternatives is available, or if available, we are unable to raise sufficient capital through such transactions, we will

not

have sufficient cash resources and liquidity to fund our business operations for at least the next year following the date that the financial statements are issued. Accordingly, management has concluded that substantial doubt exists with respect to our ability to continue as a going concern through

one

year after the issuance of the accompanying financial statements.

The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business, and 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.

April 2018,

we completed a

$2.6

million private placement offering with LPH II Investments Limited (LPH II), a wholly-owned subsidiary of Lee’s, from which we received net proceeds of approximately

$2.5

million. In

June 2018,

we entered into a Guaranty and Replenishment Agreement with Lee’s pursuant to which Lee’s agreed to replenish amounts up to

million expended by us that reduce our cash resources to an amount that is less than our planned minimum cash (the amount that would otherwise be required to cover estimated wind-down costs should we be unable at any time to continue as a going concern). Lee’s secured its obligation to us by delivering an Irrevocable Stand-by Letter of Credit (the Letter of Credit) in the amount of

million in favor of the Company, which expires on

October 31, 2018.

As of

August 3, 2018,

we have

not

drawn on the Letter of Credit.

July 2, 2018,

we issued to Panacea Venture Management Company Ltd. (Panacea), a Secured Convertible Promissory Note (the Note) with respect to a loan facility in the aggregate amount of up to

$1.5

million. In connection with the issuance of the Note, Panacea made

two

loans (individually, each a Loan and collectively, the Loans) to us, the

first

of which was in the amount of

$1.0

million and paid on the date of the Note and the

second

of which was in the amount of

$500,000

and received on

July 23, 2018.

The Loans bear interest on the outstanding principal amount at a rate of

15%

per annum until the Note is paid in full or converted into shares of our common stock at a price per share of

$4.00.

In addition, in lieu of converting the Note, Panacea

may

deliver the Note into a private placement in which Panacea Venture Healthcare Fund I L.P., an affiliate of Panacea,

may

participate. There can be

assurance that such a private placement will be completed. In connection with these Loans, we granted to Panacea a security interest in substantially all our assets. The proceeds of these Loans are being used to support our operations while we pursue a potential strategic transaction that could diversify our assets and bring in additional capital.

ee,

“– Note

– Subsequent Events”).

As of

June 30, 2018,

there were

120

million shares of common stock and

million shares of preferred stock authorized under our Certificate of Incorporation, and approximately

113.5

million shares of common stock and

5.0

million shares of preferred stock available for issuance and

not

otherwise reserved.

Note 3 - Basis of Presentation

6 Months Ended

Jun. 30, 2018

Notes to Financial Statements

Basis of Accounting [Text Block]

Note

–

Basis of Presentation

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

-Q. Accordingly, they do

not

include all of the information and footnotes required by U.S. GAAP for complete consolidated financial statements. 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

six

months ended

June 30, 2018

are

not

necessarily indicative of the results that

may

be expected for the year ending

December

31,

2018.

There have been

changes to our critical accounting policies since

December 31, 2017.

For a discussion of our accounting policies,

see

, “– Note

– Summary of Significant Accounting Policies” in this Quarterly Report on Form

-Q, and, in the Notes to Consolidated Financial Statements in our

2017

Form

-K, “– Note

– Accounting Policies and Recent Accounting Pronouncements.” Readers are encouraged to review those disclosures in conjunction with this Quarterly Report on Form

-Q.

Note 4 - Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2018

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 U.S. GAAP, 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.

Restructured debt liability – contingent milestone payment

In conjunction with the

November 2017

restructuring and retirement of long-term debt (

See,

"– Note

– Restructured debt liability"), we established a

$15

million long-term liability for contingent AEROSURF regulatory and commercial milestone payments, beginning with the filing for marketing approval in the United States, potentially due under the Exchange and Termination Agreement dated as of

October 27, 2017 (

Exchange and Termination Agreement), between ourselves and affiliates of Deerfield Management Company L.P. (Deerfield). The liability has been recorded at full value of the contingent milestones and will continue to be carried at full value until the milestones are achieved and paid or milestones are

not

achieved and the liability is written off as a gain on debt restructuring.

Deferred revenue

Deferred revenue represents amounts received prior to satisfying the revenue recognition criteria (

see

, Revenue recognition) and are recognized as deferred revenue in our balance sheet. Amounts expected to be recognized as revenue within the

months following the balance sheet date are classified as Deferred revenue – current portion. Amounts

not

expected to be recognized as revenue within the

months following the balance sheet date are classified as Deferred revenue, non-current portion.

Deferred revenue primarily consists of amounts related to an upfront license fee received in

July 2017

in connection with the License Agreement with Lee’s. The revenue will be recognized as our performance obligations under the contract are met (

see

, Note

– Out-Licensing Agreement).

Revenue recognition

Effective

January 1, 2018,

we adopted Accounting Standards Codification (“ASC”) Topic

606,

Revenue from Contracts with Customers, using the modified retrospective transition method. Under this method, we recognize the cumulative effect of initially adopting ASC Topic

606,

if any, as an adjustment to the opening balance of retained earnings. Additionally, under this method of adoption, we apply the guidance to all incomplete contracts in scope as of the date of initial application. This standard applies to all contracts with customers, except for contracts that are within the scope of other standards, such as leases, insurance, collaboration arrangements and financial instruments.

In accordance with ASC Topic

606,

we recognize revenue when the customer obtains control of promised goods or services, in an amount that reflects the consideration which we expect to receive in exchange for those goods or services. To determine revenue recognition for arrangements that the we determine are within the scope of ASC Topic

606,

we perform the following

five

steps:

	(i)	identify the contract(s) with a customer;
	(ii)	identify the performance obligations in the contract;

	(iii)	determine the transaction price;
	(iv)	allocate the transaction price to the performance obligations in the contract; and

(v)

recognize revenue when (or as) the entity satisfies a performance obligation.

We only apply the

five

-step model to contracts when we determine that it is probable that we will collect the consideration we are entitled to in exchange for the goods or services we transfer to the customer. At contract inception, once the contract is determined to be within the scope of ASC Topic

606,

we assess the goods or services promised within a contract and determine those that are performance obligations, and assesses whether each promised good or service is distinct. We then recognize as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied.

Research and development

We account for research and development expense by the following categories: (a) product development and manufacturing, (b) clinical medical and regulatory operations, and (c) direct preclinical and clinical development 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 in accordance with Accounting Standards Codification (ASC) Topic

730,

Research and Development

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

June 30, 2018

and

2017,

the number of shares of common stock potentially issuable upon the conversion of preferred stock or exercise of certain stock options and warrants was

1.1

million and

1.2

million shares, respectively. For the

three

and

six

months ended

June 30, 2018

and

2017,

all potentially dilutive securities were anti-dilutive and therefore have been excluded from the computation of diluted net loss per share.

Net loss per common share – basic and diluted and weighted average number of common shares outstanding for the

three

and

six

months ended

June 30, 2017

have been corrected for immaterial calculation errors related to the conversion of preferred stock to common stock during those periods.

We do

not

have any components of other comprehensive income (loss).

Beneficial Conversion Feature

The issuance of Series A Convertible Preferred Stock (Preferred Shares) in the

second

quarter of

2017

(

see

, “– Note

– Stockholders’ Equity”) resulted in a beneficial conversion feature, which arises when a debt or equity security is issued with an embedded conversion option that is beneficial to the investor (or in the money) at inception due to the conversion option having an effective conversion price that is less than the fair value of the underlying stock at the commitment date. We recognized the beneficial conversion feature by allocating the relative fair value of the conversion option, which is the number of shares of common stock available upon conversion multiplied by the difference between the effective conversion price per share and the fair value of common stock per share on the commitment date, to additional paid-in capital, resulting in a discount on the Preferred Shares. As the Preferred Shares are immediately convertible by the holders, the discount allocated to the beneficial conversion feature was immediately accreted and recognized as a

$3.6

million

one

-time, non-cash deemed dividend to the preferred shareholders during the

first

quarter of

2017.

An additional discount to the Preferred Shares of

$4.5

million was created due to the allocation of proceeds to the Warrants which were issued with the Preferred Shares. This discount is amortized proportionately as the Preferred Shares are converted.

Preferred Shares were converted during the

three

six

months ended

June 30, 2018.

For the

three

months ended

June 30, 2017,

we recognized a non-cash deemed dividend to the preferred shareholders of

$0.5

million related to the Preferred Shares converted during the period.

Income taxes

We account for income taxes in accordance with ASC Topic

740,

Accounting for Income Taxes, which requires the recognition of deferred tax liabilities and assets for the expected future tax consequences of temporary differences between financial statement carrying amounts and the tax basis of assets and liabilities.

We use a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Because we have never realized a profit, management has fully reserved the net deferred tax asset since realization is

not

assured.

December 22, 2017,

the U.S. government enacted the

2017

Tax Cuts and Jobs Act (the

2017

Tax Act), which significantly revises U.S. tax law by, among other provisions, lowering the U.S. federal statutory income tax rate to

21%,

imposing a mandatory

one

-time transition tax on previously deferred foreign earnings, and eliminating or reducing certain income tax deductions. As of

December 31, 2017,

we recorded the provisional impact from the

2017

Tax Act in accordance with SAB

118.

As of

June 30, 2018,

we have

not

adjusted any of our provisional amounts that were recorded as of

December 31, 2017.

We will finalize our adjustments during

2018.

Recently Adopted Accounting Standards

May 2014,

the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU)

2014

09,

Revenue from Contracts with Customers (Topic

606

)

, which was subsequently amended by several other ASUs related to Topic

606

to, among other things, defer the effective date and clarify various aspects of the new revenue guidance including principal versus agent considerations, identifying performance obligations, and licensing, and include other improvements and practical expedients. We adopted ASU

2014

09,

as amended, effective

January 1, 2018

using the modified retrospective transition method. In

July 2017,

we entered into a License Agreement with Lee’s (HK), granting Lee’s (HK) rights to develop and commercialize our products in a specific Asian territory. The consideration we are eligible to receive under this agreement includes an upfront payment, contingent revenues in the form of regulatory and commercial milestones, and sales-based milestone and royalty payments. We evaluated the License Agreement under ASU

2014

and determined that there was

material impact to revenues for any of the years presented upon adoption. Additionally, there were

revisions to any balance sheet components of revenues such as deferred revenues or beginning retained earnings as a result of the adoption of the modified retrospective method. The primary impact on our financial statements is related to revised or additional disclosures with respect to revenues and cash flows arising from contracts with customers, which are included in Note

– Out-Licensing Agreement.

May 2017,

the FASB issued ASU

2017

09,

Compensation—Stock Compensation (Topic

718

)

Scope of Modification Accounting

. This ASU clarifies when to account for a change to the terms or conditions of a share-based payment award as a modification. Under the new guidance, modification accounting is required only if the fair value, the vesting conditions, or the classification of the award (as equity or liability) changes as a result of the change in terms or conditions. The ASU is effective prospectively for the annual period ending

December 31, 2018

and interim periods within that annual period. We adopted ASU

2017

effective

January 1, 2018

and the adoption did

not

have a material impact on our unaudited condensed consolidated financial statements and is

not

expected to have a material impact on the annual

2018

financial statements.

August 2016,

the FASB issued ASU

2016

15,

Statement of Cash Flows (Topic

230

), Classification of Certain Cash Receipts and Cash Payments

. This ASU clarifies clarify how entities should classify certain cash receipts and cash payments related to

eight

specific cash flow issues, including debt prepayment or extinguishment costs, with the objective of reducing diversity in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The ASU also clarifies how the predominance principle should be applied when cash receipts and cash payments have aspects of more than

one

class of cash flows. The ASU is effective retrospectively for the annual period ending

December 31, 2018

and interim periods within that annual period. We adopted ASU

2016

effective

January 1, 2018

and the adoption did

not

have a material impact on our unaudited condensed consolidated financial statements and is

not

expected to have a material impact on the annual

2018

financial statements.

Note 5 - Stockholders' Equity

6 Months Ended

Jun. 30, 2018

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

Note

–

Stockholders

’

Equity

April 4, 2018,

we completed a private placement offering pursuant to a Securities Purchase Agreement (SPA) and Registration Rights Agreement with LPH II Investments Limited (LPH II), a Cayman Islands company and wholly-owned subsidiary of Lee’s. Under this SPA, LPH II invested

$2.6

million and acquired

541,667

shares of our common stock and warrants to purchase

135,417

shares of our common stock at an exercise price of

$5.52

per share. The purchase price per share was

$4.80.

The warrants are exercisable after

months and through the

seventh

anniversary of the issue date. In addition, under the Registration Rights Agreement, we agreed to file an initial resale registration statement with the SEC to register for subsequent resale the shares and the warrant shares. We are required to seek registration of

25%

of the shares and warrant shares on such initial resale registration statement. From time to time, following the

180th

day from

March 30, 2018,

LPH II or a majority of the holders of the shares and warrant shares

may

require us to file additional registration statement(s) to register the resale of the balance of the shares and warrant shares, subject to certain limitations.

Note 6 - License Revenue with Affiliate

6 Months Ended

Jun. 30, 2018

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

Note

–

License

evenue with

ffiliate

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2018		2017		2018		2017

License revenue with affiliate	$	356	$	-	$	560	$	-

License revenue with affiliate for the

three

and

six

months ended

June 30, 2018

represents revenue from a License Agreement with Lee’s (HK) and constitutes a contract with a customer accounted for in accordance with ASC Topic

606,

which we adopted effective

January 1, 2018 (

see

, Note

– Summary of Significant Accounting Policies – Recently Adopted Accounting Standards and Note

– Out-Licensing Agreement). There was

impact to License revenue with affiliate previously recognized as a result of the adoption of ASC Topic

606.

Note 7 - Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2018

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
	June 30,
(in thousands)	2018		Level 1		Level 2		Level 3

Assets:
Cash and cash equivalents	$	638	$	638	$	-	$	-
Certificate of deposit		140		140		-		-
Total Assets	$	778	$	778	$	-	$	-

	Fair Value		Fair value measurement using
	December 31,
(in thousands)	2017		Level 1		Level 2		Level 3

Assets:
Cash and cash equivalents	$	1,815	$	1,815	$	-	$	-
Certificate of deposit		225		225		-		-
Total Assets	$	2,040	$	2,040	$	-	$	-

- 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 8 - Loan Payable

6 Months Ended

Jun. 30, 2018

Notes to Financial Statements

Short-term Debt [Text Block]

Note

–

Loan Payable

January 2018

and

March 2018,

LPH agreed to lend us

$1.5

million and

$1.0

million, respectively, to support our AEROSURF development activities and sustain our operations while we seek to identify and advance

one

or more potential strategic initiatives as defined in the related loan agreements (Funding Event). To secure our obligations under these loans, we granted LPH a security interest in substantially all our assets. The loans accrue interest at a rate of

per annum and mature upon the earlier of the closing date of the Funding Event or

December 31, 2018.

We expect to apply the outstanding principal balance of the loans in satisfaction of a like amount of cash consideration payable by LPH for its participation in the Funding Event, and the loans will thereby be fully discharged.

Note 9 - Restructured Debt Liability

6 Months Ended

Jun. 30, 2018

Notes to Financial Statements

Long-term Debt [Text Block]

Note

–

Restructured debt liability

	June 30,		December 31,
(in thousands)	2018		2017

Restructured debt liability - contingent milestone payments	$	15,000	$	15,000

November 1, 2017,

we and Deerfield entered into an Exchange and Termination Agreement pursuant to which (i) promissory notes evidencing a loan with affiliates of Deerfield Management Company L.P. (Deerfield Loan) in the aggregate principal amount of

$25

million and (ii) warrants to purchase up to

25,000

shares of our common stock at an exercise price of

$786.80

per share held by Deerfield were cancelled in consideration for (i) a cash payment in the aggregate amount of

$2.5

million, (ii)

71,111

shares of common stock, representing

of fully-diluted shares outstanding (as defined in the Exchange and Termination Agreement) on the closing date, and (iii) the right to receive certain milestone payments based on achievement of specified AEROSURF development and commercial milestones, which, if achieved, could potentially total up to

$15

million. In addition, a related security agreement, pursuant to which Deerfield held a security interest in substantially all of our assets, was terminated. We established a

$15

million long-term liability for the contingent milestone payments potentially due to Deerfield under the Exchange and Termination Agreement (

see

, Note

– Summary of Significant Accounting Policies – Restructured debt liability – contingent milestone payment).

Note 10 - Stock Options and Stock-based Employee Compensation

6 Months Ended

Jun. 30, 2018

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 January 1, 2018		84		$	163.20
Granted		-			-
Forfeited or expired		(1	)		693.45
Outstanding at June 30, 2018		83		$	158.88		7.3

Vested and exercisable at June 30, 2018		65		$	195.43		7.0

Vested and expected to vest at June 30, 2018		82		$	159.40		7.3

(in thousands, except for weighted-average data)

Restricted Stock Units	Shares		Weighted- Average Grant Date Fair Value

Unvested at January 1, 2018		190	$	4.33
Awarded		-		-
Vested		-		-
Unvested at June 30, 2018		190	$	4.33

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:

		Six Months Ended June 30,
		2017

Weighted average expected volatility		79%
Weighted average expected term		6.6
Weighted average risk-free interest rate		2.22%
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 June 30,				Six Months Ended June 30,
(in thousands)	2018		2017		2018		2017

Research and development	$	30	$	124	$	140	$	283
Selling, general and administrative		110		130		418		271
Total	$	140	$	254	$	558	$	554

Note 11 - Out-Licensing Agreement

6 Months Ended

Jun. 30, 2018

Notes to Financial Statements

Corporate Partnership, Licensing and Research Funding Agreements [Text Block]

Note

–

Out-

Licensing Agreement

Lee’s Pharmaceutical (HK) Ltd.

June 2017,

we entered into a License, Development and Commercialization Agreement (“License Agreement”) with Lee’s Pharmaceutical (HK) Ltd., a company organized under the laws of Hong Kong (

“

Lee’s”). Under the License Agreement, we granted to Lee’s an exclusive license with a right to sublicense, (i) to develop and commercialize our

KL4

surfactant products, including SURFAXIN®, which was approved by the U.S. Food and Drug Administration (“FDA”) in

2012

for the prevention of respiratory distress syndrome (“RDS”) in premature infants, SURFAXIN LS™, the lyophilized dosage form of SURFAXIN; and AEROSURF®, an investigative combination drug/device product that is designed to deliver aerosolized

KL4

surfactant noninvasively, and (ii) to register and manufacture SURFAXIN and SURFAXIN LS for use in the Licensed Territory, which includes the People’s Republic of China (“PRC”), Hong Kong, Thailand, Taiwan and

other countries (the “Licensed Territory”). In addition, we granted Lee’s options to potentially add Japan to the Licensed Territory and to manufacture our ADS in the Licensed Territory, in each case subject to conditions set forth in the License Agreement.

Under the License Agreement, Lee’s made an upfront payment to us of

million. We also

may

receive up to

$37.5

million in potential clinical, regulatory and commercial milestone payments and will share in any sublicense income Lee’s

may

receive at a rate equal to low double digits. In addition, Lee’s will be responsible for all costs and expenses in and for the Licensed Territory related to development activities, including a planned AEROSURF phase

clinical trial, regulatory activities, and commercialization activities.

August 2017,

we entered into a Loan Agreement, pursuant to which Lee’s (HK) agreed to lend us up to

$3.9

million to support our activities through

October 31, 2017,

while we and Lee’s worked to complete a

$10

million securities purchase agreement (Lee’s SPA) pursuant to which Lee’s acquired a controlling interest in our Company effective on

November 1, 2017.

In connection with Lee’s SPA, we amended the License Agreement (Amendment

No.

) to expand certain of Lee’s (HK) rights, including by immediately adding Japan to the licensed territory, accelerating the right to manufacture the ADS in and for the licensed territory, reducing or eliminating certain of the milestone and royalty payments and adding an affiliate of Lee’s (HK) as a party to the License Agreement. As a result, the additional amounts for potential clinical, regulatory and commercial milestone were reduced to

$35.8

million.

Accounting Analysis under ASC

606

In evaluating the License Agreement in accordance with ASC Topic

606,

we concluded that the contract counterparty, Lee’s (HK), is a customer. We identified the following performance obligations: (i) a bundled performance obligation consisting of licensing rights to develop and commercialize our

KL4

surfactant products and a technology transfer process for the manufacture of SURFAXIN and SURFAXIN LS; and (ii) a technology transfer process for the manufacture of our ADS. We determined that participation in the Joint Steering Committee (and other committees under its authority) and our ongoing product development, regulatory, and commercialization activities under the License Agreement were deemed immaterial in the context of the contract. Consistent with the guidance under ASC

606

16A,

we disregarded immaterial promised goods and services when determining performance obligations.

We concluded that the licensing rights were

not

distinct within the context of the contract (i.e. separately identifiable) because the licensing rights do

not

have stand-alone value from other promised goods and services as Lee’s (HK) could

not

benefit from the licensing rights without the completion of the technology transfer process for the manufacture of SURFAXIN and SURFAXIN LS. The technology transfer process for the manufacture of our ADS is distinct within the context of the contract because it has stand-alone value from other promised goods and services as Lee’s (HK) could benefit from this right on a stand-alone basis. However, we determined that the ADS manufacturing right has a nominal stand-alone selling price at the time of Amendment

No.

as the ADS is

not

yet verified and there is uncertainty with regard to the commercial value of the ADS given that the AEROSURF combination drug/device product is currently in clinical development.

With respect to Amendment

No.

we elected to use the practical expedient for contract modifications that occur prior to the adoption of ASU

2014

09,

and we determined that the impact was immaterial. Allocable arrangement consideration under the practical expedient comprised the upfront payment of

million and

$0.3

million related to reductions in royalties and milestones in connection with Amendment

No.

The

$1.3

million was attributed in its entirety to the bundled performance obligation of licensing rights to develop and commercialize our

KL4

surfactant products and a technology transfer process for the manufacture of SURFAXIN and SURFAXIN LS. Revenue associated with the bundled performance obligation was recognized beginning in

November 2017

with the initiation of the technology transfer process for the manufacture of SURFAXIN and SURFAXIN LS and will be recognized over time as services are performed and based on the input method related to the level of effort expended. The expected completion date for the technology transfer is

June 2019.

Regulatory and commercialization milestones were excluded from the transaction price, as all milestone amounts were fully constrained under the guidance. As part of our evaluation of the constraint, we considered a number of factors in determining whether there is significant uncertainty associated with the future events that would result in the milestone payments. Those factors include: our financial position; ongoing delays in our development activities and with initiating phase

clinical trial; our limited experience with successful drug development; our limited experience with clinical trials; our recent failure to achieve primary endpoints in our phase

clinical trial; our limited experience with commercialization; our decision in

2015

to cease manufacturing and commercializing of SURFAXIN; and the fact that the uncertainty about the related consideration is

not

expected to be resolved for a long period of time (

see

, Item

– Risk Factors).

Consideration related to sales-based milestones and royalties will be recognized when the related sales occur, provided that the reported sales are reliably measurable and that we have

remaining performance obligations, as such sales were determined to relate predominantly to the license granted to Lee’s (HK) and therefore have also been excluded from the transaction price. We will re-evaluate the transaction price in each reporting period and as uncertain events are resolved or other changes in circumstances occur.

Note 12 - Subsequent Events

6 Months Ended

Jun. 30, 2018

Notes to Financial Statements

Subsequent Events [Text Block]

Note

–

Subsequent Events

July 2, 2018,

we issued to Panacea Venture Management Company Ltd. (Panacea), a Secured Convertible Promissory Note (the Note) with respect to Loans (defined below) in the aggregate amount of up to

$1.5

million. In connection with the issuance, Panacea made

two

loans (individually, Loan and collectively, the Loans) to us, the

first

of which was in the amount of

$1.0

million and funded on the date of the Note, and the

second

of which was in the amount of

$500,000

and received on

July 23, 2018.

The Loans bear interest on the outstanding principal amount at a rate of

15%

per annum until the Note is paid in full or converted into shares of our common stock at a price per share of

$4.00,

which was the closing price of our common stock as quoted on the OTCQB

trading market operated by the OTC Markets Group on

June 29, 2018,

the trading day immediately preceding the funding date for the

first

Loan. In addition, in lieu of converting the Note, Panacea

may

deliver the Note into a private placement in which Panacea Venture Healthcare Fund I L.P., an affiliate of Panacea,

may

participate. There can be

assurance that such a private placement will be completed. To secure our obligations under the Note, we granted to Panacea a security interest in substantially all of our assets. The proceeds of these Loans are being used to support our operations while we pursue a potential strategic transaction that could diversify our assets and bring in additional capital (see, “– Note

– Liquidity Risks and Management’s Plans”).

In connection with the Loans, we issued to Panacea warrants (the “Series D Warrants”) to purchase

187,500

shares (the “Warrant Shares”) at an exercise price of

$4.00

per Warrant Share (the “Exercise Price”). The Warrants

may

be exercised at any time beginning

six

months after the date of issuance and through the

fifth

anniversary of the date of issuance. The Warrants

may

not

be exercised to the extent that the holder thereof would, following such exercise, beneficially own more than

9.99%

of the Company’s outstanding shares of Common Stock, which percentage

may

be increased, decreased or waived by such holder upon

sixty-one

days’ notice to the Company. The Warrants also contain customary provisions that adjust the Exercise Price and the number of Warrant Shares in the event of a corporate transaction.

Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2018

Accounting Policies [Abstract]

Use of Estimates, Policy [Policy Text Block]

Use of Estimates

Restructured Debt Liability, Contingent Milestone Payment, Policy [Policy Text Block]

Restructured debt liability – contingent milestone payment

In conjunction with the

November 2017

restructuring and retirement of long-term debt (

See,

"– Note

– Restructured debt liability"), we established a

$15

October 27, 2017 (

not

achieved and the liability is written off as a gain on debt restructuring.

Revenue Recognition, Deferred Revenue [Policy Text Block]

Deferred revenue

Deferred revenue represents amounts received prior to satisfying the revenue recognition criteria (

see

, Revenue recognition) and are recognized as deferred revenue in our balance sheet. Amounts expected to be recognized as revenue within the

months following the balance sheet date are classified as Deferred revenue – current portion. Amounts

not

expected to be recognized as revenue within the

months following the balance sheet date are classified as Deferred revenue, non-current portion.

Deferred revenue primarily consists of amounts related to an upfront license fee received in

July 2017

in connection with the License Agreement with Lee’s. The revenue will be recognized as our performance obligations under the contract are met (

see

, Note

– Out-Licensing Agreement).

Revenue Recognition, Multiple-deliverable Arrangements, Description [Policy Text Block]

Revenue recognition

Effective

January 1, 2018,

we adopted Accounting Standards Codification (“ASC”) Topic

606,

Revenue from Contracts with Customers, using the modified retrospective transition method. Under this method, we recognize the cumulative effect of initially adopting ASC Topic

606,

In accordance with ASC Topic

606,

we perform the following

five

steps:

	(i)	identify the contract(s) with a customer;
	(ii)	identify the performance obligations in the contract;

	(iii)	determine the transaction price;
	(iv)	allocate the transaction price to the performance obligations in the contract; and

(v)

recognize revenue when (or as) the entity satisfies a performance obligation.

We only apply the

five

606,

Research and Development Expense, Policy [Policy Text Block]

Research and development

730,

Research and Development

Earnings Per Share, Policy [Policy Text Block]

Net Loss per Common Share

June 30, 2018

and

2017,

the number of shares of common stock potentially issuable upon the conversion of preferred stock or exercise of certain stock options and warrants was

1.1

million and

1.2

million shares, respectively. For the

three

and

six

months ended

June 30, 2018

and

2017,

all potentially dilutive securities were anti-dilutive and therefore have been excluded from the computation of diluted net loss per share.

Net loss per common share – basic and diluted and weighted average number of common shares outstanding for the

three

and

six

months ended

June 30, 2017

have been corrected for immaterial calculation errors related to the conversion of preferred stock to common stock during those periods.

We do

not

have any components of other comprehensive income (loss).

Stockholders' Equity Note, Convertible Preferred Stock, Beneficial Conversion Feature, Policy [Policy Text Block]

Beneficial Conversion Feature

The issuance of Series A Convertible Preferred Stock (Preferred Shares) in the

second

quarter of

2017

(

see

, “– Note

$3.6

million

one

-time, non-cash deemed dividend to the preferred shareholders during the

first

quarter of

2017.

An additional discount to the Preferred Shares of

$4.5

million was created due to the allocation of proceeds to the Warrants which were issued with the Preferred Shares. This discount is amortized proportionately as the Preferred Shares are converted.

Preferred Shares were converted during the

three

six

months ended

June 30, 2018.

For the

three

months ended

June 30, 2017,

we recognized a non-cash deemed dividend to the preferred shareholders of

$0.5

million related to the Preferred Shares converted during the period.

Income Tax, Policy [Policy Text Block]

Income taxes

We account for income taxes in accordance with ASC Topic

740,

not

assured.

December 22, 2017,

the U.S. government enacted the

2017

Tax Cuts and Jobs Act (the

2017

Tax Act), which significantly revises U.S. tax law by, among other provisions, lowering the U.S. federal statutory income tax rate to

21%,

imposing a mandatory

one

-time transition tax on previously deferred foreign earnings, and eliminating or reducing certain income tax deductions. As of

December 31, 2017,

we recorded the provisional impact from the

2017

Tax Act in accordance with SAB

118.

As of

June 30, 2018,

we have

not

adjusted any of our provisional amounts that were recorded as of

December 31, 2017.

We will finalize our adjustments during

2018.

New Accounting Pronouncements, Policy [Policy Text Block]

Recently Adopted Accounting Standards

May 2014,

the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU)

2014

09,

Revenue from Contracts with Customers (Topic

606

)

, which was subsequently amended by several other ASUs related to Topic

606

2014

09,

as amended, effective

January 1, 2018

using the modified retrospective transition method. In

July 2017,

2014

and determined that there was

material impact to revenues for any of the years presented upon adoption. Additionally, there were

– Out-Licensing Agreement.

May 2017,

the FASB issued ASU

2017

09,

Compensation—Stock Compensation (Topic

718

)

Scope of Modification Accounting

December 31, 2018

and interim periods within that annual period. We adopted ASU

2017

effective

January 1, 2018

and the adoption did

not

have a material impact on our unaudited condensed consolidated financial statements and is

not

expected to have a material impact on the annual

2018

financial statements.

August 2016,

the FASB issued ASU

2016

15,

Statement of Cash Flows (Topic

230

), Classification of Certain Cash Receipts and Cash Payments

. This ASU clarifies clarify how entities should classify certain cash receipts and cash payments related to

eight

one

class of cash flows. The ASU is effective retrospectively for the annual period ending

December 31, 2018

and interim periods within that annual period. We adopted ASU

2016

effective

January 1, 2018

and the adoption did

not

have a material impact on our unaudited condensed consolidated financial statements and is

not

expected to have a material impact on the annual

2018

financial statements.

Note 6 - License Revenue with Affiliate (Tables)

6 Months Ended

Jun. 30, 2018

Notes Tables

Disaggregation of Revenue [Table Text Block]

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2018		2017		2018		2017

License revenue with affiliate	$	356	$	-	$	560	$	-

Note 7 - Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2018

Notes Tables

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

	Fair Value		Fair value measurement using
	June 30,
(in thousands)	2018		Level 1		Level 2		Level 3

Assets:
Cash and cash equivalents	$	638	$	638	$	-	$	-
Certificate of deposit		140		140		-		-
Total Assets	$	778	$	778	$	-	$	-

	Fair Value		Fair value measurement using
	December 31,
(in thousands)	2017		Level 1		Level 2		Level 3

Assets:
Cash and cash equivalents	$	1,815	$	1,815	$	-	$	-
Certificate of deposit		225		225		-		-
Total Assets	$	2,040	$	2,040	$	-	$	-

Note 9 - Restructured Debt Liability (Tables)

6 Months Ended

Jun. 30, 2018

Notes Tables

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

	June 30,		December 31,
(in thousands)	2018		2017

Restructured debt liability - contingent milestone payments	$	15,000	$	15,000

- 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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
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Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
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-Section 45
-Paragraph 2
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Note 10 - Stock Options and Stock-based Employee Compensation (Tables)

6 Months Ended

Jun. 30, 2018

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 January 1, 2018		84		$	163.20
Granted		-			-
Forfeited or expired		(1	)		693.45
Outstanding at June 30, 2018		83		$	158.88		7.3

Vested and exercisable at June 30, 2018		65		$	195.43		7.0

Vested and expected to vest at June 30, 2018		82		$	159.40		7.3

Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]

(in thousands, except for weighted-average data)

Restricted Stock Units	Shares		Weighted- Average Grant Date Fair Value

Unvested at January 1, 2018		190	$	4.33
Awarded		-		-
Vested		-		-
Unvested at June 30, 2018		190	$	4.33

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

		Six Months Ended June 30,
		2017

Weighted average expected volatility		79%
Weighted average expected term		6.6
Weighted average risk-free interest rate		2.22%
Expected dividends		-

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

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2018		2017		2018		2017

Research and development	$	30	$	124	$	140	$	283
Selling, general and administrative		110		130		418		271
Total	$	140	$	254	$	558	$	554

Note 2 - Liquidity Risks and Management's Plans (Details Textual) - USD ($)	Jul. 23, 2018	Jul. 15, 2018	Jul. 02, 2018	Apr. 04, 2018	Aug. 03, 2018	Jun. 30, 2018	Dec. 31, 2017
Cash and Cash Equivalents, at Carrying Value, Ending Balance						$ 638,000	$ 1,815,000
Accounts Payable and Accrued Liabilities, Current, Total						$ 15,200,000
Common Stock, Shares Authorized						120,000,000	120,000,000
Preferred Stock, Shares Authorized						5,000,000	5,000,000
Common Stock, Capital Shares Available for Issuance						113,500,000
Preferred Stock, Capital Shares Available for Issuance						5,000,000
Lee's [Member]
Line of Credit Facility, Maximum Borrowing Capacity						$ 1,000,000
Maximum Amount of Cash Resources to Expend						1,000,000
Letters of Credit Outstanding, Amount						$ 0
Private Placement [Member] \| LPH II [Member]
Private Placement, Purchase Price of Common Stock and Warrants				$ 2,600,000
Proceeds from Issuance of Private Placement				$ 2,500,000
Subsequent Event [Member]
Cash and Cash Equivalents, at Carrying Value, Ending Balance					$ 700,000
Subsequent Event [Member] \| Panacea [Member] \| Secured Convertible Promissory Note [Member]
Line of Credit Facility, Maximum Borrowing Capacity			$ 1,500,000
Proceeds from Convertible Debt	$ 500,000	$ 500,000	$ 1,000,000
Debt Instrument, Interest Rate, Stated Percentage			15.00%
Debt Instrument, Convertible, Conversion Price			$ 4

Note 4 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands, shares in Millions	3 Months Ended			6 Months Ended		12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Mar. 31, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2018	Dec. 31, 2017	Nov. 01, 2017
Liability for Contingent Milestone Payment, Noncurrent	$ 15,000			$ 15,000			$ 15,000
Number of Shares of Common Stock Potentially Issuable upon the Exercise of Stock Options and Warrants				1.1	1.2
Preferred Stock Dividends, Income Statement Impact		$ 532	$ 3,600		$ 4,136
Preferred Stock, Discount on Shares							4,500
Scenario, Forecast [Member]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent						21.00%
Conversion of Preferred Stock [Member]
Preferred Stock Dividends, Income Statement Impact	0			0
Deerfield Loan [Member]
Liability for Contingent Milestone Payment, Noncurrent	$ 15,000			$ 15,000			$ 15,000
Deerfield Loan [Member] \| Exchange and Termination Agreement [Member] \| Deerfield Management, L.P. [Member]
Liability for Contingent Milestone Payment, Noncurrent								$ 15,000

Note 5 - Stockholders' Equity (Details Textual) - Private Placement [Member] - LPH II [Member]	Apr. 04, 2018 USD ($) $ / shares shares
Private Placement, Purchase Price of Common Stock and Warrants \| $	$ 2,600,000
Stock Issued During Period, Shares, New Issues \| shares	541,667
Class of Warrant or Right, Number of Securities Called by Warrants or Rights \| shares	135,417
Class of Warrant or Right, Exercise Price of Warrants or Rights \| $ / shares	$ 5.52
Shares Issued, Price Per Share \| $ / shares	$ 4.80
Class of Warrant or Right, Vesting Period	180 days
Warrants and Rights Outstanding, Term	7 years
Registration Rights Agreement, Rights Percentage	25.00%

Note 6 - License Revenue with Affiliate - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
License [Member]
License revenue with affiliate	$ 356		$ 560

Note 7 - Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Assets:
Cash and cash equivalents	$ 638	$ 1,815
Total Assets	778	2,040
Certificates of Deposit [Member]
Assets:
Certificate of deposit	140	225
Fair Value, Inputs, Level 1 [Member]
Assets:
Cash and cash equivalents	638	1,815
Total Assets	778	2,040
Fair Value, Inputs, Level 1 [Member] \| Certificates of Deposit [Member]
Assets:
Certificate of deposit	140	225
Fair Value, Inputs, Level 2 [Member]
Assets:
Cash and cash equivalents
Total Assets
Fair Value, Inputs, Level 2 [Member] \| Certificates of Deposit [Member]
Assets:
Certificate of deposit
Fair Value, Inputs, Level 3 [Member]
Assets:
Cash and cash equivalents
Total Assets
Fair Value, Inputs, Level 3 [Member] \| Certificates of Deposit [Member]
Assets:
Certificate of deposit

Note 8 - Loan Payable (Details Textual) - LPH [Member] - USD ($) $ in Millions	1 Months Ended
	Mar. 31, 2018	Jan. 31, 2018	Jun. 30, 2018
Proceeds from Issuance of Debt	$ 1.0	$ 1.5
Debt Instrument, Interest Rate, Stated Percentage			6.00%

Note 9 - Restructured Debt Liability (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	Nov. 01, 2017	Jun. 30, 2018	Dec. 31, 2017
Liability for Contingent Milestone Payment, Noncurrent		$ 15,000	$ 15,000
Deerfield Loan [Member]
Liability for Contingent Milestone Payment, Noncurrent		$ 15,000	$ 15,000
Deerfield Loan [Member] \| Exchange and Termination Agreement [Member] \| Deerfield Management, L.P. [Member]
Extinguishment of Debt, Amount	$ 25,000
Class of Warrant or Right, Number of Warrants Cancelled	25,000
Class of Warrant or Right, Exercise Price of Cancelled Warrants	$ 786.80
Repayments of Long-term Debt, Total	$ 2,500
Stock Issued During Period, Shares, Cancellation of Debt and Warrant Obligations	71,111
Stock Issued During Period, Shares, Cancellation of Debt and Warrant Obligations, Percentage of Fully-diluted Shares Outstanding	2.00%
Liability for Contingent Milestone Payment, Noncurrent	$ 15,000

Note 9 - Restructured Debt Liability - Long-term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Restructured debt liability - contingent milestone payments	$ 15,000	$ 15,000
Deerfield Loan [Member]
Restructured debt liability - contingent milestone payments	$ 15,000	$ 15,000

Note 10 - Stock Options and Stock-based Employee Compensation (Details Textual)	6 Months Ended
	Jun. 30, 2018
The 2011 Long-term Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period	3 years

Note 10 - Stock Options and Stock-based Employee Compensation - Summary of Stock Option Activity (Details) shares in Thousands	6 Months Ended
	Jun. 30, 2018 $ / shares shares
Shares Outstanding, Beginning Balance (in shares) \| shares	84
Weighted Average Exercise Price, Outstanding, at Beginning Period (in dollars per share) \| $ / shares	$ 163.20
Shares Granted (in shares) \| shares
Weighted Average Exercise Price, Granted (in dollars per share) \| $ / shares
Shares Forfeited or Expired (in shares) \| shares	(1)
Weighted Average Exercise Price, Forfeited or Expired (in dollars per share) \| $ / shares	$ 693.45
Shares Outstanding, Ending Balance (in shares) \| shares	83
Weighted Average Exercise Price, Outstanding, at Ending Period (in dollars per share) \| $ / shares	$ 158.88
Weighted Average Remaining Contractual Life, Outstanding (Year)	7 years 109 days
Shares Vested and Exercisable (in shares) \| shares	65
Weighted Average Exercise Price, Vested and Exercisable (in dollars per share) \| $ / shares	$ 195.43
Weighted Average Remaining Contractual Life, Vested and Exercisable (Year)	7 years
Vested and expected to vest (in shares) \| shares	82
Weighted Average Exercise Price, Vested and Expected to Vest (in dollars per share) \| $ / shares	$ 159.40
Weighted Average Remaining Contractual Life, Vested and Expected to Vest (Year)	7 years 109 days

Note 10 - Stock Options and Stock-based Employee Compensation - Summary of Restricted Stock Units Activity (Details) - Restricted Stock Units (RSUs) [Member] shares in Thousands	6 Months Ended
	Jun. 30, 2018 $ / shares shares
Unvested, Beginning Balance (in shares) \| shares	190
Unvested, Beginning Balance (in dollars per share) \| $ / shares	$ 4.33
Awarded (in shares) \| shares
Awarded (in dollars per share) \| $ / shares
Vested (in shares) \| shares
Vested (in dollars per share) \| $ / shares
Unvested, Ending Balance (in shares) \| shares	190
Unvested, Ending Balance (in dollars per share) \| $ / shares	$ 4.33

Note 10 - Stock Options and Stock-based Employee Compensation - Stock Options Valuation Assumptions (Details)	6 Months Ended
	Jun. 30, 2017
Weighted average expected volatility	79.00%
Weighted average expected term (Year)	6 years 219 days
Weighted average risk-free interest rate	2.22%
Expected dividends

Note 10 - Stock Options and Stock-based Employee Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Stock-based compensation expense	$ 140	$ 254	$ 558	$ 554
Research and Development Expense [Member]
Stock-based compensation expense	30	124	140	283
Selling, General and Administrative Expenses [Member]
Stock-based compensation expense	$ 110	$ 130	$ 418	$ 271

Note 11 - Out-Licensing Agreement (Details Textual) - USD ($) $ in Thousands		1 Months Ended			3 Months Ended	6 Months Ended
	Nov. 01, 2017	Aug. 31, 2017	Jul. 31, 2017	Jun. 30, 2017	Oct. 31, 2017	Jun. 30, 2018	Jun. 30, 2017
Proceeds from Short-term Debt, Total						$ 2,500
LPH [Member] \| Acquisition of Windtree [Member]
Business Combination, Consideration Transferred, Total	$ 10,000
Maximum [Member] \| Lee's [Member] \| Lee's Loan to Support Operations [Member]
Proceeds from Short-term Debt, Total					$ 3,900
License Agreement With Lee’s [Member]
Proceeds from License Fees Received			$ 1,000	$ 1,000
License Agreement, Contingent Receivable, Maximum		$ 35,800		$ 37,500
Fair Value of Royalties and Milestones Foregone		$ 300
Revenue, Remaining Performance Obligation, Amount						$ 1,300

Note 12 - Subsequent Events (Details Textual) - Panacea [Member] - Subsequent Event [Member] - USD ($)	Jul. 23, 2018	Jul. 15, 2018	Jul. 02, 2018
Series D Warrants [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights			187,500
Class of Warrant or Right, Exercise Price of Warrants or Rights			$ 4
Class of Warrant or Right, Vesting Period			180 days
Warrants and Rights Outstanding, Term			5 years
Class of Warrants, May Not Exercise To Extent, Percentage			9.99%
Secured Convertible Promissory Note [Member]
Line of Credit Facility, Maximum Borrowing Capacity			$ 1,500,000
Proceeds from Convertible Debt	$ 500,000	$ 500,000	$ 1,000,000
Debt Instrument, Interest Rate, Stated Percentage			15.00%
Debt Instrument, Convertible, Conversion Price			$ 4

Note 10 - Stock Options and Stock-based Employee Compensation - Summary of Restricted Stock Units Activity (Details) - Restricted Stock Units (RSUs) [Member] shares in Thousands	6 Months Ended
	Jun. 30, 2018 $ / shares shares
Unvested, Beginning Balance (in shares) \| shares	190
Unvested, Beginning Balance (in dollars per share) \| $ / shares	$ 4.33
Awarded (in shares) \| shares
Awarded (in dollars per share) \| $ / shares
Vested (in shares) \| shares
Vested (in dollars per share) \| $ / shares
Unvested, Ending Balance (in shares) \| shares	190
Unvested, Ending Balance (in dollars per share) \| $ / shares	$ 4.33