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Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Mar. 31, 2019	May 10, 2019
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	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Common Stock, Shares Outstanding (in shares)		32,188,855
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Current Assets:
Cash and cash equivalents	$ 2,053	$ 11,187
Available-for-sale marketable securities	13,514	13,959
Prepaid expenses and other current assets	502	507
Total current assets	16,069	25,653
Property and equipment, net	826	802
Restricted cash	171	171
Operating lease right-of-use assets	1,788
Indefinite intangible asset	77,090	77,090
Goodwill	15,682	15,682
Total assets	111,626	119,398
Current Liabilities:
Accounts payable	1,417	3,420
Collaboration and device development payable, net	1,939	2,576
Accrued Liabilities, Current, Total	5,247	6,465
Operating lease liabilities - current portion	730
Deferred revenue	158	198
Loan payable	7,469	7,974
Total current liabilities	16,960	20,633
Operating lease liabilities - non-current portion	1,251
Restructured debt liability - contingent milestone payments	15,000	15,000
Deferred tax liabilities	15,356	15,476
Other liabilities	63	175
Total liabilities	48,630	51,284
Stockholders' Equity:
Preferred stock, $0.001 par value; 5,000,000 shares authorized; 0 shares issued and outstanding at March 31, 2019 and December 31, 2018	0	0
Common stock, $0.001 par value; 120,000,000 shares authorized at March 31, 2019 and December 31, 2018; 32,188,929 and 32,133,263 shares issued at March 31, 2019 and December 31, 2018, respectively; 32,188,855 and 32,133,189 shares outstanding at March 31, 2019 and December 31, 2018, respectively	32	32
Additional paid-in capital	730,162	728,783
Accumulated deficit	(664,184)	(657,647)
Accumulated other comprehensive income	40	0
Treasury stock (at cost); 74 shares	(3,054)	(3,054)
Total stockholders' equity	62,996	68,114
Total liabilities & stockholders' equity	$ 111,626	$ 119,398

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Mar. 31, 2019	Dec. 31, 2018
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)	120,000,000	120,000,000
Common stock, shares issued (in shares)	32,188,929	32,133,263
Common stock, shares outstanding (in shares)	32,188,855	32,133,189
Treasury stock, shares (in shares)	74	74

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenues:
Total revenues	$ 40	$ 204
Expenses:
Research and development	3,342	3,118
General and administrative	3,355	1,926
Total operating expenses	6,697	5,044
Operating loss	(6,657)	(4,840)
Other income / (expense):
Interest income	60	4
Interest expense	(136)	(90)
Other income	196	414
Other income / (expense), net	120	328
Net loss	$ (6,537)	$ (4,512)
Net loss per common share
Basic and diluted (in dollars per share)	$ (0.20)	$ (1.40)
Weighted average number of common shares outstanding
Basic and diluted (in shares)	32,142	3,227
License [Member]
Revenues:
License revenue with affiliate	$ 40	$ 204

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Net loss	$ (6,537)	$ (4,512)
Other comprehensive income:
Unrealized gain on marketable securities	40
Comprehensive loss	$ (6,497)	$ (4,512)

- Definition

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

+ References + Details

Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Treasury Stock [Member]	Total
Balance (in shares) at Dec. 31, 2017	3	3,227
Balance at Dec. 31, 2017		$ 3	$ 616,245	$ (637,114)		$ (3,054)	$ (23,920)
Net loss				(4,512)			(4,512)
Share Purchase Agreement, April 2018			(52)				(52)
Stock-based compensation expense			418				418
Unrealized gain on marketable securities
Balance (in shares) at Mar. 31, 2018	3	3,227
Balance at Mar. 31, 2018		$ 3	616,611	(641,626)		$ (3,054)	(28,066)
Balance (in shares) at Dec. 31, 2018		32,133
Balance at Dec. 31, 2018		$ 32	728,783	(657,647)		$ (3,054)	68,114
Net loss				(6,537)			(6,537)
Stock-based compensation expense			1,530				1,530
Vesting of restricted stock units (in shares)		56
Vesting of restricted stock units
Withholding tax payments related to net share settlements of restricted stock units (in shares)
Withholding tax payments related to net share settlements of restricted stock units			(151)				(151)
Unrealized gain on marketable securities					40		40
Balance (in shares) at Mar. 31, 2019		32,189
Balance at Mar. 31, 2019		$ 32	$ 730,162	$ (664,184)	$ 40	$ (3,054)	$ 62,996

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash flows from operating activities:
Net loss	$ (6,537)	$ (4,512)
Adjustments to reconcile net loss to net cash used in operating activities:
Recognition of deferred revenue	(40)	(204)
Depreciation	50	41
Amortization of operating lease right-of-use assets	192
Amortization of debt discount	55
Stock-based compensation	1,530	418
Realized gain on investments	(11)
Changes in:
Prepaid expenses and other current assets	5	293
Accounts payable	(2,003)	1,635
Collaboration and device development payable	(692)	49
Accrued expenses	(1,118)	(266)
Operating lease liabilities	(214)
Other liabilities	24
Net cash used in operating activities	(8,759)	(2,546)
Cash flows from investing activities:
Purchase of property and equipment	(74)
Proceeds from sale of marketable securities	499
Net cash provided by investing activities	425
Cash flows from financing activities:
Proceeds from loan payable, net of expenses		2,500
Principle payments on loan payable	(447)
Payment for taxes related to net share settlements of restricted stock units	(151)
Net cash (used in) / provided by financing activities	(598)	2,500
Effect of exchange rate changes on cash and cash equivalents	(202)
Net decrease in cash and cash equivalents	(9,134)	(46)
Cash, cash equivalents and restricted cash - beginning of year	11,358	2,040
Cash, cash equivalents and restricted cash - end of year	$ 2,224	$ 1,994

Note 1 - The Company and Description of Business

3 Months Ended

Mar. 31, 2019

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 and medical device company focused on developing drug product candidates and medical device technologies to address acute pulmonary and cardiovascular diseases. Historically, our focus has been on the development of our proprietary

KL4

surfactant technology and aerosol delivery system (ADS) technology for the treatment and/or prevention of respiratory distress syndrome (RDS) in premature infants. On

December 21, 2018,

we entered into an Agreement and Plan of Merger (the CVie Acquisition) with CVie Investments Limited (CVie Investments), an exempted company with limited liability incorporated under the laws of the Cayman Islands, pursuant to which we issued shares of our common stock, par value

$0.001

per share (common stock), to CVie Investments’ former shareholders, at an exchange ratio of

0.3512

share of common stock for each share of CVie Investments outstanding prior to the merger, resulting in the issuance of

16,265,060

shares of common stock in exchange for the outstanding shares of CVie Investments. Since the CVie Acquisition, which closed on

December 21, 2018,

we have operated CVie Investments, and its wholly-owned subsidiary, CVie Therapeutics Limited (CVie Therapeutics), a Taiwan corporation organized under the laws of the Republic of China, as a business division (the entities

may

be collectively referred to herein as CVie) focused on development of drug product candidates for cardiovascular diseases, including acute heart failure and hypertension and associated organ dysfunction.

Our

four

lead development programs are (

) istaroxime for treatment of acute decompensated heart failure (ADHF), (

) AEROSURF® (lucinactant for inhalation) for non-invasive delivery of our lyophilized

KL4

surfactant to treat RDS in premature infants, (

) lyophilized

KL4

surfactant intratracheal suspension for RDS, and (

) rostafuroxin for genetically associated hypertension.

The reader is referred to, and encouraged to read in its entirety, Item

– Business in our Annual Report on Form

-K for the year ended

December 31, 2018

that we filed with the Securities and Exchange Commission (SEC) on

April 16, 2019,

as amended by the Form

-K/A that we filed with the SEC on

April 23, 2019 (

collectively,

2018

-K), which contains a discussion of our business and business plans, as well as information concerning our proprietary technologies and our current and planned development programs.

Note 2 - Basis of Presentation

3 Months Ended

Mar. 31, 2019

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 US (US GAAP) for interim financial information in accordance with the instructions to Form

-Q and include accounts of Windtree and its wholly-owned subsidiaries. Accordingly, they do

not

include all of the information and footnotes required by US GAAP for complete consolidated financial statements. Intercompany balances and transactions have been eliminated in consolidation. In the opinion of management, all adjustments (consisting of normally recurring accruals) considered for fair presentation have been included. When necessary, the prior year interim unaudited condensed consolidated financial statements have been reclassified to conform to the current year presentation. Operating results for the

three

months ended

March 31, 2019

are

not

necessarily indicative of the results that

may

be expected for the year ending

December

31,

2019.

There have been

changes to our critical accounting policies since

December 31, 2018.

The accompanying interim unaudited condensed financial statements should be read in conjunction with annual audited financial statements and related notes as of and for the year ended

December 31, 2018

contained in the Company’s

2018

Form

-K.

Note 3 - Liquidity Risks and Management's Plans

3 Months Ended

Mar. 31, 2019

Notes to Financial Statements

Liquidity Disclosures [Text Block]

Note

–

Liquidity Risks and Management’s Plans

As of

March 31, 2019,

we had cash and cash equivalents of

$2.1

million and available-for-sale, marketable securities of

$13.5

million, and current liabilities of

$17.0

million, including

$7.5

million of Loan payable (

see

, Note

- Loan Payable). As of

May 10, 2019,

we believe that we have sufficient resources (including marketable securities) available to support our development activities, business operations and debt service through

October

2019.

Although we believe that the CVie Acquisition and a

$39

million private placement financing that closed on the same date (the Private Placement Financing) have improved our financial position and

may

better position us to raise the capital needed to fund our business plans, we expect to continue to incur significant losses and require significant additional capital to advance our istaroxime and AEROSURF clinical development programs and other activities, support our operations and business development efforts, and satisfy our obligations beyond

October 2019,

and we do

not

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 a combination of public or private equity offerings and strategic transactions, including but

not

limited to potential alliances and collaborations focused on various individual markets; however,

none

of these alternatives are committed at this time. There can be

assurance that we will be able to complete any public or private equity offerings on acceptable terms, or in amounts required to support our operations, if at all, or identify and enter into any strategic transactions that will provide the capital that we will require. If

none

of these 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.

As of

March 31, 2019,

there were

120

million shares of common stock and

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

72.0

million shares of common stock and

5.0

million shares of preferred stock available for issuance and

not

otherwise reserved.

Note 4 - Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2019

Notes to Financial Statements

Significant Accounting Policies [Text Block]

Note

–

Summary of Significant Accounting Policies

Principles of Consolidation

The consolidated financial statements are prepared in accordance with accounting principles generally accepted in the US (US GAAP) and include accounts of Windtree Therapeutics, Inc. and its wholly-owned subsidiaries, CVie Investments, CVie Therapeutics, and a presently inactive subsidiary, Discovery Laboratories, Inc. (formerly known as Acute Therapeutics, Inc.).

Business Combinations

We follow the acquisition method for an acquisition of a business where the purchase price is allocated to the assets acquired and liabilities assumed based on their estimated fair values at the dates of acquisition. The excess of the fair value of purchase consideration over the fair value of the assets acquired and liabilities assumed is recorded as goodwill. Such valuations require management to make significant estimates and assumptions, especially with respect to intangible assets. Management’s estimate of fair value is based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and as such, actual results

may

differ materially from estimates.

Goodwill and Intangible Assets

We record acquired identified intangibles, which includes intangible assets (such as goodwill and other intangibles), based on estimated fair value. The acquired in-process research and development (IPR&D) assets are considered indefinite-lived intangible assets until completion or abandonment of the associated research and development efforts. IPR&D is

not

amortized but reviewed for impairment at least annually, or when events or changes in the business environment indicate the carrying value

may

be impaired. The following table represents identifiable intangible assets as of

March 31, 2019:

(in thousands)	Estimated Fair Value

Istaroxime drug candidate	$	22,340
Rostafuroxin drug candidate		54,750
Total	$	77,090

Goodwill represents the excess of the purchase price over the fair value assets acquired and liabilities assumed in a business combination and is

not

amortized. We perform an annual impairment test for goodwill and evaluate the recoverability whenever events or changes in circumstances indicate that the carrying value of goodwill

may

not

be fully recoverable. In making such assessment, qualitative factors are used to determine whether it is more likely than

not

that our fair value is less than our carrying value. If the estimated fair value is less than our carrying value, then an impairment loss is recorded.

Foreign Currency Transactions

The functional currency for our foreign subsidiaries is US dollars. We remeasure monetary assets and liabilities that are

not

denominated in the functional currency at exchange rates in effect at the end of each period. Gains and losses from the remeasurement of foreign currency transactions are recognized in other income (expense). Foreign currency transactions resulted in gains of approximately

$0.2

million for the

three

months ended

March 31, 2019.

There were

foreign currency transaction gains or losses for the

three

months ended

March 31, 2018.

Use of Estimates

The preparation of financial statements, in conformity with US 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.

Marketable Securities

Marketable securities consist of investments in US Treasury securities. Management determines the appropriate classification of these securities at the time they are acquired and evaluates the appropriateness of such classifications at each balance sheet date. We classify investments as available-for-sale pursuant to Financial Accounting Standards Board (FASB) Accounting Standard Codification (ASC)

320,

Investments—Debt and Equity Securities. Investments are recorded at fair value, with unrealized gains and losses included as a component of accumulated other comprehensive loss in stockholders’ equity and a component of total comprehensive loss in the consolidated statements of comprehensive loss, until realized. Realized gains and losses are included in other income (expense) on a specific-identification basis. For the

three

months ended

March 31, 2019,

we had

$11,000

in realized gains and

$40,000

in unrealized gains on marketable securities. There were

realized or unrealized gains or losses on investments for the

three

months ended

March 31, 2018.

We review investments for other-than-temporary impairment whenever the fair value of an investment is less than the amortized cost and evidence indicates that an investment’s carrying amount is

not

recoverable within a reasonable period of time. Other-than-temporary impairments of investments are recognized in the consolidated statements of operations if we have experienced a credit loss, have the intent to sell the investment, or if it is more likely than

not

that we will be required to sell the investment before recovery of the amortized cost basis. Evidence considered in this assessment includes reasons for the impairment, compliance with our investment policy, the severity and the duration of the impairment and changes in value subsequent to the end of the period.

Available-for-sale marketable securities are classified as marketable securities, current or marketable securities, non-current depending on the contractual maturity date of the individual available-for-sale security.

Leases

Effective

January 1, 2019,

we adopted ASC Topic

842,

Leases (ASC

842

), using the modified retrospective transition approach and utilizing the effective date as the date of initial application. Consequently, prior period balances and disclosures have

not

been restated and are presented in accordance with the previous guidance in ASC Topic

840,

Leases.

At the inception of an arrangement, we determine whether an arrangement is, or contains, a lease based on the unique facts and circumstances present in the arrangement. An arrangement is, or contains, a lease if the arrangement conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Most leases with a term greater than

one

year are recognized on the balance sheet as operating lease right-of-use assets and current and non-current operating lease liabilities, as applicable. We elected

not

to recognize on the balance sheet leases with terms of

months or less. We typically only include the initial lease term in our assessment of a lease arrangement. Options to extend a lease are

not

included in our assessment unless there is reasonable certainty that we will renew.

Operating lease liabilities and their corresponding operating lease right-of-use assets are recorded based on the present value of lease payments over the expected remaining lease term. Certain adjustments to the right-of-use asset

may

be required for items such as incentives received. The interest rate implicit in our leases is typically

not

readily determinable. As a result, we utilize our incremental borrowing rate, which reflects the fixed rate at which we could borrow on a collateralized basis the amount of the lease payments in the same currency, for a similar term, in a similar economic environment. In transition to ASC

842,

we utilized the remaining lease term of our leases in determining the appropriate incremental borrowing rates.

Restructured Debt Liability – Contingent Milestone Payment

In conjunction with the

November 2017

restructuring and retirement of long-term debt (s

ee,

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.

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 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

March 31, 2019

and

2018,

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

15.2

million and

1.0

million shares, respectively. For the

three

months ended

March 31, 2019

and

2018,

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

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.

Recently Adopted Accounting Standards

February 2016,

the FASB issued Accounting Standards Update (ASU)

No.

2016

02,

Leases (ASU

2016

). ASU

2016

establishes ASC

842

which amends ASC

840,

Leases, by introducing a lessee model that requires balance sheet recognition for most leases and the disclosure of key information about leasing arrangements. ASC

842

was subsequently amended during

2018.

Leases will be classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the income statement. We adopted the new standard using the required modified retrospective approach on

January 1, 2019

and used the effective date as its date of initial application. Consequently, financial information is

not

updated and the disclosures required under the new standard are

not

provided for dates and periods prior to

January 1, 2019.

Instead, the requirements of ASC

840

are presented for these prior periods.

ASC

842

provides several optional practical expedients in transition. We elected the package of practical expedients which allowed us to

not

reassess its existing conclusions on lease identification, classification, and initial direct costs. Further, we elected to utilize the short-term lease exemption for all leases with an original term of

months or less, for purposes of applying the recognition and measurement requirements of the new standard. We also elected the practical expedient to

not

separate lease and non-lease components for all our leases.

The adoption of this standard resulted in the recognition of operating lease liabilities and related right-of-use assets on our condensed consolidated balance sheets of

$2.2

million and

$2.0

million, respectively, related to our operating leases. The adoption of ASC

842

also resulted in the elimination of deferred rent of approximately

$72,000

and

$139,000

in accrued expenses and other long-term liabilities, respectively, in our condensed consolidated balance sheets. The adoption of the standard did

not

have a material impact on our condensed consolidated statements of operations and comprehensive loss or condensed consolidated statements of cash flows. Refer to Note

– Leases, for our current lease commitments.

January 2017,

the FASB issued ASU

No.

2017

04,

Intangibles-Goodwill and Other (Topic

350

): Simplifying the Test for Goodwill Impairment. The new standard simplifies the subsequent measurement of goodwill by eliminating the

second

step of the goodwill impairment test. This ASU will be applied prospectively and is effective for annual or interim goodwill impairment tests in fiscal years beginning after

December 15, 2019

with early adoption permitted. We adopted this guidance on

January 1, 2019

and will apply it to our annual impairment test, and any interim impairment tests during the year ending

December 31, 2019.

Recently Issued Accounting Standards

August 2018,

the FASB issued ASU

No.

2018

13,

Fair Value Measurement (Topic

820

): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (ASU

2018

), which removes, adds and modifies certain disclosure requirements for fair value measurements in Topic

820.

Companies will

longer be required to disclose the amount of and reasons for transfers between Level

and Level

of the fair value hierarchy as well as the valuation processes of Level

fair value measurements. However, companies will be required to additionally disclose the changes in unrealized gains and losses included in other comprehensive income for recurring Level

fair value measurements and the range and weighted average of assumptions used to develop significant unobservable inputs for Level

fair value measurements. ASU

2018

is effective for fiscal years, and interim periods within those fiscal years, beginning after

December 15, 2019.

The amendments relating to additional disclosure requirements will be applied prospectively for only the most recent interim or annual period presented in the initial year of adoption. All other amendments will be applied retrospectively to all periods presented upon their effective date. We are currently evaluating the impact that the adoption of ASU

2018

will have on our consolidated financial statements.

Note 5 - License Revenue with Affiliate

3 Months Ended

Mar. 31, 2019

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

Note

–

License

evenue with

ffiliate

	Three Months Ended March 31,
(in thousands)	2019		2018

License revenue with affiliate	$	40	$	204

License revenue with affiliate for the

three

months ended

March 31, 2019

represents revenue from a License Agreement with Lee’s Pharmaceutical (HK) Ltd. (Lee’s (HK)), an affiliate of our largest shareholder, Lee’s Pharmaceutical Holdings Limited (Lee’s), and constitutes a contract with a customer accounted for in accordance with ASC Topic

606.

Note 6 - Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2019

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
	March 31,
(in thousands)	2018		Level 1		Level 2		Level 3

Assets:
Cash and cash equivalents	$	2,053	$	2,053	$	-	$	-
U.S. Treasury notes		13,514		13,514		-		-
Certificate of deposit		171		171		-		-
Total Assets	$	15,738	$	15,738	$	-	$	-

	Fair Value		Fair value measurement using
	December 31,
(in thousands)	2018		Level 1		Level 2		Level 3

Assets:
Cash and cash equivalents	$	5,234	$	5,234	$	-	$	-
U.S. Treasury notes		19,912		19,912		-		-
Certificate of deposit		171		171		-		-
Total Assets	$	25,317	$	25,317	$	-	$	-

- 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 - Loan Payable

3 Months Ended

Mar. 31, 2019

Notes to Financial Statements

Short-term Debt [Text Block]

Note

–

Loan Payable

January 2018

and

March 2018,

LPH Investments Limited (LPH), an affiliate of Lee’s, agreed to lend us

$1.5

million and

$1.0

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

one

or more potential strategic initiatives as defined in the related loan agreements (Funding Event). The loans accrued interest at a rate of

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

December 31, 2018.

To secure our obligations under these loans, we granted LPH a security interest in substantially all our assets pursuant to the terms of a Security Agreement with LPH dated

March 1, 2018 (

LPH Security Agreement). Effective

December 5, 2018,

LPH assigned all outstanding loans to us to LPH II Investment Limited (LPH II). In connection with the Private Placement Financing, we converted

$6.0

million of the then outstanding loan payable obligations to LPH II on the same terms as those of the investors in the private placement. Included in the conversion were the

$1.5

million and

$1.0

million loans.

Assumption of bank debt as part of the CVie Acquisition

As part of the CVie Acquisition, we assumed approximately

$4.5

million in a bank credit facility due in

March 2020.

September 2016,

CVie entered into a

-month revolving credit facility of approximately

$2.9

million with O-Bank Co., Ltd. to finance operating activities. The facility was later renewed and increased to approximately

$5.8

million in

September 2017.

The credit facility was guaranteed by Lee’s, which pledged bank deposits in the amount of

110%

of the actual borrowing amount. The guaranty was part of the facility; however, we do

not

have a written commitment from Lee’s to maintain the collateral. Interest, payable in cash on a monthly basis, is determined based on

-day TAIBOR (the Taipei Interbank Offer Rate) plus

0.91%.

The credit facility will expire on

September 11, 2019

and matures

six

months after the expiration date, on

March 11, 2020.

Although we reached an understanding with Lee’s that it would maintain the bank deposits securing its guaranty obligation under the credit facility, we do

not

have a written agreement with Lee’s requiring it to do so; therefore, the

$4.5

million outstanding under the facility has been classified as a current liability on the condensed consolidated balance sheets.

As of

March 31, 2019,

the outstanding principal was approximately

$4.5

million.

Assumption of Lee’s debt as part of the CVie Acquisition

As part of the CVie Acquisition, we assumed approximately

$3.5

million of debt payable to Lee’s Pharmaceutical International Limited (Lee’s International).

From

April 24, 2018

November 16, 2018,

CVie entered into

four

separate agreements to borrow an aggregate of approximately

$3.5

million from Lee’s International. The terms of the loan agreements are identical where the interest, payable in cash upon maturity, is

per annum and each of the

four

separate loans will mature

one

year from the effective date as follows:

$0.5

million in

April 2019;

$0.3

million in

September 2019;

$0.2

million in

October 2019;

and

$2.5

million in

November 2019.

During the quarter ended

March 31, 2019,

we made payments of

$0.45

million against the

April 2018

loan and paid the remaining

$50,000

balance plus accrued interest in

April 2019.

As of

March 31, 2019,

the outstanding principal of the loans with Lee’s was

$3.0

million.

Note 8 - Restructured Debt Liability

3 Months Ended

Mar. 31, 2019

Notes to Financial Statements

Long-term Debt [Text Block]

Note

–

Restructured

ebt

iability

	March 31,		December 31,
(in thousands)	2019		2018

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). 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.

Note 9 - Stock Options and Stock-based Employee Compensation

3 Months Ended

Mar. 31, 2019

Notes to Financial Statements

Share-based Payment Arrangement [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. We recognize restricted stock unit awards to employees and non-employee directors based on their fair value on the date of grant. Compensation expense related to restricted stock unit awards is recognized ratably over the vesting period, which typically has been between approximately

six

months.

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

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

Outstanding at January 1, 2019		4,417		$	6.73
Granted		824			4.11
Forfeited or expired		(4	)		576.33
Outstanding at March 31, 2019		5,237		$	5.91		9.7

Vested and exercisable at March 31, 2019		69		$	130.39		6.7

Vested and expected to vest at March 31, 2019		4,942		$	5.89		9.7

(in thousands, except for weighted-average data)

Restricted Stock Units	Shares			Weighted- Average Grant Date Fair Value

Unvested at January 1, 2019		151		$	4.29
Awarded		249			3.95
Vested		(95	)		3.95
Cancelled		(144	)		4.33
Unvested at March 31, 2019		161		$	4.22

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:

	Three Months Ended March 31,
	2019

Weighted average expected volatility		96	%
Weighted average expected term (in years)		6.5
Weighted average risk-free interest rate		2.60	%
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 March 31,
(in thousands)	2019		2018

Research and development	$	489	$	110
General and administrative		1,041		308
Total	$	1,530	$	418

Note 10 - Leases

3 Months Ended

Mar. 31, 2019

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

Note

–

Leases

Our operating leases consist primarily of facility leases for our operations in Warrington, Pennsylvania and Taipei, Taiwan.

We maintain our corporate headquarters and operations in Warrington, Pennsylvania, with a remaining non-cancelable term of approximately

three

years. The facility serves as the main operating facility for drug and device development, regulatory, analytical technical services, research and development, and administration. We also maintain offices in Taipei, Taiwan, the former headquarters of CVie Therapeutics, where we perform certain manufacturing development and preclinical activities related to our cardiovascular drug product candidates.

Throughout the term of our leases, we are responsible for paying certain costs and expenses, in addition to the rent, as specified in the lease, including a proportionate share of applicable taxes, operating expenses and utilities.

The following table contains a summary of the lease costs recognized under ASC

842

and other information pertaining to our operating leases for the

three

months ended

March 31, 2019:

	Three Months Ended March 31,
(in thousands)	2019

Operating lease cost	$	238
Variable lease cost		7
Total lease cost	$	245

Other Information
Operating cash flows used for operating leases	$	253
Weighted average remaining lease term (in years)		2.9
Weighted average incremental borrowing rate		9.00	%

Future minimum lease payments under our non-cancelable operating leases as of

March 31, 2019,

are as follows:

	Three Months Ended March 31,
(in thousands)	2019

2019 (excluding the three months ended March 31, 2019)	$	699
2020		666
2021		654
2022		194
2023		28
Thereafter		-
Total lease payments		2,241
Less imputed interest		(260	)
Total operating lease liabilities at March 31, 2019		1,981

The total aggregate base rental payments remaining under the leases as of

December 31, 2018

were approximately

$2.1

million.

Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2019

Accounting Policies [Abstract]

Consolidation, Policy [Policy Text Block]

Principles of Consolidation

Business Combinations Policy [Policy Text Block]

Business Combinations

may

differ materially from estimates.

Goodwill and Intangible Assets, Policy [Policy Text Block]

Goodwill and Intangible Assets

not

amortized but reviewed for impairment at least annually, or when events or changes in the business environment indicate the carrying value

may

be impaired. The following table represents identifiable intangible assets as of

March 31, 2019:

(in thousands)	Estimated Fair Value

Istaroxime drug candidate	$	22,340
Rostafuroxin drug candidate		54,750
Total	$	77,090

Goodwill represents the excess of the purchase price over the fair value assets acquired and liabilities assumed in a business combination and is

not

amortized. We perform an annual impairment test for goodwill and evaluate the recoverability whenever events or changes in circumstances indicate that the carrying value of goodwill

may

not

be fully recoverable. In making such assessment, qualitative factors are used to determine whether it is more likely than

not

that our fair value is less than our carrying value. If the estimated fair value is less than our carrying value, then an impairment loss is recorded.

Foreign Currency Transactions and Translations Policy [Policy Text Block]

Foreign Currency Transactions

The functional currency for our foreign subsidiaries is US dollars. We remeasure monetary assets and liabilities that are

not

$0.2

million for the

three

months ended

March 31, 2019.

There were

foreign currency transaction gains or losses for the

three

months ended

March 31, 2018.

Use of Estimates, Policy [Policy Text Block]

Use of Estimates

Marketable Securities, Policy [Policy Text Block]

Marketable Securities

320,

three

months ended

March 31, 2019,

we had

$11,000

in realized gains and

$40,000

in unrealized gains on marketable securities. There were

realized or unrealized gains or losses on investments for the

three

months ended

March 31, 2018.

We review investments for other-than-temporary impairment whenever the fair value of an investment is less than the amortized cost and evidence indicates that an investment’s carrying amount is

not

Lessee, Leases [Policy Text Block]

Leases

Effective

January 1, 2019,

we adopted ASC Topic

842,

Leases (ASC

842

), using the modified retrospective transition approach and utilizing the effective date as the date of initial application. Consequently, prior period balances and disclosures have

not

been restated and are presented in accordance with the previous guidance in ASC Topic

840,

Leases.

one

year are recognized on the balance sheet as operating lease right-of-use assets and current and non-current operating lease liabilities, as applicable. We elected

not

to recognize on the balance sheet leases with terms of

months or less. We typically only include the initial lease term in our assessment of a lease arrangement. Options to extend a lease are

not

included in our assessment unless there is reasonable certainty that we will renew.

may

be required for items such as incentives received. The interest rate implicit in our leases is typically

not

842,

we utilized the remaining lease term of our leases in determining the appropriate incremental borrowing rates.

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 (s

ee,

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.

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

March 31, 2019

and

2018,

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

15.2

million and

1.0

million shares, respectively. For the

three

months ended

March 31, 2019

and

2018,

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

Income Tax, Policy [Policy Text Block]

Income Taxes

We account for income taxes in accordance with ASC Topic

740,

not

assured.

New Accounting Pronouncements, Policy [Policy Text Block]

Recently Adopted Accounting Standards

February 2016,

the FASB issued Accounting Standards Update (ASU)

No.

2016

02,

Leases (ASU

2016

). ASU

2016

establishes ASC

842

which amends ASC

840,

Leases, by introducing a lessee model that requires balance sheet recognition for most leases and the disclosure of key information about leasing arrangements. ASC

842

was subsequently amended during

2018.

January 1, 2019

and used the effective date as its date of initial application. Consequently, financial information is

not

updated and the disclosures required under the new standard are

not

provided for dates and periods prior to

January 1, 2019.

Instead, the requirements of ASC

840

are presented for these prior periods.

ASC

842

provides several optional practical expedients in transition. We elected the package of practical expedients which allowed us to

not

months or less, for purposes of applying the recognition and measurement requirements of the new standard. We also elected the practical expedient to

not

separate lease and non-lease components for all our leases.

The adoption of this standard resulted in the recognition of operating lease liabilities and related right-of-use assets on our condensed consolidated balance sheets of

$2.2

million and

$2.0

million, respectively, related to our operating leases. The adoption of ASC

842

also resulted in the elimination of deferred rent of approximately

$72,000

and

$139,000

in accrued expenses and other long-term liabilities, respectively, in our condensed consolidated balance sheets. The adoption of the standard did

not

have a material impact on our condensed consolidated statements of operations and comprehensive loss or condensed consolidated statements of cash flows. Refer to Note

– Leases, for our current lease commitments.

January 2017,

the FASB issued ASU

No.

2017

04,

Intangibles-Goodwill and Other (Topic

350

): Simplifying the Test for Goodwill Impairment. The new standard simplifies the subsequent measurement of goodwill by eliminating the

second

step of the goodwill impairment test. This ASU will be applied prospectively and is effective for annual or interim goodwill impairment tests in fiscal years beginning after

December 15, 2019

with early adoption permitted. We adopted this guidance on

January 1, 2019

and will apply it to our annual impairment test, and any interim impairment tests during the year ending

December 31, 2019.

Recently Issued Accounting Standards

August 2018,

the FASB issued ASU

No.

2018

13,

Fair Value Measurement (Topic

820

): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (ASU

2018

), which removes, adds and modifies certain disclosure requirements for fair value measurements in Topic

820.

Companies will

longer be required to disclose the amount of and reasons for transfers between Level

and Level

of the fair value hierarchy as well as the valuation processes of Level

fair value measurements. However, companies will be required to additionally disclose the changes in unrealized gains and losses included in other comprehensive income for recurring Level

fair value measurements and the range and weighted average of assumptions used to develop significant unobservable inputs for Level

fair value measurements. ASU

2018

is effective for fiscal years, and interim periods within those fiscal years, beginning after

December 15, 2019.

2018

will have on our consolidated financial statements.

Note 4 - Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2019

Notes Tables

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

(in thousands)	Estimated Fair Value

Istaroxime drug candidate	$	22,340
Rostafuroxin drug candidate		54,750
Total	$	77,090

Note 5 - License Revenue with Affiliate (Tables)

3 Months Ended

Mar. 31, 2019

Notes Tables

Disaggregation of Revenue [Table Text Block]

	Three Months Ended March 31,
(in thousands)	2019		2018

License revenue with affiliate	$	40	$	204

Note 6 - Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2019

Notes Tables

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

	Fair Value		Fair value measurement using
	March 31,
(in thousands)	2018		Level 1		Level 2		Level 3

Assets:
Cash and cash equivalents	$	2,053	$	2,053	$	-	$	-
U.S. Treasury notes		13,514		13,514		-		-
Certificate of deposit		171		171		-		-
Total Assets	$	15,738	$	15,738	$	-	$	-

	Fair Value		Fair value measurement using
	December 31,
(in thousands)	2018		Level 1		Level 2		Level 3

Assets:
Cash and cash equivalents	$	5,234	$	5,234	$	-	$	-
U.S. Treasury notes		19,912		19,912		-		-
Certificate of deposit		171		171		-		-
Total Assets	$	25,317	$	25,317	$	-	$	-

Note 8 - Restructured Debt Liability (Tables)

3 Months Ended

Mar. 31, 2019

Notes Tables

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

	March 31,		December 31,
(in thousands)	2019		2018

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

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-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
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-SubTopic 30
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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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 5: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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Reference 7: 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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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 505
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+ Details

Note 9 - Stock Options and Stock-based Employee Compensation (Tables)

3 Months Ended

Mar. 31, 2019

Notes Tables

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

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

Outstanding at January 1, 2019		4,417		$	6.73
Granted		824			4.11
Forfeited or expired		(4	)		576.33
Outstanding at March 31, 2019		5,237		$	5.91		9.7

Vested and exercisable at March 31, 2019		69		$	130.39		6.7

Vested and expected to vest at March 31, 2019		4,942		$	5.89		9.7

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, 2019		151		$	4.29
Awarded		249			3.95
Vested		(95	)		3.95
Cancelled		(144	)		4.33
Unvested at March 31, 2019		161		$	4.22

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

	Three Months Ended March 31,
	2019

Weighted average expected volatility		96	%
Weighted average expected term (in years)		6.5
Weighted average risk-free interest rate		2.60	%
Expected dividends		-

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

	Three Months Ended March 31,
(in thousands)	2019		2018

Research and development	$	489	$	110
General and administrative		1,041		308
Total	$	1,530	$	418

Note 10 - Leases (Tables)

3 Months Ended

Mar. 31, 2019

Notes Tables

Lease, Cost [Table Text Block]

	Three Months Ended March 31,
(in thousands)	2019

Operating lease cost	$	238
Variable lease cost		7
Total lease cost	$	245

Other Information
Operating cash flows used for operating leases	$	253
Weighted average remaining lease term (in years)		2.9
Weighted average incremental borrowing rate		9.00	%

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

	Three Months Ended March 31,
(in thousands)	2019

2019 (excluding the three months ended March 31, 2019)	$	699
2020		666
2021		654
2022		194
2023		28
Thereafter		-
Total lease payments		2,241
Less imputed interest		(260	)
Total operating lease liabilities at March 31, 2019		1,981

Note 1 - The Company and Description of Business (Details Textual)	Dec. 21, 2018 $ / shares shares	Mar. 31, 2019 $ / shares	Dec. 31, 2018 $ / shares
Common Stock, Par or Stated Value Per Share \| $ / shares	$ 0.001	$ 0.001	$ 0.001
CVie Investment [Member]
Business Acquisition, Share Exchange Ratio	0.3512
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares \| shares	16,265,060

Note 3 - Liquidity Risks and Management's Plans (Details Textual) - USD ($) $ in Thousands	Dec. 21, 2018	Mar. 31, 2019	Dec. 31, 2018
Cash and Cash Equivalents, at Carrying Value, Ending Balance		$ 2,053	$ 11,187
Debt Securities, Available-for-sale, Current, Total		13,514	13,959
Liabilities, Current, Total		16,960	$ 20,633
Loans Payable, Current, Total		$ 7,500
Private Placement Financing, Value	$ 39,000
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		72,000,000
Preferred Stock, Capital Shares Available for Issuance		5,000,000

Note 4 - Summary of Significant Accounting Policies (Details Textual) - USD ($) shares in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Jan. 01, 2019	Dec. 31, 2018	Nov. 01, 2017
Foreign Currency Transaction Gain (Loss), before Tax, Total	$ 200,000	$ 0
Marketable Securities, Realized Gain (Loss), Total	11,000	0
Marketable Securities, Unrealized Gain (Loss), Total	40,000	$ 0
Liability for Contingent Milestone Payment, Noncurrent	$ 15,000,000			$ 15,000,000
Number of Shares of Common Stock Potentially Issuable upon the Exercise of Stock Options and Warrants	15.2	1.0
Operating Lease, Right-of-Use Asset	$ 1,788,000
Operating Lease, Liability, Total	1,981,000
Accrued Liabilities, Current, Total	5,247,000			6,465,000
Other Liabilities, Noncurrent, Total	63,000			175,000
Accounting Standards Update 2016-02 [Member]
Operating Lease, Right-of-Use Asset			$ 2,200,000
Operating Lease, Liability, Total			2,000,000
Accrued Liabilities, Current, Total			(72,000)
Other Liabilities, Noncurrent, Total			$ (139,000)
Deerfield Loan [Member]
Liability for Contingent Milestone Payment, Noncurrent	$ 15,000,000			$ 15,000,000
Deerfield Loan [Member] \| Exchange and Termination Agreement [Member] \| Deerfield Management, L.P. [Member]
Liability for Contingent Milestone Payment, Noncurrent					$ 15,000,000

Note 4 - Summary of Significant Accounting Policies - Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Indefinite intangible asset	$ 77,090	$ 77,090
Istaroxime Drug Candidate [Member]
Indefinite intangible asset	22,340
Rostafuroxin Drug Candidate [Member]
Indefinite intangible asset	$ 54,750

Note 5 - License Revenue with Affiliate - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
License [Member]
License revenue with affiliate	$ 40	$ 204

Note 6 - Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Cash and cash equivalents	$ 2,053	$ 5,234
Total Assets	15,738	25,317
Certificates of Deposit [Member]
Certificate of deposit	171	171
US Treasury Securities [Member]
Cash and cash equivalents		19,912
Cash and cash equivalents	13,514
Fair Value, Inputs, Level 1 [Member]
Cash and cash equivalents	2,053	5,234
Total Assets	15,738	25,317
Fair Value, Inputs, Level 1 [Member] \| Certificates of Deposit [Member]
Certificate of deposit	171	171
Fair Value, Inputs, Level 1 [Member] \| US Treasury Securities [Member]
Cash and cash equivalents		19,912
Cash and cash equivalents	13,514
Fair Value, Inputs, Level 2 [Member]
Cash and cash equivalents
Total Assets
Fair Value, Inputs, Level 2 [Member] \| Certificates of Deposit [Member]
Certificate of deposit
Fair Value, Inputs, Level 2 [Member] \| US Treasury Securities [Member]
Cash and cash equivalents
Cash and cash equivalents
Fair Value, Inputs, Level 3 [Member]
Cash and cash equivalents
Total Assets
Fair Value, Inputs, Level 3 [Member] \| Certificates of Deposit [Member]
Certificate of deposit
Fair Value, Inputs, Level 3 [Member] \| US Treasury Securities [Member]
Cash and cash equivalents
Cash and cash equivalents

Note 7 - Loan Payable (Details Textual) $ in Millions		1 Months Ended			3 Months Ended
Note 7 - Loan Payable (Details Textual) $ in Millions	Dec. 21, 2018 USD ($)	Apr. 30, 2019 USD ($)	Mar. 31, 2018 USD ($)	Jan. 31, 2018 USD ($)	Mar. 31, 2019 USD ($)	Mar. 31, 2018 USD ($)	Dec. 31, 2018 USD ($)	Nov. 16, 2018 USD ($)	Sep. 30, 2016 USD ($)	Sep. 30, 2016 TWD ($)
Repayments of Short-term Debt, Total					$ 447,000
Short-term Debt, Total					7,469,000		$ 7,974,000
Debt Payable to Lee's International [Member]
Debt Instrument, Interest Rate, Stated Percentage								4.00%
Debt Instrument, Face Amount								$ 3,500,000
Repayments of Short-term Debt, Total					450,000
Short-term Debt, Total					3,000,000
Debt Payable to Lee's International [Member] \| Subsequent Event [Member]
Repayments of Short-term Debt, Total		$ 50,000
Debt Payable to Lee's International [Member] \| Debt Maturing April 2019 [Member]
Debt Instrument, Face Amount								500,000
Debt Payable to Lee's International [Member] \| Debt Maturing September 2019 [Member]
Debt Instrument, Face Amount								300,000
Debt Payable to Lee's International [Member] \| Debt Maturing October 2019 [Member]
Debt Instrument, Face Amount								200,000
Debt Payable to Lee's International [Member] \| Debt Maturing November 2019 [Member]
Debt Instrument, Face Amount								$ 2,500,000
Debt Payable to Lee's International [Member] \| CVie Investments [Member]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt	$ 3,500,000
Loan Payable Obligation Converted to LPH II [Member]
Debt Conversion, Original Debt, Amount	6,000,000
LPH [Member]
Proceeds from Issuance of Debt			$ 1,000,000	$ 1,500,000
Debt Instrument, Interest Rate, Stated Percentage							6.00%
LPH [Member] \| Loan Payable Obligation Converted to LPH II [Member] \| Debt Issued on January 2018 [Member]
Debt Conversion, Original Debt, Amount	1,500,000
LPH [Member] \| Loan Payable Obligation Converted to LPH II [Member] \| Debt Issued on March 2018 [Member]
Debt Conversion, Original Debt, Amount	$ 1,000,000
O-Bank Co., Ltd. [Member] \| Revolving Credit Facility [Member]
Line of Credit Facility, Percent of Pledged Deposits Required	110.00%
Line of Credit, Current	$ 4,500,000				$ 4,500,000
O-Bank Co., Ltd. [Member] \| Revolving Credit Facility [Member] \| Taipei Interbank Offer Rate (TAIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	0.91%
O-Bank Co., Ltd. [Member] \| Revolving Credit Facility [Member] \| CVie Investments [Member]
Line of Credit Facility, Maximum Borrowing Capacity									$ 2,900,000	$ 5.8
O-Bank Co., Ltd. [Member] \| CVie Investments [Member] \| Revolving Credit Facility [Member]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Total	$ 4,500,000

Note 8 - Restructured Debt Liability (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	Nov. 01, 2017	Mar. 31, 2019	Dec. 31, 2018
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 8 - Restructured Debt Liability - Long-term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Restructured debt liability - contingent milestone payments	$ 15,000	$ 15,000
Deerfield Loan [Member]
Restructured debt liability - contingent milestone payments	$ 15,000	$ 15,000

Note 9 - Stock Options and Stock-based Employee Compensation (Details Textual) - The 2011 Long-term Incentive Plan [Member]	3 Months Ended
	Mar. 31, 2019
Stock-based Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period	3 years
Restricted Stock Units (RSUs) [Member] \| Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period	180 days
Restricted Stock Units (RSUs) [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period	1 year 180 days

Note 9 - Stock Options and Stock-based Employee Compensation - Summary of Stock Option Activity (Details) shares in Thousands	3 Months Ended
	Mar. 31, 2019 $ / shares shares
Shares Outstanding, Beginning Balance (in shares) \| shares	4,417
Weighted Average Exercise Price, Outstanding, at Beginning Period (in dollars per share) \| $ / shares	$ 6.73
Shares Granted (in shares) \| shares	824
Weighted Average Exercise Price, Granted (in dollars per share) \| $ / shares	$ 4.11
Shares Forfeited or Expired (in shares) \| shares	(4)
Weighted Average Exercise Price, Forfeited or Expired (in dollars per share) \| $ / shares	$ 576.33
Shares Outstanding, Ending Balance (in shares) \| shares	5,237
Weighted Average Exercise Price, Outstanding, at Ending Period (in dollars per share) \| $ / shares	$ 5.91
Weighted Average Remaining Contractual Life, Outstanding (Year)	9 years 255 days
Shares Vested and Exercisable (in shares) \| shares	69
Weighted Average Exercise Price, Vested and Exercisable (in dollars per share) \| $ / shares	$ 130.39
Weighted Average Remaining Contractual Life, Vested and Exercisable (Year)	6 years 255 days
Vested and expected to vest (in shares) \| shares	4,942
Weighted Average Exercise Price, Vested and Expected to Vest (in dollars per share) \| $ / shares	$ 5.89
Weighted Average Remaining Contractual Life, Vested and Expected to Vest (Year)	9 years 255 days

Note 9 - Stock Options and Stock-based Employee Compensation - Summary of Restricted Stock Units Activity (Details) - Restricted Stock Units (RSUs) [Member] shares in Thousands	3 Months Ended
	Mar. 31, 2019 $ / shares shares
Unvested, Beginning Balance (in shares) \| shares	151
Unvested, Beginning Balance (in dollars per share) \| $ / shares	$ 4.29
Awarded (in shares) \| shares	249
Awarded (in dollars per share) \| $ / shares	$ 3.95
Vested (in shares) \| shares	(95)
Vested (in dollars per share) \| $ / shares	$ 3.95
Cancelled (in shares) \| shares	(144)
Cancelled (in dollars per share) \| $ / shares	$ 4.33
Unvested, Ending Balance (in shares) \| shares	161
Unvested, Ending Balance (in dollars per share) \| $ / shares	$ 4.22

Note 9 - Stock Options and Stock-based Employee Compensation - Stock Options Valuation Assumptions (Details)	3 Months Ended
	Mar. 31, 2019
Weighted average expected volatility	96.00%
Weighted average expected term (Year)	6 years 182 days
Weighted average risk-free interest rate	2.60%
Expected dividends

Note 9 - Stock Options and Stock-based Employee Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Stock-based compensation expense	$ 1,530	$ 418
Research and Development Expense [Member]
Stock-based compensation expense	489	110
General and Administrative Expense [Member]
Stock-based compensation expense	$ 1,041	$ 308

Note 10 - Leases (Details Textual) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Lessee, Operating Lease, Liability, Payments, Due, Total	$ 2,241	$ 2,100

Note 10 - Leases - Lease Costs (Details) $ in Thousands	3 Months Ended
Note 10 - Leases - Lease Costs (Details) $ in Thousands	Mar. 31, 2019 USD ($)
Operating lease cost	$ 238
Variable lease cost	7
Total lease cost	245
Operating cash flows used for operating leases	$ 253
Weighted average remaining lease term (in years) (Year)	2 years 328 days
Weighted average incremental borrowing rate	9.00%

Note 10 - Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
2019 (excluding the three months ended March 31, 2019)	$ 699
2020	666
2021	654
2022	194
2023	28
Thereafter
Total lease payments	2,241	$ 2,100
Less imputed interest	(260)
Total operating lease liabilities at March 31, 2019	$ 1,981