Note 2 - Liquidity and Capital Resources

12 Months Ended

Dec. 31, 2018

Notes to Financial Statements

Substantial Doubt about Going Concern [Text Block]

NOTE

2:

LIQUIDITY

  AND CAPITAL RESOURCES

The Company has incurred net losses and negative operating cash flows since inception. For the year ended

December 31, 2018,

the Company recorded a net loss of approximately

$11.4

million and used approximately

$9.0

million of cash in operating activities. As of

December 31, 2018,

the Company had approximately

$10.4

million in cash and cash equivalents and working capital of approximately

$8.6

million. However, in

March 2019,

the Company received

$11.3

million in cash upon exercises of certain of the Company’s previously outstanding warrants to purchase its common stock. As of

March 25, 2019,

the Company had approximately

$19.3

million in cash and cash equivalents. The Company has

not

yet established an ongoing source of revenue sufficient to cover its operating costs and is currently expending funds in research and development activities that are expected to continue to require funding. Management believes its currently available funding, including the funds received from warrant exercises in

March 2019,

will be sufficient to finance the Company’s operations for at least

one

year from the date these consolidated financial statements are issued. However, the Company will likely require additional funding to continue its activities beyond that date. If adequate funds are

not

available, the Company

may

be required to reduce the scope, delay, or eliminate some or all of its planned commercial activities. The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the settlement of liabilities in the normal course of business. The consolidated financial statements do

not

include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that

may

result from uncertainty related to the Company’s ability to continue as a going concern.