Note 2 - Liquidity and Capital Resources

3 Months Ended

Mar. 31, 2019

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

three

months ended

March 31, 2019,

the Company recorded a net loss of approximately

$4.1

million and used approximately

$2.1

million of cash in operating activities. As of

March 31, 2019,

the Company had approximately

$19.6

million in cash and cash equivalents and working capital of approximately

$19.3

million. 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 the currently available funding will be sufficient to finance the Company’s operations for at least

one

year from the date of these Condensed Consolidated Financial Statements. 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 condensed 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 condensed 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.