Note 2 - Liquidity and Going Concern

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Substantial Doubt about Going Concern [Text Block]

NOTE

2.

LIQUIDITY AND GOING CONCERN

The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates continuity of operations, realization of assets, and satisfaction of liabilities in the ordinary course of business. The propriety of using the going-concern basis is dependent upon, among other things, the achievement of future profitable operations, the ability to generate sufficient cash from operations and potential other funding sources, in addition to cash on-hand, to meet its obligations as they become due. The Company has

not

generated any revenue from sale of products, and has incurred operating losses in each year since it commenced operations.  As of

December 31, 2019,

the Company had an accumulated deficit of

$86.9

million.  The Company expects to continue to incur significant expenses and increasing operating losses for the foreseeable future as the Company continues the development and commercialization of its candidates. However, based on the Company’s expected operating cash requirements, it believes its cash on-hand at

December 31, 2019,

in addition to the gross proceeds from the sale of Series B Convertible Preferred Stock to certain investors pursuant to a

March 

2020

 purchase agreement is adequate to fund operations for at least

twelve

months from the date that these financial statements were issued.