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Note 5 - Debt
12 Months Ended
Dec. 31, 2020
Notes to Financial Statements  
Debt Disclosure [Text Block]
NOTE
5.
DEBT
 
Term Loan Facility
 
On
August 9, 2017,
the Company entered into a Loan and Security Agreement with Silicon Valley Bank (“SVB”) that provides for a Term Loan Facility (the “Term Loan Facility” and all amounts borrowed thereunder, the “Term Loan”). Under the Term Loan Facility, the Company borrowed an initial amount of
$7.5
million. The Company had the right to borrow an additional
$7.5
million on or before
December 31, 2018;
this right expired unexercised.
 
The Term Loan Facility carried interest at a floating rate of
4.0%
above the prime rate per annum (for a total interest rate of
7.25%
at
December 31, 2020),
with interest payable monthly. The monthly payments consisted of interest-only for the
first
18
months, after which the Term Loan was payable in
24
equal monthly installments of principal, plus accrued interest. All outstanding principal and accrued and unpaid interest under the Term Loan was due and paid on
February 9, 2021.
The Term Loan
may
not
be reborrowed.
 
In connection with entry into the Term Loan Facility, the Company issued to SVB and
one
of its affiliates, stock purchase warrants to purchase an aggregate of
58,502
shares of the Company's common stock at an exercise price of
$6.41
per share. The warrants are immediately exercisable, have a
10
-year term, contain a cashless exercise provision, and are classified in equity. The relative fair value of the warrants, net of issuance costs, which was recorded as debt discount of
$304,201
on the date of issuance.
 
At
December 31, 2020
and
2019,
$0.6
million and
$4.4
million, respectively, of face value of the Term Loan was presented in the accompanying consolidated balance sheets net of current unamortized discounts and issuance costs of
$2,735
and
$91,879,
and long-term unamortized discounts and issuance costs of
$0
and
$2,735,
respectively.  Total interest expense recognized for the years ended
December 31, 2020
and
2019
was
$0.4
million and
$1.0
million, respectively.