Note 5 - Balance Sheet Components

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Supplemental Balance Sheet Disclosures [Text Block]

NOTE 

5.

  Balance Sheet Components

(a)

Cash and Cash Equivalents

Cash and cash equivalents comprises the following:

	December 31, 2019		December 31, 2018
	(in thousands)
Cash at banks	$	13,511	$	11,441
Restricted cash		—		50
Money market funds		15		15
Cash and cash equivalents	$	13,526	$	11,506

(b)

Accounts Receivable

Accounts receivable comprises the following:

	December 31, 2019		December 31, 2018
	(in thousands)
Royalties receivable	$	3,438	$	1,776
Customer service contracts – billed		181		—
Government contract – billed		—		20
Accounts receivable	$	3,619	$	1,796

(c)

Property and Equipment, Net

Property and equipment, net consists of the following:

	December 31, 2019			December 31, 2018
	(in thousands)
Laboratory equipment	$	537		$	2,076
Office and computer equipment		132			227
Leasehold improvements		—			333
Total property and equipment		669			2,636
Less: accumulated depreciation		(459	)		(1,570	)
Property and equipment, net	$	210		$	1,066

Depreciation expense was

$504,000

and

$476,000

for the years ended

December 31, 2019

and

2018

, respectively. Property and equipment and leasehold improvements at

one

of the Company’s leased premises in California that were used in the Company’s manufacturing operations (see Note

14

) were assessed as impaired as of

December 31, 2019,

and accordingly an impairment charge of

$1,152,000

 was recorded as a component of restructuring costs within operating expenses. Leasehold improvements and furniture at the Company’s leased premises in Georgia, which has been subleased, commencing in

November 2018,

for less than the rental that the Company is obligated to pay (see Note

8

), were assessed as impaired as of

September 30, 2018,

and accordingly an impairment charge of

$106,000

was recorded as a component of costs of exit from leased premises within operating expenses.

(d)

     Right-of-Use

 Assets, Net

Right-of-use assets consist of the following:

	December 31, 2019
	(in thousands)
Facilities	$	1,985
Office equipment		5
Right-of-use assets, net	$	1,990

The right of use of

one

of the Company’s leased premises in California that were used in the Company’s manufacturing operations (see Note

14

) was assessed as impaired as of

December 31, 2019,

and accordingly an impairment charge of

$120,000

 was recorded as a component of restructuring costs within operating expenses.

(e)

Intangible Assets, Net

Intangible assets comprise developed technology, intellectual property and, until it was considered fully impaired, in-process research and development. Intangible assets are carried at cost less accumulated amortization. Amortization is computed using the straight-line method over useful lives ranging from

1.3

to

11.75

years for developed technology and

20

 years for intellectual property. As of

December 31, 2019,

developed technology and intellectual property had remaining lives of

9.9

and

8.0

years, respectively. Intangible assets consist of the following:

	December 31, 2019			December 31, 2018
	(in thousands)
Purchased technology	$	22,100		$	22,100
Intellectual property		80			80
Total cost		22,180			22,180
Less accumulated amortization		(5,087	)		(2,767	)
Intangible assets, net	$	17,093		$	19,413

Intangible asset amortization expense was

$2,320,000

and

$2,727,000

for the years ended

December 31, 2019

and

2018

, respectively. Following the results of Phase

2

trials in

June 2018,

the in-process research and development was assessed as fully impaired in the

three

months ended

June 

30,

2018,

with the

$1.6

million acquired in the Merger (see Note

3

) being charged to operating expenses.

As of

December 31, 2019

, the estimated future amortization expense by year is as follows (in thousands):

Year Ending December 31,	Amount
2020	$	1,732
2021		1,732
2022		1,732
2023		1,731
2024		1,732
Thereafter		8,434
Total	$	17,093

(f)

Other Accrued Liabilities

Other accrued liabilities consist of the following:

	December 31, 2019		December 31, 2018
	(in thousands)
Accrued compensation	$	903	$	632
Accrued clinical and manufacturing expenses		3,228		75
Accrued professional and consulting services		2		166
Reserve for return of royalties		178		339
Deferred rent and lease loss accrual, current portion		—		111
Other		254		195
Total	$	4,565	$	1,518