Note 5 - Commitments and Contingencies

3 Months Ended

Mar. 31, 2015

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies Disclosure [Text Block]

5. Commitments and Contingencies

Significant Contracts and Agreements

In February 2002, the Company entered into an agreement to license certain intellectual property with Johns Hopkins University. The agreement calls for payments to be made by the Company upon the commencement of product sales, in the form of a royalty of 2.5% on net sales of the product. As of the three months ended March 31, 2015 the Company has not commenced product sales and therefore has recognized no royalties on product sales.

Operating Leases

Future minimum payments required under the leases as of March 31, 2015 are summarized as follows (in thousands):

Year Ending December 31:	Amount
2015	$	126
2016		168
2017		168
2018		84
Total minimum lease payments	$	546

Rental expense for the three months ended March 31, 2015 and 2014 was $46,000 and $47,000, respectively. In addition to the base rent, the Company is also responsible for its share of operating expenses and real estate taxes, in accordance with the terms of the lease agreement. As of March 31, 2015, the Company has provided a security deposit in the amount of $14,000 to the Lessor.

Restricted cash related to facilities leases

At March 31, 2015 and December 31, 2014, the Company had $14,000 and $39,000, respectively, in an outstanding letter of credit to be used as collateral for leased premises. At March 31, 2015 and December 31, 2014, the Company pledged an aggregate of $14,000 and $39,000, respectively, to the bank as collateral for the letter of credit, which is included in long-term assets and both short-term deposits and long-term assets, respectively.