Note 12 - Quarterly Financial Information (Unaudited, in Thousands, Except Share and Per Share Data)

12 Months Ended

Dec. 31, 2015

Quarterly Financial Information [Text Block]

12.

Quarterly Financial Information (unaudited, in thousands, except share and per share data)

The Company uses the two-class method to calculate net income (loss) per share. During the fourth quarter of the year ended December 31, 2014, the Company recorded net income, although for the full year the Company recorded a net loss. For purposes of calculating basic net income per share for the fourth quarter of 2014, the Company excluded from the numerator $1.3 million of net income attributable to participating securities. The Company calculated diluted net income per share under both the if-converted method and the two-class method noting a greater dilutive effect under the two-class method. For the purposes of calculating diluted net income per share under the two-class method for the fourth quarter of 2014, the Company excluded from the numerator $1.3 million of net income attributable to participating securities and did not assume the conversion of Preferred Stock in the denominator on an as if-converted basis. Shares of Common Stock issuable upon exercise of outstanding stock options and warrants were included in the denominator on an as-if converted basis.

	Three Months Ended
	March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015
Revenue	$	-		$	-		$	-		$	-
Operating expenses		4,620			4,981			5,082			6,187
Net loss attributable to common stockholders		(4,580	)		(5,072	)		(5,383	)		(6,342	)
Net loss per share attributable to common stockholders:
Basic and Diluted	$	(0.28	)	$	(0.31	)	$	(0.33	)	$	(0.38	)
Weighted-average common shares outstanding used in net loss per share attributable to common stockholders:
Basic and Diluted		16,448,688			16,449,937			16,466,945			16,490,430

	Three Months Ended
	March 31, 2014			June 30, 2014			September 30, 2014			December 31, 2014
Revenue	$	-		$	-		$	2,948		$	-
Operating expenses		1,933			2,508			2,814			3,273
Net (loss) income		(2,831	)		(2,563	)		(5,181	)		7,233
Net (loss) income attributable to common stockholders - basic		(4,343	)		(4,460	)		(7,458	)		5,938
Net (loss) income attributable to common stockholders - diluted		(4,343	)		(4,460	)		(7,458	)		5,938
Net (loss) income per share attributable to common stockholders:
Basic	$	(18.09	)	$	(18.55	)	$	(31.00	)	$	0.52
Diluted	$	(18.09	)	$	(18.55	)	$	(31.00	)	$	0.48
Weighted-average common shares outstanding used in net (loss) income per share attributable to common stockholders:
Basic		240,138			240,374			240,610			11,444,807	(a)
Diluted		240,138			240,374			240,610			12,295,431	(a)

(a) In October 2014, the Company completed its initial public offering of common stock which resulted in net proceeds of approximately $62.5 million from the issuance of 7,026,500 shares of common stock, which includes the sale of 916,500 shares under the underwriter's over allotment option. Immediately prior to the closing of the Company’s IPO, 498,889 shares of Common Stock were issued upon the exercise of warrants with aggregate proceeds of $1.4 million. In connection with the public offering, all of the Company's outstanding redeemable convertible preferred stock was converted to 8,651,805 shares of common stock.