Note 11 - Accrued Expenses

9 Months Ended

Sep. 30, 2018

Notes to Financial Statements

Accounts Payable and Accrued Liabilities Disclosure [Text Block]

11. Accrued Expenses

Accrued expenses consist of the following:

	September 30, 2018		December 31, 2017
Compensation and related expenses	$	3,875	$	2,893
Clinical trial costs		586		2,318
Accrued liabilities related to product recall		344		-
Research grants		406		419
Professional fees		1,233		448
Deferred revenue		52		-
Other		347		248
Total	$	6,843	$	6,326

Included in Compensation and related expenses as of

September 30, 2018

are the accrued and unpaid costs related to the retirement of the Company’s former Chief Executive Officer as of

March 9, 2018.

On

March 8, 2018

the Company entered into a

$0.3

million

one

-year, post-retirement consulting agreement with the former Chief Executive Officer to provide certain services as

may

be requested by the Company through

February 28, 2019.

On the same date, the Company and the former Chief Executive Officer entered into a release agreement related to terms in his employment agreement. Under the terms of these agreements, the former Chief Executive Officer is entitled to receive from the Company, as a result of his retirement, aggregate benefits of

$1.7

million over the

18

-month period subsequent to

March 9, 2018,

among other benefits. The unpaid amounts under these agreements are included in accrued expenses and other long-term liabilities. As more fully described in Note

6,

all of the former Chief Executive Officer’s outstanding equity awards vested in full and became exercisable upon his retirement.

Accrued liabilities related to product recall includes amounts due to customers for estimated product returns as a result of the voluntary recall more fully described in Note

3

as well as an accrual of

$0.3

million for future expenses associated with the administration and remediation of the voluntary recall.