Note 17 - Related Party Transactions

9 Months Ended

12 Months Ended

Sep. 30, 2019

Dec. 31, 2018

Notes to Financial Statements

Related Party Transactions Disclosure [Text Block]

(

12

)   Related Party Transactions

BioCardia, Inc. (the “Company”) and OPKO Health, Inc. (“OPKO”) previously entered into a consulting agreement dated

August 19, 2016,

between the Company and OPKO (the “Consulting Agreement”). The chairman and chief executive officer of OPKO is a beneficial owner of more than

5%

of the outstanding shares of the Company’s common stock.

Pursuant to the terms of the Consulting Agreement, OPKO was to provide advisory services to the Company in support of strategic transactions, financings and other matters as agreed between the parties from time to time. Also, in

August 2016,

the Company granted OPKO a

ten

-year option to purchase

46,553

shares of common stock, with a

4

-year vesting period and an exercise price of

$16.20

per share, to OPKO as consideration for consulting services to be provided under the Consulting Agreement. The term of the Consulting Agreement was initially for

4

years and was to have been automatically renewed for successive

one

-year periods.

Effective

August 29, 2019,

the Company and OPKO mutually agreed to terminate the Consulting Agreement without penalty or payment of any kind as the services under the Consulting Agreement were

no

longer necessary. In connection with the termination of the Consulting Agreement, OPKO’s option grant was amended such that it is unaffected by the termination of the Consulting Agreement and will continue to vest and remain outstanding for the remainder of its

ten

-year term unless earlier exercised. As a result of this modification of the option grant, all future unrecognized stock-based compensation expense was accelerated and recognized in

August 2019.

BioCardia recorded approximately

$116,000

and

$160,000

as share-based compensation expense related to the OPKO stock option in selling, general and administrative expense during the

three

and

nine

months ended

September 30, 2019,

respectively. BioCardia recorded approximately

$59,000

and

$121,000

as share-based compensation expense related to the OPKO stock option in selling, general and administrative expense during the

three

and

nine

months ended

September 30, 2018,

respectively.

( 17 ) Related Party Transactions

In

August 2016,

the Company granted an option to purchase

418,977

shares of common stock, with

4

-year vesting period and an exercise price of

$1.80

per share, to OPKO Health, Inc. (“OPKO”) as consideration for consulting services to be provided by OPKO. The Company recorded

$142,000

and

$480,000

as share-based compensation expense related to the OPKO stock option during the years ended

December 31, 2018

and

2017,

respectively. The estimated grant-date fair value of the option was

$5.3

million. The term of the consulting agreement is

4

years and will be automatically renewed for successive

one

year periods. The chairman and chief executive officer of OPKO is a beneficial owner of more than

5%

of the outstanding shares of the Company’s common stock.