0001437749-23-013951 | 10-Q | XBRL Viewer

Note 4 - Property and Equipment (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Depreciation	$ 13	$ 21

Condensed Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balances (in shares) at Dec. 31, 2021	24,626,004
Balances at Dec. 31, 2021	$ 25	$ 111,718	$ (94,113)	$ 17,630
Stock-based compensation	0	1,083	0	$ 1,083
Stock option exercises (in shares)				0
Net loss	$ 0	0	(5,330)	$ (5,330)
Balances (in shares) at Mar. 31, 2022	24,626,004
Balances at Mar. 31, 2022	$ 25	112,801	(99,443)	13,383
Balances (in shares) at Dec. 31, 2022	25,353,119
Balances at Dec. 31, 2022	$ 25	116,187	(103,134)	13,078
Stock-based compensation	$ 0	872	0	$ 872
Stock option exercises (in shares)	202,126			402,308
Stock option exercises	$ 1	131	0	$ 132
Shares withheld related to net share settlement of stock option exercises (in shares)	(50,867)			(50,867)
Shares withheld related to net share settlement of stock option exercises	$ 0	(181)	0	$ (181)
Net loss	$ 0	0	(2,660)	(2,660)
Balances (in shares) at Mar. 31, 2023	25,504,378
Balances at Mar. 31, 2023	$ 26	$ 117,009	$ (105,794)	$ 11,241

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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+ Details

Note 5 - Long Term Debt (Tables)

3 Months Ended

Mar. 31, 2023

SWK Credit Agreement [Member]

Notes Tables

Schedule of Maturities of Long-Term Debt [Table Text Block]

	*Amount*
Remainder of 2023	$	1,643
2024		6,602
Total payments		8,245
Less: amount representing interest		(1,630	)
Loan payable, gross		6,615
Less: current portion of long-term debt		(1,339	)
Less: unamortized discount		(169	)
Long-term debt, net of unamortized discount	$	5,107

Note 7 - Common Stock Warrants (Tables)

3 Months Ended

Mar. 31, 2023

Notes Tables

Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block]

Description of Warrants	*No. of Shares*		*Exercise Price*
Placement Agent Warrants - IPO		414,000	$	7.50
SWK Warrants – Debt – Tranche #1		51,239	$	5.86
SWK Warrants – Debt – Tranche #2		18,141	$	6.62
Total (Avg)		483,380	$	7.29

Note 5 - Long Term Debt (Details Textual)						1 Months Ended		3 Months Ended		33 Months Ended
Note 5 - Long Term Debt (Details Textual)	Apr. 05, 2022 USD ($)	Nov. 13, 2020 USD ($)	Aug. 11, 2020 USD ($)	Nov. 30, 2019 USD ($) $ / shares shares	Nov. 13, 2019 USD ($)	Aug. 31, 2020 USD ($) $ / shares shares	Nov. 30, 2019 USD ($) $ / shares shares	Mar. 31, 2023 USD ($) $ / shares	Mar. 31, 2022 USD ($)	Nov. 13, 2024	Dec. 31, 2022 USD ($) $ / shares	Mar. 31, 2020 USD ($)
Long-Term Debt, Gross								$ 6,615,000
Common Stock, Par or Stated Value Per Share (in dollars per share) \| $ / shares								$ 0.001			$ 0.001
Long-Term Debt, Current Maturities								$ 1,339,000			$ 1,033,000
Interest Expense								265,000	$ 247,000
Amortization of Debt Discount (Premium)								29,000	$ 36,000
Debt Instrument, Increase, Accrued Interest								$ 251,000
SWK Warrants [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) \| shares				51,239		18,141	51,239
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) \| $ / shares				$ 5.86		$ 6.62	$ 5.86
Warrants and Rights Outstanding				$ 51,239		$ 18,141	$ 51,239
Fair Value Adjustment of Warrants						$ 94,000	$ 226,000
Common Stock, Par or Stated Value Per Share (in dollars per share) \| $ / shares				$ 5.75		$ 6.85	$ 5.75
Warrants and Rights Outstanding, Term (Year)				7 years		7 years	7 years
SWK Warrants [Member] \| Measurement Input, Price Volatility [Member]
Warrants and Rights Outstanding, Measurement Input				95		95	95
SWK Warrants [Member] \| Measurement Input, Expected Dividend Rate [Member]
Warrants and Rights Outstanding, Measurement Input				0		0	0
SWK Warrants [Member] \| Measurement Input, Risk Free Interest Rate [Member]
Warrants and Rights Outstanding, Measurement Input				1.8		0.4	1.8
SWK Credit Agreement [Member] \| SWK Holdings Corporation [Member]
Debt Instrument, Face Amount					$ 10,000,000
Proceeds from Issuance of Debt				$ 5,000,000	5,000,000
Debt Instrument, Covenant Agreement, Additional Amount					$ 5,000,000
Debt Instrument, Term (Year)					5 years
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage		2.00%
Debt Instrument, Exit Fee as a Percentage of Outstanding Amounts		5.00%
Debt Instrument, Covenant Requirements, Minimum Cash Balance		$ 3,000,000
SWK Credit Agreement [Member] \| SWK Holdings Corporation [Member] \| Scenario, Plan [Member]
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed										5.50%
SWK Credit Agreement [Member] \| SWK Holdings Corporation [Member] \| London Interbank Offered Rate (LIBOR) 1 [Member]
Debt Instrument, Basis Spread on Variable Rate					10.00%
Debt Instrument, LIBOR Floor Rate					2.00%
The Amended Agreement [Member] \| SWK Holdings Corporation [Member]
Proceeds from Issuance of Debt			$ 2,000,000			$ 2,000,000
Debt Instrument, Covenant Agreement, Additional Amount												$ 3,000,000
Long-Term Debt, Gross												$ 2,000,000
Debt Instrument, Basis Spread on Variable Rate	8.00%
Debt Instrument, LIBOR Floor Rate	2.00%
Long-Term Debt, Current Maturities	$ 1,339,000

Note 8 - Share-based Payment Awards (Details Textual) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	3 Months Ended
	Dec. 31, 2018	Jul. 31, 2017	Mar. 31, 2023	Mar. 31, 2022	May 30, 2017
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares)			1,053,291
Share-Based Payment Arrangement, Expense			$ 872	$ 1,083
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount			$ 5,473
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)			$ 2.29
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period (in shares)			402,308	0
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price (in dollars per share)			$ 2.22
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period, Intrinsic Value			$ 601
General and Administrative Expense [Member]
Share-Based Payment Arrangement, Expense			818	$ 995
Research and Development Expense [Member]
Share-Based Payment Arrangement, Expense			$ 54	88
Consultant [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares)		50,000
Share-Based Payment Arrangement, Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year)			10 years
Share-Based Payment Arrangement, Expense			$ 778	1,038
Restricted Stock Units (RSUs) [Member]
Share-Based Payment Arrangement, Expense			58
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount			$ 789
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)			3 years 3 months 18 days
The 2017 Plan [Member] \| Common Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares)					5,000,000
The 2018 Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares)			516,298
Share-based Compensation Arrangement by Share-based Payment Award, Annual Increase in Share Reserve as a Percent of Outstanding Common Stock			4.00%
The 2018 Employee Stock Purchase Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares)			710,296
Share-Based Payment Arrangement, Expense			$ 36	$ 45
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)			$ 1.11	$ 1.37
Common Stock, Capital Shares Reserved for Future Issuance (in shares)	150,000
Common Stock, Capital Shares Reserved for Future Issuance, Percentage Increase	1.00%
Common Stock, Capital Shares Reserved for Future Issuance, Increase (in shares)	150,000
Employee Stock Purchase Plans, Fair Value of Common Stock Price Per Share on Offering Date, Percentage	85.00%
Employee Stock Purchase Plans, Fair Value of Common Stock Price Per Share on Purchase Date, Percentage	85.00%
Stock Issued During Period, Shares, Employee Stock Purchase Plans (in shares)			0	0
Employee Stock Purchase Plan (ESPP), Cash Contributions to ESPP			$ 107	$ 108
The 2018 Employee Stock Purchase Plan [Member] \| Accrued Liabilities [Member]
Employee-related Liabilities, Current			$ 130	$ 23

Note 7 - Common Stock Warrants - Schedule of Warrants Outstanding (Details)	Mar. 31, 2023 $ / shares shares
Outstanding (in shares) \| shares	483,380
Weighted Average [Member]
Exercise Price (in dollars per share) \| $ / shares	$ 7.29
Placement Agent Warrants - IPO [Member]
Outstanding (in shares) \| shares	414,000
Exercise Price (in dollars per share) \| $ / shares	$ 7.50
SWK Warrants – Debt – Tranche #1 [Member]
Outstanding (in shares) \| shares	51,239
Exercise Price (in dollars per share) \| $ / shares	$ 5.86
SWK Warrants – Debt – Tranche #2 [Member]
Outstanding (in shares) \| shares	18,141
Exercise Price (in dollars per share) \| $ / shares	$ 6.62

Note 2 - Liquidity Considerations (Details Textual) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Cash and Cash Equivalents, at Carrying Value	$ 14,708	$ 16,305

Note 4 - Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
Computer hardware and software	$ 187		$ 177
Furniture and fixtures	111		112
Equipment	52		52
Leasehold improvements	71		71
Construction in Progress	0		12
Property, Plant and Equipment, Gross	421		424
Less: accumulated depreciation	(365)		(352)
Property and equipment, net	$ 56	$ 72	$ 72

Note 11 - Commitments and Contingencies (Details Textual) - USD ($) $ / shares in Units, $ in Thousands							1 Months Ended		3 Months Ended		6 Months Ended	12 Months Ended
	Sep. 13, 2022	Oct. 28, 2021	Jun. 15, 2021	Mar. 26, 2020	Jul. 12, 2019	Jan. 23, 2019	Jun. 30, 2022	Oct. 31, 2020	Mar. 31, 2023	Mar. 31, 2022	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Mar. 14, 2023	Mar. 27, 2020	Aug. 31, 2019
Research and Development Expense, Total									$ 535	$ 1,618
Cost of Goods and Services Sold									1,958	849
Common Stock [Member]
Share Price (in dollars per share)				$ 3.33
Indemnification Rights and Agreements [Member]
Other Commitment, Total										0		$ 0
License [Member]
Cost of Goods and Services Sold									$ 0	$ 0
Carglumic Acid Tablets [Member]
Payments to Acquire Marketing Rights		$ 3,250
Commitment, Allocation of Profits, Percentage		50.00%
Betaine Anhydrous [Member]
Payments to Acquire Marketing Rights	$ 2,000
Commitment, Allocation of Profits, Percentage	65.00%
Betaine Anhydrous [Member] \| Obligation Based on Commercial Success [Member]
Other Commitment, Total	$ 1,000
Azurity Pharmaceuticals, Inc. (“Azurity”) [Member]
Revenues, Total													$ 22,000
Revenue, Additional Based on Event and Sales-based Milestones Achievements													20,000
Tulex Pharmaceuticals, Inc. (“Tulex”) [Member] \| Obligation Based on Successful Manufacturing of Registration Batches [Member]
Other Commitment, Total														$ 450
Tulex Pharmaceuticals, Inc. (“Tulex”) [Member] \| Obligation Based on Acceptance of FDA of NDA for product [Member]
Other Commitment, Total														$ 200
Royalties, Percentage of Net Sales,														12.50%
Tulex Pharmaceuticals, Inc. (“Tulex”) [Member] \| Obligation Based on First Commercial Sale of Product [Member]
Other Commitment, Total														$ 250
Royalties, Percentage of Net Sales,														17.00%
Tulex Pharmaceuticals, Inc. (“Tulex”) [Member] \| Topiramate (fka ET-101) [Member]
Payment of Filing Fee								$ 1,438
Accounts Receivable, after Allowance for Credit Loss, Total													$ 5,000
Liqmeds Worldwide Limited (“LMW”) [Member] \| Licensing and Supply Agreement (the “Agreement”) [Member] \| Obligation Based on Issuance of Orange-book Listed Patent [Member]
Other Commitment, Total						$ 650
Liqmeds Worldwide Limited (“LMW”) [Member] \| Licensing and Supply Agreement (the “Agreement”) [Member] \| Obligation to Pay Based on Net Sales in Excess of $10 Thousands [Member]
Other Commitment, Total					$ 2,000	500
Net Sales, Threshold						$ 10,000
Aucta Pharmaceuticals, Inc. (“Aucta”) [Member] \| Exclusive Licensing and Supply Agreement (the “ET-105 License Agreement”) [Member]
Other Commitment, Total																$ 2,000
Aucta Pharmaceuticals, Inc. (“Aucta”) [Member] \| Exclusive Licensing and Supply Agreement (the “ET-105 License Agreement”) [Member] \| Obligation Based on Issuance of Orange-book Listed Patent [Member]
Other Commitment, Total					1,000
Aucta Pharmaceuticals, Inc. (“Aucta”) [Member] \| Exclusive Licensing and Supply Agreement (the “ET-105 License Agreement”) [Member] \| Obligation Based on FDA approval and Commercial Sales of Product Candidate [Member]
Other Commitment, Total					2,450
Aucta Pharmaceuticals, Inc. (“Aucta”) [Member] \| Exclusive Licensing and Supply Agreement (the “ET-105 License Agreement”) [Member] \| Obligation Based on FDA's Acceptance of Product Filing [Member]
Other Commitment, Total					1,500
Aucta Pharmaceuticals, Inc. (“Aucta”) [Member] \| Exclusive Licensing and Supply Agreement (the “ET-105 License Agreement”) [Member] \| Obligation to Aucta Based on Milestone Payment for Product's Commercial Success[Member]
Other Commitment, Total					3,000
Aucta Pharmaceuticals, Inc. (“Aucta”) [Member] \| Exclusive Licensing and Supply Agreement (the “ET-105 License Agreement”) [Member] \| Obligation to Pay Based on Net Sales in Excess of $10 Million [Member]
Other Commitment, Total					1,000
Net Sales, Threshold					10,000
Aucta Pharmaceuticals, Inc. (“Aucta”) [Member] \| Exclusive Licensing and Supply Agreement (the “ET-105 License Agreement”) [Member] \| Obligation to Pay Based on Net Sales in Excess of $20 Million [Member]
Net Sales, Threshold					$ 20,000
Diurnal Limited [Member] \| Exclusive Licensing and Supply Agreement (the “Alkindi License Agreement”) [Member] \| Common Stock [Member]
Stock Issued During Period, Shares, New Issues (in shares)				379,474
Stock Issued During Period, Value, New Issues				$ 1,264
Diurnal Limited [Member] \| Exclusive Licensing and Supply Agreement (the “Alkindi License Agreement”) [Member] \| Obligation Based on Exclusivity Status from FDA [Member]
Other Commitment, Total															$ 2,500
Diurnal Limited [Member] \| License [Member] \| Exclusive Licensing and Supply Agreement (the “Alkindi License Agreement”) [Member]
Commitment, Milestone Fee				$ 3,500
Crossject [Member] \| U.S. and Canadian rights to Crossject S.A.’s [Member]
Research and Development Expense, Total			$ 500
Royalty on Net Sales of Products, Percent			10.00%
Crossject [Member] \| U.S. and Canadian rights to Crossject S.A.’s [Member] \| Obligation Based on Development Milestones [Member]
Other Commitment, Total			$ 3,500
Crossject [Member] \| U.S. and Canadian rights to Crossject S.A.’s [Member] \| Obligation Based on Commercial Success [Member]
Other Commitment, Total			$ 6,000
Dr. Reddy’s [Member] \| License [Member]
Revenues, Total							$ 5,000
Revenue, Additional Based on Event and Sales-based Milestones Achievements												42,500
Escrow Deposit							$ 250				$ 250
Additional Payment Rate											10.00%
Sintetica [Member]
Cost of Goods and Services Sold												$ 812

Note 9 - Related-party Transactions (Details Textual) - USD ($) $ in Thousands			3 Months Ended	12 Months Ended
	Feb. 18, 2019	Aug. 11, 2017	Mar. 31, 2023	Dec. 31, 2022
Related Party, Eyemax LLC [Member] \| The Eyemax Agreement [Member]
Related Party Transaction, Terms (Year)		10 years
Related Party Transaction, Terms, Renewal (Year)		2 years
Related Party, Eyemax LLC [Member] \| The Eyemax Agreement [Member] \| Royalty [Member]
Related Party Transaction, Rate		10.00%
Related Party, Eyemax LLC [Member] \| The Eyemax Agreement [Member] \| Covenant Based on Approval by The FDA [Member]
Related Party Transaction, Amounts of Transaction		$ 250
Related Party, Eyemax LLC [Member] \| The Eyemax Agreement [Member] \| Research and Development Expense [Member]
Related Party Transaction, Amounts of Transaction		250
Related Party, Eyemax LLC [Member] \| Covenant Based on Sale of First Commercial Product [Member]
Related Party Transaction, Amounts of Transaction		$ 500
Related Party, Eyemax LLC [Member] \| The Amended Agreement [Member]
Related Party Transaction, Amounts of Transaction			$ 0	$ 0
Revenues, Total	$ 2,000		$ 1,818
Related Party, Eyemax LLC [Member] \| The Amended Agreement [Member] \| Covenant Based on Approval by The FDA [Member]
Related Party Transaction, Amounts of Transaction	250
Related Party, Eyemax LLC [Member] \| The Amended Agreement [Member] \| Covenant Based on Sale of First Commercial Product [Member]
Related Party Transaction, Amounts of Transaction	$ 500
Related Party, Bausch Health [Member] \| Royalty [Member]
Related Party Transaction, Rate	12.00%

Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

Basis of Accounting, Policy [Policy Text Block]

Basis of Presentation

The Company has prepared the accompanying condensed financial statements in accordance with accounting principles generally accepted in the United States (“GAAP”).

Unaudited Interim Financial Information [Policy Text Block]

Unaudited Interim Financial Information

Use of Estimates, Policy [Policy Text Block]

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Significant estimates and assumptions reflected in these financial statements include, but are not limited to, provisions for uncollectible receivables, chargebacks and sales returns, valuation of inventories, useful lives of assets and the impairment of property and equipment and intangible assets, deferred tax assets, the accrual of research and development expenses and the valuation of stock options and warrants, and restricted stock units. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results could differ from those estimates or assumptions.

Segment Reporting, Policy [Policy Text Block]

Segment Information

The Company operates the business on the basis of a single reportable segment, which is the business of developing and commercializing prescription drug products. The Company’s chief operating decision-maker is the Chief Executive Officer (“CEO”), who evaluates the Company as a single operating segment.

Cash and Cash Equivalents, Policy [Policy Text Block]

Cash and Cash Equivalents

The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. All cash and cash equivalents are held in U.S. financial institutions or invested in short-term U.S. treasury bills or high-grade money market funds. As of March 31, 2023, the Company’s cash is in a non-interest bearing account as well as a government money market fund. From time to time, amounts deposited with its bank exceed federally insured limits. The Company believes the associated credit risk to be minimal.

Accounts Receivable [Policy Text Block]

Accounts Receivable

Accounts receivable are recorded at the invoiced amount and are non-interest bearing. Accounts receivable are recorded net of allowances for doubtful accounts, cash discounts for prompt payment, distribution fees, chargebacks and returns and allowances. The total for these reserves amounted to $176 and $262 as of March 31, 2023 and December 31, 2022, respectively. The Company considers historical collection rates and current financial status of its customers, as well as macroeconomic and industry-specific factors when evaluating potential credit losses. Historically, the Company's accounts receivable balances have been highly concentrated with a select number of customers, consisting primarily of specialty pharmacies and large wholesale pharmaceutical distributors. Given the size and creditworthiness of these customers, we have not experienced and do not expect to experience material credit losses.

Inventory, Policy [Policy Text Block]

Inventories

The Company values its inventories at the lower of cost or net realizable value using the first-in, first-out method of valuation. The Company reviews its inventories for potential excess or obsolete issues on an ongoing basis and will record a write-down if an impairment is identified. Inventories at March 31, 2023 and December 31, 2022 consist solely of purchased finished goods. At March 31, 2023 and December 31, 2022 inventories are shown net of reserves for its ALKINDI SPRINKLE® of $56 and $62, respectively, due to the risk of expiry before this entire stock of inventories is sold.

Property, Plant and Equipment, Policy [Policy Text Block]

Property and Equipment

Property and equipment are stated at cost. Depreciation of property and equipment is computed utilizing the straight-line method based on the following estimated useful lives: computer hardware and software is depreciated over three years; equipment, furniture and fixtures is depreciated over five years; leasehold improvements are amortized over their estimated useful lives or the remaining lease term, whichever is shorter. Construction in progress is capitalized but not depreciated until it is placed into service.

Maintenance and repairs are charged to expense as incurred, while renewals and improvements are capitalized.

Intangible Assets, Finite-Lived, Policy [Policy Text Block]

Intangible Assets

The Company capitalizes payments it makes for licensed products when the payment relates to an FDA-approved product and the cost is recoverable based on expected future cash flows from the product. The cost is amortized on a straight-line basis over the estimated useful life of the product commencing on the approval date in accordance with Accounting Standards Codification (“ASC”) 350 — Intangibles - Goodwill and Other. In November 2021, the Company purchased the rights for its Carglumic Acid product for $3,250 and that cost is being amortized over ten years. A $750 payment related to the approval of Biorphen had been capitalized in 2019 and that cost was being amortized over five years. As a result of the Biorphen sale to Dr. Reddy’s Laboratories S.A. (“Dr. Reddy’s”) (see Note 11) in June 2022, amortization of that asset was accelerated to record $275 of expense in June 2022 and the remaining $75 of expense in the last six months of the year ended December 31, 2022. A $750 payment related to the approval of Rezipres had been capitalized in Q1 2022 and that cost was being amortized over five years. As a result of the sale to Dr. Reddy’s, amortization of the Rezipres asset was accelerated to record the remaining $738 in the three-month period ended June 30, 2022. In September 2022, the Company purchased the rights for its Betaine Anhydrous product for $2,000 and that cost is being amortized over five years. The intangible assets, net on the Company’s balance sheet reflected $2,177 of accumulated amortization as of March 31, 2023. The Company recorded $181 and $131, respectively, of amortization expense for the three months ended March 31, 2023 and 2022. The table below shows the estimated remaining amortization for these products for each of the five years from 2023 to 2027 and thereafter.

	*Amortization*
Year	*Expense*
Remainder of 2023	$	544
2024		725
2025		725
2026		725
2027		608
Thereafter		1,246
Total estimated amortization expense	$	4,573

Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]

Impairment of Long-Lived Assets

Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized in the Company’s statements of operations for the amount by which the carrying amount of the asset exceeds the fair value of the asset. No impairment was recognized during the three months ended March 31, 2023 and 2022.

Debt, Policy [Policy Text Block]

Debt Issuance Costs and Debt Discount and Detachable Debt-Related Warrants

Costs incurred to issue debt are deferred and recorded as a reduction to the debt balance in the accompanying balance sheets. The Company amortizes debt issuance costs over the expected term of the related debt using the effective interest method. Debt discounts related to the relative fair value of warrants issued in conjunction with the debt and are also recorded as a reduction to the debt balance and accreted over the expected term of the debt to interest expense using the effective interest method.

Lessee, Leases [Policy Text Block]

Leases

The Company accounts for leases in accordance with ASC Topic 842 — Leases. The Company reviews all relevant facts and circumstances of a contract to determine if it is a lease whereby the terms of the agreement convey the right to control the direct use and receive substantially all the economic benefits of an identified asset for a period of time in exchange for consideration. The associated right-of-use assets and lease liabilities are recognized at lease commencement. The Company measures lease liabilities based on the present value of the lease payments over the lease term discounted using the rate it would pay on a loan with the equivalent payments and term for the lease. The Company does not include the impact for lease term options that would extend or terminate the lease unless it is reasonably certain that it will exercise any such options. The Company accounts for the lease components separately from non-lease components for its operating leases.

The Company measures right-of-use assets based on the corresponding lease liabilities adjusted for (i) any prepayments made to the lessor at or before the commencement date, (ii) initial direct costs it incurs, and (iii) any incentives under the lease. In addition, the Company evaluates the recoverability of its right-of-use assets for possible impairment in accordance with its long-lived assets policy.

Operating leases are reflected on the balance sheets as operating lease right-of-use assets, current accrued liabilities and long-term operating lease liabilities. The Company does not have any finance leases as of March 31, 2023 and 2022.

The Company commences recognizing operating lease expense when the lessor makes the underlying asset available for use by the Company and the operating lease expense is recognized on a straight-line basis over the term of the lease. Variable lease payments are expensed as incurred.

The Company does not recognize right-of-use assets or lease liabilities for leases with a term of twelve months or less; such lease costs are recorded in the statements of operations on a straight-line basis over the lease term.

Concentration Risk, Credit Risk, Policy [Policy Text Block]

Concentrations of Credit Risk, Sources of Supply and Significant Customers

The Company is subject to credit risk for its cash and cash equivalents which are invested in money market funds and U.S. treasury bills from time to time. The Company maintains its cash and cash equivalent balances with one major commercial bank and the deposits held with the financial institution exceed the amount of insurance provided on such deposits and is exposed to credit risk in the event of a default by the financial institutions holding its cash and cash equivalents to the extent recorded on the balance sheets. The Company believes the associated credit risk to be minimal.

The Company is dependent on third-party suppliers for its products and product candidates. In particular, the Company relies, and expects to continue to rely, on a small number of suppliers to manufacture key chemicals, approved products and process its product candidates as part of its development programs. These programs could be adversely affected by a significant interruption in the manufacturing process.

The Company is also subject to credit risk from its accounts receivable related to product sales as it extends credit based on an evaluation of the customer’s financial condition, and collateral is not required. Management monitors its exposure to accounts receivable by periodically evaluating the collectability of the account receivable based on a variety of factors including the length of time the receivables are past due, the financial health of the customer and historical experience. Based upon the review of these factors, the Company did not record an allowance for doubtful accounts at March 31, 2023 or 2022. The accounts receivable balance at March 31, 2023 and product sales revenue recognized during the period ended March 31, 2023 consist of sales to and amounts due from AnovoRx for sales of the Company’s ALKINDI SPRINKLE® and Carglumic Acid products. The accounts receivable balance at March 31, 2022 and product sales revenue recognized during the period ended March 31, 2022 consist of sales to and amounts due from AnovoRx for sales of the Company’s ALKINDI SPRINKLE® and Carglumic Acid products as well as sales to and amounts due from AmerisourceBergen Corporation, Cardinal Health Services and McKesson Corporation for sales of the Company’s Biorphen product. AnovoRx sales made up 96.3% of total net revenues recognized in the period ended March 31, 2023 and 95.1% of net accounts receivable as of March 31, 2023, and 68.5% of total net revenues recognized in the period ended March 31, 2022 and 79.8% of net accounts receivable as of December 31, 2022.

Revenue from Contract with Customer [Policy Text Block]

Revenue Recognition for Contracts with Customers

The Company accounts for contracts with its customers in accordance with ASC 606 — Revenue from Contracts with Customers. ASC 606 applies to all contracts with customers, except for contracts that are within the scope of other standards. Under ASC 606, an entity recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, the entity performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation.

At contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within each contract and determines those that are performance obligations and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. Arrangements that include rights to additional goods or services that are exercisable at a customer’s discretion are generally considered options. The Company assesses whether these options provide a material right to the customer and, if so, they are considered performance obligations. The exercise of a material right is accounted for as a contract modification for accounting purposes.

The Company recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) each performance obligation is satisfied at a point in time or over time, and if over time this is based on the use of an output or input method. Any amounts received prior to revenue recognition will be recorded as deferred revenue. Amounts expected to be recognized as revenue within the twelve months following the balance sheet date will be classified as current portion of deferred revenue in the Company’s balance sheets. Amounts not expected to be recognized as revenue within the twelve months following the balance sheet date are classified as long-term deferred revenue, net of current portion.

Milestone Payments – If a commercial contract arrangement includes development and regulatory milestone payments, the Company will evaluate whether the milestone conditions have been achieved and if it is probable that a significant revenue reversal would not occur before recognizing the associated revenue. Milestone payments that are not within the Company’s control or the licensee’s control, such as regulatory approvals, are generally not considered probable of being achieved until those approvals are received.

Royalties – For arrangements that include sales-based royalties, including milestone payments based on a level of sales, which are the result of a customer-vendor relationship and for which the license is deemed to be the predominant item to which the royalties relate, the Company will recognize revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied or partially satisfied.

Significant Financing Component – In determining the transaction price, the Company will adjust consideration for the effects of the time value of money if the expected period between payment by the licensees and the transfer of the promised goods or services to the licensees will be more than one year.

The Company sells its rare disease products to one pharmacy distributor customer which provides order fulfilment and inventory storage/distribution services. The Company may sell products in the U.S. to wholesale pharmaceutical distributors, who then sell the product to hospitals and other end-user customers. Sales to wholesalers are made pursuant to purchase orders subject to the terms of a master agreement, and delivery of individual shipments represent performance obligations under each purchase order. The Company uses a third-party logistics (“3PL”) vendor to process and fulfill orders and has concluded it is the principal in the sales to wholesalers because it controls access to the 3PL vendor services rendered and directs the 3PL vendor activities. The Company has no significant obligations to wholesalers to generate pull-through sales.

For its rare disease products, the Company bills at the initial product list price which are subject to offsets for patient co-pay assistance and potential state Medicaid reimbursements which are recorded as a reduction of net revenues at the date of sale/shipment. Selling prices initially billed to wholesalers are subject to discounts for prompt payment and subsequent chargebacks when the wholesalers sell products at negotiated discounted prices to members of certain group purchasing organizations (“GPOs”) and government programs. Because of the shelf life of the product and the Company’s lengthy return period, there may be a significant period of time between when the product is shipped and when it issues credits on returned product.

The Company estimates the transaction price when it receives each purchase order taking into account the expected reductions of the selling price initially billed to the wholesaler/distributor arising from all of the above factors. The Company has developed estimates for future returns and chargebacks and the impact of other discounts and fees it pays, although rare disease product sales are not subject to returns. When estimating these adjustments to the transaction price, the Company reduces it sufficiently to be able to assert that it is probable that there will be no significant reversal of revenue when the ultimate adjustment amounts are known.

The Company stores its rare disease product inventory at its pharmacy distributor customer location, and sales are recorded when stock is pulled and shipped to fulfill specific patient orders. The Company recognizes revenue and cost of sales from products sold to wholesalers upon delivery to the wholesaler location. At that time, the wholesalers take control of the product as they take title, bear the risk of loss of ownership and have an enforceable obligation to pay the Company. They also have the ability to direct sales of product to their customers on terms and at prices they negotiate. Although wholesalers have product return rights, the Company does not believe they have a significant incentive to return the product.

Upon recognition of revenue from product sales, the estimated amounts of credit for product returns, chargebacks, distribution fees, prompt payment discounts, state Medicaid and GPO fees are included in sales reserves, accrued liabilities and net accounts receivable. The Company monitors actual product returns, chargebacks, discounts and fees subsequent to the sale. If these amounts end up differing from its estimates, it will make adjustments to these allowances, which are applied to increase or reduce product sales revenue and earnings in the period of adjustment.

In addition, the Company anticipates it will receive revenues from product licensing agreements where it has contracted for milestone payments and royalties from products it has developed or acquired.

Cost of Goods and Service [Policy Text Block]

Cost of Product Sales

Cost of product sales consists of the profit-sharing and royalty fees with the Company’s product licensing and development partners, the purchase costs for finished products from third-party manufacturers, freight and handling/storage costs from the Company’s 3PL logistics service providers, and amortization expense of certain intangible assets. The cost of sales for profit-sharing and royalty fees and costs for purchased finished products and the associated inbound freight expense are recorded when the associated product sale revenue is recognized in accordance with the terms of shipment to customers while outbound freight and handling/storage fees charged by the 3PL service provider are expensed as they are incurred. Cost of product sales also reflects any write-downs or reserve adjustments for the Company’s inventories.

Research and Development Expense, Policy [Policy Text Block]

Research and Development Expenses

Research and development (“R&D”) expenses include both internal R&D activities and external contracted services. Internal R&D activity expenses include salaries, benefits and stock-based compensation and other costs to support the Company’s R&D operations. External contracted services include product development efforts such as certain product licensor milestone payments, clinical trial activities, manufacturing and control-related activities and regulatory costs. R&D expenses are charged to operations as incurred. The Company reviews and accrues R&D expenses based on services performed and relies upon estimates of those costs applicable to the stage of completion of each project. Significant judgments and estimates are made in determining the accrued balances at the end of any reporting period. Actual results could differ from the Company’s estimates.

Upfront payments and milestone payments made for the licensing of products that are not yet approved by the FDA are expensed as R&D in the period in which they are incurred. Nonrefundable advance payments for goods or services to be received in the future for use in R&D activities are recorded as prepaid expenses and are expensed as the related goods are delivered or the services are performed.

Earnings Per Share, Policy [Policy Text Block]

Income (Loss) Per Share

Basic net income (loss) per share of common stock is computed by dividing net income (loss) attributable to common stockholders for the period by the weighted average number of shares of common stock outstanding during the period. Diluted net income (loss) per share is computed by dividing the net income (loss) attributable to common stockholders for the period by the weighted average number of common and common equivalent shares, such as unvested restricted stock, stock options and warrants that are outstanding during the period. Common stock equivalents are excluded from the computation when their inclusion would be anti-dilutive. For the three-month periods ended March 31, 2023 and March 31, 2022, common stock equivalents of 5,441,568 and 5,110,852, respectively, are excluded from the calculation of diluted net loss per share because the effect is anti-dilutive. Included in the basic and diluted net income (loss) per share calculation are RSUs awarded to employees or directors that have vested, but the issuance and delivery of the shares of common stock are deferred until the director retires from service as a director.

Share-Based Payment Arrangement [Policy Text Block]

Stock-Based Compensation

The Company accounts for stock-based compensation under the provisions of ASC — 718 Compensation — Stock Compensation. The guidance under ASC 718 requires companies to estimate the fair value of the stock-based compensation awards on the date of grant and record expense over the related service periods, which are generally the vesting period of the equity awards. The Company estimates the fair value of stock-based option awards using the Black-Scholes-Merton option-pricing model (“BSM”). The BSM requires the input of subjective assumptions, including the expected stock price volatility, the calculation of expected term, forfeitures and the fair value of the underlying common stock on the date of grant, among other inputs. The risk-free interest rate was determined from the implied yields for zero-coupon U.S. government issues with a remaining term approximating the expected life of the options or warrants. Dividends on common stock are assumed to be zero for the BSM valuation of the stock options. The expected term of stock options granted is based on vesting periods and the contractual life of the options. Expected volatilities are based on comparable companies’ historical volatility along with a limited weighting included for the Company’s own volatility, which management believes represents the most accurate basis for estimating expected future volatility under the current conditions. The Company accounts for forfeitures as they occur. The Company uses the closing common stock price on the date of grant for the fair value of the common stock.

Fair Value Measurement, Policy [Policy Text Block]

Fair Value Measurements

We measure certain of our assets and liabilities at fair value. Fair value represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value accounting requires characterization of the inputs used to measure fair value into a three-level fair value hierarchy as follows:

Level 1 — Inputs based on quoted prices in active markets for identical assets or liabilities. An active market is a market in which transactions occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

Level 2 — Observable inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent from the entity.

Level 3 — Unobservable inputs that reflect the entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available.

Fair value measurements are classified based on the lowest level of input that is significant to the measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, which may affect the valuation of the assets and liabilities and their placement within the fair value hierarchy levels. The determination of the fair values stated below take into account the market for the Company’s financials, assets and liabilities, the associated credit risk and other factors as required. The Company considers active markets as those in which transactions for the assets or liabilities occur in sufficient frequency and volume to provide pricing information on an ongoing basis.

The Company’s financial instruments included cash and cash equivalents, accounts receivable, accounts payable, accrued liabilities, and long-term debt obligation. The carrying amounts of these financial instruments, except for the long-term debt obligation, approximate their fair values due to the short-term maturities of these instruments. Based on borrowing rates currently available to the Company, the carrying value of the long-term debt obligation approximates its fair value.

New Accounting Pronouncements, Policy [Policy Text Block]

Impact of Recent Accounting Pronouncements

In June 2016, the FASB issued Accounting Standards Update ("ASU") 2016-13, “Measurement of Credit Losses on Financial Instruments.” This ASU replaces the incurred loss impairment methodology in current U.S. GAAP with a methodology that reflects expected credit losses, requires consideration of a broader range of reasonable and supportable information for credit loss estimates on certain types of financial instruments, including trade receivables, and new disclosures. The ASU, as subsequently amended, is effective for the Company for fiscal years beginning after December 15, 2022, as the Company was a smaller reporting company as of November 15, 2019, the determination date. We adopted ASU 2016-13 on January 1, 2023. Based on the composition of the Company’s accounts receivable, including current market conditions and historical credit loss activity, the adoption of this standard did not have a material impact on the Company’s consolidated financial statements or disclosures. Specifically, the Company’s estimate of expected credit losses as of March 31, 2023, using its expected credit loss evaluation process described above, resulted in no provision for credit losses and no cumulative-effect adjustment to accumulated deficit on the adoption date of the standard.

Condensed Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 14,708	$ 16,305
Accounts receivable, net	2,874	1,852
Inventories	437	557
Prepaid expenses and other current assets	1,099	1,290
Total current assets	19,118	20,004
Property and equipment, net	56	72
Intangible assets, net	4,573	4,754
Operating lease right-of-use assets, net	169	188
Other long-term assets, net	12	12
Total assets	23,928	25,030
Current liabilities:
Accounts payable	1,233	1,766
Current portion of long-term debt	1,339	1,033
Accrued liabilities	4,922	3,662
Total current liabilities	7,494	6,461
Long-term debt, net of discount and including accrued fees	5,107	5,384
Operating lease liabilities, noncurrent	86	107
Total liabilities	12,687	11,952
Commitments and contingencies (Note 11)
Stockholders’ equity
Common stock, $0.001 par value; 50,000,000 shares authorized; 25,504,378 and 25,353,119 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively	26	25
Additional paid-in capital	117,009	116,187
Accumulated deficit	(105,794)	(103,134)
Total stockholders’ equity	11,241	13,078
Total liabilities and stockholders’ equity	$ 23,928	$ 25,030

Note 3 - Summary of Significant Accounting Policies - Schedule of Intangible Assets Amortization Expense (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Remainder of 2023	$ 544
2024	725
2025	725
2026	725
2027	608
Thereafter	1,246
Total estimated amortization expense	$ 4,573

Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities
Net loss	$ (2,660)	$ (5,330)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Stock-based compensation	872	1,083
Depreciation and amortization	213	181
Debt discount amortization	29	36
Changes in operating assets and liabilities:
Accounts receivable	(1,022)	4,675
Inventories	120	40
Prepaid expenses and other assets	191	961
Accounts payable	(530)	(393)
Accrued liabilities	1,239	(30)
Net cash (used in) provided by operating activities	(1,548)	1,223
Cash flows from investing activities
Purchases of property and equipment	0	(15)
Net cash used in investing activities	0	(15)
Cash flows from financing activities
Repayment of long-term debt	0	(385)
Proceeds from employee stock purchase plan and stock option exercises	132	0
Payment of tax withholding related to net share settlement of stock option exercises	(181)
Net cash used in financing activities	(49)	(385)
Change in cash and cash equivalents	(1,597)	823
Cash and cash equivalents at beginning of period	16,305	14,406
Cash and cash equivalents at end of period	14,708	15,229
Supplemental disclosures of cash flow information
Cash paid for interest	216	215
Cash paid for income taxes	0	0
Supplemental disclosures of non-cash investing activities:
Payable for product license fee	$ 0	$ 750

Note 4 - Property and Equipment

3 Months Ended

Mar. 31, 2023

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

Note 4 – Property and Equipment

Property and equipment consist of the following:

	*March 31,*			*December 31,*
	*2023*			*2022*
Computer hardware and software	$	187		$	177
Furniture and fixtures		111			112
Equipment		52			52
Leasehold improvements		71			71
Construction in Progress		—			12
		421			424
Less: accumulated depreciation		(365	)		(352	)
Property and equipment, net	$	56		$	72

Depreciation expense for the three months ended March 31, 2023 and 2022 was $13 and $21, respectively.

Note 10 - Leases (Details Textual) - USD ($) $ in Thousands	3 Months Ended
Note 10 - Leases (Details Textual) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Operating Lease, Payments	$ 19	$ 20
Operating Lease, Right-of-Use Asset, Periodic Reduction	$ 19	20
Operating Lease, Weighted Average Remaining Lease Term (Year)	2 years
Operating Lease, Weighted Average Discount Rate, Percent	8.60%
General and Administrative Expense [Member]
Operating Lease, Cost	$ 23	$ 21

Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Mar. 31, 2023	May 04, 2023
Document Information [Line Items]
Entity Central Index Key	0001710340
Entity Registrant Name	Eton Pharmaceuticals, Inc.
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2023
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-38738
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	37-1858472
Entity Address, Address Line One	21925 W. Field Parkway, Suite 235
Entity Address, City or Town	Deer Park
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60010-7278
City Area Code	847
Local Phone Number	787-7361
Title of 12(b) Security	Common stock, $0.001 par value per share
Trading Symbol	ETON
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		25,504,378

Note 10 - Leases

3 Months Ended

Mar. 31, 2023

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

Note 10 — Leases

The Company recognizes a right-of-use (“ROU”) asset and a lease liability on the balance sheet for substantially all leases, including operating leases, and separates lease components from non-lease components related to its office space lease.

The Company’s operating lease cost as presented in the “General and Administrative” captions in the condensed statements of operations was $23 for the three months ended March 31, 2023 and $21 for the three months ended March 31, 2022. Cash paid for amounts included in the measurement of operating lease liabilities was $19 for the three months ended March 31, 2023 and $20 for the three-month period ended March 31, 2022. The ROU asset amortization was $19 for the three-month period ended March 31, 2023 and $20 for the three-month period ended March 31, 2022 and is reflected within depreciation and amortization on the Company’s condensed statements of cash flows. As of March 31, 2023, the weighted-average remaining lease term was 2.0 years, and the weighted-average incremental borrowing rate was 8.6%.

The table below presents the lease-related assets and liabilities recorded on the balance sheet as of March 31, 2023 (in thousands).

Assets	*Classification*
Operating lease right-of-use assets	Operating lease right-of-use assets, net	$	169
Total leased assets		$	169
Liabilities
Operating lease liabilities, current	Accrued liabilities	$	78
Operating lease liabilities, noncurrent	Operating lease liabilities, net of current portion	$	86
Total operating lease liabilities		$	164

The Company’s future lease commitments for its administrative offices in Deer Park, Illinois as of March 31, 2023 is as indicated below:

Total

2023

2024

2025

Thereafter

Undiscounted lease payments

179

—

Less: Imputed interest

(15

)

Total lease liabilities

164

Note 11 - Commitments and Contingencies

3 Months Ended

Mar. 31, 2023

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

Note 11 — Commitments and Contingencies

Legal

The Company is subject to legal proceedings and claims that may arise in the ordinary course of business. The Company is not aware of any pending or threatened litigation matters at this time that would have a material impact on the operations of the Company.

License and product development agreements

The Company has entered into various agreements in addition to those discussed above which are described below.

The three oral solution pediatric neurology product candidates discussed below, Topiramate, Zonisamide and Lamotrigine were developed by the Company and its various product candidate development partners and the Company subsequently sold all its rights and interests in these three products to Azurity in 2021. The Company has recognized $22,000 in milestone revenues to date from these three products and may receive up to $20,000 in additional milestone revenues related to FDA product approvals and the future sales levels for the products. Azurity has assumed royalty or profit share obligations owed to development partners as well as additional milestone payments based on sales volume targets. Azurity will assume royalty or profit share obligations owed to development partners as well as additional milestone payments based on sales volume targets.

During the years ended December 31, 2021 and 2020 the Company worked with Tulex Pharmaceuticals, Inc. (“Tulex”) as a third-party contract manufacturer to develop an oral solution for Topiramate (fka ET-101) which targets a neurological condition. The Company subsequently filed the product with the FDA in October 2020 and paid a $1,438 filing fee. In November 2021, the product received approval from the FDA and was launched by Azurity in December 2021. The Company recognized a $5,000 milestone revenue at launch which was reflected in accounts receivable on the Company’s balance sheet at December 31, 2021 and subsequently collected in January 2022.

On January 23, 2019, the Company entered into a Licensing and Supply Agreement (the “Agreement”) with Liquimeds Worldwide (“LMW”) for Zonisamide oral liquid, a development stage product candidate (“ET-104”). Pursuant to the terms of the Agreement, the Company was to be responsible for regulatory and marketing activities and LMW was responsible for development and manufacturing of ET-104. The Company paid $650 to Azurity upon issuance of patent covering ET-104 listed in the FDA’s Orange Book in November 2022 and will pay $500 in the event that product sales in excess of $10,000 were achieved within a calendar year.

On June 12, 2019, the Company entered into an Exclusive Licensing and Supply Agreement (the “ET-105 License Agreement”) with Aucta Pharmaceuticals, Inc. (“Aucta”) for marketing rights in the United States to Lamotrigine, an oral suspension product candidate for use as an adjunct therapy for partial seizures, primary generalized tonic-clonic seizures, and generalized seizures of Lennox-Gastaut syndrome in patients two years of age and older. Pursuant to the terms of the ET-105 License Agreement, the Company was to be responsible for marketing activities and Aucta will be responsible for development, manufacturing, and regulatory activities related to obtaining regulatory approval. The Company paid Aucta a licensing payment of $2,000 in August 2019 upon receiving an acceptance for review letter from the FDA and will pay $2,450 upon FDA approval and commercial sales of the product candidate and another $1,000 upon issuance of an Orange-book listed patent. If Aucta successfully completes a Lamotrigine product line extension product, Eton will pay $1,500 upon FDA acceptance of the product filing. Aucta will be entitled to receive milestone payments from the Company of up to $3,000 based on commercial success of the product, including $1,000 when net sales exceed $10 million in a calendar year, and $2,000 when net sales exceed $20 million in a calendar year.

On March 27, 2020, the Company entered into an Exclusive Licensing and Supply Agreement (the “Alkindi License Agreement”) with Diurnal for marketing ALKINDI SPRINKLE® in the United States. ALKINDI SPRINKLE®’s New Drug Application (NDA) was approved by the FDA on September 29, 2020 as a replacement therapy for pediatric patients with adrenocortical insufficiency.

For the initial licensing milestone fee, the Company paid Diurnal $3,500 in cash and issued 379,474 shares of its common stock to Diurnal which were valued at $1,264 based on the Company’s closing stock price of $3.33 on March 26, 2020. The Company will also pay Diurnal $2,500 if the product obtains orphan drug exclusivity status from the FDA.

On June 15, 2021, the Company acquired U.S. and Canadian rights to Crossject’s ZENEO® hydrocortisone needleless autoinjector, which is under development as a rescue treatment for adrenal crisis. The Company paid Crossject $500 upon signing, $500 in March 2022 upon a completion of a successful technical batch and could pay up to $3,500 in additional development milestones and up to $6,000 in commercial milestones, as well as a 10% royalty on net sales.

On October 28, 2021, the Company acquired the U.S. marketing rights to Carglumic Acid Tablets. The product’s Abbreviated New Drug Application (“ANDA”), which is owned by Novitium Pharma, was approved by the FDA on October 12, 2021. The product is an AB-rated, substitutable generic version of Carbaglu®. The Company paid $3,250 upon signing and retains 50% of the product profits with the balance being distributed to the licensor and manufacturer. The Company launched this product in December 2021.

In June 2022, the Company sold its rights in Cysteine Hydrochloride, Biorphen®, and Rezipres® to Dr. Reddy’s. Under the terms of the transaction, Dr. Reddy’s assumed immediate ownership of Eton’s rights and interest in the products. The Company received $5,000 at closing, recorded as licensing revenue in the twelve months ended December 31, 2022, and could receive up to $42,500 of additional payments based on the achievement of certain event-based and sales-based milestones. Of the $5,000 received at closing, $250 was held in escrow to address potential indemnity claims during the 12-month period following the effective date of the agreement. In addition, 10% of any additional payments paid by Dr. Reddy’s during the 12-month period following the effective date will be held in escrow and subsequently released to Eton upon expiration of the 12-month period following the effective date. In accordance with the terms of the agreement, $812 of Sintetica profit share receivables were expensed as cost of goods sold in the twelve months ended December 31, 2022.

On September 13, 2022, the Company acquired an FDA-approved ANDA for Betaine Anhydrous for oral solution. The ANDA was approved by the FDA on January 28, 2022. The Company paid $2,000 to the seller upon signing and could pay up to $1,000 in commercial milestones based on future product sales. The Company will retain 65% of the product profits with the balance being distributed to the licensor.

On March 14, 2023, the Company acquired rare disease endocrinology product candidate ET-600 from Tulex. The Company will pay $450 to Tulex upon successful manufacturing of registration batches, $200 upon acceptance by the FDA of the NDA for the product, $250 upon first commercial sale of the product, and tiered royalties of 12.5% to 17.0% on net sales.

Indemnification

As permitted under Delaware law and in accordance with the Company’s Amended and Restated Bylaws, the Company is required to indemnify its officers and directors for certain events or occurrences while the officer or director is or was serving in such capacity. The Company is also party to indemnification agreements with its directors and officers. The Company believes the fair value of the indemnification rights and agreements is minimal. Accordingly, the Company has not recorded any liabilities for these indemnification rights and agreements as of March 31, 2023 or December 31, 2022.

Condensed Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	50,000,000	50,000,000
Common stock, issued (in shares)	25,504,378	25,353,119
Common stock, outstanding (in shares)	25,504,378	25,353,119

Note 6 - Common Stock

3 Months Ended

Mar. 31, 2023

Notes to Financial Statements

Equity [Text Block]

Note 6 — Common Stock

The Company has 50,000,000 authorized shares of $0.001 par value common stock under its Amended and Restated Certificate of Incorporation.

During the three months ended March 31, 2023, the Company issued 202,126 shares of its common stock resulting from cash and non-cash stock option exercises under its 2018 Equity Incentive Plan (see Note 8). The Company withheld 50,867 shares for payroll tax obligations totaling $181 for the three months ended March 31, 2023. The Company did not have any stock issuance activity for the three months ended March 31, 2022.

- Definition

The entire disclosure for equity.

+ References

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+ Details

Note 9 - Related-party Transactions

3 Months Ended

Mar. 31, 2023

Notes to Financial Statements

Note 9 — Related-Party Transactions

Chief Executive Officer

The CEO has a partial interest in a company that the Company has partnered with for its EM-100/Alaway Preservative Free eye allergy product as described below.

The Company acquired the exclusive rights to sell the EM-100 product in the United States pursuant to a sales and marketing agreement (the “Eyemax Agreement”) dated August 11, 2017 between the Company and Eyemax LLC (“Eyemax”), an entity affiliated with the Company’s CEO. The Company also held a right of first refusal to obtain the exclusive license rights for geographic areas outside of the United States. Pursuant to the Eyemax Agreement, the Company was responsible for all costs of testing and FDA approval of the product, other than the FDA filing fee which was paid by Eyemax. The Company was also to be responsible for commercializing the product in the United States at its expense. The Company paid Eyemax $250 upon execution of the Eyemax Agreement, which was recorded as a component of R&D expense. Under the terms of the original agreement, the Company would pay Eyemax $250 upon FDA approval and $500 upon the first commercial sale of the product and pay Eyemax a royalty of 10% on the net sales of all products. The Eyemax Agreement was for an initial term of 10 years from the date of the Eyemax Agreement, subject to successive two-year renewals unless the Company elected to terminate the Eyemax Agreement.

On February 18, 2019, the Company entered into an Amended and Restated Agreement with Eyemax amending the Sales Agreement (the “Amended Agreement”). Pursuant to the Amended Agreement, Eyemax sold the Company all of its right, title and interest in EM-100, including any such product that incorporates or utilizes Eyemax’s intellectual property rights. Under the Amended Agreement, the Company assumed certain liabilities of Eyemax under its Exclusive Development & Supply Agreement with Excelvision SAS dated as of July 11, 2013, as amended (the “Excelvision Agreement”), with respect to certain territories and arising during certain time periods. Pursuant to the Amended Agreement, the Company paid Eyemax two milestone payments: (i) one milestone payment for $250 upon regulatory approval in the territory by the FDA of the first single agent product and (ii) one milestone payment for $500 following the first commercial sale of the first single agent product in the territory. Following payment of the milestones, the Company is entitled to retain all of the non-royalty transaction revenues and royalties up to $2,000 (the “Recovery Amount”). After the Company has retained the full Recovery Amount, it is entitled to retain half of all royalty and non-royalty transaction revenue. The Company has realized $1,818 of the non-royalty and royalty revenue as of March 31, 2023. The Amended Agreement also contains customary representations, warranties, covenants and indemnities by the parties. The EM-100 asset and its associated product rights were sold to Bausch Health on February 18, 2019 and future potential royalties of twelve percent on Bausch Health sales of the product, named Alaway® Preservative Free by Bausch, which was approved by the FDA in September 2020, will be split between Eyemax and the Company. The royalty from Bausch Health is subject to reduction if a competitive product with the same active pharmaceutical ingredient is launched in the U.S. or if the product’s U.S market share falls below a specified target percentage.

There were no amounts due to Eyemax under the terms of the Amended Agreement as of March 31, 2023 or December 31, 2022.

Effective March 24, 2023, Bausch Health has discontinued sales of Alaway® Preservative Free.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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+ Details

Note 8 - Share-based Payment Awards -Schedule of Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) [Member]	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Outstanding and unvested, balance (in shares) \| shares	369,606
Outstanding and unvested, Weighted Average Grant-Date Fair Value Per Unit (in dollars per share) \| $ / shares	$ 2.63
Granted (in shares) \| shares	0
Granted, Weighted Average Grant-Date Fair Value Per Unit (in dollars per share) \| $ / shares	$ 0
Vested (in shares) \| shares	0
Vested, Weighted Average Grant-Date Fair Value Per Unit (in dollars per share) \| $ / shares	$ 0
Forfeited (in shares) \| shares	(4,000)
Forfeited, Weighted Average Grant-Date Fair Value Per Unit (in dollars per share) \| $ / shares	$ 2.63
Outstanding and unvested, balance (in shares) \| shares	365,606
Outstanding and unvested, Weighted Average Grant-Date Fair Value Per Unit (in dollars per share) \| $ / shares	$ 2.63

Note 1 - Company Overview	3 Months Ended
Note 1 - Company Overview	Mar. 31, 2023
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	Note 1 — Company Overview Eton is an innovative pharmaceutical company focused on developing, acquiring, and commercializing innovative products to address unmet needs in patients suffering from rare diseases. The Company currently has three commercial rare disease products, ALKINDI SPRINKLE® for the treatment of adrenocortical insufficiency, Carglumic Acid for the treatment of hyperammonemia due to N-acetylglutamate synthase (NAGS) deficiency, and Betaine Anhydrous for the treatment of homocystinuria and has four additional product candidates in late-stage development. The Company is developing dehydrated alcohol injection, which has received Orphan Drug Designation for the treatment of methanol poisoning, ZENEO® hydrocortisone autoinjector for the treatment of adrenal crisis, ET-400, and ET-600. In addition, the Company is entitled to royalties or milestone payments from four FDA-approved products and one product candidate under development that the Company developed and out-licensed. The products are EPRONTIA™, Cysteine Hydrochloride, Zonisade®, Biorphen®, and Lamotrigine for Oral Suspension.

Note 10 - Leases - Schedule of Future Lease Payments (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Total	$ 179
2023	66
2024	90
2025	23
Thereafter	0
Less: Imputed interest	(15)
Total lease liabilities	$ 164

Note 8 - Share-based Payment Awards

3 Months Ended

Mar. 31, 2023

Notes to Financial Statements

Share-Based Payment Arrangement [Text Block]

Note 8 — Share-Based Payment Awards

The Company’s board of directors and stockholders approved the Eton Pharmaceuticals, Inc. 2017 Equity Incentive Plan in May 2017 (the “2017 Plan”), which authorized the issuance of up to 5,000,000 shares of the Company’s common stock. In conjunction with the Company’s IPO in November 2018, the Company’s stockholders and board of directors approved the 2018 Equity Incentive Plan (as amended in December 2020, the “2018 Plan”) which succeeded the 2017 Plan. The Company has granted restricted stock awards (“RSAs”), stock options and restricted stock units (“RSUs”) for its common stock under the 2017 Plan and 2018 Plan as detailed in the tables below. There were 516,298 shares available for future issuance under the 2018 Plan as of March 31, 2023.

Shares that are expired, terminated, surrendered or canceled without having been fully exercised will be available for future awards under the 2018 Plan. In addition, the 2018 Plan provides that commencing January 1, 2019 and through January 1, 2028, the share reserve will be increased annually by 4% of the total number of shares of common stock outstanding as of the preceding December 31, subject to a reduction at the discretion of the Company’s board of directors. The exercise price for stock options granted is not less than the fair value of common stock as determined by the board of directors as of the date of grant. The Company uses the closing stock price on the date of grant as the exercise price.

To date, all stock options issued have been non-qualified stock options, and the exercise prices were set at the fair value for the shares at the dates of grant. Options typically have a ten-year life, except for options to purchase 50,000 shares of the Company’s common stock granted to product consultants in July 2017 that expired, unexercised, in July 2022.

For the three months ended March 31, 2023 and 2022, the Company’s total stock-based compensation expense was $872 and $1,083, respectively. Of these amounts, $818 and $995 was recorded in general and administrative expenses, respectively, and $54 and $88 was recorded in research and development expenses, respectively.

Stock Options

The following table summarizes stock option activity during the three months ended March 31, 2023:

						*Weighted*
				*Weighted*		*Average*
				*Average*		*Remaining*		*Aggregate*
				*Exercise*		*Contractual*		*Intrinsic*
	*Shares*			*Price*		*Term (Yrs)*		*Value*
Outstanding as of December 31, 2022		4,402,292		$	4.71
Issued		1,053,291		$	3.47
Exercised		(402,308	)	$	2.22
Forfeited/Cancelled		(61,250	)	$	1.95
Outstanding as of March 31, 2023		4,992,025		$	4.68		8.0	$	2,140
Exerciseable as of March 31, 2023		2,858,033		$	5.05		7.0	$	1,321
Vested and expected to vest at March 31, 2023		4,992,025		$	4.68		8.0	$	2,140

Note 8 — Share-Based Payment Awards (continued)

The aggregate intrinsic value of stock options is calculated as the difference between the exercise price of the stock options and the fair value of the Company’s common stock at March 31, 2023 for those stock options that had strike prices lower than the fair value of the Company’s common stock.

Stock-based compensation related to stock options was $778 and $1,038 for the three months ended March 31, 2023 and 2022, respectively. As of March 31, 2023, there was a total of $5,473 of unrecognized compensation costs related to non-vested stock option awards. The weighted average grant date fair value of stock option awards for the three-months ended March 31, 2023 was $2.29 per share. In the three-month period ended March 31, 2023, there were five stock option exercises which totaled 402,308 shares at a weighted average exercise price of $2.22 per share with an intrinsic value of $601. There were no stock option exercises during the three-month period ended March 31, 2022.

Restricted Stock Units (RSUs)

The following table summarizes restricted stock unit activity during the three months ended March 31, 2023:

	*Number of Units*			*Weighted Average Grant-Date Fair Value Per Unit*
Outstanding and unvested as of December 31, 2022		369,606		$	2.63
Granted		—		$	—
Vested		—		$	—
Forfeited		(4,000	)	$	2.63
Outstanding and unvested as of March 31, 2023		365,606		$	2.63

Stock-based compensation related to RSUs was $58 for the three months ended March 31, 2023. As of March 31, 2023, there was $789 of unrecognized stock-based compensation expense related to unvested RSUs which will be recognized over a weighted average period of 3.3 years.

Employee Stock Purchase Plan

The Company’s 2018 Employee Stock Purchase Plan (the “ESPP”) provides for an initial reserve of 150,000 shares and this reserve is automatically increased on January 1 of each year by the lesser of 1% of the outstanding common shares at December 31 of the preceding year or 150,000 shares, subject to reduction at the discretion of the Company’s board of directors. As of March 31, 2023, there were 710,296 shares available for issuance under the ESPP.

The annual offerings consist of two stock purchase periods, with the first purchase period ending in June and the second purchase period ending in December. The terms of the ESPP permit employees of the Company to use payroll deductions to purchase stock at a price per share that is at least the lesser of (1) 85% of the fair market value of a share of common stock on the first date of an offering or (2) 85% of the fair market value of a share of common stock on the date of purchase. After the initial offering period ended, subsequent twelve-month offering periods automatically commence over the term of the ESPP on the day that immediately follows the conclusion of the preceding offering, each consisting of two purchase periods approximately six months in duration.

In accordance with the June and December stock purchase periods for the ESPP, there were no share issuances in the first three months of 2023 and 2022. The weighted average grant date fair value of share awards in the first three months of 2023 and 2022 was $1.11 and $1.37, respectively. Employees contributed $107 and $108 via payroll deductions during the three months ended March 31, 2023 and 2022, respectively. The Company recorded an expense of $36 and $45 related to the ESPP in the three months ended March 31, 2023 and 2022, respectively. As of March 31, 2023 and December 31, 2022, the accompanying condensed balance sheets include $130 and $23, respectively, in accrued liabilities for remaining employee ESPP contributions.

Note 3 - Summary of Significant Accounting Policies (Details Textual) - USD ($)	1 Months Ended		3 Months Ended		12 Months Ended
	Sep. 30, 2022	Nov. 30, 2021	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2019	Dec. 31, 2022	Jun. 30, 2022
Accounts Receivable, Allowance for Credit Loss			$ 176,000			$ 262,000
Inventory Valuation Reserves			56,000			62,000
Finite-Lived Intangible Assets, Accumulated Amortization			2,177
Finite-Lived Intangible Asset, Expected Amortization, Remainder of Fiscal Year			544,000
Amortization of Intangible Assets			181	$ 131
Impairment, Long-Lived Asset, Held-for-Use			0	0
Finance Lease, Liability			$ 0	$ 0
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)			5,441,568	5,110,852
Revenue Benchmark [Member] \| Customer Concentration Risk [Member] \| AnovoRx [Member]
Concentration Risk, Percentage			96.30%	68.50%
Accounts Receivable [Member] \| Customer Concentration Risk [Member] \| AnovoRx [Member]
Concentration Risk, Percentage			95.10%	79.80%
Carglumic Acid Product Rights [Member]
Payments to Acquire Intangible Assets		$ 3,250,000
Finite-Lived Intangible Asset, Useful Life (Year)		10 years
Biorphen [Member]
Payments to Acquire Intangible Assets					$ 750,000
Finite-Lived Intangible Asset, Useful Life (Year)					5 years
Finite-Lived Intangible Assets, Accumulated Amortization							$ 275,000
Finite-Lived Intangible Asset, Expected Amortization, Remainder of Fiscal Year						$ 75,000
Rezipres Product [Member]
Payments to Acquire Intangible Assets				$ 750,000
Finite-Lived Intangible Asset, Useful Life (Year)				5 years
Finite-Lived Intangible Assets, Accumulated Amortization							$ 738,000
Betaine Anhydrous Product Rights [Member]
Payments to Acquire Intangible Assets	$ 2,000,000
Finite-Lived Intangible Asset, Useful Life (Year)	5 years
Computer Equipment [Member]
Property, Plant and Equipment, Useful Life (Year)			3 years
Furniture and Fixtures [Member]
Property, Plant and Equipment, Useful Life (Year)			5 years

Note 10 - Leases - Schedule of Lease-related Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Operating lease right-of-use assets	$ 169	$ 188
Liabilities
Operating lease liabilities, noncurrent	86	$ 107
Total operating lease liabilities	164
Noncurrent Assets [Member]
Operating lease right-of-use assets	169
Accrued Liabilities [Member]
Liabilities
Operating lease liabilities, current	$ 78

Condensed Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues:
Total net revenues	$ 5,304	$ 2,176
Cost of sales:
Total cost of sales	1,958	849
Gross profit	3,346	1,327
Operating expenses:
Research and development	535	1,618
General and administrative	5,345	4,796
Total operating expenses	5,880	6,414
(Loss) income from operations	(2,534)	(5,087)
Other (expense) income:
Interest and other expense, net	(126)	(243)
(Loss) income before income tax expense	(2,660)	(5,330)
Income tax expense	0	0
Net (loss) income	$ (2,660)	$ (5,330)
Net (loss) income per share, basic and diluted (in dollars per share)	$ (100)	$ (210)
Weighted average number of common shares outstanding, basic and diluted (in shares)	25,525	25,301
License [Member]
Revenues:
Total net revenues	$ 0	$ 0
Cost of sales:
Total cost of sales	0	0
Product Sales and Royalties [Member]
Revenues:
Total net revenues	5,304	2,176
Cost of sales:
Total cost of sales	$ 1,958	$ 849

Note 8 - Share-based Payment Awards (Tables)

3 Months Ended

Mar. 31, 2023

Notes Tables

Share-Based Payment Arrangement, Option, Activity [Table Text Block]

						*Weighted*
				*Weighted*		*Average*
				*Average*		*Remaining*		*Aggregate*
				*Exercise*		*Contractual*		*Intrinsic*
	*Shares*			*Price*		*Term (Yrs)*		*Value*
Outstanding as of December 31, 2022		4,402,292		$	4.71
Issued		1,053,291		$	3.47
Exercised		(402,308	)	$	2.22
Forfeited/Cancelled		(61,250	)	$	1.95
Outstanding as of March 31, 2023		4,992,025		$	4.68		8.0	$	2,140
Exerciseable as of March 31, 2023		2,858,033		$	5.05		7.0	$	1,321
Vested and expected to vest at March 31, 2023		4,992,025		$	4.68		8.0	$	2,140

Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block]

	*Number of Units*			*Weighted Average Grant-Date Fair Value Per Unit*
Outstanding and unvested as of December 31, 2022		369,606		$	2.63
Granted		—		$	—
Vested		—		$	—
Forfeited		(4,000	)	$	2.63
Outstanding and unvested as of March 31, 2023		365,606		$	2.63

Note 5 - Long Term Debt

3 Months Ended

Mar. 31, 2023

Notes to Financial Statements

Long-Term Debt [Text Block]

Note 5 — Long-Term Debt

SWK Loan

On November 13, 2019, the Company entered into a credit agreement (the “SWK Credit Agreement”) with SWK Holdings Corporation (“SWK”) which provided for up to $10,000 in financing. The Company received proceeds of $5,000 at closing and was able to borrow an additional $5,000 upon the FDA approval of a second product developed by the Company, excluding its EM-100/Alaway Preservative-Free eye allergy product (“EM-100”). In March 2020, in conjunction with the Company’s ALKINDI SPRINKLE® product licensing agreement (see Note 11) and the Company’s March 2020 sale of additional shares of its common stock, the Company and SWK amended the SWK Credit Agreement. The amendment provided the Company with the option to immediately draw $2,000 and the ability to borrow an additional $3,000 based upon the FDA approval of EM-100 and ALKINDI SPRINKLE® which subsequently occurred in September 2020. Accordingly, the Company borrowed an additional $2,000 on August 11, 2020. The term of the SWK Credit Agreement is for five years and borrowings bear interest at a rate of LIBOR 3-month plus 10.0%, subject to a stated LIBOR floor rate of 2.0%. A 2.0% unused credit limit fee was assessed during the first twelve months after the date of the SWK Credit Agreement and loan fees include a 5.0% exit fee based on the principal amounts drawn which is payable at the end of the term of the SWK Credit Agreement. The Company was required to maintain a minimum cash balance of $3,000, only pay interest on the debt until February 2022 and then pay 5.5% of the loan principal balance commencing on February 15, 2022 and then every three months thereafter until November 13, 2024 at which time the remaining principal balance is due. Borrowings under the SWK Credit Agreement are secured by the Company’s assets. The SWK Credit Agreement contains customary default provisions and covenants which include limits on additional indebtedness. In March 2020, SWK provided a waiver for the Company to obtain loans with the Small Business Association. In February 2021, the Company notified SWK that it will not require additional borrowing capacity under the SWK Credit Agreement and terminated the additional borrowing capacity with SWK.

In connection with the initial $5,000 borrowed in November 2019, the Company issued warrants to SWK to purchase 51,239 shares of the Company’s common stock with an exercise price of $5.86 per share. The relative fair value of these 51,239 warrants was $226 and was estimated using BSM with the following assumptions: fair value of the Company’s common stock at issuance of $5.75 per share; seven-year contractual term; 95% volatility; 0% dividend rate; and a risk-free interest rate of 1.8%.

In connection with the additional $2,000 borrowed in August 2020, the Company issued warrants for 18,141 shares of its common stock at an exercise price of $6.62 per share. The relative fair value of the 18,141 warrants was $94 and was estimated using BSM with the following assumptions: fair value of the Company’s common stock at issuance of $6.85 per share; seven-year contractual term; 95% volatility; 0% dividend rate; and a risk-free interest rate of 0.4%.

Note 5 — Long-Term Debt (continued)

These warrants (the “SWK Warrants”) are exercisable immediately and have a term of seven years from the date of issuance. The SWK Warrants are subject to a cashless exercise feature, with the exercise price and number of shares issuable upon exercise subject to change in connection with stock splits, dividends, reclassifications and other conditions.

On April 5, 2022, the Company and SWK entered into an amendment to the SWK Credit Agreement which allowed for a deferral of loan principal payments until May 2023 and reduced the interest rate to LIBOR 3-month plus 8.0%, subject to a stated LIBOR floor rate of 2.0%. In accordance with the change, the Company has classified $1,339 as principal due in the next 12 months and the remainder classified as long-term debt in its balance sheet at March 31, 2023. Because LIBOR was intended to be phased out by the end of 2021, future borrowings under our Credit Agreement could be subject to reference rates other than LIBOR. However, the cessation date has been deferred to June 30, 2023 and we do not expect the planned discontinuation of LIBOR to have a material impact on interest payments incurred under the SWK Credit Agreement. The Company is in discussions with SWK regarding an alternate reference rate.

Interest expense of $265 was recorded during the three months ended March 31, 2023, which included $29 of debt discount amortization. Interest expense of $247 was recorded during the three months ended March 31, 2022, which included $36 of debt discount amortization. As of March 31, 2023, $251 of accrued interest is included in accrued liabilities.

The table below reflects the future payments for the SWK loan principal and interest as of March 31, 2023.

	*Amount*
Remainder of 2023	$	1,643
2024		6,602
Total payments		8,245
Less: amount representing interest		(1,630	)
Loan payable, gross		6,615
Less: current portion of long-term debt		(1,339	)
Less: unamortized discount		(169	)
Long-term debt, net of unamortized discount	$	5,107

Note 3 - Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2023

Notes Tables

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]

	*Amortization*
Year	*Expense*
Remainder of 2023	$	544
2024		725
2025		725
2026		725
2027		608
Thereafter		1,246
Total estimated amortization expense	$	4,573

Note 7 - Common Stock Warrants

3 Months Ended

Mar. 31, 2023

Notes to Financial Statements

Stockholders' Equity Note, Warrants or Rights Warrants Disclosure [TextBlock]

Note 7 — Common Stock Warrants

The Company’s outstanding warrants to purchase shares of its common stock at March 31, 2023 are summarized in the table below.

Description of Warrants	*No. of Shares*		*Exercise Price*
Placement Agent Warrants - IPO		414,000	$	7.50
SWK Warrants – Debt – Tranche #1		51,239	$	5.86
SWK Warrants – Debt – Tranche #2		18,141	$	6.62
Total (Avg)		483,380	$	7.29

The holders of these warrants or their permitted transferees, are entitled to rights with respect to the registration under the Securities Act of 1933, as amended (the “Securities Act”) for their shares that are converted to common stock, including demand registration rights and piggyback registration rights. These rights are provided under the terms of a registration rights agreement between the Company and the investors.

Note 6 - Common Stock (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Common Stock, Shares Authorized (in shares)	50,000,000		50,000,000
Common Stock, Par or Stated Value Per Share (in dollars per share)	$ 0.001		$ 0.001
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period (in shares)	402,308	0
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (in shares)	50,867
Share-Based Payment Arrangement, Decrease for Tax Withholding Obligation	$ 181
The Two Thousand Eighteen Equity Incentive Plan Member
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period (in shares)	202,126

Note 2 - Liquidity Considerations

3 Months Ended

Mar. 31, 2023

Notes to Financial Statements

Liquidation Basis of Accounting [Text Block]

Note 2 — Liquidity Considerations

The Company currently believes its existing cash and cash equivalents of $14,708 as of March 31, 2023 along with revenues from approved products and additional milestone payments expected to be paid in 2023 will be sufficient to fund its operating expenses and capital expenditure requirements for at least the next twelve months from the date of filing of this quarterly report. This estimate is based on the Company’s current assumptions, including assumptions relating to estimated sales and its ability to manage its spending. The Company could use its available capital resources sooner than currently expected. Accordingly, the Company could seek to obtain additional capital through equity financings, the issuance of debt or other arrangements. However, there can be no assurance that the Company will be able to raise additional capital if needed or under acceptable terms, if at all. The sale of additional equity may dilute existing stockholders and newly issued stock could contain senior rights and preferences compared to currently outstanding common shares. The Company’s existing long-term debt obligation contains covenants and limits the Company’s ability to pay dividends or make other distributions to stockholders. If the Company experiences delays in product sales growth, completing its product development and obtaining regulatory approval for its other product candidates and is unable to obtain such additional financing, operations might need to be scaled back or discontinued.

Note 5 - Long Term Debt - Schedule of Future Payments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Remainder of 2023	$ 1,643
2024	6,602
Total payments	8,245
Less: amount representing interest	(1,630)
Long-Term Debt, Gross	6,615
Less: current portion of long-term debt	(1,339)	$ (1,033)
Less: unamortized discount	(169)
Long-term debt, net of unamortized discount	$ 5,107	$ 5,384

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Note 4 - Property and Equipment (Tables)

3 Months Ended

Mar. 31, 2023

Notes Tables

Property, Plant and Equipment [Table Text Block]

	*March 31,*			*December 31,*
	*2023*			*2022*
Computer hardware and software	$	187		$	177
Furniture and fixtures		111			112
Equipment		52			52
Leasehold improvements		71			71
Construction in Progress		—			12
		421			424
Less: accumulated depreciation		(365	)		(352	)
Property and equipment, net	$	56		$	72

Note 3 - Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2023

Notes to Financial Statements

Significant Accounting Policies [Text Block]

Note 3 — Summary of Significant Accounting Policies

Basis of Presentation

The Company has prepared the accompanying condensed financial statements in accordance with accounting principles generally accepted in the United States (“GAAP”).

Unaudited Interim Financial Information

The accompanying interim condensed financial statements are unaudited and have been prepared on the same basis as the audited financial statements and, in the opinion of management, reflect all adjustments necessary for the fair presentation of the Company’s financial position as of March 31, 2023 and the results of its operations and its cash flows for the periods ended March 31, 2023 and 2022. The financial data and other information disclosed in these notes related to the three-month periods ended March 31, 2023 and 2022 are also unaudited. The results for the three-month periods ended March 31, 2023 are not necessarily indicative of results to be expected for the year ending December 31, 2023, any other interim periods or any future year or period.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Significant estimates and assumptions reflected in these financial statements include, but are not limited to, provisions for uncollectible receivables, chargebacks and sales returns, valuation of inventories, useful lives of assets and the impairment of property and equipment and intangible assets, deferred tax assets, the accrual of research and development expenses and the valuation of stock options and warrants, and restricted stock units. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results could differ from those estimates or assumptions.

Segment Information

The Company operates the business on the basis of a single reportable segment, which is the business of developing and commercializing prescription drug products. The Company’s chief operating decision-maker is the Chief Executive Officer (“CEO”), who evaluates the Company as a single operating segment.

Cash and Cash Equivalents

The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. All cash and cash equivalents are held in U.S. financial institutions or invested in short-term U.S. treasury bills or high-grade money market funds. As of March 31, 2023, the Company’s cash is in a non-interest bearing account as well as a government money market fund. From time to time, amounts deposited with its bank exceed federally insured limits. The Company believes the associated credit risk to be minimal.

Accounts Receivable

Accounts receivable are recorded at the invoiced amount and are non-interest bearing. Accounts receivable are recorded net of allowances for doubtful accounts, cash discounts for prompt payment, distribution fees, chargebacks and returns and allowances. The total for these reserves amounted to $176 and $262 as of March 31, 2023 and December 31, 2022, respectively. The Company considers historical collection rates and current financial status of its customers, as well as macroeconomic and industry-specific factors when evaluating potential credit losses. Historically, the Company's accounts receivable balances have been highly concentrated with a select number of customers, consisting primarily of specialty pharmacies and large wholesale pharmaceutical distributors. Given the size and creditworthiness of these customers, we have not experienced and do not expect to experience material credit losses.

Inventories

The Company values its inventories at the lower of cost or net realizable value using the first-in, first-out method of valuation. The Company reviews its inventories for potential excess or obsolete issues on an ongoing basis and will record a write-down if an impairment is identified. Inventories at March 31, 2023 and December 31, 2022 consist solely of purchased finished goods. At March 31, 2023 and December 31, 2022 inventories are shown net of reserves for its ALKINDI SPRINKLE® of $56 and $62, respectively, due to the risk of expiry before this entire stock of inventories is sold.

Property and Equipment

Property and equipment are stated at cost. Depreciation of property and equipment is computed utilizing the straight-line method based on the following estimated useful lives: computer hardware and software is depreciated over three years; equipment, furniture and fixtures is depreciated over five years; leasehold improvements are amortized over their estimated useful lives or the remaining lease term, whichever is shorter. Construction in progress is capitalized but not depreciated until it is placed into service.

Maintenance and repairs are charged to expense as incurred, while renewals and improvements are capitalized.

Intangible Assets

The Company capitalizes payments it makes for licensed products when the payment relates to an FDA-approved product and the cost is recoverable based on expected future cash flows from the product. The cost is amortized on a straight-line basis over the estimated useful life of the product commencing on the approval date in accordance with Accounting Standards Codification (“ASC”) 350 — Intangibles - Goodwill and Other. In November 2021, the Company purchased the rights for its Carglumic Acid product for $3,250 and that cost is being amortized over ten years. A $750 payment related to the approval of Biorphen had been capitalized in 2019 and that cost was being amortized over five years. As a result of the Biorphen sale to Dr. Reddy’s Laboratories S.A. (“Dr. Reddy’s”) (see Note 11) in June 2022, amortization of that asset was accelerated to record $275 of expense in June 2022 and the remaining $75 of expense in the last six months of the year ended December 31, 2022. A $750 payment related to the approval of Rezipres had been capitalized in Q1 2022 and that cost was being amortized over five years. As a result of the sale to Dr. Reddy’s, amortization of the Rezipres asset was accelerated to record the remaining $738 in the three-month period ended June 30, 2022. In September 2022, the Company purchased the rights for its Betaine Anhydrous product for $2,000 and that cost is being amortized over five years. The intangible assets, net on the Company’s balance sheet reflected $2,177 of accumulated amortization as of March 31, 2023. The Company recorded $181 and $131, respectively, of amortization expense for the three months ended March 31, 2023 and 2022. The table below shows the estimated remaining amortization for these products for each of the five years from 2023 to 2027 and thereafter.

Amortization

Year

Expense

Remainder of 2023
$ 544

2024
725

2025
725

2026
725

2027
608

Thereafter
1,246

Total estimated amortization expense
$ 4,573

Impairment of Long-Lived Assets

Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized in the Company’s statements of operations for the amount by which the carrying amount of the asset exceeds the fair value of the asset. No impairment was recognized during the three months ended March 31, 2023 and 2022.

Debt Issuance Costs and Debt Discount and Detachable Debt-Related Warrants

Costs incurred to issue debt are deferred and recorded as a reduction to the debt balance in the accompanying balance sheets. The Company amortizes debt issuance costs over the expected term of the related debt using the effective interest method. Debt discounts related to the relative fair value of warrants issued in conjunction with the debt and are also recorded as a reduction to the debt balance and accreted over the expected term of the debt to interest expense using the effective interest method.

Leases

The Company accounts for leases in accordance with ASC Topic 842 — Leases. The Company reviews all relevant facts and circumstances of a contract to determine if it is a lease whereby the terms of the agreement convey the right to control the direct use and receive substantially all the economic benefits of an identified asset for a period of time in exchange for consideration. The associated right-of-use assets and lease liabilities are recognized at lease commencement. The Company measures lease liabilities based on the present value of the lease payments over the lease term discounted using the rate it would pay on a loan with the equivalent payments and term for the lease. The Company does not include the impact for lease term options that would extend or terminate the lease unless it is reasonably certain that it will exercise any such options. The Company accounts for the lease components separately from non-lease components for its operating leases.

The Company measures right-of-use assets based on the corresponding lease liabilities adjusted for (i) any prepayments made to the lessor at or before the commencement date, (ii) initial direct costs it incurs, and (iii) any incentives under the lease. In addition, the Company evaluates the recoverability of its right-of-use assets for possible impairment in accordance with its long-lived assets policy.

Operating leases are reflected on the balance sheets as operating lease right-of-use assets, current accrued liabilities and long-term operating lease liabilities. The Company does not have any finance leases as of March 31, 2023 and 2022.

The Company commences recognizing operating lease expense when the lessor makes the underlying asset available for use by the Company and the operating lease expense is recognized on a straight-line basis over the term of the lease. Variable lease payments are expensed as incurred.

The Company does not recognize right-of-use assets or lease liabilities for leases with a term of twelve months or less; such lease costs are recorded in the statements of operations on a straight-line basis over the lease term.

Concentrations of Credit Risk, Sources of Supply and Significant Customers

The Company is subject to credit risk for its cash and cash equivalents which are invested in money market funds and U.S. treasury bills from time to time. The Company maintains its cash and cash equivalent balances with one major commercial bank and the deposits held with the financial institution exceed the amount of insurance provided on such deposits and is exposed to credit risk in the event of a default by the financial institutions holding its cash and cash equivalents to the extent recorded on the balance sheets. The Company believes the associated credit risk to be minimal.

The Company is dependent on third-party suppliers for its products and product candidates. In particular, the Company relies, and expects to continue to rely, on a small number of suppliers to manufacture key chemicals, approved products and process its product candidates as part of its development programs. These programs could be adversely affected by a significant interruption in the manufacturing process.

The Company is also subject to credit risk from its accounts receivable related to product sales as it extends credit based on an evaluation of the customer’s financial condition, and collateral is not required. Management monitors its exposure to accounts receivable by periodically evaluating the collectability of the account receivable based on a variety of factors including the length of time the receivables are past due, the financial health of the customer and historical experience. Based upon the review of these factors, the Company did not record an allowance for doubtful accounts at March 31, 2023 or 2022. The accounts receivable balance at March 31, 2023 and product sales revenue recognized during the period ended March 31, 2023 consist of sales to and amounts due from AnovoRx for sales of the Company’s ALKINDI SPRINKLE® and Carglumic Acid products. The accounts receivable balance at March 31, 2022 and product sales revenue recognized during the period ended March 31, 2022 consist of sales to and amounts due from AnovoRx for sales of the Company’s ALKINDI SPRINKLE® and Carglumic Acid products as well as sales to and amounts due from AmerisourceBergen Corporation, Cardinal Health Services and McKesson Corporation for sales of the Company’s Biorphen product. AnovoRx sales made up 96.3% of total net revenues recognized in the period ended March 31, 2023 and 95.1% of net accounts receivable as of March 31, 2023, and 68.5% of total net revenues recognized in the period ended March 31, 2022 and 79.8% of net accounts receivable as of December 31, 2022.

Revenue Recognition for Contracts with Customers

The Company accounts for contracts with its customers in accordance with ASC 606 — Revenue from Contracts with Customers. ASC 606 applies to all contracts with customers, except for contracts that are within the scope of other standards. Under ASC 606, an entity recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, the entity performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation.

At contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within each contract and determines those that are performance obligations and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. Arrangements that include rights to additional goods or services that are exercisable at a customer’s discretion are generally considered options. The Company assesses whether these options provide a material right to the customer and, if so, they are considered performance obligations. The exercise of a material right is accounted for as a contract modification for accounting purposes.

The Company recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) each performance obligation is satisfied at a point in time or over time, and if over time this is based on the use of an output or input method. Any amounts received prior to revenue recognition will be recorded as deferred revenue. Amounts expected to be recognized as revenue within the twelve months following the balance sheet date will be classified as current portion of deferred revenue in the Company’s balance sheets. Amounts not expected to be recognized as revenue within the twelve months following the balance sheet date are classified as long-term deferred revenue, net of current portion.

Milestone Payments – If a commercial contract arrangement includes development and regulatory milestone payments, the Company will evaluate whether the milestone conditions have been achieved and if it is probable that a significant revenue reversal would not occur before recognizing the associated revenue. Milestone payments that are not within the Company’s control or the licensee’s control, such as regulatory approvals, are generally not considered probable of being achieved until those approvals are received.

Royalties – For arrangements that include sales-based royalties, including milestone payments based on a level of sales, which are the result of a customer-vendor relationship and for which the license is deemed to be the predominant item to which the royalties relate, the Company will recognize revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied or partially satisfied.

Significant Financing Component – In determining the transaction price, the Company will adjust consideration for the effects of the time value of money if the expected period between payment by the licensees and the transfer of the promised goods or services to the licensees will be more than one year.

The Company sells its rare disease products to one pharmacy distributor customer which provides order fulfilment and inventory storage/distribution services. The Company may sell products in the U.S. to wholesale pharmaceutical distributors, who then sell the product to hospitals and other end-user customers. Sales to wholesalers are made pursuant to purchase orders subject to the terms of a master agreement, and delivery of individual shipments represent performance obligations under each purchase order. The Company uses a third-party logistics (“3PL”) vendor to process and fulfill orders and has concluded it is the principal in the sales to wholesalers because it controls access to the 3PL vendor services rendered and directs the 3PL vendor activities. The Company has no significant obligations to wholesalers to generate pull-through sales.

For its rare disease products, the Company bills at the initial product list price which are subject to offsets for patient co-pay assistance and potential state Medicaid reimbursements which are recorded as a reduction of net revenues at the date of sale/shipment. Selling prices initially billed to wholesalers are subject to discounts for prompt payment and subsequent chargebacks when the wholesalers sell products at negotiated discounted prices to members of certain group purchasing organizations (“GPOs”) and government programs. Because of the shelf life of the product and the Company’s lengthy return period, there may be a significant period of time between when the product is shipped and when it issues credits on returned product.

The Company estimates the transaction price when it receives each purchase order taking into account the expected reductions of the selling price initially billed to the wholesaler/distributor arising from all of the above factors. The Company has developed estimates for future returns and chargebacks and the impact of other discounts and fees it pays, although rare disease product sales are not subject to returns. When estimating these adjustments to the transaction price, the Company reduces it sufficiently to be able to assert that it is probable that there will be no significant reversal of revenue when the ultimate adjustment amounts are known.

The Company stores its rare disease product inventory at its pharmacy distributor customer location, and sales are recorded when stock is pulled and shipped to fulfill specific patient orders. The Company recognizes revenue and cost of sales from products sold to wholesalers upon delivery to the wholesaler location. At that time, the wholesalers take control of the product as they take title, bear the risk of loss of ownership and have an enforceable obligation to pay the Company. They also have the ability to direct sales of product to their customers on terms and at prices they negotiate. Although wholesalers have product return rights, the Company does not believe they have a significant incentive to return the product.

Upon recognition of revenue from product sales, the estimated amounts of credit for product returns, chargebacks, distribution fees, prompt payment discounts, state Medicaid and GPO fees are included in sales reserves, accrued liabilities and net accounts receivable. The Company monitors actual product returns, chargebacks, discounts and fees subsequent to the sale. If these amounts end up differing from its estimates, it will make adjustments to these allowances, which are applied to increase or reduce product sales revenue and earnings in the period of adjustment.

In addition, the Company anticipates it will receive revenues from product licensing agreements where it has contracted for milestone payments and royalties from products it has developed or acquired.

Cost of Product Sales

Cost of product sales consists of the profit-sharing and royalty fees with the Company’s product licensing and development partners, the purchase costs for finished products from third-party manufacturers, freight and handling/storage costs from the Company’s 3PL logistics service providers, and amortization expense of certain intangible assets. The cost of sales for profit-sharing and royalty fees and costs for purchased finished products and the associated inbound freight expense are recorded when the associated product sale revenue is recognized in accordance with the terms of shipment to customers while outbound freight and handling/storage fees charged by the 3PL service provider are expensed as they are incurred. Cost of product sales also reflects any write-downs or reserve adjustments for the Company’s inventories.

Research and Development Expenses

Research and development (“R&D”) expenses include both internal R&D activities and external contracted services. Internal R&D activity expenses include salaries, benefits and stock-based compensation and other costs to support the Company’s R&D operations. External contracted services include product development efforts such as certain product licensor milestone payments, clinical trial activities, manufacturing and control-related activities and regulatory costs. R&D expenses are charged to operations as incurred. The Company reviews and accrues R&D expenses based on services performed and relies upon estimates of those costs applicable to the stage of completion of each project. Significant judgments and estimates are made in determining the accrued balances at the end of any reporting period. Actual results could differ from the Company’s estimates.

Upfront payments and milestone payments made for the licensing of products that are not yet approved by the FDA are expensed as R&D in the period in which they are incurred. Nonrefundable advance payments for goods or services to be received in the future for use in R&D activities are recorded as prepaid expenses and are expensed as the related goods are delivered or the services are performed.

Income (Loss) Per Share

Basic net income (loss) per share of common stock is computed by dividing net income (loss) attributable to common stockholders for the period by the weighted average number of shares of common stock outstanding during the period. Diluted net income (loss) per share is computed by dividing the net income (loss) attributable to common stockholders for the period by the weighted average number of common and common equivalent shares, such as unvested restricted stock, stock options and warrants that are outstanding during the period. Common stock equivalents are excluded from the computation when their inclusion would be anti-dilutive. For the three-month periods ended March 31, 2023 and March 31, 2022, common stock equivalents of 5,441,568 and 5,110,852, respectively, are excluded from the calculation of diluted net loss per share because the effect is anti-dilutive. Included in the basic and diluted net income (loss) per share calculation are RSUs awarded to employees or directors that have vested, but the issuance and delivery of the shares of common stock are deferred until the director retires from service as a director.

Stock-Based Compensation

The Company accounts for stock-based compensation under the provisions of ASC — 718 Compensation — Stock Compensation. The guidance under ASC 718 requires companies to estimate the fair value of the stock-based compensation awards on the date of grant and record expense over the related service periods, which are generally the vesting period of the equity awards. The Company estimates the fair value of stock-based option awards using the Black-Scholes-Merton option-pricing model (“BSM”). The BSM requires the input of subjective assumptions, including the expected stock price volatility, the calculation of expected term, forfeitures and the fair value of the underlying common stock on the date of grant, among other inputs. The risk-free interest rate was determined from the implied yields for zero-coupon U.S. government issues with a remaining term approximating the expected life of the options or warrants. Dividends on common stock are assumed to be zero for the BSM valuation of the stock options. The expected term of stock options granted is based on vesting periods and the contractual life of the options. Expected volatilities are based on comparable companies’ historical volatility along with a limited weighting included for the Company’s own volatility, which management believes represents the most accurate basis for estimating expected future volatility under the current conditions. The Company accounts for forfeitures as they occur. The Company uses the closing common stock price on the date of grant for the fair value of the common stock.

Fair Value Measurements

We measure certain of our assets and liabilities at fair value. Fair value represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value accounting requires characterization of the inputs used to measure fair value into a three-level fair value hierarchy as follows:

Level 1 — Inputs based on quoted prices in active markets for identical assets or liabilities. An active market is a market in which transactions occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

Level 2 — Observable inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent from the entity.

Level 3 — Unobservable inputs that reflect the entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available.

Fair value measurements are classified based on the lowest level of input that is significant to the measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, which may affect the valuation of the assets and liabilities and their placement within the fair value hierarchy levels. The determination of the fair values stated below take into account the market for the Company’s financials, assets and liabilities, the associated credit risk and other factors as required. The Company considers active markets as those in which transactions for the assets or liabilities occur in sufficient frequency and volume to provide pricing information on an ongoing basis.

The Company’s financial instruments included cash and cash equivalents, accounts receivable, accounts payable, accrued liabilities, and long-term debt obligation. The carrying amounts of these financial instruments, except for the long-term debt obligation, approximate their fair values due to the short-term maturities of these instruments. Based on borrowing rates currently available to the Company, the carrying value of the long-term debt obligation approximates its fair value.

Impact of Recent Accounting Pronouncements

In June 2016, the FASB issued Accounting Standards Update ("ASU") 2016-13, “Measurement of Credit Losses on Financial Instruments.” This ASU replaces the incurred loss impairment methodology in current U.S. GAAP with a methodology that reflects expected credit losses, requires consideration of a broader range of reasonable and supportable information for credit loss estimates on certain types of financial instruments, including trade receivables, and new disclosures. The ASU, as subsequently amended, is effective for the Company for fiscal years beginning after December 15, 2022, as the Company was a smaller reporting company as of November 15, 2019, the determination date. We adopted ASU 2016-13 on January 1, 2023. Based on the composition of the Company’s accounts receivable, including current market conditions and historical credit loss activity, the adoption of this standard did not have a material impact on the Company’s consolidated financial statements or disclosures. Specifically, the Company’s estimate of expected credit losses as of March 31, 2023, using its expected credit loss evaluation process described above, resulted in no provision for credit losses and no cumulative-effect adjustment to accumulated deficit on the adoption date of the standard.

Note 12 - Subsequent Events

3 Months Ended

Mar. 31, 2023

Notes to Financial Statements

Subsequent Events [Text Block]

Note 12 — Subsequent Events

The Company has evaluated subsequent events through the filing date of this Form 10-Q and has determined that no subsequent events have occurred that would require recognition in the condensed financial statements or disclosure in the notes thereto.

Note 8 - Share-based Payment Awards - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Balance, Options (in shares)	4,402,292
Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 4.71
Issued, Options (in shares)	1,053,291
Issued, Weighted Average Exercise Price (in dollars per share)	$ 3.47
Exercised, Options (in shares)	(402,308)	0
Exercised, Weighted Average Exercise Price (in dollars per share)	$ 2.22
Forfeited/Cancelled, Options (in shares)	(61,250)
Forfeited/Cancelled, Weighted Average Exercise Price (in dollars per share)	$ 1.95
Balance, Options (in shares)	4,992,025
Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 4.68
Outstanding, Weighted Average Remaining Contractual Term (Year)	8 years
Outstanding, Aggregate Intrinsic Value	$ 2,140
Exercisable, Options (in shares)	2,858,033
Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 5.05
Exercisable, Weighted Average Remaining Contractual Term (Year)	7 years
Exercisable, Aggregate Intrinsic Value	$ 1,321
Vested and expected to vest, Options (in shares)	4,992,025
Vested and expected to vest, Weighted Average Exercise Price (in dollars per share)	$ 4.68
Vested and expected to vest, Weighted Average Remaining Contractual Term (Year)	8 years
Vested and expected to vest, Aggregate Intrinsic Value	$ 2,140

Note 10 - Leases (Tables)

3 Months Ended

Mar. 31, 2023

Notes Tables

Lessee, Operating Lease, Disclosure [Table Text Block]

Assets	*Classification*
Operating lease right-of-use assets	Operating lease right-of-use assets, net	$	169
Total leased assets		$	169
Liabilities
Operating lease liabilities, current	Accrued liabilities	$	78
Operating lease liabilities, noncurrent	Operating lease liabilities, net of current portion	$	86
Total operating lease liabilities		$	164

Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block]

Total

2023

2024

2025

Thereafter

Undiscounted lease payments

179

—

Less: Imputed interest

(15

)

Total lease liabilities

164