2019 Q1 Form 10-Q Financial Statement
#000143774919009730 Filed on May 14, 2019
Income Statement
| Concept | 2019 Q1 | 2018 Q1 |
|---|---|---|
| Revenue | $0.00 | $0.00 |
| YoY Change | ||
| Cost Of Revenue | ||
| YoY Change | ||
| Gross Profit | ||
| YoY Change | ||
| Gross Profit Margin | ||
| Selling, General & Admin | $300.0K | $660.0K |
| YoY Change | -54.55% | -47.2% |
| % of Gross Profit | ||
| Research & Development | $350.0K | $580.0K |
| YoY Change | -39.66% | -22.04% |
| % of Gross Profit | ||
| Depreciation & Amortization | ||
| YoY Change | ||
| % of Gross Profit | ||
| Operating Expenses | $350.0K | $580.0K |
| YoY Change | -39.66% | -22.04% |
| Operating Profit | -$653.0K | -$1.238M |
| YoY Change | -47.25% | -37.91% |
| Interest Expense | $1.033M | $473.0K |
| YoY Change | 118.39% | 137.69% |
| % of Operating Profit | ||
| Other Income/Expense, Net | -$999.0K | -$543.0K |
| YoY Change | 83.98% | -85.45% |
| Pretax Income | -$1.652M | -$1.781M |
| YoY Change | -7.24% | -68.89% |
| Income Tax | -$71.00K | -$28.00K |
| % Of Pretax Income | ||
| Net Earnings | -$1.581M | -$1.753M |
| YoY Change | -9.81% | -68.54% |
| Net Earnings / Revenue | ||
| Basic Earnings Per Share | ||
| Diluted Earnings Per Share | -$311.6K | -$445.3K |
| COMMON SHARES | ||
| Basic Shares Outstanding | 5.070M | |
| Diluted Shares Outstanding |
Balance Sheet
| Concept | 2019 Q1 | 2018 Q1 |
|---|---|---|
| SHORT-TERM ASSETS | ||
| Cash & Short-Term Investments | $1.380M | $1.170M |
| YoY Change | 17.95% | -52.05% |
| Cash & Equivalents | $1.379M | $1.169M |
| Short-Term Investments | ||
| Other Short-Term Assets | $70.00K | $150.0K |
| YoY Change | -53.33% | 87.5% |
| Inventory | ||
| Prepaid Expenses | $73.00K | $152.0K |
| Receivables | ||
| Other Receivables | ||
| Total Short-Term Assets | $1.860M | $1.769M |
| YoY Change | 5.14% | -41.21% |
| LONG-TERM ASSETS | ||
| Property, Plant & Equipment | ||
| YoY Change | ||
| Goodwill | ||
| YoY Change | ||
| Intangibles | ||
| YoY Change | ||
| Long-Term Investments | ||
| YoY Change | ||
| Other Assets | $51.00K | $56.00K |
| YoY Change | -8.93% | |
| Total Long-Term Assets | $51.00K | $56.00K |
| YoY Change | -8.93% | |
| TOTAL ASSETS | ||
| Total Short-Term Assets | $1.860M | $1.769M |
| Total Long-Term Assets | $51.00K | $56.00K |
| Total Assets | $1.911M | $1.825M |
| YoY Change | 4.71% | -39.35% |
| SHORT-TERM LIABILITIES | ||
| YoY Change | ||
| Accounts Payable | $905.0K | $1.222M |
| YoY Change | -25.94% | 15.07% |
| Accrued Expenses | $200.0K | $94.00K |
| YoY Change | 112.77% | -90.7% |
| Deferred Revenue | ||
| YoY Change | ||
| Short-Term Debt | $0.00 | $0.00 |
| YoY Change | ||
| Long-Term Debt Due | $259.0K | $50.00K |
| YoY Change | 418.0% | -83.11% |
| Total Short-Term Liabilities | $2.499M | $3.895M |
| YoY Change | -35.84% | 60.68% |
| LONG-TERM LIABILITIES | ||
| Long-Term Debt | $0.00 | $250.0K |
| YoY Change | -100.0% | 4.17% |
| Other Long-Term Liabilities | ||
| YoY Change | ||
| Total Long-Term Liabilities | $0.00 | $250.0K |
| YoY Change | -100.0% | 1.21% |
| TOTAL LIABILITIES | ||
| Total Short-Term Liabilities | $2.499M | $3.895M |
| Total Long-Term Liabilities | $0.00 | $250.0K |
| Total Liabilities | $2.500M | $4.145M |
| YoY Change | -39.69% | 55.19% |
| SHAREHOLDERS EQUITY | ||
| Retained Earnings | -$36.64M | -$30.91M |
| YoY Change | 18.55% | 26.91% |
| Common Stock | $5.000K | $4.000K |
| YoY Change | 25.0% | -88.89% |
| Preferred Stock | ||
| YoY Change | ||
| Treasury Stock (at cost) | ||
| YoY Change | ||
| Treasury Stock Shares | ||
| Shareholders Equity | -$588.0K | -$2.320M |
| YoY Change | ||
| Total Liabilities & Shareholders Equity | $1.911M | $1.825M |
| YoY Change | 4.71% | -39.35% |
Cashflow Statement
| Concept | 2019 Q1 | 2018 Q1 |
|---|---|---|
| OPERATING ACTIVITIES | ||
| Net Income | -$1.581M | -$1.753M |
| YoY Change | -9.81% | -68.54% |
| Depreciation, Depletion And Amortization | ||
| YoY Change | ||
| Cash From Operating Activities | -$783.0K | -$588.0K |
| YoY Change | 33.16% | -45.15% |
| INVESTING ACTIVITIES | ||
| Capital Expenditures | ||
| YoY Change | ||
| Acquisitions | ||
| YoY Change | ||
| Other Investing Activities | ||
| YoY Change | ||
| Cash From Investing Activities | ||
| YoY Change | ||
| FINANCING ACTIVITIES | ||
| Cash Dividend Paid | ||
| YoY Change | ||
| Common Stock Issuance & Retirement, Net | ||
| YoY Change | ||
| Debt Paid & Issued, Net | $27.00K | |
| YoY Change | ||
| Cash From Financing Activities | 758.0K | 1.611M |
| YoY Change | -52.95% | -47.46% |
| NET CHANGE | ||
| Cash From Operating Activities | -783.0K | -588.0K |
| Cash From Investing Activities | ||
| Cash From Financing Activities | 758.0K | 1.611M |
| Net Change In Cash | -25.00K | 1.023M |
| YoY Change | -102.44% | -48.7% |
| FREE CASH FLOW | ||
| Cash From Operating Activities | -$783.0K | -$588.0K |
| Capital Expenditures | ||
| Free Cash Flow | ||
| YoY Change |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
| CY2018Q1 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
1792000 | |
| CY2019Q1 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
10000 | |
| CY2019Q1 | snbp |
Common Shares Issued Upon Conversion Of Notes Payable
CommonSharesIssuedUponConversionOfNotesPayable
|
636234 | |
| CY2019Q1 | snbp |
Common Stock Converted Into Convertible Notes Payable Value
CommonStockConvertedIntoConvertibleNotesPayableValue
|
25000 | |
| CY2018Q1 | snbp |
Common Stock Converted Into Convertible Notes Payable Value
CommonStockConvertedIntoConvertibleNotesPayableValue
|
||
| CY2019Q1 | snbp |
Estimated Cost Saving Due To Changes In Salary And Reduction Of Employees
EstimatedCostSavingDueToChangesInSalaryAndReductionOfEmployees
|
80000 | |
| CY2019Q1 | snbp |
Grant Income Nonoperating
GrantIncomeNonoperating
|
||
| CY2018Q1 | snbp |
Grant Income Nonoperating
GrantIncomeNonoperating
|
10000 | |
| CY2019Q1 | snbp |
Intrinsic Value Of Convertible Debt With Conversion Feature
IntrinsicValueOfConvertibleDebtWithConversionFeature
|
353000 | |
| CY2018Q1 | snbp |
Intrinsic Value Of Convertible Debt With Conversion Feature
IntrinsicValueOfConvertibleDebtWithConversionFeature
|
||
| CY2019Q1 | snbp |
Noncash Interest Expense
NoncashInterestExpense
|
48000 | |
| CY2018Q1 | snbp |
Noncash Interest Expense
NoncashInterestExpense
|
43000 | |
| CY2019Q1 | snbp |
Proceeds From Deposits For Possible Future Stock Sales
ProceedsFromDepositsForPossibleFutureStockSales
|
||
| CY2018Q1 | snbp |
Proceeds From Deposits For Possible Future Stock Sales
ProceedsFromDepositsForPossibleFutureStockSales
|
350000 | |
| CY2019Q1 | snbp |
Stock Options Granted In Exchange For Release From Contingent Payment Obligations
StockOptionsGrantedInExchangeForReleaseFromContingentPaymentObligations
|
||
| CY2018Q1 | snbp |
Stock Options Granted In Exchange For Release From Contingent Payment Obligations
StockOptionsGrantedInExchangeForReleaseFromContingentPaymentObligations
|
1094000 | |
| CY2019Q1 | snbp |
Working Capital
WorkingCapital
|
-1700000 | |
| CY2019Q1 | us-gaap |
Accounts Payable Current
AccountsPayableCurrent
|
905000 | |
| CY2018Q4 | us-gaap |
Accounts Payable Current
AccountsPayableCurrent
|
1064000 | |
| CY2019Q1 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
|
200000 | |
| CY2018Q4 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
|
212000 | |
| CY2019Q1 | us-gaap |
Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
|
251000 | |
| CY2018Q4 | us-gaap |
Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
|
283000 | |
| CY2019Q1 | us-gaap |
Additional Paid In Capital
AdditionalPaidInCapital
|
35795000 | |
| CY2018Q4 | us-gaap |
Additional Paid In Capital
AdditionalPaidInCapital
|
35038000 | |
| CY2019Q1 | us-gaap |
Adjustments To Additional Paid In Capital Convertible Debt With Conversion Feature
AdjustmentsToAdditionalPaidInCapitalConvertibleDebtWithConversionFeature
|
353000 | |
| CY2018Q1 | us-gaap |
Amortization Of Financing Costs
AmortizationOfFinancingCosts
|
2000 | |
| CY2019Q1 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
4177922 | |
| CY2018Q1 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
1824607 | |
| CY2019Q1 | us-gaap |
Assets
Assets
|
1911000 | |
| CY2018Q4 | us-gaap |
Assets
Assets
|
1898000 | |
| CY2019Q1 | us-gaap |
Assets Current
AssetsCurrent
|
1860000 | |
| CY2019Q1 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
10000 | |
| CY2018Q1 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
1792000 | |
| CY2019Q1 | us-gaap |
Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
|
974000 | |
| CY2018Q1 | us-gaap |
Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
|
427000 | |
| CY2019Q1 | us-gaap |
Amortization Of Financing Costs
AmortizationOfFinancingCosts
|
6000 | |
| CY2019Q1 | us-gaap |
Adjustments To Additional Paid In Capital Warrant Issued
AdjustmentsToAdditionalPaidInCapitalWarrantIssued
|
419000 | |
| CY2018Q1 | us-gaap |
Adjustments To Additional Paid In Capital Warrant Issued
AdjustmentsToAdditionalPaidInCapitalWarrantIssued
|
||
| CY2018Q4 | us-gaap |
Assets Current
AssetsCurrent
|
1847000 | |
| CY2019Q1 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
1379000 | |
| CY2018Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
1405000 | |
| CY2017Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
152000 | |
| CY2018Q1 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
1169000 | |
| CY2019Q1 | us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
-26000 | |
| CY2018Q1 | us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
1017000 | |
| CY2019Q1 | us-gaap |
Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
|
2509477 | |
| CY2019Q1 | us-gaap |
Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
|
4910041 | |
| CY2019Q1 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.001 | |
| CY2018Q4 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.001 | |
| CY2019Q1 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
100000000 | |
| CY2018Q4 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
100000000 | |
| CY2019Q1 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
5070341 | |
| CY2018Q4 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
5077483 | |
| CY2019Q1 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
5070341 | |
| CY2018Q4 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
5077483 | |
| CY2019Q1 | us-gaap |
Common Stock Value
CommonStockValue
|
5000 | |
| CY2018Q4 | us-gaap |
Common Stock Value
CommonStockValue
|
5000 | |
| CY2019Q1 | us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
-1613000 | |
| CY2018Q1 | us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
-1684000 | |
| CY2019Q1 | us-gaap |
Convertible Notes Payable Current
ConvertibleNotesPayableCurrent
|
1083000 | |
| CY2018Q4 | us-gaap |
Convertible Notes Payable Current
ConvertibleNotesPayableCurrent
|
64000 | |
| CY2019Q1 | us-gaap |
Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
|
1100000 | |
| CY2019Q1 | us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
-0.31 | |
| CY2018Q1 | us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
-0.45 | |
| CY2019Q1 | us-gaap |
Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
|
-1000 | |
| CY2018Q1 | us-gaap |
Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
|
-6000 | |
| CY2019Q1 | us-gaap |
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
|
53000 | |
| CY2019Q1 | us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
303000 | |
| CY2018Q1 | us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
658000 | |
| CY2019Q1 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
|
-1652000 | |
| CY2018Q1 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
|
-1781000 | |
| CY2019Q1 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
-71000 | |
| CY2018Q1 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
-28000 | |
| CY2019Q1 | us-gaap |
Income Taxes Receivable
IncomeTaxesReceivable
|
408000 | |
| CY2018Q4 | us-gaap |
Income Taxes Receivable
IncomeTaxesReceivable
|
332000 | |
| CY2019Q1 | us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
-193000 | |
| CY2018Q1 | us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
111000 | |
| CY2019Q1 | us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
-11000 | |
| CY2018Q1 | us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
-65000 | |
| CY2019Q1 | us-gaap |
Increase Decrease In Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesReceivable
|
74000 | |
| CY2018Q1 | us-gaap |
Increase Decrease In Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesReceivable
|
36000 | |
| CY2019Q1 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
-38000 | |
| CY2018Q1 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
15000 | |
| CY2019Q1 | us-gaap |
Interest Expense
InterestExpense
|
1033000 | |
| CY2018Q1 | us-gaap |
Interest Expense
InterestExpense
|
473000 | |
| CY2019Q1 | us-gaap |
Interest Paid Net
InterestPaidNet
|
5000 | |
| CY2018Q1 | us-gaap |
Interest Paid Net
InterestPaidNet
|
21000 | |
| CY2019Q1 | us-gaap |
Interest Payable Current
InterestPayableCurrent
|
52000 | |
| CY2018Q4 | us-gaap |
Interest Payable Current
InterestPayableCurrent
|
4000 | |
| CY2019Q1 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
1911000 | |
| CY2018Q4 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
1898000 | |
| CY2019Q1 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
2499000 | |
| CY2018Q4 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
1630000 | |
| CY2019Q1 | us-gaap |
Long Term Debt Current
LongTermDebtCurrent
|
259000 | |
| CY2018Q4 | us-gaap |
Long Term Debt Current
LongTermDebtCurrent
|
286000 | |
| CY2019Q1 | us-gaap |
Nature Of Operations
NatureOfOperations
|
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: top;"> <td style="width: 36pt;"> <div style=" margin: 0pt; text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.</div> </div></div> </td> <td> <div style=" margin: 0pt; text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;">Risks and Uncertainties</div></div> </td> </tr> </table> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">The Company operates in a highly regulated and competitive environment. The development, manufacturing and marketing of pharmaceutical products require approval from, and are subject to ongoing oversight by, the Food and Drug Administration (“FDA”) in the United States, the Therapeutic Goods Administration in Australia, the European Medicines Agency in the European Union, and comparable agencies in other countries. Obtaining approval for a new pharmaceutical product is never certain, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>take many years, and is normally expected to involve substantial expenditures.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">We have incurred losses of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$36.6</div> million since our inception in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2011.</div> For the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2019, </div>we incurred a net loss of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.6</div> million, which includes the amortization of discount on debt of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.0</div> million. We also incurred negative cash flows from operating activities of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.8</div> million for this period. During this same period, we raised <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.8</div> million from the sale of convertible promissory notes and warrants to purchase common stock, as discussed in Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4</div> titled “Liquidity and Business Plan”. As we continue to pursue development activities and seek commercialization of our initial product candidate, SBP-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">101,</div> we expect to incur substantial losses, which are likely to generate negative net cash flows from operating activities,. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2019, </div>we had cash of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.4</div> million, working capital deficit of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.7</div> million (current assets less current liabilities excluding unamortized debt discount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.1</div> million), and stockholders’ deficit of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.6</div> million. The Company’s principal sources of cash have historically included the issuance of convertible debt and equity securities.</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">The accompanying condensed consolidated financial statements have been prepared assuming that we will continue as a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The condensed<div style="display: inline; font-weight: bold;"> </div>consolidated financial statements do <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> include any adjustments relating to the recoverability or classification of assets or the amounts of liabilities that might result from the outcome of these uncertainties. Our current independent registered public accounting firm included a paragraph emphasizing this going concern uncertainty in their audit report regarding our <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> financial statements dated <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 22, 2019. </div>Our ability to continue as a going concern, realize the carrying value of our assets and discharge our liabilities in the ordinary course of business is dependent upon a number of factors, including our ability to obtain additional financing, the success of our development efforts, our ability to obtain marketing approval for our SBP-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">101</div> product candidate in the United States, Australia, the European Union or other markets and ultimately our ability to market and sell our SBP-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">101</div> product candidate. These factors, among others, raise substantial doubt about our ability to continue operations as a going concern. See Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4</div> titled “Liquidity and Business Plan.”</div></div> | |
| us-gaap |
Net Income Loss
NetIncomeLoss
|
-36600000 | ||
| CY2019Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
758000 | |
| CY2018Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
1611000 | |
| CY2019Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-783000 | |
| CY2018Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-588000 | |
| CY2019Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-1581000 | |
| CY2018Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-1753000 | |
| CY2019Q1 | us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
-999000 | |
| CY2018Q1 | us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
-543000 | |
| CY2019Q1 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-653000 | |
| CY2018Q1 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-1238000 | |
| CY2019Q1 | us-gaap |
Other Assets Noncurrent
OtherAssetsNoncurrent
|
51000 | |
| CY2018Q4 | us-gaap |
Other Assets Noncurrent
OtherAssetsNoncurrent
|
51000 | |
| CY2019Q1 | us-gaap |
Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
|
-32000 | |
| CY2018Q1 | us-gaap |
Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
|
69000 | |
| CY2019Q1 | us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
34000 | |
| CY2018Q1 | us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
-80000 | |
| CY2019Q1 | us-gaap |
Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
|
7000 | |
| CY2018Q1 | us-gaap |
Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
|
||
| CY2018Q1 | us-gaap |
Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
|
152000 | |
| CY2019Q1 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.001 | |
| CY2018Q4 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.001 | |
| CY2019Q1 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
10000000 | |
| CY2018Q4 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
10000000 | |
| CY2019Q1 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
0 | |
| CY2018Q4 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
0 | |
| CY2019Q1 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
0 | |
| CY2018Q4 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
0 | |
| CY2019Q1 | us-gaap |
Preferred Stock Value
PreferredStockValue
|
0 | |
| CY2018Q4 | us-gaap |
Preferred Stock Value
PreferredStockValue
|
0 | |
| CY2019Q1 | us-gaap |
Prepaid Expense Current
PrepaidExpenseCurrent
|
73000 | |
| CY2018Q4 | us-gaap |
Prepaid Expense Current
PrepaidExpenseCurrent
|
110000 | |
| CY2019Q1 | us-gaap |
Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
|
817000 | |
| CY2019Q1 | us-gaap |
Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
|
810000 | |
| CY2018Q1 | us-gaap |
Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
|
||
| CY2019Q1 | us-gaap |
Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
|
||
| CY2018Q1 | us-gaap |
Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
|
1261000 | |
| CY2019Q1 | us-gaap |
Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
|
800000 | |
| CY2019Q1 | us-gaap |
Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
|
27000 | |
| CY2018Q1 | us-gaap |
Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
|
||
| CY2019Q1 | us-gaap |
Repayments Of Notes Payable
RepaymentsOfNotesPayable
|
25000 | |
| CY2018Q1 | us-gaap |
Repayments Of Notes Payable
RepaymentsOfNotesPayable
|
||
| CY2019Q1 | us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
350000 | |
| CY2018Q1 | us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
580000 | |
| CY2019Q1 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-36639000 | |
| CY2018Q4 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-35058000 | |
| CY2019Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
10000 | |
| CY2018Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
698000 | |
| CY2019Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
|
0 | |
| CY2019Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
|
732119 | |
| CY2019Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
|
0 | |
| CY2019Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
|
0 | |
| CY2019Q1 | us-gaap |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Exercisable Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfExercisableOptions
|
995211 | |
| CY2019Q1 | us-gaap |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Outstanding Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions
|
1032211 | |
| CY2019Q1 | us-gaap |
Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageRemainingContractualTerm2
|
P7Y36D | |
| CY2019Q1 | us-gaap |
Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Exercise Price Beginning Balance1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1
|
8.904 | |
| CY2019Q1 | us-gaap |
Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2
|
P7Y47D | |
| CY2019Q1 | us-gaap |
Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
|
0 | |
| CY2018Q1 | us-gaap |
Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
|
1261000 | |
| CY2019Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-588000 | |
| CY2018Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
268000 | |
| CY2017Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-3689000 | |
| CY2018Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-2320000 | |
| CY2019Q1 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:9pt;margin-right:0pt;margin-top:0pt;text-align:left;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Use of estimates</div></div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">The preparation of condensed consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amount of expenses during the reporting period. Actual results could differ from those estimates.</div></div></div></div></div></div> | |
| CY2019Q1 | us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
5072397 | |
| CY2018Q1 | us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
3927296 |
