Annual report pursuant to Section 13 and 15(d)


12 Months Ended
Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Substantial Doubt about Going Concern [Text Block]
The Company’s financial statements are prepared using accounting principles generally accepted in the United States of America applicable to a going concern that contemplates the realization of assets and liquidation of liabilities in the normal course of business.
The Company has experienced recurring losses since its inception. For the year ended December 31, 2018, the Company incurred a net loss of $8.4 million, utilized $9.8 million in cash from operations and had an accumulated deficit of $158.4 million. Prior to closing of the APA on May 7, 2018, these factors raised substantial doubt as to the Company’s ability to continue as a going concern. However, upon closing the APA, the Company received gross proceeds of $29.0 million and part of the proceeds, $14.8 million, were utilized to satisfy, in full, its obligations under the Credit Agreement and Guaranty (the “CAG”) with Perceptive. As of December 31, 2018, the Company had a cash balance of approximately $8.9 million.
Given the Company’s current cash position and reduced cash burn, the Company believes substantial doubt has been mitigated and it has sufficient resources to support its planned operations for a year from the date these financial statements are issued.