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Document And Entity Information - USD ($)	12 Months Ended
Document And Entity Information - USD ($)	Dec. 31, 2019	Mar. 09, 2020	Jun. 28, 2019
Document Information [Line Items]
Entity Registrant Name	Liquidia Technologies Inc
Entity Central Index Key	0001330436
Trading Symbol	liqda
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Small Business	true
Entity Interactive Data Current	Yes
Entity Common Stock, Shares Outstanding (in shares)		28,368,464
Entity Public Float			$ 107,845,184
Entity Shell Company	false
Document Type	10-K
Document Period End Date	Dec. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Amendment Flag	false
Title of 12(b) Security	Common stock, par value $0.001 per share

Balance Sheets - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Current assets:
Cash	$ 55,796,378	$ 39,534,985
Accounts receivable, net		272,557
Prepaid expenses and other current assets	590,251	219,057
Total current assets	56,386,629	40,026,599
Property, plant and equipment, net	9,253,965	8,130,708
Operating lease right-of-use assets, net	2,823,430
Prepaid expenses and other assets	378,043	1,260,951
Total assets	68,842,067	49,418,258
Current liabilities:
Accounts payable	3,498,043	3,235,949
Accrued compensation	3,164,687	2,515,519
Accrued stock offering expenses	1,289,413
Other accrued expenses	1,525,919	1,459,182
Deferred rent		268,599
Current portion of operating lease liabilities	566,390
Current portion of finance lease liabilities	1,244,229	452,703
Current portion of long-term debt	5,585,637	316,906
Total current liabilities	16,874,318	8,248,858
Long-term operating lease liabilities	5,670,971
Long-term finance lease liabilities	1,056,747	376,082
Long-term deferred rent		2,406,084
Long-term deferred revenue		8,071,920
Long-term debt, noncurrent	10,292,484	11,627,643
Total liabilities	33,894,520	30,730,587
Commitments and contingencies (Note 9)
Stockholders’ equity:
Preferred stock — 10,000,000 shares authorized as of December 31, 2019 and December 31, 2018, 0 and 0 issued and outstanding as of December 31, 2019 and December 31, 2018, respectively
Common stock — $0.001 par value, 40,000,000 shares authorized as of December 31, 2019 and December 31, 2018, 28,231,267 and 15,519,469 issued and outstanding as of December 31, 2019 and December 31, 2018, respectively	28,231	15,520
Additional paid-in capital	250,158,766	185,726,048
Accumulated deficit	(215,239,450)	(167,053,897)
Total stockholders’ equity	34,947,547	18,687,671
Total liabilities and stockholders’ equity	$ 68,842,067	$ 49,418,258

Balance Sheets (Parentheticals) - $ / shares	Dec. 31, 2019	Dec. 31, 2018
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	40,000,000	40,000,000
Common stock, shares issued (in shares)	28,231,267	15,519,469
Common stock, shares outstanding (in shares)	28,231,267	15,519,469

Statements of Operations and Comprehensive Loss - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Revenues	$ 8,072,120	$ 2,706,981
Costs and expenses:
Cost of sales	807,192	121,391
Research and development	40,491,358	28,699,576
General and administrative	13,597,119	8,754,088
Total costs and expenses	54,895,669	37,575,055
Loss from operations	(46,823,549)	(34,868,074)
Other income (expense):
Interest income	613,716	304,981
Interest expense	(1,373,622)	(18,988,176)
Gain on early extinguishment of long-term debt		137,695
Warrant fair value adjustments		277,715
Total other expense, net	(759,906)	(18,267,785)
Net loss	(47,583,455)	(53,135,859)
Other comprehensive loss
Comprehensive loss	$ (47,583,455)	$ (53,135,859)
Net loss per common share:
Basic (in dollars per share)	$ (2.57)	$ (7.42)
Diluted (in dollars per share)	$ (2.59)	$ (7.51)
Weighted average common shares outstanding:
Basic (in shares)	18,482,455	7,163,304
Diluted (in shares)	18,371,083	7,078,757

Statement of Stockholders' Equity (Deficit) - USD ($)	Preferred Stock [Member] Series A Preferred Stock [Member]	Preferred Stock [Member] Series A1 Preferred Stock [Member]	Preferred Stock [Member] Series B Preferred Stock [Member]	Preferred Stock [Member] Series C Preferred Stock [Member]	Preferred Stock [Member] Series C-1 Preferred Stock [Member]	Preferred Stock [Member] Series D Preferred Stock [Member]	Common Stock [Member] Nonvoting Common Stock, Class B [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Dec. 31, 2017	1,974,430	1,834,862	4,496,908	17,102,578	17,556,178		19,645	549,952
Balance at Dec. 31, 2017	$ 1,974	$ 1,835	$ 4,497	$ 17,103	$ 17,556		$ 20	$ 550	$ 79,677,540	$ (113,413,311)	$ (33,692,236)
Adjustment to remove partial shares resulting from reverse split (in shares)								(63)
Adjustment to remove partial shares resulting from reverse split
Cumulative adjustment - adoption of new accounting standard \| Accounting Standards Update 2014-09 [Member]										(504,727)	$ (504,727)
Exercise of common stock options (in shares)								119,793			119,793
Exercise of common stock options								$ 120	334,591		$ 334,711
Exercise of common stock warrants (in shares)								48,836
Exercise of common stock warrants								$ 49	773		822
Stock-based compensation									2,195,075		2,195,075
Issuance of Series D preferred stock, net (in shares)						91,147,482
Issuance of Series D preferred stock, net						$ 91,147			53,893,361		53,984,508
Stock Issued (in shares)								4,833,099
Stock Issued								$ 4,833	53,159,256		53,164,089
Automatic conversion of preferred stock and Class B common stock (in shares)	(1,974,430)	(1,834,862)	(4,496,908)	(17,102,578)	(17,556,178)	(91,147,482)	(19,645)	9,967,852
Automatic conversion of preferred stock and Class B common stock	$ (1,974)	$ (1,835)	$ (4,497)	$ (17,103)	$ (17,556)	$ (91,147)	$ (20)	$ 9,968	124,164
Reclassification of warrant liabilities									2,185,144		2,185,144
IPO financing costs									(5,843,856)		(5,843,856)
Net loss										(53,135,859)	(53,135,859)
Balance (in shares) at Dec. 31, 2018								15,519,469
Balance at Dec. 31, 2018								$ 15,520	185,726,048	(167,053,897)	18,687,671
Cumulative adjustment - adoption of new accounting standard \| Accounting Standards Update 2016-02 [Member]										(602,098)	$ (602,098)
Exercise of common stock options (in shares)								32,325			32,325
Exercise of common stock options								$ 32	141,295		$ 141,327
Exercise of common stock warrants (in shares)								64,629
Exercise of common stock warrants								$ 64	649		713
Stock-based compensation									3,376,305		3,376,305
Stock Issued (in shares)								12,573,890
Stock Issued								$ 12,574	60,914,510		60,927,084
Net loss										(47,583,455)	(47,583,455)
Issuance of common stock under stock incentive plan (in shares)								40,954
Issuance of common stock under stock incentive plan								$ 41	(41)
Balance (in shares) at Dec. 31, 2019								28,231,267
Balance at Dec. 31, 2019								$ 28,231	$ 250,158,766	$ (215,239,450)	$ 34,947,547

Statements of Cash Flows - USD ($)	12 Months Ended
Statements of Cash Flows - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Operating activities
Net loss	$ (47,583,455)	$ (53,135,859)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	3,376,305	2,195,075
Depreciation and amortization	2,567,742	1,543,667
Non-cash lease expense	225,537
Loss on disposal of property and equipment	6,587
Amortization of discount and debt issuance costs on long-term debt and convertible notes	75,364	17,550,541
Non-cash interest expense		343,103
Non-cash gain on early extinguishment of long-term debt		(137,695)
Warrant fair value adjustment		(277,715)
Non-cash rent (income) expense		(206,498)
Changes in operating assets and liabilities:
Accounts receivable – trade and other	272,557	1,349,622
Prepaid expenses and other current assets	(371,194)	(67,154)
Other non-current assets	807,192	2,408,097
Accounts payable	294,514	(1,281,784)
Accrued expenses	(108,707)	(1,055,564)
Accrued compensation	649,168	563,013
Operating lease liabilities	(422,364)
Deferred revenue	(8,071,920)	(1,621,384)
Net cash used in operating activities	(48,282,674)	(31,830,535)
Investing activities
Purchases of property, plant and equipment	(1,850,099)	(870,943)
Net cash used in investing activities	(1,850,099)	(870,943)
Financing activities
Principal payments on finance leases	(998,687)	(608,154)
Payments for finance lease deposits	(34,649)
Proceeds from issuance of long-term debt	5,000,000	11,000,000
Refund of principal payments on long-term debt		588,889
Principal payments on long-term debt		(12,406,010)
Payments for debt issuance costs		(397,000)
Proceeds from issuance of Series D preferred stock, net of issuance costs		25,106,896
Proceeds from sale of common stock, net of underwriting fees and commissions	63,039,490	47,320,233
Payments for offering costs	(754,028)	(2,122,903)
Proceeds from exercise of stock options and warrants	142,040	335,533
Net cash provided by financing activities	66,394,166	68,817,484
Net increase in cash	16,261,393	36,116,006
Cash, beginning of period	39,534,985	3,418,979
Cash, end of period	55,796,378	39,534,985
Supplemental disclosure of cash flow information
Cash paid for interest	887,038	1,094,532
Cash paid for operating lease liabilities	1,081,582
Right of use assets obtained with finance lease liabilities	834,693
Purchase of equipment with leases		456,517
Changes in purchases of property and equipment in accounts payable and accrued expenses	184,424	25,934
Purchase of build-to-suit asset with deferred financing obligation		272,656
Reclassification of deferred financing obligation to long-term debt		277,009
Reclassification of financing costs on deferred financing obligation to discount on long-term debt		1,614,466
Recording of discount on long-term debt		168,174
Leasehold improvements paid by landlord	936,104
Conversion of accrued interest to long-term debt		144,993
Conversion of convertible notes and accrued interest into Series D preferred stock		28,877,498
Deferred offering costs and commissions incurred but not paid	1,358,378	108,694
Exercise of stock options through exchange of vested stock options		$ 162,156

Note 1 - Business	12 Months Ended
Note 1 - Business	Dec. 31, 2019
Notes to Financial Statements
Nature of Operations [Text Block]	1. Business Liquidia Technologies, Inc. (“Liquidia” or the “Company”) is a late-stage clinical biopharmaceutical company focused on the development and commercialization of novel products utilizing the Company’s proprietary PRINT technology to transform the lives of patients. PRINT is a particle engineering platform that enables precise production of uniform drug particles designed to improve the safety, efficacy and performance of a wide range of therapies. The Company is currently focused on the development of two product candidates for which it holds worldwide commercial rights: LIQ861 for the treatment of pulmonary arterial hypertension (“PAH”) and LIQ865 for the treatment of local post-operative pain. The development and commercialization activities are conducted at the Company’s headquarters located in Morrisville, North Carolina. The Company was incorporated under the laws of the state of Delaware in 2004.

Note 2 - Basis of Presentation and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Basis of Presentation and Significant Accounting Policies [Text Block]

Basis of Presentation and Summary of Significant Accounting Policies

Basis of Presentation

The Company has prepared the accompanying financial statements in conformity with generally accepted accounting principles in the United States of America (“GAAP”). Such financial statements reflect all adjustments that are, in management’s opinion, necessary to present fairly, in all material respects, the Company’s financial position, results of operations and cash flows and are presented in U.S. Dollars.

Going Concern

The Company’s financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. The Company's operations have consisted primarily of developing its technology, developing products, prosecuting its intellectual property and securing financing. The Company has incurred recurring losses and cash outflows from operations, has an accumulated deficit, and has debt principal payments that commenced in the

first

quarter of

2020.

The Company expects to continue to incur losses in the foreseeable future and will require additional financial resources to continue to advance its products and intellectual property, in addition to repaying its maturing debt and other obligations. These conditions raise substantial doubt regarding the Company’s ability to continue as a going concern.

The Company believes that its existing cash will enable it to fund its operating expenses and capital expenditure requirements, make payments of interest and principal on its term loan facility with Pacific Western Bank, and remain in compliance with its minimum cash covenant of

$8.5

million pursuant to this term loan facility, through

August 2020.

The Company has based these estimates on assumptions that

may

prove to be wrong, and it could utilize its available capital resources sooner than it expects. The Company will need to raise substantial additional capital to continue its business operations and remain in compliance with the minimum cash covenant of

$8.5

million on its debt during and beyond the

third

quarter of

2020,

in addition to commercializing

LIQ861,

if approved. Such capital

may

not

be available on a timely basis, on terms that are favorable to the Company, or at all. Alternatively, in light of the Company's current limited cash resources, the recent trading price of the Company's common stock, outstanding debt and associated minimum cash covenant, and based on a review of the status of its programs, resources and capabilities, the Company continues to explore a wide range of strategic alternatives with the support of its financial advisor, Jefferies LLC, that could maximize stockholder value. The Company's efforts have been and continue to be focused primarily upon the potential formation of a partnership or a licensing transaction with respect to its lead program,

LIQ861,

for the treatment of PAH. Strategic alternatives

may

also include the sale of some of the Company’s assets or proprietary technologies, or a potential merger or sale of the Company. There can be

assurance that the Company will be able to enter into such a transaction or transactions on a timely basis, on terms that are favorable to the Company, or at all. The financial statements do

not

include any adjustments that might result from the outcome of this uncertainty.

Reverse Stock Split

July 12, 2018

and

July 19, 2018,

the Company’s Board of Directors and stockholders, respectively, approved an amendment to the Company’s amended and restated certificate of incorporation effecting a

-for-

16.827

reverse stock split of the Company’s issued and outstanding shares of common stock and convertible preferred stock. The reverse stock split was effective on

July 19, 2018.

The par value of the common and redeemable convertible preferred stock was

not

adjusted as a result of the reverse stock split. All issued and outstanding share and per share amounts included in the accompanying financial statements have been adjusted to reflect this reverse stock split for all periods presented.

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 and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual amounts could differ from those estimates.

Summary of Significant Accounting Policies

Cash

The Company considers all highly liquid investments with a maturity of

three

months or less, when purchased, to be cash equivalents. The Company had

cash equivalents as of

December

31,

2019

and

2018.

Accounts Receivable

Accounts receivable are stated at net realizable value including an allowance for doubtful accounts as of each balance sheet date. The Company has

not

recorded an allowance for doubtful accounts during the years ended

December 31, 2019

and

2018.

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash and accounts receivable. The Company is exposed to credit risk, subject to federal deposit insurance, in the event of default by the financial institutions holding its cash to the extent of amounts recorded on the balance sheet. With regard to cash,

100%

of the Company’s cash is held on deposit with Pacific Western Bank. With regard to revenues and concentration of credit risk, GlaxoSmithKline plc (“GSK” and “GSK Inhaled”) accounted for

$8.1

and

$0.4

million of our revenue during the years ended

December

31,

2019

and

2018,

respectively, or

100%

and

15%,

respectively, of our total revenue, and

of the Company’s accounts receivable as of

December 31, 2019

and

2018.

Leases

February 2016,

the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”)

2016

02,

Leases

, as amended (Topic

842

) (“ASU

2016

02”

). The provisions of ASU

2016

set out the principles for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or

not

the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than

months regardless of their classification. The Company has elected to account for leases with a term of

months or less in a similar manner as under existing guidance for operating leases. ASU

2016

supersedes the previous lease standard, Topic

840,

Leases

. The guidance is effective for public companies with annual periods and interim periods within those annual periods beginning after

December 15, 2018.

The Company adopted Topic

842,

as amended, as of

January 1, 2019,

using the modified retrospective approach. The modified retrospective approach provides a method for recording existing leases at adoption that approximates the results of a full retrospective approach in the year of adoption. In addition, the Company elected the package of practical expedients permitted under the transition guidance within the new standard, which among others, allowed the Company to carry forward the historical lease classification. Adoption of the new standard resulted in the recording of net lease assets and lease liabilities of approximately

$6.4

million and

$9.1

million respectively, as of

January 1, 2019.

The standard had

impact on cash flows. For operating leases, the asset and liability will be expensed over the lease term on a straight-line basis, with all cash flows classified as an operating activity in the Statement of Cash Flows. For finance leases, interest on the lease liability will be recognized separately from the amortization of the right-of-use asset in the Statement of Operations and Comprehensive Loss and the repayment of the principal portion of the lease liability will be classified as a financing activity, while the interest component will be classified as an operating activity in the Statement of Cash Flows.

The net impact of applying Topic

842

was recorded as an adjustment to accumulated deficit of

$0.6

million as of

January 1, 2019

as follows:

	Balance at			Adjustments			Balance at
	December 31,			Due to			January 1,
	2018			Topic 842			2019
Balance Sheet:
Assets
Property, plant and equipment, net	$	8,130,708		$	(107,734	)	$	8,022,974
Operating lease right-of-use assets, net		—			3,985,071			3,985,071

Liabilities
Deferred rent		2,674,683			(2,674,683	)		—
Operating lease liabilities		—			6,659,725			6,659,725
Finance lease liabilities		828,785			1,636,185			2,464,970
Long-term debt		11,944,549			(1,141,792	)		10,802,757

Stockholders’ equity (deficit)
Accumulated deficit		(167,053,897	)		(602,098	)		(167,655,995	)

Property, Plant and Equipment

Property, plant and equipment are stated at cost. Depreciation of property, plant and equipment is computed using the straight-line method over the estimated useful lives of the assets beginning when the assets are placed in service. Estimated useful lives for the major asset categories are:

Lab and build-to-suit equipment (years)	5	-	7
Office equipment (years)		5
Furniture and fixtures (years)		10
Computer equipment (years)		3
Leasehold improvements	Lesser of life of the asset or remaining lease term

Major renewals and improvements are capitalized to the extent that they increase the useful economic life or increase the expected economic benefit of the underlying asset. Maintenance and repairs are charged to operations as incurred. When items of property, plant and equipment are sold or retired, the related cost and accumulated depreciation or amortization is removed from the accounts, and any gain or loss is included in operating expenses in the accompanying Statements of Operations and Comprehensive Loss.

Impairment of Long-Lived Assets

The Company evaluates long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying value of an asset

may

not

be recoverable. If the estimated future cash flows (undiscounted and without interest charges) from the use of an asset are less than the carrying value, an impairment is recorded to reduce the related asset to its estimated fair value. To date,

such impairments have occurred.

Deferred Rent

Rent expense is recognized on a straight-line basis over the life of the lease. The difference between rent expense recognized and rental payments, as stipulated in the lease, is reflected as deferred rent in the accompanying Balance Sheets and amortized over the life of the lease. In addition, deferred rent also includes landlord incentives on a portion of the leasehold improvement cost, which is amortized over the life of the lease.

Revenue Recognition

The Company adopted ASU

2014

09,

Revenue from Contracts with Customers

(“Topic

606”

) and all the related amendments as of

January 1, 2018.

The cumulative effect of the change was an increase of

$0.5

million to the balance of accumulated deficit on the Balance Sheet as of

January 1, 2018.

The Company derives revenues primarily from licensing its proprietary PRINT technology and from performing research and development services. Revenues are recognized as services are performed in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services and technology.

The Company’s research, development and licensing agreements provide for multiple promised goods and services to be satisfied by the Company and include a license to the Company’s technology in a particular field of study, participation in collaboration committees, performance of certain research and development services and obligations for certain manufacturing services.

The transaction price for these contracts includes non-refundable fees and fees for research and development services. Non-refundable up-front fees which

may

include, for example, an initial payment upon effectiveness of the contractual relationship or payment to secure a right for a future license, are recorded as deferred revenue and recognized into revenue over time as the Company provides the research services under the contract required to advance the products to the point where the Company is able to transfer control of the licensed technology to the customer (“Technology Transfer”). The contract consideration

may

also include additional non-refundable payments due to the Company based on the achievement of research, development, regulatory or commercialization milestone events. In agreements involving multiple goods or services promised to be transferred to customers, the Company must assess, at the inception of the contract, whether each promise represents a separate performance obligation (i.e., is “distinct”), or whether such promises should be combined as a single performance obligation. As these goods and services are considered to be highly interrelated, they

may

be considered to represent a single, combined performance obligation. The Company includes an estimate of the probable amount of milestone payments to which it will be entitled in the transaction price. The estimate requires evaluation of factors which are outside of the Company’s control and significantly limit the Company’s ability to achieve the remaining milestone payments. Therefore, the Company has

not

included any future milestone payments in the transaction price allocated to research, development and licensing agreements as of

December

31,

2018

December 31, 2019.

The Company revises the transaction price to include milestone payments once the specific milestone achievement is

not

considered to be subject to a significant reversal of revenue. At that time, the estimated transaction price is adjusted and a cumulative catch-up adjustment is recorded to adjust the amount of revenue to be recognized from the license inception to the date the milestone was deemed probable of achievement. The milestone is included with other non-refundable up-front fees and recognized into revenue over time as the Company continues to provide services under the contract through the Company’s Technology Transfer. The amount of revenue recognized is based on the proportion of total research services performed to date to the expected services to be provided through the Technology Transfer.

The estimate of the research services to be provided through the Technology Transfer requires significant judgment to evaluate assumptions regarding the level of effort required for the Company to have performed sufficient obligations for the customer to be able to utilize the licensed technology without requiring further services from the Company. If the estimated level of effort changes, the remaining deferred revenue is recognized over the revised period in which the expected research services and Technology Transfer are required. Changes in estimates occur for a variety of reasons, including but

not

limited to (i) research and development acceleration or delays, (ii) customer prioritization of research projects, or (iii) results of research and development activities. The Company recognizes the consideration it is entitled to receive for research and development services, which are primarily billed quarterly in arrears on a time and materials basis, as the services are performed (under a proportional performance model) and collection is reasonably assured. Additionally, any up-front or development milestone payments received are also recognized as revenues, over time, under this same proportional performance model.

Royalties related to product sales will be recognized as revenue when the sale occurs since payments relate directly to products that will have been fully developed and for which the Company will have satisfied all of its performance obligations.

Segment Data

Operating segments are defined as components of an enterprise engaging in business activities from which it

may

earn revenues and incur expenses, for which discrete financial information is available and whose operating results are regularly reviewed by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Company views its operations and manages its business in

one

operating segment and all of the Company operations and long-lived assets are in the United States.

Research and Development Expense

Research and development costs are expensed as incurred and include direct costs incurred to

third

parties related to the salaries of, and stock-based compensation for, personnel involved in research and development activities, contractor fees, grant expenses, administrative expenses and allocations of research-related overhead costs. Administrative expenses and research-related overhead costs included in research and development expense consist of allocations of facility and equipment lease charges, depreciation and amortization of assets and insurance directly related to research and development activities.

Patent Maintenance

The Company is responsible for all patent costs, past and future, associated with the preparation, filing, prosecution, issuance, maintenance, enforcement and defense of United States patent applications. Such costs are recorded as general and administrative expenses as incurred. To the extent that the Company’s licensees share these costs, such benefit is recorded as a reduction of the related expenses.

Stock-Based Compensation

The Company estimates the grant date fair value of its share-based awards and amortizes this fair value to compensation expense over the requisite service period or vesting term (see Note

Net Loss Per Share

Basic net loss per share is calculated by dividing net loss attributable to common stockholders by the weighted average shares outstanding during the period, without consideration of common stock equivalents.

Diluted net loss per share is calculated by adjusting weighted average shares outstanding for the dilutive effect of common stock equivalents outstanding for the period, determined using the treasury-stock method. For purposes of the diluted net loss per share calculation, stock options and warrants are considered to be common stock equivalents but are excluded from the calculation of diluted net loss per share because their effect would be anti-dilutive. Due to their anti-dilutive effect, the calculation of diluted net loss per share for the years ended

December

31,

2019

and

2018

does

not

include the following common stock equivalent shares:

	Year Ended December 31,
	2019		2018
Stock Options		1,979,411		1,658,112
Warrants		111,372		170,925
Total		2,090,783		1,829,037

For the years ended

December

31,

2019

and

2018

the only reconciling item between basic and diluted net loss per share is the impact of the common stock warrants that are included in the calculation of basic net loss per share since their exercise price is de minimis, but excluded from the calculation of diluted net loss per share since the impact of such warrants is antidilutive.

Fair Value of Financial Instruments

The carrying values of cash, accounts receivable, and accounts payable at

December

31,

2019

and

2018

approximated their fair value due to the short maturity of these instruments.

The Company’s valuation of financial instruments is based on a

three

-tiered approach, which requires that fair value measurements be classified and disclosed in

one

three

tiers. The fair value hierarchy defines a

three

-level valuation hierarchy for disclosure of fair value measurements as follows:

Level

— Quoted prices in active markets for identical assets or liabilities;

Level

— Other than quoted prices included in Level

inputs that are observable for the asset or liability, either directly or indirectly; and

Level

— Unobservable inputs for the asset and liability used to measure fair value, to the extent that observable inputs are

not

available.

The categorization of a financial instrument within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The following tables present the placement in the fair value hierarchy of financial liabilities measured at fair value as of

December 31, 2019

and

2018:

Significant

Quoted Prices

Other

in Active

Observable

Significant

Markets

Inputs

Unobservable

Carrying

December 31, 2019

(Level 1)

(Level 2)

Inputs (Level 3)

Value

Pacific Western Bank note - A&R LSA

—

14,094,792

—

15,878,121

			Significant
	Quoted Prices		Other
	in Active		Observable		Significant
	Markets		Inputs		Unobservable		Carrying
December 31, 2018	(Level 1)		(Level 2)		Inputs (Level 3)		Value
Pacific Western Bank Tranche I note - A&R LSA	$	—	$	10,412,650	$	—	$	10,802,355
CSC build-to-suit equipment financing		—		1,311,135		—		1,142,194
Total	$	—	$	11,723,785	$	—	$	11,944,549

The fair value of debt is measured in accordance with ASU

2016

01,

Financial Instruments–Overall: Recognition and Measurement of Financial Assets and Financial Liabilities

. The fair value is determined based on the exit price notion using credit spreads and an illiquidity premium for each loan. The credit spread is determined by the credit risk rating, loan rate index, and maturity date. The illiquidity premium is based on the loan’s credit risk rating.

Deferred Offering Costs

The Company capitalizes certain legal, professional accounting and other

third

-party fees that are directly associated with in-process equity financings as deferred offering costs until such equity financings are consummated. After consummation of the equity financing, these costs are recorded in stockholders’ equity as a reduction of proceeds generated as a result of the offering. As of

December

31,

2019

and

2018,

the Company recorded deferred offering costs relating to its financing activities of

and

$110,365,

respectively, which is included in Prepaid Expenses and Other Assets on the Balance Sheets.

Convertible Instruments

The Company has utilized various types of financing to fund its business needs, including convertible debt and convertible preferred stock, in some cases with corresponding warrants. The Company considered guidance within FASB ASC

470

20,

Debt with Conversion and Other Options

, (“ASC

470

20”

), ASC

480,

Distinguishing Liabilities from Equity

(“ASC

480”

) and ASC

815,

Derivatives and Hedging

(“ASC

815”

), when accounting for the issuance of convertible securities. Additionally, the Company reviewed the instruments to determine whether they were freestanding or contain an embedded derivative and, if so, whether they should be classified in permanent equity, mezzanine equity or as a liability at each reporting period until the amount is settled and reclassified into equity.

When multiple instruments were issued in a single transaction, the Company allocated total proceeds from the transaction among the individual freestanding instruments identified. The allocation was made after identifying all the freestanding instruments and the subsequent measurement basis for those instruments. The subsequent measurement basis determines how the proceeds were allocated. Generally, proceeds were allocated based on

one

of the following methods:

•

Fair value method — The instrument being analyzed is allocated a portion of the proceeds equal to its fair value, with the remaining proceeds allocated to the other instruments as appropriate.

•

Relative fair value method — The instrument being analyzed is allocated a portion of the proceeds based on the proportion of its fair value to the sum of the fair values of all the instruments covered in the allocation.

•

Residual value method — The instrument being analyzed is allocated the remaining proceeds after an allocation is made to all other instruments covered in the allocation.

Generally, when there are multiple instruments issued in a single transaction that have different subsequent measurement bases, the proceeds from the transaction are

first

allocated to the instrument that is subsequently measured at fair value (i.e., instruments accounted for as derivative liabilities) at its issuance date fair value, with the residual proceeds allocated to the instrument

not

subsequently measured at fair value. In the event both instruments in the transaction are

not

subsequently measured at fair value (i.e., equity-classified instruments), the proceeds from the transaction are allocated to the freestanding instruments based on their respective fair values, using the relative fair value method.

After the proceeds are allocated to the freestanding instruments, resulting in an initial discount on the host contract, those instruments were further evaluated for embedded features (i.e., conversion options) that require bifurcation and separate accounting as a derivative financial instrument pursuant to ASC

815.

Embedded derivatives were initially and subsequently measured at fair value. Under ASC

815,

a portion of the proceeds received upon the issuance of the hybrid contract was allocated to the fair value of the derivative.

The Company accounted for convertible instruments in which it is determined that the embedded conversion options should

not

be bifurcated from their host instruments in accordance with ASC

470

20.

Under ASC

470

20,

the Company recorded, when necessary, discounts to convertible notes or convertible preferred stock for the intrinsic value of conversion options embedded in the convertible instruments based upon the differences between the fair value of the underlying common stock at the commitment date of the transaction and the effective conversion price embedded in the convertible instrument, unless limited by the proceeds allocated to such instrument.

Warrant Liabilities

The Company had classified warrants to purchase shares of preferred stock as liabilities on its Balance Sheets as these warrants were freestanding financial instruments that would require the Company to issue convertible securities upon exercise. The warrants were initially recorded at fair value on date of grant, and were subsequently remeasured to fair value at each reporting period. Changes in fair value of the warrants were recognized as a component of other income (expense) in the Statements of Operations and Comprehensive Loss. In conjunction with the Company’s initial public offering (“IPO”) in

2018,

the warrants were converted to warrants for common stock. Following that conversion, these warrants

longer met the criteria to be presented as a liability and have been reclassified to additional paid-in capital. The Company will

longer include the warrants as liabilities or recognize changes in their fair value on the Statements of Operations and Comprehensive Loss.

Embedded Derivatives

Embedded derivatives that were required to be bifurcated from the underlying instrument were accounted for and valued as a separate financial instrument. In conjunction with the Company’s convertible notes, embedded derivatives exist associated with the future consummation of a qualified financing event, as defined in the notes, and a subsequent discounted conversion of the instrument to capital stock. The embedded derivatives were bifurcated and classified as derivative liabilities on the Balance Sheets and separately adjusted to their fair values at the end of each reporting period. Changes in fair values of the derivative liabilities are recognized as a component of other income (expense) in the Statements of Operations and Comprehensive Loss. These embedded derivatives were eliminated upon conversion of the underlying convertible notes into Series D preferred stock,

$0.001

par value per share (“Series D”) (see Note

Issuance Costs Related to Equity and Debt

The Company allocated issuance costs between the individual freestanding instruments identified on the same basis as proceeds were allocated. Issuance costs associated with the issuance of stock or equity contracts (i.e., equity-classified warrants and convertible preferred stock) were recorded as a charge against the gross proceeds of the offering. Any issuance costs associated with the issuance of liability-classified warrants were expensed as incurred. Issuance costs associated with the issuance of debt (i.e., convertible debt) was recorded as a direct reduction of the carrying amount of the debt liability, but limited to the notional value of the debt. The Company accounted for debt as liabilities measured at amortized cost and amortizes the resulting debt discount to interest expense using the straight-line method over the expected term of the notes pursuant to ASC

835,

Interest

(“ASC

835”

). To the extent that the reduction from issuance costs of the carrying amount of the debt liability would reduce the carrying amount below zero, such excess was recorded as interest expense.

Income Taxes

The asset and liability method is used in the Company’s accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse. The Company records a valuation allowance against deferred tax assets when realization of the tax benefit is uncertain.

A valuation allowance is recorded, if necessary, to reduce net deferred taxes to their realizable values if management believes it is more likely than

not

that the net deferred tax assets will

not

be realized.

The Company

may

recognize the tax benefit from an uncertain tax position only if it is more likely than

not

that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than

50%

likelihood of being realized upon ultimate settlement.

December 22, 2017,

the Tax Cuts and Jobs Act (the "TCJA") was enacted into law. This law includes significant changes to the U.S. corporate income tax system, including a permanent reduction in the corporate income tax rate from

35%

21%,

limitations on the deductibility of interest expense and executive compensation and the transition of U.S. international taxation from a worldwide system to a territorial tax system. For taxpayers with revenues over a certain threshold, the TCJA also limits interest expense deductions to

30%

of taxable income before interest, depreciation and amortization from

2018

2021

and then taxable income before interest thereafter. The TCJA permits disallowed interest expense to be carried forward indefinitely. The Company calculated its best estimate of the impact of the TCJA in its income tax provision for the year ended

December 31, 2017

in accordance with its understanding of the TCJA and guidance available at the time. The overall impact of the TCJA resulted in a decrease to the deferred tax assets and a corresponding decrease to the valuation allowance of

$14.1

million. Using the guidance issued by the SEC staff in Staff Accounting Bulletin

No.

118,

the Company completed its accounting for the TCJA during the

fourth

quarter of

2018.

Recent Accounting Pronouncements

October 2018,

the FASB issued ASU

2018

18,

Collaborative Arrangements

(Topic

808

): Clarifying the Interaction between Topic

808

and Topic

606

("ASU

2018

17"

). The provisions of ASU

2018

clarify when certain transactions between collaborative arrangement participants should be accounted for under ASC

606

and incorporates unit-of-account guidance consistent with ASC

606

to aid in this determination. The guidance is effective for annual periods and interim periods within those annual periods beginning after

December 15, 2019,

with early adoption permitted, and is effective for the Company for the year ending

December 31, 2020.

The Company is currently evaluating the impact that the implementation of this standard will have on the Company's financial statements.

Note 3 - Stockholders' Equity	12 Months Ended
Note 3 - Stockholders' Equity	Dec. 31, 2019
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	3. Stockholders’ Equity Authorized Capital As of December 31, 2019, the authorized capital of the Company consists of 50,000,000 shares of capital stock, $0.001 par value per share, of which 40,000,000 shares are designated as common stock and 10,000,000 shares are designated as preferred stock. Preferred Stock In February 2018, the Company received proceeds of $25.6 million in exchange for the corresponding sale of Series D and related rights offering to new and existing investors. The applicable issue price per share for the Series D was $0.59808, subject to adjustment as provided in the certificate of incorporation. In addition, all outstanding convertible notes, plus accrued interest, totaling $28.9 million were converted into Series D at the same price per share without a discount. Outstanding warrants to purchase shares of Series C- 1 preferred stock, $0.001 par value per share (“Series C- 1” ), were converted to warrants to purchase the equivalent number of shares of Series D. All references herein to these warrants refer to them as warrants to purchase Series D. In total, 91,147,482 shares of Series D were issued. Each share of Series D was convertible at any time into a share of common stock with such conversion ratio subject to future adjustment. Conversion was automatic upon a qualified financing, as defined in the certificate of incorporation. Each series of preferred stock had anti-dilution protection in the event of a dilutive issuance, as defined in the certificate of incorporation. The Series D was senior to all other series of preferred stock. Common Stock Upon any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Company, the holders of the common stock shall be entitled to receive that portion of the remaining funds to be distributed to the stockholders, subject to the liquidation preferences of any outstanding preferred stock, if any. Such funds shall be paid to the holders of common stock on the basis of the number of shares so held by each of them. In the third quarter of 2018, the Company closed the IPO of 4,833,099 shares of common stock, including the underwriters’ partial exercise of their over-allotment option in connection therewith, which resulted in aggregate net proceeds of $47.3 million, after underwriting discounts and the payment of other offering expenses. In conjunction with the Company’s IPO, all outstanding shares of convertible preferred stock were converted into an aggregate of 9,948,207 shares of common stock and the Class B non-voting common stock, $0.001 par value per share, was converted into shares of voting common stock. In March 2019, the Company closed an underwritten follow-on offering of 3,000,000 shares of its common stock at a public offering price of $11.50 per share. The gross proceeds from the offering were $34.5 million and net proceeds were $31.8 million, after deducting underwriting discounts and commissions and other offering expenses. In August 2019, the Company entered into a sales agreement (the “ATM Agreement”) with Jefferies LLC (“Jefferies”) to issue and sell shares of the Company’s common stock, having an aggregate offering price of up to $40.0 million, from time to time during the term of the ATM Agreement, through an “at-the-market” equity offering program at the Company’s sole discretion, under which Jefferies will act as the Company’s agent and/or principal. The Company will pay Jefferies a commission up to 3.0% of the gross proceeds of any common stock sold through Jefferies under the ATM Agreement. During the year ended December 31, 2019, the Company sold 2,409,356 shares of common stock for gross proceeds of $8.4 million and net proceeds were $8.1 million, after deducting underwriting discounts and other offering expenses under the ATM Agreement. On December 23, 2019, the Company entered into a Common Stock Purchase Agreement (the “Purchase Agreement”) with certain institutional accredited investors (the “Purchasers”) for the sale by the Company in a private placement (the “Private Placement”) of an aggregate of 7,164,534 shares (the “Private Placement Shares”) of common stock, at a purchase price of $3.13 per Private Placement Share. The closing of the Private Placement occurred on December 27, 2019. The Company granted the Purchasers indemnification rights with respect to its representations, warranties, covenants and agreements under the Purchase Agreement. The gross proceeds from the sale of the Private Placement Shares were $22.4 million and net proceeds were $21.0 million, after deducting placement agent fees and offering expenses. Warrants Pursuant to the terms of the warrants, upon the conversion of the preferred stock underlying the warrants into common stock, the warrants automatically become exercisable for common stock based upon the conversion ratio of the underlying preferred stock. Upon closing of the Series D financing, the Company had warrants outstanding to purchase 3,698,128 shares of Series D. In conjunction with the IPO in the third quarter of 2018, these warrants were automatically converted into warrants to purchase 219,761 shares of common stock. During the years ended December 31, 2019 and 2018, 64,629 and 48,836 warrants to purchase shares of common stock were exercised, respectively. As of December 31, 2019, there are outstanding warrants to purchase 106,274 shares of common stock with an exercise price of $0.0168 per share. The warrants expire on December 31, 2026.

Note 4 - Stock-based Compensation

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Share-based Payment Arrangement [Text Block]

Stock-Based Compensation

The Company’s

2018

Long-Term Incentive Plan (the

“2018

Plan”) was approved by stockholders in

July 2018.

In addition to stock options, the

2018

Plan provides for the granting of stock appreciation rights, stock awards, stock units, and other stock-based awards. A total of

1,600,000

shares of the Company’s common stock was initially authorized and reserved for issuance under the

2018

Plan. This reserve will automatically increase each subsequent anniversary of

January 1

through

2028,

by an amount equal to the smaller of (a)

of the number of shares of common stock issued and outstanding on the immediately preceding

December 31,

or (b) an amount determined by the Board of Directors (the “Evergreen Provision”).

January 1, 2019,

the number of shares of common stock available for issuance under the

2018

Plan automatically increased by

620,778

shares from

1,600,000

shares to

2,220,778

shares pursuant to the Evergreen Provision. On

January 1, 2020,

the number of shares of common stock available for issuance under the

2018

Plan automatically increased by

1,129,250

shares from

1,287,561

shares to

2,416,811

shares pursuant to the Evergreen Provision. The

2018

Plan provides for accelerated vesting under certain change of control transactions. As of

December 31, 2019,

there were

1,287,561

shares of common stock available for issuance under

2018

Plan.

The

2018

Plan replaced the

2016

and

2004

Plans as the Company’s primary long-term incentive program. The

2016

and

2004

Plans were discontinued following stockholder approval of the

2018

Plan, but the outstanding awards under the

2016

and

2004

Plans will continue to remain in effect in accordance with their terms. Shares that are returned under the

2016

and

2004

Plans upon cancellation, termination or otherwise of awards outstanding under the

2016

and

2004

Plans will

not

be available for grant under the

2018

Plan. As of

December 31, 2019,

the Company had reserved for issuance

733,820

shares of common stock under the

2016

Plan and

397,177

shares of common stock under the

2004

Plan representing the remaining outstanding options granted under the

2016

and

2004

Plans.

Stock-Based Compensation Valuation and Expense

The Company accounts for its employee stock-based compensation plans using the fair value method. The fair value method requires the Company to estimate the grant-date fair value of its stock-based awards and amortize this fair value to compensation expense over the requisite service period or vesting term. The fair value of each option grant is estimated using a Black-Scholes option-pricing model.

For restricted stock units (“RSUs”), the grant-date fair value is based upon the market price of the Company’s common stock on the date of the grant. This fair value is then amortized to compensation expense over the requisite service period or vesting term.

Stock-based compensation expense is recognized net of estimated forfeitures such that expense is recognized only for those stock-based awards that are expected to vest. A forfeiture rate is estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures materially differ from initial estimates.

The Company recorded the following stock-based compensation expense:

	Year Ended December 31,
By Expense Category:	2019		2018
Research and development	$	1,119,382	$	649,052
General and administrative		2,256,923		1,546,023
Total	$	3,376,305	$	2,195,075

	Year Ended December 31,
By Type of Award:	2019		2018
Stock Options	$	3,240,376	$	1,881,800
Restricted Stock Units		135,929		313,275
Total	$	3,376,305	$	2,195,075

The following table summarizes the unamortized compensation expense and the remaining years over which such expense would be expected to be recognized, on a weighted-average basis, by type of award:

	As of December 31, 2019
	Unamortized Expense		Weighted Average Remaining Recognition Period (Years)
Stock Options	$	7,989,431		2.70
Restricted Stock Units	$	221,462		2.62

Stock Options

The following table summarizes the assumptions used for estimating the fair value of stock options granted under the Black-Scholes option-pricing model during:

	Year Ended
	December 31,
	2019			2018
Expected dividend yield		—%			—%
Risk-free interest rate	1.40%	-	2.40%	2.67%	-	3.01%
Expected Volatility	83%	-	88%	78%	-	99%
Expected life (years)		6.04			6.25
Weighted-average fair value per share		$8.00			$7.25

The following describes each of these assumptions and the Company’s methodology for determining each assumption:

Expected Dividend Yield

The dividend yield percentage is

zero

because the Company neither currently pays dividends nor intends to do so during the expected option term.

Risk-Free Interest Rate

The risk-free interest rate is based on the U.S. Treasury yield curve approximating the term of the expected life of the award in effect on the date of grant.

Expected Volatility

Expected stock price volatility is based on an average of several peer public companies. For purposes of identifying peer companies, the Company considered characteristics such as industry, length of trading history and similar vesting terms.

Expected Life

The expected life represents the period the awards are expected to be outstanding. The Company’s historical share option exercise experience does

not

provide a reasonable basis upon which to estimate an expected term because of a lack of sufficient data. Therefore, the Company estimates the expected term by using the simplified method.

The following table summarizes the Company’s stock option activity during the year ended

December 31, 2019:

	Number of Shares			Weighted Average Exercise Price		Weighted Average Contractual Term (in years)		Aggregate Intrinsic Value
Outstanding as of December 31, 2018		1,658,112		$	8.76
Granted		715,108		$	11.39
Exercised		(32,325	)	$	4.37
Cancelled		(287,919	)	$	11.65
Outstanding as of December 31, 2019		2,052,976		$	9.33		7.70	$	235,669
Exercisable as of December 31, 2019		858,667		$	7.27		6.09	$	232,690
Vested and expected to vest as of December 31, 2019		1,865,715		$	9.16		7.58	$	235,533

The aggregate intrinsic value of stock options in the table above represents the difference between the

$4.28

closing price of the Company’s common stock as of

December

31,

2019

and the exercise price of outstanding, exercisable, and vested and expected to vest in-the-money stock options.

The following table summarizes information about the Company’s stock options as of

December

31,

2019:

Exercise Price or Range of Exercise Price			Options Outstanding		Weighted Average Contractual Life (Years)		Options Exercisable
$1.85	to	$5.89		530,657		5.55		411,949
$7.80	to	$9.01		32,250		9.37		425
	$9.31			637,229		7.79		312,197
$10.04	to	$21.36		852,840		8.90		134,096
				2,052,976		7.70		858,667

Additional information related to our stock options is summarized below:

	Year Ended December 31,
	2019		2018
Intrinsic value of options exercised	$	266,040	$	2,097,888
Fair value of options vested	$	4,131,982	$	512,373

During the years ended

December 31, 2019

and

2018,

32,325

and

119,793

stock options were exercised for the purchase of shares of common stock for total cash proceeds of

$141,347

and

$334,711,

respectively.

Restricted Stock Unit Awards

During the year ended

December 31, 2018,

the Board of Directors approved grants of

185,768

non-performance-based RSUs to employees. RSUs represent the right to receive shares of common stock of the Company at the end of a specified time period. The RSUs vest over a

four

-year period similar to stock options. RSUs can only be settled in shares of the Company’s common stock.

A summary of nonvested RSU awards outstanding as of

December 31. 2019

and changes during the year then ended is as follows:

	Number of RSUs			Weighted Average Grant-Date Fair Value (per RSU)
Nonvested as of December 31, 2018		185,768		$	11.04
Granted		--			--
Vested		(40,954	)		11.09
Forfeited		(137,321	)		10.05
Nonvested as of December 31, 2019		7,493		$	28.87

Employee Stock Purchase Plan

May 8, 2019,

the Company’s stockholders approved the Liquidia Technologies, Inc.

2019

Employee Stock Purchase Plan (the “ESPP”). A total of

300,000

shares of the Company’s common stock have been reserved for issuance under the ESPP. Subject to any plan limitations, the ESPP allows eligible employees to contribute through payroll deductions up to

$25,000

per year of their earnings for the purchase of the Company’s common stock at a discounted price per share. The offering periods are

six

months each and begin in

March

and

September

of each year, with the initial offering period commencing on

September 3, 2019.

Unless otherwise determined by the administrator, the Company’s common stock will be purchased for the accounts of employees participating in the ESPP at a price per share that is

85%

of the fair market value of the Company’s common stock on the last trading day of the offering period.

As of

December 31, 2019,

the Company had collected

$8,129

in proceeds pursuant to the ESPP. Based upon

85%

of the closing price on

December 31, 2019

$4.28,

approximately

2,200

shares could be purchased based upon employee withholdings as of

December 31, 2019.

Note 5 - License Agreements	12 Months Ended
Note 5 - License Agreements	Dec. 31, 2019
Notes to Financial Statements
License Agreements [Text Block]	5. License Agreements The Company performs research under a license agreement with The University of North Carolina at Chapel Hill (“UNC”) as amended to date (the “UNC Letter Agreement”). As part of the UNC Letter Agreement, the Company holds an exclusive license to certain research and development technologies and processes in various stages of patent pursuit, for use in its research and development and commercial activities, with a term until the expiration date of the last to expire patent subject to the UNC Letter Agreement, subject to industry standard contractual compliance. Under the UNC Letter Agreement, the Company is obligated to pay UNC royalties equal to a low single digit percentage of all net sales of drug products whose manufacture, use or sale includes any use of the technology or patent rights covered by the UNC Letter Agreement. The Company may grant sublicenses of UNC licensed intellectual property in return for specified payments based on a percentage of any fee, royalty or other consideration received.

Note 6 - Revenue From Contracts with Customers

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

Revenue From Contracts With Customers

The following tables represent a disaggregation of revenue by each significant research, development and licensing agreement and payment type for the years ended

December

31,

2019

and

2018:

	2019 Revenue Recognized From
	Non-Refundable Payments				Research and
			Up front		Development
	Milestones		Payments		Services		Total
GSK Inhaled	$	1,345,320	$	6,726,600	$	—	$	8,071,920
Other		—		—		200		200
Total	$	1,345,320	$	6,726,600	$	200	$	8,072,120

	2018 Revenue Recognized From
	Non-Refundable Payments				Research and
			Up front		Development
	Milestones		Payments		Services		Total
GSK Inhaled	$	45,058	$	225,293	$	168,000	$	438,351
Other		—		943,419		1,325,211		2,268,630
Total	$	45,058	$	1,168,712	$	1,493,211	$	2,706,981

September 2015,

GSK Inhaled exercised the option to permanently license the technology for a non-refundable payment to the Company of

$15.0

million. Pursuant to the license provisions of the collaboration agreement, GSK Inhaled is potentially required to pay the Company for certain milestones reached in addition to tiered royalties on the worldwide sales of the licensed products at percentages ranging from the mid-single digits to low-single digits depending on the total number of products developed and other royalty step-down events with a fixed low-single digit royalty floor. In

February 2016,

GSK Inhaled paid the Company a

$3.0

million milestone payment pursuant to the collaboration agreement. The combined

$18

million in up-front and milestone payments was subject to deferral pursuant to the adoption of ASC

606

and the revenue policy described herein.

July 2018,

GSK notified the Company of its plans to discontinue development of the inhaled antiviral for viral exacerbations in chronic obstructive pulmonary disease under the GSK Inhaled collaboration agreement after completion of the related Phase

clinical trial. In

June 2019,

the Company and GSK executed the

third

amendment to the collaboration agreement providing the Company rights to develop and commercialize additional inhaled programs at the Company’s sole cost. This amendment granted the Company the right to develop

three

additional molecular entities for application in inhaled programs using the Company’s PRINT technology and a mechanism to acquire further molecular entities for inhaled applications. New inhaled programs developed under this amendment would carry milestone and royalty payments due to GSK upon initiation of Phase

studies and subsequent commercialization, respectively. This amendment, among other factors including the lack of continued performance anticipated by the Company and GSK under the original agreement, led the Company to the belief that

further research and development services will be provided to GSK under the collaboration agreement and the earnings process related to the up front and development milestone payments previously received under the collaboration agreement was completed under the proportional performance model. Therefore, the remaining deferred revenue of

$8.1

million was recognized as revenue during the year ended

December 31, 2019.

If GSK were to request additional services under the original agreement, which the Company believes is a remote likelihood, the Company does

not

expect the value of any incremental efforts that the Company might agree to perform to be material. Any potential milestone or royalty payments from the Company to GSK associated with this amendment will be recorded as operating expenses. Accordingly, in

January 2020,

the Company notified GSK of its intent to terminate the GSK Inhaled collaboration agreement based upon GSK's lack of performance under the agreement, which the Company believes constitutes a material breach of the agreement. In

February 2020,

the Company received a letter from GSK disputing the Company’s basis for termination. The parties are currently attempting to resolve the dispute pursuant to the terms of the agreement.

June 2016,

the Company entered into a development and license agreement with G&W Laboratories (“G&W”) to develop multiple products for topical delivery in dermatology using the Company’s PRINT technology (the “G&W Agreement”). The

first

non-refundable up-front fee of

$1.0

million was received in

June 2016.

Research and development services commenced in

July 2016

on the

first

program pursuant to this agreement. In

April 2018,

the Company and G&W mutually agreed to terminate the G&W Agreement. As a result, during the

second

quarter of

2018,

the remaining unamortized balances in the related deferred revenue and deferred sublicense payments of

$0.9

million and

$0.1

million, respectively, were fully recorded as Revenues and Cost of Sales, respectively, in the Statement of Operations and Comprehensive Loss for the year ended

December 31, 2018.

Deferred Sublicense Payments

Sublicense payments to UNC are considered direct and incremental fulfillment costs of the Company’s research, development and licensing agreements as the PRINT technology resources used by the Company are continually researched by UNC. These costs are deferred and then amortized into Cost of Sales over the same estimated period of benefit as the period of the underlying revenue recognition. In conjunction with the

June 2019

amendment to the GSK collaboration agreement, the balance of deferred sublicense payments of

$807,192

were expensed to Cost of Sales in the same period. As of

December

31,

2019,

the balances of these unamortized payments was

$0.

As of

December

31,

2018,

the balances of these unamortized payments included in current and long-term prepaid expenses and other assets was

and

$807,192,

respectively.

Note 7 - Property, Plant and Equipment

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

Property, Plant and Equipment

Property, plant and equipment consisted of the following:

	December 31,			December 31,
	2019			2018
Lab and build-to-suit equipment	$	7,562,263		$	7,266,895
Office equipment		128,669			130,460
Furniture and fixtures		237,951			205,051
Computer equipment		804,046			799,515
Leasehold improvements		11,762,351			8,878,361
Construction-in-progress		91,797			155,148
Total property, plant and equipment		20,587,077			17,435,430
Accumulated depreciation and amortization		(11,333,112	)		(9,304,722	)
Property, plant and equipment, net	$	9,253,965		$	8,130,708

The Company recorded depreciation and amortization expense of

$2,567,742

and

$1,543,667

for the years ended

December

31,

2019

and

2018,

respectively. Maintenance and repairs are expensed as incurred and were

$220,658

and

$153,278,

respectively, for the years ended

December

31,

2019

and

2018.

December

2016,

the Company executed an agreement with a commercial manufacturer to build a PRINT particle fabrication line for the production of

LIQ861.

The ultimate cost was approximately

$1.6

million. The Company financed this transaction with a

third

-party vendor, CSC Leasing Company (“CSC”). CSC made payments to the manufacturer per the payment schedule in the agreement as the asset was fabricated. CSC charged the Company a monthly lease rate on the scheduled payments made to the manufacturer as interim financing costs until the asset was completed and placed in service. Upon completion of fabrication, the lease commenced in

March

2018

(“CSC Financing”).

In accordance with ASC

840,

Leases

, for build-to-suit arrangements where the Company is involved in the fabrication of an asset prior to the commencement of the ultimate financing or takes some level of construction risk, the Company is considered the accounting owner of the assets during the fabrication period. Accordingly, during the fabrication phase, the Company recorded a construction-in-progress asset within Property, Plant and Equipment and a corresponding deferred financing obligation liability for contributions by CSC toward fabrication. Upon completion of the fabrication in

March 2018,

since the Company maintained substantially all of the risk and rewards of ownership of the asset, the Company recorded the transaction as a financing, continuing to record the asset and reclassifying the deferred financing obligation to debt. In accordance with Topic

842,

Leases

, the CSC Financing was recharacterized as a finance lease in the

first

quarter of

2019

and accounted for accordingly (see Note

The following table details the activity of Construction in Progress (“CIP”) in

2019

and

2018

and the associated transfer to Leasehold Improvements and Lab Equipment when the assets were placed in service:

	Leasehold			Build-to-suit			Lab
	Improvements			Equipment			Equipment			Total
Balance as of December 31, 2017	$	1,208,107		$	1,583,054		$	39,246		$	2,830,407
Add: Purchases related to CIP		425,438			82,687			114,102			622,227
Less: Transfer due to being placed in service		(1,570,194	)		(1,665,741	)		(61,551	)		(3,297,486	)
Balance as of December 31, 2018		63,351			—			91,797			155,148
Add: Purchases related to CIP		2,820,640			—			—			2,820,640
Less: Transfer due to being placed in service		(2,883,991	)		—			—			(2,883,991	)
Balance as of December 31, 2019	$	-		$	-		$	91,797		$	91,797

The Construction in Progress balance includes

and

$3,925

of capitalized interest costs for the years ended

December

31,

2019

and

2018,

respectively.

Note 8 - Income Taxes

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Income Tax Disclosure [Text Block]

Income Taxes

provision for federal and state income tax expense has been recorded for the years ended

December

31,

2019

and

2018

due to the valuation allowance recorded against the net deferred tax asset and recurring losses.

Deferred income taxes reflect the net tax effect of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities are as follows at

December

31,

2019

and

2018:

	2019			2018
Deferred income tax assets:
Tax loss carryforwards	$	42,107,372		$	30,239,898
Deferred revenue		—			1,856,507
Research and development credits		3,016,889			2,382,047
Stock-based compensation		973,905			489,694
Lease liability		1,508,645			—
Compensation		564,572			431,649
Fixed assets		—			160,784
Patent amortization		86,985			97,942
Other		55,972			669,151
Valuation allowance		(47,505,967	)		(36,327,672	)
Total deferred income tax assets		808,373			—
Deferred income tax liabilities:
Fixed assets		158,787			—
Operating leases		649,586			—
Total deferred income tax liabilities		808,373			—
Total net deferred tax	$	—		$	—

As of

December

31,

2019

and

2018,

the Company established a full valuation allowance against its net deferred tax assets since, at the time, the Company could

not

assert that it was more likely than

not

that its deferred tax assets would be realized. As a result, there was an increase in the valuation allowance in

2019

$11,178,295.

As of

December

31,

2019,

the Company had federal and state income tax loss carryforwards of

$97,268,927

and

$184,191,027,

respectively, which begin to expire in

2024

for federal purposes and in

2019

for state purposes. As of

December 31, 2019,

the Company had federal and state income tax loss carryforwards of

$85,765,810

and

$778,925,

respectively, which carryforward indefinitely. In addition, the Company has tax credit carryforwards for federal tax purposes of

$3,175,600

as of

December

31,

2019,

which begin to expire in

2026.

The utilization of net operating loss and tax credit carryforwards to reduce future income taxes will depend on the Company’s ability to generate sufficient taxable income prior to the expiration of the loss carryforwards.

The Internal Revenue Code of

1986,

as amended, contains provisions which limit the ability to utilize the net operating loss carryforwards in the case of certain events, including significant changes in ownership interests. If the Company’s net operating loss carryforwards are limited, and the Company has taxable income which exceeds the permissible yearly net operating loss carryforwards, the Company would incur a federal income tax liability even though net operating loss carryforwards would be available in future years.

The reasons for the difference between actual income tax expense for the years ended

December

31,

2019

and

2018

and the amount computed by applying the statutory federal income tax rate to income before income tax are as follows:

	2019						2018
				% of Pretax						% of Pretax
	Amount			Earnings			Amount			Earnings
Income tax benefit at statutory rate	$	(10,019,974	)		21.0	%	$	(11,158,530	)		21.0	%
State income taxes, net of federal tax benefit		(957,616	)		2.0			(1,062,492	)		2.0
Non-deductible expenses		94,903			(0.2	)		6,810			—
Stock-based compensation		258,338			(0.5	)		10,925			—
Non-deductible interest expense		—			—			4,074,501			(7.7	)
Derivative and warrant fair value adjustments		—			—			(63,873	)		0.1
Credits		(634,842	)		1.3			—			—
Change in state rate		3,887			—			(2,842	)		—
Other		77,009			(0.1	)		(139,660	)		0.3
Change in valuation allowance		11,178,295			(23.5	)		8,335,161			(15.7	)
Provision for income taxes	$	—			0.0	%	$	—			0.0	%

The Company has determined that there

may

be a future limitation on the Company’s ability to utilize its entire federal R&D credit carryover. Therefore, the Company recognized an uncertain tax benefit associated with the federal R&D credit carryover during the years ended

December

31,

2019

and

2018,

as follows:

Balance at December 31, 2017	$	—
Increases related to 2018		—
Increases related to prior periods		—
Balance at December 31, 2018		—
Increases related to 2019		158,710
Increases related to prior periods		—
Balance at December 31, 2019	$	158,710

The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than

not

that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. The Company has determined that it had

other material uncertain tax benefits for the year ended

December

31,

2019.The

Company’s policy for recording interest and penalties related to uncertain tax provisions is to record them as a component of the provision for income taxes. The Company did

not

have any accrued interest or penalties associated with any unrecognized tax positions as of

December

31,

2019

and

2018,

and there were

such interest or penalties recognized during the years ended

December

31,

2019

and

2018.

The Company has all tax years open to examination by federal tax and state tax jurisdictions.

income tax returns are currently under examination by taxing authorities.

Note 9 - Leases, Commitments and Contingencies

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Leases and Other Commitments [Text Block]

Leases, Commitments and Contingencies

Leases

The Company leases certain lab space, office space, and equipment. Leases with an initial term of

months or less are

not

recorded on the Balance Sheet; the Company recognizes lease expense for these leases on a straight-line basis over the lease term. For lease agreements entered into or reassessed after the adoption of Topic

842,

the Company combines lease and non-lease components, if any. Most leases include

one

or more options to renew. The exercise of lease renewal options is at the Company’s sole discretion. Certain leases also include options to purchase the leased property. Consistent with past practice and current intent, the Company has recognized all such purchase options as part of its right-of-use assets and lease liabilities. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. The Company’s lease agreements do

not

contain any material residual value guarantees or material restrictive covenants.

The Company conducts its operations from leased facilities in Morrisville, North Carolina. As of

December 31, 2019,

the Company’s amended leases for its primary building is for usage of approximately

45,000

square feet of space expiring

October 31, 2026.

The leases are for general office, laboratory, research and development and light manufacturing space. The lease agreements require the Company to pay property taxes, insurance, common area expenses and maintenance costs. In

November 2018,

the Company amended the lease of its primary building to expand by

8,264

additional square footage expiring

October 31, 2026

in exchange for terminating the Company’s other lease with the same landlord for

4,400

noncontiguous square feet. A tenant allowance of approximately

$1.0

million was also made available for use to help fund the build out related to the expansion of the primary building lease. The incremental rent over the terminated lease for the

first

months of this lease expansion amounts to

$0.1

million, subject to lease escalation in subsequent periods. In

June 2019,

the Company signed a commitment to incur construction costs of up to

$3.1

million related to the leasehold improvements for this lease expansion, against which the tenant allowance will be applied. The leasehold improvements were substantially completed in

2019

and the Company took occupancy of the additional square footage in

2019.

The total construction costs incurred in

2019

approximated

$2.8

million and the remaining estimated costs to be incurred as of

December 31, 2019

not

expected to be material.

The Company leases specialized lab equipment under finance leases. The related right-of-use assets are amortized on a straight-line basis over the lesser of the lease term or the estimated useful life of the asset.

The CSC Financing (see Note

) has a term of

three

years with equal monthly payments. The CSC Financing is secured by a lien on the related build-to-suit equipment and includes an option to purchase the build-to-suit equipment at maturity at an amount equal to the lesser of fair market value or

23%

of the initial financed amount. The right-of-use assets related to finance leases net of amortization is

$1,981,002

as of

December

31,

2019

and is included in lab equipment, build-to-suit equipment, computer equipment and leasehold improvements within property, plant and equipment in the accompanying balance sheet (see Note

). The Company does

not

have access to certain inputs used by its lessors to calculate the rate implicit in its finance leases. As such, the Company utilizes its estimated incremental borrowing rate for the discount rate applied to its finance leases. The incremental borrowing rate used on finance leases was

7.5%.

The Company’s lease cost is reflected in the accompanying Statements of Operations and Comprehensive Loss as follows:

		Year Ended
	Classification	December 31, 2019
Operating lease cost	General and administrative	$	884,597
Finance lease cost:
Amortization of lease assets	General and administrative		1,316,924
Interest on lease liabilities	Interest expense		190,687
Lease cost		$	2,392,208

Rent expense under prior lease accounting rules (Topic

840

) was

$953,733

during the year ended

December 31, 2018.

The weighted average remaining lease term and discount rates as of

December

31,

2019

were as follows:

Weighted average remaining lease term (years):
Operating leases	6.8
Finance leases	1.6
Weighted average discount rate:
Operating leases	10.3	%
Finance leases	7.7	%

The discount rate for operating leases was estimated based upon market rates of collateralized loan obligations of comparable companies on comparable terms.

The future minimum lease payments as of

December

31,

2019

were as follows:

	Operating			Finance
Year ending December 31:	Leases			Leases			Total
2020	$	1,172,759		$	1,366,026		$	2,538,785
2021		1,207,708			814,360			2,022,068
2022		1,243,934			260,857			1,504,791
2023		1,283,253			—			1,283,253
2024		1,316,540			—			1,316,540
Thereafter		2,513,729			—			2,513,729
Total minimum lease payments		8,737,923			2,441,243			11,179,166
Less: Interest		(2,500,562	)		(140,267	)		(2,640,829	)
Present value of lease liabilities	$	6,237,361		$	2,300,976		$	8,538,337

As previously reported in the Company’s Annual Report on Form

-K for the year ended

December 31, 2018

and under legacy lease accounting (ASC

840

), future minimum lease payments under non-cancellable leases as of

December 31, 2018

are as follows:

	Operating		Finance
	Leases		Leases
2019	$	1,077,532	$	464,797
2020		1,168,710		354,739
2021		1,203,658		33,774
2022		1,239,885		—
2023		1,276,356		—
Thereafter		3,818,795		—
Total minimum lease payments	$	9,784,936		853,310
Less: Interest				(24,525	)
Present value of lease liabilities			$	828,785

Other

Commitments

March

2012,

the Company entered into an agreement, as amended, with Chasm Technologies, Inc. for manufacturing consulting services related to the Company’s manufacturing capabilities during the term of the agreement. As future contingent consideration under the agreement, the Company agreed to pay

$400,000

related to the timing of the Company’s

first

Phase

clinical trial which commenced site initiation in

December 2017.

The consideration of

$400,000

is comprised of initial consideration of

$20,000

paid in

2017,

$80,000

to be paid upon

first

dosing of the

first

patient in the Phase

clinical trial which occurred in

2018,

and

$300,000

due

later than

December

31,

2018,

which was paid in

2018.

In addition, the Company also agreed to pay future contingent royalties on net sales totaling

more than

$1,500,000.

Contingencies

The Company from time-to-time is subject to claims and litigation in the normal course of business,

none

of which the Company believes represent a risk of material loss or exposure.

Note 10 - Long-term Debt

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Long-term Debt [Text Block]

10.

Long-Term Debt

Long-term debt consisted of the following as of

December 31, 2019

and

2018:

		December 31,			December 31,
	Maturity Date	2019			2018
Pacific Western Bank note	October 25, 2022	$	15,878,121		$	10,802,355
CSC build-to-suit equipment financing, net of discount			—			1,142,194
Less current portion			(5,585,637	)		(316,906	)
Long-term debt, less current portion		$	10,292,484		$	11,627,643

Pacific Western Bank

January

2016

and

October 2016,

the Company entered into a Loan and Security Agreement (“LSA”) and an amendment, respectively, with Pacific Western Bank (“Pacific Western”). The LSA provided that the Company

may

borrow up to

$10.0

million in

three

tranches of a term loan (“Term Loan”) to supplement working capital and finance facility expansion and capital equipment purchases. The Term Loan was collateralized by a lien on all assets of the Company that are

not

otherwise encumbered, including a negative pledge on intellectual property prohibiting its sale without Pacific Western’s consent. Amounts borrowed under the Term Loan could be repaid at any time without penalty or premium. The Term Loan was interest-only through

July 6, 2017,

followed by an amortization period of

months of equal monthly payments of principal plus interest, beginning on

August

2017

and continuing on the same day of each month thereafter until paid in full. Any amounts borrowed under the Term Loan bore interest at

3.75%

during the initial

-month interest-only period. Following the interest-only period, the interest rate increased to

5.00%,

which was to be fixed for the duration of the Term Loan. Subsequent to the Company closing its IPO, on

August 6, 2018

the Company paid Pacific Western a liquidity event success fee of

$400,000,

which was recorded as Interest Expense in the Statement of Operations and Comprehensive Loss for the year ended

December 31, 2018.

March 2018,

the Company and Pacific Western executed the Ninth Amendment to the LSA (the “Ninth Amendment”). With the Ninth Amendment, new covenants were enacted requiring the Company to (

) at all times maintain a balance of cash at Pacific Western of at least

$8.0

million, an increase of

$5.5

million from its prior cash balance covenant, and (

)

not

observe any materially adverse data from its

LIQ861

Phase

study on or before

December 31, 2018.

Pursuant to this Ninth Amendment, the interest-only period for the Tranche I loan was amended to include the period from

January 7, 2018

July 6, 2018,

and the interest-only period for the Tranche II and Tranche III loans was amended to include the period from

January 13, 2018

July 12, 2018.

Prior to executing the amendment, the Company had made principal payments of

$0.6

million inside of the defined interest-only period, which were subsequently refunded on the same day. All amendments to the Pacific Western LSA were accounted for as a modification.

October 2018,

the Company and Pacific Western entered into an Amended and Restated Loan and Security Agreement (the “A&R LSA”) in which the Company received an initial tranche of

$11.0

million to extinguish its existing debt of

$8.0

million under the LSA, repay in full the

$1.8

million in outstanding indebtedness under the UNC Promissory Note and for general corporate purposes. The indebtedness under the A&R LSA bears interest at the greater of the Prime rate or

and has a

four

-year term maturing in

October 2022.

The A&R LSA provided for access to a

second

tranche of up to

$5.0

million available to be drawn at the Company’s option through

June 30, 2019.

The

second

tranche became accessible as a result of the full enrollment of the Company’s

LIQ861

INSPIRE clinical trial, without observing any materially adverse data through the

two

week endpoint. The entire

second

tranche of

$5.0

million was drawn by the Company in

May 2019

bringing the total amount outstanding to

$16.0

million. Both tranches require payments of interest-only through

December 31, 2019.

As a result of this refinancing, the Company recorded a gain of

$0.1

million in accordance with ASC

470

50,

Debt – Modifications and Extinguishments

The A&R LSA carries a

one

-time success fee of

$375,000

and a prepayment penalty of

if the drawn tranche is prepaid prior to

October 27, 2020.

The success fee was triggered in

December 2019

by the sale of common stock and this was recorded as interest expense of

$375,000

during the year ended

December 2019.

Accrued interest is included in Other accrued expenses in the Balance Sheet as of

December 31, 2019.

The minimum cash covenant is

$8.5

million. Pacific Western maintains a blanket lien on all assets excluding intellectual property, for which it has been provided a negative pledge. Pursuant to the A&R LSA, the Company is also obligated to comply with various other customary covenants, including, among others, restrictions on its ability to dispose of assets, replace or suffer the departure of the CEO or CFO without delivering

ten

days’ prior written notification to Pacific Western, suffer a change on the Board of Directors which would result in the failure of at least

one

partner of Canaan Partners or their respective affiliates to serve as a voting member in each case without having used best efforts to deliver at least

days’ prior written notification to Pacific Western, make acquisitions, be acquired, incur indebtedness, grant liens, make distributions to its stockholders, make investments, enter into certain transactions with affiliates or pay down subordinated debt, subject to specified exceptions.

May 2019,

the Company and Pacific Western entered a First Amendment to A&R LSA to provide for a limit of

$2.5

million of capital expenditures during the year ended

December 31, 2019.

As of

December 31, 2019,

the Company was in compliance with this and all other covenants.

Scheduled annual maturities of long-term debt as of

December

31,

2019

are as follows:

Year ending December 31:
2020	$	5,818,182
2021		5,818,182
2022		4,363,636
Thereafter		—
Total		16,000,000
Less: Unamortized discount		(91,520	)
Less: Unamortized debt issuance costs		(30,359	)
Less: Current portion of long-term debt		(5,585,637	)
Long-term debt, noncurrent	$	10,292,484

Note 11 - Warrant Liability Change in Fair Value During Year 2018

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Warrant Liability Disclosure [Text Block]

11.

Warrant Liability Change in Fair Value During Year

2018

The Company’s liability-classified warrants to purchase preferred stock were recorded as a liability at their estimated fair value at the date of issuance, with the subsequent changes in estimated fair value recorded in warrant fair value adjustments in the Company’s Statements of Operations and Comprehensive Loss. The warrants, with a fair value of

$4,474,122

at inception, were initially recorded as a warrant liability on the Balance Sheet with a corresponding discount to the notes. The change in the estimated fair value of the warrant liability resulted in a fair value adjustment and is included in warrant fair value adjustments in the Statements of Operations and Comprehensive Loss. In conjunction with the IPO during the year ended

December 31, 2018,

the warrants automatically converted to warrants to purchase common stock. Therefore, upon the IPO, the warrant liability was marked to fair market value and transferred to additional paid-in capital. Changes in the values of the warrant liability for the years ended

December

31,

2019

and

2018

are summarized below:

	Year Ended December 31,
	2019		2018
Fair value, beginning of period	$	—	$	2,462,859
Issuance of warrants		—		—
Change in fair value		—		(277,715	)
Transfer to additional paid-in capital		—		(2,185,144	)
Fair value, end of period	$	—	$	—

Note 12 - Defined Contribution Retirement Plan	12 Months Ended
Note 12 - Defined Contribution Retirement Plan	Dec. 31, 2019
Notes to Financial Statements
Defined Contribution Plan [Text Block]	12. Defined Contribution Retirement Plan The Company maintains a defined contribution 401 (k) retirement plan for its employees, pursuant to which employees who have completed sixty days of service may elect to contribute a portion of their compensation on a tax-deferred basis up to the maximum amount permitted by the Internal Revenue Code. The Company provides a 4% matching contribution to eligible employee contributions. Matching contributions are paid subsequent to the year to which they relate. The Company’s matching contributions due for the years ended December 31, 2019 and 2018 were $400,378 and $365,988, respectively, and such amounts were included in Accrued Expenses on the Balance Sheets as of December 31, 2019 and 2018, respectively.

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Basis of Accounting, Policy [Policy Text Block]

Basis of Presentation

Substantial Doubt About Going Concern, Policy [Policy Text Block]

Going Concern

first

quarter of

2020.

$8.5

million pursuant to this term loan facility, through

August 2020.

The Company has based these estimates on assumptions that

may

$8.5

million on its debt during and beyond the

third

quarter of

2020,

in addition to commercializing

LIQ861,

if approved. Such capital

may

not

LIQ861,

for the treatment of PAH. Strategic alternatives

may

also include the sale of some of the Company’s assets or proprietary technologies, or a potential merger or sale of the Company. There can be

assurance that the Company will be able to enter into such a transaction or transactions on a timely basis, on terms that are favorable to the Company, or at all. The financial statements do

not

include any adjustments that might result from the outcome of this uncertainty.

Reverse Stock Split, Policy [Policy Text Block]

Reverse Stock Split

July 12, 2018

and

July 19, 2018,

the Company’s Board of Directors and stockholders, respectively, approved an amendment to the Company’s amended and restated certificate of incorporation effecting a

-for-

16.827

reverse stock split of the Company’s issued and outstanding shares of common stock and convertible preferred stock. The reverse stock split was effective on

July 19, 2018.

The par value of the common and redeemable convertible preferred stock was

not

Use of Estimates, Policy [Policy Text Block]

Use of Estimates

Cash and Cash Equivalents, Policy [Policy Text Block]

Cash

The Company considers all highly liquid investments with a maturity of

three

months or less, when purchased, to be cash equivalents. The Company had

cash equivalents as of

December

31,

2019

and

2018.

Accounts Receivable [Policy Text Block]

Accounts Receivable

Accounts receivable are stated at net realizable value including an allowance for doubtful accounts as of each balance sheet date. The Company has

not

recorded an allowance for doubtful accounts during the years ended

December 31, 2019

and

2018.

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

Concentration of Credit Risk

100%

of the Company’s cash is held on deposit with Pacific Western Bank. With regard to revenues and concentration of credit risk, GlaxoSmithKline plc (“GSK” and “GSK Inhaled”) accounted for

$8.1

and

$0.4

million of our revenue during the years ended

December

31,

2019

and

2018,

respectively, or

100%

and

15%,

respectively, of our total revenue, and

of the Company’s accounts receivable as of

December 31, 2019

and

2018.

Lessee, Leases [Policy Text Block]

Leases

February 2016,

the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”)

2016

02,

Leases

, as amended (Topic

842

) (“ASU

2016

02”

). The provisions of ASU

2016

not

months regardless of their classification. The Company has elected to account for leases with a term of

months or less in a similar manner as under existing guidance for operating leases. ASU

2016

supersedes the previous lease standard, Topic

840,

Leases

. The guidance is effective for public companies with annual periods and interim periods within those annual periods beginning after

December 15, 2018.

The Company adopted Topic

842,

as amended, as of

January 1, 2019,

$6.4

million and

$9.1

million respectively, as of

January 1, 2019.

The standard had

The net impact of applying Topic

842

was recorded as an adjustment to accumulated deficit of

$0.6

million as of

January 1, 2019

as follows:

	Balance at			Adjustments			Balance at
	December 31,			Due to			January 1,
	2018			Topic 842			2019
Balance Sheet:
Assets
Property, plant and equipment, net	$	8,130,708		$	(107,734	)	$	8,022,974
Operating lease right-of-use assets, net		—			3,985,071			3,985,071

Liabilities
Deferred rent		2,674,683			(2,674,683	)		—
Operating lease liabilities		—			6,659,725			6,659,725
Finance lease liabilities		828,785			1,636,185			2,464,970
Long-term debt		11,944,549			(1,141,792	)		10,802,757

Stockholders’ equity (deficit)
Accumulated deficit		(167,053,897	)		(602,098	)		(167,655,995	)

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

Property, Plant and Equipment

Lab and build-to-suit equipment (years)	5	-	7
Office equipment (years)		5
Furniture and fixtures (years)		10
Computer equipment (years)		3
Leasehold improvements	Lesser of life of the asset or remaining lease term

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

Impairment of Long-Lived Assets

The Company evaluates long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying value of an asset

may

not

such impairments have occurred.

Deferred Rent [Policy Text Block]

Deferred Rent

Revenue from Contract with Customer [Policy Text Block]

Revenue Recognition

The Company adopted ASU

2014

09,

Revenue from Contracts with Customers

(“Topic

606”

) and all the related amendments as of

January 1, 2018.

The cumulative effect of the change was an increase of

$0.5

million to the balance of accumulated deficit on the Balance Sheet as of

January 1, 2018.

The transaction price for these contracts includes non-refundable fees and fees for research and development services. Non-refundable up-front fees which

may

not

included any future milestone payments in the transaction price allocated to research, development and licensing agreements as of

December

31,

2018

December 31, 2019.

The Company revises the transaction price to include milestone payments once the specific milestone achievement is

not

Segment Reporting, Policy [Policy Text Block]

Segment Data

Operating segments are defined as components of an enterprise engaging in business activities from which it

may

one

operating segment and all of the Company operations and long-lived assets are in the United States.

Research and Development Expense, Policy [Policy Text Block]

Research and Development Expense

Research and development costs are expensed as incurred and include direct costs incurred to

third

Patent Maintenance, Policy [Policy Text Block]

Patent Maintenance

Share-based Payment Arrangement [Policy Text Block]

Stock-Based Compensation

The Company estimates the grant date fair value of its share-based awards and amortizes this fair value to compensation expense over the requisite service period or vesting term (see Note

Earnings Per Share, Policy [Policy Text Block]

Net Loss Per Share

December

31,

2019

and

2018

does

not

include the following common stock equivalent shares:

	Year Ended December 31,
	2019		2018
Stock Options		1,979,411		1,658,112
Warrants		111,372		170,925
Total		2,090,783		1,829,037

For the years ended

December

31,

2019

and

2018

Fair Value of Financial Instruments, Policy [Policy Text Block]

Fair Value of Financial Instruments

The carrying values of cash, accounts receivable, and accounts payable at

December

31,

2019

and

2018

approximated their fair value due to the short maturity of these instruments.

The Company’s valuation of financial instruments is based on a

three

-tiered approach, which requires that fair value measurements be classified and disclosed in

one

three

tiers. The fair value hierarchy defines a

three

-level valuation hierarchy for disclosure of fair value measurements as follows:

Level

— Quoted prices in active markets for identical assets or liabilities;

Level

— Other than quoted prices included in Level

inputs that are observable for the asset or liability, either directly or indirectly; and

Level

— Unobservable inputs for the asset and liability used to measure fair value, to the extent that observable inputs are

not

available.

December 31, 2019

and

2018:

Significant

Quoted Prices

Other

in Active

Observable

Significant

Markets

Inputs

Unobservable

Carrying

December 31, 2019

(Level 1)

(Level 2)

Inputs (Level 3)

Value

Pacific Western Bank note - A&R LSA

—

14,094,792

—

15,878,121

			Significant
	Quoted Prices		Other
	in Active		Observable		Significant
	Markets		Inputs		Unobservable		Carrying
December 31, 2018	(Level 1)		(Level 2)		Inputs (Level 3)		Value
Pacific Western Bank Tranche I note - A&R LSA	$	—	$	10,412,650	$	—	$	10,802,355
CSC build-to-suit equipment financing		—		1,311,135		—		1,142,194
Total	$	—	$	11,723,785	$	—	$	11,944,549

The fair value of debt is measured in accordance with ASU

2016

01,

Financial Instruments–Overall: Recognition and Measurement of Financial Assets and Financial Liabilities

Deferred Charges, Policy [Policy Text Block]

Deferred Offering Costs

The Company capitalizes certain legal, professional accounting and other

third

December

31,

2019

and

2018,

the Company recorded deferred offering costs relating to its financing activities of

and

$110,365,

respectively, which is included in Prepaid Expenses and Other Assets on the Balance Sheets.

Convertible Instruments [Policy Text Block]

Convertible Instruments

470

20,

Debt with Conversion and Other Options

, (“ASC

470

20”

), ASC

480,

Distinguishing Liabilities from Equity

(“ASC

480”

) and ASC

815,

Derivatives and Hedging

(“ASC

815”

one

of the following methods:

•

Fair value method — The instrument being analyzed is allocated a portion of the proceeds equal to its fair value, with the remaining proceeds allocated to the other instruments as appropriate.

•

Residual value method — The instrument being analyzed is allocated the remaining proceeds after an allocation is made to all other instruments covered in the allocation.

Generally, when there are multiple instruments issued in a single transaction that have different subsequent measurement bases, the proceeds from the transaction are

first

not

subsequently measured at fair value. In the event both instruments in the transaction are

not

815.

Embedded derivatives were initially and subsequently measured at fair value. Under ASC

815,

a portion of the proceeds received upon the issuance of the hybrid contract was allocated to the fair value of the derivative.

The Company accounted for convertible instruments in which it is determined that the embedded conversion options should

not

be bifurcated from their host instruments in accordance with ASC

470

20.

Under ASC

470

20,

Warrant Liabilities [Policy Text Block]

Warrant Liabilities

2018,

the warrants were converted to warrants for common stock. Following that conversion, these warrants

longer met the criteria to be presented as a liability and have been reclassified to additional paid-in capital. The Company will

longer include the warrants as liabilities or recognize changes in their fair value on the Statements of Operations and Comprehensive Loss.

Derivatives, Embedded Derivatives [Policy Text Block]

Embedded Derivatives

$0.001

par value per share (“Series D”) (see Note

Costs Incurred Related to Equity and Debt [Policy Text Block]

Issuance Costs Related to Equity and Debt

835,

Interest

(“ASC

835”

). To the extent that the reduction from issuance costs of the carrying amount of the debt liability would reduce the carrying amount below zero, such excess was recorded as interest expense.

Income Tax, Policy [Policy Text Block]

Income Taxes

A valuation allowance is recorded, if necessary, to reduce net deferred taxes to their realizable values if management believes it is more likely than

not

that the net deferred tax assets will

not

be realized.

The Company

may

recognize the tax benefit from an uncertain tax position only if it is more likely than

not

50%

likelihood of being realized upon ultimate settlement.

December 22, 2017,

35%

21%,

30%

of taxable income before interest, depreciation and amortization from

2018

2021

December 31, 2017

$14.1

million. Using the guidance issued by the SEC staff in Staff Accounting Bulletin

No.

118,

the Company completed its accounting for the TCJA during the

fourth

quarter of

2018.

New Accounting Pronouncements, Policy [Policy Text Block]

Recent Accounting Pronouncements

October 2018,

the FASB issued ASU

2018

18,

Collaborative Arrangements

(Topic

808

): Clarifying the Interaction between Topic

808

and Topic

606

("ASU

2018

17"

). The provisions of ASU

2018

clarify when certain transactions between collaborative arrangement participants should be accounted for under ASC

606

and incorporates unit-of-account guidance consistent with ASC

606

to aid in this determination. The guidance is effective for annual periods and interim periods within those annual periods beginning after

December 15, 2019,

with early adoption permitted, and is effective for the Company for the year ending

December 31, 2020.

The Company is currently evaluating the impact that the implementation of this standard will have on the Company's financial statements.

Note 2 - Basis of Presentation and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2019

Notes Tables

Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block]

	Balance at			Adjustments			Balance at
	December 31,			Due to			January 1,
	2018			Topic 842			2019
Balance Sheet:
Assets
Property, plant and equipment, net	$	8,130,708		$	(107,734	)	$	8,022,974
Operating lease right-of-use assets, net		—			3,985,071			3,985,071

Liabilities
Deferred rent		2,674,683			(2,674,683	)		—
Operating lease liabilities		—			6,659,725			6,659,725
Finance lease liabilities		828,785			1,636,185			2,464,970
Long-term debt		11,944,549			(1,141,792	)		10,802,757

Stockholders’ equity (deficit)
Accumulated deficit		(167,053,897	)		(602,098	)		(167,655,995	)

Schedule of Property, Plant and Equipment, Useful Life [Table Text Block]

Lab and build-to-suit equipment (years)	5	-	7
Office equipment (years)		5
Furniture and fixtures (years)		10
Computer equipment (years)		3
Leasehold improvements	Lesser of life of the asset or remaining lease term

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]

	Year Ended December 31,
	2019		2018
Stock Options		1,979,411		1,658,112
Warrants		111,372		170,925
Total		2,090,783		1,829,037

Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis [Table Text Block]

Significant

Quoted Prices

Other

in Active

Observable

Significant

Markets

Inputs

Unobservable

Carrying

December 31, 2019

(Level 1)

(Level 2)

Inputs (Level 3)

Value

Pacific Western Bank note - A&R LSA

—

14,094,792

—

15,878,121

			Significant
	Quoted Prices		Other
	in Active		Observable		Significant
	Markets		Inputs		Unobservable		Carrying
December 31, 2018	(Level 1)		(Level 2)		Inputs (Level 3)		Value
Pacific Western Bank Tranche I note - A&R LSA	$	—	$	10,412,650	$	—	$	10,802,355
CSC build-to-suit equipment financing		—		1,311,135		—		1,142,194
Total	$	—	$	11,723,785	$	—	$	11,944,549

Note 4 - Stock-based Compensation (Tables)

12 Months Ended

Dec. 31, 2019

Notes Tables

Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]

	Year Ended December 31,
By Expense Category:	2019		2018
Research and development	$	1,119,382	$	649,052
General and administrative		2,256,923		1,546,023
Total	$	3,376,305	$	2,195,075

	Year Ended December 31,
By Type of Award:	2019		2018
Stock Options	$	3,240,376	$	1,881,800
Restricted Stock Units		135,929		313,275
Total	$	3,376,305	$	2,195,075

Share-based Payment Arrangement, Nonvested Award, Cost [Table Text Block]

	As of December 31, 2019
	Unamortized Expense		Weighted Average Remaining Recognition Period (Years)
Stock Options	$	7,989,431		2.70
Restricted Stock Units	$	221,462		2.62

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

	Year Ended
	December 31,
	2019			2018
Expected dividend yield		—%			—%
Risk-free interest rate	1.40%	-	2.40%	2.67%	-	3.01%
Expected Volatility	83%	-	88%	78%	-	99%
Expected life (years)		6.04			6.25
Weighted-average fair value per share		$8.00			$7.25

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

	Number of Shares			Weighted Average Exercise Price		Weighted Average Contractual Term (in years)		Aggregate Intrinsic Value
Outstanding as of December 31, 2018		1,658,112		$	8.76
Granted		715,108		$	11.39
Exercised		(32,325	)	$	4.37
Cancelled		(287,919	)	$	11.65
Outstanding as of December 31, 2019		2,052,976		$	9.33		7.70	$	235,669
Exercisable as of December 31, 2019		858,667		$	7.27		6.09	$	232,690
Vested and expected to vest as of December 31, 2019		1,865,715		$	9.16		7.58	$	235,533

Share-based Payment Arrangement, Option, Exercise Price Range [Table Text Block]

Exercise Price or Range of Exercise Price			Options Outstanding		Weighted Average Contractual Life (Years)		Options Exercisable
$1.85	to	$5.89		530,657		5.55		411,949
$7.80	to	$9.01		32,250		9.37		425
	$9.31			637,229		7.79		312,197
$10.04	to	$21.36		852,840		8.90		134,096
				2,052,976		7.70		858,667

Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Grant Date Intrinsic Value [Table Text Block]

	Year Ended December 31,
	2019		2018
Intrinsic value of options exercised	$	266,040	$	2,097,888
Fair value of options vested	$	4,131,982	$	512,373

Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]

	Number of RSUs			Weighted Average Grant-Date Fair Value (per RSU)
Nonvested as of December 31, 2018		185,768		$	11.04
Granted		--			--
Vested		(40,954	)		11.09
Forfeited		(137,321	)		10.05
Nonvested as of December 31, 2019		7,493		$	28.87

Note 6 - Revenue From Contracts with Customers (Tables)

12 Months Ended

Dec. 31, 2019

Notes Tables

Disaggregation of Revenue [Table Text Block]

	2019 Revenue Recognized From
	Non-Refundable Payments				Research and
			Up front		Development
	Milestones		Payments		Services		Total
GSK Inhaled	$	1,345,320	$	6,726,600	$	—	$	8,071,920
Other		—		—		200		200
Total	$	1,345,320	$	6,726,600	$	200	$	8,072,120

	2018 Revenue Recognized From
	Non-Refundable Payments				Research and
			Up front		Development
	Milestones		Payments		Services		Total
GSK Inhaled	$	45,058	$	225,293	$	168,000	$	438,351
Other		—		943,419		1,325,211		2,268,630
Total	$	45,058	$	1,168,712	$	1,493,211	$	2,706,981

Note 7 - Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2019

Notes Tables

Property, Plant and Equipment [Table Text Block]

	December 31,			December 31,
	2019			2018
Lab and build-to-suit equipment	$	7,562,263		$	7,266,895
Office equipment		128,669			130,460
Furniture and fixtures		237,951			205,051
Computer equipment		804,046			799,515
Leasehold improvements		11,762,351			8,878,361
Construction-in-progress		91,797			155,148
Total property, plant and equipment		20,587,077			17,435,430
Accumulated depreciation and amortization		(11,333,112	)		(9,304,722	)
Property, plant and equipment, net	$	9,253,965		$	8,130,708

Schedule of Construction In Progress Roll forward [Table Text Block]

	Leasehold			Build-to-suit			Lab
	Improvements			Equipment			Equipment			Total
Balance as of December 31, 2017	$	1,208,107		$	1,583,054		$	39,246		$	2,830,407
Add: Purchases related to CIP		425,438			82,687			114,102			622,227
Less: Transfer due to being placed in service		(1,570,194	)		(1,665,741	)		(61,551	)		(3,297,486	)
Balance as of December 31, 2018		63,351			—			91,797			155,148
Add: Purchases related to CIP		2,820,640			—			—			2,820,640
Less: Transfer due to being placed in service		(2,883,991	)		—			—			(2,883,991	)
Balance as of December 31, 2019	$	-		$	-		$	91,797		$	91,797

Note 8 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Notes Tables

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

	2019			2018
Deferred income tax assets:
Tax loss carryforwards	$	42,107,372		$	30,239,898
Deferred revenue		—			1,856,507
Research and development credits		3,016,889			2,382,047
Stock-based compensation		973,905			489,694
Lease liability		1,508,645			—
Compensation		564,572			431,649
Fixed assets		—			160,784
Patent amortization		86,985			97,942
Other		55,972			669,151
Valuation allowance		(47,505,967	)		(36,327,672	)
Total deferred income tax assets		808,373			—
Deferred income tax liabilities:
Fixed assets		158,787			—
Operating leases		649,586			—
Total deferred income tax liabilities		808,373			—
Total net deferred tax	$	—		$	—

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

	2019						2018
				% of Pretax						% of Pretax
	Amount			Earnings			Amount			Earnings
Income tax benefit at statutory rate	$	(10,019,974	)		21.0	%	$	(11,158,530	)		21.0	%
State income taxes, net of federal tax benefit		(957,616	)		2.0			(1,062,492	)		2.0
Non-deductible expenses		94,903			(0.2	)		6,810			—
Stock-based compensation		258,338			(0.5	)		10,925			—
Non-deductible interest expense		—			—			4,074,501			(7.7	)
Derivative and warrant fair value adjustments		—			—			(63,873	)		0.1
Credits		(634,842	)		1.3			—			—
Change in state rate		3,887			—			(2,842	)		—
Other		77,009			(0.1	)		(139,660	)		0.3
Change in valuation allowance		11,178,295			(23.5	)		8,335,161			(15.7	)
Provision for income taxes	$	—			0.0	%	$	—			0.0	%

Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]

Balance at December 31, 2017	$	—
Increases related to 2018		—
Increases related to prior periods		—
Balance at December 31, 2018		—
Increases related to 2019		158,710
Increases related to prior periods		—
Balance at December 31, 2019	$	158,710

Note 9 - Leases, Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2019

Notes Tables

Lease, Cost [Table Text Block]

		Year Ended
	Classification	December 31, 2019
Operating lease cost	General and administrative	$	884,597
Finance lease cost:
Amortization of lease assets	General and administrative		1,316,924
Interest on lease liabilities	Interest expense		190,687
Lease cost		$	2,392,208

Weighted average remaining lease term (years):
Operating leases	6.8
Finance leases	1.6
Weighted average discount rate:
Operating leases	10.3	%
Finance leases	7.7	%

Lease Liability Maturity [Table Text Block]

	Operating			Finance
Year ending December 31:	Leases			Leases			Total
2020	$	1,172,759		$	1,366,026		$	2,538,785
2021		1,207,708			814,360			2,022,068
2022		1,243,934			260,857			1,504,791
2023		1,283,253			—			1,283,253
2024		1,316,540			—			1,316,540
Thereafter		2,513,729			—			2,513,729
Total minimum lease payments		8,737,923			2,441,243			11,179,166
Less: Interest		(2,500,562	)		(140,267	)		(2,640,829	)
Present value of lease liabilities	$	6,237,361		$	2,300,976		$	8,538,337

Schedule of Future Minimum Rental Payments for Operating and Capital Leases [Table Text Block]

	Operating		Finance
	Leases		Leases
2019	$	1,077,532	$	464,797
2020		1,168,710		354,739
2021		1,203,658		33,774
2022		1,239,885		—
2023		1,276,356		—
Thereafter		3,818,795		—
Total minimum lease payments	$	9,784,936		853,310
Less: Interest				(24,525	)
Present value of lease liabilities			$	828,785

Note 10 - Long-term Debt (Tables)

12 Months Ended

Dec. 31, 2019

Notes Tables

Schedule of Long-term Debt Instruments [Table Text Block]

		December 31,			December 31,
	Maturity Date	2019			2018
Pacific Western Bank note	October 25, 2022	$	15,878,121		$	10,802,355
CSC build-to-suit equipment financing, net of discount			—			1,142,194
Less current portion			(5,585,637	)		(316,906	)
Long-term debt, less current portion		$	10,292,484		$	11,627,643

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

Year ending December 31:
2020	$	5,818,182
2021		5,818,182
2022		4,363,636
Thereafter		—
Total		16,000,000
Less: Unamortized discount		(91,520	)
Less: Unamortized debt issuance costs		(30,359	)
Less: Current portion of long-term debt		(5,585,637	)
Long-term debt, noncurrent	$	10,292,484

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28551-108399

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Note 11 - Warrant Liability Change in Fair Value During Year 2018 (Tables)

12 Months Ended

Dec. 31, 2019

Notes Tables

Schedule of Product Warranty Liability [Table Text Block]

	Year Ended December 31,
	2019		2018
Fair value, beginning of period	$	—	$	2,462,859
Issuance of warrants		—		—
Change in fair value		—		(277,715	)
Transfer to additional paid-in capital		—		(2,185,144	)
Fair value, end of period	$	—	$	—

Note 1 - Business (Details Textual)	Dec. 31, 2019
Number of Products Under Development	2

Note 2 - Basis of Presentation and Summary of Significant Accounting Policies (Details Textual)				1 Months Ended	3 Months Ended	12 Months Ended
	Oct. 26, 2018 USD ($)	Jul. 19, 2018	Dec. 22, 2017	Mar. 31, 2018 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2019 USD ($) $ / shares	Dec. 31, 2018 USD ($)	Jan. 01, 2019 USD ($)	Jan. 01, 2018 USD ($)
Cash Equivalents, at Carrying Value, Total					$ 0	$ 0	$ 0
Accounts Receivable, Allowance for Credit Loss, Current					0	0	0
Revenue from Contract with Customer, Excluding Assessed Tax, Total						8,072,120	2,706,981
Accounts Receivable, after Allowance for Credit Loss, Current, Total					272,557		272,557
Lease Liability						8,538,337,000
Retained Earnings (Accumulated Deficit), Ending Balance					(167,053,897)	$ (215,239,450)	$ (167,053,897)	$ (167,655,995)
Number of Operating Segments						1
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent			35.00%			21.00%	21.00%
Tax Cuts and Jobs Act, Change in Tax Rate, Deferred Tax Asset, Income Tax Expense					14,100,000
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount					(14,100,000)	$ 11,178,295
Series D Preferred Stock [Member]
Preferred Stock, Par or Stated Value Per Share \| $ / shares						$ 0.001
Prepaid Expenses and Other Current Assets [Member]
Deferred Offering Costs					110,365	$ 0	$ 110,365
Accounting Standards Update 2016-02 [Member]
Right-of-Use Asset								6,400,000
Lease Liability								9,100,000
Retained Earnings (Accumulated Deficit), Ending Balance					(602,098)		(602,098)	$ (600,000)
Accounting Standards Update 2014-09 [Member]
Retained Earnings (Accumulated Deficit), Ending Balance									$ (500,000)
GlaxoSmithKline [Member]
Revenue from Contract with Customer, Excluding Assessed Tax, Total						8,100,000	400,000
Accounts Receivable, after Allowance for Credit Loss, Current, Total					$ 0	$ 0	$ 0
Credit Concentration Risk [Member] \| Cash Held on Deposit [Member] \| Pacific Western Bank [Member]
Concentration Risk, Percentage						100.00%
Customer Concentration Risk [Member] \| Revenue from Contract with Customer Benchmark [Member] \| GlaxoSmithKline [Member]
Concentration Risk, Percentage						100.00%	15.00%
Customer Concentration Risk [Member] \| Accounts Receivable [Member] \| GlaxoSmithKline [Member]
Concentration Risk, Percentage						0.00%	0.00%
Reverse Stock Split [Member]
Stockholders' Equity Note, Stock Split, Conversion Ratio		16.827
Pacific Western Bank Note, A&R LSA [Member]
Debt Instrument Agreement, Minimum Cash Balance To Be Maintained	$ 8,500,000			$ 8,000,000		$ 8,500,000

Note 2 - Basis of Presentation and Summary of Significant Accounting Policies - Impact of Adoption of Topic 842 (Details) - USD ($)	Dec. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
Assets
Property, plant and equipment, net	$ 9,253,965	$ 8,022,974	$ 8,130,708
Operating lease right-of-use assets, net	2,823,430	3,985,071
Liabilities
Deferred rent			2,674,683
Operating leases, Present value of lease liabilities	6,237,361,000	6,659,725
Finance Lease, Present value of lease liabilities	2,300,976,000	2,464,970	828,785
Long-term debt		10,802,757	11,944,549
Stockholders’ equity:
Accumulated deficit	$ (215,239,450)	(167,655,995)	(167,053,897)
Accounting Standards Update 2016-02 [Member]
Assets
Property, plant and equipment, net			(107,734)
Operating lease right-of-use assets, net			3,985,071
Liabilities
Deferred rent			(2,674,683)
Operating leases, Present value of lease liabilities			6,659,725
Finance Lease, Present value of lease liabilities			1,636,185
Long-term debt			(1,141,792)
Stockholders’ equity:
Accumulated deficit		$ (600,000)	$ (602,098)

Note 2 - Basis of Presentation and Summary of Significant Accounting Policies - Estimated Useful Lives for Major Asset Categories (Details)	12 Months Ended
	Dec. 31, 2019
Lab and Build-to-Suit Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment, Useful life (Year)	5 years
Lab and Build-to-Suit Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment, Useful life (Year)	7 years
Office Equipment [Member]
Property, Plant and Equipment, Useful life (Year)	5 years
Furniture and Fixtures [Member]
Property, Plant and Equipment, Useful life (Year)	10 years
Computer Equipment [Member]
Property, Plant and Equipment, Useful life (Year)	3 years
Leasehold Improvements [Member]
Property, Plant and Equipment, Estimated Useful life	Lesser of life of the asset or remaining lease term

Note 2 - Basis of Presentation and Summary of Significant Accounting Policies - Common Stock Equivalent Shares Excluded From Calculation of Diluted Net Loss Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Anti-dilutive Shares Excluded from Calculation of Diluted Net Loss Per Share (in shares)	2,090,783	1,829,037
Share-based Payment Arrangement, Option [Member]
Anti-dilutive Shares Excluded from Calculation of Diluted Net Loss Per Share (in shares)	1,979,411	1,658,112
Warrant [Member]
Anti-dilutive Shares Excluded from Calculation of Diluted Net Loss Per Share (in shares)	111,372	170,925

Note 2 - Basis of Presentation and Summary of Significant Accounting Policies - Fair Value of Financial Liabilities (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Reported Value Measurement [Member]
Total financial instruments		$ 11,944,549
Fair Value, Inputs, Level 1 [Member] \| Estimate of Fair Value Measurement [Member]
Total financial instruments
Fair Value, Inputs, Level 2 [Member] \| Estimate of Fair Value Measurement [Member]
Total financial instruments		11,723,785
Fair Value, Inputs, Level 3 [Member] \| Estimate of Fair Value Measurement [Member]
Total financial instruments
Pacific Western Bank Note, A&R LSA [Member] \| Reported Value Measurement [Member]
Total financial instruments	$ 15,878,121
Pacific Western Bank Note, A&R LSA [Member] \| Fair Value, Inputs, Level 1 [Member] \| Estimate of Fair Value Measurement [Member]
Total financial instruments
Pacific Western Bank Note, A&R LSA [Member] \| Fair Value, Inputs, Level 2 [Member] \| Estimate of Fair Value Measurement [Member]
Total financial instruments	14,094,792
Pacific Western Bank Note, A&R LSA [Member] \| Fair Value, Inputs, Level 3 [Member] \| Estimate of Fair Value Measurement [Member]
Total financial instruments
Pacific Western Bank, Tranche 1 Note, A&R LSA [Member] \| Reported Value Measurement [Member]
Total financial instruments		10,802,355
Pacific Western Bank, Tranche 1 Note, A&R LSA [Member] \| Fair Value, Inputs, Level 1 [Member] \| Estimate of Fair Value Measurement [Member]
Total financial instruments
Pacific Western Bank, Tranche 1 Note, A&R LSA [Member] \| Fair Value, Inputs, Level 2 [Member] \| Estimate of Fair Value Measurement [Member]
Total financial instruments		10,412,650
Pacific Western Bank, Tranche 1 Note, A&R LSA [Member] \| Fair Value, Inputs, Level 3 [Member] \| Estimate of Fair Value Measurement [Member]
Total financial instruments
CSC Build-to-Suit Equipment Financing [Member] \| Reported Value Measurement [Member]
Total financial instruments		1,142,194
CSC Build-to-Suit Equipment Financing [Member] \| Fair Value, Inputs, Level 1 [Member] \| Estimate of Fair Value Measurement [Member]
Total financial instruments
CSC Build-to-Suit Equipment Financing [Member] \| Fair Value, Inputs, Level 2 [Member] \| Estimate of Fair Value Measurement [Member]
Total financial instruments		1,311,135
CSC Build-to-Suit Equipment Financing [Member] \| Fair Value, Inputs, Level 3 [Member] \| Estimate of Fair Value Measurement [Member]
Total financial instruments

Note 3 - Stockholders' Equity (Details Textual) - USD ($)		1 Months Ended			3 Months Ended	12 Months Ended
	Dec. 23, 2019	Aug. 31, 2019	Mar. 31, 2019	Feb. 28, 2018	Sep. 30, 2018	Dec. 31, 2019	Dec. 31, 2018
Common Stock and Preferred Stock, Shares Authorized						50,000,000
Common Stock and Preferred Stock, Par or Stated Value Per Share						$ 0.001
Common Stock, Shares Authorized						40,000,000	40,000,000
Preferred Stock, Shares Authorized						10,000,000	10,000,000
Proceeds from Issuance of Preferred Stock and Preference Stock							$ 25,106,896
Share Price			$ 11.50
Stock Issued During Period, Shares, New Issues			3,000,000		4,833,099
Proceeds from Issuance Initial Public Offering					$ 47,300,000	$ 63,039,490	$ 47,320,233
Convertible Preferred Stock, Shares Issued upon Conversion					9,948,207
Common Stock, Par or Stated Value Per Share						$ 0.001	$ 0.001
Proceeds from Issuance of Common Stock			$ 34,500,000
Proceeds from Issuance of Common Stock, Net of Offering Costs			$ 31,800,000
Warrants to Purchase Series D Preferred Stock [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights				3,698,128
Warrants to Purchase Common Stock [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights					219,761
Class of Warrant or Right, Exercised During Period						64,629	48,836
Class of Warrant or Right, Outstanding						106,274
Class of Warrant or Right, Exercise Price of Warrants or Rights						$ 0.0168
ATM Agreement [Member]
Stock Issued During Period, Shares, New Issues						2,409,356
Proceeds from Issuance of Common Stock						$ 8,400,000
Proceeds from Issuance of Common Stock, Net of Offering Costs						$ 8,100,000
Private Placement [Member]
Stock Issued During Period, Shares, New Issues	7,164,534
Shares Issued, Price Per Share	$ 3.13
Proceeds from Issuance of Private Placement	$ 22,400,000
Proceeds from Issuance of Private Placement, Net of Offering Costs	$ 21,000,000
Jefferies, LLC [Member] \| ATM Agreement [Member]
Sale of Stock, Maximum Aggregate Offering Price		$ 40,000,000
Sale of Stock, Commission Percentage		3.00%
Series D Preferred Stock [Member]
Proceeds from Issuance of Preferred Stock and Preference Stock				$ 25,600,000
Share Price				$ 0.59808
Stock Issued During Period, Value, Conversion of Convertible Securities				$ 28,900,000
Preferred Stock, Par or Stated Value Per Share						$ 0.001
Stock Issued During Period, Preferred Stock, Shares				91,147,482
Series C-1 Preferred Stock [Member]
Preferred Stock, Par or Stated Value Per Share				$ 0.001
Nonvoting Common Stock, Class B [Member]
Common Stock, Par or Stated Value Per Share					$ 0.001

Note 4 - Stock-based Compensation (Details Textual) - USD ($)				8 Months Ended	12 Months Ended
	Jan. 01, 2020	May 08, 2019	Jan. 01, 2019	Dec. 31, 2019	Dec. 31, 2019	Dec. 31, 2018	Mar. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate					0.00%
Share Price							$ 11.50
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period					32,325	119,793
Proceeds from Stock Options Exercised					$ 141,347	$ 334,711
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period					4 years
Restricted Stock Units (RSUs) [Member] \| Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period						185,768
Common Stock [Member]
Share Price				$ 4.28	$ 4.28
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period					32,325	119,793
The 2018 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant			2,220,778	1,287,561	1,287,561	1,600,000
Increase in Reserve, Percentage of Shares Issued and Outstanding						4.00%
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized			620,778
The 2018 Plan [Member] \| Subsequent Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	2,416,811
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized	1,129,250
The 2016 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant				733,820	733,820
The 2004 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant				397,177	397,177
The ESPP [Member]
Common Stock, Capital Shares Reserved for Future Issuance		300,000
Employee Stock Purchase Plan, Maximum Contribution Per Eligible Employee		$ 25,000
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent		85.00%
Employee Stock Purchase Plan, Cash Contributions				$ 8,129
Employee Stock Purchase Plan, Stock Issued During Period, Shares				2,200

Note 4 - Stock-based Compensation - Stock-based Compensation Expense (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Stock-based compensation expense	$ 3,376,305	$ 2,195,075
Share-based Payment Arrangement, Option [Member]
Stock-based compensation expense	3,240,376	1,881,800
Restricted Stock Units (RSUs) [Member]
Stock-based compensation expense	135,929	313,275
Research and Development Expense [Member]
Stock-based compensation expense	1,119,382	649,052
General and Administrative Expense [Member]
Stock-based compensation expense	$ 2,256,923	$ 1,546,023

Note 4 - Stock-based Compensation - Unamortized Compensation Expense (Details)	12 Months Ended
	Dec. 31, 2019 USD ($)
Share-based Payment Arrangement, Option [Member]
Stock Options, unamortized expense	$ 7,989,431
Stock Options, weighted average remaining recognition period (Year)	2 years 255 days
Restricted Stock Units (RSUs) [Member]
Stock Options, unamortized expense	$ 221,462
Stock Options, weighted average remaining recognition period (Year)	2 years 226 days

Note 4 - Stock-Based Compensation - Fair Value Assumptions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Expected dividend yield	0.00%
Risk-free interest rate, minimum	1.40%	2.67%
Risk-free interest rate, maximum	2.40%	3.01%
Expected Volatility, minimum	83.00%	78.00%
Expected Volatility, maximum	88.00%	99.00%
Expected life (Year)	6 years 14 days	6 years 91 days
Weighted-average fair value per share (in dollars per share)	$ 8	$ 7.25

Note 4 - Stock-based Compensation - Stock Option Activity (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Outstanding, number of shares (in shares)	1,658,112
Outstanding, weighted average exercise price (in dollars per share)	$ 8.76
Outstanding, weighted average contractual term (Year)	7 years 255 days
Outstanding, aggregate intrinsic value	$ 235,669
Granted, number of shares (in shares)	715,108
Granted, weighted average exercise price (in dollars per share)	$ 11.39
Exercised, number of shares (in shares)	(32,325)	(119,793)
Exercised, weighted average exercise price (in dollars per share)	$ 4.37
Cancelled, number of shares (in shares)	(287,919)
Cancelled, weighted average exercise price (in dollars per share)	$ 11.65
Outstanding, number of shares (in shares)	2,052,976	1,658,112
Outstanding, weighted average exercise price (in dollars per share)	$ 9.33	$ 8.76
Exercisable, number of shares (in shares)	858,667
Exercisable, weighted average exercise price (in dollars per share)	$ 7.27
Exercisable, weighted average contractual term (Year)	6 years 32 days
Exercisable, aggregate intrinsic value	$ 232,690
Vested and expected to vest, number of shares (in shares)	1,865,715
Vested and expected to vest, weighted average exercise price (in dollars per share)	$ 9.16
Vested and expected to vest, weighted average contractual term (Year)	7 years 211 days
Vested and expected to vest, aggregate intrinsic value	$ 235,533

Note 4 - Stock-based Compensation - Summarizes Information about Stock Options (Details)	12 Months Ended
	Dec. 31, 2019 $ / shares shares
Options Outstanding (in shares)	2,052,976
Weighted Average Contractual Life (Year)	7 years 255 days
Options Exercisable (in shares)	858,667
Price Range One [Member]
Exercise Price or Range of Exercise Price, Lower Limit (in dollars per share) \| $ / shares	$ 1.85
Exercise Price or Range of Exercise Price, Upper Limit (in dollars per share) \| $ / shares	$ 5.89
Options Outstanding (in shares)	530,657
Weighted Average Contractual Life (Year)	5 years 200 days
Options Exercisable (in shares)	411,949
Price Range Two [Member]
Exercise Price or Range of Exercise Price, Lower Limit (in dollars per share) \| $ / shares	$ 7.80
Exercise Price or Range of Exercise Price, Upper Limit (in dollars per share) \| $ / shares	$ 9.01
Options Outstanding (in shares)	32,250
Weighted Average Contractual Life (Year)	9 years 135 days
Options Exercisable (in shares)	425
Price Range Three [Member]
Exercise Price or Range of Exercise Price, Lower Limit (in dollars per share) \| $ / shares	$ 9.31
Exercise Price or Range of Exercise Price, Upper Limit (in dollars per share) \| $ / shares	$ 9.31
Options Outstanding (in shares)	637,229
Weighted Average Contractual Life (Year)	7 years 288 days
Options Exercisable (in shares)	312,197
Price Range Four [Member]
Exercise Price or Range of Exercise Price, Lower Limit (in dollars per share) \| $ / shares	$ 10.04
Exercise Price or Range of Exercise Price, Upper Limit (in dollars per share) \| $ / shares	$ 21.36
Options Outstanding (in shares)	852,840
Weighted Average Contractual Life (Year)	8 years 328 days
Options Exercisable (in shares)	134,096

Note 4 - Stock-based Compensation - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Intrinsic value of options exercised	$ 266,040	$ 2,097,888
Fair value of options vested	$ 4,131,982	$ 512,373

Note 4 - Stock-based Compensation - Nonvested RSU Awards Outstanding (Details) - Restricted Stock Units (RSUs) [Member]	12 Months Ended
	Dec. 31, 2019 $ / shares shares
Nonvested, number (in shares) \| shares	185,768
Nonvested , weighted average grant date fair value (in dollars per share) \| $ / shares	$ 11.04
Granted, number (in shares) \| shares
Granted , weighted average grant date fair value (in dollars per share) \| $ / shares
Vested , number (in shares) \| shares	(40,954)
Vested , weighted average grant date fair value (in dollars per share) \| $ / shares	$ 11.09
Forfeited, number (in shares) \| shares	(137,321)
Forfeited , weighted average grant date fair value (in dollars per share) \| $ / shares	$ 10.05
Nonvested , number (in shares) \| shares	7,493
Nonvested , weighted average grant date fair value (in dollars per share) \| $ / shares	$ 28.87

Note 6 - Revenue From Contracts with Customers (Details Textual) - USD ($)	1 Months Ended				3 Months Ended	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2016	Feb. 29, 2016	Sep. 30, 2015	Jun. 30, 2018	Dec. 31, 2019	Dec. 31, 2018
Current and Long-term Prepaid Expenses [Member]
Deferred Sublicense Payments							$ 0
Other Assets [Member]
Deferred Sublicense Payments							$ 807,192
Deferred Sublicense Payments [Member]
Capitalized Contract Cost, Amortization	$ 807,192
Capitalized Contract Cost, Net, Total						$ 0
GSK Inhaled 1 [Member]
Nonrefundable Payment To Be Received				$ 15,000,000
Collaboration Agreement Milestone Payment			$ 3,000,000
Collaboration Agreement Combined Up Front and Milestone Payments			$ 18,000,000
Contract with Customer, Liability, Revenue Recognized						$ 8,100,000
G & W [Member]
Non Refundable Up Front Fee		$ 1,000,000
Unamortized Deferred Revenue Recorded As Revenue					$ 900,000
Unamortized Deferred Sublicense Payments Recorded As Cost Of Sales					$ 100,000

Note 6 - Revenue From Contracts With Customers - Disaggregation of Revenue (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Revenues	$ 8,072,120	$ 2,706,981
Non-Refundable Payments - Milestones [Member]
Revenues	1,345,320	45,058
Non-Refundable Payments - Up-front Payments [Member]
Revenues	6,726,600	1,168,712
Research and Development Services [Member]
Revenues	200	1,493,211
GSK Inhaled [Member]
Revenues	8,071,920	438,351
GSK Inhaled [Member] \| Non-Refundable Payments - Milestones [Member]
Revenues	1,345,320	45,058
GSK Inhaled [Member] \| Non-Refundable Payments - Up-front Payments [Member]
Revenues	6,726,600	225,293
GSK Inhaled [Member] \| Research and Development Services [Member]
Revenues		168,000
Other Customer [Member]
Revenues	200	2,268,630
Other Customer [Member] \| Non-Refundable Payments - Milestones [Member]
Revenues
Other Customer [Member] \| Non-Refundable Payments - Up-front Payments [Member]
Revenues		943,419
Other Customer [Member] \| Research and Development Services [Member]
Revenues	$ 200	$ 1,325,211

Note 7 - Property, Plant and Equipment (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2016
Depreciation, Depletion and Amortization, Nonproduction, Total	$ 2,567,742	$ 1,543,667
Cost of Property Repairs and Maintenance	220,658	153,278
Build To Suit Asset Ultimate Cost			$ 1,600,000
Construction in Progress [Member]
Interest Costs Capitalized	$ 0	$ 3,925

Note 7 - Property, Plant and Equipment - Property, Plant and Equipment (Details) - USD ($)	Dec. 31, 2019	Jan. 01, 2019	Dec. 31, 2018	Dec. 31, 2017
Total property, plant and equipment	$ 20,587,077		$ 17,435,430
Accumulated depreciation and amortization	(11,333,112)		(9,304,722)
Property, plant and equipment, net	9,253,965	$ 8,022,974	8,130,708
Lab and Build-to-Suit Equipment [Member]
Total property, plant and equipment	7,562,263		7,266,895
Office Equipment [Member]
Total property, plant and equipment	128,669		130,460
Furniture and Fixtures [Member]
Total property, plant and equipment	237,951		205,051
Computer Equipment [Member]
Total property, plant and equipment	804,046		799,515
Leasehold Improvements [Member]
Total property, plant and equipment	11,762,351		8,878,361
Construction in Progress [Member]
Total property, plant and equipment	$ 91,797		$ 155,148	$ 2,830,407

Note 7 - Property, Plant and Equipment - Activity of Construction in Progress (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Balance as of December 31, 2017	$ 17,435,430
Balance as of December 31, 2018	20,587,077	$ 17,435,430
Construction In Progress, Leasehold Improvements [Member]
Balance as of December 31, 2017	63,351	1,208,107
Add: Purchases related to CIP	2,820,640	425,438
Less: Transfer due to being placed in service	(2,883,991)	(1,570,194)
Balance as of December 31, 2018		63,351
Construction In Progress, Build To Suit Equipment [Member]
Balance as of December 31, 2017		1,583,054
Add: Purchases related to CIP		82,687
Less: Transfer due to being placed in service		(1,665,741)
Balance as of December 31, 2018
Construction In Progress, Lab Equipment [Member]
Balance as of December 31, 2017	91,797	39,246
Add: Purchases related to CIP		114,102
Less: Transfer due to being placed in service		(61,551)
Balance as of December 31, 2018	91,797	91,797
Construction in Progress [Member]
Balance as of December 31, 2017	155,148	2,830,407
Add: Purchases related to CIP	2,820,640	622,227
Less: Transfer due to being placed in service	(2,883,991)	(3,297,486)
Balance as of December 31, 2018	$ 91,797	$ 155,148

Note 8 - Income Taxes (Details Textual) - USD ($)	3 Months Ended	12 Months Ended
Note 8 - Income Taxes (Details Textual) - USD ($)	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Income Tax Expense (Benefit), Total		$ 0	$ 0
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount	$ (14,100,000)	11,178,295
Tax Credit Carryforward, Amount		3,175,600
Domestic Tax Authority [Member]
Operating Loss Carryforwards, Subject to Expiration		97,268,927
Operating Loss Carryforwards, Not Subject to Expiration		85,765,810
State and Local Jurisdiction [Member]
Operating Loss Carryforwards, Subject to Expiration		184,191,027
Operating Loss Carryforwards, Not Subject to Expiration		$ 778,925

Note 8 - Income Taxes - Components of Deferred Assets and Liabilities (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Tax loss carryforwards	$ 42,107,372	$ 30,239,898
Deferred revenue		1,856,507
Research and development credits	3,016,889	2,382,047
Stock-based compensation	973,905	489,694
Lease liability	1,508,645
Compensation	564,572	431,649
Fixed assets		160,784
Patent amortization	86,985	97,942
Other	55,972	669,151
Valuation allowance	(47,505,967)	(36,327,672)
Total deferred income tax assets	808,373
Fixed assets	158,787
Operating leases	649,586
Total deferred income tax liabilities	808,373
Total net deferred tax

Note 8 - Income Taxes - Income Tax Expense (Details) - USD ($)		12 Months Ended
	Dec. 22, 2017	Dec. 31, 2019	Dec. 31, 2018
Income tax benefit at statutory rate		$ (10,019,974)	$ (11,158,530)
Income tax benefit at statutory rate, percentage	35.00%	21.00%	21.00%
State income taxes, net of federal tax benefit		$ (957,616)	$ (1,062,492)
State income taxes, net of federal tax benefit, percentage		2.00%	2.00%
Non-deductible expenses		$ 94,903	$ 6,810
Non-deductible expenses, percentage		(0.20%)
Stock-based compensation		$ 258,338	$ 10,925
Stock-based compensation, percentage		(0.50%)
Non-deductible interest expense			$ 4,074,501
Non-deductible interest expense, percentage			(7.70%)
Derivative and warrant fair value adjustments			$ (63,873)
Derivative and warrant fair value adjustments, percentage			0.10%
Credits		$ (634,842)
Credits, percentage		1.30%
Change in state rate		$ 3,887	$ (2,842)
Change in state rate, percentage
Other		$ 77,009	$ (139,660)
Other, percentage		(0.10%)	0.30%
Change in valuation allowance		$ 11,178,295	$ 8,335,161
Change in valuation allowance, percentage		(23.50%)	(15.70%)
Provision for income taxes		$ 0	$ 0
Provision for income taxes, percentage		0.00%	0.00%

Note 8 - Income Taxes - Uncertain Tax Benefit (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Balance at December 31, 2017
Increases related current period	158,710
Increases related to prior periods
Balance at December 31, 2018	$ 158,710

Note 9 - Leases, Commitments and Contingencies (Details Textual)	12 Months Ended
	Dec. 31, 2019 USD ($) a	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Jun. 30, 2019 USD ($)	Nov. 30, 2018 USD ($) ft²	Mar. 31, 2012 USD ($)
Operating Lease, Maximum Commitment To Incur Construction Cost				$ 3,100,000
Operating Lease, Construction Cost	$ 2,800,000
Finance Lease, Right-of-Use Asset	$ 1,981,002
Lessee, Finance Lease, Discount Rate	7.50%
Operating Leases, Rent Expense, Net, Total		$ 953,733
Contingent Consideration, Amount						$ 400,000
Contingent Consideration, Amount Paid			$ 20,000
Contingent Consideration, Due Upon First Dosing Of First Patient		80,000
Contingent Consideration, Remainder Due		300,000
Maximum Net Sales Threshold As Basis For Payment Of Future Contingent Royalties		$ 1,500,000
CSC Financing [Member]
Lessee, Finance Lease, Term of Contract	3 years
Percentage of Initial Financed Amount	23.00%
Lease Extension, November 2018 [Member]
Area of Real Estate Property	45,000				8,264
Operating Lease, Letter Of Intent Expansion Of Lease In Exchange For Termination Of Lease, Area Of Property Leased \| ft²					4,400
Operating Lease, Letter of Intent Tenant Allowance					$ 1,000,000
Operating Lease, Incremental Rent Over Terminated Lease					$ 100,000

Note 9 - Leases, Commitments and Contingencies - Lease Cost and Other (Details)	12 Months Ended
	Dec. 31, 2019 USD ($)
Lease cost	$ 2,392,208
Operating leases (Year)	6 years 292 days
Finance leases (Year)	1 year 219 days
Operating leases	10.30%
Finance leases	7.70%
General and Administrative Expense [Member]
Operating lease cost	$ 884,597
Amortization of lease assets	1,316,924
Interest Expense [Member]
Interest on lease liabilities	$ 190,687

Note 9 - Leases, Commitments and Contingencies - Future Minimum Lease Payments (Details) - USD ($)	Dec. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
Operating leases, 2020	$ 1,172,759,000
Finance Lease, 2020	1,366,026,000
2020	2,538,785,000
Operating leases, 2021	1,207,708,000
Finance Lease, 2021	814,360,000
2021	2,022,068,000
Operating leases, 2022	1,243,934,000
Finance Lease, 2022	260,857,000
2022	1,504,791,000
Operating leases, 2023	1,283,253,000
Finance Lease, 2023
2023	1,283,253,000
Operating leases, 2024	1,316,540,000
Finance Lease, 2024
2024	1,316,540,000
Operating leases, Thereafter	2,513,729,000
Finance Lease, Thereafter
Thereafter	2,513,729,000
Operating leases, Total minimum lease payments	8,737,923,000
Finance Lease, Total minimum lease payments	2,441,243,000
Total minimum lease payments	11,179,166,000
Operating leases, Less: Interest	(2,500,562,000)
Finance Lease, Less: Interest	(140,267,000)
Less: Interest	(2,640,829,000)
Operating leases, Present value of lease liabilities	6,237,361,000	$ 6,659,725
Finance Lease, Present value of lease liabilities	2,300,976,000	$ 2,464,970	$ 828,785
Lease Liability	$ 8,538,337,000

Note 9 - Leases, Commitments and Contingencies - Future Minimum Rental Payments (Details)	Dec. 31, 2018 USD ($)
Operating leases, 2019	$ 1,077,532
Capital leases, 2019	464,797
Operating leases, 2020	1,168,710
Capital leases, 2020	354,739
Operating leases, 2021	1,203,658
Capital leases, 2021	33,774
Operating leases, 2022	1,239,885
Operating leases, 2023	1,276,356
Operating leases, Thereafter	3,818,795
Operating leases, Total minimum lease payments	9,784,936
Capital leases, Total minimum lease payments	853,310
Capital leases, Less: Interest	(24,525)
Capital leases, Present value of lease liabilities	$ 828,785

Note 10 - Long-term Debt (Details Textual) - USD ($)			1 Months Ended			9 Months Ended	12 Months Ended
Note 10 - Long-term Debt (Details Textual) - USD ($)	Oct. 26, 2018	Aug. 06, 2017	May 31, 2019	Oct. 31, 2018	Mar. 31, 2018	Jun. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Oct. 31, 2016
Proceeds from Issuance of Long-term Debt, Total							$ 5,000,000	$ 11,000,000
Long-term Debt, Gross							16,000,000
Gain (Loss) on Extinguishment of Debt, Total								137,695
UNC Promissory Note [Member]
Repayments of Unsecured Debt				$ 1,800,000
Pacific Western Bank Note, A&R LSA [Member]
Line of Credit Facility, Maximum Borrowing Capacity				$ 11,000,000					$ 10,000,000
Debt Instrument, Term		2 years 180 days		4 years
Debt Instrument, Interest Rate During Period		3.75%
Debt Instrument, Interest Only Period		1 year 180 days
Debt Instrument, Interest Rate, Stated Percentage		5.00%		5.00%
Payment of Liquidity Event Success Fee								$ 400,000
Debt Instrument Agreement, Minimum Cash Balance To Be Maintained	$ 8,500,000				$ 8,000,000		8,500,000
Debt Instrument Agreement Increase In Cash Balance Maintained					5,500,000
Debt Instrument, Periodic Payment, Principal					$ 600,000
Extinguishment of Debt, Amount				$ 8,000,000
Proceeds from Issuance of Long-term Debt, Total						$ 5,000,000
Long-term Debt, Gross			$ 16,000,000
Gain (Loss) on Extinguishment of Debt, Total							100,000
Debt Instrument, Prepayment Penalty Fee Percentage	1.00%
Interest Expense, Debt, Total							$ 375,000
Debt Instrument Agreement, Maximum Capital Expenditures			$ 2,500,000
Pacific Western Bank Note, A&R LSA [Member] \| Maximum [Member]
Debt Instrument, Success Fee	$ 375,000

Note 10 - Long-term Debt - Long-term Debt (Details) - USD ($)	Dec. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
Long-term debt, total		$ 10,802,757	$ 11,944,549
Less: Current portion of long-term debt	$ (5,585,637)		(316,906)
Long-term debt, noncurrent	10,292,484		11,627,643
Pacific Western Bank Note, A&R LSA [Member]
Long-term debt, total	15,878,121		10,802,355
CSC Build-to-Suit Equipment Financing [Member]
Long-term debt, total			$ 1,142,194

Note 10 - Long-term Debt - Maturities of Long-term Debt (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
2020	$ 5,818,182
2021	5,818,182
2022	4,363,636
Thereafter
Total	16,000,000
Less: Unamortized discount	(91,520)
Less: Unamortized debt issuance costs	(30,359)
Less: Current portion of long-term debt	(5,585,637)	$ (316,906)
Long-term debt, noncurrent	$ 10,292,484	$ 11,627,643

Note 11 - Warrant Liability Change in Fair Value During Year 2018 (Details Textual)	Dec. 31, 2019 USD ($)
Warrant Liability [Member]
Warrants and Rights Outstanding	$ 4,474,122

Note 11 - Warrant Liability Change in Fair Value During Year 2018 - Change in Value of Warrant Laibility (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Warrant fair value adjustment		$ (277,715)
Transfer to additional paid-in capital		2,185,144
Warrant Liability [Member]
Fair value, beginning of period		2,462,859
Issuance of warrants
Warrant fair value adjustment		(277,715)
Transfer to additional paid-in capital		(2,185,144)
Fair value, end of period

Note 12 - Defined Contribution Retirement Plan (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Defined Contribution Plan, Employer Matching Contribution, Percent of Match	4.00%
Defined Contribution Plan, Cost	$ 400,378	$ 365,988