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DEI Document - $ / shares		3 Months Ended
DEI Document - $ / shares	Apr. 30, 2020	Mar. 31, 2020
Document and Entity Information [Abstract]
Document Type		10-Q
Document Quarterly Report		true
Document Period End Date		Mar. 31, 2020
Document Transition Report		false
Entity File Number		001-38536
Entity Registrant Name		XERIS PHARMACEUTICALS, INC.
Entity Incorporation, State or Country Code		DE
Entity Tax Identification Number		20-3352427
Entity Address, Address Line One		180 N. LaSalle Street,
Entity Address, Address Line Two		Suite 1600
Entity Address, City or Town		Chicago
Entity Address, State or Province		IL
Entity Address, Postal Zip Code		60601
City Area Code		844
Local Phone Number		445-5704
Title of 12(b) Security		Common Stock, par value $0.0001 per share
Trading Symbol		XERS
Security Exchange Name		NASDAQ
Entity Current Reporting Status		Yes
Entity Central Index Key		0001346302
Current Fiscal Year End Date		--12-31
Entity Filer Category		Accelerated Filer
Entity Small Business		true
Entity Emerging Growth Company		true
Entity Ex Transition Period		false
Entity Shell Company		false
Document Fiscal Year Focus		2020
Document Fiscal Period Focus		Q1
Amendment Flag		false
Entity Common Stock, Shares Outstanding	37,588,386
Entity Interactive Data Current		Yes
Entity Listing, Par Value Per Share	$ 0.0001

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Current Assets
Cash and cash equivalents	$ 39,244	$ 19,519
Short-term Investments	57,698	56,030
Trade accounts receivable, net	2,531	4,693
Other accounts receivable, net	727	946
Inventory	2,166	2,176
Prepaid expenses and other current assets	3,154	4,119
Total current assets	105,520	87,483
Investments	2,992	13,231
Property and equipment, net	7,593	7,853
Other assets	357	420
Total assets	116,462	108,987
Current Liabilities
Accounts payable	3,840	5,603
Other accrued liabilities	13,824	18,119
Accrued trade discounts and rebates	1,719	1,375
Accrued returns reserve	2,336	1,957
Other current liabilities	161	284
Total current liabilities	21,880	27,338
Long-term debt, net of unamortized deferred costs	58,485	58,305
Other liabilities	9,028	8,908
Total liabilities	89,393	94,551
Commitments and Contingencies (Note 8)
Stockholders' Equity
Preferred Stock, par value $0.0001	0	0
Common stock, par value $0.0001	4	3
Additional paid in capital	302,434	260,635
Accumulated deficit	(275,429)	(246,245)
Accumulated other comprehensive income	60	43
Total stockholders' equity	27,069	14,436
Total liabilities and stockholders' equity	$ 116,462	$ 108,987
Preferred Stock, Shares Authorized	10,000,000	10,000,000
Preferred Stock, Par Value Per Share	$ 0.0001	$ 0.0001
Common Shares, Par Value Per Share	$ 0.0001	$ 0.0001
Common Stock, Shares Authorized	150,000,000	150,000,000
Common Stock, Shares, Issued	37,541,037	27,214,523

Condensed Consolidated Balance Sheets (Unaudited) Balance Sheets Parenthetical - $ / shares	Mar. 31, 2020	Dec. 31, 2019
Class of Stock [Line Items]
Preferred Stock, Par Value Per Share	$ 0.0001	$ 0.0001
Common Shares, Par Value Per Share	$ 0.0001	$ 0.0001
Preferred Stock, Shares Authorized	10,000,000	10,000,000
Common Stock, Shares Authorized	150,000,000	150,000,000
Preferred Stock, Shares Issued	0	0
Common Stock, Shares, Issued	37,541,037	27,214,523
Preferred Stock, Shares Authorized	10,000,000	10,000,000
Preferred Stock, Par Value Per Share	$ 0.0001	$ 0.0001
Common Shares, Par Value Per Share	$ 0.0001	$ 0.0001
Common Stock, Shares Authorized	150,000,000	150,000,000
Common Stock, Shares, Issued	37,541,037	27,214,523

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Net sales	$ 1,676	$ 0
Grant and other income	112	248
Cost of goods sold	1,790	0
Gross profit (loss)	(2)	248
Operating expenses
Research and development	6,646	13,167
Selling, general and administrative	21,606	12,518
Total operating expenses	28,252	25,685
Loss from operations	(28,254)	(25,437)
Other income (expense)
Interest and other income	434	671
Interest expense	(1,499)	(1,063)
Change in fair value of warrants	135	552
Total other income (expense)	(930)	160
Net loss before provision for/benefit from income taxes	(29,184)	(25,277)
Provision for/benefit from income taxes	0	0
Net loss	(29,184)	(25,277)
Other comprehensive income (loss), net of tax
Unrealized gains on investments	49	51
Foreign currency translation adjustments	(32)	0
Comprehensive loss	$ (29,167)	$ (25,226)
Net loss per common share - basic and diluted	$ (0.89)	$ (1.07)
Weighted average common shares outstanding, basic and diluted	32,790,317	23,561,193

Condensed Statements of Stockholders' Equity (Deficit) (Unaudited) Statement - USD ($) $ in Thousands	Total	Common Stock	Additional Paid In Capital	Accumulated Other Comprehensive Gain (Loss)	Accumulated Deficit
Common Stock, Shares, Issued		20,808,366
Common Stock, Value, Issued		$ 2
Additional paid in capital			$ 196,121
Accumulated other comprehensive income				$ (52)
Accumulated deficit					$ (120,665)
Stockholders' Equity Attributable to Parent	$ 75,406
Net loss	(25,277)				(25,277)
Stock Issued During Period, Shares, New Issues		5,996,775
Stock Issued During Period, Value, New Issues	55,632	$ 1	55,631
Shares, Exercise and vesting of stock-based awards		72,797
Value, Exercise of stock-based awards	128		128
Stock-based compensation	1,147		1,147
Warrants, exercises in period		2,271
Warrants, exercises in period, value			13
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	51
Common Stock, Shares, Issued		26,880,209
Common Stock, Value, Issued		$ 3
Additional paid in capital			253,040
Accumulated other comprehensive income				(1)
Accumulated deficit					(145,942)
Stockholders' Equity Attributable to Parent	$ 107,100
Common Stock, Shares, Issued	27,214,523	27,214,523
Common Stock, Value, Issued	$ 3	$ 3
Additional paid in capital	260,635		260,635
Accumulated other comprehensive income	43			43
Accumulated deficit	(246,245)				(246,245)
Stockholders' Equity Attributable to Parent	14,436
Net loss	(29,184)
Stock Issued During Period, Shares, New Issues		10,299,769
Stock Issued During Period, Value, New Issues	39,845	$ 1	39,844
Shares, Exercise and vesting of stock-based awards		5,296
Value, Exercise of stock-based awards	10		10
Stock-based compensation	2,008		2,008
Unrealized gains on investments	17			17
Stock Issued During Period, Shares, Vesting Of Restricted Stock Units		21,449
Payments Related To Tax Withholding For Share Based Compensation, RSUs	$ (63)		(63)
Common Stock, Shares, Issued	37,541,037	37,541,037
Common Stock, Value, Issued	$ 4	$ 4
Additional paid in capital	302,434		$ 302,434
Accumulated other comprehensive income	60			$ 60
Accumulated deficit	(275,429)				$ (275,429)
Stockholders' Equity Attributable to Parent	$ 27,069

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities
Net loss	$ (29,184,000)	$ (25,277,000)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization	320,000	134,000
Amortization of investments	(75,000)	(194,000)
Amortization of debt issuance costs	180,000	251,000
Stock-based compensation	2,008,000	1,147,000
Change in fair value of warrants	(135,000)	(552,000)
Changes in operating assets and liabilities
Trade accounts receivable	2,162,000	0
Other accounts receivable	252,000	(31,000)
Prepaid expenses and other current assets	1,097,000	251,000
Inventory	10,000	0
Other assets	46,000	0
Accounts payable	(1,779,000)	542,000
Other accrued liabilities	(4,703,000)	2,452,000
Accrued trade discounts and rebates	344,000	0
Accrued returns reserve	379,000	0
Other liabilities	133,000	123,000
Net cash used in operating activities	(28,945,000)	(21,154,000)
Cash flows from investing activities
Capital expenditures	(26,000)	(200,000)
Purchases of investments	(13,714,000)	(37,815,000)
Sales and maturities of investments	22,416,000	19,290,000
Net cash provided by (used in) investing activities	8,676,000	(18,725,000)
Cash flows from financing activities
Proceeds from public offerings	42,744,000	59,969,000
Payments of public offering costs	(2,614,000)	(3,894,000)
Proceeds from exercise of stock awards	0	72,000
Repurchase of common stock withheld for taxes	(63,000)	0
Net cash provided by financing activities	40,067,000	56,147,000
Effect of Exchange Rate on Cash and Cash Equivalents	(73,000)	0
Increase in cash and cash equivalents	19,725,000	16,268,000
Cash and cash equivalents, beginning of period	19,519,000	45,716,000
Cash and cash equivalents, end of period	39,244,000	61,984,000
Supplemental schedule of cash flow information
Cash paid for interest	1,318,000	533,000
Supplemental schedule of non-cash investing and financing activities
Tenant improvement allowance	0	5,508,000
Deferred public offering costs within accrued expenses	$ 269,000	$ 444,000

Note 1. Organization and Nature of the Business	3 Months Ended
Note 1. Organization and Nature of the Business	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Nature of the Business	Organization and Nature of the Business Nature of business Xeris Pharmaceuticals, Inc. ("Xeris" or the "Company") is a specialty pharmaceutical company that was incorporated in Delaware in 2005. Xeris is dedicated to the development of ready-to-use injectable and infusible drug formulations that address important unmet medical needs, are easier to use by patients, caregivers and health practitioners, and reduce costs for payors and the healthcare system. Since its inception, the Company has devoted substantially all of its resources to research and development initiatives, undertaking preclinical studies of its product candidates, conducting clinical trials of its most advanced product candidates, organizing and staffing the Company, raising capital and initiating the commercialization of its first product, Gvoke^TM, which was approved by the FDA in September 2019. Gvoke delivers ready-to-use glucagon via a commercially available pre-filled syringe or auto-injector for the treatment of severe hypoglycemia, a potentially life-threatening condition. The Company commercially launched Gvoke pre-filled syringe ("Gvoke PFS") in November 2019. The Company has financed its operations through the issuance of its common stock, convertible preferred stock and other equity instruments, debt financing and grant funding from the National Institutes of Health ("NIH") and other philanthropic organizations. For the three months ended March 31, 2020, the Company generated $1.7 million in revenues from product sales. The Company has incurred operating losses since inception and has an accumulated deficit of $275.4 million as of March 31, 2020. The Company expects to continue to incur net losses for at least the next 12 months. Based on the Company’s current operating plans and existing working capital at March 31, 2020, the Company believes its cash resources are sufficient to sustain operations and capital expenditure requirements for at least the next 12 months. The Company is subject to a number of risks similar to other specialty pharmaceutical companies, including, but not limited to, successful commercialization and market acceptance of its products and any future products, if and when approved, successful development of its product candidates, the development of new technological innovations by its competitors, and protection of intellectual property. The ongoing global outbreak of the novel coronavirus disease (“COVID-19”) has resulted in significant governmental measures being implemented to control the spread of the virus, and while we cannot predict their scope and severity, these developments and measures could materially and adversely affect our business, our results of operations and financial condition. We are closely monitoring the impact of the COVID-19 pandemic on all aspects of our business and are taking steps to minimize its impact on our business. However, the extent to which COVID-19 impacts our business, results of operations or financial condition will depend on future developments, which are highly uncertain and cannot be predicted with confidence, such as the duration of the outbreak, new information that may emerge concerning the severity of COVID-19 or the effectiveness of actions taken to contain the pandemic or treat its impact, among others. Furthermore, if we or any of the third parties with whom we engage, however, were to experience shutdowns or other business disruptions, our ability to conduct our business in the manner and on the timelines presently planned could be materially or negatively affected, which could have a material adverse impact on our business, results of operations and financial condition. Basis of presentation The condensed consolidated financial statements are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), including those for interim financial information, and with the instructions for Quarterly Reports on Form 10-Q and Article 10 of Regulation S-X issued by the U.S. Securities and Exchange Commission (the "SEC"). Accordingly, such financial statements do not include all of the information and note disclosures required by GAAP for complete financial statements. In the opinion of management, the accompanying condensed consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, considered necessary for a fair presentation of the Company’s financial position and its results of operations and cash flows for the periods presented. The results of operations for such periods are not necessarily indicative of the results that may be expected for any future period. The accompanying financial statements should be read in conjunction with the audited financial statements and the related notes thereto for the year ended December 31, 2019 included in the Company's Annual Report on Form 10-K filed with the SEC on March 12, 2020. Any reference in these notes to applicable guidance is meant to refer to GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) issued by the Financial Accounting Standards Board (“FASB”). Basis of Consolidation These condensed consolidated financial statements include the financial statements of Xeris Pharmaceuticals, Inc. and its subsidiary, Xeris Pharmaceuticals Australia Pty Ltd. All intercompany transactions have been eliminated.

Note 2. Summary of Significant Accounting Policies	3 Months Ended
Note 2. Summary of Significant Accounting Policies	Mar. 31, 2020
Summary of Significant Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Refer to the audited financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2019 for a discussion of the Company's accounting policies. New accounting pronouncements Recently issued accounting pronouncements In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This standard provides optional expedients for application of GAAP, if certain criteria are met, to contracts and other transactions that reference LIBOR or other reference rates that are expected to be discontinued because of reference rate reform. The amendments in this update are effective for the Company as of March 12, 2020 through December 31, 2022. The Company is currently evaluating the impact the adoption of this new standard will have on its financial statements. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This standard eliminates certain exceptions in the current guidance related to the approach for intraperiod tax allocation and the methodology for calculating income taxes in an interim period and amends other aspects of the guidance to help clarify and simplify U.S. GAAP. This standard will be effective for the Company for annual periods beginning after December 15, 2021 and interim periods within fiscal years beginning after December 15, 2022, with early adoption permitted. The Company does not currently expect the adoption of this new standard to have a material impact on its financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, as further updated by ASU 2018-19, 2019-04, 2019-05, 2019-10 and 2020-03. This standard requires entities to estimate an expected lifetime credit loss on financial assets ranging from short-term trade accounts receivable to long-term financings and report credit losses using an expected losses model rather than the incurred losses model that was previously used, and establishes additional disclosures related to credit risks. For available-for-sale debt securities with unrealized losses, the standard now requires allowances to be recorded instead of reducing the amortized cost of the investment. This standard limits the amount of credit losses to be recognized for available-for-sale debt securities to the amount by which carrying value exceeds fair value and requires the reversal of previously recognized credit losses if fair value increases. This standard will be effective for the Company for annual and interim periods beginning after December 15, 2022, with early adoption permitted. The Company is currently evaluating the impact the adoption of this new standard will have on its financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). The new standard requires lessees to record a right-of-use asset and a lease liability for all leases with a term of greater than twelve months regardless of their classification. Leases will be classified as either operating or finance leases under the new guidance. Operating leases will result in straight-line expense in the income statement, similar to current operating leases, and finance leases will result in more expense being recognized in the earlier years of the lease term, similar to current capital leases. The FASB has recently extended the effective date of this standard for certain companies. This standard will be effective for the Company for fiscal years beginning after December 15, 2020 and interim periods within fiscal years beginning after December 15, 2021. The Company is currently evaluating the impact the adoption of this new standard will have on the financial statements and related disclosures; however, since the Company is a lessee to certain leases for property whose terms exceed twelve months, it expects, once adopted, to report assets and liabilities related to these leases on its balance sheet.

Inventory

3 Months Ended

Mar. 31, 2020

Inventory Disclosure [Abstract]

Inventory Disclosure

The components of inventories consisted of the following (in thousands):


	March 31, 2020		December 31, 2019

Raw materials	$	2,031	$	1,321
Work in process	—		662
Finished goods	135		193
Inventory	$	2,166	$	2,176

Inventory reserves were $1.2 million and $0 at March 31, 2020 and December 31, 2019, respectively.

Note 4. Other accrued liabilities (Notes)

3 Months Ended

Mar. 31, 2020

Accrued Expenses [Abstract]

Accrued Expenses

Other Accrued Liabilities

Other accrued liabilities consisted of the following (in thousands):


	March 31, 2020		December 31, 2019

Accrued marketing and selling costs	$	6,521	$	1,973
Accrued research and development costs	3,444		7,062
Accrued employee costs	1,993		6,818
Accrued interest expense	449		449
Accrued other costs	1,417		1,817
Other accrued liabilities	$	13,824	$	18,119

Note 5. Long-Term Debt

3 Months Ended

Mar. 31, 2020

Long-term Debt, Unclassified [Abstract]

Long-Term Debt

Long-term Debt

Senior Secured Loan Facility

In February 2018, the Company entered into the Loan and Security Agreement, dated as of February 28, 2018 (as amended, the “Loan Agreement”), with Oxford Finance LLC, as the collateral agent and a lender (“Oxford”), and Silicon Valley Bank, as a lender (“SVB”, and together with Oxford, the “Lenders”) which provided for a senior secured loan facility of up to an aggregate principal amount of $45.0 million. The first tranche was $20.0 million and was drawn down in February 2018 (the "2018 Term A Loan"). The second tranche was $15.0 million and was drawn down in September 2018 (the "2018 Term B Loan"). The Company also issued warrants to the Lenders to purchase common stock, which is further discussed in Note 7, "Warrants."

In September 2019, the Company entered into an Amended and Restated Loan and Security Agreement (the "Amended Loan Agreement") with the Lenders which amended and restated the Loan Agreement. Under the Amended Loan Agreement, the Lenders will extend up to $85.0 million in term loans to the Company in three tranches. The initial tranche of $60.0 million (the “Term A Loan”) was drawn down in September 2019. The second tranche of $15.0 million (the “Term B Loan”) and the third tranche of $10 million (the “Term C Loan”) will become available to the Company if certain revenue targets are achieved prior to March 31, 2021 and June 30, 2021, respectively. The 2018 Term A Loan and 2018 Term B Loan and the related final payment fee of $2.3 million were repaid in conjunction with the execution of the Amended Loan Agreement.

The Amended Loan Agreement provides for interest-only payments through March 31, 2021, after which the principal will be payable in 27 equal monthly installments. However, if the Term B Loan is funded, then the period for interest-only payments is extended through December 31, 2021, after which the principal will be payable in 30 equal monthly installments. If the Term C loan is funded, then the period for interest-only payments is further extended through September 30, 2022, after which the principal will be payable in 21 equal monthly installments. The maturity date is June 1, 2023, provided that if the Term B Loan is funded, then the maturity date will be extended to June 1, 2024. After repayment, no loans may be re-borrowed. The loans incur interest at a floating per annum rate in an amount equal to the sum of 6.25% plus the greater of (a) 2.43% and (b) the thirty-day U.S. Dollar LIBOR rate. For the period

from the funding date of the Term A Loan through and including March 31, 2020, the interest rate was 8.68%. The Company incurred total debt issuance costs of $1.9 million related to the Amended Loan Agreement, which are reflected as a direct reduction to the term loan balance and are being amortized to interest expense over the life of the loan using the effective interest method.

Pursuant to the Amended Loan Agreement, the Company provided a first priority security interest in substantially all of the Company’s assets, including intellectual property, subject to certain limited exceptions.

The Amended Loan Agreement allows the Company to voluntarily prepay the outstanding amounts thereunder, but not less than $2.0 million of the outstanding principal at any time. Prior to April 1, 2021, the Company is subject to a prepayment fee equal to 1.50% of the principal amount being prepaid. In the event the Company draws down the second or third tranche, the period subject to the 1.50% prepayment fee is extended to January 1, 2022 and October 1, 2022, respectively. A final payment fee of 3.0% multiplied by the original principal amount of each tranche drawn is due upon the earlier to occur of the maturity date of the Amended Loan Agreement, the acceleration of the Amended Loan Agreement or prepayment of such borrowings and is recorded in other liabilities on the condensed consolidated balance sheets.

The Amended Loan Agreement contains customary representations and warranties, events of default (including an event of default upon a material adverse change of the Company) and affirmative and negative covenants, including, among others, covenants that limit or restrict the Company’s ability to incur additional indebtedness, grant liens, merge or consolidate, make acquisitions, pay dividends or other distributions or repurchase equity, make investments, dispose of assets and enter into certain transactions with affiliates, in each case subject to certain exceptions.

The components of debt are as follows (in thousands):


	March 31, 2020		December 31, 2019

Principal amount of long-term debt	$	60,000	$	60,000


Less: Unamortized deferred costs	(1,515)		(1,695)
Long-term debt, net of unamortized deferred costs	$	58,485	$	58,305

The following table sets forth the Company’s future minimum principal payments (in thousands):


2020	$	—
2021	20,000
2022	26,700
2023	13,300
	$	60,000

For the three months ended March 31, 2020 and 2019, the Company recognized interest expense of $1.5 million and $1.1 million, respectively, of which $180,000 and $251,000, respectively, was related to the amortization of debt issuance costs.

Note 6. Stockholders' Equity	3 Months Ended
Note 6. Stockholders' Equity	Mar. 31, 2020
Convertible preferred stock [Abstract]
Stockholders' Equity	Stockholders' Equity The Company’s authorized shares of stock of 160.0 million are divided into 150.0 million shares of common stock, par value $0.0001 per share, and 10.0 million shares of preferred stock, par value $0.0001 per share. At March 31, 2020 none of the 10.0 million shares of preferred stock were outstanding, and the Company has no present plans to issue any shares of preferred stock. The Company’s board of directors has the authority, without action by the Company’s stockholders, to designate and issue the preferred stock in one or more series and to designate the rights, preferences, limitations and privileges of each series of preferred stock, which may be greater than the rights of the Company’s common stock. The Company has not paid any cash dividends on its common stock during the periods presented. In February 2019, the Company completed a public offering of its common stock pursuant to a registration statement on Form S-1, as amended. The Company sold an aggregate of 5,996,775 shares of common stock at a price of $10.00 per share, including 116,775 shares of common stock pursuant to the exercise of the underwriters' option to purchase additional shares. Net proceeds from the public offering were $55.5 million after deducting underwriting discounts and commissions, as well as other public offering expenses. In February 2020, the Company completed a public offering of its common stock pursuant to a shelf registration statement on Form S-3, which was filed on August 6, 2019 and declared effective by the SEC on August 21, 2019. The Company sold an aggregate of 10,299,769 shares of common stock at a price of $4.15 per share. Net proceeds from the public offering were approximately $39.9 million after deducting underwriting discounts and commissions, as well as other public offering expenses. Upon vesting and settlement of RSUs or exercise of stock options, at the election of the grantee, the Company does not collect withholding taxes in cash from employees. Instead, the Company withholds upon settlement as RSUs vest, or as stock options are exercised, the portion of those shares with a fair market value equal to the amount of the minimum statutory withholding taxes due. The withheld shares are accounted for as repurchases of common stock. The Company then pays the minimum statutory withholding taxes in cash. During the three months ended March 31, 2020, 31,250 RSUs vested for which 9,801 shares were withheld to cover the minimum statutory withholding taxes of $0.1 million.

Note 7. Warrants (Notes)

3 Months Ended

Mar. 31, 2020

Warrants [Abstract]

Warrants

Stockholders' Equity

The Company’s authorized shares of stock of 160.0 million are divided into 150.0 million shares of common stock, par value $0.0001 per share, and 10.0 million shares of preferred stock, par value $0.0001 per share. At March 31, 2020 none of the 10.0 million shares of preferred stock were outstanding, and the Company has no present plans to issue any shares of preferred stock. The Company’s board of directors has the authority, without action by the Company’s stockholders, to designate and issue the preferred stock in one or more series and to designate the rights, preferences, limitations and privileges of each series of preferred stock, which may be greater than the rights of the Company’s common stock.

The Company has not paid any cash dividends on its common stock during the periods presented.

In February 2019, the Company completed a public offering of its common stock pursuant to a registration statement on Form S-1, as amended. The Company sold an aggregate of 5,996,775 shares of common stock at a price of $10.00 per share, including 116,775

shares of common stock pursuant to the exercise of the underwriters' option to purchase additional shares. Net proceeds from the public offering were $55.5 million after deducting underwriting discounts and commissions, as well as other public offering expenses.

In February 2020, the Company completed a public offering of its common stock pursuant to a shelf registration statement on Form S-3, which was filed on August 6, 2019 and declared effective by the SEC on August 21, 2019. The Company sold an aggregate of 10,299,769 shares of common stock at a price of $4.15 per share. Net proceeds from the public offering were approximately $39.9 million after deducting underwriting discounts and commissions, as well as other public offering expenses.

Upon vesting and settlement of RSUs or exercise of stock options, at the election of the grantee, the Company does not collect withholding taxes in cash from employees. Instead, the Company withholds upon settlement as RSUs vest, or as stock options are exercised, the portion of those shares with a fair market value equal to the amount of the minimum statutory withholding taxes due. The withheld shares are accounted for as repurchases of common stock. The Company then pays the minimum statutory withholding taxes in cash. During the three months ended March 31, 2020, 31,250 RSUs vested for which 9,801 shares were withheld to cover the minimum statutory withholding taxes of $0.1 million.

Other Liabilities Disclosure

Warrants

In 2014 the Company issued 19,931 warrants (the “2014 Warrants”) to certain investors. The 2014 Warrants allow each holder to purchase one share of common stock for $5.912. Of the 2014 Warrants, 18,512 warrants have been exercised and 1,419 warrants remain outstanding as of March 31, 2020.

As part of the Loan Agreement discussed in Note 5, "Long-term Debt," the Lenders received warrants concurrent with the borrowing. The warrants represent a right for the lender to purchase shares of the Company’s common stock at an exercise price of $11.169 per share. The Company issued 53,720 warrants (the "2018 Term A Warrants") upon the drawdown of the 2018 Term A Loan in February 2018, and the Company issued 40,292 warrants (the "2018 Term B Warrants") upon the drawdown of the 2018 Term B Loan in September 2018. There have been no exercises of 2018 Term A Warrants or 2018 Term B Warrants, and as such all 53,720 warrants and 40,292 warrants were outstanding as of March 31, 2020, respectively.

Because the warrants are a freestanding instrument, indexed to the Company's stock, they do not meet the criteria for equity classification. Therefore, the warrants are classified as liabilities and subject to remeasurement at each reporting period until they are exercised, expired, or otherwise settled.

The Company recognized gains of $4,000, $75,000 and $56,000 upon the change in fair value of the 2014 Warrants, the 2018 Term A Warrants and the 2018 Term B Warrants, respectively, during the three months ended March 31, 2020. The Company recognized gains of $72,000, $274,000 and $206,000 upon the change in fair value of the 2014 Warrants, the 2018 Term A Warrants and the 2018 Term B Warrants, respectively, during the three months ended March 31, 2019.

As of March 31, 2020, the following warrants were outstanding:


	Outstanding Warrants	Exercise Price per Warrant	Expiration Date

2014 Warrants	1,419	$5.912	August 2020
2018 Term A Warrants	53,720	$11.169	February 2025
2018 Term B Warrants	40,292	$11.169	September 2025
	95,431

Note 8. Commitments and Contingencies

3 Months Ended

Mar. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments

The Company has non-cancellable operating leases for office space, which expire at various times through 2031. The non-cancellable office lease agreements provide for monthly lease payments, which increase during the term of each lease agreement.

Future minimum lease payments under operating leases at March 31, 2020 are as follows (in thousands):


2020	$	1,332
2021	2,208
2022	2,263
2023	1,745
2024	1,278
Thereafter	8,476
Total minimum lease payments	$	17,302

Total rent expense under these operating leases was approximately $542,000 and $487,000 for the three months ended March 31, 2020 and 2019, respectively.

Note 9. Stock Compensation Plan (Notes)

3 Months Ended

Mar. 31, 2020

Share-based Payment Arrangement [Abstract]

Stock Compensation Plan

In 2011, the Company adopted the 2011 Stock Option Issuance Plan (the “2011 Plan”) and subsequently amended it to authorize the Board of Directors to issue up to 4,714,982 incentive stock option and non-qualified stock option awards.

The 2018 Stock Option and Incentive Plan (the "2018 Plan") was adopted by the Board of Directors in April 2018 and approved by the Company's stockholders in June 2018 to award up to 1,822,000 shares of common stock. This plan became effective on the date immediately prior to the effectiveness of the Company's IPO registration statement. The 2018 Plan replaced the 2011 Plan as the Board of Directors decided not to make additional awards under the 2011 Plan following the closing of the IPO, which occurred in June 2018. The 2018 Plan allows the compensation committee to make equity-based and cash-based incentive awards to the Company's officers, employees, directors and other key persons (including consultants).

The 2018 Plan provides that the number of shares reserved and available for issuance under the plan will automatically increase each January 1, beginning on January 1, 2019 and each January 1 thereafter, by 4% of the outstanding number of shares of our common stock on the immediately preceding December 31, or such lesser number of shares as determined by the compensation committee. This number is subject to adjustment in the event of a stock split, stock dividend or other change in the Company's capitalization. On January 1, 2020 and 2019, the number of shares of common stock available for issuance under the 2018 Plan was automatically increased by 1,088,580 shares and 835,728 shares, respectively. As of March 31, 2020, there were approximately 677,000 shares of common stock available for future issuance under the 2018 Plan.

The 2018 Employee Stock Purchase Plan (the "ESPP") was adopted by the Board of Directors in April 2018 and approved by the Company's stockholders in June 2018 to issue up to 193,000 shares of common stock to participating employees. Through the ESPP, eligible employees may authorize payroll deductions of up to 15% of their compensation to purchase up to the number of shares of common stock determined by dividing $25,000 by the closing market price of Xeris common stock on the offering date. The purchase price per share at each purchase date is equal to 85% of the lower of (i) the closing market price per share of Xeris common stock on the employee’s offering date or (ii) the closing market price per share of Xeris common stock on the purchase date. Each offering period has a six-month duration and purchase interval with a purchase date of the last business day of June and December each year. This plan became effective on the date immediately prior to the effectiveness of the Company's IPO registration statement. The ESPP provides that the number of shares reserved and available for issuance will automatically increase each January 1, beginning on January 1, 2019 and each January 1 thereafter through January 1, 2028, by the least of (i) 1% of the outstanding number of shares of our common stock on the immediately preceding December 31; (ii) 386,000 shares or (iii) such lesser number of shares as determined

by the ESPP administrator. On January 1, 2020 and 2019, the number of shares of common stock available for issuance under the ESPP increased by 272,145 shares and 208,932 shares, respectively. The number of shares reserved under the ESPP is subject to adjustment in the event of a stock split, stock dividend or other change in capitalization. As of March 31, 2020, there were 600,470 shares available for issuance under the ESPP.

The Equity Inducement Plan (the "Inducement Plan") was adopted by the Board of Directors in February 2019. The Inducement Plan was adopted without stockholder approval pursuant to Rule 5635(c)(4) of the Nasdaq Listing Rules. The Inducement Plan allows the Company to make stock option or restricted stock unit awards to prospective employees of the Company as an inducement to such individuals to commence employment with the Company. The Company intends to use this Inducement Plan to help it attract and retain prospective employees who are necessary to support the commercial launch of Gvoke and the expansion of the Company generally. The Company initially reserved 750,000 shares of common stock for the issuance of awards under the Inducement Plan. This number is subject to adjustment in the event of a stock split, stock dividend or other change in our capitalization. As of March 31, 2020, there were 330,000 shares of common stock available for future issuance under the Inducement Plan.

Stock options are granted with an exercise price equal to the market price of the Company’s stock at the date of grant. Stock option awards typically vest over either two, three or four years after the grant date and expire ten years from the grant date.

The fair value of each option is estimated on the date of grant using a Black-Scholes option valuation model that uses the assumptions noted in the following table. The expected term of options represents the period of time that options granted are expected to be outstanding. The risk-free interest rate for periods during the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. The expected stock price volatility assumption is based on the historical volatilities of a peer group of publicly traded companies as well as the historical volatility of the Company's common stock since the Company began trading subsequent to its IPO in June 2018 over the period corresponding to the expected life as of the grant date. The expected dividend yield is based on the expected annual dividend as a percentage of the market value of the Company’s ordinary shares as of the grant date.

The fair value of stock options granted was estimated with the following weighted average assumptions:


	Three Months Ended March 31,
	2020		2019
Expected term (years)	6.1		6.0
Risk-free interest rate	0.46	%	2.27	%
Expected volatility	66.23	%	60.63	%
Expected dividends	—		—

Stock option activity under the 2011 Plan, 2018 Plan and Inducement Plan for the three months ended March 31, 2020 was as follows:


	Options	Weighted Average Exercise Price		Weighted Average Contractual Life (Years)
Outstanding - January 1, 2020	4,428,985	$	9.40	8.19
Granted	735,300	6.34
Exercised and vested	(5,296)	1.49
Forfeited	(116,603)	8.99

Outstanding - March 31, 2020	5,042,386	$	8.97	8.00
Exercisable - March 31, 2020	2,139,743	$	7.30	7.17
Vested and expected to vest at March 31, 2020	4,733,054	$	8.91	7.95

The weighted average fair value of awards granted during the three months ended March 31, 2020 was $3.75 per share. There were no options exercised during the three months ended March 31, 2020. The aggregate intrinsic value of awards vested and expected to vest as of March 31, 2020 was $0.5 million.

At March 31, 2020, there was a total of $16.2 million of unrecognized stock-based compensation expense related to stock options that is expected to be recognized over a weighted average period of 2.67 years.

On January 31, 2020, the Company granted 572,500 restricted stock unit (RSU) awards to certain key employees. A summary of outstanding RSU awards and the activity for the three months ended March 31, 2020 was as follows:


	Units	Weighted Average Grant Date Fair Value
Unvested balance - January 1, 2020	125,000	$	13.88
Granted	572,500	6.37
Vested	(31,250)	13.88
Forfeited	(5,000)	6.37
Unvested balance - March 31, 2020	661,250	$	7.43

RSUs are measured based on the fair market value of the underlying stock on the date of grant and vest over either three or four years in equal annual installments beginning on the one-year anniversary of the date of grant. Stock-based compensation expense related to RSUs is recognized on a straight-line basis over the employee’s requisite service period. As of March 31, 2020, there was $4.7 million of unrecognized stock-based compensation expense related to RSUs, which is expected to be recognized over the weighted average remaining vesting period of 2.84 years.

The following table summarizes the reporting of total stock-based compensation expense resulting from stock options, restricted stock units and the employee stock purchase plan (in thousands):


	Three Months Ended March 31,
	2020		2019
Cost of goods sold	$	37	$	0
Research and development	297		195
Selling, general and administrative	1,674		952
Total stock-based compensation expense	$	2,008	$	1,147

Note 10. Fair Value Measurement

3 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

Fair Value Measurement

Fair Value Measurements

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are classified and disclosed in one of the following categories:

Level 1: Measured using unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2: Measured using quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and

Level 3: Measured based on prices or valuation models that require inputs that are both significant to the fair value measurement and less observable from objective sources (i.e., supported by little or no market activity).

Fair value measurements are classified based on the lowest level of input that is significant to the measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, which may affect the valuation of

the assets and liabilities and their placement within the fair value hierarchy levels. The determination of the fair values stated below takes into account the market for its financial assets and liabilities, the associated credit risk and other factors as required. The Company considers active markets as those in which transactions for the assets or liabilities occur in sufficient frequency and volume to provide pricing information on an ongoing basis.

The following tables present the Company’s fair value hierarchy for those assets and liabilities measured at fair value as of March 31, 2020 and December 31, 2019 (in thousands):


	Total as of March 31, 2020		Level 1		Level 2		Level 3

Assets
Cash and cash equivalents:
Cash and money market funds	$	39,244	$	39,244	$	—	$	—

Investments:
U.S. government securities	23,316		23,316		—		—
Corporate securities	18,468		—		18,468		—

Commercial paper	18,906		—		18,906		—
Total investments	$	60,690	$	23,316	$	37,374	$	—

Liabilities
Warrant liabilities	$	15	$	—	$	—	$	15


	Total as of December 31, 2019		Level 1		Level 2		Level 3

Assets
Cash and cash equivalents:
Cash and money market funds	$	19,519	$	19,519	$	—	$	—

Investments:
U.S. government securities	32,175		32,175		—		—
Corporate securities	22,164		—		22,164		—
Commercial paper	14,922		—		14,922		—
Total investments	$	69,261	$	32,175	$	37,086	$	—

Liabilities
Warrant liabilities	$	150	$	—	$	—	$	150

The fair value of the Company’s warrant liabilities is based on a Black-Scholes valuation which considers the expected term of the warrants as well as the risk-free interest rate and expected volatility of the Company's common stock.

The Company has determined that the warrant liabilities' fair values are Level 3 items within the fair value hierarchy. The following table presents the change in the warrant liabilities (in thousands):



Balance at December 31, 2019	$	150



Change in fair value of warrants	(135)
Balance at March 31, 2020	$	15

There were no transfers between any of the levels of the fair value hierarchy during the three months ended March 31, 2020.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Note 11. Available-for-Sale Investments (Notes)

3 Months Ended

Mar. 31, 2020

Investments, Debt and Equity Securities [Abstract]

Available-for-Sale Investments

The Company classifies its investments in debt securities as available-for-sale. Debt securities are comprised of highly liquid investments with minimum “A” rated securities and, as of March 31, 2020, consist of U.S. Treasury and agency bonds and corporate entity commercial paper and securities, all with maturities of more than three months but less than two years at the date of purchase. Debt securities as of March 31, 2020 had an average remaining maturity of 0.51 years. The debt securities are reported at fair value with unrealized gains or losses recorded in accumulated other comprehensive income in the condensed consolidated balance sheets. Refer to Note 10, "Fair Value Measurements," for information related to the fair value measurements and valuation methods utilized.

The following table represents the Company’s available-for-sale investments by major security type as of March 31, 2020 and December 31, 2019 (in thousands):


	March 31, 2020
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Total Fair Value
Investments:

Commercial paper	$	18,906	$	—	$	—	$	18,906
Corporate securities	18,517		11		(60)		18,468
U.S. government securities	23,177		154		(15)		23,316
Total available-for-sale investments	$	60,600	$	165	$	(75)	$	60,690


	December 31, 2019
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Total Fair Value
Investments:
Commercial paper	$	14,922	$	—	$	—	$	14,922
Corporate securities	22,146		20		(2)		22,164
U.S. government securities	32,152		23		—		32,175
Total available-for-sale investments	$	69,220	$	43	$	(2)	$	69,261

The Company reviews available-for-sale investments for other-than-temporary impairment loss periodically. The Company considers factors such as the duration, severity and the reason for the decline in value, the potential recovery period and our intent to sell. For debt securities, we also consider whether (i) it is more likely than not that the Company will be required to sell the debt securities before recovery of their amortized cost basis and (ii) the amortized cost basis cannot be recovered as a result of credit losses. During the quarters ended March 31, 2020 and 2019, the Company did not recognize any other-than-temporary impairment losses. All marketable securities with unrealized losses have been in a loss position for less than twelve months and the Company does not anticipate any material losses upon maturity of these investments.

Note 12. Net Loss Per Common Share (Notes)

3 Months Ended

Mar. 31, 2020

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Earnings Per Share [Text Block]

Net Loss Per Common ShareBasic and diluted net loss per common share is determined by dividing net loss applicable to common stockholders by the weighted average common shares outstanding during the period. For all periods presented, the outstanding shares of preferred stock, warrants, stock option awards and restricted stock units have been excluded from the calculation because their effects would be anti-dilutive. Therefore, the weighted average common shares outstanding used to calculate both basic and diluted loss per common share are the same.

The following potentially dilutive securities were excluded from the computation of diluted weighted average common shares outstanding due to their anti-dilutive effect:


	As of March 31,
	2020	2019
Vested and unvested stock options	5,042,386	4,210,559
Restricted stock units	661,250	125,000
Warrants	95,431	96,999
	5,799,067	4,432,558

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On April 21, 2020, the Company entered into the U.S. Small Business Administration (the “SBA”) Paycheck Protection Program (the “PPP”) Note (the “Note”) with SVB (the “PPP Lender”) for a loan in the amount of $5.1 million (the “PPP Loan”), enabled by the Coronavirus Aid, Relief and Economic Security Act of 2020 (the “CARES Act”). The Company received the full amount of the PPP Loan on April 22, 2020. On May 4, 2020, the Company repaid $0.9 million of the PPP Loan and plans to use the remaining proceeds of $4.2 million to retain employees, maintain payroll and make lease and utility payments in accordance with the relevant terms and conditions of the CARES Act. The PPP Loan matures on April 21, 2022 (the "Maturity Date") and bears interest at the rate of 1.0% per annum. No payments are due on the loan for six months from the date of first disbursement of the Loan (the “Deferment Period”), but interest will continue to accrue during the Deferment Period. Following the Deferment Period, the Company must pay monthly principal and interest payments on the outstanding principal balance of the PPP Loan amortized over the term of the PPP Loan, unless forgiven in whole or in part in accordance with the PPP regulations. These repayments will begin seven months from the date of the first disbursement of the loan until the Maturity Date. Under the terms of the PPP Loan, the PPP Loan may be repaid by the Company at any time prior to maturity with no prepayment penalties. However, as discussed below, the amendment to the Amended Loan Agreement prohibits most voluntary prepayments under the PPP Loan. All or a portion of the PPP Loan may be forgiven by the SBA upon application by the Company and upon documentation of expenditures in accordance with the SBA requirements. Under the CARES Act, loan forgiveness is available if the funds received are used for documented covered payroll costs, interest on covered mortgages, covered rent payments, and covered utilities during the eight-week period beginning on the date the lender makes the first disbursement of the loan to the borrower, provided that at least 75% of the forgiven amount has been used for covered payroll costs. In the event the PPP Loan, or any portion thereof, is forgiven pursuant to the PPP, the amount forgiven is applied to outstanding principal. The Company did not provide any collateral or personal guarantees for the PPP Loan, nor did the Company pay any facility charge to the government or to the PPP Lender. The Note provides for customary events of default, including, among others, events of default relating to failure to make payment or comply with the covenants contained in the Note and related loan documents and defaults on any other loan with the PPP Lender or another creditor. Upon an event of default on the PPP, the PPP Lender may require immediate payment of all amounts owing under the Note, collect all amounts owing from the Company, or file suit and obtain judgment. In conjunction with entering into the PPP Loan, the Company also entered into an amendment to the Amended Loan Agreement (the "Loan Amendment"), effective April 21, 2020, with the Lenders to allow the Company to incur the indebtedness under the PPP Loan. The Loan Amendment also requires the Company to, among other requirements: (i) apply for forgiveness of the maximum amount of the PPP Loan possible in accordance with the CARES Act no later than sixty days after the eight-week period immediately following the PPP Loan disbursement date; (ii) cause not less than $3,300,000 of the PPP Loan to be forgiven by the SBA on or before September 30, 2020 (or such other amount and/or by such other time as consented to by the PPP Lender in writing); and (iii) not amend any provision in any document relating to the PPP Loan or make any voluntary prepayment under the PPP Loan (other than a prepayment in the amount of $0.9 million made on or before May 7, 2020). The Loan Amendment provides that failure to comply with such requirements contained in the Loan Amendment constitutes an event of default, in which case the Lenders could accelerate all of the amounts due under the Amended Loan Agreement and seek to enforce their security interests in any collateral securing such indebtedness.

Inventory (Tables)

3 Months Ended

Mar. 31, 2020

Inventory Disclosure [Abstract]

Schedule of Inventory, Current

The components of inventories consisted of the following (in thousands):


	March 31, 2020		December 31, 2019

Raw materials	$	2,031	$	1,321
Work in process	—		662
Finished goods	135		193
Inventory	$	2,166	$	2,176

Note 4. Other accrued liabilities (Tables)

3 Months Ended

Mar. 31, 2020

Accrued Expenses [Abstract]

Accrued Expenses

Other accrued liabilities consisted of the following (in thousands):


	March 31, 2020		December 31, 2019

Accrued marketing and selling costs	$	6,521	$	1,973
Accrued research and development costs	3,444		7,062
Accrued employee costs	1,993		6,818
Accrued interest expense	449		449
Accrued other costs	1,417		1,817
Other accrued liabilities	$	13,824	$	18,119

Note 5. Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2020

Debt Instrument [Line Items]

Schedule of Long-term Debt Instruments

The components of debt are as follows (in thousands):


	March 31, 2020		December 31, 2019

Principal amount of long-term debt	$	60,000	$	60,000


Less: Unamortized deferred costs	(1,515)		(1,695)
Long-term debt, net of unamortized deferred costs	$	58,485	$	58,305

Schedule of Maturities of Long-term Debt

The following table sets forth the Company’s future minimum principal payments (in thousands):


2020	$	—
2021	20,000
2022	26,700
2023	13,300
	$	60,000

- 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

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+ Details

Note 7. Warrants (Tables)

3 Months Ended

Mar. 31, 2020

Warrants [Abstract]

Schedule of Stockholders' Equity Note, Warrants or Rights

As of March 31, 2020, the following warrants were outstanding:


	Outstanding Warrants	Exercise Price per Warrant	Expiration Date

2014 Warrants	1,419	$5.912	August 2020
2018 Term A Warrants	53,720	$11.169	February 2025
2018 Term B Warrants	40,292	$11.169	September 2025
	95,431

Commitment and Contingencies (Tables)

3 Months Ended

Mar. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Minimum Rental Payments for Operating Leases

Future minimum lease payments under operating leases at March 31, 2020 are as follows (in thousands):


2020	$	1,332
2021	2,208
2022	2,263
2023	1,745
2024	1,278
Thereafter	8,476
Total minimum lease payments	$	17,302

Note 9. Stock Compensation Plan (Tables)

3 Months Ended

Mar. 31, 2020

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based Payment Arrangement, Expensed and Capitalized, Amount

The following table summarizes the reporting of total stock-based compensation expense resulting from stock options, restricted stock units and the employee stock purchase plan (in thousands):


	Three Months Ended March 31,
	2020		2019
Cost of goods sold	$	37	$	0
Research and development	297		195
Selling, general and administrative	1,674		952
Total stock-based compensation expense	$	2,008	$	1,147

Stock-based Compensation Assumptions Used in Black-Scholes Option Valuation Model

The fair value of stock options granted was estimated with the following weighted average assumptions:


	Three Months Ended March 31,
	2020		2019
Expected term (years)	6.1		6.0
Risk-free interest rate	0.46	%	2.27	%
Expected volatility	66.23	%	60.63	%
Expected dividends	—		—

Share-based Payment Arrangement, Option [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based Compensation, Activity

Stock option activity under the 2011 Plan, 2018 Plan and Inducement Plan for the three months ended March 31, 2020 was as follows:


	Options	Weighted Average Exercise Price		Weighted Average Contractual Life (Years)
Outstanding - January 1, 2020	4,428,985	$	9.40	8.19
Granted	735,300	6.34
Exercised and vested	(5,296)	1.49
Forfeited	(116,603)	8.99

Outstanding - March 31, 2020	5,042,386	$	8.97	8.00
Exercisable - March 31, 2020	2,139,743	$	7.30	7.17
Vested and expected to vest at March 31, 2020	4,733,054	$	8.91	7.95


	Units	Weighted Average Grant Date Fair Value
Unvested balance - January 1, 2020	125,000	$	13.88
Granted	572,500	6.37
Vested	(31,250)	13.88
Forfeited	(5,000)	6.37
Unvested balance - March 31, 2020	661,250	$	7.43

Note 10. Fair Value Measurement Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2020

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation



Balance at December 31, 2019	$	150



Change in fair value of warrants	(135)
Balance at March 31, 2020	$	15

There were no transfers between any of the levels of the fair value hierarchy during the three months ended March 31, 2020.

Fair Value Measurements, Recurring and Nonrecurring

The following tables present the Company’s fair value hierarchy for those assets and liabilities measured at fair value as of March 31, 2020 and December 31, 2019 (in thousands):


	Total as of March 31, 2020		Level 1		Level 2		Level 3

Assets
Cash and cash equivalents:
Cash and money market funds	$	39,244	$	39,244	$	—	$	—

Investments:
U.S. government securities	23,316		23,316		—		—
Corporate securities	18,468		—		18,468		—

Commercial paper	18,906		—		18,906		—
Total investments	$	60,690	$	23,316	$	37,374	$	—

Liabilities
Warrant liabilities	$	15	$	—	$	—	$	15


	Total as of December 31, 2019		Level 1		Level 2		Level 3

Assets
Cash and cash equivalents:
Cash and money market funds	$	19,519	$	19,519	$	—	$	—

Investments:
U.S. government securities	32,175		32,175		—		—
Corporate securities	22,164		—		22,164		—
Commercial paper	14,922		—		14,922		—
Total investments	$	69,261	$	32,175	$	37,086	$	—

Liabilities
Warrant liabilities	$	150	$	—	$	—	$	150

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details

Note 11. Available-for-Sale Investments (Tables)

3 Months Ended

Mar. 31, 2020

Investments, Debt and Equity Securities [Abstract]

Debt Securities, Available-for-sale

The following table represents the Company’s available-for-sale investments by major security type as of March 31, 2020 and December 31, 2019 (in thousands):


	March 31, 2020
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Total Fair Value
Investments:

Commercial paper	$	18,906	$	—	$	—	$	18,906
Corporate securities	18,517		11		(60)		18,468
U.S. government securities	23,177		154		(15)		23,316
Total available-for-sale investments	$	60,600	$	165	$	(75)	$	60,690


	December 31, 2019
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Total Fair Value
Investments:
Commercial paper	$	14,922	$	—	$	—	$	14,922
Corporate securities	22,146		20		(2)		22,164
U.S. government securities	32,152		23		—		32,175
Total available-for-sale investments	$	69,220	$	43	$	(2)	$	69,261

Note 12. Net Loss Per Common Share (Tables)

3 Months Ended

Mar. 31, 2020

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

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

The following potentially dilutive securities were excluded from the computation of diluted weighted average common shares outstanding due to their anti-dilutive effect:


	As of March 31,
	2020	2019
Vested and unvested stock options	5,042,386	4,210,559
Restricted stock units	661,250	125,000
Warrants	95,431	96,999
	5,799,067	4,432,558

Note 1. Organization and Nature of the Business Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accumulated deficit	$ 275,429		$ 246,245
Net sales	$ 1,676	$ 0

Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Raw materials	$ 2,031	$ 1,321
Work in process	0	662
Finished goods	135	193
Inventory	2,166	2,176
Inventory Valuation Reserves	$ 1,200	$ 0

Note 4. Other accrued liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Accrued Expenses [Abstract]
Accrued marketing and selling costs	$ 6,521	$ 1,973
Accrued research and development costs	3,444	7,062
Accrued employee costs	1,993	6,818
Accrued interest expense	449	449
Accrued other costs	1,417	1,817
Other accrued liabilities	$ 13,824	$ 18,119

Note 5. Long-Term Debt Debt, Future Principal Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
Future principal payments, 2020	$ 0
Future principal payments, 2021	20,000
Future principal payments, 2022	26,700
Future principal payments, 2023	13,300
Long-term Debt	$ 60,000	$ 60,000

Note 5. Long-Term Debt Narrative (Details) - USD ($)	3 Months Ended
Note 5. Long-Term Debt Narrative (Details) - USD ($)	Mar. 31, 2020	Sep. 30, 2019	Mar. 31, 2019	Apr. 21, 2020	Dec. 31, 2019	Sep. 30, 2018	Mar. 31, 2018
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 60,000,000				$ 60,000,000
Debt Instrument, Interest Rate, Stated Percentage				1.00%
Prepayment allowed per debt agreement	$ 2,000,000.0
Prepayment penalty percentage	1.50%
Final payment fee percentage	3.00%
Interest expense	$ 1,499,000		$ 1,063,000
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	(1,515,000)				(1,695,000)
Long-term debt, net of unamortized deferred costs	58,485,000				$ 58,305,000
Amortization of debt issuance costs	$ 180,000		$ 251,000
2018 Loan and Security Agreement [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity							$ 45,000,000.0
Amended Loan and Security Agreement [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity		$ 85,000,000.0
Debt Instrument, Interest Rate, Stated Percentage	6.25%
Debt Instrument, Basis Spread on Variable Rate	2.43%
2018 Term A Loan [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount							$ 20,000,000.0
Term A Loan [Member]
Debt Instrument [Line Items]
Debt Instrument, Fee		2.3 million
Term B Loan [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount						$ 15,000,000.0
Term A Loan [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount		$ 60,000,000.0
Period debt payments are interest only	27
Debt Issuance Costs, Gross	$ 1,900,000
Term C Loan [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 10,000,000
Period debt payments are interest only	21
Term B Loan [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 15,000,000.0
Period debt payments are interest only	30

Note 6. Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Feb. 14, 2020	Dec. 31, 2019	Feb. 19, 2019
Equity [Abstract]
Common Stock, Shares Authorized	150,000,000			150,000,000
Preferred Stock, Shares Authorized	10,000,000			10,000,000
Common Shares, Par Value Per Share	$ 0.0001			$ 0.0001
Preferred Stock, Par Value Per Share	$ 0.0001			$ 0.0001
Total common stock and preferred stock authorized shares	160,000,000.0
Common Stock, Shares, Issued	37,541,037		10,299,769	27,214,523	5,996,775
Shares Issued, Price Per Share			$ 4.15		$ 10.00
Common shares issued, due to exercise of underwriter option					116,775
Net proceeds from issuance of public offering	$ 39,900	$ 55,500
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation	9,801
Statutory withholding taxes on vesting and settlement of RSUs	$ 100
Restricted stock units vested and settled during period	31,250

Note 7. Warrants Schedule of Stockholders' Equity Note, Warrants or Rights (Details) - $ / shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Class of Warrant or Right [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	5,799,067	4,432,558
2014 Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants outstanding	1,419
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 5.912
Term A Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants outstanding	53,720
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 11.169
Term B Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants outstanding	40,292
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 11.169
Warrants
Class of Warrant or Right [Line Items]
Warrants outstanding	95,431
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	95,431	96,999

Note 7. Warrants Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended			12 Months Ended	18 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Sep. 30, 2018	Dec. 31, 2014	Mar. 31, 2020
Class of Warrant or Right [Line Items]
Change in fair value of warrants	$ 135	$ 552
2014 Warrants [Member]
Class of Warrant or Right [Line Items]
Preferred stock and warrants issued during the period, shares				19,931
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 5.912				$ 5.912
Class of warrants, exercised					18,512
Warrants outstanding	1,419				1,419
Change in fair value of warrants	$ 4	72
Term A Warrants [Member]
Class of Warrant or Right [Line Items]
Preferred stock and warrants issued during the period, shares			53,720
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 11.169				$ 11.169
Warrants outstanding	53,720				53,720
Change in fair value of warrants	$ 75	$ 274
Term B Warrants [Member]
Class of Warrant or Right [Line Items]
Preferred stock and warrants issued during the period, shares		40,292
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 11.169				$ 11.169
Warrants outstanding	40,292				40,292
Change in fair value of warrants	$ 56	$ 206

Note 8. Commitments and Contingencies Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Remaining future minimum lease payments, 2020	$ 1,332,000
Remaining future minimum lease payments, 2021	2,208,000
Remaining future minimum lease payments, 2022	2,263,000
Remaining future minimum lease payments, 2023	1,745,000
Remaining future minimum lease payments, 2024	1,278,000
Remaining future minimum lease payments, 2025 and thereafter	8,476,000
Operating Leases, Future Minimum Payments Due	17,302,000
Rent Expense, operating leases	542,000	$ 487,000
Unused letters of credit	$ 1,083,000

Note 9. Stock Compensation Plan Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Method Used (Details)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term	6 years 1 month 6 days	6 years
Risk-free interest rate	0.46%	2.27%
Expected volatility	66.23%	60.63%
Expected dividends	0.00%	0.00%

Note 9. Stock Compensation Plan Employee Stock Award Activity (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized expense from restricted stock units	$ 4,700,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	572,500
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 7.43	$ 13.88
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	661,250	125,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	(31,250)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 6.37
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value	13.88
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value	$ 6.37
Vested and unvested stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	5,042,386
Share-based Payment Arrangement, Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number		4,428,985
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price	$ 8.97	$ 9.40
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term	8 years	8 years 2 months 8 days
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period	735,300
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price	$ 6.34
Shares, Exercise and vesting of stock-based awards	(5,296)
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price	$ 1.49
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested Options Forfeited, Number of Shares	(116,603)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price	$ 8.99
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number	2,139,743
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price	$ 7.30
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term	7 years 2 months 1 day
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number	4,733,054
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price	$ 8.91
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term	7 years 11 months 12 days
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term	2 years 10 months 2 days
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period	(5,000)

Note 9. Stock Compensation Plan Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based Payment Arrangement, Expense	$ 2,008	$ 1,147
Research and Development Expense [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based Payment Arrangement, Expense	297	195
Selling, General and Administrative Expenses [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based Payment Arrangement, Expense	1,674	952
Cost of Sales
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based Payment Arrangement, Expense	$ 37	$ 0

Note 9. Stock Compensation Plan Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Sep. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Dec. 31, 2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 16,200,000
Least amount of annual increase of shares available for issuance		386,000
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period	10 years
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition	2 years 8 months 1 day
Unrecognized expense from restricted stock units	$ 4,700,000
Stock Option Two Year Vesting Period [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	2 years
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term	2 years 10 months 2 days
Stock Option Three Year Vesting Period [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
Equity Inducement Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized			750,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	330,000
Employee Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized				193,000
Percentage shares available for issuance automatically increase annually	1.00%
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized	272,145		208,932
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	600,470
Maximum employee payroll deduction percentage	15.00%
Common stock value, tax limit on employee stock purchase plan	$ 25,000
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent	85.00%
2011 Stock Option Issuance Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized					4,714,982
2018 Stock Option and Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized				1,822,000
Percentage shares available for issuance automatically increase annually	4.00%
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized	1,088,580		835,728
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	677,000

Note 10. Fair Value Measurement Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and money market funds	$ 39,244		$ 19,519
Investments	60,690		69,261
Warrants liabilities	15		150
Change in fair value of warrants	(135)	$ (552)
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and money market funds	39,244		19,519
Investments	23,316		32,175
Warrants liabilities	0		0
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and money market funds	0		0
Investments	37,374		37,086
Warrants liabilities	0		0
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and money market funds	0		0
Investments	0		0
Warrants liabilities	15		150
U.S. government securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	23,316		32,175
U.S. government securities \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	23,316		32,175
U.S. government securities \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0		0
U.S. government securities \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0		0
Corporate securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	18,468		22,164
Corporate securities \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0		0
Corporate securities \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	18,468		22,164
Corporate securities \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0		0
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	18,906		14,922
Commercial paper \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0		0
Commercial paper \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	18,906		14,922
Commercial paper \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	$ 0		$ 0

Note 11. Available-for-Sale Investments (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Available For Sale Securities Maturities Period	6 months 3 days
Available-for-sale securities, Amortized Cost	$ 60,600	$ 69,220
Available-for-sale Securities, Gross Unrealized Gains	165	43
Available-for-sale Securities, Gross Unrealized Losses	(75)	(2)
Investments	60,690	69,261
Fair Value, Inputs, Level 2 [Member]
Debt Securities, Available-for-sale [Line Items]
Investments	37,374	37,086
Fair Value, Inputs, Level 1 [Member]
Debt Securities, Available-for-sale [Line Items]
Investments	23,316	32,175
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Available-for-sale securities, Amortized Cost	18,906	14,922
Available-for-sale Securities, Gross Unrealized Gains	0	0
Available-for-sale Securities, Gross Unrealized Losses	0	0
Investments	18,906	14,922
Commercial paper \| Fair Value, Inputs, Level 2 [Member]
Debt Securities, Available-for-sale [Line Items]
Investments	18,906	14,922
Commercial paper \| Fair Value, Inputs, Level 1 [Member]
Debt Securities, Available-for-sale [Line Items]
Investments	0	0
Corporate securities
Debt Securities, Available-for-sale [Line Items]
Available-for-sale securities, Amortized Cost	18,517	22,146
Available-for-sale Securities, Gross Unrealized Gains	11	20
Available-for-sale Securities, Gross Unrealized Losses	(60)	(2)
Investments	18,468	22,164
Corporate securities \| Fair Value, Inputs, Level 2 [Member]
Debt Securities, Available-for-sale [Line Items]
Investments	18,468	22,164
Corporate securities \| Fair Value, Inputs, Level 1 [Member]
Debt Securities, Available-for-sale [Line Items]
Investments	0	0
U.S. government securities
Debt Securities, Available-for-sale [Line Items]
Available-for-sale securities, Amortized Cost	23,177	32,152
Available-for-sale Securities, Gross Unrealized Gains	154	23
Available-for-sale Securities, Gross Unrealized Losses	(15)	0
Investments	23,316	32,175
U.S. government securities \| Fair Value, Inputs, Level 2 [Member]
Debt Securities, Available-for-sale [Line Items]
Investments	0	0
U.S. government securities \| Fair Value, Inputs, Level 1 [Member]
Debt Securities, Available-for-sale [Line Items]
Investments	$ 23,316	$ 32,175

Note 12. Net Loss Per Common Share (Details) - shares	3 Months Ended
Note 12. Net Loss Per Common Share (Details) - shares	Mar. 31, 2020	Mar. 31, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	5,799,067	4,432,558
Vested and unvested stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount		4,210,559
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount		125,000
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	95,431	96,999

Subsequent Events (Details) - USD ($) $ in Thousands	May 04, 2020	Apr. 21, 2020
Subsequent Event [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		1.00%
Required percentage to be used on covered payroll costs		75.00%
Amount required to be forgiven by the SBA on or before 9/30/2020		$ 3,300
PPP Loan [Member]
Subsequent Event [Line Items]
Notes Payable, Current	$ 4,200	$ 5,100
Repayments of Notes Payable	$ 900

Label	Element	Value
Share-based Payment Arrangement, Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value	us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue	$ 500,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Weighted Average Grant Date Fair Value	us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue	$ 3.75
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1	4 years