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Document And Entity Information - USD ($)	12 Months Ended
Document And Entity Information - USD ($)	Dec. 31, 2018	Mar. 13, 2019
Document Information [Line Items]
Entity Registrant Name	XBiotech Inc.
Entity Central Index Key	0001626878
Trading Symbol	xbit
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	false
Entity Small Business	false
Entity Common Stock, Shares Outstanding (in shares)		36,047,606
Entity Public Float	$ 130,631,560
Entity Shell Company	false
Document Type	10-K
Document Period End Date	Dec. 31, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	FY
Amendment Flag	false

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 15,823	$ 31,768
Prepaid expenses and other current assets	1,193	1,564
Total current assets	17,016	33,332
Property and equipment, net	27,329	29,640
Total assets	44,545	62,972
Current liabilities:
Accounts payable	1,653	1,730
Accrued expenses	1,291	1,062
Total current liabilities	2,944	2,792
Long-term liabilities:
Deferred rent	3	18
Total liabilities	2,947	2,810
Shareholders’ equity:
Preferred Stock, no par value, unlimited shares authorized, no shares outstanding	0	0
Common stock, no par value, unlimited shares authorized, 35,899,772 and 35,439,272 shares outstanding at December 31, 2018 and December 31, 2017, respectively	279,353	277,492
Accumulated other comprehensive loss	(255)	(768)
Accumulated deficit	(237,700)	(216,562)
Total shareholders’ equity	41,398	60,162
Total liabilities and shareholders’ equity	$ 44,345	$ 62,972

Consolidated Balance Sheets (Parentheticals) - $ / shares $ / shares in Thousands	Dec. 31, 2018	Dec. 31, 2017
Preferred stock, par value (in dollars per share)	$ 0	$ 0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, shares outstanding (in shares)	35,899,772	35,439,272

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Operating expenses:
Research and development	$ 15,725	$ 26,424	$ 42,486
General and administrative	5,269	7,635	10,277
Total operating expenses	20,994	34,059	52,763
Loss from operations	(20,994)	(34,059)	(52,763)
Other income (loss):
Interest income	400	354	49
Other income	4
Foreign exchange gain (loss)	(548)	555	(47)
Total other income (loss)	(144)	909	2
Net loss	$ (21,138)	$ (33,150)	$ (52,761)
Net loss per share—basic and diluted (in dollars per share)	$ (0.59)	$ (0.95)	$ (1.63)
Shares used to compute basic and diluted net loss per share (in shares)	35,804,304	34,875,814	32,403,391

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Net loss	$ (21,138)	$ (33,150)	$ (52,761)
Foreign currency translation adjustment	513	(825)	258
Comprehensive loss	$ (20,625)	$ (33,975)	$ (52,503)

- Definition

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

+ References + Details

Consolidated Statements of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Dec. 31, 2015	32,279
Balance at Dec. 31, 2015	$ 233,902	$ (201)	$ (130,651)	$ 103,050
Net loss			(52,761)	(52,761)
Foreign currency translation adjustment		258		258
Issuance of common stock, net of issuance cost (in shares)	145
Issuance of common stock, net of issuance cost	$ 1,808			1,808
Issuance of common stock under stock option plan (in shares)	204
Issuance of common stock under stock option plan	$ 1,136			1,136
Share-based compensation expense	$ 5,573			5,573
Balance (in shares) at Dec. 31, 2016	32,628
Balance at Dec. 31, 2016	$ 242,419	57	(183,412)	59,064
Net loss			(33,150)	(33,150)
Foreign currency translation adjustment		(825)		(825)
Issuance of common stock, net of issuance cost (in shares)	2,521
Issuance of common stock, net of issuance cost	$ 32,620			32,620
Issuance of common stock under stock option plan (in shares)	290
Issuance of common stock under stock option plan	$ 818			818
Share-based compensation expense	$ 1,635			1,635
Balance (in shares) at Dec. 31, 2017	35,439
Balance at Dec. 31, 2017	$ 277,492	(768)	(216,562)	60,162
Net loss			(21,138)	(21,138)
Foreign currency translation adjustment		513		513
Issuance of common stock, net of issuance cost (in shares)	300
Issuance of common stock, net of issuance cost
Issuance of common stock under stock option plan (in shares)	161
Issuance of common stock under stock option plan	$ 401			401
Share-based compensation expense	$ 1,660			1,660
Subscription receivable (in shares)
Subscription receivable	$ (200)			(200)
Balance (in shares) at Dec. 31, 2018	35,900
Balance at Dec. 31, 2018	$ 279,353	$ (255)	$ (237,700)	$ 41,398

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Operating activities
Net loss	$ (21,138)	$ (33,150)	$ (52,761)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	2,433	1,484	698
Share-based compensation expense	1,660	1,750	5,573
Gain on disposal of property and equipment
Other non-cash adjustments		401
Changes in operating assets and liabilities:
Prepaid expenses and other current	372	1,041	(617)
Accounts payable	(78)	(2,700)	(981)
Accrued expenses	229	(2,470)	2,066
Deferred rent	(15)	(5)	7
Net cash used in operating activities	(16,537)	(33,649)	(46,015)
Investing activities
Purchase of property and equipment	(122)	(1,405)	(4,746)
Expenditures on building construction			(9,168)
Net cash used in investing activities	(122)	(1,405)	(13,914)
Financing activities
Issuance of common stock and warrants, net		32,620	1,808
Issuance of common stock under stock option plan	201	703	1,136
Net cash provided by financing activities	201	33,323	2,944
Effect of foreign exchange rate on cash and cash equivalents	513	(825)	258
Net change in cash and cash equivalents	(15,945)	(2,556)	(56,727)
Cash and cash equivalents, beginning of period	31,768	34,324	91,051
Cash and cash equivalents, end of period	15,823	31,768	34,324
Supplemental Information:
Accrued purchases of property and equipment			148
Accrued expenditures on building construction			439
Subscription receivable	$ 200

Note 1 - Organization	12 Months Ended
Note 1 - Organization	Dec. 31, 2018
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	1. Organization XBiotech Inc. (XBiotech or the Company) was incorporated in Canada on March 22, 2005. XBiotech USA, Inc., a wholly-owned subsidiary of the Company, was incorporated in Delaware, United States in November 2007. XBiotech Switzerland AG, a wholly-owned subsidiary of the Company, was incorporated in Zug, Switzerland in August 2010. XBiotech Japan K.K., a wholly-owned subsidiary of the Company, was incorporated in Tokyo, Japan in March 2013. XBiotech Germany GmbH, a wholly-owned subsidiary of the Company, was incorporated in Germany in January 2014. The Company’s headquarters are located in Austin, Texas. Since its inception, XBiotech has focused on advancing technology to rapidly identify and clone antibodies from individuals that have resistance to disease. At the heart of the Company is a proprietary technical knowhow to translate natural human immunity into therapeutic product candidates. In 2005, the Company began to develop a new framework for commercial manufacturing, using technology that required less capital, fewer operators and provided greater flexibility than standard industry practices. With the manufacturing capability to produce its True Human ™ antibody therapy, in 2010, the Company began a clinical trial program. The first clinical trial program at MD Anderson Cancer Center began treating the sickest cancer patients irrespective of tumor type. Soon thereafter, the Company used the same antibody therapy in various clinical studies at treatment centers around the United States (U.S.) and abroad to investigate the antibody effect in patients that had vascular disease, leukemia, type 2 diabetes, psoriasis or acne. The Company continues to be subject to a number of risks common to companies in similar stages of development. Principal among these risks are the uncertainties of technological innovations, dependence on key individuals, development of the same or similar technological innovations by the Company’s competitors and protection of proprietary technology. The Company’s ability to fund its planned clinical operations, including completion of its planned trials, is expected to depend on the amount and timing of cash receipts from future collaboration or product sales and/or financing transactions. The Company believes that its cash and cash equivalents of $15.8 million at December 31, 2018, will enable the Company to achieve several major inflection points, including potential new clinical studies with our lead product candidate. We expect to have sufficient cash through one year from the report issuance date.

Note 2 - Significant Accounting Policies

12 Months Ended

Dec. 31, 2018

Notes to Financial Statements

Significant Accounting Policies [Text Block]

Significant Accounting Policies

Basis of Presentation

These consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States (US GAAP).

Basis of Consolidation

The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany transactions have been eliminated upon consolidation.

Use of Estimates

The preparation of financial statements in accordance with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported values of amounts in the financial statements and accompanying notes. Actual results could differ from those estimates.

Prior to its initial public offering on

April 15, 2015,

the Company utilized significant estimates and assumptions in determining the fair value of its common stock. The board of directors determined the estimated fair value of the Company’s common stock based on a number of objective and subjective factors, including the prices at which the Company sold shares of its common stock to

third

parties and external market conditions affecting the biotechnology industry sector. After the initial public offering, the fair market value is calculated by using the closing price of the Company’s common stock as reported by NASDAQ.

Research and Development Costs

All research and development costs are charged to expense as incurred. Research and development costs include salaries and personnel-related costs, consulting fees, fees paid for contract clinical trial research services, the costs of laboratory consumables, equipment and facilities, license fees and other external costs. Costs incurred to acquire licenses for intellectual property to be used in research and development activities with

alternative future use are expensed as incurred as research and development costs.

Nonrefundable advance payments for goods or services to be received in the future for use in research and development activities are deferred and capitalized. The capitalized amounts are expensed as the related goods are delivered or the services are performed.

Income Taxes

The Company makes estimates and judgments in determining the need for a provision for income taxes, including the estimation of its taxable income or loss for the full fiscal year. The Company has accumulated significant deferred tax assets that reflect the tax effects of net operating losses and tax credit carryovers and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Realization of certain deferred tax assets is dependent upon future earnings. The Company is uncertain about the timing and amount of any future earnings. Accordingly, the Company offsets these deferred tax assets with a valuation allowance. The Company

may

in the future determine that certain deferred tax assets will likely be realized, in which case the Company will reduce its valuation allowance in the period in which such determination is made. If the valuation allowance is reduced, the Company

may

recognize a benefit from income taxes in its statement of operations in that period.

The GAAP guidance requires recognition of the impact of a tax position in our financial statements only if that position is more likely than

not

to be sustained upon examination by taxing authorities, based on the technical merits of the position. Any interest and penalties related to uncertain tax positions will be reflected in income tax expense. Determining the consolidated provision for income taxes involves judgments, estimates and the application of complex tax regulations. We are required to provide for income taxes in each of the jurisdictions where we operate, including estimated liabilities for uncertain tax positions. Although we believe that we have provided adequate liabilities for uncertain tax positions, the actual liability resulting from examinations by taxing authorities could differ from the recorded income tax liabilities and could result in additional income tax expense having a material impact on our consolidated results of operations. Changes of estimates in our income tax liabilities are reflected in our income tax provision in the period in which the factors resulting in the change to our estimate become known to us. We benefit from the tax credit incentives under the U.S. research and experimentation tax credit extended to taxpayers engaged in qualified research and experimental activities while carrying on a trade or business.

Share-Based Compensation

The Company accounts for its share-based compensation awards in accordance with ASC Topic

718,

Compensation-Stock Compensation

(“ASC

718”

). ASC

718,

which requires all share-based payments to employees, including grants of employee stock options, to be recognized in the statements of operations based on their grant date fair values. For stock options granted to employees and to members of the board of directors for their services on the board of directors, the Company estimates the grant date fair value of each option award using the Black-Scholes option-pricing model. The use of the Black-Scholes option-pricing model requires management to make assumptions with respect to the expected term of the option, the expected volatility of the common stock consistent with the expected life of the option, risk-free interest rates and expected dividend yields of the common stock. For awards subject to service-based vesting conditions, the Company recognizes share-based compensation expense, equal to the grant date fair value of stock options on a straight-line basis over the requisite service period. The Company accounts for forfeitures as they occur rather than on an estimated basis.

Share-based compensation expense recognized for the years ended

December 31, 2018,

2017

and

2016

was included in the following line items on the Consolidated Statements of Operations (in thousands).

	Year Ended December 31,
	2018		2017		2016

Research and development	$	696	$	413	$	2,095
General and administrative		964		2,063		3,478

Total share-based compensation expense	$	1,660	$	2,476	$	5,573

related tax benefits were recognized for the years ended

December 31, 2018,

2017

and

2016.

The fair value of each option is estimated on the date of grant using the Black-Scholes method with the following assumptions:

	Year Ended December 31,
	2018			2017			2016

Weighted-average grant date fair value per share		$4.32			$4.85			$7.29
Expected volatility	67%	-	80%	65%	-	67%	65%	-	70%
Risk-free interest rate	2.38%	-	3.12%	1.83%	-	2.41%	1.09%	-	2.44%
Expected life (in years)	1	–	10	5.38	–	10	5	–	10
Dividend yield		–			–			–

Due to the adoption of ASU

No.

2016

09,

“Stock Compensation” on

January 1, 2017,

the Company accounts for forfeitures as they occur rather than on an estimated basis.

Cash and Cash Equivalents

The Company considers highly liquid investments with a maturity of

days or less when purchased to be cash equivalents. Cash and cash equivalents consisted primarily of cash on deposit in U.S., German, Swiss and Canadian banks. Cash and cash equivalents are stated at cost which approximates fair value.

Concentrations of Credit Risk

Financial instruments that potentially subject the Company to credit risk consist primarily of cash and cash equivalents. The Company holds these investments in highly-rated financial institutions, and limits the amounts of credit exposure to any

one

financial institution. These amounts at times

may

exceed federally insured limits. The Company has

not

experienced any credit losses in such accounts and does

not

believe it is exposed to any significant credit risk on these funds. The Company has

off-balance sheet concentrations of credit risk, such as foreign currency exchange contracts, option contracts or other hedging arrangements.

Fair Value Measurements

The Company follows ASC Topic

820,

Fair Value Measurements and Disclosures

, which establishes a fair value hierarchy for those instruments measured at fair value that distinguishes between assumptions based on market date (observable inputs) and the Company’s own assumptions (unobservable inputs). The hierarchy consists of

three

levels:

Level

1—Unadjusted

quoted prices in active markets for identical assets or liabilities.

Level

2—Quoted

prices for similar assets and liabilities in active markets, quoted prices in markets that are

not

active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability.

Level

3—Unobservable

inputs that reflect the Company’s own assumptions about the assumptions market participants would use in pricing the asset or liability in which there is little, if any, market activity for the asset or liability at the measurement date.

December 31, 2018

and

2017,

the Company did

not

have any assets or liabilities that are measured at fair value on a recurring basis. The carrying amounts reflected in the balance sheets for cash and cash equivalents, prepaid expenses and other current assets, accounts payable, and accrued expenses approximate their fair values at

December 31, 2018

and

2017,

due to their short-term nature.

Property and Equipment

Property and equipment, which consists of land, construction in process, furniture and fixtures, computers and office equipment, scientific equipment, leasehold improvements, vehicles and building are stated at cost and depreciated over the estimated useful lives of the assets, with the exception of land and construction in process which are

not

depreciated, using the straight line method. The useful lives are as follows:

· Furniture and fixtures	7 years

· Office equipment	5 years

· Leasehold improvements	Shorter of asset’s useful life or remaining lease term

· Scientific equipment	5 years

· Vehicles	5 years

· Building	39 years

Costs of major additions and betterments are capitalized; maintenance and repairs, which do

not

improve or extend the life of the respective assets, are charged to expense as incurred. Upon retirement or sale, the cost of the disposed asset and the related accumulated depreciation are removed from the accounts and the resulting gain or loss is recognized.

Impairment of Long-Lived Assets

The Company periodically evaluates its long-lived assets for potential impairment in accordance with ASC Topic

360,

Property, Plant and Equipment

. Potential impairment is assessed when there is evidence that events or changes in circumstances indicate that the carrying amount of an asset

may

not

be recovered. Recoverability of these assets is assessed based on undiscounted expected future cash flows from the assets, considering a number of factors, including past operating results, budgets and economic projections, market trends and product development cycles. If impairments are identified, assets are written down to their estimated fair value. The Company has

not

recognized any impairment through

December 31, 2018.

Foreign Currency Transactions

Certain transactions are denominated in a currency other than the Company’s functional currency of the U.S. dollar, and the Company generates assets and liabilities that are fixed in terms of the amount of foreign currency that will be received or paid. At each balance sheet date, the Company adjusts the assets and liabilities to reflect the current exchange rate, resulting in a translation gain or loss. Transaction gains and losses are also realized upon a settlement of a foreign currency transaction in determining net loss for the period in which the transaction is settled.

Comprehensive Income (Loss)

ASC Topic

220,

Comprehensive Income

, requires that all components of comprehensive income (loss), including net income (loss), be reported in the financial statements in the period in which they are recognized. Comprehensive income (loss) is defined as the change in equity during a period from transactions and other events and circumstances from non-owner sources, including unrealized gains and losses on investments and foreign currency translation adjustments.

Segment and Geographic Information

Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker, or decision making group, in making decisions on how to allocate resources and assess performance. The Company’s chief operating decision maker is the Chief Executive Officer. The Company and the chief operating decision maker view the Company’s operations and manage its business as

one

operating segment. Substantially all of the Company’s operations are in the U.S. geographic segment.

Net Loss per Share

Net loss per share (“EPS”) is computed by dividing net loss by the weighted average number of common shares outstanding during each period. Diluted EPS is computed by dividing net loss by the weighted average number of common shares and common share equivalents outstanding (if dilutive) during each period. The number of common share equivalents, which include stock options, is computed using the treasury stock method.

Subsequent Events

The Company considered events or transactions occurring after the balance sheet date but prior to the date the consolidated financial statements are available to be issued for potential recognition or disclosure in its consolidated financial statements. We have evaluated subsequent events through the date of filing this Form

-K.

Recent Accounting Pronouncements

February 2016,

the FASB established Topic

842,

Leases, by issuing Accounting Standards Update (ASU)

No.

2016

02,

which supersedes ASC

840,

Leases, and requires lessees to recognize leases on-balance sheet and disclose key information about leasing arrangements. Topic

842

was subsequently amended by ASU

No.

2018

01,

Land Easement Practical Expedient for Transition to Topic

842;

ASU

No.

2018

10,

Codification Improvements to Topic

842,

Leases; and ASU

No.

2018

11,

Targeted Improvements. Topic

842,

as amended, (the "new lease standard") establishes a right-of-use model (ROU) that requires a lessee to recognize a ROU asset and lease liability on the balance sheet for all leases with a term longer than

months. Leases will be classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the income statement. The effective date of the new guidance is for the Company’s

first

quarter of fiscal year

2019;

however, early adoption is permitted. The FASB has approved an optional, alternative method to adopt the lease standard by recognizing a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The Company adopted the new standard effective

January 1, 2019,

using the alternative method. The Company will

not

have a cumulative adjustment impacting retained earnings. Adoption of the lease standard will

not

have a material impact on the Company’s consolidated financial statements.

March 2016,

the FASB issued ASU

No.

2016

09,

“Stock Compensation,” which is intended to simplify several aspects of the accounting for share-based payment award transactions. The guidance requires the recognition of the income tax effects of awards in the income statement when the awards vest or are settled, thus eliminating additional paid in capital pools. The Company adopted this pronouncement effective

January 1, 2017.

Upon adoption, the Company recognized approximately

$491

thousand of accumulated excess tax benefits as deferred tax assets that under the previous guidance could

not

be recognized until the benefits were realized through a reduction in cash taxes paid. This part of the guidance is applied using a modified retrospective method with a cumulative-effect adjustment to the accumulated deficit for the excess tax benefits

not

previously recognized. However, given the full valuation allowance placed on the additional

$491

thousand of deferred tax assets, the recognition of this provision of ASU

2016

had

impact to the Company’s accumulated deficit as of

January 1, 2017.

In addition, the guidance allows for a policy election to account for forfeitures as they occur rather than on an estimated basis. The Company elected to account for forfeitures as they occur using a modified retrospective transition method. The adoption of this

one

-time accounting policy election did

not

have a material impact on the Company’s financial statements.

Note 3 - Property and Equipment and Building Construction in Progress

12 Months Ended

Dec. 31, 2018

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

Property and Equipment and Building Construction in Progress

Property and equipment consisted of the following as of

December

31,

2018

and

2017

(in thousands):

	2018			2017
Computer and office equipment	$	476		$	461
Furniture and fixtures		183			183
Land		1,418			1,418
Leasehold improvements		802			802
Scientific equipment		12,572			12,194
Vehicle		30			30
Building		21,013			21,013
Construction in process		201			472
Accumulated depreciation		(9,366	)		(6,933	)

	$	27,329		$	29,640

Depreciation expenses related to property and equipment amounted to approximately

$2.4

million,

$1.5

million, and

$0.7

million for the years ended

December

31,

2018,

2017

and

2016,

respectively. Construction in process is related to research and development and manufactory equipment.

Note 4 - Accrued Expenses

12 Months Ended

Dec. 31, 2018

Notes to Financial Statements

Accounts Payable and Accrued Liabilities Disclosure [Text Block]

Accrued Expenses

Accrued expenses consist of the following as of

December

31,

2018,

and

2017

(in thousands):

	2018		2017
Accrued compensation and related expenses	$	258	$	234
Accrued professional fees		92		32
Accrued clinical trial expenses		905		766
Other		36		30
	$	1,291	$	1,062

Note 5 - Common Stock	12 Months Ended
Note 5 - Common Stock	Dec. 31, 2018
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	5. Common Stock Pursuant to its Articles, the Company has an unlimited number of shares available for issuance with no par value. In February 2017, under the Common Stock Sales Agreement with H.C. Wainwright & Co. LLC, the Company sold 87 thousand shares of common stock at a price between $12.09 to $12.37 per share for total proceeds of $1.0 million. In March 2017, the Company sold 2.4 million shares of common stock at a net price of $13.00 for total proceeds of approximately $31.6 million from investors. From January through December 2017, 290 thousand shares of common stock were issued upon the exercise of stock options at a price of $2.50 to $14.71 per share for a total of $703 thousand. From January through December 2018, 161 thousand shares of common stock were issued upon the exercise of stock options at a price of $2.50 per share for a total of $401 thousand, of which $200 thousand is subscription receivable.

Note 6 - Common Stock Options

12 Months Ended

Dec. 31, 2018

Notes to Financial Statements

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

Common Stock Options

November

11,

2005,

the board of directors of the Company adopted a stock option plan (“the Plan”) pursuant to which the Company

may

grant incentive stock and non-qualified stock options to directors, officers, employees or consultants of the Company or an affiliate or other persons as the Compensation Committee

may

approve.

All options will be non-transferable and

may

be exercised only by the participant, or in the event of the death of the participant, a legal representative until the earlier of the options’ expiry date or the

first

anniversary of the participant’s death, or such other date as

may

be specified by the Compensation Committee.

The term of the options is at the discretion of the Compensation Committee, but

may

not

exceed

years from the grant date. The options expire on the earlier of the expiration date or the date

three

months following the day on which the participant ceases to be an officer or employee of or consultant to the Company, or in the event of the termination of the participant with cause, the date of such termination. Options held by non-employee Directors have an exercise period coterminous with the term of the options.

The number of common shares reserved for issuance to any

one

person pursuant to this Plan shall

not,

in aggregate, exceed

of the total number of outstanding common shares. The exercise price per common share under each option will be the fair market value of such shares at the time of the grant. Upon stock option exercise, the Company issues new shares of common stock.

A summary of changes in common stock options issued under the Plan is as follows:

	Options			Exercise Price			Weighted-Average Exercise Price
Options outstanding at December 31, 2015		4,786,577		$0.53	-	$21.99	$	8.56
Granted		1,059,990		7.71	-	19.10		11.72
Exercised		(204,159	)	0.74	-	19.09		5.56
Forfeitures		(453,750	)	0.52	-	16.91		12.79
Options outstanding at December 31, 2016		5,188,658		$0.52	-	$21.99	$	8.49
Granted		1,251,000		4.15	-	12.62		4.85
Exercised		(406,667	)	0.93	-	14.71		2.28
Forfeitures		(729,367	)	0.94	-	21.99		11.90
Options outstanding at December 31, 2017		5,303,624		$2.50	-	$21.99	$	7.69
Granted		1,153,500		2.50	-	5.93		4.32
Exercised		(160,500	)		2.50			2.50
Forfeitures		(761,185	)	2.50	-	19.09		6.12
Options outstanding at December 31, 2018		5,535,439		$2.50	-	$21.99	$	7.30

The weighted average fair value of the options issued to directors, employees and consultants during the fiscal years ended

December

31,

2018,

2017

and

2016,

was

$2.97,

$2.97

and

$7.29,

respectively. Options with an intrinsic value of $(

2.22

), $(

3.75

) and

$1.63,

became vested during

2018,

2017

and

2016,

respectively. The total intrinsic value of options exercisable and total options outstanding at

December

31,

2018

was

$2.1

million and

$2.9

million respectively. The total fair value of options vested during the years ended

December

31,

2018,

2017

and

2016

was

$1.7

million,

$1.6

million, and

$5.7

million, respectively.

As of

December 31, 2018,

there was approximately

$3.0

million of unrecognized compensation cost, related to stock options granted under the Plan which will be amortized to stock compensation expense over the next

2.13

years.

Note 7 - Net Loss Per Share

12 Months Ended

Dec. 31, 2018

Notes to Financial Statements

Earnings Per Share [Text Block]

Net Loss Per Share

The following summarizes the computation of basic and diluted net loss per share for the years ended

December 31, 2018,

2017

and

2016

(in thousands, except share and per share data):

	Year Ended December 31,
	2018			2017			2016
Net loss	$	(21,138	)	$	(33,150	)	$	(52,761	)
Weighted-average number of common shares—basic and diluted		35,804,304			34,875,814			32,403,391
Net loss per share—basic and diluted	$	(0.59	)	$	(0.95	)	$	(1.63	)

The following potentially dilutive securities outstanding, prior to the use of the treasury stock method or if-converted method, have been excluded from the computation of diluted weighted-average common shares outstanding, because including them would have had an anti-dilutive effect due to the losses reported.

	Year Ended December 31,
	2018		2017		2016
Stock options		5,535,439		5,303,624		5,188,658
Warrants to purchase common stock		-		-		-
Total		5,535,439		5,303,624		5,188,658

Note 8 - Income Taxes

12 Months Ended

Dec. 31, 2018

Notes to Financial Statements

Income Tax Disclosure [Text Block]

Income Taxes

The Company recorded

provision for income taxes for the years ended

December

31,

2018,

2017

and

2016,

due to the reported net losses in each year and reported valuation allowance.

A reconciliation of the Company’s Canadian federal statutory income tax rate to the Company’s effective income tax rate is as follows for the years ended

December

31,

2018,

2017,

and

2016:

	2018			2017			2016
Income tax benefit computed at federal tax rate		26.0	%		26.0	%		26.0	%
Change in valuation allowance		(20.3	%)		(15.3	%)		(22.1	%)
Impacts of US tax reform		-			(13.4	%)		-
Prior year true-ups		(2.3	%)		-			-
Stock compensation and other		(3.4	%)		2.7	%		(3.9	%)
Total		-	%		-	%		-	%

During the years ended

December

31,

2018,

2017

and

2016,

the Company had

interest and penalties related to uncertainty in income taxes.

As of

December

31,

2018,

and

2017,

the Company had unused net operating losses of approximately

$173.2

million (approximately

$141.7

million in Canada,

$30.9

million in the U.S., and

$0.6

million in Switzerland and Japan) and

$167.6

million (approximately

$132.3

million in Canada,

$27.7

million in the U.S.,

$6.7

million in Germany and

$0.9

million in Switzerland and Japan) respectively, available to reduce taxable income of future years. The tax benefit of net operating losses begin to expire in

2025

in Canada,

2028

in U.S.,

2018

in Switzerland, and

2022

in Japan.

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The Company has established a valuation allowance due to uncertainties regarding the realization of deferred tax assets based upon the Company’s lack of earnings history. Significant components of the Company’s deferred tax assets and liabilities as of

December

31,

2018,

2017,

and

2016

as follows (in thousands):

	2018			2017			2016
Deferred tax assets:
Noncapital losses	$	43,474		$	41,551		$	35,064
Qualifying research and development credits		3,119			2,833			2,408
Stock based compensation		1,712			1,618			2,737
Share issue costs		128			42			27
Accrued liabilities		229			49			286
Deferred rent		1			4			8

Total deferred tax assets		48,663			46,097			40,530
Deferred tax liabilities:
Depreciation		166			282			31
Prepaid assets		55			-			-
Share issuance costs		39			35			16
Total deferred tax liabilities		221			317			47
Net deferred tax asset		48,442			45,780			40,483
Valuation allowance for deferred tax assets		(48,442	)		(45,780	)		(40,483	)
Net deferred tax asset including valuation allowance	$	-		$	-		$	-

December 22, 2017,

the President of the United States signed into law the Tax Cuts and Jobs Act, or TCJA, tax reform legislation. TJCA significantly changes U.S. tax law by, among other things, lowering U.S. corporate income tax rates and implementing a territorial tax system. TCJA reduced the U.S corporate tax rate from

35%

21%,

effective

January 1, 2018.

In connection with the initial analysis of the impact of TJCA, the Company remeasured certain deferred tax assets and liabilities based on the rates at which they are expected to reverse in the future, which is generally

21%.

The remeasurement of the Company’s’ deferred tax balance was offset by application its valuation allowance. The Company applied the guidance in SAB

118

when accounting for the enactment-date effects of the Act in

2017

and throughout

2018.

During

2018,

the Company completed its

2017

income tax returns and its accounting for the enactment-date income tax effects of TCJA with

adjustments to the provisional amounts recorded at

December 31, 2017.

Due to additional current year losses, the valuation allowance increased by

$2.7

million during the year ended

December 31, 2018.

The

$5.3

million increase during the year ended

December 31, 2017

is due to additional losses during the year offset by the decrease of the U.S. tax rate from

34%

21%

2017.

The Company applies the accounting guidance in ASC

740

related to accounting for uncertainty in income taxes. The Company’s reserves related to taxes are based on a determination of whether, and how much of, a tax benefit taken by the Company in its tax filings or positions is more likely than

not

to be realized following resolution of any potential contingencies present related to the tax benefit. As of

December

31,

2018

and

2017,

the Company had

unrecognized tax benefits.

The Company files federal income tax returns in Canada, U.S, Switzerland, Germany, and Japan. The Company also files income tax returns in the state of Texas in the U.S. The statute of limitations for assessment by local taxing authorities is open for tax years ended after

December 2011.

There are currently

federal or state income tax audits in progress.

The components of income before income taxes are as follows:

(In thousands)				Years Ended December 31,
	2018			2017			2016
Domestic	$	(5,102	)	$	(5,765	)	$	(8,749	)
Canada		(15,404	)		(26,034	)		(41,625	)
Other Foreign		(632	)		(1,351	)		(2,387	)
Total	$	(21,138	)	$	(33,150	)	$	(52,761	)

November 2015,

the FASB issued ASU

2015

17,

“Balance Sheet Classification of Deferred Taxes”. The Company adopted these accounting changes on a prospective basis during the

three

months ended

December 31, 2016.

To simplify the presentation of deferred income taxes, the amendments in this update require that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The adoption of this standard did

not

have a material effect on the Company’s financial statements or disclosures.

Note 9 - Commitments and Contingencies	12 Months Ended
Note 9 - Commitments and Contingencies	Dec. 31, 2018
Notes to Financial Statements
Commitments Disclosure [Text Block]	9. Commitments and Contingencies On January 12, 2008, the Company entered a lease agreement to lease its facility in Austin, Texas, U.S. On September 15, 2010, the Company entered into a second lease agreement to lease additional space in Austin, Texas, U.S. On March 20, 2013, the company extended the lease for another 21 months with the same terms and rental rates as the current leases. On February 28, 2015, the Company extended the leases for another four years with two years early termination right. The future minimum lease payments as of December 31, 2018 are approximately $79,000 for the fiscal year 2019. Rent expense was approximately $782,000, $741,000 and $761,000 for the years ended December 31, 2018, 2017 and 2016, respectively. On October 23, 2018, the honorable Judge Dustin M. Howell of the 459th Travis County District Court has issued a letter ruling granting the Company’s Motion to Dismiss the securities class action complaint brought against XBiotech (Case D- 1 -GN- 17 - 003063 ). The District Court has directed the parties to prepare a formal order memorializing the ruling. Two federal cases were previously filed in the U.S. District Court for the Western District of Texas, but both of those cases have also been dismissed. Therefore, there no longer remains any litigation involving the Company.

Note 10 - Selected Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2018

Notes to Financial Statements

Quarterly Financial Information [Text Block]

10.

Selected Quarterly Financial Data (Unaudited)

Selected Quarterly Financial Data (Unaudited) for the year ended

December 31, 2018

and

2017

is presented below (in thousands except per share data):

2018	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
Loss from operations		(4,150	)		(5,621	)		(5,115	)		(6,108	)
Net Loss		(4,069	)		(5,907	)		(5,051	)		(6,111	)
Net loss per share—basic and diluted		(0.11	)		(0.16	)		(0.14	)		(0.17	)

2017	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
Loss from operations		(10,271	)		(9,688	)		(6,593	)		(7,507	)
Net Loss		(10,563	)		(9,133	)		(6,205	)		(7,249	)
Net loss per share—basic and diluted		(0.32	)		(0.26	)		(0.18	)		(0.20	)

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2018

Accounting Policies [Abstract]

Basis of Accounting, Policy [Policy Text Block]

Basis of Presentation

These consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States (US GAAP).

Consolidation, Policy [Policy Text Block]

Basis of Consolidation

The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany transactions have been eliminated upon consolidation.

Use of Estimates, Policy [Policy Text Block]

Use of Estimates

Prior to its initial public offering on

April 15, 2015,

third

Research and Development Expense, Policy [Policy Text Block]

Research and Development Costs

alternative future use are expensed as incurred as research and development costs.

Income Tax, Policy [Policy Text Block]

Income Taxes

may

recognize a benefit from income taxes in its statement of operations in that period.

The GAAP guidance requires recognition of the impact of a tax position in our financial statements only if that position is more likely than

not

Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]

Share-Based Compensation

The Company accounts for its share-based compensation awards in accordance with ASC Topic

718,

Compensation-Stock Compensation

(“ASC

718”

). ASC

718,

Share-based compensation expense recognized for the years ended

December 31, 2018,

2017

and

2016

was included in the following line items on the Consolidated Statements of Operations (in thousands).

	Year Ended December 31,
	2018		2017		2016

Research and development	$	696	$	413	$	2,095
General and administrative		964		2,063		3,478

Total share-based compensation expense	$	1,660	$	2,476	$	5,573

related tax benefits were recognized for the years ended

December 31, 2018,

2017

and

2016.

The fair value of each option is estimated on the date of grant using the Black-Scholes method with the following assumptions:

	Year Ended December 31,
	2018			2017			2016

Weighted-average grant date fair value per share		$4.32			$4.85			$7.29
Expected volatility	67%	-	80%	65%	-	67%	65%	-	70%
Risk-free interest rate	2.38%	-	3.12%	1.83%	-	2.41%	1.09%	-	2.44%
Expected life (in years)	1	–	10	5.38	–	10	5	–	10
Dividend yield		–			–			–

Due to the adoption of ASU

No.

2016

09,

“Stock Compensation” on

January 1, 2017,

the Company accounts for forfeitures as they occur rather than on an estimated basis.

Cash and Cash Equivalents, Policy [Policy Text Block]

Cash and Cash Equivalents

The Company considers highly liquid investments with a maturity of

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

Concentrations of Credit Risk

one

financial institution. These amounts at times

may

exceed federally insured limits. The Company has

not

experienced any credit losses in such accounts and does

not

believe it is exposed to any significant credit risk on these funds. The Company has

off-balance sheet concentrations of credit risk, such as foreign currency exchange contracts, option contracts or other hedging arrangements.

Fair Value Measurement, Policy [Policy Text Block]

Fair Value Measurements

The Company follows ASC Topic

820,

Fair Value Measurements and Disclosures

three

levels:

Level

1—Unadjusted

quoted prices in active markets for identical assets or liabilities.

Level

2—Quoted

prices for similar assets and liabilities in active markets, quoted prices in markets that are

not

active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability.

Level

3—Unobservable

December 31, 2018

and

2017,

the Company did

not

December 31, 2018

and

2017,

due to their short-term nature.

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

Property and Equipment

not

depreciated, using the straight line method. The useful lives are as follows:

· Furniture and fixtures	7 years

· Office equipment	5 years

· Leasehold improvements	Shorter of asset’s useful life or remaining lease term

· Scientific equipment	5 years

· Vehicles	5 years

· Building	39 years

Costs of major additions and betterments are capitalized; maintenance and repairs, which do

not

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

Impairment of Long-Lived Assets

The Company periodically evaluates its long-lived assets for potential impairment in accordance with ASC Topic

360,

Property, Plant and Equipment

. Potential impairment is assessed when there is evidence that events or changes in circumstances indicate that the carrying amount of an asset

may

not

recognized any impairment through

December 31, 2018.

Foreign Currency Transactions and Translations Policy [Policy Text Block]

Foreign Currency Transactions

Comprehensive Income, Policy [Policy Text Block]

Comprehensive Income (Loss)

ASC Topic

220,

Comprehensive Income

Segment Reporting, Policy [Policy Text Block]

Segment and Geographic Information

one

operating segment. Substantially all of the Company’s operations are in the U.S. geographic segment.

Earnings Per Share, Policy [Policy Text Block]

Net Loss per Share

Subsequent Events, Policy [Policy Text Block]

Subsequent Events

-K.

New Accounting Pronouncements, Policy [Policy Text Block]

Recent Accounting Pronouncements

February 2016,

the FASB established Topic

842,

Leases, by issuing Accounting Standards Update (ASU)

No.

2016

02,

which supersedes ASC

840,

Leases, and requires lessees to recognize leases on-balance sheet and disclose key information about leasing arrangements. Topic

842

was subsequently amended by ASU

No.

2018

01,

Land Easement Practical Expedient for Transition to Topic

842;

ASU

No.

2018

10,

Codification Improvements to Topic

842,

Leases; and ASU

No.

2018

11,

Targeted Improvements. Topic

842,

first

quarter of fiscal year

2019;

January 1, 2019,

using the alternative method. The Company will

not

have a cumulative adjustment impacting retained earnings. Adoption of the lease standard will

not

have a material impact on the Company’s consolidated financial statements.

March 2016,

the FASB issued ASU

No.

2016

09,

January 1, 2017.

Upon adoption, the Company recognized approximately

$491

thousand of accumulated excess tax benefits as deferred tax assets that under the previous guidance could

not

previously recognized. However, given the full valuation allowance placed on the additional

$491

thousand of deferred tax assets, the recognition of this provision of ASU

2016

had

impact to the Company’s accumulated deficit as of

January 1, 2017.

one

-time accounting policy election did

not

have a material impact on the Company’s financial statements.

Note 2 - Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2018

Notes Tables

Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block]

	Year Ended December 31,
	2018		2017		2016

Research and development	$	696	$	413	$	2,095
General and administrative		964		2,063		3,478

Total share-based compensation expense	$	1,660	$	2,476	$	5,573

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

	Year Ended December 31,
	2018			2017			2016

Weighted-average grant date fair value per share		$4.32			$4.85			$7.29
Expected volatility	67%	-	80%	65%	-	67%	65%	-	70%
Risk-free interest rate	2.38%	-	3.12%	1.83%	-	2.41%	1.09%	-	2.44%
Expected life (in years)	1	–	10	5.38	–	10	5	–	10
Dividend yield		–			–			–

Note 3 - Property and Equipment and Building Construction in Progress (Tables)

12 Months Ended

Dec. 31, 2018

Notes Tables

Property, Plant and Equipment [Table Text Block]

	2018			2017
Computer and office equipment	$	476		$	461
Furniture and fixtures		183			183
Land		1,418			1,418
Leasehold improvements		802			802
Scientific equipment		12,572			12,194
Vehicle		30			30
Building		21,013			21,013
Construction in process		201			472
Accumulated depreciation		(9,366	)		(6,933	)

	$	27,329		$	29,640

Note 4 - Accrued Expenses (Tables)

12 Months Ended

Dec. 31, 2018

Notes Tables

Schedule of Accrued Liabilities [Table Text Block]

	2018		2017
Accrued compensation and related expenses	$	258	$	234
Accrued professional fees		92		32
Accrued clinical trial expenses		905		766
Other		36		30
	$	1,291	$	1,062

Note 6 - Common Stock Options (Tables)

12 Months Ended

Dec. 31, 2018

Notes Tables

Share-based Compensation, Stock Options, Activity [Table Text Block]

	Options			Exercise Price			Weighted-Average Exercise Price
Options outstanding at December 31, 2015		4,786,577		$0.53	-	$21.99	$	8.56
Granted		1,059,990		7.71	-	19.10		11.72
Exercised		(204,159	)	0.74	-	19.09		5.56
Forfeitures		(453,750	)	0.52	-	16.91		12.79
Options outstanding at December 31, 2016		5,188,658		$0.52	-	$21.99	$	8.49
Granted		1,251,000		4.15	-	12.62		4.85
Exercised		(406,667	)	0.93	-	14.71		2.28
Forfeitures		(729,367	)	0.94	-	21.99		11.90
Options outstanding at December 31, 2017		5,303,624		$2.50	-	$21.99	$	7.69
Granted		1,153,500		2.50	-	5.93		4.32
Exercised		(160,500	)		2.50			2.50
Forfeitures		(761,185	)	2.50	-	19.09		6.12
Options outstanding at December 31, 2018		5,535,439		$2.50	-	$21.99	$	7.30

Note 7 - Net Loss Per Share (Tables)

12 Months Ended

Dec. 31, 2018

Notes Tables

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	Year Ended December 31,
	2018			2017			2016
Net loss	$	(21,138	)	$	(33,150	)	$	(52,761	)
Weighted-average number of common shares—basic and diluted		35,804,304			34,875,814			32,403,391
Net loss per share—basic and diluted	$	(0.59	)	$	(0.95	)	$	(1.63	)

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

	Year Ended December 31,
	2018		2017		2016
Stock options		5,535,439		5,303,624		5,188,658
Warrants to purchase common stock		-		-		-
Total		5,535,439		5,303,624		5,188,658

Note 8 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Notes Tables

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

	2018			2017			2016
Income tax benefit computed at federal tax rate		26.0	%		26.0	%		26.0	%
Change in valuation allowance		(20.3	%)		(15.3	%)		(22.1	%)
Impacts of US tax reform		-			(13.4	%)		-
Prior year true-ups		(2.3	%)		-			-
Stock compensation and other		(3.4	%)		2.7	%		(3.9	%)
Total		-	%		-	%		-	%

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

	2018			2017			2016
Deferred tax assets:
Noncapital losses	$	43,474		$	41,551		$	35,064
Qualifying research and development credits		3,119			2,833			2,408
Stock based compensation		1,712			1,618			2,737
Share issue costs		128			42			27
Accrued liabilities		229			49			286
Deferred rent		1			4			8

Total deferred tax assets		48,663			46,097			40,530
Deferred tax liabilities:
Depreciation		166			282			31
Prepaid assets		55			-			-
Share issuance costs		39			35			16
Total deferred tax liabilities		221			317			47
Net deferred tax asset		48,442			45,780			40,483
Valuation allowance for deferred tax assets		(48,442	)		(45,780	)		(40,483	)
Net deferred tax asset including valuation allowance	$	-		$	-		$	-

Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]

(In thousands)				Years Ended December 31,
	2018			2017			2016
Domestic	$	(5,102	)	$	(5,765	)	$	(8,749	)
Canada		(15,404	)		(26,034	)		(41,625	)
Other Foreign		(632	)		(1,351	)		(2,387	)
Total	$	(21,138	)	$	(33,150	)	$	(52,761	)

Note 10 - Selected Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2018

Notes Tables

Quarterly Financial Information [Table Text Block]

2018	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
Loss from operations		(4,150	)		(5,621	)		(5,115	)		(6,108	)
Net Loss		(4,069	)		(5,907	)		(5,051	)		(6,111	)
Net loss per share—basic and diluted		(0.11	)		(0.16	)		(0.14	)		(0.17	)

2017	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
Loss from operations		(10,271	)		(9,688	)		(6,593	)		(7,507	)
Net Loss		(10,563	)		(9,133	)		(6,205	)		(7,249	)
Net loss per share—basic and diluted		(0.32	)		(0.26	)		(0.18	)		(0.20	)

Note 1 - Organization (Details Textual) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Cash and Cash Equivalents, at Carrying Value, Ending Balance	$ 15,823	$ 31,768	$ 34,324	$ 91,051

Note 2 - Significant Accounting Policies (Details Textual) $ in Thousands	12 Months Ended
	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Jan. 01, 2017 USD ($)
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense	$ 0	$ 0	$ 0
Impairment of Long-Lived Assets Held-for-use	$ 0
Number of Operating Segments	1
Deferred Tax Assets, Gross, Total	$ 48,663	46,097	40,530
Deferred Tax Assets, Valuation Allowance, Total	$ 48,442	45,780	$ 40,483
Accounting Standards Update 2016-09 [Member]
Deferred Tax Assets, Gross, Total				$ 491
Deferred Tax Assets, Valuation Allowance, Total				$ 491
Furniture and Fixtures [Member]
Property, Plant and Equipment, Useful Life	7 years
Office Equipment [Member]
Property, Plant and Equipment, Useful Life	5 years
Equipment [Member]
Property, Plant and Equipment, Useful Life	5 years
Vehicles [Member]
Property, Plant and Equipment, Useful Life	5 years
Building [Member]
Property, Plant and Equipment, Useful Life	39 years
Fair Value, Measurements, Recurring [Member]
Assets, Fair Value Disclosure	$ 0	0
Financial and Nonfinancial Liabilities, Fair Value Disclosure	$ 0	$ 0

Note 2 - Significant Accounting Policies - Share-based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Share-based compensation expense	$ 1,660	$ 2,476	$ 5,573
Research and Development Expense [Member]
Share-based compensation expense	696	413	2,095
General and Administrative Expense [Member]
Share-based compensation expense	$ 964	$ 2,063	$ 3,478

Note 2 - Significant Accounting Policies - Stock Option Valuation Assumptions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Weighted-average grant date fair value per share (in dollars per share)	$ 4.32	$ 4.85	$ 7.29
Expected volatility
Dividend yield
Minimum [Member]
Expected volatility	67.00%	65.00%	65.00%
Risk-free interest rate	2.38%	1.83%	1.09%
Expected life (Year)	1 year	5 years 138 days	5 years
Maximum [Member]
Expected volatility	80.00%	67.00%	70.00%
Risk-free interest rate	3.12%	2.41%	2.44%
Expected life (Year)	10 years	10 years	10 years

Note 3 - Property and Equipment and Building Construction in Progress (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Depreciation, Total	$ 2,433	$ 1,484	$ 698

Note 3 - Property and Equipment and Building Construction in Progress - Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Accumulated depreciation	$ (9,366)	$ (6,933)
	27,329	29,640
Office Equipment [Member]
Property, plant, and equipment, gross	476	461
Furniture and Fixtures [Member]
Property, plant, and equipment, gross	183	183
Land [Member]
Property, plant, and equipment, gross	1,418	1,418
Leasehold Improvements [Member]
Property, plant, and equipment, gross	802	802
Scientific Equipment [Member]
Property, plant, and equipment, gross	12,572	12,194
Vehicles [Member]
Property, plant, and equipment, gross	30	30
Building [Member]
Property, plant, and equipment, gross	21,013	21,013
Construction in Progress [Member]
Property, plant, and equipment, gross	$ 201	$ 472

Note 4 - Accrued Expenses - Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Accrued compensation and related expenses	$ 258	$ 234
Accrued professional fees	92	32
Accrued clinical trial expenses	905	766
Other	36	30
	$ 1,291	$ 1,062

Note 5 - Common Stock (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		12 Months Ended
	Mar. 31, 2017	Feb. 28, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Common Stock, No Par Value			$ 0	$ 0
Stock Issued During Period, Shares, New Issues	2,400,000	87,000
Shares Issued, Price Per Share	$ 13
Proceeds from Issuance of Common Stock	$ 31,600	$ 1,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period			160,500	406,667	204,159
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price			$ 2.50
Proceeds from Stock Options Exercised			$ 401	$ 703
Stockholders' Equity Note, Subscriptions Receivable			$ 200
Minimum [Member]
Shares Issued, Price Per Share		$ 12.09
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price				$ 2.50	$ 0.74
Maximum [Member]
Shares Issued, Price Per Share		$ 12.37
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price				$ 14.71	$ 19.09

Note 6 - Common Stock Options (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 4.32	$ 4.85	$ 7.29
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options	$ 3,000,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	2 years 47 days
The Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 2.97	2.97	7.29
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Intrinsic Value, Amount Per Share	$ 2.22	$ 3.75	$ 1.63
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value	$ 2.10	$ 2,900,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value	$ 1.70	$ 1.60	$ 5.70
The Plan [Member] \| Any One Person [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Outstanding Stock Maximum	5.00%
The Plan [Member] \| Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period	10 years

Note 6 - Common Stock Options - Changes in Common Stock Options Issued (Details) - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Options outstanding (in shares)	5,303,624	5,188,658	4,786,577
Granted (in shares)	1,153,500	1,251,000	1,059,990
Exercised (in shares)	(160,500)	(406,667)	(204,159)
Exercised, exercise price (in dollars per share)	$ 2.50
Forfeitures (in shares)	(761,185)	(729,367)	(453,750)
Options outstanding (in shares)	5,535,439	5,303,624	5,188,658
Minimum [Member]
Options outstanding, exercise price (in dollars per share)	$ 2.50	$ 0.52	$ 0.53
Granted, exercise price (in dollars per share)	2.50	4.15	7.71
Exercised, exercise price (in dollars per share)		2.50	0.74
Forfeitures, exercise price (in dollars per share)	2.50	0.94	0.52
Options outstanding, exercise price (in dollars per share)	2.50	2.50	0.52
Maximum [Member]
Options outstanding, exercise price (in dollars per share)	21.99	21.99	21.99
Granted, exercise price (in dollars per share)	5.93	12.62	19.10
Exercised, exercise price (in dollars per share)		14.71	19.09
Forfeitures, exercise price (in dollars per share)	19.09	21.99	16.91
Options outstanding, exercise price (in dollars per share)	21.99	21.99	21.99
Weighted Average [Member]
Options outstanding, exercise price (in dollars per share)	7.69	8.49	8.56
Granted, exercise price (in dollars per share)	4.32	4.85	11.72
Exercised, exercise price (in dollars per share)	2.50	2.28	5.56
Forfeitures, exercise price (in dollars per share)	6.12	11.90	12.79
Options outstanding, exercise price (in dollars per share)	$ 7.30	$ 7.69	$ 8.49

Note 7 - Net Loss Per Share - Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Net loss	$ (6,111)	$ (5,051)	$ (5,907)	$ (4,069)	$ (7,249)	$ (6,205)	$ (9,133)	$ (10,563)	$ (21,138)	$ (33,150)	$ (52,761)
Weighted-average number of common shares—basic and diluted (in shares)									35,804,304	34,875,814	32,403,391
Net loss per share—basic and diluted (in dollars per share)	$ (0.17)	$ (0.14)	$ (0.16)	$ (0.11)	$ (0.20)	$ (0.18)	$ (0.26)	$ (0.32)	$ (0.59)	$ (0.95)	$ (1.63)

- Definition

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

+ References + Details

Note 7 - Net Loss Per Share - Potentially Dilutive Securities Outstanding (Details) - shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Antidilutive securities (in shares)	5,535,439	5,303,624	5,188,658
Employee Stock Option [Member]
Antidilutive securities (in shares)	5,535,439	5,303,624	5,188,658
Warrant [Member]
Antidilutive securities (in shares)

Note 8 - Income Taxes (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Tax Expense (Benefit), Total	$ 0	$ 0	$ 0
Income Tax Examination, Penalties and Interest Expense, Total	0	0	$ 0
Operating Loss Carryforwards, Total	173,200	167,600
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount	2,700	5,300
Unrecognized Tax Benefits, Ending Balance	0	0
Domestic Tax Authority [Member] \| Canada Revenue Agency [Member]
Operating Loss Carryforwards, Total	141,700	132,300
Foreign Tax Authority [Member] \| Internal Revenue Service (IRS) [Member]
Operating Loss Carryforwards, Total	30,900	27,700
Foreign Tax Authority [Member] \| Swiss Federal Tax Administration (FTA) [Member]
Operating Loss Carryforwards, Total	$ 600	900
Foreign Tax Authority [Member] \| Federal Ministry of Finance, Germany [Member]
Operating Loss Carryforwards, Total		6,700
Foreign Tax Authority [Member] \| National Tax Agency, Japan [Member]
Operating Loss Carryforwards, Total		$ 900

Note 8 - Income Taxes - Reconciliation of Canadian Federal Statutory Income Tax Rate (Details)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income tax benefit computed at federal tax rate	26.00%	26.00%	26.00%
Change in valuation allowance	(20.30%)	(15.30%)	(22.10%)
Impacts of US tax reform		(13.40%)
Prior year true-ups	(2.30%)
Stock compensation and other	(3.40%)	2.70%	(3.90%)
Total

Note 8 - Income Taxes - Significant Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Deferred tax assets:
Noncapital losses	$ 43,474	$ 41,551	$ 35,064
Qualifying research and development credits	3,119	2,833	2,408
Stock based compensation	1,712	1,618	2,737
Share issue costs	128	42	27
Accrued liabilities	229	49	286
Deferred rent	1	4	8
Total deferred tax assets	48,663	46,097	40,530
Deferred tax liabilities:
Depreciation	166	282	31
Prepaid assets	55
Share issuance costs	39	35	16
Total deferred tax liabilities	221	317	47
Net deferred tax asset	48,442	45,780	40,483
Valuation allowance for deferred tax assets	(48,442)	(45,780)	(40,483)
Net deferred tax asset including valuation allowance

Note 8 - Income Taxes - Components of Income Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Domestic	$ (5,102)	$ (5,765)	$ (8,749)
Total	(21,138)	(33,150)	(52,761)
CANADA
Canada	(15,404)	(26,034)	(41,625)
Other Foreign [Member]
Canada	$ (632)	$ (1,351)	$ (2,387)

Note 9 - Commitments and Contingencies (Details Textual) - USD ($)		12 Months Ended
	Feb. 28, 2015	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Mar. 20, 2013
Lessee, Operating Lease, Renewal Term	4 years				1 year 270 days
Lessee Leasing Arrangements, Operating Leases, Early Termination Right	2 years
Operating Leases, Rent Expense, Net, Total		$ 79,000	$ 741,000	$ 761,000

Note 10 - Selected Quarterly Financial Data (Unaudited) - Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Loss from operations	$ (6,108)	$ (5,115)	$ (5,621)	$ (4,150)	$ (7,507)	$ (6,593)	$ (9,688)	$ (10,271)	$ (20,994)	$ (34,059)	$ (52,763)
Net Loss	$ (6,111)	$ (5,051)	$ (5,907)	$ (4,069)	$ (7,249)	$ (6,205)	$ (9,133)	$ (10,563)	$ (21,138)	$ (33,150)	$ (52,761)
Net loss per share—basic and diluted (in dollars per share)	$ (0.17)	$ (0.14)	$ (0.16)	$ (0.11)	$ (0.20)	$ (0.18)	$ (0.26)	$ (0.32)	$ (0.59)	$ (0.95)	$ (1.63)

- Definition

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

+ References + Details