12. WARRANTS

The following table presents information about warrants to purchase Common Stock issued and outstanding at December 31, 2019:


		Number of	Exercise
Year Issued	Classification	Warrants	Price		Date of Expiration
2014	Equity	11	$	352.50	5/9/2021
2016	Equity	2,865	$	7,500.00	3/18/2021
2018	Equity	252,896	$	6.98	6/25/2023
2019	Equity	15,168	$	4.50	11/21/2024
Total		270,940
Weighted average exercise price			$	86.09
Weighted average life in years					3.54

In November 2019, the Company agreed to issue the Placement Agent Warrants and in January 2020 the Company issued the Placement Agent Warrants. The Placement Agent Warrants are considered issued for accounting purposes as of November 2019 pursuant to the guidance in ASC Topic 815, Derivatives and Hedging. The Company assessed whether the warrants required accounting as derivatives and determined that the warrants were (1) indexed to the Company’s own stock and (2) classified in stockholders’ equity in accordance with ASC Topic 815, Derivatives and Hedging. As such, the Company concluded that the warrants meet the scope exception for determining whether the instruments require accounting as derivatives and accordingly are classified in stockholders’ equity.

In May 2014, the Company issued warrants in a public offering (the “2014 Warrants”) and in June 2018, the Company closed an underwritten public offering in which warrants and Common Stock were issued. At inception, the warrants issued 2014 and 2018 had provisions that precluded equity classification. Upon amendment, the Company assessed whether the warrants required accounting as derivatives and determined that the warrants were (1) indexed to the Company’s own stock and (2) classified in stockholders’ equity in accordance with ASC Topic 815, Derivatives and Hedging. As such, the Company concluded that the warrants meet the scope exception for determining whether the instruments require accounting as derivatives and accordingly are classified in stockholders’ equity. See below for a further description of the warrant amendments.

Warrant Cancellation

During the year ended December 31, 2018, the Company entered into warrant cancellation agreements with certain holders of the 2014 Warrants to cancel and terminate such warrants for total cash consideration of $14 thousand. As of December 31, 2019, the remaining 2014 Warrants were exercisable for an aggregate of 11 shares of Common Stock.

Warrant Amendments

In May 2018, the Company entered into a warrant amendment agreement with the sole remaining holder of a 2014 Warrant (the “Warrant Amendment”). The warrant holder received cash compensation of $19 thousand and a 2 year extension of warrant term in exchange for the removal of all anti-dilution provisions except those for stock splits, reverse splits or stock dividends. As a result of the amendment, the Company reclassified the remaining 2014 warrants valued at $1 thousand to stockholders’ equity (see Note 10).

In September 2018, the Company entered into the Ladenburg Warrant Amendment. As a result of the Ladenburg Warrant Amendment, the Company reclassified the 2018 Warrants valued at $14.7 million to stockholders’ equity (see Note 10).

In November 2019, the Company entered into the Second Ladenburg Warrant Amendment to lower the exercise price of the Series A warrants from $60.00 to $6.98. As a result of the Second Ladenburg Warrant Amendment, the fair value of the amended Series A warrants was re-measured immediately prior to the date of the Second Ladenburg Warrant Amendment with changes in fair value recorded as incremental warrant modification expense of $666 thousand in the Company’s consolidated statement of operations.