0001144204-18-044672.txt : 20180814 0001144204-18-044672.hdr.sgml : 20180814 20180814161234 ACCESSION NUMBER: 0001144204-18-044672 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 50 CONFORMED PERIOD OF REPORT: 20180630 FILED AS OF DATE: 20180814 DATE AS OF CHANGE: 20180814 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Biostage, Inc. CENTRAL INDEX KEY: 0001563665 STANDARD INDUSTRIAL CLASSIFICATION: SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841] IRS NUMBER: 455210462 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-35853 FILM NUMBER: 181017609 BUSINESS ADDRESS: STREET 1: 84 OCTOBER HILL ROAD STREET 2: SUITE 11 CITY: HOLLISTON STATE: MA ZIP: 01746 BUSINESS PHONE: (774) 233-7300 MAIL ADDRESS: STREET 1: 84 OCTOBER HILL ROAD STREET 2: SUITE 11 CITY: HOLLISTON STATE: MA ZIP: 01746 FORMER COMPANY: FORMER CONFORMED NAME: Harvard Apparatus Regenerative Technology, Inc. DATE OF NAME CHANGE: 20121204 10-Q 1 tv500135_10q.htm FORM 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

x Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended June 30, 2018

¨ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from to

Commission file number 001-35853

BIOSTAGE, INC.

(Exact Name of Registrant as Specified in Its Charter)

Delaware

45-5210462

(State or Other Jurisdiction of

Incorporation or Organization)

(IRS Employer

Identification No.)

84 October Hill Road, Suite 11, Holliston, MA		01746
(Address of Principal Executive Offices)		(Zip Code)

(774) 233-7300

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. x YES ¨ NO

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). x YES ¨ NO

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ¨	Accelerated filer ¨

Non-accelerated filer ¨ (Do not check if a smaller reporting company)	Smaller reporting company x

	Emerging growth company x

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ¨ YES x NO

As of August 10, 2018, there were 5,663,419 shares of common stock, par value $0.01 per share, outstanding

Biostage Inc.

Form 10-Q

For the Quarter Ended June 30, 2018

INDEX

		Page
PART I-FINANCIAL INFORMATION		3

Item 1.	Financial Statements	3

	Unaudited Consolidated Balance Sheets	3

	Unaudited Consolidated Statements of Operations and Comprehensive Loss	4

	Unaudited Consolidated Statements of Cash Flows	5

	Unaudited Consolidated Statements of Stockholders’ Equity	6

	Notes to Unaudited Consolidated Financial Statements	7

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	15

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	20

Item 4.	Controls and Procedures	20

PART II-OTHER INFORMATION		21

Item 1A.	Risk Factors	21

Item 6.	Exhibits	22

SIGNATURES		23

PART I. FINANCIAL INFORMATION

Item 1.

Financial Statements.

BIOSTAGE, INC.

UNAUDITED CONSOLIDATED BALANCE SHEETS

(in thousands, except par value and share data)

	June 30, 2018			December 31, 2017
Assets
Current Assets:
Cash	$	5,806		$	4,038
Prepaid expenses		228			289
Grant receivable		127			-
Other current assets		36			86
Total current assets		6,197			4,413
Property, plant and equipment, net		573			632

Total assets	$	6,770		$	5,045

Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	167		$	923
Accrued and other current liabilities		960			383
Due to related party		-			300
Warrant liability		236			16

Total current liabilities		1,363			1,622

Total liabilities	$	1,363		$	1,622

Commitments and contingencies (Note 6)

Stockholders’ equity:
Undesignated preferred stock, $0.01 par value; 984,000 shares authorized and none issued and outstanding		-			-
Series D convertible preferred stock, par value $0.01 per share, 12,000 shares authorized and 0 and 3,108 shares issued and outstanding as of June 30, 2018 and December 31, 2017, respectively		-			1,475
Common stock, $0.01 par value; 120,000,000 shares authorized and 5,663,419 and 2,507,304 shares issued and outstanding as of June 30, 2018 and December 31, 2017, respectively		57			25
Additional paid-in capital		57,189			50,157
Accumulated deficit		(51,839	)		(48,234	)

Total stockholders’ equity		5,407			3,423

Total liabilities and stockholders’ equity	$	6,770		$	5,045

See accompanying notes to unaudited consolidated financial statements.

BIOSTAGE, INC.

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(In thousands, except per share amounts)

	Three Months ended June 30,						Six Months ended June 30,
	2018			2017			2018			2017

Revenues	$	-		$	-		$	-		$	-

Operating expenses:
Research and development		928			2,688			1,480			4,757
Selling, general and administrative		1,105			1,039			2,033			2,018
Total operating expenses		2,033			3,727			3,513			6,775

Operating loss		(2,033	)		(3,727	)		(3,513	)		(6,775	)

Other income (expense):
Grant income		76			-			135
Change in fair value of warrant liability		(96	)		124			(220	)		(669	)
Other expense		(7	)		-			(7	)		-
		(27	)		124			(92	)		(669	)

Net loss and comprehensive loss	$	(2,060	)	$	(3,603	)	$	(3,605	)	$	(7,444	)

Basic and diluted net loss per share	$	(0.55	)	$	(1.94	)	$	(1.11	)	$	(4.63	)

Weighted average common shares, basic and diluted		3,720			1,856			3,238			1,607

See accompanying notes to unaudited consolidated financial statements.

BIOSTAGE, INC.

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

	Six Months Ended June 30,
	2018			2017
Cash flows from operating activities
Net loss	$	(3,605	)	$	(7,444	)
Adjustments to reconcile net loss to net cash flows used in operating activities:
Share-based compensation expense		267			397
Depreciation		128			236
Change in fair value of warrant liability		220			669
Loss on disposal of property, plant and equipment		8			-
Changes in operating assets and liabilities:
Accounts receivable		-			42
Prepaid expenses		61			113
Grant receivable		(127	)		-
Other current assets		1			115
Accounts payable		(759	)		(275	)
Accrued and other current liabilities		577			(46	)

Net cash used in operating activities		(3,229	)		(6,193	)

Cash flows from investing activities
Additions to property and equipment		(89	)		(125	)
Cash received from sale of property, plant and equipment		64			-

Net cash used in investing activities		(25	)		(125	)

Cash flows from financing activities
Return of related party advance		(300	)		-
Proceeds from issuance of common stock and warrants, net of offering costs		5,322			6,801
Net cash provided by financing activities		5,022			6,801
Net increase in cash		1,768			483
Cash at beginning of period		4,038			2,941
Cash at end of period	$	5,806		$	3,424

Supplemental non-cash investing activities:
Fair value of warrant liability reclassified to additional paid-in capital	$	-		$	3,150
Fair value of liability warrants issued in connection with issuance of common stock	$	-		$	3,787
Equipment purchases included in accounts payable	$	3		$	-
Conversion of Series D preferred stock into common stock	$	1,475		$	-

See accompanying notes to unaudited consolidated financial statements.

BIOSTAGE, INC.

UNAUDITED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

(in thousands)

	Number of Common Shares Outstanding		Common Stock		Number of Series D Convertible Preferred Shares			Series D Convertible Preferred Stock			Additional Paid-in Capital		Accumulated Deficit			Total Stockholders' Equity
Balance at December 31, 2017		2,507	$	25		3		$	1,475		$	50,157	$	(48,234	)	$	3,423
Net loss		-		-		-			-			-		(3,605	)		(3,605	)
Share-based compensation		-		-		-			-			267		-			267
Issuance of common stock, net of offering costs		1,602		16		-			-			5,255		-			5,271
Issuance of warrants to purchase common stock in connection with issuance of common stock above		-		-		-			-			51		-			51
Conversion of Series D convertible preferred stock to common stock		1,554		16		(3	)		(1,475	)		1,459		-			-
Balance at June 30, 2018		5,663	$	57		-		$	-		$	57,189	$	(51,839	)	$	5,407

See accompanying notes to unaudited consolidated financial statements.

BIOSTAGE, INC.

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Overview and Basis of Presentation

Overview

Biostage, Inc. (“Biostage” or the “Company”) is a biotechnology company developing bioengineered organ implants based on the Company’s novel Cellframe^TM technology. The Company’s Cellframe technology is comprised of a biocompatible scaffold that is seeded with the recipient’s own stem cells. The Company believes that this technology may prove to be effective for treating patients across a number of life-threatening medical indications who currently have unmet medical needs. The Company is currently developing its Cellframe technology to treat life-threatening conditions of the esophagus, bronchus or trachea with the objective of dramatically improving the treatment paradigm for those patients. Since inception, the Company has devoted substantially all of its efforts to business planning, research and development, recruiting management and technical staff, and acquiring operating assets. The Company has one business segment and does not have significant costs or assets outside the United States.

The Company’s common stock is currently traded on the OTCQB Venture Market under the symbol “BSTG”. On December 22, 2017, the Company effected a reverse stock split of its shares of common stock at a ratio of 1-for-20. All references to numbers of common shares and per-share information in this Quarterly Report on Form 10-Q have been adjusted retroactively to reflect the 1-for-20 reverse stock split.

Basis of Presentation

The consolidated financial statements reflect the Company’s financial position, results of operations and cash flows in conformity with accounting principles generally accepted in the United States (“GAAP”).

Going Concern

The Company has incurred substantial operating losses since its inception, and as of June 30, 2018 has an accumulated deficit of approximately $51.8 million and will require additional financing to fund future operations. The Company expects that its cash at June 30, 2018 of $5.8 million will enable it to fund its operating expenses and capital expenditure requirements into the first quarter of 2019. Therefore, these conditions raise substantial doubt about the Company’s ability to continue as a going concern.

The Company will need to raise additional funds in future periods to fund its operations. In the event the Company does not raise additional capital from outside sources in the near future, it may be forced to curtail or cease its operations. Cash requirements and cash resource needs will vary significantly depending upon the timing and the financial and other resource needs that will be required to complete ongoing development and pre-clinical and clinical testing of products as well as regulatory efforts and collaborative arrangements necessary for the Company’s products that are currently under development. The Company will seek to raise necessary funds through a combination of public or private equity offerings, debt financings, other financing mechanisms, research grants, or strategic collaborations and licensing arrangements. The Company may not be able to obtain additional financing on terms favorable to us, if at all.

The Company’s operations will be adversely affected if it is unable to raise or obtain needed funding and may materially affect the Company’s ability to continue as a going concern. The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern and therefore, the financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amount and classifications of liabilities that may result from the outcome of this uncertainty.

Net loss per Share

Basic net loss per share is computed using the weighted average number of common shares outstanding during the period. Diluted net loss per share is computed using the sum of the weighted average number of common shares outstanding during the period and, if dilutive, the weighted average number of potential shares of common stock, including the assumed exercise of stock options, warrants, and the impact of unvested restricted stock.

The Company applies the two-class method to calculate basic and diluted net loss per share attributable to common stockholders as its warrants to purchase common stock are participating securities.

The two-class method is an earnings allocation formula that treats a participating security as having rights to earnings that otherwise would have been available to common stockholders. However, the two-class method does not impact the net loss per share of common stock as the Company has been in a net loss position and the warrant holders do not participate in losses.

Basic and diluted shares outstanding are the same for each period presented as all common stock equivalents would be antidilutive due to the net losses incurred.

Unaudited Interim Financial Information

The accompanying interim consolidated balance sheet as of June 30, 2018 and consolidated interim statements of operations and comprehensive loss and cash flows for the three and six months ended June 30, 2018 and 2017 are unaudited. The interim unaudited consolidated financial statements have been prepared in accordance with GAAP on the same basis as the annual audited financial statements and, in the opinion of management, reflect all adjustments necessary for a fair statement of the Company’s financial position as of June 30, 2018 and its results of operations and cash flows for the six-month periods ended June 30, 2018 and 2017. The financial data and other information disclosed in these notes related to the three and six-month periods ended June 30, 2018 and 2017 are unaudited. The results for the three and six months ended June 30, 2018 are not necessarily indicative of results to be expected for the year ending December 31, 2018, any other interim periods or any future year or period.

Summary of Significant Accounting Policies and Recently Issued Accounting Pronouncements

Summary of Significant Accounting Policies

The accounting policies underlying the accompanying unaudited consolidated financial statements are those set forth in Note 2 to the financial statements for the year ended December 31, 2017 included in the Company’s Annual Report on Form 10-K.

SBIR Award

On March 28, 2018, the Company was awarded a Fast-Track Small Business Innovation Research (SBIR) grant by the Eunice Kennedy National Institute of Child Health and Human Development. The award for Phase I, which is expected to be earned through the third quarter of 2018, provides for the reimbursement of up to $225,000 of qualified research and development costs or expenditures. The SBIR grant has the potential to provide a total award up to $1.7 million. If Phase I is successful, and funding is available, a Phase II award of up to approximately $1.5 million would support pre-clinical testing of pediatric Cellspan™ Esophageal Implants planned to begin later in 2018. The Phase II Funds, if awarded, would be spent over an estimated two years.

Grant income is recognized based on timing of when qualified research and development costs are incurred and recorded and classified as grant income in other income (expense), net in the consolidated statements of operations.

Recently Adopted Accounting Pronouncements

In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”). This amendment addresses eight classification issues related to the statement of cash flows. The Company adopted this standard on January 1, 2018 and its adoption did not have a material impact on the Company’s consolidated financial statements.

In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (“ASU 2016-18”), which requires that amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The Company adopted this standard on January 1, 2018 and its adoption did not have any impact on its consolidated financial statements since the Company does not have restricted cash amounts.

In May 2017, the FASB issued ASU 2017-09, Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting (“ASU 2017-09”), which clarifies when to account for a change to the terms or conditions of a share-based payment award as a modification. The new standard does not change the accounting for modifications but clarifies that modification accounting guidance should only be applied if the fair value, vesting conditions, or classification of the award changes as a result of the change in terms or conditions. The new standard is effective for fiscal years, and interim periods within, beginning after December 15, 2017. Early adoption is permitted. A reporting entity must apply the amendments in the ASU prospectively to an award modified on or after the adoption date. The Company adopted ASU 2017-09 as of the required effective date of January 1, 2018 and its adoption did not have a material impact on the Company’s financial statements. The adoption of ASU 2017-09 will have an impact on the accounting for the modification of stock-based awards, if any, to the extent stock-based awards are modified.

Recently Issued Accounting Pronouncements

In February 2016, the FASB issued ASU No. 2016-02, Leases (“ASU 2016-02”). ASU 2016-02 will require lessees to recognize most leases on their balance sheet as a right-of-use asset and a lease liability. Leases will be classified as either operating or finance, and classification will be based on criteria similar to current lease accounting, but without explicit bright lines. The guidance is effective for annual reporting periods beginning after December 15, 2018 and interim periods within those fiscal years, and early adoption is permitted. The Company expects to elect the modified retrospective transition option on January 1, 2019, however, is currently evaluating the impact that the adoption of ASU 2016-02 will have on its consolidated financial statements and related disclosures.

Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Company’s financial statements upon adoption.

Capital Stock

On December 27, 2017, the Company issued 518,000 shares of its Common stock at $2.00 per share, 3,108 shares of our Series D Convertible Preferred Stock at $1,000 per share, and warrants to purchase 3,108,000 shares of common stock at an exercise price of $2.00 per share, in exchange for aggregate gross proceeds of approximately $4.1 million in a private placement transaction of unregistered shares with a new investor. The warrants were immediately exercisable and expire in December 2022. The Company allocated $2.1 million of consideration to the warrants and included such amount in additional paid-in capital.

On January 3, 2018, the Company issued 50,000 shares of our common stock to Connecticut Children’s Medical Center (“Connecticut Children’s”) at $2.00 per share and warrants to purchase 75,000 shares of common stock at an exercise price of $2.00 per share, in exchange for aggregate gross proceeds of $100,000 in a private placement transaction of unregistered shares. The warrants were immediately exercisable and expire in January 2023. The Company has allocated $51,000 of consideration to the warrants using the relative fair-value method and included such amount in additional paid-in capital. The Company classified these warrants as permanent equity versus liability warrants as the warrants do not have any redemption features nor a right to put for cash that is outside the control of the Company. Connecticut Children’s Chief Executive Officer, James Shmerling, is a member of the respective Board of Directors of each of the Company and Connecticut Children’s.

On February 20, 2018, the Company issued 302,115 shares of common stock to an investor at a purchase price of $3.31 per share for aggregate gross proceeds of approximately $1.0 million in an unregistered private placement transaction.

On May 23, 2018, the Company issued 1,000,000 shares of common stock to two new investors at a purchase price of $3.60 per share for aggregate gross and net proceeds of approximately $3.6 million and $3.4 million, respectively, in an unregistered private placement. Following the issuance of these shares, the holders of Series D preferred stock exercised their right to convert all of the 3,108 outstanding shares of Series D preferred stock into 1.554 million shares of common stock as provided for under the Series D preferred stock agreement.

On June 29, 2018, the Company issued 250,000 shares of common stock to an investor at a purchase price of $3.60 per share for aggregate gross and net proceeds of approximately $0.9 million and $0.8 million, respectively, in an unregistered private placement transaction.

Fair Value Measurements

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.

The Company utilizes a valuation hierarchy for disclosure of the inputs to the valuations used to measure fair value. This hierarchy prioritizes the inputs into three broad levels as follows. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 inputs are unobservable inputs based on the Company’s own assumptions used to measure assets and liabilities at fair value. A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement.

The Company had no assets or liabilities classified as Level 1 or Level 2 as of June 30, 2018 and December 31, 2017.

The following fair value hierarchy table presents information about the Company’s financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2018:

	Fair Value Measurement as of June 30, 2018
	(In thousands)
	Level 1		Level 2		Level 3		Total

Warrant liability	$	-	$	-	$	236	$	236
Total	$	-	$	-	$	236	$	236

The following fair value hierarchy table presents information about the Company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2017:

	Fair Value Measurement as of December 31, 2017
	(In thousands)
	Level 1		Level 2		Level 3		Total

Warrant liability	$	-	$	-	$	16	$	16
Total	$	-	$	-	$	16	$	16

The following table presents a reconciliation of the Company’s liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the six months ended June 30, 2018:

	Warrant Liability
	(in thousands)
Balance at December 31, 2017	$	16
Change in fair value upon re-measurement		220
Balance at June 30, 2018	$	236

There were no transfers between Level 1 and Level 2 in any of the periods reported.

The Company has re-measured the warrant liability to estimated fair value at inception, prior to modification and at each reporting date using the Black-Scholes option pricing model with the following weighted average assumptions:

	June 30, 2018			December 31, 2017
Risk-free interest rate		2.68	%		2.09	%
Expected volatility		98.4	%		85.0	%
Expected term (in years)		3.6			4.1
Expected dividend yield		-			-
Exercise price	$	8.00		$	8.00
Market value of common stock	$	4.52		$	0.87
Warrants to purchase shares of common stock		92,212			92,212

Stock-Based Compensation

Biostage 2013 Equity Incentive Plan

The Company maintains the 2013 Equity Incentive Plan (the “Plan”) for the benefit of certain of its officers, employees, non-employee directors, and other key persons (including consultants and advisory board members). All options and awards granted under the Plan consist of the Company’s shares of common stock. In May 2016, the Company’s shareholders approved the increase of the number of shares of the Company’s common stock available for issuance pursuant to the Plan by 1,600,000 shares, which increased the total shares authorized to be issued under the Plan to 2,098,000.

The Company also issued equity awards under the Plan in 2013 at the time of the spin-off discussed in Note 7 below to all holders of Harvard Bioscience equity awards as part of an adjustment (the “Adjustment”) to prevent a loss of value due to the spin-off.

Compensation expense recognized under the Plan relates to service provided by employees, board members and a non-employee of the Company. There was no required compensation associated with the Adjustment awards to employees who remained at Harvard Bioscience.

The Company has granted options to purchase common stock and restricted stock units (RSUs) under the Plan. Stock option and restricted stock unit activity during the six months ended June 30, 2018 was as follows:

	Stock Options					Restricted Stock Units
	Amount			Weighted-average exercise price		Amount			Weighted -average grant date fair value

Outstanding at December 31, 2017		167,474		$	45.84		14,875		$	7.68
Granted		1,239,079			2.72		-			-
Vested (RSUs)		-			-		(6,228	)		7.68
Canceled		(18,201	)		47.14		(912	)		7.68
Outstanding at June 30, 2018		1,388,352		$	7.34		7,735		$	7.68

The underlying common shares for the 6,228 vested RSUs were unissued as of June 30, 2018.

The Company uses the Black-Scholes option pricing model to value its stock options. The weighted average assumptions for valuing the options granted during the six months ended June 30, 2018 were as follows:

Expected volatility	88.0-90.6		%
Expected dividends		0.00	%
Expected term		5.75-6.05	years
Risk-free rate		2.65-2.78	%

The Company’s outstanding stock options include 536,355 performance-based awards as of June 30, 2018 that have vesting provisions subject to the achievement of certain business milestones. Compensation expense has not yet been recognized for these performance-based awards given the milestone achievements have not yet been deemed probable for accounting purposes.

The Company recorded equity-based compensation expense in the following expense categories of its consolidated statements of operations:

	Three Months Ended June 30,				Six Months Ended June 30,
	2018		2017		2018		2017
	(in thousands)				(in thousands)

Research and development	$	69	$	111	$	78	$	182
General and administrative		123		95		189		215
Total stock-based compensation	$	192	$	206	$	267	$	397

Commitments and Contingencies

First Pecos Breach Notice

In June 2017, the Company entered into a binding Memorandum of Understanding with First Pecos, LLC (“First Pecos”), pursuant to which the Company agreed to issue to First Pecos in a private placement 9,700,000 shares of its common stock at a purchase price of $0.315 per share or, to the extent First Pecos, following the transaction, would own more than 19.9% of the Company’s common stock, shares of a new class of preferred stock of the Company with a per-share purchase price of $1,000.

In October 2017, as a result of First Pecos failure to deliver the Purchase Price to the Company following satisfaction of all closing conditions in the Purchase Agreement, the Company delivered a notice to First Pecos and its manager, Leon “Chip” Greenblatt III, stating that First Pecos was in breach of the Purchase Agreement. None of the shares of common stock, shares of Preferred Stock or Warrants were issued to First Pecos. Also in October 2017, First Pecos delivered a notice to the Company stating that, as a result of alleged breaches by the Company of its obligations pursuant to the Purchase Agreement, First Pecos terminated the Purchase Agreement and demanded that the Company pay a $500,000 termination fee pursuant to the terms of the Purchase Agreement.

The Company believes that it was not in breach of the Purchase Agreement at any time, and that First Pecos’ notice was unjustified and without any legal merit or factual basis. Accordingly, the Company believes that First Pecos was not entitled to terminate the Purchase Agreement, and is not entitled to any termination fee thereunder, as the failure to consummate the Pecos Placement resulted from First Pecos’ breach of the Purchase Agreement. The Company has not accrued for this liability as the Company believes the claim to be without merit.

Other

On April 14, 2017, representatives for the estate of a deceased individual filed a civil lawsuit in the Suffolk Superior Court, in Boston, Massachusetts, against the Company, Harvard Bioscience and other defendants. The complaint alleges that the decedent’s injury and death were caused by two tracheal implants that incorporated synthetic trachea scaffolds and a biologic component combined by the implanting surgeon with a bioreactor, and surgically implanted in the decedent in two surgeries performed in 2012 and 2013. The civil complaint seeks a non-specific sum of money to compensate the plaintiffs. This civil lawsuit relates to the Company’s first-generation trachea scaffold technology for which the Company discontinued development in 2014, and not to the Company’s current Cellframe technology nor to its lead development product candidate, the Cellspan esophageal implant. The litigation is at a relatively early stage and the Company intends to vigorously defend this case. While the Company believes that such claim lacks merit, the Company is unable to predict the ultimate outcome of such litigation. In accordance with a separation and distribution agreement between Harvard Bioscience and the Company relating to the spin-off, the Company would be required to indemnify Harvard Bioscience against losses that Harvard Bioscience may suffer as a result of this litigation. The Company has been informed by its insurance provider that the case has been accepted as an insurable claim under the Company’s product liability insurance policy.

From time to time, the Company may be involved in various claims and legal proceedings arising in the ordinary course of business. Other than the above matter, there are no such matters pending that the Company expects to be material in relation to its business, financial condition, and results of operations or cash flows.

Related Party Transactions

Relationship with Harvard Bioscience

On October 31, 2013, Harvard Bioscience, Inc. contributed its regenerative medicine business assets, plus $15 million of cash, into Biostage pursuant to the spin-off. On November 1, 2013, the spin-off of the Company from Harvard Bioscience was completed. On that date, the Company became an independent company that operates the regenerative medicine business previously owned by Harvard Bioscience. The spin-off was completed through the distribution of all the shares of common stock of Biostage to Harvard Bioscience stockholders.

At the time of the spin-off, the Company entered into a 10-year product distribution agreement with Harvard Bioscience under which each company will become the exclusive distributor for the other party for products such other party develops for sale in the markets served by the other. In addition, Harvard Bioscience has agreed that except for certain existing activities of its German subsidiary, to the extent that any Harvard Bioscience business desires to resell or distribute any bioreactor that is then manufactured by the Company, the Company will be the exclusive manufacturer of such bioreactors and Harvard Bioscience will purchase such bioreactors from the Company.

On November 3, 2017, in exchange for settlement of approximately $0.1 million of outstanding rent and operating expenses due to Harvard Bioscience, Biostage sold all of its current stock of research bioreactor parts, a royalty free perpetual sublicensable and transferable right and license to use the intellectual property, including but not limited to certain patents covering research bioreactors, and relinquished exclusive manufacturing or distribution rights with respect to research bioreactors to Harvard Bioscience. The Company had ceased the manufacture of research bioreactors in late 2016, to concentrate its efforts solely development of its clinical product candidates. This settlement only covers research bioreactors, not to be used for clinical purposes. The Company retains full exclusive rights to all assets and rights associated with the clinical bioreactor used in the development of the Company’s current Cellframe technology.

Due to Related Party

In connection with the Company’s private placement transaction in December 2017, an investor placed a deposit in the amount of $0.3 million with the Company, which was subsequently repaid in January 2018.

Net Loss Per Share

The following potential common shares were excluded from the calculation of diluted net loss per share attributable to common stockholders for the six months ended June 30, 2018 and 2017 because including them would have had an anti-dilutive effect:

	Six Months Ended June 30,
	2018		2017

Unvested restricted common stock units		7,735		20,237
Warrants to purchase common stock		4,178,647		1,128,041
Options to purchase common stock		1,388,352		263,528
Total		5,574,734		1,411,806

Income Taxes

The Company did not provide for any income taxes in its statement of operations for the three and six months ended June 30, 2018 and 2017. The Company has provided a valuation allowance for the full amount of its net deferred tax assets because, at June 30, 2018 and December 31, 2017, it was more likely than not that any future benefit from deductible temporary differences and net operating loss and tax credit carryforwards would not be realized.

The Company has not recorded any amounts for unrecognized tax benefits as of June 30, 2018 or December 31, 2017. As of June 30, 2018 and December 31, 2017, the Company had no accrued interest or tax penalties recorded related to income taxes. The Company is subject to U.S. federal income tax and Massachusetts state income tax. The statute of limitations for assessment by the IRS and state tax authorities is open for all periods from inception through December 31, 2017; currently, no federal or state income tax returns are under examination by the respective taxing authorities.

Under the provisions of the Internal Revenue Code, the net operating loss and tax credit carryforwards are subject to review and possible adjustment by the Internal Revenue Service and state tax authorities. Net operating loss and tax credit carryforwards may become subject to an annual limitation in the event of certain cumulative changes in the ownership interest of significant shareholders over a three-year period in excess of 50 percent, as defined under Sections 382 and 383 of the Internal Revenue Code, respectively, as well as similar state provisions. This could limit the amount of tax attributes that can be utilized annually to offset future taxable income or tax liabilities. The amount of the annual limitation is determined based on the value of the Company immediately prior to the ownership change. Subsequent ownership changes may further affect the limitation in future years. The Company has recently completed several equity financings transactions which have either individually or cumulatively resulted in a change in control as defined by Sections 382 and 383 of the Internal Revenue Code, or could result in a change in control in the future. The Company does not believe the impact of any limitation on the use of its net operating loss or credit carryforwards will have a material impact on the Company’s consolidated financial statements since the Company has a full valuation allowance against its deferred tax assets due to the uncertainty regarding future taxable income for the foreseeable future.

As provided for in SEC Staff Accounting Bulletin No. 118, which addresses the application of U.S. GAAP in situations when a registrant does not have the necessary information available, prepared or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the Tax Cut and Jobs Act, or TCJA, the Company is still in the process of analyzing the impact to the Company of the TCJA. The eventual impact to the Company’s financial statements of the TCJA may differ from the provisional amounts due to, among other things, additional analysis, changes in interpretations and assumptions the Company has made, additional regulatory guidance that may be issued, and actions the Company may take as a result of the TCJA. The accounting is expected to be complete when the Company’s 2017 U.S. corporate income tax return is filed in 2018.

For all periods through June 30, 2018, the Company generated research credits but has not conducted a study to document the qualified activities. This study may result in an adjustment to the Company's research and development credit carryforwards; however, until a study is completed and any adjustment is known, no amounts are being presented as an uncertain tax position. A full valuation allowance has been provided against the Company's research and development credits and, if an adjustment is required, this adjustment would be offset by an adjustment to the deferred tax asset established for the research and development credit carryforwards and the valuation allowance.

10.

Headcount Reduction in 2017

During October and November 2017 and in an effort to conserve cash, the Company completed a reduction in headcount of 20 of its employees. In addition, officers of the Company agreed to a temporary reduction and deferral in their salaries of 50% effective November 2017. During the first quarter of 2018, the salaries paid to the officers of the Company were increased to approximately 80% of the contracted amounts. The Company has accrued the $104,000 difference between the officers’ contracted rates and amounts paid as of June 30, 2018, which the Company paid in July 2018. In the quarter ended December 31, 2017, the Company recorded charges for termination benefits in connection with the headcount reduction of approximately $99,000 for employee severance and related costs, which was recorded in accrued expenses and other current liabilities at December 31, 2017. The Company paid the entire amount of $99,000 in January and February 2018.

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Forward Looking Statements

This Quarterly Report on Form 10-Q contains statements that are not statements of historical fact and are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 (the “Exchange Act”). The forward-looking statements are principally, but not exclusively, contained in “Item 2: Management’s Discussion and Analysis of Financial Condition and Results of Operations.” Forward-looking statements include, but are not limited to, statements about management’s confidence or expectations, and our plans, objectives, expectations and intentions that are not historical facts. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “could,” “would,” “expects,” “plans,” “anticipates,” “believes,” “goals,” “sees,” “estimates,” “projects,” “predicts,” “intends,” “think,” “potential,” “objectives,” “optimistic,” “strategy,” and similar expressions intended to identify forward-looking statements. These statements reflect our current views with respect to future events and are based on assumptions and subject to risks and uncertainties. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Factors that may cause our actual results to differ materially from those in the forward-looking statements include the success of our collaborations, clinical trials and pre-clinical development efforts and programs, which success may not be achieved on a timely basis or at all; our ability to obtain and maintain regulatory approval for our implant products, bioreactors, scaffolds and other devices we pursue, including for the esophagus or airway, which approvals may not be obtained on a timely basis or at all; our ability to access debt and equity markets and raise additional funds when needed; the number of patients who can be treated with our products; the amount and timing of costs associated with our development of implant products, bioreactors, scaffolds and other devices; our failure to comply with regulations and any changes in regulations; unpredictable difficulties or delays in the development of new technology; our collaborators or other third parties we contract with, including with respect to conducting any clinical trial or pre-clinical development efforts, not devoting sufficient time and resources to successfully carry out their duties or meet expected deadlines; our ability to attract and retain qualified personnel and key employees and retain senior management; potential liability exposure with respect to our products; the availability and price of acceptable raw materials and components from third-party suppliers; difficulties in obtaining or retaining the management and other human resource competencies that we need to achieve our business objectives; increased competition in the field of regenerative medicine and the financial resources of our competitors; our ability to obtain and maintain intellectual property protection for our device and product candidates; our inability to implement our growth strategy; the control our principal stockholders can exert based on holding a majority of voting power; plus factors described under the heading “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2017 filed with the Securities and Exchange Commission (the “SEC”) on April 2, 2018 or described in our other public filings. Our results may also be affected by factors of which we are not currently aware. We may not update these forward-looking statements, even though our situation may change in the future, unless we have obligations under the federal securities laws to update and disclose material developments related to previously disclosed information.

Overview

We are a biotechnology company developing bioengineered organ implants based on our novel Cellframe^TM technology. Our Cellframe technology is comprised of a biocompatible scaffold that is seeded with the recipient’s own stem cells. This technology is being developed to treat life-threatening conditions of the esophagus, trachea or bronchus with the objective of dramatically improving the treatment paradigm for those patients.

We believe that our Cellframe technology will provide surgeons with new ways to address damage to the esophagus, bronchus, and trachea due to congenital abnormalities, cancer, infection or trauma. Products being developed based on our Cellframe technology for those indications are called Cellspan^TMproducts.

The Cellspan esophageal implant product candidates are our lead development product candidates. We are pursuing two development programs that address conditions of the esophagus: esophageal atresia in pediatric patients and esophageal disease in adult patients. Our Cellspan esophageal product candidates are each intended to provide a surgical solution to stimulate regeneration of a segment of the esophagus missing due to a congenital abnormality or following surgical removal to establish or reestablish the organ’s continuity and integrity.

Approximately one in 2,500 babies in the U.S. is born with esophageal atresia, a congenital condition where the child’s esophagus is underdeveloped and does not extend completely from the mouth to the stomach. When a long segment of the esophagus is lacking, the current standard of care is a series of surgical procedures where surgical sutures are applied to both ends of the esophagus in an attempt to stretch them together so they can be connected at a later date. This process can take weeks and the procedure can result in serious complications and may carry high rates of failure. Such approach also requires, in time, at least two separate surgical interventions. Other options include the use of the child’s stomach that would be pulled up, or a piece of the patient’s intestine that would be moved to the gap, to allow a connection to the mouth. We are working to develop a Cellspan esophageal implant product candidate to address children’s esophageal atresia, to provide a simpler, more effective and potentially organ-sparing solution.

A portion of all patients diagnosed with esophageal cancer are treated via a surgical procedure known as an esophagectomy. The current standard of care for an esophagectomy requires a complex surgical procedure that involves moving the patient’s stomach or a portion of their colon into the chest to replace the portion of esophagus resected by the removal of the tumor. These current procedures have high rates of complications, and can lead to a severely diminished quality of life and require costly ongoing care. Our Cellspan esophageal implants aim to simplify the procedure, reduce complications, result in a better quality of life and reduce the overall cost of these patients to the healthcare system.

We believe that, of our two current programs, the Cellspan Esophageal Implant program to treat pediatric esophageal atresia may provide a shorter time to a commercial product and the greater overall potential value. We also believe that the pediatric esophageal atresia program needs to advance in the first position with the FDA to ensure eligibility for the pediatric rare disease accelerated review voucher program. Receipt of such a voucher, if achieved, could potentially provide significant value to the company in the future. As a result, we elevated the pediatric program to our lead program. We continue to advance the Cellspan Esophageal Implant adult program. Our current plan for that product candidate is to update the FDA on the progress and status of the our preclinical testing, including our GLP studies, for the adult esophagus program in the near future. Based on the FDA’s feedback, we may amend our preclinical testing plan and will continue toward the filing of an IND.

Our products are currently in development and have not yet received regulatory approval for sale anywhere in the world.

Following the failure to receive the funding with respect to a securities purchase agreement in August 2017, and in an effort to conserve cash, we completed a reduction in headcount of 20 persons during October and November 2017. In addition, our officers agreed to a temporary reduction in their cash salaries by 50% effective November 2017. During Q1 2018, the salaries of our officers were increased to approximately 80% of their contracted rate. We have accrued the difference between the officers’ contracted rates and amounts paid for November 2017 through March 2018. Following the capital raises in December 2017 and January 2018 described below we re-hired several of our former employees into key positions in January 2018, and we have made other hires since then. At June 30, 2018, we had 13 employees, of whom twelve were full-and one was part-time. We continue to pursue both of our esophageal programs and we anticipate our 2018 cash burn needs to be significantly less than our 2017 burn.

December 2017 Private Placements and Reverse Stock Split

Between December 27 and December 29, 2017, we entered into Securities Purchase Agreements with new investors for the sale of our capital stock. These agreements and related transactions resulted in the following:

On December 22, 2017, we effected a reverse stock split of our shares of common stock at a ratio of 1-for-20. All share and per share amounts of common stock in the accompanying consolidated financial statements in this quarterly report on Form 10-Q have been retroactively adjusted to reflect the reverse stock split.

Our common stock commenced trading on the OTCQB Venture Market on a reverse stock split basis on December 22, 2017. The Company had delisted from The NASDAQ Capital Market in October 2017 and commenced trading on the OTCQB Venture Market at that time.

On December 27, 2017, we issued 518,000 shares of our common stock at $2.00 per share, 3,108 shares of our Series D Convertible Preferred Stock at $1,000 per share, and warrants to purchase 3,108,000 shares of common stock at an exercise price of $2.00 per share, in exchange for aggregate gross proceeds of approximately $4.1 million in a private placement transaction of unregistered shares with a new investor. The warrants were immediately exercisable and expire in December 2022.

During the first six months of 2018 we completed the following private placements:

On January 3, 2018, we issued 50,000 shares of our Common stock at $2.00 per share and warrants to purchase 75,000 shares of common stock at an exercise price of $2.00 per share, in exchange for aggregate gross proceeds of $100,000 in an unregistered private placement with Connecticut Children’s Medical Center. The warrants were immediately exercisable and expire in January 2023. Connecticut Children’s Chief Executive Officer, James Shmerling, is a member of our Board of Directors as well as the Board of Directors of Connecticut Children’s Medical Center.

On February 20, 2018, we completed a private placement of 302,115 shares of common stock at a purchase price of $3.31 per share for net proceeds of $1.0 million.

On May 23, 2018, we issued 1,000,000 shares of common stock to two new investors at a purchase price of $3.60 per share for aggregate gross proceeds of approximately $3.6 million in an unregistered private placement transaction.

On June 29, 2018, we issued 250,000 shares of common stock to an investor at a purchase price of $3.60 per share for aggregate gross proceeds of approximately $0.9 million in an unregistered private placement transaction. Following the issuance of these shares, the holders of Series D preferred stock exercised their right to convert all of the 3,108 shares outstanding of Series D preferred stock into 1.5 million shares of common stock as provided for under the Series D preferred stock agreement.

Small Business Innovation Research Grant

On March 28, 2018, we were awarded a Fast-Track Small Business Innovation Research (SBIR) grant by the Eunice Kennedy National Institute of Child Health and Human Development. The award for Phase I, which is expected to be earned through the third quarter of 2018, provides for the reimbursement of up to $225,000 of qualified research and development costs or expenditures. The SBIR grant has the potential to provide a total award of $1.7 million. If Phase I is successful, and funding is available, a Phase II award of up to approximately $1.5 million would support pre-clinical testing of pediatric Cellspan Esophageal Implants planned to begin later in 2018. The Phase II funds, if awarded, would be spent over an estimated two years.

Operating Losses and Cash Requirements

We have incurred substantial operating losses since our inception, and as of June 30, 2018 had an accumulated deficit of approximately $51.8 million, which will require us to seek additional financing to fund future operations. We expect that our cash on hand at June 30, 2018 of $5.8 million will enable us to fund our operating expenses and capital expenditure requirements into the first quarter of 2019.

We are currently investing significant resources in development of products for use by clinicians in the field of regenerative medicine. We will need to raise additional funds in future periods to fund our operations. In the event that we do not raise additional capital from outside sources in the near future, we may be forced to further curtail or cease our operations. Cash requirements and cash resource needs will vary significantly depending upon the timing of clinical and animal studies and other resource needs that will be required to complete ongoing development and pre-clinical and clinical testing of products as well as regulatory efforts and collaborative arrangements necessary for our products that are currently under development. We will seek to raise necessary funds through a combination of public or private equity offerings, debt financings, other financing mechanisms, or strategic collaborations and licensing arrangements. We may not be able to obtain additional financing on terms favorable to us, if at all.

Results of Operations

Components of Operating Loss

Research and development expense. Research and development expense consists of salaries and related expenses, including stock-based compensation, for personnel and contracted consultants and various materials and other costs to develop our new products, primarily: synthetic organ scaffolds, including investigation and development of materials and investigation and optimization of cellularization, and 3D organ bioreactors, as well as studies of cells and cell behavior. Other research and development expenses include the costs of outside service providers and material costs for prototype and test units and outside laboratories and testing facilities performing cell growth and materials experiments, as well as the costs of all other preclinical research and testing including animal studies and expenses related to potential patents. We expense research and development costs as incurred.

Selling, general and administrative expense. Selling, general and administrative expense consists primarily of salaries and other related expenses, including stock-based compensation, for personnel in executive, accounting, information technology and human resources roles. Other costs include professional fees for legal and accounting services, insurance, investor relations and facility costs.

Other Income (Expense)

Grant income. Grant income reflects income earned under a Fast-Track Small Business Innovation Research (SBIR) grant. Grant income is recognized based on timing of when qualified research and development costs are incurred.

Changes in fair value of warrant liability. Changes in fair value of warrant liability represent the change in the fair value of common stock warrants from the date of issuance to the end of the reporting period during the three and six months ended June 30, 2018 and 2017, and in subsequent quarterly periods, the change in the fair value of common stock warrants from the date between each reporting period until the liability is settled. We use the Black-Scholes pricing model to value the outstanding warrant liability. The costs associated with the issuance of the warrants have been recorded as an expense upon issuance.

Comparison of the three months ended June 30, 2018 to the three months ended June 30, 2017

Research and Development Expense

Research and development expense decreased by $1.8 million, or approximately 65%, to $0.9 million for the three months ended June 30, 2018 compared to $2.7 million for the comparable three-month period in 2017. The decrease was primarily attributed to lower employee and payroll-related costs of $0.8 million due to the Company’s headcount reductions implemented during the fourth quarter of 2017, lower outsourced study and purchased services expenses of $0.7 million, and a $0.3 million reduction in other operating expenses.

Selling, General and Administrative Expense

Selling, general and administrative expense increased slightly by $0.1 million, or approximately 6%, compared to $1.0 million for the same period in 2017. The increase was primarily due to the final costs associated with the dissolution of our European legal entities, offset in part by lower investor relations consulting costs.

Grant income

Grant income for qualified expenditures from a Fast-Track SBIR grant was approximately $76,000 for the three months ended June 30, 2018. There was no grant income recorded in the comparable period in 2017.

Change in fair value of warrant liability

The change in the fair value of the warrant liability increased costs by $0.2 million for the three months ended June 30, 2018 compared to the same period in 2017. This increase was due primarily to an increase in the price of the underlying common shares as of June 30, 2018, offset in part by a reduction in the number of liability classified warrants from the modification of the warrant terms in the second and third quarters of 2017.

Comparison of the six months ended June 30, 2018 to the six months ended June 30, 2017

Research and Development Expense

Research and development expense decreased by $3.3 million, or approximately 69%, to $1.5 million for the six months ended June 30, 2018 compared to $4.8 million for the comparable six-month period in 2017. The decrease was primarily attributed to lower employee and payroll-related costs of $1.5 million due to the Company’s headcount reductions implemented during the fourth quarter of 2017, lower outsourced study and purchases services expenses of $1.2 million, lower travel and conference costs of $0.2 million, and a $0.4 million reduction in other operating expenses.

Selling, General and Administrative Expense

Selling, general and administrative expense remained approximately flat at $2.0 million for the six months ended June 30, 2018 compared to the same period in 2017. An increase of $0.2 million in headcount related costs and final costs associated with the dissolution of our European legal entities was offset by a $0.2 million decrease in investor relations consulting costs.

Grant income

Grant income for qualified expenditures from a Fast-Track SBIR grant was approximately $135,000 for the six months ended June 30, 2018. There was no grant income recorded in the comparable period in 2017.

Change in fair value of warrant liability

The change in fair value of the warrant liability decreased costs by $0.4 million for the six months ended June 30, 2018 compared to the same period in 2017. This decrease was due to a reduction in the number of liability classified warrants as of June 30, 2018 based on the modification of the warrant terms in the second and third quarters of 2017. This decrease was offset, in part, by an increase in the fair value of the warrants due to changes in the underlying common share price.

Financial Condition, Liquidity and Capital Resources

Sources of liquidity. We have incurred operating losses since inception, and as of June 30, 2018 we had an accumulated deficit of approximately $51.8 million. We are currently investing significant resources in the development and commercialization of our products for use by clinicians and researchers in the field of regenerative medicine. As a result, we expect to incur operating losses and negative operating cash flow for the foreseeable future.

Operating activities. Net cash used in operating activities of $3.2 million for the six months ended June 30, 2018 was primarily due to our net loss of $3.6 million, in addition to approximately $0.2 million of cash used for working capital, partially offset by $0.6 million add-back of non-cash expenses related to the change in the fair value of our warrant liability, stock-based compensation and depreciation.

Net cash used in operating activities of $6.2 million for the six months ended June 30, 2017 was primarily due to our $7.4 million net loss, partially offset by a $1.3 million add-back of non-cash expenses related to the change in the fair value of the Company’s warrant liability, stock-based compensation and depreciation.

Investing activities. Net cash used by investing activities of $25,000 during the six months ended June 30, 2018 reflected $89,000 of property, plant and equipment additions, offset in part by $64,000 of cash received from the sale of property, plant and equipment.

Net cash used in investing activities of $0.1 million during the six months ended June 30, 2017 reflects cash used for additions to property and equipment.

Financing activities Net cash generated from financing activities of $5.0 million during the six months ended June 30, 2018 consisted of the net proceeds of $5.3 million received from private placement transactions that resulted in the issuance of 1,602,115 shares of our common stock at an average purchase gross price of price of $3.495 per share, partially offset by the repayment of a $0.3 million deposit to an investor related to the private placement transaction from December 2017.

Net cash generated from financing activities of $6.8 million during the six months ended June 30, 2017 consisted of the net proceeds from the issuance of 1,000,000 shares of our common stock at a purchase price of $8.00 per share, the issuance of warrants to purchase 1,000,000 shares of common stock at an exercise price of $8.00 per warrant and warrants issued to placement agents for the offering to purchase 50,000 shares of common stock at an exercise price of $10.00 per warrant.

Critical Accounting Policies and Estimates

The critical accounting policies and estimates underlying the accompanying unaudited consolidated financial statements are those set forth in Part II, Item 7 included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2017, which was filed with the SEC on April 2, 2018.

Item 3.

Quantitative and Qualitative Disclosures About Market Risk.

We do not have any material foreign currency exchange risks, we do not enter into derivative agreements, we do not have any off balance-sheet arrangements, and we do not have any interest rate risks. Additionally, we have no debt outstanding.

Item 4.

Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

As required by Rules 13a-15(e) and 15d-15(e) under the Exchange Act, our management, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, conducted an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as of June 30, 2018. Based upon the evaluation described above, our Chief Executive Officer and Chief Financial Officer have concluded that they believe that our disclosure controls and procedures were effective as of the end of the period covered by this Quarterly Report on Form 10-Q.

Changes in Internal Control over Financial Reporting

During the period covered by this report, we have concluded that there were no changes during the fiscal quarter in our internal control over financial reporting, as defined in Rule 13a-15(f) and 15d-15(f) under the Exchange Act, which have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

Item 1.

Legal Proceedings.

From time to time, we may be involved in various claims and legal proceedings arising in the ordinary course of business. Other than the ongoing civil lawsuit described in Item 1 of Part II of our Form 10-Q filed on May 11, 2017, there are no such matters pending that we expect to be material in relation to our business, financial condition, and results of operations or cash flows.

Item 1A.

Risk Factors

To our knowledge and except to the extent additional factual information disclosed in this Quarterly Report on Form 10-Q relates to such risk factors, there have been no material changes in the risk factors described in “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2017, which was filed with the SEC on April 2, 2018.

Item 6.

Exhibits

Exhibit Index

10.1(1)		Securities Purchase Agreement between the Company and Zhou Heping, dated as of May 1, 2018.

10.2(1)		Securities Purchase Agreement between the Company and Chu Bogang, dated as of May 1, 2018.

10.3(2)		Securities Purchase Agreement between the Company and Du Xiaoyu, dated as of May 30, 2018.

10.4(3)		Offer Letter, executed June 4, 2018, between Biostage, Inc. and William Fodor, PhD.

31.1+		Certification of Chief Financial Officer of Biostage, Inc., pursuant to Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2+		Certification of Chief Executive Officer of Biostage, Inc., pursuant to Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1*		Certification of Chief Financial Officer of Biostage, Inc., pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2*		Certification of Chief Executive Officer of Biostage, Inc., pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS		XBRL Instance Document

101.SCH		XBRL Taxonomy Extension Schema Document

101.CAL		XBRL Taxonomy Extension Calculation Linkbase Document

101.LAB		XBRL Taxonomy Extension Labels Linkbase Document

101.PRE		XBRL Taxonomy Extension Presentation Linkbase Document

101.DEF		XBRL Taxonomy Extension Definition Linkbase Document

(1)	Previously filed as an exhibit to the Company’s Current Report on Form 8-K (filed on May 3, 2018) and incorporated by reference thereto.
(2)	Previously filed as an exhibit to the Company’s Current Report on Form 8-K (filed on May 31, 2018) and incorporated by reference thereto.
(3)	Previously filed as an exhibit to the Company’s Current Report on Form 8-K (filed on July 10, 2018) and incorporated by reference thereto.

Filed herewith.

This certification shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section, nor shall it be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by undersigned thereunto duly authorized.

Date: August 14, 2018

	BIOSTAGE, INC.

	By:	/s/ James McGorry
		James McGorry
		Chief Executive Officer

	By:	/s/ Thomas McNaughton
		Thomas McNaughton
		Chief Financial Officer

INDEX TO EXHIBITS

10.1(1)		Securities Purchase Agreement between the Company and Zhou Heping, dated as of May 1, 2018.

10.2(1)		Securities Purchase Agreement between the Company and Chu Bogang, dated as of May 1, 2018.

10.3(2)		Securities Purchase Agreement between the Company and Du Xiaoyu, dated as of May 30, 2018.

10.4(3)		Offer Letter, executed June 4, 2018, between Biostage, Inc. and William Fodor, PhD.

31.1+		Certification of Chief Financial Officer of Biostage, Inc., pursuant to Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2+		Certification of Chief Executive Officer of Biostage, Inc., pursuant to Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1*		Certification of Chief Financial Officer of Biostage, Inc., pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2*		Certification of Chief Executive Officer of Biostage, Inc., pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS		XBRL Instance Document

101.SCH		XBRL Taxonomy Extension Schema Document

101.CAL		XBRL Taxonomy Extension Calculation Linkbase Document

101.LAB		XBRL Taxonomy Extension Labels Linkbase Document

101.PRE		XBRL Taxonomy Extension Presentation Linkbase Document

101.DEF		XBRL Taxonomy Extension Definition Linkbase Document

(1)	Previously filed as an exhibit to the Company’s Current Report on Form 8-K (filed on May 3, 2018) and incorporated by reference thereto.
(2)	Previously filed as an exhibit to the Company’s Current Report on Form 8-K (filed on May 31, 2018) and incorporated by reference thereto.
(3)	Previously filed as an exhibit to the Company’s Current Report on Form 8-K (filed on July 10, 2018) and incorporated by reference thereto.

Filed herewith.

EX-31.1 2 tv500135_ex31-1.htm EXHIBIT 31.1

Exhibit 31.1

Certification

I, Thomas McNaughton, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Biostage, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)), and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 14, 2018

	/s/ Thomas McNaughton
	Thomas McNaughton
	Chief Financial Officer

EX-31.2 3 tv500135_ex31-2.htm EXHIBIT 31.2

Exhibit 31.2

Certification

I, James McGorry, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Biostage, Inc.;

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 14, 2018

	/s/ James McGorry
	James McGorry
	Chief Executive Officer

EX-32.1 4 tv500135_ex32-1.htm EXHIBIT 32.1

Exhibit 32.1

CERTIFICATION OF PERIODIC FINANCIAL REPORT

PURSUANT TO 18 U.S.C. SECTION 1350

The undersigned officer of Biostage, Inc. (the “Company”) hereby certifies to his knowledge that the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2018 (the “Report”) to which this certification is being furnished as an exhibit, as filed with the Securities and Exchange Commission on the date hereof, fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. This certification is provided solely pursuant to 18 U.S.C. Section 1350 and Item 601(b)(32) of Regulation S-K (“Item 601(b)(32)”) promulgated under the Securities Act of 1933, as amended (the “Securities Act”), and the Exchange Act. In accordance with clause (ii) of Item 601(b) (32), this certification (A) shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section, and (B) shall not be deemed to be incorporated by reference into any filing under the Securities Act or the Exchange Act, except to the extent that the Company specifically incorporates it by reference.

Date: August 14, 2018

		/s/ Thomas McNaughton
	Name:	Thomas McNaughton
	Title:	Chief Financial Officer

EX-32.2 5 tv500135_ex32-2.htm EXHIBIT 32.2

Exhibit 32.2

CERTIFICATION OF PERIODIC FINANCIAL REPORT

PURSUANT TO 18 U.S.C. SECTION 1350

Date: August 14, 2018

		/s/ James McGorry
	Name:	James McGorry
	Title:	Chief Executive Officer

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<div style="font: 10pt "times new roman", times, serif; margin: 0px; text-indent: 0.5in;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The following fair value hierarchy table presents information about the Company’s financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2018:</div></div><div style="font: 10pt "times new roman", times, serif; margin: 0px; text-indent: 31.9pt; background: none;"><div style="text-decoration: none; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><table cellpadding="0" cellspacing="0" style="font: 10pt "times new roman", times, serif; width: 85%; border-collapse: collapse; border-spacing: 0px; margin: 0in 0in 0in 0.5in;;text-align:left;"><tr style="vertical-align: bottom;"><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="padding-bottom: 1pt; font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td colspan="14" style="text-align: center; font-weight: normal; border-bottom: 1pt solid black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"><div style="font-weight:bold;display:inline;"><div style="font-weight:bold;display:inline;">Fair Value Measurement as of June 30, 2018</div></div></td><td style="padding-bottom: 1pt; font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td></tr><tr style="vertical-align: bottom;"><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="padding-bottom: 1pt; font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td colspan="14" style="text-align: center; font-weight: normal; border-bottom: 1pt solid black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"><div style="font-weight:bold;display:inline;"><div style="font-weight:bold;display:inline;">(In thousands)</div></div></td><td style="padding-bottom: 1pt; font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td></tr><tr style="vertical-align: bottom;"><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="padding-bottom: 1pt; font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td colspan="2" style="text-align: center; font-weight: normal; border-bottom: 1pt solid black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"><div style="font-weight:bold;display:inline;"><div style="font-weight:bold;display:inline;">Level 1</div></div></td><td style="padding-bottom: 1pt; font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="padding-bottom: 1pt; font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td colspan="2" style="text-align: center; font-weight: normal; border-bottom: 1pt solid black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"><div style="font-weight:bold;display:inline;"><div style="font-weight:bold;display:inline;">Level 2</div></div></td><td style="padding-bottom: 1pt; font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="padding-bottom: 1pt; font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td colspan="2" style="text-align: center; font-weight: normal; border-bottom: 1pt solid black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"><div style="font-weight:bold;display:inline;"><div style="font-weight:bold;display:inline;">Level 3</div></div></td><td style="padding-bottom: 1pt; font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="padding-bottom: 1pt; font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td colspan="2" style="text-align: center; font-weight: normal; border-bottom: 1pt solid black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"><div style="font-weight:bold;display:inline;"><div style="font-weight:bold;display:inline;">Total</div></div></td><td style="padding-bottom: 1pt; font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td></tr><tr style="vertical-align: bottom;"><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td colspan="2" style="text-align: right; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td colspan="2" style="text-align: right; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td colspan="2" style="text-align: right; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td colspan="2" style="text-align: right; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td></tr><tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="width: 48%; text-align: left; text-indent: -13.2pt; padding-bottom: 1pt; padding-left: 13.2pt; font-family: "times new roman", times, serif; padding-top: 0px; vertical-align: bottom;">Warrant liability</td><td style="width: 1%; padding-bottom: 1pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="width: 1%; text-align: left; border-bottom: 1pt solid black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">$</td><td style="width: 10%; text-align: right; border-bottom: 1pt solid black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">-</td><td style="width: 1%; text-align: left; padding-bottom: 1pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="width: 1%; padding-bottom: 1pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="width: 1%; text-align: left; border-bottom: 1pt solid black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">$</td><td style="width: 10%; text-align: right; border-bottom: 1pt solid black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">-</td><td style="width: 1%; text-align: left; padding-bottom: 1pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="width: 1%; padding-bottom: 1pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="width: 1%; text-align: left; border-bottom: 1pt solid black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">$</td><td style="width: 10%; text-align: right; border-bottom: 1pt solid black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">236</td><td style="width: 1%; text-align: left; padding-bottom: 1pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="width: 1%; padding-bottom: 1pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="width: 1%; text-align: left; border-bottom: 1pt solid black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">$</td><td style="width: 10%; text-align: right; border-bottom: 1pt solid black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">236</td><td style="width: 1%; text-align: left; padding-bottom: 1pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-indent: -13.2pt; padding-bottom: 2.5pt; padding-left: 13.2pt; font-family: "times new roman", times, serif; padding-top: 0px; vertical-align: bottom;">Total</td><td style="padding-bottom: 2.5pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="text-align: left; border-bottom: 2.5pt double black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">$</td><td style="text-align: right; border-bottom: 2.5pt double black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">-</td><td style="text-align: left; padding-bottom: 2.5pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="padding-bottom: 2.5pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="text-align: left; border-bottom: 2.5pt double black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">$</td><td style="text-align: right; border-bottom: 2.5pt double black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">-</td><td style="text-align: left; padding-bottom: 2.5pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="padding-bottom: 2.5pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="text-align: left; border-bottom: 2.5pt double black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">$</td><td style="text-align: right; border-bottom: 2.5pt double black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">236</td><td style="text-align: left; padding-bottom: 2.5pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="padding-bottom: 2.5pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="text-align: left; border-bottom: 2.5pt double black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">$</td><td style="text-align: right; border-bottom: 2.5pt double black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">236</td><td style="text-align: left; padding-bottom: 2.5pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td></tr></table><div style="clear: both; background: none;"></div><div style="font: 10pt "times new roman", times, serif; margin: 0px; text-indent: 31.9pt; background: none;"><div style="text-decoration: none; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font: 10pt "times new roman", times, serif; margin: 0px; text-indent: 0.5in;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The following fair value hierarchy table presents information about the Company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2017:</div></div><div style="font: 10pt "times new roman", times, serif; margin: 0px; text-indent: 31.9pt; background: none;"><div style="text-decoration: none; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><table cellpadding="0" cellspacing="0" style="font: 10pt "times new roman", times, serif; width: 85%; border-collapse: collapse; border-spacing: 0px; margin: 0in 0in 0in 0.5in;;text-align:left;"><tr style="vertical-align: bottom;"><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="padding-bottom: 1pt; font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td colspan="14" style="text-align: center; font-weight: normal; border-bottom: 1pt solid black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"><div style="font-weight:bold;display:inline;"><div style="font-weight:bold;display:inline;">Fair Value Measurement as of December 31, 2017</div></div></td><td style="padding-bottom: 1pt; font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td></tr><tr style="vertical-align: bottom;"><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="padding-bottom: 1pt; font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td colspan="14" style="text-align: center; font-weight: normal; border-bottom: 1pt solid black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"><div style="font-weight:bold;display:inline;"><div style="font-weight:bold;display:inline;">(In thousands)</div></div></td><td style="padding-bottom: 1pt; font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td></tr><tr style="vertical-align: bottom;"><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="padding-bottom: 1pt; font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td colspan="2" style="text-align: center; font-weight: normal; border-bottom: 1pt solid black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"><div style="font-weight:bold;display:inline;"><div style="font-weight:bold;display:inline;">Level 1</div></div></td><td style="padding-bottom: 1pt; font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="padding-bottom: 1pt; font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td colspan="2" style="text-align: center; font-weight: normal; border-bottom: 1pt solid black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"><div style="font-weight:bold;display:inline;"><div style="font-weight:bold;display:inline;">Level 2</div></div></td><td style="padding-bottom: 1pt; font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="padding-bottom: 1pt; font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td colspan="2" style="text-align: center; font-weight: normal; border-bottom: 1pt solid black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"><div style="font-weight:bold;display:inline;"><div style="font-weight:bold;display:inline;">Level 3</div></div></td><td style="padding-bottom: 1pt; font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="padding-bottom: 1pt; font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td colspan="2" style="text-align: center; font-weight: normal; border-bottom: 1pt solid black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"><div style="font-weight:bold;display:inline;"><div style="font-weight:bold;display:inline;">Total</div></div></td><td style="padding-bottom: 1pt; font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td></tr><tr style="vertical-align: bottom;"><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td colspan="2" style="text-align: right; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td colspan="2" style="text-align: right; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td colspan="2" style="text-align: right; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td colspan="2" style="text-align: right; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td></tr><tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="width: 48%; text-align: left; text-indent: -13.2pt; padding-bottom: 1pt; padding-left: 13.2pt; font-family: "times new roman", times, serif; padding-top: 0px; vertical-align: bottom;">Warrant liability</td><td style="width: 1%; padding-bottom: 1pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="width: 1%; text-align: left; border-bottom: 1pt solid black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">$</td><td style="width: 10%; text-align: right; border-bottom: 1pt solid black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">-</td><td style="width: 1%; text-align: left; padding-bottom: 1pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="width: 1%; padding-bottom: 1pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="width: 1%; text-align: left; border-bottom: 1pt solid black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">$</td><td style="width: 10%; text-align: right; border-bottom: 1pt solid black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">-</td><td style="width: 1%; text-align: left; padding-bottom: 1pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="width: 1%; padding-bottom: 1pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="width: 1%; text-align: left; border-bottom: 1pt solid black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">$</td><td style="width: 10%; text-align: right; border-bottom: 1pt solid black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">16</td><td style="width: 1%; text-align: left; padding-bottom: 1pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="width: 1%; padding-bottom: 1pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="width: 1%; text-align: left; border-bottom: 1pt solid black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">$</td><td style="width: 10%; text-align: right; border-bottom: 1pt solid black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">16</td><td style="width: 1%; text-align: left; padding-bottom: 1pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-indent: -13.2pt; padding-bottom: 2.5pt; padding-left: 13.2pt; font-family: "times new roman", times, serif; padding-top: 0px; vertical-align: bottom;">Total</td><td style="padding-bottom: 2.5pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="text-align: left; border-bottom: 2.5pt double black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">$</td><td style="text-align: right; border-bottom: 2.5pt double black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">-</td><td style="text-align: left; padding-bottom: 2.5pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="padding-bottom: 2.5pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="text-align: left; border-bottom: 2.5pt double black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">$</td><td style="text-align: right; border-bottom: 2.5pt double black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">-</td><td style="text-align: left; padding-bottom: 2.5pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="padding-bottom: 2.5pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="text-align: left; border-bottom: 2.5pt double black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">$</td><td style="text-align: right; border-bottom: 2.5pt double black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">16</td><td style="text-align: left; padding-bottom: 2.5pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="padding-bottom: 2.5pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="text-align: left; border-bottom: 2.5pt double black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">$</td><td style="text-align: right; border-bottom: 2.5pt double black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">16</td><td style="text-align: left; padding-bottom: 2.5pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td></tr></table><div style="clear:both;"></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

<table style="width: 100%; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"><tr><td style="width: 0.3pt; padding: 0px; font-family: "times new roman", times, serif;;vertical-align:top;"></td><td style="width: 0.25in; padding: 0in; font-size: 10pt; line-height: 10pt; font-family: "times new roman", times, serif;;vertical-align:top;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal;"><div style="font-weight:bold;display:inline;">4.</div></div></td><td style="padding: 0in; font-size: 10pt; line-height: 10pt; font-family: "times new roman", times, serif;;vertical-align:top;"><div style="text-align: justify; margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal;"><div style="font-weight:bold;display:inline;">Fair Value Measurements</div></div></td></tr></table><div style="clear: both; background: none;"></div><div style="font: 10pt "times new roman", times, serif; margin: 0px;"><div style="text-decoration: none; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font: 10pt "times new roman", times, serif; margin: 0px; text-indent: 0.5in;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.</div></div><div style="font: 10pt "times new roman", times, serif; margin: 0px; text-indent: 29.7pt; background: none;"><div style="text-decoration: none; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font: 10pt "times new roman", times, serif; margin: 0px; text-indent: 0.5in;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The Company utilizes a valuation hierarchy for disclosure of the inputs to the valuations used to measure fair value. This hierarchy prioritizes the inputs into three broad levels as follows. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 inputs are unobservable inputs based on the Company’s own assumptions used to measure assets and liabilities at fair value. A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement.</div></div><div style="font: 10pt "times new roman", times, serif; margin: 0px; text-indent: 29.7pt; background: none;"><div style="text-decoration: none; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font: 10pt "times new roman", times, serif; margin: 0px; text-indent: 0.5in;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The Company had no assets or liabilities classified as Level 1 or Level 2 as of June 30, 2018 and December 31, 2017.</div></div><div style="font: 10pt "times new roman", times, serif; margin: 0px; text-indent: 0.5in;"> </div><div style="font: 10pt "times new roman", times, serif; margin: 0px; text-indent: 0.5in;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The following fair value hierarchy table presents information about the Company’s financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2018:</div></div><div style="font: 10pt "times new roman", times, serif; margin: 0px; text-indent: 31.9pt; background: none;"><div style="text-decoration: none; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><table cellpadding="0" cellspacing="0" style="font: 10pt "times new roman", times, serif; width: 85%; border-collapse: collapse; border-spacing: 0px; margin: 0in 0in 0in 0.5in;;text-align:left;"><tr style="vertical-align: bottom;"><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="padding-bottom: 1pt; font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td colspan="14" style="text-align: center; font-weight: normal; border-bottom: 1pt solid black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"><div style="font-weight:bold;display:inline;"><div style="font-weight:bold;display:inline;">Fair Value Measurement as of June 30, 2018</div></div></td><td style="padding-bottom: 1pt; font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td></tr><tr style="vertical-align: bottom;"><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="padding-bottom: 1pt; font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td colspan="14" style="text-align: center; font-weight: normal; border-bottom: 1pt solid black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"><div style="font-weight:bold;display:inline;"><div style="font-weight:bold;display:inline;">(In thousands)</div></div></td><td style="padding-bottom: 1pt; font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td></tr><tr style="vertical-align: bottom;"><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="padding-bottom: 1pt; font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td colspan="2" style="text-align: center; font-weight: normal; border-bottom: 1pt solid black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"><div style="font-weight:bold;display:inline;"><div style="font-weight:bold;display:inline;">Level 1</div></div></td><td style="padding-bottom: 1pt; font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="padding-bottom: 1pt; font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td colspan="2" style="text-align: center; font-weight: normal; border-bottom: 1pt solid black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"><div style="font-weight:bold;display:inline;"><div style="font-weight:bold;display:inline;">Level 2</div></div></td><td style="padding-bottom: 1pt; font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="padding-bottom: 1pt; font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td colspan="2" style="text-align: center; font-weight: normal; border-bottom: 1pt solid black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"><div style="font-weight:bold;display:inline;"><div style="font-weight:bold;display:inline;">Level 3</div></div></td><td style="padding-bottom: 1pt; font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="padding-bottom: 1pt; font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td colspan="2" style="text-align: center; font-weight: normal; border-bottom: 1pt solid black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"><div style="font-weight:bold;display:inline;"><div style="font-weight:bold;display:inline;">Total</div></div></td><td style="padding-bottom: 1pt; font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td></tr><tr style="vertical-align: bottom;"><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td colspan="2" style="text-align: right; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td colspan="2" style="text-align: right; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td colspan="2" style="text-align: right; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td colspan="2" style="text-align: right; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td></tr><tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="width: 48%; text-align: left; text-indent: -13.2pt; padding-bottom: 1pt; padding-left: 13.2pt; font-family: "times new roman", times, serif; padding-top: 0px; vertical-align: bottom;">Warrant liability</td><td style="width: 1%; padding-bottom: 1pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="width: 1%; text-align: left; border-bottom: 1pt solid black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">$</td><td style="width: 10%; text-align: right; border-bottom: 1pt solid black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">-</td><td style="width: 1%; text-align: left; padding-bottom: 1pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="width: 1%; padding-bottom: 1pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="width: 1%; text-align: left; border-bottom: 1pt solid black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">$</td><td style="width: 10%; text-align: right; border-bottom: 1pt solid black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">-</td><td style="width: 1%; text-align: left; padding-bottom: 1pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="width: 1%; padding-bottom: 1pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="width: 1%; text-align: left; border-bottom: 1pt solid black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">$</td><td style="width: 10%; text-align: right; border-bottom: 1pt solid black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">236</td><td style="width: 1%; text-align: left; padding-bottom: 1pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="width: 1%; padding-bottom: 1pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="width: 1%; text-align: left; border-bottom: 1pt solid black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">$</td><td style="width: 10%; text-align: right; border-bottom: 1pt solid black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">236</td><td style="width: 1%; text-align: left; padding-bottom: 1pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-indent: -13.2pt; padding-bottom: 2.5pt; padding-left: 13.2pt; font-family: "times new roman", times, serif; padding-top: 0px; vertical-align: bottom;">Total</td><td style="padding-bottom: 2.5pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="text-align: left; border-bottom: 2.5pt double black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">$</td><td style="text-align: right; border-bottom: 2.5pt double black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">-</td><td style="text-align: left; padding-bottom: 2.5pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="padding-bottom: 2.5pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="text-align: left; border-bottom: 2.5pt double black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">$</td><td style="text-align: right; border-bottom: 2.5pt double black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">-</td><td style="text-align: left; padding-bottom: 2.5pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="padding-bottom: 2.5pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="text-align: left; border-bottom: 2.5pt double black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">$</td><td style="text-align: right; border-bottom: 2.5pt double black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">236</td><td style="text-align: left; padding-bottom: 2.5pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="padding-bottom: 2.5pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="text-align: left; border-bottom: 2.5pt double black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">$</td><td style="text-align: right; border-bottom: 2.5pt double black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">236</td><td style="text-align: left; padding-bottom: 2.5pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td></tr></table><div style="clear: both; background: none;"></div><div style="font: 10pt "times new roman", times, serif; margin: 0px; text-indent: 31.9pt; background: none;"><div style="text-decoration: none; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font: 10pt "times new roman", times, serif; margin: 0px; text-indent: 0.5in;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The following fair value hierarchy table presents information about the Company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2017:</div></div><div style="font: 10pt "times new roman", times, serif; margin: 0px; text-indent: 31.9pt; background: none;"><div style="text-decoration: none; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><table cellpadding="0" cellspacing="0" style="font: 10pt "times new roman", times, serif; width: 85%; border-collapse: collapse; border-spacing: 0px; margin: 0in 0in 0in 0.5in;;text-align:left;"><tr style="vertical-align: bottom;"><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="padding-bottom: 1pt; font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td colspan="14" style="text-align: center; font-weight: normal; border-bottom: 1pt solid black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"><div style="font-weight:bold;display:inline;"><div style="font-weight:bold;display:inline;">Fair Value Measurement as of December 31, 2017</div></div></td><td style="padding-bottom: 1pt; font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td></tr><tr style="vertical-align: bottom;"><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="padding-bottom: 1pt; font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td colspan="14" style="text-align: center; font-weight: normal; border-bottom: 1pt solid black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"><div style="font-weight:bold;display:inline;"><div style="font-weight:bold;display:inline;">(In thousands)</div></div></td><td style="padding-bottom: 1pt; font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td></tr><tr style="vertical-align: bottom;"><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="padding-bottom: 1pt; font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td colspan="2" style="text-align: center; font-weight: normal; border-bottom: 1pt solid black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"><div style="font-weight:bold;display:inline;"><div style="font-weight:bold;display:inline;">Level 1</div></div></td><td style="padding-bottom: 1pt; font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="padding-bottom: 1pt; font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td colspan="2" style="text-align: center; font-weight: normal; border-bottom: 1pt solid black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"><div style="font-weight:bold;display:inline;"><div style="font-weight:bold;display:inline;">Level 2</div></div></td><td style="padding-bottom: 1pt; font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="padding-bottom: 1pt; font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td colspan="2" style="text-align: center; font-weight: normal; border-bottom: 1pt solid black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"><div style="font-weight:bold;display:inline;"><div style="font-weight:bold;display:inline;">Level 3</div></div></td><td style="padding-bottom: 1pt; font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="padding-bottom: 1pt; font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td colspan="2" style="text-align: center; font-weight: normal; border-bottom: 1pt solid black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"><div style="font-weight:bold;display:inline;"><div style="font-weight:bold;display:inline;">Total</div></div></td><td style="padding-bottom: 1pt; font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td></tr><tr style="vertical-align: bottom;"><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td colspan="2" style="text-align: right; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td colspan="2" style="text-align: right; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td colspan="2" style="text-align: right; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td colspan="2" style="text-align: right; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td></tr><tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="width: 48%; text-align: left; text-indent: -13.2pt; padding-bottom: 1pt; padding-left: 13.2pt; font-family: "times new roman", times, serif; padding-top: 0px; vertical-align: bottom;">Warrant liability</td><td style="width: 1%; padding-bottom: 1pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="width: 1%; text-align: left; border-bottom: 1pt solid black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">$</td><td style="width: 10%; text-align: right; border-bottom: 1pt solid black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">-</td><td style="width: 1%; text-align: left; padding-bottom: 1pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="width: 1%; padding-bottom: 1pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="width: 1%; text-align: left; border-bottom: 1pt solid black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">$</td><td style="width: 10%; text-align: right; border-bottom: 1pt solid black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">-</td><td style="width: 1%; text-align: left; padding-bottom: 1pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="width: 1%; padding-bottom: 1pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="width: 1%; text-align: left; border-bottom: 1pt solid black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">$</td><td style="width: 10%; text-align: right; border-bottom: 1pt solid black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">16</td><td style="width: 1%; text-align: left; padding-bottom: 1pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="width: 1%; padding-bottom: 1pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="width: 1%; text-align: left; border-bottom: 1pt solid black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">$</td><td style="width: 10%; text-align: right; border-bottom: 1pt solid black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">16</td><td style="width: 1%; text-align: left; padding-bottom: 1pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-indent: -13.2pt; padding-bottom: 2.5pt; padding-left: 13.2pt; font-family: "times new roman", times, serif; padding-top: 0px; vertical-align: bottom;">Total</td><td style="padding-bottom: 2.5pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="text-align: left; border-bottom: 2.5pt double black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">$</td><td style="text-align: right; border-bottom: 2.5pt double black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">-</td><td style="text-align: left; padding-bottom: 2.5pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="padding-bottom: 2.5pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="text-align: left; border-bottom: 2.5pt double black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">$</td><td style="text-align: right; border-bottom: 2.5pt double black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">-</td><td style="text-align: left; padding-bottom: 2.5pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="padding-bottom: 2.5pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="text-align: left; border-bottom: 2.5pt double black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">$</td><td style="text-align: right; border-bottom: 2.5pt double black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">16</td><td style="text-align: left; padding-bottom: 2.5pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="padding-bottom: 2.5pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="text-align: left; border-bottom: 2.5pt double black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">$</td><td style="text-align: right; border-bottom: 2.5pt double black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">16</td><td style="text-align: left; padding-bottom: 2.5pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td></tr></table><div style="clear:both;"></div><div style="font: 10pt "times new roman", times, serif; margin: 0px; text-indent: 34.1pt; background: none;"><div style="text-decoration: none; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font: 10pt "times new roman", times, serif; margin: 0px; text-indent: 0.5in;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The following table presents a reconciliation of the Company’s liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the six months ended June 30, 2018:</div></div><div style="font: 10pt "times new roman", times, serif; margin: 0px; text-indent: 0.5in; background: none;"><div style="text-decoration: none; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><table cellpadding="0" cellspacing="0" style="font: 10pt "times new roman", times, serif; width: 85%; border-collapse: collapse; border-spacing: 0px; margin: 0in 0in 0in 0.5in;;text-align:left;"><tr style="vertical-align: bottom;"><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="padding-bottom: 1pt; font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td colspan="2" style="text-align: center; font-weight: normal; border-bottom: 1pt solid black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"><div style="font-weight:bold;display:inline;"><div style="font-weight:bold;display:inline;">Warrant Liability</div></div></td><td style="padding-bottom: 1pt; font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td></tr><tr style="vertical-align: bottom;"><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td colspan="2" style="text-align: center; font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"><div style="font-weight:bold;display:inline;"><div style="font-weight:bold;display:inline;">(in thousands)</div></div></td><td style="font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td></tr><tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="width: 87%; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">Balance at December 31, 2017</td><td style="width: 1%; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="width: 1%; text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">$</td><td style="width: 10%; text-align: right; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">16</td><td style="width: 1%; text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 1pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;">Change in fair value upon re-measurement</td><td style="padding-bottom: 1pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="text-align: left; border-bottom: 1pt solid black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="text-align: right; border-bottom: 1pt solid black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">220</td><td style="text-align: left; padding-bottom: 1pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td></tr><tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="padding-bottom: 2.5pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;">Balance at June 30, 2018</td><td style="padding-bottom: 2.5pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="text-align: left; border-bottom: 2.5pt double black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">$</td><td style="text-align: right; border-bottom: 2.5pt double black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">236</td><td style="text-align: left; padding-bottom: 2.5pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td></tr></table><div style="clear:both;"></div><div style="font: 10pt "times new roman", times, serif; margin: 0px; background: none;"><div style="text-decoration: none; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font: 10pt "times new roman", times, serif; margin: 0px; text-indent: 0.5in;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">There were no transfers between Level 1 and Level 2 in any of the periods reported.</div></div><div style="font: 10pt "times new roman", times, serif; margin: 0px; text-indent: 34.1pt; background: none;"><div style="text-decoration: none; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font: 10pt "times new roman", times, serif; margin: 0px; text-indent: 0.5in;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The Company has re-measured the warrant liability to estimated fair value at inception, prior to modification and at each reporting date using the Black-Scholes option pricing model with the following weighted average assumptions:</div></div><div style="font: 10pt "times new roman", times, serif; margin: 0px; text-indent: 27.5pt; background: none;"><div style="text-decoration: none; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><table cellpadding="0" cellspacing="0" style="font: 10pt "times new roman", times, serif; width: 85%; margin: 0in 0in 0in 0.5in; border-collapse: collapse; border-spacing: 0px;;text-align:left;"><tr style="vertical-align: bottom;"><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="padding-bottom: 1pt; font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td colspan="2" style="text-align: center; font-weight: normal; border-bottom: 1pt solid black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"><div style="font-weight:bold;display:inline;"><div style="font-weight:bold;display:inline;">June 30,<br/>2018</div></div></td><td style="padding-bottom: 1pt; font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="padding-bottom: 1pt; font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td colspan="2" style="text-align: center; font-weight: normal; border-bottom: 1pt solid black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"><div style="font-weight:bold;display:inline;"><div style="font-weight:bold;display:inline;">December 31,<br/>2017</div></div></td><td style="padding-bottom: 1pt; font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td></tr><tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="width: 74%; text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">Risk-free interest rate</td><td style="width: 1%; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="width: 1%; text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="width: 10%; text-align: right; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">2.68</td><td style="width: 1%; text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">%</td><td style="width: 1%; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="width: 1%; text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="width: 10%; text-align: right; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">2.09</td><td style="width: 1%; text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">%</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">Expected volatility</td><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="text-align: right; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">98.4</td><td style="text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">%</td><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="text-align: right; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">85.0</td><td style="text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">%</td></tr><tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">Expected term (in years)</td><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="text-align: right; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">3.6</td><td style="text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="text-align: right; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">4.1</td><td style="text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">Expected dividend yield</td><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="text-align: right; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">-</td><td style="text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="text-align: right; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">-</td><td style="text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td></tr><tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">Exercise price</td><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">$</td><td style="text-align: right; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">8.00</td><td style="text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">$</td><td style="text-align: right; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">8.00</td><td style="text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">Market value of common stock</td><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">$</td><td style="text-align: right; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">4.52</td><td style="text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">$</td><td style="text-align: right; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">0.87</td><td style="text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td></tr><tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">Warrants to purchase shares of common stock</td><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="text-align: right; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">92,212</td><td style="text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="text-align: right; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">92,212</td><td style="text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td></tr></table><div style="clear:both;"></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

<table style="width: 100%; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"><tr><td style="width: 0.3pt; padding: 0px; font-family: "times new roman", times, serif;;vertical-align:top;"></td><td style="width: 0.25in; padding: 0in; font-size: 10pt; line-height: 10pt; font-family: "times new roman", times, serif;;vertical-align:top;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal;"><div style="font-weight:bold;display:inline;">5.</div></div></td><td style="padding: 0in; font-size: 10pt; line-height: 10pt; font-family: "times new roman", times, serif;;vertical-align:top;"><div style="text-align: justify; margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal;"><div style="font-weight:bold;display:inline;">Stock-Based Compensation</div></div></td></tr></table><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font: 10pt "times new roman", times, serif; margin: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;">Biostage 2013 Equity Incentive Plan</div></div></div></div><div style="font: 10pt "times new roman", times, serif; margin: 0px; text-indent: 27.5pt; background: none;"><div style="text-decoration: none; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font: 10pt "times new roman", times, serif; margin: 0px; text-indent: 0.5in;">The Company maintains the 2013 Equity Incentive Plan (the “Plan”) for the benefit of certain of its officers, employees, non-employee directors, and other key persons (including consultants and advisory board members). All options and awards granted under the Plan consist of the Company’s shares of common stock. In May 2016, the Company’s shareholders approved the increase of the number of shares of the Company’s common stock available for issuance pursuant to the Plan by 1,600,000 shares, which increased the total shares authorized to be issued under the Plan to 2,098,000<div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">.</div></div><div style="font: 10pt "times new roman", times, serif; margin: 0px; text-indent: 29.7pt; background: none;"><div style="text-decoration: none; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font: 10pt "times new roman", times, serif; margin: 0px; text-indent: 0.5in;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The Company also issued equity awards under the Plan in 2013 at the time of the spin-off discussed in Note 7 below to all holders of Harvard Bioscience equity awards as part of an adjustment (the “Adjustment”) to prevent a loss of value due to the spin-off.</div></div><div style="font: 10pt "times new roman", times, serif; margin: 0px; text-indent: 29.7pt; background: none;"><div style="text-decoration: none; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font: 10pt "times new roman", times, serif; margin: 0px; text-indent: 0.5in;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Compensation expense recognized under the Plan relates to service provided by employees, board members and a non-employee of the Company. There was no required compensation associated with the Adjustment awards to employees who remained at Harvard Bioscience.</div></div><div style="font: 10pt "times new roman", times, serif; margin: 0px; text-indent: 29.7pt; background: none;"><div style="text-decoration: none; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font: 10pt "times new roman", times, serif; margin: 0px; text-indent: 0.5in;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The Company has granted options to purchase common stock and restricted stock units (RSUs) under the Plan. Stock option and restricted stock unit activity during the six months ended June 30, 2018 was as follows:</div></div><div style="font: 10pt "times new roman", times, serif; margin: 0px; text-indent: 29.7pt; background: none;"><div style="text-decoration: none; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><table cellpadding="0" cellspacing="0" style="font: 10pt "times new roman", times, serif; width: 85%; border-collapse: collapse; border-spacing: 0px; margin: 0in 0in 0in 0.5in;;text-align:left;"><tr style="vertical-align: bottom;"><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="padding-bottom: 1pt; font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td colspan="6" style="text-align: center; font-weight: normal; border-bottom: 1pt solid black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"><div style="font-weight:bold;display:inline;"><div style="font-weight:bold;display:inline;">Stock Options</div></div></td><td style="padding-bottom: 1pt; font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="padding-bottom: 1pt; font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td colspan="6" style="text-align: center; font-weight: normal; border-bottom: 1pt solid black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"><div style="font-weight:bold;display:inline;"><div style="font-weight:bold;display:inline;">Restricted Stock Units</div></div></td><td style="padding-bottom: 1pt; font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td></tr><tr style="vertical-align: bottom;"><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="padding-bottom: 1pt; font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td colspan="2" style="text-align: center; font-weight: normal; border-bottom: 1pt solid black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"><div style="font-weight:bold;display:inline;"><div style="font-weight:bold;display:inline;">Amount</div></div></td><td style="padding-bottom: 1pt; font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="padding-bottom: 1pt; font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td colspan="2" style="text-align: center; font-weight: normal; border-bottom: 1pt solid black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"><div style="font-weight:bold;display:inline;"><div style="font-weight:bold;display:inline;">Weighted-average<br/>exercise price</div></div></td><td style="padding-bottom: 1pt; font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="padding-bottom: 1pt; font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td colspan="2" style="text-align: center; font-weight: normal; border-bottom: 1pt solid black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"><div style="font-weight:bold;display:inline;"><div style="font-weight:bold;display:inline;">Amount</div></div></td><td style="padding-bottom: 1pt; font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="padding-bottom: 1pt; font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td colspan="2" style="text-align: center; font-weight: normal; border-bottom: 1pt solid black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"><div style="font-weight:bold;display:inline;"><div style="font-weight:bold;display:inline;">Weighted<br/>-average<br/>grant date<br/>fair value</div></div></td><td style="padding-bottom: 1pt; font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td></tr><tr style="vertical-align: bottom;"><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td colspan="2" style="text-align: center; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td colspan="2" style="text-align: center; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td colspan="2" style="text-align: center; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td colspan="2" style="text-align: center; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td></tr><tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="width: 48%; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">Outstanding at December 31, 2017</td><td style="width: 1%; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="width: 1%; text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="width: 10%; text-align: right; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">167,474</td><td style="width: 1%; text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="width: 1%; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="width: 1%; text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">$</td><td style="width: 10%; text-align: right; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">45.84</td><td style="width: 1%; text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="width: 1%; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="width: 1%; text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="width: 10%; text-align: right; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">14,875</td><td style="width: 1%; text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="width: 1%; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="width: 1%; text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">$</td><td style="width: 10%; text-align: right; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">7.68</td><td style="width: 1%; text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding-left: 0.125in; font-family: "times new roman", times, serif; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">Granted</td><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="text-align: right; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">1,239,079</td><td style="text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="text-align: right; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">2.72</td><td style="text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="text-align: right; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">-</td><td style="text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="text-align: right; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">-</td><td style="text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td></tr><tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="text-align: left; padding-left: 0.125in; font-family: "times new roman", times, serif; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">Vested (RSUs)</td><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="text-align: right; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">-</td><td style="text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="text-align: right; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">-</td><td style="text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="text-align: right; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">(6,228</td><td style="text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">)</td><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="text-align: right; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">7.68</td><td style="text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding-bottom: 1pt; padding-left: 0.125in; font-family: "times new roman", times, serif; padding-top: 0px; vertical-align: bottom;">Canceled</td><td style="padding-bottom: 1pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="text-align: left; border-bottom: 1pt solid black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="text-align: right; border-bottom: 1pt solid black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">(18,201</td><td style="text-align: left; padding-bottom: 1pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;">)</td><td style="padding-bottom: 1pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="text-align: left; padding-bottom: 1pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="text-align: right; padding-bottom: 1pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;">47.14</td><td style="text-align: left; padding-bottom: 1pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="padding-bottom: 1pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="text-align: left; border-bottom: 1pt solid black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="text-align: right; border-bottom: 1pt solid black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">(912</td><td style="text-align: left; padding-bottom: 1pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;">)</td><td style="padding-bottom: 1pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="text-align: left; padding-bottom: 1pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="text-align: right; padding-bottom: 1pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;">7.68</td><td style="text-align: left; padding-bottom: 1pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td></tr><tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="padding-bottom: 2.5pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;">Outstanding at June 30, 2018</td><td style="padding-bottom: 2.5pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="text-align: left; border-bottom: 2.5pt double black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="text-align: right; border-bottom: 2.5pt double black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">1,388,352</td><td style="text-align: left; padding-bottom: 2.5pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="padding-bottom: 2.5pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="text-align: left; padding-bottom: 2.5pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;">$</td><td style="text-align: right; padding-bottom: 2.5pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;">7.34</td><td style="text-align: left; padding-bottom: 2.5pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="padding-bottom: 2.5pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="text-align: left; border-bottom: 2.5pt double black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="text-align: right; border-bottom: 2.5pt double black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">7,735</td><td style="text-align: left; padding-bottom: 2.5pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="padding-bottom: 2.5pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="text-align: left; padding-bottom: 2.5pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;">$</td><td style="text-align: right; padding-bottom: 2.5pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;">7.68</td><td style="text-align: left; padding-bottom: 2.5pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td></tr></table><div style="clear:both;"></div><div style="font: 10pt "times new roman", times, serif; margin: 0px; text-indent: 29.7pt; background: none;"><div style="text-decoration: none; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font: 10pt "times new roman", times, serif; margin: 0px; text-indent: 0.5in;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The underlying common shares for the <div style="letter-spacing: 0px; top: 0px;;display:inline;">6,228</div> vested RSUs were unissued as of June 30, 2018.</div></div><div style="font: 10pt "times new roman", times, serif; margin: 0px; text-indent: 29.7pt; background: none;"><div style="text-decoration: none; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font: 10pt "times new roman", times, serif; margin: 0px; text-indent: 0.5in;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The Company uses the Black-Scholes option pricing model to value its stock options. The weighted average assumptions for valuing the options granted during the six months ended June 30, 2018 were as follows:</div></div><div style="font: 10pt "times new roman", times, serif; margin: 0px; text-indent: 27.5pt; background: none;"><div style="text-decoration: none; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><table cellpadding="0" cellspacing="0" style="font: 10pt "times new roman", times, serif; width: 60%; border-collapse: collapse; border-spacing: 0px; margin: 0in auto;;text-align:left;"><tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">Expected volatility</td><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td colspan="2" style="text-align: right; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">88.0-90.6</td><td style="text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">%</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="width: 87%; text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">Expected dividends</td><td style="width: 1%; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="width: 1%; text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="width: 10%; text-align: right; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">0.00</td><td style="width: 1%; text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">%</td></tr><tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">Expected term</td><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="text-align: right; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">5.75-6.05</td><td style="text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> years</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">Risk-free rate</td><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="text-align: right; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">2.65-2.78</td><td style="text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">%</td></tr></table><div style="clear:both;"></div><div style="font: 10pt "times new roman", times, serif; margin: 0px; text-indent: 29.7pt; background: none;"><div style="text-decoration: none; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font: 10pt "times new roman", times, serif; margin: 0px; text-indent: 0.5in;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The Company’s outstanding stock options include 536,355 </div>performance-based awards as of June 30, 2018 that have vesting provisions subject to the achievement of certain business milestones. Compensation expense has not yet been recognized for these performance-based awards given the milestone achievements have not yet been deemed probable for accounting purposes<div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">.</div></div><div style="font: 10pt "times new roman", times, serif; margin: 0px; text-indent: 29.7pt; background: none;"><div style="text-decoration: none; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font: 10pt "times new roman", times, serif; margin: 0px; text-indent: 0.5in;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The Company recorded equity-based compensation expense in the following expense categories of its consolidated statements of operations: </div></div><div style="font: 10pt "times new roman", times, serif; margin: 0px; text-indent: 29.7pt; background: none;"><div style="text-decoration: none; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><table cellpadding="0" cellspacing="0" style="font: 10pt "times new roman", times, serif; width: 85%; border-collapse: collapse; border-spacing: 0px; margin: 0in 0in 0in 0.5in;;text-align:left;"><tr style="vertical-align: bottom;"><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="padding-bottom: 1pt; font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td colspan="6" style="text-align: center; font-weight: normal; border-bottom: 1pt solid black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"><div style="font-weight:bold;display:inline;"><div style="font-weight:bold;display:inline;">Three Months Ended June 30,</div></div></td><td style="padding-bottom: 1pt; font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="padding-bottom: 1pt; font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td colspan="6" style="text-align: center; font-weight: normal; border-bottom: 1pt solid black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"><div style="font-weight:bold;display:inline;"><div style="font-weight:bold;display:inline;">Six Months Ended June 30,</div></div></td><td style="padding-bottom: 1pt; font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td></tr><tr style="vertical-align: bottom;"><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="padding-bottom: 1pt; font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td colspan="2" style="text-align: center; font-weight: normal; border-bottom: 1pt solid black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"><div style="font-weight:bold;display:inline;"><div style="font-weight:bold;display:inline;">2018</div></div></td><td style="padding-bottom: 1pt; font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="padding-bottom: 1pt; font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td colspan="2" style="text-align: center; font-weight: normal; border-bottom: 1pt solid black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"><div style="font-weight:bold;display:inline;"><div style="font-weight:bold;display:inline;">2017</div></div></td><td style="padding-bottom: 1pt; font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="padding-bottom: 1pt; font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td colspan="2" style="text-align: center; font-weight: normal; border-bottom: 1pt solid black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"><div style="font-weight:bold;display:inline;"><div style="font-weight:bold;display:inline;">2018</div></div></td><td style="padding-bottom: 1pt; font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="padding-bottom: 1pt; font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td colspan="2" style="text-align: center; font-weight: normal; border-bottom: 1pt solid black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"><div style="font-weight:bold;display:inline;"><div style="font-weight:bold;display:inline;">2017</div></div></td><td style="padding-bottom: 1pt; font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td></tr><tr style="vertical-align: bottom;"><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td colspan="6" style="text-align: center; font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"><div style="font-weight:bold;display:inline;"><div style="font-weight:bold;display:inline;">(in thousands)</div></div></td><td style="font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td colspan="6" style="text-align: center; font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"><div style="font-weight:bold;display:inline;"><div style="font-weight:bold;display:inline;">(in thousands)</div></div></td><td style="font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td></tr><tr style="vertical-align: bottom;"><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td colspan="2" style="text-align: center; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td colspan="2" style="text-align: center; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td colspan="2" style="text-align: center; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td colspan="2" style="text-align: center; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td></tr><tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="width: 48%; text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">Research and development</td><td style="width: 1%; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="width: 1%; text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">$</td><td style="width: 10%; text-align: right; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">69</td><td style="width: 1%; text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="width: 1%; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="width: 1%; text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">$</td><td style="width: 10%; text-align: right; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">111</td><td style="width: 1%; text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="width: 1%; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="width: 1%; text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">$</td><td style="width: 10%; text-align: right; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">78</td><td style="width: 1%; text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="width: 1%; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="width: 1%; text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">$</td><td style="width: 10%; text-align: right; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">182</td><td style="width: 1%; text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 1pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;">General and administrative</td><td style="padding-bottom: 1pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="text-align: left; border-bottom: 1pt solid black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="text-align: right; border-bottom: 1pt solid black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">123</td><td style="text-align: left; padding-bottom: 1pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="padding-bottom: 1pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="text-align: left; border-bottom: 1pt solid black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="text-align: right; border-bottom: 1pt solid black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">95</td><td style="text-align: left; padding-bottom: 1pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="padding-bottom: 1pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="text-align: left; border-bottom: 1pt solid black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="text-align: right; border-bottom: 1pt solid black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">189</td><td style="text-align: left; padding-bottom: 1pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="padding-bottom: 1pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="text-align: left; border-bottom: 1pt solid black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="text-align: right; border-bottom: 1pt solid black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">215</td><td style="text-align: left; padding-bottom: 1pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td></tr><tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="text-align: left; padding-bottom: 2.5pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;">Total stock-based compensation</td><td style="padding-bottom: 2.5pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="text-align: left; border-bottom: 2.5pt double black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">$</td><td style="text-align: right; border-bottom: 2.5pt double black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">192</td><td style="text-align: left; padding-bottom: 2.5pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="padding-bottom: 2.5pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="text-align: left; border-bottom: 2.5pt double black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">$</td><td style="text-align: right; border-bottom: 2.5pt double black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">206</td><td style="text-align: left; padding-bottom: 2.5pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="padding-bottom: 2.5pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="text-align: left; border-bottom: 2.5pt double black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">$</td><td style="text-align: right; border-bottom: 2.5pt double black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">267</td><td style="text-align: left; padding-bottom: 2.5pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="padding-bottom: 2.5pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="text-align: left; border-bottom: 2.5pt double black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">$</td><td style="text-align: right; border-bottom: 2.5pt double black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">397</td><td style="text-align: left; padding-bottom: 2.5pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td></tr></table><div style="clear:both;"></div>

<table cellpadding="0" cellspacing="0" style="font-family: "times new roman", times, serif; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; width: 99%; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;"><tr style="vertical-align: top; text-align: justify;"><td style="width: 0px; padding: 0px;"></td><td style="width: 0.25in; text-align: left; padding-left: 0px; padding-top: 0px; padding-bottom: 0px;"><div style="font-weight:bold;display:inline;">2.</div></td><td style="text-align: justify; padding-left: 0px; padding-top: 0px; padding-bottom: 0px;"><div style="font-weight:bold;display:inline;">Summary of Significant Accounting Policies and Recently Issued Accounting Pronouncements</div></td></tr></table><div style="clear: both; background: none;"></div><div style="color: rgb(0, 0, 0); font: 10pt "times new roman", times, serif; letter-spacing: normal; orphans: 2; text-align: start; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; margin: 0px 0px 0px 58.3pt; text-indent: 29.7pt; background: none;"><div style="text-decoration: none; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div><div style="color: rgb(0, 0, 0); font: 10pt "times new roman", times, serif; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; margin: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;">Summary of Significant Accounting Policies</div></div></div></div><div style="color: rgb(0, 0, 0); font: 10pt "times new roman", times, serif; letter-spacing: normal; orphans: 2; text-align: start; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; margin: 0px; text-indent: 29.7pt; background: none;"><div style="text-decoration: none; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font: 10pt "times new roman", times, serif; letter-spacing: normal; orphans: 2; text-align: start; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; margin: 0px; text-indent: 0.5in;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The accounting policies underlying the accompanying unaudited consolidated financial statements are those set forth in Note 2 to the financial statements for the year ended December 31, 2017 included in the Company’s Annual Report on Form 10-K.</div></div><div style="color: rgb(0, 0, 0); font: 10pt "times new roman", times, serif; letter-spacing: normal; orphans: 2; text-align: start; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; margin: 0px; text-indent: 0.5in; background: none;"><div style="text-decoration: none; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font: 10pt "times new roman", times, serif; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; margin: 0px 0px 0px 0.25in; text-align: left;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;">SBIR Award</div></div></div></div><div style="color: rgb(0, 0, 0); font: 10pt "times new roman", times, serif; letter-spacing: normal; orphans: 2; text-align: start; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; margin: 0px; text-indent: 27.5pt; background: none;"><div style="text-decoration: none; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font: 10pt "times new roman", times, serif; letter-spacing: normal; orphans: 2; text-align: start; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; margin: 0px; text-indent: 0.5in;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">On March 28, 2018, the Company was awarded a Fast-Track Small Business Innovation Research (SBIR) grant by the Eunice Kennedy National Institute of Child Health and Human Development. The award for Phase I, which is expected to be earned through the third quarter of 2018, provides for the reimbursement of up to $225,000 of qualified research and development costs or expenditures. The SBIR grant has the potential to provide a total award up to $1.7 million. If Phase I is successful, and funding is available, a Phase II award of up to approximately $1.5 million would support pre-clinical testing of pediatric Cellspan™ Esophageal Implants planned to begin later in 2018. The Phase II Funds, if awarded, would be spent over an estimated two years.</div></div><div style="color: rgb(0, 0, 0); font: 10pt "times new roman", times, serif; letter-spacing: normal; orphans: 2; text-align: start; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; margin: 0px; text-indent: 0.5in; background: none;"><div style="text-decoration: none; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font: 10pt "times new roman", times, serif; letter-spacing: normal; orphans: 2; text-align: start; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; margin: 0px; text-indent: 0.5in;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Grant income is recognized based on timing of when qualified research and development costs are incurred and recorded and classified as grant income in other income (expense), net in the consolidated statements of operations.</div></div><div style="color: rgb(0, 0, 0); font: 10pt "times new roman", times, serif; letter-spacing: normal; orphans: 2; text-align: start; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; margin: 0px; text-indent: 0.25in; background: none;"><div style="text-decoration: none; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font: 10pt "times new roman", times, serif; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; margin: 0px 0px 0px 0.25in; text-align: left;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;">Recently Adopted Accounting Pronouncements</div></div></div></div><div style="color: rgb(0, 0, 0); font: 10pt "times new roman", times, serif; letter-spacing: normal; orphans: 2; text-align: start; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; margin: 0px; text-indent: 0.5in; background: none;"><div style="text-decoration: none; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;"> </div></div></div></div><div style="color: rgb(0, 0, 0); font: 10pt "times new roman", times, serif; letter-spacing: normal; orphans: 2; text-align: start; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; margin: 0px; text-indent: 0.5in;">In August 2016, the FASB issued ASU No. 2016-15,<div style="text-decoration: none; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div><div style="font-style:italic;display:inline;">Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”)</div>. This amendment addresses eight classification issues related to the statement of cash flows. The Company adopted this standard on January 1, 2018 and its adoption did not have a material impact on the Company’s consolidated financial statements.</div><div style="color: rgb(0, 0, 0); font: 10pt "times new roman", times, serif; letter-spacing: normal; orphans: 2; text-align: start; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; margin: 0px; text-indent: 0.5in; background: none;"><div style="text-decoration: none; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font: 10pt "times new roman", times, serif; letter-spacing: normal; orphans: 2; text-align: start; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; margin: 0px; text-indent: 0.5in;">In November 2016, the FASB issued ASU 2016-18,<div style="text-decoration: none; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div><div style="font-style:italic;display:inline;">Statement of Cash Flows (“ASU 2016-18”)</div>, which requires that amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The Company adopted this standard on January 1, 2018 and its adoption did not have any impact on its consolidated financial statements since the Company does not have restricted cash amounts.</div><div style="color: rgb(0, 0, 0); font: 10pt "times new roman", times, serif; letter-spacing: normal; orphans: 2; text-align: start; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; margin: 0px; text-indent: 0.5in; background: none;"> </div><div style="color: rgb(0, 0, 0); font: 10pt "times new roman", times, serif; letter-spacing: normal; orphans: 2; text-align: start; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; margin: 0px; text-indent: 0.5in;">In May 2017, the FASB issued ASU 2017-09,<div style="text-decoration: none; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div><div style="font-style:italic;display:inline;">Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting (“ASU 2017-09”)</div>, which clarifies when to account for a change to the terms or conditions of a share-based payment award as a modification. The new standard does not change the accounting for modifications but clarifies that modification accounting guidance should only be applied if the fair value, vesting conditions, or classification of the award changes as a result of the change in terms or conditions. The new standard is effective for fiscal years, and interim periods within, beginning after December 15, 2017. Early adoption is permitted. A reporting entity must apply the amendments in the ASU prospectively to an award modified on or after the adoption date. The Company adopted ASU 2017-09 as of the required effective date of January 1, 2018 and its adoption did not have a material impact on the Company’s financial statements. The adoption of ASU 2017-09 will have an impact on the accounting for the modification of stock-based awards, if any, to the extent stock-based awards are modified.</div><div style="color: rgb(0, 0, 0); font: 10pt "times new roman", times, serif; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; margin: 0px 0px 0px 0.25in; text-align: left; background: none;"><div style="text-decoration: none; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font: 10pt "times new roman", times, serif; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; margin: 0px 0px 0px 0.25in; text-align: left;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;">Recently Issued Accounting Pronouncements</div></div></div></div><div style="color: rgb(0, 0, 0); font: 10pt "times new roman", times, serif; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; margin: 0px; background: none;"><div style="text-decoration: none; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">  <div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;"> </div></div></div></div><div style="color: rgb(0, 0, 0); font: 10pt "times new roman", times, serif; letter-spacing: normal; orphans: 2; text-align: start; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; margin: 0px; text-indent: 0.5in;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">In February 2016, the FASB issued ASU No. 2016-02,<div style="font-style:italic;display:inline;"> Leases</div> (“ASU 2016-02”). ASU 2016-02 will require lessees to recognize most leases on their balance sheet as a right-of-use asset and a lease liability. Leases will be classified as either operating or finance, and classification will be based on criteria similar to current lease accounting, but without explicit bright lines. The guidance is effective for annual reporting periods beginning after December 15, 2018 and interim periods within those fiscal years, and early adoption is permitted. The Company expects to elect the modified retrospective transition option on January 1, 2019, however, is currently evaluating the impact that the adoption of ASU 2016-02 will have on its consolidated financial statements and related disclosures.</div></div><div style="color: rgb(0, 0, 0); font: 10pt "times new roman", times, serif; letter-spacing: normal; orphans: 2; text-align: start; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; margin: 0px; text-indent: 0.5in; background: none;"><div style="text-decoration: none; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">   </div></div><div style="color: rgb(0, 0, 0); font: 10pt "times new roman", times, serif; letter-spacing: normal; orphans: 2; text-align: start; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; margin: 0px; text-indent: 0.5in;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Company’s financial statements upon adoption.</div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

16000

-3605000

-7444000

99000

220000

<div style="font: 10pt "times new roman", times, serif; margin: 0px 0px 0px 0.25in;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;">Recently Adopted Accounting Pronouncements</div></div></div></div><div style="font: 10pt "times new roman", times, serif; margin: 0px; text-indent: 0.5in; background: none;"><div style="text-decoration: none; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;"> </div></div></div></div><div style="font: 10pt "times new roman", times, serif; margin: 0px; text-indent: 0.5in;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">In August 2016, the FASB issued ASU No. 2016-15, <div style="font-style:italic;display:inline;">Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”)</div>. This amendment addresses eight classification issues related to the statement of cash flows. The Company adopted this standard on January 1, 2018 and its adoption did not have a material impact on the Company’s consolidated financial statements.</div></div><div style="font: 10pt "times new roman", times, serif; margin: 0px; text-indent: 31.9pt; background: none;"><div style="text-decoration: none; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font: 10pt "times new roman", times, serif; margin: 0px; text-indent: 0.5in;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">In November 2016, the FASB issued ASU 2016-18, <div style="font-style:italic;display:inline;">Statement of Cash Flows (“ASU 2016-18”)</div>, which requires that amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The Company adopted this standard on January 1, 2018 and its adoption did not have any impact on its consolidated financial statements since the Company does not have restricted cash amounts.</div></div><div style="font: 10pt "times new roman", times, serif; margin: 0px; text-indent: 31.9pt; background: none;"><div style="text-decoration: none; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font: 10pt "times new roman", times, serif; margin: 0px; text-indent: 0.5in;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">In May 2017, the FASB issued ASU 2017-09, <div style="font-style:italic;display:inline;">Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting (“ASU 2017-09”)</div>, which clarifies when to account for a change to the terms or conditions of a share-based payment award as a modification. The new standard does not change the accounting for modifications but clarifies that modification accounting guidance should only be applied if the fair value, vesting conditions, or classification of the award changes as a result of the change in terms or conditions. The new standard is effective for fiscal years, and interim periods within, beginning after December 15, 2017. Early adoption is permitted. A reporting entity must apply the amendments in the ASU prospectively to an award modified on or after the adoption date. The Company adopted ASU 2017-09 as of the required effective date of January 1, 2018 and its adoption did not have a material impact on the Company’s financial statements. The adoption of ASU 2017-09 will have an impact on the accounting for the modification of stock-based awards, if any, to the extent stock-based awards are modified.</div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

236000

0.01

In addition, officers of the Company agreed to a temporary reduction in their salaries by 50% effective November 2017.

1480000

928000

2688000

4757000

10-Q

<div style="font: 10pt "times new roman", times, serif; margin: 0px; text-indent: 0.5in;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The Company has granted options to purchase common stock and restricted stock units (RSUs) under the Plan. Stock option and restricted stock unit activity during the six months ended June 30, 2018 was as follows:</div></div><div style="font: 10pt "times new roman", times, serif; margin: 0px; text-indent: 29.7pt; background: none;"><div style="text-decoration: none; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><table cellpadding="0" cellspacing="0" style="font: 10pt "times new roman", times, serif; width: 85%; border-collapse: collapse; border-spacing: 0px; margin: 0in 0in 0in 0.5in;;text-align:left;"><tr style="vertical-align: bottom;"><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="padding-bottom: 1pt; font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td colspan="6" style="text-align: center; font-weight: normal; border-bottom: 1pt solid black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"><div style="font-weight:bold;display:inline;"><div style="font-weight:bold;display:inline;">Stock Options</div></div></td><td style="padding-bottom: 1pt; font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="padding-bottom: 1pt; font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td colspan="6" style="text-align: center; font-weight: normal; border-bottom: 1pt solid black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"><div style="font-weight:bold;display:inline;"><div style="font-weight:bold;display:inline;">Restricted Stock Units</div></div></td><td style="padding-bottom: 1pt; font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td></tr><tr style="vertical-align: bottom;"><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="padding-bottom: 1pt; font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td colspan="2" style="text-align: center; font-weight: normal; border-bottom: 1pt solid black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"><div style="font-weight:bold;display:inline;"><div style="font-weight:bold;display:inline;">Amount</div></div></td><td style="padding-bottom: 1pt; font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="padding-bottom: 1pt; font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td colspan="2" style="text-align: center; font-weight: normal; border-bottom: 1pt solid black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"><div style="font-weight:bold;display:inline;"><div style="font-weight:bold;display:inline;">Weighted-average<br/>exercise price</div></div></td><td style="padding-bottom: 1pt; font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="padding-bottom: 1pt; font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td colspan="2" style="text-align: center; font-weight: normal; border-bottom: 1pt solid black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"><div style="font-weight:bold;display:inline;"><div style="font-weight:bold;display:inline;">Amount</div></div></td><td style="padding-bottom: 1pt; font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="padding-bottom: 1pt; font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td colspan="2" style="text-align: center; font-weight: normal; border-bottom: 1pt solid black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"><div style="font-weight:bold;display:inline;"><div style="font-weight:bold;display:inline;">Weighted<br/>-average<br/>grant date<br/>fair value</div></div></td><td style="padding-bottom: 1pt; font-weight: normal; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td></tr><tr style="vertical-align: bottom;"><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td colspan="2" style="text-align: center; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td colspan="2" style="text-align: center; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td colspan="2" style="text-align: center; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td colspan="2" style="text-align: center; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td></tr><tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="width: 48%; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">Outstanding at December 31, 2017</td><td style="width: 1%; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="width: 1%; text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="width: 10%; text-align: right; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">167,474</td><td style="width: 1%; text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="width: 1%; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="width: 1%; text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">$</td><td style="width: 10%; text-align: right; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">45.84</td><td style="width: 1%; text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="width: 1%; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="width: 1%; text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="width: 10%; text-align: right; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">14,875</td><td style="width: 1%; text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="width: 1%; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="width: 1%; text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">$</td><td style="width: 10%; text-align: right; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">7.68</td><td style="width: 1%; text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding-left: 0.125in; font-family: "times new roman", times, serif; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">Granted</td><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="text-align: right; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">1,239,079</td><td style="text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="text-align: right; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">2.72</td><td style="text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="text-align: right; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">-</td><td style="text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="text-align: right; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">-</td><td style="text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td></tr><tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="text-align: left; padding-left: 0.125in; font-family: "times new roman", times, serif; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">Vested (RSUs)</td><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="text-align: right; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">-</td><td style="text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="text-align: right; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">-</td><td style="text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="text-align: right; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">(6,228</td><td style="text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">)</td><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="text-align: right; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">7.68</td><td style="text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding-bottom: 1pt; padding-left: 0.125in; font-family: "times new roman", times, serif; padding-top: 0px; vertical-align: bottom;">Canceled</td><td style="padding-bottom: 1pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="text-align: left; border-bottom: 1pt solid black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="text-align: right; border-bottom: 1pt solid black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">(18,201</td><td style="text-align: left; padding-bottom: 1pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;">)</td><td style="padding-bottom: 1pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="text-align: left; padding-bottom: 1pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="text-align: right; padding-bottom: 1pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;">47.14</td><td style="text-align: left; padding-bottom: 1pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="padding-bottom: 1pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="text-align: left; border-bottom: 1pt solid black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="text-align: right; border-bottom: 1pt solid black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">(912</td><td style="text-align: left; padding-bottom: 1pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;">)</td><td style="padding-bottom: 1pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="text-align: left; padding-bottom: 1pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="text-align: right; padding-bottom: 1pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;">7.68</td><td style="text-align: left; padding-bottom: 1pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td></tr><tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="padding-bottom: 2.5pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;">Outstanding at June 30, 2018</td><td style="padding-bottom: 2.5pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="text-align: left; border-bottom: 2.5pt double black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="text-align: right; border-bottom: 2.5pt double black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">1,388,352</td><td style="text-align: left; padding-bottom: 2.5pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="padding-bottom: 2.5pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="text-align: left; padding-bottom: 2.5pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;">$</td><td style="text-align: right; padding-bottom: 2.5pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;">7.34</td><td style="text-align: left; padding-bottom: 2.5pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="padding-bottom: 2.5pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="text-align: left; border-bottom: 2.5pt double black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="text-align: right; border-bottom: 2.5pt double black; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">7,735</td><td style="text-align: left; padding-bottom: 2.5pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="padding-bottom: 2.5pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;"> </td><td style="text-align: left; padding-bottom: 2.5pt; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; vertical-align: bottom;">$</td><td style="text-align: right; padding-bottom: 2.5pt; 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The weighted average assumptions for valuing the options granted during the six months ended June 30, 2018 were as follows:<table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><div style="font: 10pt "times new roman", times, serif; margin: 0px; text-indent: 27.5pt; background: none;"><div style="text-decoration: none; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><table cellpadding="0" cellspacing="0" style="font: 10pt "times new roman", times, serif; width: 60%; border-collapse: collapse; border-spacing: 0px; margin: 0in auto;;text-align:left;"><tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">Expected volatility</td><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td colspan="2" style="text-align: right; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">88.0-90.6</td><td style="text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">%</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="width: 87%; text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">Expected dividends</td><td style="width: 1%; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="width: 1%; text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="width: 10%; text-align: right; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">0.00</td><td style="width: 1%; text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">%</td></tr><tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">Expected term</td><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="text-align: right; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">5.75-6.05</td><td style="text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> years</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">Risk-free rate</td><td style="font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;"> </td><td style="text-align: right; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">2.65-2.78</td><td style="text-align: left; font-family: "times new roman", times, serif; padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;">%</td></tr></table><div style="clear:both;"></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

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Conversion of Stock, Amount Converted Conversion of Series D preferred stock into common stock Cash and Cash Equivalents, Period Increase (Decrease) Net increase in cash Cash and Cash Equivalents, at Carrying Value Cash at beginning of period Cash at end of period Statement of Stockholders' Equity [Abstract] Equity Components [Axis] Equity Component [Domain] Common Stock [Member] Additional Paid-in Capital [Member] Retained Earnings [Member] Accumulated Deficit [Member] Shares, Outstanding Balance (in shares) Balance (in shares) Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition Share-based compensation Stock Issued During Period, Value, New Issues Issuance of common stock, net of offering costs Stock Issued During Period, Shares, New Issues Issuance of common stock, net of offering costs (in shares) Adjustments to Additional Paid in Capital, Warrant Issued Issuance of warrants to purchase common stock in connection with issuance of common stock above Stock Issued During the Period Conversion of Preferred Stock Conversion of Series D convertible preferred stock to common stock Represents the amount of preferred stock converted into common stock. Stock Issued During the Period Shares Conversion of Preferred Stock Conversion of Series D convertible preferred stock to common stock (in shares) Represents the number of common stock issued on convertion of preferred stock. Accounting Policies [Abstract] Business Description and Basis of Presentation [Text Block] Significant Accounting Policies [Text Block] Stockholders' Equity Note [Abstract] Stockholders' Equity Note Disclosure [Text Block] Fair Value Disclosures [Abstract] Fair Value Disclosures [Text Block] Share-based Compensation [Abstract] Disclosure of Compensation Related Costs, Share-based Payments [Text Block] Commitments and Contingencies Disclosure [Abstract] Commitments and Contingencies Disclosure [Text Block] Related Party Transactions [Abstract] Related Party Transactions Disclosure [Text Block] Earnings Per Share [Abstract] Earnings Per Share [Text Block] Income Tax Disclosure [Abstract] Income Tax Disclosure [Text Block] Restructuring and Related Activities [Abstract] Restructuring, Impairment, and Other Activities Disclosure [Text Block] Research and Development Expense, Policy [Policy Text Block] Recently Adopted Accounting Pronouncements [Policy Text Block] Disclosure of accounting policy pertaining to newly adopted accounting pronouncements. New Accounting Pronouncements, Policy [Policy Text Block] Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block] Share Based Compensation Activity [Table] This table lists the share based compensation activity. The line items identify information about the share based compensation activity. Plan Name [Axis] Plan Name [Domain] Award Type [Axis] Equity Award [Domain] Stock Based Compensation [Line Items] Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] Share-based Compensation, Activity [Table Text Block] Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] Schedule of Business Acquisitions, by Acquisition [Table] Overview And Basis Of Presentation [Line Items] Schedule of Share-based Compensation Arrangements by Share-based Payment Award [Table] Range [Axis] Range [Domain] Income Statement Location [Axis] Income Statement Location [Domain] Concentration Risk Benchmark [Axis] Concentration Risk Benchmark [Domain] Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] Basic And Diluted Earnings Per Share [Line Items] Maximum research and development expenses reimbursement It represents the maximum research and development expenses reimbursement. Research and Development Arrangement, Contract to Perform for Others, Description and Terms Subsequent Event Type [Axis] Subsequent Event Type [Domain] Sale of Stock [Axis] Sale of Stock [Domain] Private Placement [Member] Class of Warrant or Right, Number of Securities Called by Warrants or Rights Warrants to purchase shares of common stock Class of Warrant or Right, Exercise Price of Warrants or Rights Exercise price Proceeds from Warrant Exercises Share Price Market value of common stock Proceeds from Issuance of Common Stock Warrants and Rights Outstanding Shares Issued, Price Per Share Conversion of Stock, Shares Converted Conversion of Stock, Shares Issued Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table] Fair Value Hierarchy and NAV [Axis] Fair Value Hierarchy and NAV [Domain] Fair Value, Inputs, Level 1 [Member] Fair Value, Inputs, Level 2 [Member] Fair Value, Inputs, Level 3 [Member] Financial Instrument [Axis] Financial Instruments [Domain] Warrant [Member] Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value Beginning Balance Ending Balance Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings Change in fair value upon re-measurement Warrants and Rights Outstanding, Measurement Input Warrants and Rights Outstanding, Term Measurement Input Type [Axis] Measurement Input Type [Domain] Measurement Input, Risk Free Interest Rate [Member] EX-101.PRE 11 bstg-20180630_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 12 R1.htm IDEA: XBRL DOCUMENT

Document And Entity Information - shares	6 Months Ended
Document And Entity Information - shares	Jun. 30, 2018	Aug. 10, 2018
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q2
Entity Registrant Name	Biostage, Inc.
Entity Central Index Key	0001563665
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Trading Symbol	BSTG
Entity Common Stock, Shares Outstanding		5,663,419

XML 13 R2.htm IDEA: XBRL DOCUMENT

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Current Assets:
Cash	$ 5,806	$ 4,038
Prepaid expenses	228	289
Grant receivable	127	0
Other current assets	36	86
Total current assets	6,197	4,413
Property, plant and equipment, net	573	632
Total assets	6,770	5,045
Current liabilities:
Accounts payable	167	923
Accrued and other current liabilities	960	383
Due to related party	0	300
Warrant liability	236	16
Total current liabilities	1,363	1,622
Total liabilities	1,363	1,622
Commitments and contingencies (Note 6)
Stockholders' equity:
Preferred stock	0	0
Common stock, $0.01 par value; 120,000,000 shares authorized and 5,663,419 and 2,507,304 shares issued and outstanding as of June 30, 2018 and December 31, 2017, respectively	57	25
Additional paid-in capital	57,189	50,157
Accumulated deficit	(51,839)	(48,234)
Total stockholders' equity	5,407	3,423
Total liabilities and stockholders' equity	6,770	5,045
Series D Preferred Stock [Member]
Stockholders' equity:
Preferred stock	$ 0	$ 1,475

XML 14 R3.htm IDEA: XBRL DOCUMENT

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2018	Dec. 31, 2017
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	120,000,000	120,000,000
Common stock, shares issued	5,663,419	2,507,304
Common stock, shares outstanding	5,663,419	2,507,304
Undesignated Preferred Stock [Member]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	984,000	984,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Series D Convertible Preferred Stock [Member]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	12,000	12,000
Preferred stock, shares issued	0	3,108
Preferred stock, shares outstanding	0	3,108

XML 15 R4.htm IDEA: XBRL DOCUMENT

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenues	$ 0	$ 0	$ 0	$ 0
Operating expenses:
Research and development	928	2,688	1,480	4,757
Selling, general and administrative	1,105	1,039	2,033	2,018
Total operating expenses	2,033	3,727	3,513	6,775
Operating loss	(2,033)	(3,727)	(3,513)	(6,775)
Other income (expense):
Grant income	76	0	135
Change in fair value of warrant liability	(96)	124	(220)	(669)
Other expense	(7)	0	(7)	0
Total other income (expense), net	(27)	124	(92)	(669)
Net loss and comprehensive loss	$ (2,060)	$ (3,603)	$ (3,605)	$ (7,444)
Basic and diluted net loss per share	$ (0.55)	$ (1.94)	$ (1.11)	$ (4.63)
Weighted average common shares, basic and diluted	3,720	1,856	3,238	1,607

XML 16 R5.htm IDEA: XBRL DOCUMENT

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Cash flows from operating activities
Net loss	$ (3,605)	$ (7,444)
Adjustments to reconcile net loss to net cash flows used in operating activities:
Share-based compensation expense	267	397
Depreciation	128	236
Change in fair value of warrant liability	220	669
Loss on disposal of property, plant and equipment	8	0
Changes in operating assets and liabilities:
Accounts receivable	0	42
Prepaid expenses	61	113
Grant receivable	(127)	0
Other current assets	1	115
Accounts payable	(759)	(275)
Accrued and other current liabilities	577	(46)
Net cash used in operating activities	(3,229)	(6,193)
Cash flows from investing activities
Additions to property and equipment	(89)	(125)
Cash received from sale of property, plant and equipment	64	0
Net cash used in investing activities	(25)	(125)
Cash flows from financing activities
Return of related party advance	(300)	0
Proceeds from issuance of common stock and warrants, net of offering costs	5,322	6,801
Net cash provided by financing activities	5,022	6,801
Net increase in cash	1,768	483
Cash at beginning of period	4,038	2,941
Cash at end of period	5,806	3,424
Supplemental non-cash investing activities:
Fair value of warrant liability reclassified to additional paid-in capital	0	3,150
Fair value of liability warrants issued in connection with issuance of common stock	0	3,787
Equipment purchases included in accounts payable	3	0
Conversion of Series D preferred stock into common stock	$ 1,475	$ 0

XML 17 R6.htm IDEA: XBRL DOCUMENT

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - 6 months ended Jun. 30, 2018 - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock [Member]	Series D Convertible Preferred Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]
Balance at Dec. 31, 2017	$ 3,423	$ 25	$ 1,475	$ 50,157	$ (48,234)
Balance (in shares) at Dec. 31, 2017		2,507	3
Net loss	(3,605)	$ 0	$ 0	0	(3,605)
Share-based compensation	267	0	0	267	0
Issuance of common stock, net of offering costs	5,271	$ 16	$ 0	5,255	0
Issuance of common stock, net of offering costs (in shares)		1,602	0
Issuance of warrants to purchase common stock in connection with issuance of common stock above	51	$ 0	$ 0	51	0
Conversion of Series D convertible preferred stock to common stock	0	$ 16	$ (1,475)	1,459	0
Conversion of Series D convertible preferred stock to common stock (in shares)		1,554	(3)
Balance at Jun. 30, 2018	$ 5,407	$ 57	$ 0	$ 57,189	$ (51,839)
Balance (in shares) at Jun. 30, 2018		5,663	0

- Definition

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

+ References + Details

XML 18 R7.htm IDEA: XBRL DOCUMENT

Overview and Basis of Presentation

6 Months Ended

Jun. 30, 2018

Accounting Policies [Abstract]

Business Description and Basis of Presentation [Text Block]

Overview and Basis of Presentation

Overview

Biostage, Inc. (“Biostage” or the “Company”) is a biotechnology company developing bioengineered organ implants based on the Company’s novel Cellframe

technology. The Company’s Cellframe technology is comprised of a biocompatible scaffold that is seeded with the recipient’s own stem cells. The Company believes that this technology may prove to be effective for treating patients across a number of life-threatening medical indications who currently have unmet medical needs. The Company is currently developing its Cellframe technology to treat life-threatening conditions of the esophagus, bronchus or trachea with the objective of dramatically improving the treatment paradigm for those patients. Since inception, the Company has devoted substantially all of its efforts to business planning, research and development, recruiting management and technical staff, and acquiring operating assets. The Company has one business segment and does not have significant costs or assets outside the United States.

Basis of Presentation

Going Concern

Net loss per Share

The Company applies the two-class method to calculate basic and diluted net loss per share attributable to common stockholders as its warrants to purchase common stock are participating securities.

Basic and diluted shares outstanding are the same for each period presented as all common stock equivalents would be antidilutive due to the net losses incurred.

Unaudited Interim Financial Information

XML 19 R8.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies and Recently Issued Accounting Pronouncements

6 Months Ended

Jun. 30, 2018

Accounting Policies [Abstract]

Significant Accounting Policies [Text Block]

Summary of Significant Accounting Policies and Recently Issued Accounting Pronouncements

Summary of Significant Accounting Policies

SBIR Award

Recently Adopted Accounting Pronouncements

In August 2016, the FASB issued ASU No. 2016-15,

Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”)

. This amendment addresses eight classification issues related to the statement of cash flows. The Company adopted this standard on January 1, 2018 and its adoption did not have a material impact on the Company’s consolidated financial statements.

In November 2016, the FASB issued ASU 2016-18,

Statement of Cash Flows (“ASU 2016-18”)

, which requires that amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The Company adopted this standard on January 1, 2018 and its adoption did not have any impact on its consolidated financial statements since the Company does not have restricted cash amounts.

In May 2017, the FASB issued ASU 2017-09,

Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting (“ASU 2017-09”)

, which clarifies when to account for a change to the terms or conditions of a share-based payment award as a modification. The new standard does not change the accounting for modifications but clarifies that modification accounting guidance should only be applied if the fair value, vesting conditions, or classification of the award changes as a result of the change in terms or conditions. The new standard is effective for fiscal years, and interim periods within, beginning after December 15, 2017. Early adoption is permitted. A reporting entity must apply the amendments in the ASU prospectively to an award modified on or after the adoption date. The Company adopted ASU 2017-09 as of the required effective date of January 1, 2018 and its adoption did not have a material impact on the Company’s financial statements. The adoption of ASU 2017-09 will have an impact on the accounting for the modification of stock-based awards, if any, to the extent stock-based awards are modified.

Recently Issued Accounting Pronouncements

In February 2016, the FASB issued ASU No. 2016-02,

Leases

(“ASU 2016-02”). ASU 2016-02 will require lessees to recognize most leases on their balance sheet as a right-of-use asset and a lease liability. Leases will be classified as either operating or finance, and classification will be based on criteria similar to current lease accounting, but without explicit bright lines. The guidance is effective for annual reporting periods beginning after December 15, 2018 and interim periods within those fiscal years, and early adoption is permitted. The Company expects to elect the modified retrospective transition option on January 1, 2019, however, is currently evaluating the impact that the adoption of ASU 2016-02 will have on its consolidated financial statements and related disclosures.

XML 20 R9.htm IDEA: XBRL DOCUMENT

Capital Stock

6 Months Ended

Jun. 30, 2018

Stockholders' Equity Note [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

Capital Stock

of consideration to the warrants using the relative fair-value method and included such amount in additional paid-in capital. The Company classified these warrants as permanent equity versus liability warrants as the warrants do not have any redemption features nor a right to put for cash that is outside the control of the Company. Connecticut Children’s Chief Executive Officer, James Shmerling, is a member of the respective Board of Directors of each of the Company and Connecticut

Children’s.

XML 21 R10.htm IDEA: XBRL DOCUMENT

Fair Value Measurements

6 Months Ended

Jun. 30, 2018

Fair Value Disclosures [Abstract]

Fair Value Disclosures [Text Block]

Fair Value Measurements

The Company had no assets or liabilities classified as Level 1 or Level 2 as of June 30, 2018 and December 31, 2017.

The following fair value hierarchy table presents information about the Company’s financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2018:

	Fair Value Measurement as of June 30, 2018
	(In thousands)
	Level 1		Level 2		Level 3		Total

Warrant liability	$	-	$	-	$	236	$	236
Total	$	-	$	-	$	236	$	236

The following fair value hierarchy table presents information about the Company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2017:

	Fair Value Measurement as of December 31, 2017
	(In thousands)
	Level 1		Level 2		Level 3		Total

Warrant liability	$	-	$	-	$	16	$	16
Total	$	-	$	-	$	16	$	16

	Warrant Liability
	(in thousands)
Balance at December 31, 2017	$	16
Change in fair value upon re-measurement		220
Balance at June 30, 2018	$	236

There were no transfers between Level 1 and Level 2 in any of the periods reported.

	June 30, 2018			December 31, 2017
Risk-free interest rate		2.68	%		2.09	%
Expected volatility		98.4	%		85.0	%
Expected term (in years)		3.6			4.1
Expected dividend yield		-			-
Exercise price	$	8.00		$	8.00
Market value of common stock	$	4.52		$	0.87
Warrants to purchase shares of common stock		92,212			92,212

- 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

XML 22 R11.htm IDEA: XBRL DOCUMENT

Stock-Based Compensation

6 Months Ended

Jun. 30, 2018

Share-based Compensation [Abstract]

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

Stock-Based Compensation

Biostage 2013 Equity Incentive Plan

	Stock Options					Restricted Stock Units
	Amount			Weighted-average exercise price		Amount			Weighted -average grant date fair value

Outstanding at December 31, 2017		167,474		$	45.84		14,875		$	7.68
Granted		1,239,079			2.72		-			-
Vested (RSUs)		-			-		(6,228	)		7.68
Canceled		(18,201	)		47.14		(912	)		7.68
Outstanding at June 30, 2018		1,388,352		$	7.34		7,735		$	7.68

The underlying common shares for the

6,228

vested RSUs were unissued as of June 30, 2018.

Expected volatility	88.0-90.6		%
Expected dividends		0.00	%
Expected term		5.75-6.05	years
Risk-free rate		2.65-2.78	%

The Company’s outstanding stock options include 536,355

performance-based awards as of June 30, 2018 that have vesting provisions subject to the achievement of certain business milestones. Compensation expense has not yet been recognized for these performance-based awards given the milestone achievements have not yet been deemed probable for accounting purposes

The Company recorded equity-based compensation expense in the following expense categories of its consolidated statements of operations:

	Three Months Ended June 30,				Six Months Ended June 30,
	2018		2017		2018		2017
	(in thousands)				(in thousands)

Research and development	$	69	$	111	$	78	$	182
General and administrative		123		95		189		215
Total stock-based compensation	$	192	$	206	$	267	$	397

XML 23 R12.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies

6 Months Ended

Jun. 30, 2018

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies Disclosure [Text Block]

Commitments and Contingencies

First Pecos Breach Notice

Other

XML 24 R13.htm IDEA: XBRL DOCUMENT

Related Party Transactions

6 Months Ended

Jun. 30, 2018

Related Party Transactions

Relationship with Harvard Bioscience

Due to Related Party

XML 25 R14.htm IDEA: XBRL DOCUMENT

Net loss per Share

6 Months Ended

Jun. 30, 2018

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

Net Loss Per Share

	Six Months Ended June 30,
	2018		2017

Unvested restricted common stock units		7,735		20,237
Warrants to purchase common stock		4,178,647		1,128,041
Options to purchase common stock		1,388,352		263,528
Total		5,574,734		1,411,806

XML 26 R15.htm IDEA: XBRL DOCUMENT

Income Taxes

6 Months Ended

Jun. 30, 2018

Income Tax Disclosure [Abstract]

Income Tax Disclosure [Text Block]

Income Taxes

XML 27 R16.htm IDEA: XBRL DOCUMENT

Headcount Reduction in 2017

6 Months Ended

Jun. 30, 2018

Restructuring and Related Activities [Abstract]

Restructuring, Impairment, and Other Activities Disclosure [Text Block]

10.

Headcount Reduction in 2017

XML 28 R17.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies and Recently Issued Accounting Pronouncements (Policies)

6 Months Ended

Jun. 30, 2018

Accounting Policies [Abstract]

Research and Development Expense, Policy [Policy Text Block]

SBIR Award

Recently Adopted Accounting Pronouncements [Policy Text Block]

Recently Adopted Accounting Pronouncements

In August 2016, the FASB issued ASU No. 2016-15,

Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”)

In November 2016, the FASB issued ASU 2016-18,

Statement of Cash Flows (“ASU 2016-18”)

In May 2017, the FASB issued ASU 2017-09,

Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting (“ASU 2017-09”)

New Accounting Pronouncements, Policy [Policy Text Block]

Recently Issued Accounting Pronouncements

In February 2016, the FASB issued ASU No. 2016-02,

Leases

XML 29 R18.htm IDEA: XBRL DOCUMENT

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2018

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

The following fair value hierarchy table presents information about the Company’s financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2018:

	Fair Value Measurement as of June 30, 2018
	(In thousands)
	Level 1		Level 2		Level 3		Total

Warrant liability	$	-	$	-	$	236	$	236
Total	$	-	$	-	$	236	$	236

The following fair value hierarchy table presents information about the Company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2017:

	Fair Value Measurement as of December 31, 2017
	(In thousands)
	Level 1		Level 2		Level 3		Total

Warrant liability	$	-	$	-	$	16	$	16
Total	$	-	$	-	$	16	$	16

Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

	Warrant Liability
	(in thousands)
Balance at December 31, 2017	$	16
Change in fair value upon re-measurement		220
Balance at June 30, 2018	$	236

Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block]

	June 30, 2018			December 31, 2017
Risk-free interest rate		2.68	%		2.09	%
Expected volatility		98.4	%		85.0	%
Expected term (in years)		3.6			4.1
Expected dividend yield		-			-
Exercise price	$	8.00		$	8.00
Market value of common stock	$	4.52		$	0.87
Warrants to purchase shares of common stock		92,212			92,212

XML 30 R19.htm IDEA: XBRL DOCUMENT

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2018

Stock Based Compensation [Line Items]

Share-based Compensation, Activity [Table Text Block]

	Stock Options					Restricted Stock Units
	Amount			Weighted-average exercise price		Amount			Weighted -average grant date fair value

Outstanding at December 31, 2017		167,474		$	45.84		14,875		$	7.68
Granted		1,239,079			2.72		-			-
Vested (RSUs)		-			-		(6,228	)		7.68
Canceled		(18,201	)		47.14		(912	)		7.68
Outstanding at June 30, 2018		1,388,352		$	7.34		7,735		$	7.68

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

The weighted average assumptions for valuing the options granted during the six months ended June 30, 2018 were as follows:

Expected volatility	88.0-90.6		%
Expected dividends		0.00	%
Expected term		5.75-6.05	years
Risk-free rate		2.65-2.78	%

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

The Company recorded equity-based compensation expense in the following expense categories of its consolidated statements of operations:

	Three Months Ended June 30,				Six Months Ended June 30,
	2018		2017		2018		2017
	(in thousands)				(in thousands)

Research and development	$	69	$	111	$	78	$	182
General and administrative		123		95		189		215
Total stock-based compensation	$	192	$	206	$	267	$	397

XML 31 R20.htm IDEA: XBRL DOCUMENT

Net loss per Share (Tables)

6 Months Ended

Jun. 30, 2018

Earnings Per Share [Abstract]

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

	Six Months Ended June 30,
	2018		2017

Unvested restricted common stock units		7,735		20,237
Warrants to purchase common stock		4,178,647		1,128,041
Options to purchase common stock		1,388,352		263,528
Total		5,574,734		1,411,806

XML 32 R21.htm IDEA: XBRL DOCUMENT

Overview and Basis of Presentation (Details Textual) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Overview And Basis Of Presentation [Line Items]
Retained Earnings (Accumulated Deficit)	$ (51,839)	$ (48,234)
Cash	$ 5,806	$ 4,038

XML 33 R22.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies and Recently Issued Accounting Pronouncements (Details Textual) - USD ($)	1 Months Ended	6 Months Ended
	Mar. 28, 2018	Jun. 30, 2018
Basic And Diluted Earnings Per Share [Line Items]
Maximum research and development expenses reimbursement	$ 225,000
Research and Development Arrangement, Contract to Perform for Others, Description and Terms		The SBIR grant has the potential to provide a total award up to $1.7 million. If Phase I is successful, and funding is available, a Phase II award of up to approximately $1.5 million would support pre-clinical testing of pediatric Cellspan™ Esophageal Implants planned to begin later in 2018. The Phase II Funds, if awarded, would be spent over an estimated two years.

XML 34 R23.htm IDEA: XBRL DOCUMENT

Capital Stock (Details Textual) - USD ($)		1 Months Ended				6 Months Ended
Capital Stock (Details Textual) - USD ($)	Jan. 03, 2018	Jun. 29, 2018	May 23, 2018	Dec. 27, 2017	Feb. 20, 2017	Jun. 30, 2018	Jun. 30, 2017	Feb. 20, 2018	Dec. 31, 2017
Class of Warrant or Right, Number of Securities Called by Warrants or Rights						92,212			92,212
Class of Warrant or Right, Exercise Price of Warrants or Rights						$ 8.00			$ 8.00
Proceeds from Issuance of Private Placement		$ 900,000	$ 3,600,000	$ 4,100,000		$ 5,322,000	$ 6,801,000
Proceeds from Warrant Exercises				$ 2,100,000
Stock Issued During Period, Shares, New Issues		250,000
Share Price						$ 4.52			$ 0.87
Stock Issued During Period, Value, New Issues		$ 800,000	$ 3,400,000		$ 1,000,000	$ 5,271,000
Warrants and Rights Outstanding	$ 51,000
Shares Issued, Price Per Share		$ 3.60	$ 3.60
Common Stock [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	75,000			3,108,000
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 2.00
Stock Issued During Period, Shares, New Issues	50,000			518,000		1,602,000
Share Price	$ 2.00			$ 2.00
Stock Issued During Period, Value, New Issues						$ 16,000
Private Placement [Member]
Stock Issued During Period, Shares, New Issues			1,000,000		302,115
Share Price								$ 3.31
Proceeds from Issuance of Common Stock	$ 100,000
Series D Preferred Stock [Member]
Preferred Stock, Shares Issued				3,108
Preferred Stock, Par or Stated Value Per Share				$ 1,000
Class of Warrant or Right, Exercise Price of Warrants or Rights				$ 2.00
Conversion of Stock, Shares Converted			3,108
Conversion of Stock, Shares Issued			1,554,000

XML 35 R24.htm IDEA: XBRL DOCUMENT

Fair Value Measurements (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value	$ 236	$ 16
Warrant [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value	236	16
Fair Value, Inputs, Level 1 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value	0	0
Fair Value, Inputs, Level 1 [Member] \| Warrant [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value	0	0
Fair Value, Inputs, Level 2 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value	0	0
Fair Value, Inputs, Level 2 [Member] \| Warrant [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value	0	0
Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value	236	16
Fair Value, Inputs, Level 3 [Member] \| Warrant [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value	$ 236	$ 16

XML 36 R25.htm IDEA: XBRL DOCUMENT

Fair Value Measurements (Details 1) $ in Thousands	6 Months Ended
Fair Value Measurements (Details 1) $ in Thousands	Jun. 30, 2018 USD ($)
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Beginning Balance	$ 16
Ending Balance	236
Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Beginning Balance	16
Ending Balance	236
Warrant [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Beginning Balance	16
Ending Balance	236
Warrant [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Beginning Balance	16
Change in fair value upon re-measurement	220
Ending Balance	$ 236

XML 37 R26.htm IDEA: XBRL DOCUMENT

Fair Value Measurements (Details 2)	Jun. 30, 2018 $ / shares shares	Dec. 31, 2017 $ / shares shares
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Exercise price	$ 8.00	$ 8.00
Market value of common stock	$ 4.52	$ 0.87
Warrants to purchase shares of common stock \| shares	92,212	92,212
Measurement Input, Risk Free Interest Rate [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input	2.68	2.09
Measurement Input, Price Volatility [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input	98.4	85.0
Measurement Input, Expected Term [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Term	3 years 7 months 6 days	4 years 1 month 6 days
Measurement Input, Expected Dividend Rate [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input	0	0

XML 38 R27.htm IDEA: XBRL DOCUMENT

Stock-Based Compensation (Details) - $ / shares	1 Months Ended	6 Months Ended
Stock-Based Compensation (Details) - $ / shares	May 31, 2016	Jun. 30, 2018
Stock Options Amount, Granted \| shares	1,600,000
Restricted Stock Units (RSUs) [Member]
Restricted Stock Units Amount, Balance \| shares		14,875
Restricted Stock Units Amount, Granted \| shares		0
Restricted Stock Units Amount, Vested (RSUs) \| shares		(6,228)
Restricted Stock Units Amount, Cancelled \| shares		(912)
Restricted Stock Units Amount, Balance \| shares		7,735
Weighted-average grant date fair value, Balance \| $ / shares		$ 7.68
Weighted-average grant date fair value, Granted \| $ / shares		0
Weighted-average grant date fair value, Vested (RSUs) \| $ / shares		7.68
Weighted-average grant date fair value, Cancelled \| $ / shares		7.68
Weighted-average grant date fair value, Balance \| $ / shares		$ 7.68
Employee Stock Option [Member]
Stock Options Amount, Balance \| shares		167,474
Stock Options Amount, Granted \| shares		1,239,079
Stock Options Amount, Vested (RSUs) \| shares		0
Stock Options Amount, Cancelled \| shares		(18,201)
Stock Options Amount, Balance \| shares		1,388,352
Weighted-average exercise price, Balance \| $ / shares		$ 45.84
Weighted-average exercise price, Granted \| $ / shares		2.72
Weighted-average exercise price, Vested (RSUs) \| $ / shares		0
Weighted-average exercise price, Cancelled \| $ / shares		47.14
Weighted-average exercise price, Balance \| $ / shares		$ 7.34

XML 39 R28.htm IDEA: XBRL DOCUMENT

Stock-Based Compensation (Details 1)	6 Months Ended
Stock-Based Compensation (Details 1)	Jun. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Expected volatility, Maximum	90.60%
Expected volatility, Minimum	88.00%
Expected dividends	0.00%
Risk-free rate , Minimum	2.65%
Risk-free rate , Maximum	2.78%
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Expected term	6 years 18 days
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Expected term	5 years 9 months

XML 40 R29.htm IDEA: XBRL DOCUMENT

Stock-Based Compensation (Details 2) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 192	$ 206	$ 267	$ 397
Research and development [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	69	111	78	182
General and administrative [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 123	$ 95	$ 189	$ 215

XML 41 R30.htm IDEA: XBRL DOCUMENT

Stock-Based Compensation (Details Textual) - shares	1 Months Ended	6 Months Ended
Stock-Based Compensation (Details Textual) - shares	May 31, 2016	Jun. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	2,098,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	1,600,000
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number		536,355
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period		6,228

XML 42 R31.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies (Details Textual) - USD ($)	1 Months Ended
	Jun. 30, 2017	Jun. 30, 2018	Jan. 03, 2018	Dec. 31, 2017	Dec. 27, 2017	Oct. 31, 2017
Loss Contingencies [Line Items]
Share Price		$ 4.52		$ 0.87
Common Stock [Member]
Loss Contingencies [Line Items]
Share Price			$ 2.00		$ 2.00
First Pecos, LLC [Member]
Loss Contingencies [Line Items]
Private Placement Shares to be Issued	9,700,000
Precentage of Company Common Stock	19.90%
Loss Contingencies						$ 500,000
First Pecos, LLC [Member] \| Common Stock [Member]
Loss Contingencies [Line Items]
Share Price	$ 0.315
First Pecos, LLC [Member] \| Preferred Stock [Member]
Loss Contingencies [Line Items]
Share Price	$ 1,000

XML 43 R32.htm IDEA: XBRL DOCUMENT

Related Party Transactions (Details Textual) - USD ($) $ in Millions	1 Months Ended	6 Months Ended
	Oct. 31, 2013	Jun. 30, 2018	Nov. 03, 2017
Related Party Transaction [Line Items]
Due from Related Parties, Current		$ 0.3
Product Distribution Agreement Term		10 years
Harvard Bioscience [Member]
Related Party Transaction [Line Items]
Proceeds from Contributions from Parent	$ 15.0
Accrued Rent, Current			$ 0.1

XML 44 R33.htm IDEA: XBRL DOCUMENT

Net loss per Share (Details) - shares	6 Months Ended
Net loss per Share (Details) - shares	Jun. 30, 2018	Jun. 30, 2017
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	5,574,734	1,411,806
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	7,735	20,237
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	4,178,647	1,128,041
Employee Stock Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	1,388,352	263,528

XML 45 R34.htm IDEA: XBRL DOCUMENT

Headcount Reduction in 2017 (Details Textual)	1 Months Ended	2 Months Ended	3 Months Ended	6 Months Ended
Headcount Reduction in 2017 (Details Textual)	Feb. 28, 2018 USD ($)	Nov. 30, 2017 USD ($)	Mar. 31, 2018	Jun. 30, 2018 USD ($)
Restructuring and Related Cost, Expected Number of Positions Eliminated		20
Restructuring Costs		$ 99,000
Restructuring and Related Cost, Description		In addition, officers of the Company agreed to a temporary reduction in their salaries by 50% effective November 2017.
Percentage of Salary of Officers on Contracted Rate			80.00%
Payments for Postemployment Benefits	$ 99,000
Salary and Wage, Officer, Excluding Cost of Good and Service Sold				$ 104,000

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