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Warrants (Tables)
 12 Months Ended
Dec. 31, 2016
Equity [Abstract]  
Outstanding Liability Classified Warrants to Purchase Common Stock
The following table summarizes outstanding liability-classified warrants to purchase common stock as of:
 
Number of Warrants
 
 
 
 
 
December 31, 2016
 
December 31, 2015
 
Exercise 
Price
 
Expiration Dates
Issued in March 2010 financing
—

 
319,789

 
$
6.25

 
Mar 2016
Issued in June 2011 financing
—

 
6,113

 
$
22.50

 
Jun 2016
Issued in August 2011 financing
—

 
565,759

 
$
18.75

 
Aug 2016
Issued to placement agents in August 2011 financing
—

 
50,123

 
$
13.635

 
Aug 2016
Issued in Series B and D Preferred Stock offerings 
—

 
1,970,594

 
$
6.250

 
Jul 2016 - Dec 2016
Issued in Series E Preferred Stock offering (1)
214,288

 
60,000

 
$
0.70

 
Dec 2017
Issued with June 2012 Convertible Notes
1,125,578

 
1,125,578

 
$
2.50

 
Jun 2018
Issued in Series E Preferred Stock offering
1,568,823

 
1,568,823

 
$
7.50

 
Dec 2018
Issued with September 2016 Convertible Notes
18,087,500

 
—

 
$
1.50

 
Sep 2021
Total
20,996,189

 
5,666,779

 
 

 
 

(1)
As a result of the anti-dilution provisions contained in the warrants, the exercise price for warrants issued in connection with the Company’s Series E Preferred Stock offering was decreased from $2.50 per warrant share to $0.70 and the number of warrant shares was increased by 154,288 during 2016.
Summary of Warrant Activity
The table below is a summary of the Company's warrant activity for the year ended December 31, 2016.
 
Number of
warrants
 
Weighted average
exercise price
Outstanding at December 31, 2015
5,666,779

 
$
7.14

Issued
18,087,500

 
1.50

Adjustments (1)
154,288

 
0.70

Exercised
—

 
—

Expired
(2,912,378
)
 
8.84

Outstanding at December 31, 2016
20,996,189

 
$
1.99

(1)
See footnote 1 in table above.
Calculated Aggregate Fair Values and Net Cash Settlement Value
The following table summarizes the calculated aggregate fair values, along with the assumptions utilized in each calculation: 
($ in thousands, except per share data)
December 31,
2016
 
December 31,
2015
Calculated aggregate value
$
6,034

 
$
8,275

Weighted average exercise price per share
$
1.99

 
$
7.14

Closing price per share of common stock
$
0.63

 
$
4.55

Volatility
85.6
%
 
85.2
%
Weighted average remaining expected life
4 years, 3 months

 
1 year, 8 months

Risk-free interest rate
1.75
%
 
0.98
%
Dividend yield
—

 
—