Warrants (Tables)

3 Months Ended

Mar. 31, 2017

Outstanding Warrants to Purchase Common Stock

The following table summarizes outstanding warrants to purchase common stock:



	Number of warrants
	March 31, 2017	December 31, 2016	Exercise Price		Expiration Dates
Liability-classified Warrants
Issued in Series E Preferred Stock offering	46,430	71,430	$	2.10	Dec 2017
Issued with June 2012 Convertible Notes	375,194	375,194	$	7.50	Jun 2018
Issued in Series E Preferred Stock offering	523,045	523,045	$	22.50	Dec 2018
Issued with September 2016 Convertible Notes	6,029,174	6,029,174	$	4.50	Sep 2021
	6,973,843	6,998,843
Equity-classified Warrants
Issued in 2017 Series A Preferred Stock Offering	3,437,334	—	$	2.54	Mar 2022
	3,437,334	—

Total outstanding warrants	10,411,177	6,998,843

Schedule of Warrants Outstanding Roll Forward

The table below is a summary of the Company’s warrant activity during the three months ended March 31, 2017:



	Number of warrants					Weighted- average exercise price
	Liability-classified		Equity-classified	Total		Weighted- average exercise price
Outstanding at December 31, 2016	6,998,843		—	6,998,843		$	5.98
Granted	—		3,437,334	3,437,334		2.54
Exercised	(25,000	)	—	(25,000	)	2.10
Expired	—		—	—		—
Outstanding at March 31, 2017	6,973,843		3,437,334	10,411,177		$	4.85

Summary of Other Assumptions Used by Entity

The following table summarizes the calculated aggregate fair values, along with the inputs and assumptions utilized in each calculation:




($ in thousands except per share data)	March 31, 2017			December 31, 2016
Calculated aggregate value	$	6,039		$	6,034
Weighted average exercise price per share	$	6.00		$	5.98
Closing price per share of common stock	$	2.00		$	1.89
Volatility	83.5		%	85.6		%
Weighted average remaining expected life	4 years			4 years, 3 months
Risk-free interest rate	1.71		%	1.75		%
Dividend yield	—			—

- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

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