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Warrants (Tables)
 12 Months Ended
Dec. 31, 2017
Equity [Abstract]  
Outstanding Liability Classified Warrants to Purchase Common Stock
The following table summarizes the Company’s outstanding warrants to purchase common stock as of:
 
Number of Warrants
 
 
 
 
 
December 31, 2017
 
December 31, 2016
 
Exercise 
Price
 
Expiration Dates
Liability-classified Warrants
 
 
 
 
 
 
 
Issued in Series E Preferred Stock offering (1)
—

 
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
 
6,927,413

 
6,998,843

 
 
 
 
Equity-classified Warrants
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Issued in 2017 Series A Preferred Stock Offering
3,437,334

 
—

 
$
2.54

 
Mar 2022
Issued in 2017 Common Stock Offering - common warrants
14,046,950

 
—

 
$
0.77

 
Dec 2022
Issued in 2017 Common Stock Offering - underwriter warrants
436,364

 
—

 
$
0.9625

 
Dec 2022
Issued in 2017 Common Stock Offering - pre-funded warrants
2,416,104

 
—

 
$
0.01

 
No exp
 
20,336,752

 
—

 
 
 
 
 
 
 
 
 
 
 
 
Total outstanding warrants
27,264,165

 
6,998,843

 
 

 
 

(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 $2.10 and from $2.10 per warrant share to $0.77 and the number of warrant shares was increased by 154,288 and 80,197 during 2016 and 2017, respectively.
Summary of Warrant Activity
The table below is a summary of the Company’s warrant activity for the year ended December 31, 2017.
 
Number of warrants
 
 
 
Liability-classified
 
Equity-classified
 
Total
 
Weighted-average exercise price
Outstanding at December 31, 2016
6,998,843

 
—

 
6,998,843

 
$
5.98

Granted
—

 
23,842,856

 
23,842,856

 
0.84

Adjustments (1)
80,197

 
 
 
80,197

 
0.77

Exercised
(25,000
)
 
(3,506,104
)
 
(3,531,104
)
 
0.02

Expired
(126,627
)
 
—

 
(126,627
)
 
0.77

Outstanding at December 31, 2017
6,927,413

 
20,336,752

 
27,264,165

 
$
2.26

(1) See footnote 1 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,
2017
 
December 31,
2016
Calculated aggregate value
$
1,073

 
$
6,034

Weighted average exercise price per share
$
6.02

 
$
5.98

Closing price per share of common stock
$
0.64

 
$
1.89

Volatility
92.2
%
 
85.6
%
Weighted average remaining expected life
3 years, 4 months

 
4 years, 3 months

Risk-free interest rate
2.00
%
 
1.75
%
Dividend yield
—

 
—