Warrants (Tables)

9 Months Ended

Sep. 30, 2018

Outstanding Warrants to Purchase Common Stock

The following table summarizes outstanding warrants to purchase the Company’s common stock:



	Number of warrants
	September 30, 2018	December 31, 2017	Exercise Price		Expiration Dates
Liability-classified Warrants
Issued with June 2012 Convertible Notes	—	75,040	$	37.50	Jun 2018
Issued in Series E Preferred Stock offering	104,676	104,676	$	112.50	Dec 2018
Issued with September 2016 Convertible Notes	1,205,840	1,205,840	$	22.50	Sept 2021
Total liability-classified warrants	1,310,516	1,385,556

Equity-classified Warrants
Issued in 2017 Series A Preferred Stock Offering	687,468	687,468	$	12.69	Mar 2022
Issued in December 2017 Offering - common warrants	2,679,702	2,809,404	$	3.85	Dec 2022
Issued in December 2017 Offering - underwriter warrants	87,274	87,274	$	4.8125	Dec 2022
Issued in December 2017 Offering - pre-funded warrants	—	483,221	$	0.05	No exp
Issued in May 2018 Private Placement - common warrants	1,528,668	—	$	2.86	Nov 2023
Issued in May 2018 - underwriter warrants	142,676	—	$	3.679	May 2023
Issued in July 2018 Private Placement - common warrants	958,152	—	$	2.70	Jan 2024
Issued in July 2018 - underwriter warrants	103,186	—	$	3.464	Jul 2023
Total equity-classified warrants	6,187,126	4,067,367


Total outstanding warrants	7,497,642	5,452,923

Schedule of Warrants Outstanding Roll Forward

The table below is a summary of the Company’s warrant activity during the nine months ended September 30, 2018:



	Number of warrants						Weighted- average exercise price
	Liability-classified		Equity-classified		Total		Weighted- average exercise price
Outstanding at December 31, 2017	1,385,556		4,067,367		5,452,923		$	11.32
Granted	—		2,732,682		2,732,682		2.87
Exercised	—		(612,923	)	(612,923	)	0.85
Expired	(75,040	)	—		(75,040	)	37.50
Outstanding at September 30, 2018	1,310,516		6,187,126		7,497,642		$	8.83

Summary of Other Assumptions Used by Entity

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




($ in thousands except per share data)	September 30, 2018			December 31, 2017
Calculated aggregate value	$	482		$	1,073
Weighted average exercise price per share	$	29.69		$	30.11
Closing price per share of common stock	$	2.36		$	3.20
Volatility	91.8		%	92.2		%
Weighted average remaining expected life	2 years, 9 months			3 years, 4 months
Risk-free interest rate	2.80		%	2.00		%
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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