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Warrants - (Tables)
12 Months Ended
Dec. 31, 2018
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, 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

 
$
112.50

 
Dec 2018
Issued with September 2016 Convertible Notes
1,205,840

 
1,205,840

 
$
22.50

 
Sept 2021
 
1,205,840

 
1,385,556

 
 
 
 
Equity-classified Warrants
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Issued in 2017 Series A Preferred Stock Offering
687,468

 
687,468

 
$
12.69

 
Mar 2022
Issued in 2017 Common Stock Offering - common warrants
2,679,702

 
2,809,404

 
$
3.85

 
Dec 2022
Issued in 2017 Common Stock Offering - underwriter warrants
87,274

 
87,274

 
$
4.8125

 
Dec 2022
Issued in 2017 Common Stock Offering - pre-funded warrants

 
483,221

 
$
0.05

 
No expiration
Issued in May 2018 Private Placement - common warrants
1,528,668

 

 
$
2.86

 
Nov 2023
Issued in May 2018 Registered Direct Offering - 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 Registered Direct Offering - underwriter warrants
103,186

 

 
$
3.464

 
Jul 2023
 
6,187,126

 
4,067,367

 
 
 
 
 
 
 
 
 
 
 
 
Total outstanding warrants
7,392,966

 
5,452,923

 
 

 
 


Summary of Warrant Activity
The table below is a summary of the Company’s warrant activity for the year ended December 31, 2018.
 
Number of warrants
 
 
 
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
(179,716
)
 

 
(179,716
)
 
81.18

Outstanding at December 31, 2018
1,205,840

 
6,187,126

 
7,392,966

 
$
7.36

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,
2018
 
December 31,
2017
Calculated aggregate value
$
152

 
$
1,073

Weighted average exercise price per share
$
22.50

 
$
30.10

Closing price per share of common stock
$
1.50

 
$
3.20

Volatility
94.1
%
 
92.2
%
Weighted average remaining expected life
2 years, 8 months

 
3 years, 4 months

Risk-free interest rate
2.45
%
 
2.00
%
Dividend yield