XML 103 R27.htm IDEA: XBRL DOCUMENT v3.19.2
Warrants (Tables)
 6 Months Ended
Jun. 30, 2019
Warrants [Abstract]  
Outstanding Warrants to Purchase Common Stock
The following table summarizes outstanding warrants to purchase the Company’s common stock:
 
Number of warrants
 
 
 
 
 
June 30, 2019
 
December 31, 2018
 
Exercise
Price
 
Expiration
Dates
Liability-classified Warrants
 
 
 
 
 
 
 
Issued with September 2016 Convertible Notes
1,205,840

 
1,205,840

 
$
22.50

 
Sept 2021
Total liability-classified warrants
1,205,840

 
1,205,840

 
 
 
 
 
 
 
 
 
 
 
 
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

 
2,679,702

 
$
3.85

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

 
87,274

 
$
4.8125

 
Dec 2022
Issued in May 2018 Private Placement - common warrants
1,528,668

 
1,528,668

 
$
2.86

 
Nov 2023
Issued in May 2018 - underwriter warrants
142,676

 
142,676

 
$
3.679

 
May 2023
Issued in July 2018 Private Placement - common warrants
958,152

 
958,152

 
$
2.70

 
Jan 2024
Issued in July 2018 - underwriter warrants
103,186

 
103,186

 
$
3.464

 
Jul 2023
Total equity-classified warrants
6,187,126

 
6,187,126

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total outstanding warrants
7,392,966

 
7,392,966

 
 

 
 
Schedule of Warrants Outstanding Roll Forward
The table below is a summary of the Company’s warrant activity during the six months ended June 30, 2019:
 
Number of warrants
 
Weighted-
average
exercise
price
 
Liability-classified
Equity-classified
Total
 
Outstanding at December 31, 2018
1,205,840

6,187,126

7,392,966

 
$
7.36

Granted
—

—

—

 
—

Exercised
—

—

—

 
—

Expired
—

—

—

 
—

Outstanding at June 30, 2019
1,205,840

6,187,126

7,392,966

 
$
7.36
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)
June 30, 2019
 
December 31, 2018
Calculated aggregate value
$
144

 
$
152

Weighted average exercise price per share
$
22.50

 
$
22.50

Closing price per share of common stock
$
1.90

 
$
1.50

Volatility
92.8
%
 
94.1
%
Weighted average remaining expected life
2 years, 3 months

 
2 years, 8 months

Risk-free interest rate
1.74
%
 
2.45
%
Dividend yield
—

 
—