Stockholders’ Deficit

3 Months Ended

Mar. 31, 2017

Stockholders' Equity [Abstract]

Stockholders' Equity

Note 8 – Stockholders’ Deficit

In December 2016, the Company filed a $200 million universal shelf registration statement that allows the Company to issue and sell common stock, preferred stock, warrants and/or units in one or more offerings up to an aggregate maximum offering amount of $125 million and up to $75 million in gross proceeds of its common stock pursuant to an At Market Issuance Sales Agreement (“Sales Agreement”), which the Company entered into in January 2017.

During the three months ended March 31, 2017, the Company sold 10.7 million shares of common stock between February 28, 2017 and March 30, 2017 (the “Trading Period”) resulting in $14.6 million in net proceeds (this amount excludes $0.2 million received in the second quarter of 2017 for shares traded in late March 2017). The highest and lowest weighted average daily sales price per share achieved under the Sales Agreement during the Trading Period was $1.52 on February 28, 2017 and $1.27 on March 21, 2017, respectively. The weighted average sales price achieved during the Trading Period was $1.43 per share. The Company has not made any sales under the Sales Agreement since March 30, 2017.

During the first quarter of 2016, in connection with the Company’s issuance of the Notes, the Company also entered into privately negotiated capped call transactions as discussed in Note 7.  The cost of the capped call transactions and associated expenses totaling $38.5 million were recorded as a reduction to additional paid-in-capital.