Capital Stock (Tables)

9 Months Ended

Sep. 30, 2015

Authorized, Issued and Reserved shares of common stock

As of September 30, 2015, the Company has 6,000,000 shares of preferred stock, par value $0.001 authorized and 450,000,000 shares of common stock, par value $0.001 authorized. On July 21, 2015, the Company’s shareholders’ approved an amendment to the Company’s Restated Certificate of Incorporation to increase the number of authorized shares of common stock from 300,000,000 to 450,000,000. As of September 30, 2015 the Company had 172,841,047 shares of common stock outstanding and the following shares of common stock are reserved for issuance:

	Reserved		Strike
	for issuance		Price		Expiry
Shares reserved under outstanding stock options and options available for grant		52,311,279
Shares reserved for future issuance under the Employee Stock Purchase Plan		346,247
Warrants to purchase common stock associated with December 2014 private placement		50,189,431	$	0.1003	December 23, 2021
Warrants to purchase common stock associated with December 2014 venture loan and security agreement		2,492,523	$	0.1003	December 23, 2024
Warrants to purchase common stock associated with September 2014 consulting agreement with Danforth Advisors		100,000	$	0.2500	September 8, 2024
Outstanding warrants issued in June 2012		437,158	$	0.2745	June 29, 2017
Outstanding warrants issued in May 2013, vesting May 2013		20,655,737	$	0.2745	May 17, 2020
Outstanding warrants issued in May 2013, vesting August 2013		14,426,230	$	0.2745	August 9, 2020
Total common shares reserved for issuance at September 30, 2015		140,958,605
Total common shares issued and outstanding at September 30, 2015		172,841,047
Total common shares outstanding and reserved for issuance at September 30, 2015		313,799,652

Placement Agent Warrants 2014 [Member]

Black-Scholes Pricing Model Assumptions to Determine Fair Value of Warrants

The 2014 Warrants (and the 2014 Placement Agent Warrants) were recorded as equity at fair value on the date of issuance. Fair value of the 2014 Warrants (and the 2014 Placement Agent Warrants) was calculated using the following inputs in a Black-Scholes model:

	December 23, 2014
Risk-free interest rate		1.98	%
Expected life		7 years
Expected volatility		138.4	%
Dividend yield		0	%

Lender Warrants [Member]

Black-Scholes Pricing Model Assumptions to Determine Fair Value of Warrants

The Lender Warrants were recorded as equity at fair value on the date of issuance. Fair value of the Lender Warrants was calculated using the following inputs in a Black-Scholes model:

	December 23, 2014
Risk-free interest rate		2.17	%
Expected life		10 years
Expected volatility		121.6	%
Dividend yield		0	%