Stockholders' Equity

12 Months Ended

Dec. 31, 2016

Stockholders' Equity Note [Abstract]

Stockholders' Equity

9. Stockholders’ Equity

Issuances of Common Stock - In January 2014, the Company issued a total of 5,000,000 shares of the Company’s common stock and warrants to purchase 2,500,000 shares of the Company’s common stock for aggregate gross proceeds of $15.0 million. The warrants are exercisable for a period of five years from the date of issuance. The exercise price of the warrants is $4.74 a share. The Company also issued warrants to purchase 250,000 shares of the Company’s common stock to the Placement Agent for the transaction with the same terms and conditions.

In December 2014, a former director of the Company exercised stock options on 525,000 shares of the Company’s common stock for aggregate gross proceeds of $0.4 million.

In July 2016, the Company issued a total of 5,882,352 shares of the Company’s common stock and investor warrants to purchase 2,941,176 shares of the Company’s common stock for aggregate gross proceeds of $10.0 million. The warrants are exercisable for a period of five years from the date of issuance. The exercise price of the investor warrants is $2.30 a share. The Company also issued warrants to purchase 250,000 shares of the Company’s common stock to the placement agent for the transaction. The warrants are exercisable for a period of five years from the date of issuance. The exercise price of the placement agent warrants is $2.46 a share.

Stockholders’ Equity totaled $8.2 million as of December 31, 2016 compared to $9.8 million as of December 31, 2015. There were 95,645,224 shares of common stock issued and outstanding as of December 31, 2016. There were no preferred shares outstanding as of December 31, 2016.