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Stock Options and Warrants (Tables)
9 Months Ended
Sep. 30, 2016
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Schedule of Total Stock-based Compensation Expense

Total stock-based compensation expense for the three and nine months ended September 30, 2016 and 2015 was comprised of the following (in thousands):

 

 

 

Three Months Ended

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

September 30,

 

 

September 30,

 

 

 

2016

 

 

2015

 

 

2016

 

 

2015

 

Cost of sales

 

$

9

 

 

$

6

 

 

$

23

 

 

$

20

 

Research and development

 

 

128

 

 

 

30

 

 

 

304

 

 

 

121

 

Selling and marketing

 

 

12

 

 

 

8

 

 

 

39

 

 

 

25

 

General and administrative

 

 

146

 

 

 

114

 

 

 

319

 

 

 

334

 

 

 

$

295

 

 

$

158

 

 

$

685

 

 

$

500

 

 

Fair Value of Stock Option Award

The fair value of options granted is estimated at the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions for the three and nine months ended September 30, 2016 and 2015:

 

 

Three Months Ended

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

Nine Months Ended

 

 

September 30,

 

 

September 30,

 

 

September 30,

 

 

September 30,

 

 

2016

 

 

2015

 

 

2016

 

 

2015

 

Significant assumptions (weighted average):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Risk-free interest rate at grant date

 

0.00

%

 

 

1.53

%

 

 

1.52

%

 

 

1.56

%

Expected stock price volatility

 

0.00

%

 

 

93.85

%

 

 

100.00

%

 

 

93.81

%

Expected dividend payout

 

0

%

 

 

0

%

 

 

0

%

 

 

0

%

Expected option life based on management's estimate

0.0 years

 

 

5.14 years

 

 

6.02 years

 

 

5.26 years

 

 

Summary of Changes in Options Outstanding and Related Exercise Prices for Shares of Company's Common Stock Options Issued

Transactions involving stock options issued to employees, directors and consultants under the 2006 Plan, the 2010 Plan and outside the plans are summarized below. Options issued have a maximum life of 10 years. The following tables summarize the changes in options outstanding and the related exercise prices for the Company’s common stock options issued:

 

 

 

Number of

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

Options Issued

 

 

Weighted

 

 

Average

 

Aggregate

 

 

 

Under

 

 

Average Exercise

 

 

Remaining

 

Intrinsic

 

 

 

2006 Plan and

 

 

Price Per

 

 

Contractual

 

Value

 

 

 

2010 Plan

 

 

Share

 

 

Term

 

(in thousands)

 

Outstanding at December 31, 2014

 

 

142,244

 

 

$

128.47

 

 

 

 

 

 

 

Granted

 

 

76,271

 

 

$

3.66

 

 

 

 

 

 

 

Exercised

 

 

 

 

$

 

 

 

 

 

 

 

Canceled or expired

 

 

(17,606

)

 

$

105.46

 

 

 

 

 

 

 

Outstanding at December 31, 2015

 

 

200,909

 

 

$

83.10

 

 

 

 

 

 

 

Granted

 

 

1,346,800

 

 

$

3.41

 

 

 

 

 

 

 

Exercised

 

 

 

 

$

 

 

 

 

 

 

 

Canceled or expired

 

 

(65,651

)

 

$

5.67

 

 

 

 

 

 

 

Outstanding at September 30, 2016

 

 

1,482,058

 

 

$

14.11

 

 

9.08 years

 

$

 

Vested and expected to vest at September 30, 2016

 

 

1,291,669

 

 

$

15.66

 

 

9.02 years

 

$

 

Exercisable at September 30, 2016

 

 

175,899

 

 

$

92.01

 

 

6.05 years

 

$

 

 

 

 

 

 

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

Number of

 

 

Weighted

 

 

Average

 

Aggregate

 

 

 

Options Issued

 

 

Average Exercise

 

 

Remaining

 

Intrinsic

 

 

 

Outside

 

 

Price Per

 

 

Contractual

 

Value

 

 

 

the Plan

 

 

Share

 

 

Term

 

(in thousands)

 

Outstanding at December 31, 2014

 

 

50,730

 

 

$

92.31

 

 

 

 

 

 

 

Granted

 

 

 

 

$

 

 

 

 

 

 

 

Exercised

 

 

 

 

$

 

 

 

 

 

 

 

Canceled or expired

 

 

 

 

$

 

 

 

 

 

 

 

Outstanding at December 31, 2015

 

 

50,730

 

 

$

92.31

 

 

 

 

 

 

 

Granted

 

 

 

 

$

 

 

 

 

 

 

 

Exercised

 

 

 

 

$

 

 

 

 

 

 

 

Canceled or expired

 

 

 

 

$

 

 

 

 

 

 

 

Outstanding, vested and exercisable at September 30, 2016

 

 

50,730

 

 

$

92.31

 

 

3.11 years

 

$

 

 

Summary of Changes in Restricted Stock Award Activity

The following table summarizes the changes in restricted stock award activity and the related weighted average exercise prices for the Company’s awards issued:

 

 

 

Restricted

 

 

 

 

 

 

 

Stock Issued

 

 

 

 

 

 

 

from the

 

 

Weighted

 

 

 

2006 Plan and

 

 

Average Grant Date

 

 

 

2010 Plan

 

 

Fair Value

 

Unvested at December 31, 2014

 

 

968

 

 

$

24.00

 

Granted

 

 

19,547

 

 

$

4.95

 

Vested

 

 

(20,515

)

 

$

5.81

 

Forfeited

 

 

 

 

$

 

Unvested at December 31, 2015

 

 

 

 

$

 

Granted

 

 

31,611

 

 

$

2.31

 

Vested

 

 

(31,611

)

 

$

2.31

 

Forfeited

 

 

 

 

$

 

Unvested at September 30, 2016

 

$

 

 

$

 

 

Summary of Outstanding Warrants Related to Warrant Transactions

Share data related to warrant transactions through September 30, 2016 were as follows:

 

 

 

Common Stock

 

 

Common Stock

 

 

Common Stock

 

 

 

 

 

 

Price per Warrant

 

 

 

March 2016 Financing

 

 

October 2014 Financing

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Placement

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Placement

 

 

Skin Care

 

 

Jan 2013

 

 

Mar 2013

 

 

Total

 

 

 

 

 

Average

 

 

 

Series A

 

 

Series B

 

 

Series C

 

 

Agent

 

 

Series A

 

 

Series B

 

 

Series C

 

 

Agent

 

 

Marketing

 

 

Financing

 

 

Financing

 

 

Warrants

 

 

Range

 

 

Exercise Price

 

Outstanding,

   December 31, 2014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

258,519

 

 

 

219,224

 

 

 

258,519

 

 

 

62,045

 

 

 

1,334

 

 

 

33,750

 

 

 

16,667

 

 

 

850,058

 

 

$

8.64-300.00

 

 

$

 

10.31

 

2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issued

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

 

 

 

$

 

 

Exercised

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(246,108

)

 

 

(12,409

)

 

 

(258,518

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(517,035

)

 

$

1.79-6.72

 

 

$

 

2.40

 

Forfeited/Cancelled

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(206,815

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(206,815

)

 

$

 

11.25

 

 

$

 

11.25

 

Rounding due to July 29,

   2015 reverse stock split

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3

)

 

 

 

 

 

 

(1

)

 

 

2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2

)

 

 

 

 

 

 

 

 

Outstanding,

   December 31, 2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12,408

 

 

 

 

 

 

 

 

 

62,047

 

 

 

1,334

 

 

 

33,750

 

 

 

16,667

 

 

 

126,206

 

 

$

1.79-300.00

 

 

$

 

15.82

 

2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issued

 

 

3,605,713

 

 

 

3,605,713

 

 

 

3,605,713

 

 

 

342,856

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11,159,995

 

 

$

1.75-3.64

 

 

$

 

2.42

 

Exercised

 

 

 

 

 

 

(569,285

)

 

 

 

 

 

 

 

 

 

 

(12,408

)

 

 

 

 

 

 

 

 

 

 

(59,564

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(641,257

)

 

$

 

1.75

 

 

$

 

1.75

 

Forfeited/Cancelled

 

 

 

 

 

 

(3,036,428

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,334

)

 

 

 

 

 

 

 

 

 

 

(3,037,762

)

 

$

1.75-300.00

 

 

$

 

1.86

 

Outstanding,

   September 30, 2016

 

 

3,605,713

 

 

 

 

 

 

3,605,713

 

 

 

342,856

 

 

 

 

 

 

 

 

 

 

 

 

2,483

 

 

 

 

 

 

33,750

 

 

 

16,667

 

 

 

7,607,182

 

 

$

1.75-30.00

 

 

$

 

2.43