7. Warrants

At December 31, 2017 and 2016, the following warrants were outstanding:

	Number of Awards			Weighted Average Exercise Price			Weighted Average Remaining Term in Years

Outstanding at December 31, 2015		1,983,673		$	9.18			5.32
Issued		871,000	¹	$	3.50	²		4.49
Forfeited		(1,937)		$	9.18			4.82
Outstanding at December 31, 2016		2,852,736		$	7.45			4.26
Issued		6,666,667	³	$	1.50	⁴		4.45
Forfeited		(63,442)		$	6.00			7.13
Outstanding at December 31, 2017		9,455,961		$	3.26			4.23

¹	Consists of 1,742,000 warrants to purchase 837,500 shares of Common Stock issued to the investor, and 33,500 warrant shares issued to the Sales Agent, in connection with the Company’s registered direct offering on June 30, 2016.

²	Warrant exercise price for a full share of Common Stock. Each warrant issued is for the purchase of one-half of a share of Common Stock.

³	Consists of 6,666,667 warrants to purchase 6,666,667 shares of Common Stock issued in connection with the Company’s public offering on June 14, 2017.

⁴	Warrant exercise price for a full share of Common Stock.

All of the warrant agreements provide for a cashless exercise in the event a registration statement covering the issuance of the shares of common stock underlying the warrants is not effective, whereby the number of warrants to be issued will be reduced by the number of shares which could be purchased from the proceeds of the exercise of the respective warrant. The outstanding warrants expire from 2020 through 2025.