Warrants (Tables)

12 Months Ended

Dec. 31, 2018

Summary of Common Stock Warrants Outstanding

A rollforward of the common stock warrants outstanding at December 31, 2018 is as follows.

	Number of Warrants		Weighted Average Exercise Price			Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding January 1, 2018	328,444		$	77.90				$	—
Series A warrants issued	2,465,000		$	6.50
Series A warrants expired	(2,465,000	)	$	(6.50	)
Series B warrants issued	2,465,000		$	7.50
Pre-funded warrants issued	784,000		$	6.50
Pre-funded warrants exercised	(784,000	)	$	(6.50	)
Warrants issued	937,500		$	3.90
Pre-funded warrants issued	697,500		$	0.01
Outstanding December 31, 2018	4,428,444		$	10.78			4.30	$	—

Summary of the Warrants Outstanding

The following represents a summary of the warrants outstanding at each of the dates identified:


							Number of Shares Underlying Warrants
							For the Year Ended December 31,
Issue Date	Classification		Exercise Price		Expiration Date		2018		2017
December 3, 2018		Equity	$	3.90		June 3, 2024		937,500		—
December 3, 2018		Equity	$	3.20		Prefunded		697,500		—
April 3, 2018		Equity	$	7.50		April 3, 2023		2,407,500		—
April 4, 2018		Equity	$	7.50		April 4, 2023		57,500		—
June 15, 2015		Equity	$	75.50		June 15, 2020		319,003		319,003
June 15, 2015		Equity	$	83.50		June 16, 2020		2,515		2,515
August 31, 2015		Equity	$	118.00		August 31, 2020		3,000		3,000
March 21, 2014		Equity	$	226.60		March 21, 2019		3,710		3,710
March 21, 2014		Equity	$	226.60		March 21, 2019		216		216

- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

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