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0001193125-19-281316.txt : 20191101 0001193125-19-281316.hdr.sgml : 20191101 20191101092134 ACCESSION NUMBER: 0001193125-19-281316 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 60 CONFORMED PERIOD OF REPORT: 20190930 FILED AS OF DATE: 20191101 DATE AS OF CHANGE: 20191101 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Pulmatrix, Inc. CENTRAL INDEX KEY: 0001574235 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 461821392 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-36199 FILM NUMBER: 191185382 BUSINESS ADDRESS: STREET 1: 99 HAYDEN AVENUE STREET 2: SUITE 390 CITY: LEXINGTON STATE: MA ZIP: 02421 BUSINESS PHONE: (781) 357-2333 MAIL ADDRESS: STREET 1: 99 HAYDEN AVENUE STREET 2: SUITE 390 CITY: LEXINGTON STATE: MA ZIP: 02421 FORMER COMPANY: FORMER CONFORMED NAME: Ruthigen, Inc. DATE OF NAME CHANGE: 20130411 10-Q 1 d819079d10q.htm 10-Q 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2019

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number: 001-36199

PULMATRIX, INC.

(Exact name of registrant as specified in its charter)


Delaware		46-1821392
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

99 Hayden Avenue, Suite 390 Lexington, MA		02421
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code (781) 357-2333

Securities registered pursuant to Section 12(b) of the Exchange Act:

Title of each Class

Trading

Symbol(s)

Name of each exchange

on which registered

Common Stock, par value $0.0001 per share

PULM

The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.:

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of October 30, 2019, the registrant had 19,994,560 shares of common stock outstanding.

PULMATRIX, INC.

FORM 10-Q

FOR THE QUARTERLY PERIOD ENDED September 30, 2019

TABLE OF CONTENTS


PART I — FINANCIAL INFORMATION
Item 1. Financial Statements			3
Condensed Consolidated Balance Sheets as of September 30, 2019 (unaudited) and December 31, 2018			3
Condensed Consolidated Statements of Operations for the Three Months and Nine Months Ended September 30, 2019 and 2018 (unaudited)			4
Condensed Consolidated Statements of Stockholders’ Equity for the Three Months and Nine Months Ended September 30, 2019 and 2018 (unaudited)			5
Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2019 and 2018 (unaudited)			6
Notes to Condensed Consolidated Financial Statements (unaudited)			7
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			18
Item 3. Quantitative and Qualitative Disclosures About Market Risk			25
Item 4. Controls and Procedures			25
PART II — OTHER INFORMATION
Item 1. Legal Proceedings			26
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			26
Item 3. Defaults Upon Senior Securities			26
Item 4. Mine Safety Disclosures			26
Item 5. Other Information			26
Item 6. Exhibits			26
SIGNATURES			28

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements.

PULMATRIX, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share data)


	At September 30, 2019			At December 31, 2018
	(unaudited)
Assets
Current assets:
Cash and cash equivalents	$	27,879		$	2,563
Prepaid expenses and other current assets		960			717

Total current assets		28,839			3,280
Property and equipment, net		305			394
Long-term restricted cash		204			204
Goodwill		3,577			10,845

Total assets	$	32,925		$	14,723

Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	1,159		$	1,183
Accrued expenses		1,265			1,696
Deferred revenue		9,304			—

Total current liabilities		11,728			2,879
Deferred revenue, net of current portion		6,471			—

Total liabilities		18,199			2,879

Commitments (Note 12)
Stockholders’ equity:
Preferred stock, $0.0001 par value—500,000 authorized and 0 issued and outstanding at September 30, 2019 and December 31, 2018		—			—
Common stock, $0.0001 par value—200,000,000 shares authorized; 19,994,560, and 4,932,723 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively.		2			—
Additional paid-in capital		225,844			206,409
Accumulated deficit		(211,120	)		(194,565	)

Total stockholders’ equity		14,726			11,844

Total liabilities and stockholders’ equity	$	32,925		$	14,723

The accompanying footnotes are an integral part of these condensed consolidated financial statements.

PULMATRIX, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

(in thousands, except share and per share data)


	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2019			2018			2019			2018
Revenues	$	1,406		$	—		$	6,225		$	153

Operating expenses
Research and development		3,297			3,056			8,637			10,290
General and administrative		1,785			1,769			6,900			5,930
Impairment of goodwill		—			—			7,268			—

Total operating expenses		5,082			4,825			22,805			16,220

Loss from operations		(3,676	)		(4,825	)		(16,580	)		(16,067	)
Interest income		121			8			227			23
Interest expense		—			—			—			(186	)
Settlement expense		—			—			(200	)		—
Other income/(expense), net		—			1			(2	)		5

Net loss	$	(3,555	)	$	(4,816	)	$	(16,555	)	$	(16,225	)

Net loss per share, basic and diluted	$	(0.18	)	$	(1.03	)	$	(1.07	)	$	(4.23	)

Weighted average shares of common stock used to compute basic and diluted net loss per share		20,294,560			4,692,723			15,533,983			3,839,385

The accompanying footnotes are an integral part of these condensed consolidated financial statements.

PULMATRIX, INC.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

For the three and nine months ended September 30, 2019 and 2018

(in thousands, except share data)


	Common Stock				Additional Paid-In Capital			Accumulated Deficit			Total
	Shares		Amount		Additional Paid-In Capital			Accumulated Deficit			Total
Balance — January 1, 2019		4,932,723	$	—	$	206,409		$	(194,565	)	$	11,844
Adjustment for reverse stock split		2,717		—		—			—			—
Issuance of common stock, net of issuance costs		2,394,955		1		2,978			—			2,979
Exercise of pre-funded warrants		697,500		—		70			—			70
Stock-based compensation		—		—		459			—			459
Net loss		—		—		—			(5,156	)		(5,156	)

Balance — March 31, 2019		8,027,895		1		209,916			(199,721	)		10,196
Issuance of common stock, net of issuance costs		3,319,553		—		14,566			—			14,566
Exercise of pre-funded warrants		8,277,112		1		82			—			83
Stock-based compensation		—		—		1,091			—			1,091
Net loss		—		—		—			(7,844	)		(7,844	)

Balance — June 30, 2019		19,624,560		2		225,655			(207,565	)		18,092
Exercise of pre-funded warrants		370,000		—		4			—			4
Stock-based compensation		—		—		185			—			185
Net loss		—		—		—			(3,555	)		(3,555	)

Balance — September 30, 2019		19,994,560	$	2	$	225,844		$	(211,120	)	$	14,726


	Common Stock				Additional Paid-In Capital			Accumulated Deficit			Total
	Shares		Amount		Additional Paid-In Capital			Accumulated Deficit			Total
Balance — January 1, 2018		2,104,750	$	—	$	184,139		$	(174,002	)	$	10,137
Issuance of common stock, net of issuance costs		123,266		—		1,847			—			1,847
Stock-based compensation		—		—		765			—			765
Net loss		—		—		—			(5,221	)		(5,221	)

Balance — March 31, 2018		2,228,016		—		186,751			(179,223	)		7,528
Issuance of common stock, net of issuance costs		1,681,000		—		14,447			—			14,449
Exercise of pre-funded warrants		783,707		—		78			—			76
Stock-based compensation		—		—		933			—			933
Net loss		—		—		—			(6,188	)		(6,188	)

Balance — June 30, 2018		4,692,723		—		202,209			(185,411	)		16,798
Shares issuance costs		—		—		(8	)		—			(8	)
Stock-based compensation		—		—		660			—			660
Net loss		—		—		—			(4,816	)		(4,816	)

Balance — September 30, 2018		4,692,723	$	—	$	202,861		$	(190,227	)	$	12,634

PULMATRIX, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

(in thousands)


	For the Nine months Ended September 30,
	2019			2018
Cash flows from operating activities:
Net loss	$	(16,555	)	$	(16,225	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		139			175
Stock-based compensation		1,735			2,358
Impairment of goodwill		7,268			—
Deferred rent		(17	)		—
Non-cash interest expense		—			55
Non-cash debt issuance expense		—			3
Gain on disposal of property and equipment		(1	)		—
Fair value adjustment on derivative liability		—			(1	)
Changes in operating assets and liabilities:
Prepaid expenses and other current assets		(243	)		(218	)
Accounts payable		(24	)		910
Accrued expenses		(414	)		347
Deferred revenue		15,775			—

Net cash provided by (used in) operating activities		7,663			(12,596	)

Cash flows from investing activities:
Purchases of property and equipment		(49	)		(8	)

Net cash used in investing activities		(49	)		(8	)

Cash flows from financing activities:
Proceeds from issuance of common stock, net of issuance costs		17,545			16,286
Proceeds from the exercise of pre-funded warrants		157			78
Term loan principal payments		—			(3,259	)
End of term payments		—			(245	)

Net cash provided by financing activities		17,702			12,860

Net increase in cash and cash equivalents		25,316			256
Cash, cash equivalents and restricted cash — beginning of period		2,767			3,754

Cash, cash equivalents and restricted cash — end of period	$	28,083		$	4,010

The accompanying footnotes are an integral part of these condensed consolidated financial statements.

PULMATRIX, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2019

(unaudited)

(in thousands, except share and per share data)

1. Organization

Pulmatrix, Inc. (the “Company”) was incorporated in 2013 as a Nevada corporation and converted to a Delaware corporation in September 2013. On June 15, 2015, the Company completed a merger with Pulmatrix Operating Company, Inc. changed its name from Ruthigen, Inc. to “Pulmatrix, Inc.” and relocated its corporate headquarters to Lexington, Massachusetts. The Company is a clinical stage biotechnology company focused on the discovery and development of a novel class of inhaled therapeutic products. The Company’s proprietary dry powder delivery platform, iSPERSE^™ (inhaled Small Particles Easily Respirable and Emitted), is engineered to deliver small, dense particles with highly efficient dispersibility and delivery to the airways, which can be used with an array of dry powder inhaler technologies and can be formulated with a variety of drug substances. The Company is developing a pipeline of iSPERSE-based therapeutic candidates targeted at prevention and treatment of a range of respiratory diseases and infections with significant unmet medical needs.

On February 5, 2019, the Company effectuated a 1-for-10 reverse stock split of its issued and outstanding shares of common stock (the “Reverse Stock Split”) pursuant to which every 10 shares of the Company’s issued and outstanding common stock were automatically converted into one share of common stock. Accordingly, all common share and per share data are retrospectively restated to give effect of the Reverse Stock Split for all periods presented herein.

2. Summary of Significant Accounting Policies and Recent Accounting Standards

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements of the Company have been prepared on a going concern basis in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial reporting and as required by Regulation S-X, Rule 10-01. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (including those which are normal and recurring) considered necessary for a fair presentation of the interim financial information have been included. When preparing financial statements in conformity with GAAP, the Company must make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and related disclosures at the date of the financial statements. Actual results could differ from those estimates. Additionally, operating results for the nine months ended September 30, 2019, are not necessarily indicative of the results that may be expected for any other interim period or for the fiscal year ending December 31, 2019. For further information, refer to the financial statements and footnotes included in the Company’s annual financial statements for the fiscal year ended December 31, 2018, which are included in the Company’s annual report on Form 10-K filed with the SEC on February 19, 2019.

Use of Estimates

In preparing consolidated financial statements in conformity with GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of expenses during the reporting period. Due to inherent uncertainty involved in making estimates, actual results may differ from these estimates. On an ongoing basis, the Company evaluates its estimates and assumptions. These estimates and assumptions include valuing equity securities in share-based payments, estimating the useful lives of depreciable and amortizable assets, valuation allowance against deferred tax assets, recognition of research and development and license revenues, goodwill impairment, and estimating the fair value of long-lived assets to assess whether impairment charges may apply.

Revenue Recognition

Effective January 1, 2019, the Company adopted ASC (“Accounting Standards Codification”) 606, Revenue From Contracts With Customers (ASC 606), using the modified retrospective transition method. Under this method, results for reporting periods beginning after January 1, 2019 are presented under ASC 606, while prior period amounts are not adjusted and continue to be reported in accordance with ASC Topic 605, Revenue Recognition (ASC 605). This standard applies to all contracts with customers, except for contracts that are within the scope of other standards, such as leases, insurance, collaboration arrangements and financial instruments. Under ASC 606, an entity recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, the entity performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within each contract and determines those that are performance obligations and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied.

The Company enters into licensing agreements that are within the scope of ASC 606, under which it may exclusively license rights to research, develop, manufacture and commercialize its product candidates to third parties. The terms of these arrangements typically include payment to the Company of one or more of the following: non-refundable, upfront license fees; reimbursement of certain costs; customer option exercise fees; development, regulatory and commercial milestone payments; and royalties on net sales of licensed products.

Amounts received prior to revenue recognition are recorded as deferred revenue. Amounts expected to be recognized as revenue within the 12 months following the balance sheet date are classified as current portion of deferred revenue in the accompanying consolidated balance sheets. Amounts not expected to be recognized as revenue within the 12 months following the balance sheet date are classified as deferred revenue, net of current portion.

Exclusive Licenses. If the license to the Company’s intellectual property is determined to be distinct from the other promises or performance obligations identified in the arrangement, the Company recognizes revenue from non-refundable, upfront fees allocated to the license when the license is transferred to the customer and the customer is able to use and benefit from the license. In assessing whether a promise or performance obligation is distinct from the other promises, the Company considers factors such as the research, development, manufacturing and commercialization capabilities of the collaboration partner and the availability of the associated expertise in the general marketplace. In addition, the Company considers whether the collaboration partner can benefit from a promise for its intended purpose without the receipt of the remaining promise, whether the value of the promise is dependent on the unsatisfied promise, whether there are other vendors that could provide the remaining promise, and whether it is separately identifiable from the remaining promise. For licenses that are combined with other promises, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. The measure of progress, and thereby periods over which revenue should be recognized, are subject to estimates by management and may change over the course of the research and development and licensing agreement. Such a change could have a material impact on the amount of revenue the Company records in future periods.

Research and Development Services. The promises under the Company’s collaboration agreements may include research and development services to be performed by the Company on behalf of the partner. Payments or reimbursements resulting from the Company’s research and development efforts are recognized as the services are performed and presented on a gross basis because the Company is the principal for such efforts. Reimbursements from and payments to the partner that are the result of a collaborative relationship with the partner, instead of a customer relationship, such as co-development activities, are recorded as a reduction to research and development expense.

Customer Options. If an arrangement is determined to contain customer options that allow the customer to acquire additional goods or services, the goods and services underlying the customer options that are not determined to be material rights are not considered to be performance obligations at the outset of the arrangement, as they are contingent upon option exercise. The Company evaluates the customer options for material rights, or options to acquire additional goods or services for free or at a discount. If the customer options are determined to represent a material right, the material right is recognized as a separate performance obligation at the outset of the arrangement. The Company allocates the transaction price to material rights based on the relative standalone selling price, which is determined based on the identified discount and the probability that the customer will exercise the option. Amounts allocated to a material right are not recognized as revenue until, at the earliest, the option is exercised. As of September 30, 2019, the Company does not have any active arrangements that contain customer options.

Milestone Payments. At the inception of each arrangement that includes research or development milestone payments, the Company evaluates whether the milestones are considered probable of being achieved and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the control of the Company or the licensee, such as regulatory approvals, are not considered probable of being achieved until those approvals are received. The Company evaluates factors such as the scientific, clinical, regulatory, commercial, and other risks that must be overcome to achieve the particular milestone in making this assessment. There is considerable judgment involved in determining whether it is probable that a significant revenue reversal would not occur. At the end of each subsequent reporting period, the Company reevaluates the probability of achievement of all milestones subject to constraint and, if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect revenues and earnings in the period of adjustment. As of September 30, 2019, the Company does not have any active arrangements that contain research or development milestones.

Royalties. For arrangements that include sales-based royalties, including milestone payments upon first commercial sales and milestone payments based on a level of sales, which are the result of a customer-vendor relationship and for which the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied or partially satisfied. To date, the Company has not recognized any royalty revenue resulting from any of its licensing arrangements.

For a complete discussion of accounting for collaboration revenues, see Note 6, “Collaborations.”

Cash, Cash Equivalents and Restricted Cash

Cash and cash equivalents consist of cash, checking accounts and money market accounts. Restricted cash consists of cash deposited with a financial institution for $204.

The following table provides a reconciliation of cash, cash equivalents and restricted cash as reported in the condensed consolidated balance sheets that sum to the total of the same amounts in the statement of cash flows.


	Nine months Ended September 30,
	2019		2018
Cash and cash equivalents	$	27,879	$	3,806
Restricted Cash		204		204

Total cash, cash equivalents and restricted cash in the statement of cash flows	$	28,083	$	4,010

Goodwill

Goodwill represents the difference between the consideration transferred and the fair value of the net assets acquired, and liabilities assumed under the acquisition method of accounting for push-down accounting. Goodwill is not amortized but is evaluated for impairment within the Company’s single reporting unit on an annual basis during the fourth quarter, or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of the Company’s reporting unit below its carrying amount. When performing the impairment assessment, the accounting standard for testing goodwill for impairment permits a company to first assess the qualitative factors to determine whether the existence of events and circumstances indicates that it is more likely than not that the goodwill is impaired. If the Company believes, as a result of the qualitative assessment, that it is more likely than not that the fair value of goodwill is impaired, the Company then must perform a quantitative analysis to determine if the carrying value of the reporting entity exceeds its fair value.

During the nine months ended September 30, 2019, the Company’s common stock value declined, accordingly, the Company determined that its carrying value is in excess of its fair value and as such, recorded an impairment charge of $7,268 and revalued goodwill to $3,577. During the three months ended September 30, 2019, no additional impairment charge was recorded.

Significant Accounting Policies

Except for the change in revenue recognition policy as disclosed above, during the nine months ended September 30, 2019, there were no changes to the Company’s significant accounting policies identified in the Company’s most recent annual financial statements for the fiscal year ended December 31, 2018, which are included in the Company’s current report on Form 10-K.

Recent Accounting Standards

In November 2018, the FASB issued ASU No. 2018-18, Clarifying the Interaction between Topic 808 (Collaborative Arrangements) and Topic 606 (Revenue from Contracts with Customers). The amendments are effective for public business entities for fiscal years beginning after December 15, 2019. Early adoption is permitted. The Company has early adopted ASU 2018-18 and adoption of this ASU has no significant impact on its condensed consolidated financial statements.

In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement. ASU 2018-13 modifies the disclosure requirements for fair value measurements by removing, modifying, or adding certain disclosures. The amendments in ASU 2018-13 will be effective for fiscal years beginning after December 15, 2019. Early adoption is permitted. An entity is permitted to early adopt any removed or modified disclosures upon issuance of ASU No. 2018-13 and delay adoption of the additional disclosures until their effective date. The Company has not yet evaluated the impact of adoption of this ASU on its condensed consolidated financial statements disclosures.

In June 2018, the FASB issued ASU No. 2018-07, Compensation — Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. Subtopic 505-50, Equity — Equity-Based Payments to Non-Employees, addresses aspects of the accounting for nonemployee share based compensation. The amendments are effective for public business entities for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. The Company has adopted ASU 2018-07 and adoption of this ASU has no significant impact on its condensed consolidated financial statements.

In February 2018, the FASB issued ASU No. 2018-02, “Income Statement — Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income” (“ASU 2018-02”), which allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Act and requires certain disclosures about stranded tax effects. ASU 2018-02 is effective for us beginning January 1, 2019 (with early adoption permitted) and shall be applied either in the period of adoption or retrospectively to each period (or periods) in which the effect of the change in the corporate income tax rate in the Tax Act is recognized. The Company has adopted ASU 2018-02 and adoption of this ASU has no significant impact on its condensed consolidated financial statements.

In July 2017, FASB issued ASU No. 2017-11, Earnings per Share (Topic 260), Distinguishing Liabilities from Equity (Topic 480), Derivatives and Hedging (Topic 815). ASU 2017-11 consists of two parts. The amendments in Part I of this Update change the classification analysis of certain equity-linked financial instruments (or embedded features) with down round features. When determining whether certain financial instruments should be classified as liabilities or equity instruments, a down round feature no longer precludes equity classification when assessing whether the instrument is indexed to an entity’s own stock. The amendments also clarify existing disclosure requirements for equity-classified instruments. As a result, a freestanding equity-linked financial instrument (or embedded conversion option) no longer would be accounted for as a derivative liability at fair value as a result of the existence of a down round feature. For freestanding equity classified financial instruments, the amendments require entities that present earnings per share (EPS) in accordance with Topic 260 to recognize the effect of the down round feature when it is triggered. That effect is treated as a dividend and as a reduction of income available to common shareholders in basic EPS. Convertible instruments with embedded conversion options that have down round features are now subject to the specialized guidance for contingent beneficial conversion features (in Subtopic 470-20, Debt—Debt with Conversion and Other Options), including related EPS guidance (in Topic 260). The amendments in Part II of this Update re-characterize the indefinite deferral of certain provisions of Topic 480 that now are presented as pending content in the Codification, to a scope exception. Those amendments do not have an accounting effect. For public business entities, the amendments in Part I of this Update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The amendments in Part II of this Update do not require any transition guidance because those amendments do not have an accounting effect. The Company has adopted ASU 2017-11 and adoption of this ASU has no significant impact on its condensed consolidated financial statements.

In February 2016, the FASB issued authoritative guidance under ASU 2016-02, Leases (Topic 842). ASU 2016-02 provides new comprehensive lease accounting guidance that supersedes existing lease guidance. Upon adoption of ASU 2016-02, the Company will be required to recognize most leases on its balance sheet at the beginning of the earliest comparative period presented with a corresponding adjustment to stockholders’ equity. ASU 2016-02 requires the Company to capitalize most current operating lease obligations as right-of-use assets with a corresponding liability based on the present value of future operating lease obligations. Criteria for distinguishing leases between finance and operating are substantially similar to criteria for distinguishing between capital leases and operating leases in previous lease guidance. Lease agreements that are 12 months or less are permitted to be excluded from the balance sheet. Topic 842 includes a number of optional practical expedients that the Company may elect to apply. Expanded disclosures with additional qualitative and quantitative information will also be required. The adoption will include updates as provided under ASU 2018-01, Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842 and ASU 2018-10, Codification Improvements to Topic 842, Leases. Since the Company is an emerging growth company and elected to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act, this ASU 2016-02 and related ASUs will be effective for the Company beginning in fiscal 2020. The Company is currently evaluating the potential impact of adoption of this standard on its condensed consolidated financial statements and the additional transition method under ASU 2018-11, which allows the Company to recognize Topic 842’s cumulative effect within retained earnings in the period of adoption.

3. Prepaid Expenses and Other Current Assets

Prepaid expenses consisted of the following:


	At September 30, 2019		At December 31, 2018
Prepaid Insurance	$	301	$	243
Prepaid Clinical Trials		394		419
Prepaid Other		158		27
Deferred Operating Costs		107		28

Total prepaid expenses and other current assets	$	960	$	717

4. Property and Equipment, net

Property and equipment consisted of the following:


	At September 30, 2019			At December 31, 2018
Laboratory equipment	$	1,538		$	1,529
Computer equipment		216			185
Office furniture and equipment		217			217
Leasehold improvements		581			579

Total property and equipment		2,552			2,510
Less accumulated depreciation and amortization		(2,247	)		(2,116	)

Property and equipment, net	$	305		$	394

Depreciation and amortization expense for the three months and nine months ended September 30, 2019, was $44 and $139, respectively. Depreciation and amortization expense for the three months and nine months ended September 30, 2018, was $57 and $175, respectively.

5. Accrued Expenses

Accrued expenses consisted of the following:


	At September 30, 2019		At December 31, 2018
Accrued vacation	$	58	$	59
Accrued wages and incentive		582		915
Accrued clinical & consulting		450		517
Accrued legal & patent		70		67
Deferred rent		50		67
Accrued other expenses		55		71

Total accrued expenses	$	1,265	$	1,696

6. Collaborations

On April 15, 2019 (“Effective Date”), the Company entered into a Development and Commercialization Agreement (the “Cipla Agreement”) with Cipla Technologies, LLC. for the worldwide development and commercialization of Pulmazole (the “Product”), an inhaled formulation of the anti-fungal drug itraconazole, developed using iSPERSE technology designed to treat allergic bronchopulmonary aspergillosis (“ABPA”) in patients with asthma.

Pursuant to the Cipla Agreement, the Company is responsible for the development of the Product in accordance with the development plan, which includes completion of the Phase 2 ABPA study, as well as any additional Phase 2/2b and/or Phase 3 clinical studies that may be required for regulatory approval. In addition, the Company will be responsible for submission of investigational new drug (“IND”) applications, annual reports and other regulatory filings to the extent required to conduct the development activities, including any clinical studies. Subsequent to regulatory approval of the Product for marketing in the U.S. or in any other country, Cipla will be responsible for the implementation of the commercialization plan, including all activities, arrangements and other matters related to commercialization.

The Company received a non-refundable upfront payment of $22,000 under the Cipla Agreement (the “Upfront Payment”). Upon receipt of the Upfront Payment, the Company irrevocably assigned to Cipla the following assets, solely to the extent that each covers the Product in connection with any treatment, prevention, and/or diagnosis of diseases of the pulmonary system (“Pulmonary Indications”): all existing and future technologies, current and future drug master files, dossiers, third-party contracts, regulatory filings, regulatory materials and regulatory approvals, patents, and intellectual property rights, as well as any other associated rights and assets directly related to the Product, specifically in relation to Pulmonary Indications (collectively, the “Assigned Assets”), excluding most specifically the Company’s iSPERSE technology. A portion of the Upfront Payment was deposited by the Company into a bank account, along with an equal amount from the Company, and will be dedicated to the development of the Product (the “Initial Development Funding”). After the Initial Development Funding is depleted, the Company and Cipla will each be responsible for 50% of the development costs actually incurred (the “Co-Development Phase”).

The Company and Cipla have established a joint steering committee (the “JSC”). The JSC will, among other powers and responsibilities, direct the further development and commercialization activities, including all budgetary activities in relation to the Product. The JSC will oversee the performance of the Company and Cipla under the Cipla Agreement and will provide a forum for sharing advice, progress and results relating to such activities. The JSC is also responsible for reviewing and approving the development plan developed by the Company, and the commercialization plan developed by Cipla.

The Cipla Agreement will remain in effect in perpetuity, unless otherwise earlier terminated in accordance with its terms. In the event of circumstances affecting the continuity of development of the Product in line with the Cipla Agreement, the JSC will evaluate the cause and effect and make a recommendation as to the most optimal option available to Cipla and the Company. In any event, either the Company or Cipla may elect to terminate (a “Terminating Party”) its obligation to fund additional costs and expenses for the development and/or commercialization of the Product. If the non-Terminating Party wishes to continue the development of the Product, it will have the right to purchase the rights of the Terminating Party in the Product at fair market value. If both the Company and Cipla abandon the development program, the Company and Cipla shall make commercially reasonable efforts to monetize the Product and development program in connection with the Pulmonary Indications. The Company and Cipla will equally share the proceeds.

The Cipla Agreement also contains customary representations, warranties and covenants by both parties, as well as customary provisions relating to indemnification, confidentiality and other matters.

Accounting Treatment

The Company concluded that because both it and Cipla are active participants in the arrangement and are exposed to the significant risks and rewards of the collaboration, the Company’s collaboration with Cipla is within the scope of ASC 808 Collaborative Arrangements (“ASC 808”) for accounting purposes. Contemplating the guidance of ASU 2018-18, the Company concluded that because Cipla contracted with the Company to obtain research and development services and an irrevocable license to the Assigned Assets, each of which is an output of the Company’s ordinary activities in exchange for consideration, Cipla is a customer. Therefore, in order to determine the appropriate treatment for the research and development services and the license grant, the Company has applied the guidance in ASC 606 Revenue from Contracts with Customers (“ASC 606”) to account for and present consideration received from Cipla. Accordingly, the Company identified the following material promises under the arrangement: (1) the research and development services for the Product and (2) an irrevocable license to the Assigned Assets. The Company determined that the research and development services and license to the Assigned Assets are considered highly interdependent and highly interrelated and combined into a single performance obligation because it is impossible for Cipla to benefit from the license to the Assigned Assets without the performance by Pulmatrix of the research and development services. Such research and development services are highly specialized and proprietary to Pulmatrix and therefore not available to Cipla from any other third party.

The Company determined the total transaction price to be $22,000 – comprised of $12,000 for research and development services for the Product and $10,000 for the irrevocable license to the Assigned Assets. Any consideration related to the Co-Development Phase has not been included in the transaction price as such amounts are subject to the variable consideration constraint. Additionally, upon Commercialization, Cipla and the Company will share equally, both positive and negative total free cash-flows earned by Cipla in respect of the Product. However, the Company has not included such free cash-flows in the transaction price as these milestones are constrained until after the commercialization of the Product.

Revenue associated with the combined research and development services for the Product and the irrevocable license to the Assigned Assets is recognized as revenue as the research and development services are provided using an input method, according to the ratio of costs incurred to the total costs expected to be incurred in the future to satisfy the performance obligation. In management’s judgment, this input method is the best measure of the transfer of control of the performance obligation. The amounts received that have not yet been recognized as revenue are recorded in deferred revenue on the Company’s condensed consolidated balance sheet.

None of the performance obligations have been fully satisfied as of September 30, 2019. The Company received the $22,000 Upfront Payment in May 2019. During the three months that ended September 30, 2019, the Company recognized revenue of $1,154 that related to the portion of the performance obligations delivered for research and development services and $252 that related to the portion of the performance obligations delivered for the irrevocable license to the Assigned Assets. During the nine months that ended September 30, 2019, the Company recognized revenue of $4,929 that related to the portion of the performance obligations delivered for research and development services and $1,296 that related to the portion of the performance obligations delivered for the irrevocable license to the Assigned Assets. The aggregate amount of the transaction price related to the Company’s unsatisfied performance obligations and at September 30, 2019 the Company recorded $15,775 in deferred revenue, of which $9,304 is current. The Company expects to recognize the deferred revenue according to costs incurred, over the remaining research term, which is expected to be up to three years as of September 2019.

7. Common Stock

2019

Public Offering

On April 8, 2019, the Company closed its underwritten public offering in which, pursuant to the underwriting agreement entered into between the Company and H.C. Wainwright & Co., LLC, as representative of the underwriters, dated April 3, 2019, the Company issued and sold an aggregate of (i) 1,719,554 common units, with each common unit being comprised of one share of the Company’s common stock, par value $0.0001 per share and one warrant to purchase one share of common stock and (ii) 8,947,112 pre-funded units with each pre-funded unit being comprised of one pre-funded warrant to purchase one share of common stock and one common warrant to purchase one share of common stock. The public offering price was $1.35 per common unit and $1.34 per pre-funded unit. The common warrants have an exercise price of $1.35 per share. In addition, on April 8, 2019, the Company closed on the sale of an additional 1,599,999 common units purchased pursuant to the exercise in full of the underwriter’s option to purchase additional securities. Each common unit contains one share of common stock and one common warrant to purchase a share of common stock. The common warrants issued on April 8, 2019 have a fair value of $0.997 per share.

370,000 pre-funded warrants issued in the offering were exercised during the three months ending September 30, 2019 which resulted in the issuance of 370,000 shares of common stock with net proceeds of $4.

8,647,112 of the 8,947,112 pre-funded warrants issued in the offering were exercised during the nine months ending September 30, 2019 which resulted in the issuance of 8,647,112 shares of common stock with net proceeds of $87.

Warrants were also issued to the underwriters to purchase 797,334 shares of common stock with an exercise price of $1.6875 and a fair value of $1.2632 per share. Both the common and underwriter warrants have an exercise term of five years and are exercisable immediately following their issuance.

After giving effect to the exercise of the Underwriters’ overallotment option and the exercise of 8,647,112 pre-funded warrants, the gross aggregate proceeds from the offering on April 8 was $16,557, prior to deducting underwriting discounts and commissions and other estimated offering expenses. The Company agreed to pay H.C. Wainwright & Co, LLC a commission of 7% of the gross proceeds. The Company also agreed to pay or reimburse certain expenses on behalf of H.C. Wainwright. A total of $1,904 of commissions and other issuance costs were associated with the public offering.

For the nine months ending September 30, 2019, after giving effect to fees, commissions and other expenses of approximately $1,904, the Company recorded net proceeds of $14,653 in aggregate for the sale of the public offering and the pre-funded warrant exercises.

Confidential Marketed Public Offering (“CMPO”)

On January 31, 2019 and February 4, 2019, the Company closed two CMPOs, pursuant to which the Company sold 156,118 and 532,353 shares of common stock, respectively, at $1.70 per share and issued warrants to exercise 10,151 and 34,605 shares of common stock, respectively, to underwriters at an exercise price of $2.125 per share with expiration dates of January 26, 2024 and January 30, 2024, respectively. The underwriter warrants had a fair value of $0.9332 and $1.1946 per share at the January 31, 2019 and February 4, 2019 issuance date, respectively. Prior to deducting fees and commissions for both offerings, the Company recorded aggregate gross proceeds of approximately $1,170.

Registered Direct Offering

On February 12, 2019, the Company sold 1,706,484 shares at $1.465 per share for gross proceeds of approximately $2,500. In this registered direct offering, the Company issued warrants to purchase 1,706,484 shares of its common stock to investors with an exercise price of $1.34 and a fair value of $0.5962 per share, respectively, with an expiration date of August 12, 2024. In addition, the Company issued warrants to purchase 110,922 shares of its common stock to underwriters with an exercise price of $1.8313 per share and an expiration date of February 7, 2024. The underwriter warrants had a fair value of $0.5314 per share at the issuance date.

Exercise of Warrants

During the three months ended March 31, 2019, 697,500 pre-funded warrants, which were issued as part of the November 2018 securities purchase agreement with an institutional investor, were exercised and the Company recorded $70 in net proceeds.

For the three months ending March 31, 2019, after giving effect to fees, commissions and other expenses of approximately $691, the Company recorded net proceeds of $3,049 in aggregate for the sale of the CMPOs, the registered direct offering and the pre-funded warrant exercises.

For the nine months ending September 30, 2019, after giving effect to fees, commissions and other expenses of approximately $2,595, the Company recorded net proceeds of $17,702 in aggregate for the sale of the public offering, CMPOs, the registered direct offering and the pre-funded warrant exercises. The Company intends to use the net proceeds for research and development of its therapeutic candidates, particularly the development of Pulmazole, as well as for working capital and general corporate purposes.

2018

Public Offering

On April 3, 2018, the Company closed its previously announced underwritten public offering in which, pursuant to the underwriting agreement entered into between the Company and Oppenheimer & Co. Inc., as representative of the underwriters, dated March 28, 2018, the Company issued and sold (i) 1,566,000 common units, with each common unit being comprised of one share of the Company’s common stock, par value $0.0001 per share, one Series A warrant to purchase one share of common stock and one Series B warrant to purchase one share of common stock, and (ii) 784,000 pre-funded units, with each pre-funded unit being comprised of one pre-funded warrant to purchase one share of common stock, one Series A Warrant and one Series B Warrant. The public offering price was $6.50 per common unit and $6.40 per pre-funded unit, and the gross proceeds received by the Company on April 3, 2018 pursuant to such sales were $15,197, prior to deducting underwriting discounts and commissions and other estimated offering expenses.

In addition, on April 4, 2018, the Company closed on the sale of 115,000 additional common units pursuant to the underwriters’ option, under the underwriting agreement, to purchase up to an additional 115,000 common and pre-funded units, which were exercised in full. After giving effect to the exercise of the Underwriters’ overallotment option, the gross aggregate proceeds from the offering on April 3 and 4 were $15,944, prior to deducting underwriting discounts and commissions and other estimated offering expenses.

All of the pre-funded warrants issued in the offering were exercised in April 2018 and, as 15,000 were exercised on a cashless basis, resulted in the issuance of an additional 783,707 shares of common stock with gross proceeds of $78.

The Series A Warrants included in the common units and the pre-funded units were immediately exercisable at a price of $6.50 per share of common stock, subject to adjustment in certain circumstances, and expired six months from the date of issuance. The Series B Warrants included in the common units and the pre-funded units were immediately exercisable at a price of $7.50 per share of common stock, subject to adjustment in certain circumstances, and will expire five years from the date of issuance. The shares of common stock, or pre-funded warrants in the case of the pre-funded units, and the Series A Warrants and Series B Warrants were offered together, but the securities contained in the common units and the pre-funded units were issued separately.

The Company agreed to pay Oppenheimer & Co., Inc. a commission of (a) 7% of the gross proceeds raised up to $5,000 and (b) 6.5% of the gross proceeds raised in excess of $5,000. The Company also agreed to pay or reimburse certain expenses on behalf of Oppenheimer. A total of $1,497 of commissions and other issuance costs were associated with the public offering.

The net proceeds to the Company from the Offering of the common units and pre-funded units were approximately $14,517, after deducting the underwriting discounts and commissions and estimated offering expenses payable by the Company. The Company intends to use the net proceeds from the Offering for research and development of its therapeutic candidates, particularly the development of Pulmazole, as well as for working capital and general corporate purposes.

At-the-Market Offering

On March 17, 2017, the Company entered into an At-The-Market Sales Agreement (the “Sales Agreement”) with BTIG, LLC (“BTIG”) to act as the Company’s sales agent with respect to the issuance and sale of up to $11,000 of the Company’s shares of common stock, from time to time in an at-the-market public offering. Sales of common stock under the Sales Agreement were made pursuant to an effective shelf registration statement on Form S-3, which was filed with the Securities and Exchange Commission on July 15, 2016, and subsequently declared effective on August 3, 2016 (File No. 333-212546), and a related prospectus. BTIG acted as the Company’s sales agent on a commercially reasonable efforts basis, consistent with its normal trading and sales practices and applicable state and federal laws, rules and regulations and the rules of The NASDAQ Global Market. BTIG received compensation at a fixed commission rate of 3.0% of the gross proceeds from the sale of the Company’s common stock pursuant to the Sales Agreement.

During the nine-month period ended September 30, 2018, the Company sold 123,266 shares of its common stock under the Sales Agreement at an average selling price of approximately $15.40 per share which resulted in gross proceeds of approximately $1,904 and net proceeds of approximately $1,847 after payment of 3% commission to BTIG and other issuance costs.

8. Warrants

A rollforward of the common stock warrants outstanding at September 30, 2019 is as follows.


	Number of Common Warrants			Number of Pre-Funded Warrants			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding January 1, 2019		3,730,944			697,500		$	10.78			$	—
Adjustment for Reverse Stock Split		16			—		$
Warrants issued		14,926,161			—		$	1.37
Pre-funded warrants issued		—			8,947,112		$	0.01
Pre-funded warrants exercised		—			(9,344,612	)	$	0.01
Expirations		(3,926	)		—		$	226.60

Outstanding September 30, 2019		18,653,195			300,000		$	3.61		4.36	$	—

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


	Classification		Exercise Price		Expiration Date		Number of Shares Underlying Warrants
							For the Period Ended September 30,
Issue Date							2019		2018
April 8, 2019		Equity	$	0.01		—		300,000		—
April 8, 2019		Equity	$	1.35		April 8, 2024		12,266,665		—
April 8, 2019		Equity	$	1.6875		April 3, 2024		797,334		—
February 12, 2019		Equity	$	1.8313		February 7, 2024		110,922		—
February 12, 2019		Equity	$	1.34		August 12, 2024		1,706,484		—
February 04, 2019		Equity	$	2.125		January 30, 2024		34,605		—
January 31, 2019		Equity	$	2.125		January 26, 2024		10,151		—
December 3, 2018		Equity	$	3.90		June 3, 2024		937,500		—
April 3, 2018		Equity	$	7.50		April 3, 2023		2,350,011		4,815,000
April 4, 2018		Equity	$	7.50		April 4, 2023		115,000		230,000
August 31, 2015		Equity	$	118.00		August 31, 2020		3,000		3,000
June 15, 2015		Equity	$	75.50		May 6, 2024		319,008		319,008
June 15, 2015		Equity	$	83.50		June 16, 2020		2,515		2,515
June 15, 2015		Equity	$	83.50		Mar 21, 2019		—		3,926
Adjustment for Reverse Stock Split								—		(5	)

Total Outstanding								18,953,195		5,258,444

9. Stock-Based Compensation

The Company sponsors the Pulmatrix, Inc. 2013 Employee, Director and Consultant Equity Incentive Plan (the “2013 Plan). As of September 30, 2019, the 2013 Plan provides for the grant of up to 4,060,000 shares of common stock, of which 2,933,044 shares remained available for future grant.

In addition, the Company has two legacy plans: The Pulmatrix Operating’s 2013 Employee, Director and Consultant Equity Incentive Plan (the “Original 2013 Plan”) and Pulmatrix Operating’s 2003 Employee, Director, and Consultant Stock Plan (the “2003 Plan”). As of September 30, 2019, a total of 16,037 shares of common stock may be delivered under options outstanding under the Original 2013 Plan and the 2003 Plan, however no additional awards may be granted under the Original 2013 Plan or the 2003 Plan.

Options

No options were granted to employees, directors or consultants during the three months ended September 30, 2019. During the nine months ended September 30, 2019, the Company granted 561,600 options to employees and 90,000 options to directors. At the date of grant, the fair value of the options was $393 and $63 respectively. The stock options outstanding vest over either 36 or 48 months (the “Time Based Options”). Subject to the grantees’ continuous service with the Company and as defined in the grant agreement, Time Based Options vest in one of the following ways: (i) 25% on the first anniversary of the option grant date and the remainder in 36 equal monthly installments beginning in the month after the vesting start date, (ii) 25% on the option grant date and the remainder in 36 equal monthly installments beginning in the month after the vesting start date or (iii) in 48 equal monthly installments beginning on the monthly anniversary of the vesting start date. Stock options generally expire ten years after the date of grant.

The following table summarizes stock option activity for the nine months ended September 30, 2019:


	Number of Options			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term ( Years)		Aggregate Intrinsic Value
Outstanding — January 1, 2019		972,569		$	23.85			$	—
Granted		651,600		$	1.06
Exercised		—		$	—
Forfeited or expired		(535,493	)	$	23.77

Outstanding — September 30, 2019		1,088,676		$	10.25		8.86	$	—

Exercisable — September 30, 2019		355,845		$	26.24		7.77	$	—

Vested and expected to vest — September 30, 2019		1,082,710		$	10.28		8.86	$	—

The estimated fair values of employee stock options granted during the three and nine months ended September 30, 2019 and 2018, were determined on the date of grant using the Black-Scholes option-pricing model with the following assumptions:


	Three Months Ended September 30,					Nine Months Ended September 30,
	2019		2018			2019			2018
Expected option life (years)		—		6.05			6.02			5.58
Risk-free interest rate		—		2.79	%		2.22	%		2.77	%
Expected volatility		—		78.91	%		74.14	%		79.67	%
Expected dividend yield		—		0	%		0	%		0	%

The risk-free interest rate was obtained from U.S. Treasury rates for the applicable periods. The Company’s expected volatility was based upon the historical volatility for industry peers and used an average of those volatilities. The expected life of the Company’s options was determined using the simplified method as a result of limited historical data regarding the Company’s activity. The dividend yield considers that the Company has not historically paid dividends and does not expect to pay dividends in the foreseeable future. As of September 30, 2019, there was $1,345 of unrecognized stock-based compensation expense related to unvested stock options granted under the Company’s stock award plans. This expense is expected to be recognized over a weighted-average period of approximately 1.9 years.

The following table presents total stock-based compensation expense for the three and nine months ended September 30, 2019 and 2018:


	Three Months Ended September 30,				Nine months Ended September 30,
	2019		2018		2019		2018
Research and development	$	14	$	244	$	81	$	760
General and administrative		171		416	$	1,654	$	1,598

Total stock-based compensation expense	$	185	$	660	$	1,735	$	2,358

10. Income Taxes

The Company has total deferred tax assets of $44,770 and a full valuation allowance recorded against the assets. In general, if the Company experiences a greater than 50 percent aggregate change in ownership of certain significant stockholders over a three-year period, or a Section 382 ownership change, utilization of the Company’s pre-change net operating loss (“NOL”) carryforwards are subject to an annual limitation under Section 382 of the Internal Revenue Code of 1986, as amended, and similar state laws. Such limitations may result in expiration of a portion of the NOL carryforwards before utilization and may be substantial. The Company has not, as of yet, completed a study to determine if any such changes have occurred that could limit its ability to use the net operating losses and tax credit carryforwards.

11. Net Loss Per Share

The Company computes basic and diluted net loss per share using a methodology that gives effect to the impact of outstanding participating securities (the “two-class method”). As the three months and nine months ended September 30, 2019 and 2018 resulted in net losses attributable to common shareholders, there is no income allocation required under the two-class method or dilution attributed to weighted average shares outstanding in the calculation of diluted net loss per share.

The following potentially dilutive securities outstanding prior to the use of the treasury stock method have been excluded from the computation of diluted weighted-average shares outstanding, as they would be anti-dilutive.


	As of September 30,
	2019		2018
Options to purchase common stock		1,088,676		1,041,407
Warrants to purchase common stock		18,653,195		5,258,444

12. Commitments

Future minimum lease payments under the non-cancelable operating lease for office and lab space is as follows:


	Amount
2019	$	169
2020		698

Total	$	867

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The information set forth below should be read in conjunction with the condensed consolidated financial statements and the notes thereto included elsewhere in this Quarterly Report on Form 10-Q as well as the audited financial statements and the notes thereto contained in our current report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 19, 2019. Unless stated otherwise, references in this Quarterly Report on Form 10-Q to “us,” “we,” “our,” or our “Company” and similar terms refer to Pulmatrix, Inc., a Delaware corporation, and its subsidiaries.

Forward-Looking Statements

This Quarterly Report contains forward-looking statements as that term is defined in the federal securities laws. The events described in forward-looking statements contained in this Quarterly Report may not occur. Generally, these statements relate to business plans or strategies, projected or anticipated benefits or other consequences of our plans or strategies, projected or anticipated benefits from acquisitions to be made by us, or projections involving anticipated revenues, earnings or other aspects of our operating results. The words “anticipates,” “assumes,” “believes,” “can,” “could,” “estimates,” “expects,” “forecasts,” “guides,” “intends,” “is confident that”, “may,” “plans,” “seeks,” “projects,” “targets,” and “would,” and their opposites and similar expressions are intended to identify forward-looking statements. We caution you that these statements are not guarantees of future performance or events and are subject to a number of uncertainties, risks and other influences, many of which are beyond our control that could cause our actual results, performance and achievements to differ materially from those expressed or implied in these forward-looking statements. Factors which may affect our results include, but are not limited to:

•

our history of recurring losses and negative cash flows from operating activities, significant future commitments and the uncertainty regarding the adequacy of our liquidity to pursue our complete business objectives;

•

our inability to carry out research, development and commercialization plans;

•

our inability to manufacture our product candidates on a commercial scale on our own, or in collaborations with third parties;

•

our inability to complete preclinical testing and clinical trials as anticipated;

•

our ability to adequately protect and enforce rights to intellectual property;

•

difficulties in obtaining financing on commercially reasonable terms;

•

intense competition in our industry, with competitors having substantially greater financial, technological, research and development, regulatory and clinical, manufacturing, marketing and sales, distribution and personnel resources than we do;

•

entry of new competitors and products and potential technological obsolescence of our products;

•

adverse market and economic conditions;

•

loss of one or more key executives or scientists; and

•

difficulties in securing regulatory approval to market our product candidates.

For a more detailed discussion of these and other factors that may affect our business and that could cause the actual results to differ materially from those projected in these forward-looking statements, see the risk factors and uncertainties set forth in Part II, Item 1A of this Quarterly Report. Any one or more of these uncertainties, risks and other influences could materially affect our results of operations and whether forward-looking statements made by us ultimately prove to be accurate. We undertake no obligation to publicly update or revise any forward-looking statements, whether from new information, future events or otherwise.

Overview

Business

The Company is a clinical stage biotechnology company focused on the discovery and development of a novel class of inhaled therapeutic products. The Company’s proprietary dry powder delivery platform, iSPERSE^™ (inhaled Small Particles Easily Respirable and Emitted), is engineered to deliver small, dense particles with highly efficient dispersibility and delivery to the airways, which can be used with an array of dry powder inhaler technologies and can be formulated with a variety of drug substances. The Company is developing a pipeline of iSPERSE-based therapeutic candidates targeted at prevention and treatment of a range of respiratory diseases and infections with significant unmet medical needs. Since our inception in 2003, we have devoted substantially all of our efforts to product research and development. We do not have any products approved for sale and have not generated any revenue from product sales. We have funded our operations to date through proceeds from issuances of common and convertible preferred stock, issuances of convertible debt, collaborations with third parties and non-dilutive grants received from government agencies.

Recent Developments

On April 15, 2019, we entered into a Development and Commercialization Agreement (the “Cipla Agreement”) with Cipla Technologies LLC (“Cipla”) for the co-development and commercialization, on a worldwide exclusive basis, of Pulmazole, our inhaled iSPERSE drug delivery system enabled formulation of the antifungal drug, itraconazole, for the treatment of all pulmonary indications, including allergic bronchopulmonary aspergillosis (“ABPA”) in patients with asthma.

Pursuant to the Cipla Agreement, Cipla made an initial upfront payment of $22 million to us in exchange for an irrevocable assignment of all existing and future technologies, current and future drug master files, dossiers, third-party contracts, regulatory filings, regulatory materials and regulatory approvals, patents, and intellectual property rights, as well as any other associated rights and assets with respect to Pulmazole, specifically in relation to pulmonary indications (the “Assigned Assets”) which Cipla will then irrevocably licensed back to us only for non-pulmonary application. As a condition precedent to signing agreement, we demonstrated to Cipla that we had at least $15 million of unencumbered cash available for the development of Pulmazole. Pursuant to the terms of the agreement, we dedicated $24 million of cash to the development of Pulmazole. The $24 million is expected to fund the development of Pulmazole beyond the completion of the initiated Phase 2 study. After such $24 million is exhausted, each of us and Cipla will bear 50% of any costs incurred with respect to the development, regulatory and commercialization costs of Pulmazole. The parties will share equally the total free cash flow in relation to commercialization of Pulmazole. Pulmatrix will remain primarily responsible for the execution of the clinical development of Pulmazole, and Cipla will be responsible for the global commercialization of the product.

We expect to continue to incur significant expenses and increasing operating losses for at least the next several years based on our drug development plans. We expect our expenses and capital requirements will increase substantially in connection with our ongoing activities, as we:

•

initiate and expand clinical trials for Pulmazole for ABPA, and other indications for immunocompromised at-risk patients;

•

seek regulatory approval for our product candidates;

•

hire personnel to support our product development, commercialization and administrative efforts; and

•

advance the research and development related activities for inhaled therapeutic products in our pipeline.

We will not generate product sales unless, and until, we successfully complete clinical developments and obtain regulatory approvals for our product candidates. Additionally, we currently utilize third-party contract research organizations, or CROs, to carry out our clinical development activities, and we do not yet have a commercial organization. If we obtain regulatory approval for any of our product candidates, we expect to incur significant expenses related to developing our internal commercialization capability to support product sales, marketing and distribution. Accordingly, we anticipate that we will seek to fund our operations through public or private equity or debt financings or other sources, potentially including collaborative commercial arrangements. Likewise, we intend to seek to limit our commercialization costs by partnering with other companies with complementary capabilities or larger infrastructure including sales and marketing.

Because of the numerous risks and uncertainties associated with product development, we are unable to predict the timing or amount of increased expenses or when or if we will be able to achieve or maintain profitability. Even if we are able to generate product sales, we may not become profitable. If we fail to become profitable or are unable to sustain profitability on a continuing basis, then we may be unable to continue our operations at planned levels and be forced to reduce or terminate our operations.

Financial Overview

Revenues

To date, we have not generated any product sales. Our 2019 revenue resulted from the portion of the upfront payment received and recognized as part of the Cipla Agreement. Our 2018 revenue resulted from an award from Cystic Fibrosis Foundation Therapeutics (“CFFT”), the nonprofit drug discovery and development affiliate of the Cystic Fibrosis Foundation, to support the development of Pulmazole for the treatment of ABPA in patients with asthma and cystic fibrosis.

Research and Development Expenses

Research and development expenses consist primarily of costs incurred for the research and development of our preclinical and clinical candidates, and include:

•

employee-related expenses, including salaries, benefits and stock-based compensation expense;

•

expenses incurred under agreements with CROs, contract manufacturing organizations, or CMOs, and consultants that conduct our clinical trials and preclinical activities;

•

the cost of acquiring, developing and manufacturing clinical trial materials and lab supplies;

•

facility, depreciation and other expenses, which include direct and allocated expenses for rent, maintenance of our facility, insurance and other supplies; and

•

costs associated with preclinical activities and regulatory operations.

We expense research and development costs to operations as incurred. We recognize costs for certain development activities, such as clinical trials, based on an evaluation of the progress to completion of specific tasks using data such as patient enrollment, clinical site activations or information provided to us by our vendors.

Research and development activities are central to our business model. We utilize a combination of internal and external efforts to advance product development from early stage work to clinical trial manufacturing and clinical trial support. External efforts include work with consultants and substantial work at CROs and CMOs. We support an internal research and development team and facility for our pipeline programs. To move these programs forward along our development timelines, a large portion, approximately 71% of staff, are research and development employees. In addition, we maintain a 12,000 square foot research and development facility which includes capital equipment for the manufacture and characterization of our iSPERSE^™ powders for our pipeline programs. As we identify opportunities for iSPERSE^™ in respiratory indications, we anticipate additional head count, capital, and development costs will be incurred to support these programs.

Because of the numerous risks and uncertainties associated with product development, however, we cannot determine with certainty the duration and completion costs of these or other current or future preclinical studies and clinical trials. The duration, costs and timing of clinical trials and development of our product candidates will depend on a variety of factors, including the uncertainties of future clinical and preclinical studies, uncertainties in clinical trial enrollment rates and significant and changing government regulation. In addition, the probability of success for each product candidate will depend on numerous factors, including competition, manufacturing capability and commercial viability.

General and Administrative Expenses

General and administrative expenses consist principally of salaries and related costs such as stock-based compensation for personnel and consultants in executive, finance, business development, corporate communications and human resource functions, facility costs not otherwise included in research and development expenses, patent filing fees and professional legal fees. Other general and administrative expenses include travel expenses and professional fees for consulting, auditing and tax services.

We anticipate that our general and administrative expenses will increase in the future as we increase our headcount to support our continued research and development and potential commercialization of our product candidates. We also anticipate increased expenses related to audit, legal, regulatory, and tax-related services associated with maintaining compliance with exchange listing and Securities and Exchange Commission requirements, director and officer liability insurance, investor relations costs and other costs associated with being a public company. Additionally, if and when we believe a regulatory approval of a product candidate appears likely, we anticipate an increase in staffing and related expenses as a result of our preparation for commercial operations, especially as it relates to the sales and marketing of our product candidates.

Interest Expense

We incurred interest expense associated with a term loan executed in June 2015. The term loan was paid in its entirety as of June 30, 2018.

Critical Accounting Policies

This management’s discussion and analysis of our financial condition and results of operations is based on our financial statements, which have been prepared in accordance with U.S. generally accepted accounting principles. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, and expenses and the disclosure of contingent assets and liabilities in our financial statements. On an ongoing basis, we evaluate our estimates and

judgments, including those related to accrued expenses and stock-based compensation. We base our estimates on historical experience, known trends and events, and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

While our significant accounting policies are described in more detail in the notes to our condensed consolidated financial statements appearing elsewhere in this Form 10-Q and in our audited financial statements included in our annual report on Form 10-K filed with the SEC on February 19, 2019, we believe the following accounting policies to be most critical to the judgments and estimates used in the preparation of our financial statements.

Use of Estimates

Revenue Recognition

In May 2014, the FASB issued ASU No. 2014-09 (Topic 606) “Revenue from Contracts with Customers.” Topic 606 supersedes the revenue recognition requirements in Topic 605 “Revenue Recognition” (Topic 605). The new standard’s core principal is that an entity will recognize revenue at an amount that reflects the consideration to which the entity expects to be entitled in exchange for transferring good or services to a customer. The principles in the standard are applied in five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company adopted Topic 606 as of January 1, 2019 using the modified retrospective transition method. The adoption of Topic 606 did not have any material impact on the Company’s condensed consolidated financial statements.

The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within each contract and determines those that are performance obligations and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied.

During the nine months ended September 30, 2019, our principal source of revenue was income from the amortization of the $22 million upfront payment received as part of the Cipla Agreement.

During the nine months ended September 30, 2018, our principle source of revenue was income for reimbursement of clinical study costs as part of a grant received from CFFT.

Goodwill

Goodwill represents the difference between the consideration transferred and the fair value of the net assets acquired under the acquisition method of accounting for push-down accounting. Goodwill is not amortized but is evaluated for impairment on an annual basis, during the fourth quarter, or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of the related reporting unit below its carrying amount. When performing the impairment assessment, the accounting standard for testing goodwill for impairment permits a company to first assess the qualitative factors to determine whether the existence of events and circumstances indicates that it is more likely than not that the goodwill is impaired. If we believe, as a result of the qualitative assessment, that it is more likely than not that the fair value of goodwill is impaired, we must perform the goodwill impairment test. During the nine months ending September 30, 2019, the Company’s common stock value declined, accordingly, the Company determined that its carrying value is in excess of its fair value and as such, recorded an impairment charge of $7,268 and revalued goodwill to $3,577. During the three months ended September 30, 2019, no additional impairment charge was recorded.

Results of Operations

Three Months Ended September 30, 2019 Compared with Three Months Ended September 30, 2018

The following table sets forth our results of operations for each of the periods set forth below (in thousands):


	Three months ended September 30,						Change
	2019			2018			Change
Revenue	$	1,406		$	—		$	1,406
Operating expenses
Research and development		3,297			3,056			241
General and administrative		1,785			1,769			16

Total operating expenses		5,082			4,825			257

Loss from operations		(3,676	)		(4,825	)		1,149
Interest Income		121			8			113
Other income		—			1			(1	)

Net loss	$	(3,555	)	$	(4,816	)	$	1,261

Revenue — For the three months ended September 30, 2019, revenue recorded was $1.4 million compared to no revenue recorded for the three months ended September 30, 2018. The increase in revenue was the result of recognition of revenue pursuant to the Cipla Agreement.

Research and development expenses — For the three months ended September 30, 2019, research and development expense was $3.3 million compared to $3.1 million for the three months ended September 30, 2018, an increase of $0.2 million. The increase was primarily due to increased spend of $1.0 million on the Pulmazole project partially offset by decreased spend of $0.4 million on the PUR1800 project, $0.2 million for employment costs and $0.2 million of stock compensation charges.

General and administrative expenses — For the three months ended September 30, 2019 and 2018, general and administrative expense was $1.8 million for both periods.

Nine months Ended September 30, 2019 Compared with Nine months Ended September 30, 2018

The following table sets forth our results of operations for each of the periods set forth below (in thousands):


	Nine months ended September 30,						Change
	2019			2018			Change
Revenue	$	6,225		$	153		$	6,072
Operating expenses
Research and development		8,637			10,290			(1,653	)
General and administrative		6,900			5,930			970
Impairment of goodwill		7,268			—			7,268

Total operating expenses		22,805			16,220			6,585

Loss from operations		(16,580	)		(16,067	)		(513	)
Interest Income		227			23			204
Interest expense		—			(186	)		186
Settlement expense		(200	)		—			(200	)
Other income/(expense), net		(2	)		5			(7	)

Net loss	$	(16,555	)	$	(16,225	)		(330	)

Revenue — For the nine months ended September 30, 2019, revenue was $6.2 million compared to $0.2 million for the nine months ended September 30, 2018. The increase in revenue was the result of recognition of revenue pursuant to the Cipla Agreement.

Research and development expenses — For the nine months ended September 30, 2019, research and development expense was $8.6 million compared to $10.3 million for the nine months ended September 30, 2018, a decrease of $1.7 million. The decrease was primarily due to decreased spend of $1.6 million on the PUR1800 project, $1.0 million in of employment costs, $0.7 million in stock compensation expense and $0.1 of consulting and lab related costs, partially offset by $1.7 million of increased spend on the Pulmazole program.

General and administrative expenses — For the nine months ended September 30, 2019, general and administrative expense was $6.9 million compared to $5.9 million for the nine months ended September 30, 2018, an increase of $1.0 million. The increase was primarily due to a $0.3 million royalty payment to the CFFT as result of the Cipla Agreement, $0.3 million of increased legal expense relating to the Cipla Agreement, $0.2 million of increased consultant and travel expense, $0.1 million of increased employment expenses and $0.1 million of increased audit and tax related expense.

Impairment of goodwill — For the nine months ended September 30, 2019, due to the decline in the company’s common stock value, we recorded charges that totaled approximately $7.3 million for impairment of goodwill.

Liquidity and Capital Resources

Through September 30, 2019, we have incurred an accumulated deficit of $211.1 million, primarily as a result of expenses incurred through a combination of research and development activities related to our various product candidates and general and administrative expenses supporting research and development and business activities. We have financed our operations since inception primarily through the sale of preferred and common stock, the issuance of convertible promissory notes, term loans and collaboration agreements. Our total cash and cash equivalents balance as of September 30, 2019 was $27.9 million.

In April 2019, the Company received gross proceeds of approximately $16.6 million in connection with the sale of the Units in the Offering. 8,277,112 pre-funded warrants issued in the Offering were exercised and resulted in the issuance shares of common stock and gross proceeds of approximately $0.1 million. In May 2019, $22.0 million was received pursuant to the terms of the Cipla Agreement, which was entered into between the Company and Cipla during April 2019.

In August 2019, 370,000 pre-funded warrants issued in the April 2019 offering were exercised and resulted in the issuance of 370,000 shares of common stock.

We anticipate that we will continue to incur losses, and that such losses will increase over the next several years due to development costs associated with our iSPERSE^™ pipeline programs. We expect that our research and development and general and administrative expenses will continue to increase and, as a result, we will need additional capital to fund our operations, which we may raise through a combination of equity offerings, debt financings, other third-party funding and other collaborations and strategic alliances. The Pulmazole Phase 2 study is fully funded. Development costs for that program beyond the Phase 2 study will be shared with our partner, Cipla.

The following table sets forth the major sources and uses of cash for each of the periods set forth below (in thousands):


	Nine months ended September 30,
	2019			2018
Net cash provided by/(used) in operating activities	$	7,663		$	(12,596	)
Net cash used in investing activities		(49	)		(8	)
Net cash provided by financing activities		17,702			12,860

Net increase in cash and cash equivalents	$	25,316		$	256

Cash Flows from Operating Activities

Net cash provided by operating activities for the nine months ended September 30, 2019 was $7.7 million, which was primarily the result of a net loss of $16.6 million, offset by $9.2 million of net non-cash adjustments and $15.1 million in cash inflows associated with changes in operating assets and liabilities. Our non-cash adjustments were primarily comprised of $7.3 million of goodwill impairment, $1.7 million of stock-based compensation expense and $0.2 million of depreciation and amortization expense. The net cash inflows associated with changes in operating assets and liabilities were primarily due to an increase of $15.8 million of deferred revenue, partially offset by increases in prepaid assets and decreases in accrued expenses and accounts payable totaling $0.7 million.

Net cash used in operating activities for the nine months ended September 30, 2018 was $12.6 million, which was primarily the result of a net loss of $16.2 million, partially offset by $2.6 million of net non-cash adjustments and $1.0 million in cash inflows associated with changes in operating assets and liabilities. Our non-cash adjustments were primarily comprised of $2.4 million of stock-based compensation expense and $0.2 million of depreciation and amortization. The net cash inflows associated with changes in operating assets and liabilities was primarily due to increases of $0.9 million in accounts payable and $0.3 million in accrued expenses, partially offset by a $0.2 million decrease in prepaid expenses and other current assets.

Cash Flows from Investing Activities

Net cash used in investing activities for the nine months ended September 30, 2019 and September 30, 2018 were entirely due to purchases of property and equipment.

Cash Flows from Financing Activities

Net cash provided by financing activities for the nine months ended September 30, 2019 was $17.7 million, as compared to $12.9 million for the nine months ended September 30, 2018. Net cash provided by financing activities for the nine months ended September 30, 2019 resulted from the issuance of common stock, net of issuance costs of $17.5 million, and pre-funded warrant exercises of $0.2 million. Net cash provided by financing activities for the nine months ended September 30, 2018 resulted from the issuance of common stock, net of issuance costs of $16.4 million, partially offset by $3.5 million of principal and end of term loan payments.

Financings

2019

On April 8, 2019, we closed our firm commitment underwritten public offering in which, pursuant to the underwriting agreement (the “Underwriting Agreement”) entered into between the Company and H.C. Wainwright & Co., LLC, as representative of the underwriters (the “Underwriters”), dated April 3, 2019, we issued and sold an aggregate of (i) 1,719,554 Common Units (“Common Units”), with each Common Unit being comprised of one share of the Company’s common stock, par value $0.0001 per share and one warrant to purchase one share of common stock and (ii) 8,947,112 pre-funded units (the “Pre-Funded Units”) with each Pre-Funded Unit being comprised of one pre-funded warrant to purchase one share of common stock and one common warrant to purchase a share of common stock. The public offering price was $1.35 per Common Unit and $1.34 per Pre-Funded Unit. The common warrants have an exercise price of $1.35 per share. In addition, on April 8, 2019, we closed on the sale of an additional 1,599,999 Common Units purchased pursuant to the exercise in full of the underwriter’s option to purchase additional securities. Each Common Unit contains one share of common stock and one common warrant to purchase a share of common stock.

We recorded gross proceeds of $16.6 million and after commissions and fees of $1.9 million, the financing resulted in $14.6 million of net proceeds.

8,647,112 of the 8,947,112 pre-funded warrants issued in the offering were exercised during the nine months ending September 30, 2019 which resulted in the issuance of an additional 8,647,112 shares of common stock with net proceeds of $87.

2018

On March 17, 2017, the Company entered into an At-The-Market Sales Agreement with respect to the issuance and sale of up to $11 million of the Company’s common stock from time to time in an at-the-market public offering. During the nine months ended June 30, 2018, the Company sold 123,266 shares of its common stock pursuant to the At-The-Market Sales Agreement for aggregate net proceeds of $1.8 million.

On March 28, 2018, we entered into an underwriting agreement with Oppenheimer and Co., Inc. relating to the Offering, pursuant to which the Company sold, 1,681,000 common units and 784,000 pre-funded units. All of the pre-funded warrants issued in the Offering were exercised in April 2018 and, as 15,000 were exercised on a cashless basis, resulted in the issuance of an additional 783,707 shares of common stock. Each common unit was comprised of one share of common stock, one Series A Warrant to purchase one share of common stock and one Series B Warrant to purchase one share of common stock. Each Pre-Funded Unit was comprised of one pre-funded warrant to purchase one share of common stock, one Series A Warrant and one Series B Warrant. Gross proceeds from the Offering and of the exercise of the pre-funded warrants issued in the Offering, before commissions and fees, were approximately $16.0 million. The Series A Warrants had a six month term from date of issuance, they have expired according to their terms and are no longer outstanding. The Series B Warrants have a five year term from the date of issuance.

Based on our planned use for our existing cash resources, we believe that our available funds will be sufficient to enable us to support clinical development of our Pulmazole program through the issuance of the final report on the Phase 2 trial, preparation costs relating to our planned Phase 2b/3 trial and completion of a toxicology study in support of PUR1800, all of which are expected to conclude during the third quarter, 2020. The funding will not be sufficient to complete additional clinical work for any of the pipeline programs. We have based our projections of operating capital requirements on assumptions that may prove to be incorrect and we may use all of our available capital resources sooner than we expect. Because of the numerous risks and uncertainties associated with research, development and commercialization of pharmaceutical products, we are unable to estimate the exact amount of our operating capital requirements. Our future funding requirements will depend on many factors, including, but not limited to:

•

the initiation, progress, timing, costs and results of clinical studies for existing and new pipeline programs based on iSPERSE^™;

•

the outcome, timing and cost of regulatory approvals by the FDA and European regulatory authorities, including the potential for these agencies to require that we perform studies in addition to those that we currently have planned;

•

the cost of filing, prosecuting, defending and enforcing any patent claims and other intellectual property rights;

•

our need to expand our research and development activities;

•

our need and ability to hire additional personnel;

•

our need to implement additional infrastructure and internal systems;

•

the cost of establishing and maintaining a commercial-scale manufacturing line; and

•

the cost of establishing sales, marketing and distribution capabilities for any products for which we may receive regulatory approval.

If we cannot expand our operations or otherwise capitalize on our business opportunities because we lack sufficient capital, our business, financial condition and results of operations could be materially adversely affected.

Off-Balance Sheet Arrangements

We have no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Not applicable.

Item 4. Controls and Procedures.

(a) Evaluation of Disclosure Controls and Procedures. Our principal executive officer and principal financial officer, after evaluating the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e)) promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of the end of the period covered by this Form 10-Q, have concluded that, based on such evaluation, our disclosure controls and procedures were effective to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported,

within the time periods specified in the SEC’s rules and forms, and is accumulated and communicated to our management, including our principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

In designing and evaluating our disclosure controls and procedures, our management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and our management necessarily is required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.

(b) Changes in Internal Controls. There were no changes in our internal control over financial reporting, identified in connection with the evaluation of such internal control that occurred during the quarter ended September 30, 2019 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II — OTHER INFORMATION

Item 1.

Legal Proceedings.

From time to time, we may be involved in litigation that arises through the normal course of business. As of the date of this filing, we are not aware of any material legal proceedings to which we or any of our subsidiaries is a party or to which any of our property is subject, nor are we aware of any such threatened or pending litigation or any such proceedings known to be contemplated by governmental authorities.

We are not aware of any material proceedings in which any of our directors, officers or affiliates or any registered or beneficial stockholder of more than 5% of our common stock, or any associate of any of the foregoing, is a party adverse to or has a material interest adverse to, us or any of our subsidiaries.

Item 1A.

Risk Factors.

There have been no material changes to the risk factors disclosed under “Item 1A. Risk Factors” of our most recent Annual Report on Form 10-K. For more information concerning our risk factors, please refer to “Item 1A. Risk Factors” of our most recent Annual Report on Form 10-K.

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds.

(a) Unregistered Sales of Equity Securities

None.

(b) Issuer Purchases of Equity Securities

We did not repurchase any of our equity securities during the quarter ended September 30, 2019.

Item 3.

Defaults Upon Senior Securities.

None.

Item 4.

Mine Safety Disclosures.

Not applicable.

Item 5.

Other Information.

None.

Item 6.

Exhibits.

See Index to Exhibits.

EXHIBIT INDEX


Exhibit No.		Description

3.1		Amended and Restated Certificate of Incorporation of Pulmatrix, Inc., as amended through June 15, 2015 (incorporated by reference to Exhibit 3.1 to Quarterly Report on Form 10-Q filed with the Securities and Exchange commission on August 14, 2015).

3.2		Certificate of Amendment to Amended and Restated Certificate of Incorporation of Pulmatrix, Inc., dated as of June 5, 2018 (incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on June 7, 2018).

3.3		Restated Bylaws of Pulmatrix, Inc., as amended through June 15, 2015 (incorporated by reference to Exhibit 3.2 to Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on August 14, 2015).

10.1		Third Amendment to the Pulmatrix, Inc. Amended and Restated 2013 Employee, Director and Consultant Equity Incentive Plan (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on September 9, 2019).

31.1*		Certification of the Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2*		Certification of the Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1*		Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101*		The following materials from the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2018, formatted in XBRL (eXtensible Business Reporting Language): (i) Condensed Consolidated Balance Sheets as of June 30, 2018 (unaudited) and December 31, 2017, (ii) Condensed Consolidated Statements of Operations for the six months ended June 30, 2018 and 2017 (unaudited), (iii) Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2018 and 2017 (unaudited), and (iv) Notes to Condensed Consolidated Financial Statements (unaudited).

*	Filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


	PULMATRIX, INC.

Date: November 1, 2019	By:	/s/ Teofilo Raad
		Teofilo Raad
		President and Chief Executive Officer
		(Principal Executive Officer)

Date: November 1, 2019	By:	/s/ William Duke, Jr.
		William Duke, Jr.
		Chief Financial Officer
		(Principal Financial Officer)

EX-31.1 2 d819079dex311.htm EX-31.1 EX-31.1

Exhibit 31.1

CERTIFICATIONS UNDER SECTION 302

I, Teofilo Raad, certify that:

1.	I have reviewed this Quarterly Report on Form 10-Q of Pulmatrix, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 1, 2019

/s/ Teofilo Raad

Teofilo Raad

President and Chief Executive Officer

(Principal Executive Officer)

EX-31.2 3 d819079dex312.htm EX-31.2 EX-31.2

Exhibit 31.2

CERTIFICATIONS UNDER SECTION 302

I, William Duke, Jr., certify that:

1.	I have reviewed this Quarterly Report on Form 10-Q of Pulmatrix, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

5.	The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 1, 2019

/s/ William Duke, Jr.

William Duke, Jr.

Chief Financial Officer

(Principal Financial Officer)

EX-32.1 4 d819079dex321.htm EX-32.1 EX-32.1

Exhibit 32.1

CERTIFICATIONS UNDER SECTION 906

Pursuant to section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code), each of the undersigned officers of Pulmatrix, Inc., a Delaware corporation (the “Company”), does hereby certify, to such officer’s knowledge and in the capacity of an officer, that:

The Quarterly Report for the quarter ended September 30, 2019 (the “Form 10-Q”) of the Company fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and the information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company as of, and for, the periods presented in the Form 10-Q.


Date: November 1, 2019				/s/ Teofilo Raad
				Teofilo Raad
				President and Chief Executive Officer
				(Principal Executive Officer)

Date: November 1, 2019				/s/ William Duke, Jr.
				William Duke, Jr.
				Chief Financial Officer
				(Principal Financial Officer)

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<div style="font-family: "times new roman"; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; line-height: 12pt;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">1. Organization </div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Pulmatrix, Inc. (the “Company”) was incorporated in 2013 as a Nevada corporation and converted to a Delaware corporation in September 2013. On June 15, 2015, the Company completed a merger with Pulmatrix Operating Company, Inc. changed its name from Ruthigen, Inc. to “Pulmatrix, Inc.” and relocated its corporate headquarters to Lexington, Massachusetts. The Company is a clinical stage biotechnology company focused on the discovery and development of a novel class of inhaled therapeutic products. The Company’s proprietary dry powder delivery platform, iSPERSE<div style="font-size: 7.4pt; vertical-align: top;;vertical-align: super;font-size: smaller;display:inline;">™</div> (inhaled Small Particles Easily Respirable and Emitted), is engineered to deliver small, dense particles with highly efficient dispersibility and delivery to the airways, which can be used with an array of dry powder inhaler technologies and can be formulated with a variety of drug substances. The Company is developing a pipeline of iSPERSE-based therapeutic candidates targeted at prevention and treatment of a range of respiratory diseases and infections with significant unmet medical needs. </div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;">On February 5, 2019, the Company effectuated a <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">1-for-10 reverse</div></div> stock split of its issued and outstanding shares of common stock (the “Reverse Stock Split”) pursuant to which every 10 shares of the Company’s issued and outstanding common stock were automatically converted into one share of common stock. Accordingly, all common share and per share data are retrospectively restated to give effect of the Reverse Stock Split for all periods presented herein.</div><div style="font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"> </div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

1-for-10

<div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Cash, Cash Equivalents and Restricted Cash </div></div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Cash and cash equivalents consist of cash, checking accounts and money market accounts. Restricted cash consists of cash deposited with a financial institution for $204. </div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The following table provides a reconciliation of cash, cash equivalents and restricted cash as reported in the condensed consolidated balance sheets that sum to the total of the same amounts in the statement of cash flows. </div></div><div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: 10pt;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 10pt; border-collapse: collapse; border-spacing: 0px; width: 68%;;margin : 0px auto;;text-align:left;"><tr style="font-size: 0px;"><td style="padding: 0px; vertical-align: top; width: 79%;"></td><td style="padding: 0px; vertical-align: top; width: 4%;"></td><td style="padding: 0px; vertical-align: top;"></td><td style="padding: 0px; vertical-align: top;"></td><td style="padding: 0px; vertical-align: top;"></td><td style="padding: 0px; vertical-align: top; width: 4%;"></td><td style="padding: 0px; vertical-align: top;"></td><td style="padding: 0px; vertical-align: top;"></td><td style="padding: 0px; vertical-align: top;"></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;;width:;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;;width:;">  </td><td colspan="6" style="border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;;text-align:center;;width:;"><div style="font-weight:bold;display:inline;">Nine months Ended<br/>September 30,</div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;;width:;"> </td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;;width:;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;;width:;">  </td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;;text-align:center;;width:;"><div style="font-weight:bold;display:inline;">2019</div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;;width:;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;;width:;">  </td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;;text-align:center;;width:;"><div style="font-weight:bold;display:inline;">2018</div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;;width:;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: top; width: 79%;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Cash and cash equivalents</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: top; width: 4%;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: top;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: top;;text-align:right;">27,879</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: top; width: 4%;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: top;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: top;;text-align:right;">3,806</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: top;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px; vertical-align: top; width: 79%;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Restricted Cash</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top; width: 4%;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;;text-align:right;">204</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top; width: 4%;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;;text-align:right;">204</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; vertical-align: top;"> </td></tr><tr style="font-size: 1px;"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top; width: 79%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top; width: 4%;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top; width: 4%;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: top; width: 79%;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Total cash, cash equivalents and restricted cash in the statement of cash flows</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: top; width: 4%;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: top;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: top;;text-align:right;">28,083</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: top; width: 4%;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: top;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: top;;text-align:right;">4,010</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: top;"> </td></tr><tr style="font-size: 1px;"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top; width: 79%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top; width: 4%;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top; width: 4%;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;"> </td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

<div style="font-family: "times new roman"; font-size: 10pt; margin-top: 16pt; margin-bottom: 0pt; line-height: 11.5pt;"><div style="font-weight:bold;display:inline;"><div style="font-size: 10pt; font-family: "times new roman", serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Recent Accounting Standards </div></div><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;">In November 2018, the FASB issued ASU <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">No. 2018-18,</div> <div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Clarifying the Interaction between Topic 808</div> (Collaborative Arrangements) <div style="font-style:italic;display:inline;;font-style:italic;display:inline;">and Topic</div> 606 (Revenue from Contracts with Customers). The amendments are effective for public business entities for fiscal years beginning after December 15, 2019. Early adoption is permitted. The Company has early adopted ASU <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">2018-18</div> and adoption of this ASU has no significant impact on its condensed consolidated financial statements.</div><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;">In August 2018, the FASB issued ASU <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">No. 2018-13,</div> <div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Fair Value Measurement</div>. ASU <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">2018-13</div> modifies the disclosure requirements for fair value measurements by removing, modifying, or adding certain disclosures. The amendments in <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">ASU 2018-13</div> will be effective for fiscal years beginning after December 15, 2019. Early adoption is permitted. An entity is permitted to early adopt any removed or modified disclosures upon issuance of ASU <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">No. 2018-13</div> and delay adoption of the additional disclosures until their effective date. The Company has not yet evaluated the impact of adoption of this ASU on its condensed consolidated financial statements disclosures.</div><div style="font-family: "times new roman"; font-size: 10pt; margin-top: 12pt; margin-bottom: 12pt; line-height: 12pt;">In June 2018, the FASB issued ASU <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">No. 2018-07,</div> <div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Compensation — Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting</div>. Subtopic <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">505-50,</div> Equity — Equity-Based Payments to <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Non-Employees,</div> addresses aspects of the accounting for nonemployee share based compensation. The amendments are effective for public business entities for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. The Company has adopted ASU <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">2018-07</div> and adoption of this ASU has no significant impact on its condensed consolidated financial statements.</div><div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">In February 2018, the FASB issued ASU <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">No. 2018-02,</div> <div style="font-style:italic;display:inline;;font-style:italic;display:inline;">“Income Statement — Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income”</div> (“ASU <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">2018-02”),</div> which allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Act and requires certain disclosures about stranded tax effects. ASU <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">2018-02</div> is effective for us beginning January 1, 2019 (with early adoption permitted) and shall be applied either in the period of adoption or retrospectively to each period (or periods) in which the effect of the change in the corporate income tax rate in the Tax Act is recognized. The Company has adopted ASU <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">2018-02</div> and adoption of this ASU has no significant impact on its condensed consolidated financial statements.</div><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;">In July 2017, FASB issued ASU <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">No. 2017-11,</div> Earnings per Share (Topic 260), Distinguishing Liabilities from Equity (Topic 480), Derivatives and Hedging (Topic 815). ASU <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">2017-11</div> consists of two parts. The amendments in Part I of this Update change the classification analysis of certain equity-linked financial instruments (or embedded features) with down round features. When determining whether certain financial instruments should be classified as liabilities or equity instruments, a down round feature no longer precludes equity classification when assessing whether the instrument is indexed to an entity’s own stock. The amendments also clarify existing disclosure requirements for equity-classified instruments. As a result, a freestanding equity-linked financial instrument (or embedded conversion option) no longer would be accounted for as a derivative liability at fair value as a result of the existence of a down round feature. For freestanding equity classified financial instruments, the amendments require entities that present earnings per share (EPS) in accordance with Topic 260 to recognize the effect of the down round feature when it is triggered. That effect is treated as a dividend and as a reduction of income available to common shareholders in basic EPS. Convertible instruments with embedded conversion options that have down round features are now subject to the specialized guidance for contingent beneficial conversion features (in Subtopic <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">470-20,</div> Debt—Debt with Conversion and Other Options), including related EPS guidance (in Topic 260). The amendments in Part II of this Update <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">re-characterize</div> the indefinite deferral of certain provisions of Topic 480 that now are presented as pending content in the Codification, to a scope exception. Those amendments do not have an accounting effect. For public business entities, the amendments in Part I of this Update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The amendments in Part II of this Update do not require any transition guidance because those amendments do not have an accounting effect. The Company has adopted ASU <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">2017-11</div> and adoption of this ASU has no significant impact on its condensed consolidated financial statements.</div><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;">In February 2016, the FASB issued authoritative guidance under ASU <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">2016-02,</div> Leases (Topic 842). ASU <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">2016-02</div> provides new comprehensive lease accounting guidance that supersedes existing lease guidance. Upon adoption of ASU <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">2016-02,</div> the Company will be required to recognize most leases on its balance sheet at the beginning of the earliest comparative period presented with a corresponding adjustment to stockholders’ equity. ASU <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">2016-02</div> requires the Company to capitalize most current operating lease obligations as <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">right-of-use</div></div> assets with a corresponding liability based on the present value of future operating lease obligations. Criteria for distinguishing leases between finance and operating are substantially similar to criteria for distinguishing between capital leases and operating leases in previous lease guidance. Lease agreements that are 12 months or less are permitted to be excluded from the balance sheet. Topic 842 includes a number of optional practical expedients that the Company may elect to apply. Expanded disclosures with additional qualitative and quantitative information will also be required. The adoption will include updates as provided under ASU <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">2018-01,</div> Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842 and ASU <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">2018-10,</div> Codification Improvements to Topic 842, Leases. Since the Company is an emerging growth company and elected to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act, this ASU <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">2016-02</div> and related ASUs will be effective for the Company beginning in fiscal 2020. The Company is currently evaluating the potential impact of adoption of this standard on its condensed consolidated financial statements and the additional transition method under ASU <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">2018-11,</div> which allows the Company to recognize Topic 842’s cumulative effect within retained earnings in the period of adoption.</div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

<div style="font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"> </div><div style="font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">3. Prepaid Expenses and Other Current Assets </div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Prepaid expenses consisted of the following: </div> </div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 10pt; border-collapse: collapse; border-spacing: 0px; width: 76%;;margin : 0px auto;;text-align:left;"><tr style="font-size: 0px;"><td style="padding: 0px; width: 63%; vertical-align: top;"></td><td style="padding: 0px; width: 8.5%; vertical-align: top;"></td><td style="padding: 0px; width: 1%; vertical-align: top;"></td><td style="padding: 0px; width: 5%; vertical-align: top;"></td><td style="padding: 0px; width: 1%; vertical-align: top;"></td><td style="padding: 0px; width: 15%; vertical-align: top;"></td><td style="padding: 0px; width: 1%; vertical-align: top;"></td><td style="padding: 0px; width: 5%; vertical-align: top;"></td><td style="padding: 0px; width: 0.5%; vertical-align: top;"></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; vertical-align: top;;width:;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; vertical-align: top;;width:;">  </td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; vertical-align: top;;text-align:center;;width:;"><div style="font-weight:bold;display:inline;">At September<div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div>30, 2019</div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; vertical-align: top;;width:;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; vertical-align: top;;width:;">  </td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; vertical-align: top;;text-align:center;;width:;"><div style="font-weight:bold;display:inline;">At December 31, 2018</div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; vertical-align: top;;width:;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 63%; vertical-align: top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Prepaid Insurance</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 8.5%; vertical-align: top;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 1%; vertical-align: top;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 5%; vertical-align: top;;text-align:right;">301</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); width: 1%; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 15%; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 1%; vertical-align: top;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 5%; vertical-align: top;;text-align:right;">243</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); width: 0.5%; vertical-align: top;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px; width: 63%; vertical-align: top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Prepaid Clinical Trials</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 8.5%; vertical-align: top;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 5%; vertical-align: top;;text-align:right;">394</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; width: 1%; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 15%; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 5%; vertical-align: top;;text-align:right;">419</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; width: 0.5%; vertical-align: top;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 63%; vertical-align: top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Prepaid Other</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 8.5%; vertical-align: top;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 1%; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 5%; vertical-align: top;;text-align:right;">158</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); width: 1%; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 15%; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 1%; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 5%; vertical-align: top;;text-align:right;">27</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); width: 0.5%; vertical-align: top;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px; width: 63%; vertical-align: top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Deferred Operating Costs</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 8.5%; vertical-align: top;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 5%; vertical-align: top;;text-align:right;">107</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; width: 1%; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 15%; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 5%; vertical-align: top;;text-align:right;">28</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; width: 0.5%; vertical-align: top;"> </td></tr><tr style="font-size: 1px;"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 63%; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 8.5%; vertical-align: top;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: top;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 5%; vertical-align: top;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 15%; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: top;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 5%; vertical-align: top;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 0.5%; vertical-align: top;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 63%; vertical-align: top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Total prepaid expenses and other current assets</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 8.5%; vertical-align: top;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 1%; vertical-align: top;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 5%; vertical-align: top;;text-align:right;">960</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); width: 1%; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 15%; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 1%; vertical-align: top;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 5%; vertical-align: top;;text-align:right;">717</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); width: 0.5%; vertical-align: top;"> </td></tr><tr style="font-size: 1px;"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 63%; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 8.5%; vertical-align: top;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: top;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 5%; vertical-align: top;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 15%; vertical-align: top;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: top;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 5%; vertical-align: top;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 0.5%; vertical-align: top;"> </td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Prepaid expenses consisted of the following: </div> </div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 10pt; border-collapse: collapse; border-spacing: 0px; width: 76%;;margin : 0px auto;;text-align:left;"><tr style="font-size: 0px;"><td style="padding: 0px; width: 63%; vertical-align: top;"></td><td style="padding: 0px; width: 8.5%; vertical-align: top;"></td><td style="padding: 0px; width: 1%; vertical-align: top;"></td><td style="padding: 0px; width: 5%; vertical-align: top;"></td><td style="padding: 0px; width: 1%; vertical-align: top;"></td><td style="padding: 0px; width: 15%; vertical-align: top;"></td><td style="padding: 0px; width: 1%; vertical-align: top;"></td><td style="padding: 0px; width: 5%; vertical-align: top;"></td><td style="padding: 0px; width: 0.5%; vertical-align: top;"></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; vertical-align: top;;width:;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; vertical-align: top;;width:;">  </td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; vertical-align: top;;text-align:center;;width:;"><div style="font-weight:bold;display:inline;">At September<div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div>30, 2019</div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; vertical-align: top;;width:;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; vertical-align: top;;width:;">  </td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; vertical-align: top;;text-align:center;;width:;"><div style="font-weight:bold;display:inline;">At December 31, 2018</div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; vertical-align: top;;width:;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 63%; vertical-align: top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Prepaid Insurance</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 8.5%; vertical-align: top;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 1%; vertical-align: top;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 5%; vertical-align: top;;text-align:right;">301</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); width: 1%; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 15%; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 1%; vertical-align: top;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 5%; vertical-align: top;;text-align:right;">243</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); width: 0.5%; vertical-align: top;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px; width: 63%; vertical-align: top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Prepaid Clinical Trials</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 8.5%; vertical-align: top;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 5%; vertical-align: top;;text-align:right;">394</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; width: 1%; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 15%; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 5%; vertical-align: top;;text-align:right;">419</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; width: 0.5%; vertical-align: top;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 63%; vertical-align: top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Prepaid Other</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 8.5%; vertical-align: top;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 1%; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 5%; vertical-align: top;;text-align:right;">158</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); width: 1%; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 15%; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 1%; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 5%; vertical-align: top;;text-align:right;">27</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); width: 0.5%; vertical-align: top;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px; width: 63%; vertical-align: top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Deferred Operating Costs</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 8.5%; vertical-align: top;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 5%; vertical-align: top;;text-align:right;">107</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; width: 1%; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 15%; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 5%; vertical-align: top;;text-align:right;">28</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; width: 0.5%; vertical-align: top;"> </td></tr><tr style="font-size: 1px;"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 63%; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 8.5%; vertical-align: top;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: top;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 5%; vertical-align: top;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 15%; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: top;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 5%; vertical-align: top;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 0.5%; vertical-align: top;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 63%; vertical-align: top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Total prepaid expenses and other current assets</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 8.5%; vertical-align: top;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 1%; vertical-align: top;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 5%; vertical-align: top;;text-align:right;">960</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); width: 1%; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 15%; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 1%; vertical-align: top;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 5%; vertical-align: top;;text-align:right;">717</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); width: 0.5%; vertical-align: top;"> </td></tr><tr style="font-size: 1px;"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 63%; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 8.5%; vertical-align: top;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: top;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 5%; vertical-align: top;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 15%; vertical-align: top;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: top;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 5%; vertical-align: top;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 0.5%; vertical-align: top;"> </td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

<div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Property and equipment consisted of the following: </div></div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 10pt; border-collapse: collapse; border-spacing: 0px; width: 76%;;margin : 0px auto;;text-align:left;"><tr style="font-size: 0px;"><td style="padding: 0px; width: 63.5%; vertical-align: top;"></td><td style="padding: 0px; width: 8.5%; vertical-align: top;"></td><td style="padding: 0px; width: 1%; vertical-align: top;"></td><td style="padding: 0px; width: 5%; vertical-align: top;"></td><td style="padding: 0px; width: 1%; vertical-align: top;"></td><td style="padding: 0px; width: 14.5%; vertical-align: top;"></td><td style="padding: 0px; width: 1%; vertical-align: top;"></td><td style="padding: 0px; width: 5%; vertical-align: top;"></td><td style="padding: 0px; width: 0.5%; vertical-align: top;"></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; vertical-align: top;;width:;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; vertical-align: top;;width:;">  </td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; vertical-align: top;;text-align:center;;width:;"><div style="font-weight:bold;display:inline;">At September<div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div>30, 2019</div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; vertical-align: top;;width:;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; vertical-align: top;;width:;">  </td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; vertical-align: top;;text-align:center;;width:;"><div style="font-weight:bold;display:inline;">At December 31, 2018</div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; vertical-align: top;;width:;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 63.5%; vertical-align: top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Laboratory equipment</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 8.5%; vertical-align: top;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 1%; vertical-align: top;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 5%; vertical-align: top;;text-align:right;">1,538</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); width: 1%; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 14.5%; vertical-align: top;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 1%; vertical-align: top;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 5%; vertical-align: top;;text-align:right;">1,529</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); width: 0.5%; vertical-align: top;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px; width: 63.5%; vertical-align: top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Computer equipment</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 8.5%; vertical-align: top;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 5%; vertical-align: top;;text-align:right;">216</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; width: 1%; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 14.5%; vertical-align: top;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 5%; vertical-align: top;;text-align:right;">185</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; width: 0.5%; vertical-align: top;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 63.5%; vertical-align: top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Office furniture and equipment</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 8.5%; vertical-align: top;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 1%; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 5%; vertical-align: top;;text-align:right;">217</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); width: 1%; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 14.5%; vertical-align: top;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 1%; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 5%; vertical-align: top;;text-align:right;">217</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); width: 0.5%; vertical-align: top;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px; width: 63.5%; vertical-align: top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Leasehold improvements</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 8.5%; vertical-align: top;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 5%; vertical-align: top;;text-align:right;">581</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; width: 1%; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 14.5%; vertical-align: top;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 5%; vertical-align: top;;text-align:right;">579</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; width: 0.5%; vertical-align: top;"> </td></tr><tr style="font-size: 1px;"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 63.5%; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 8.5%; vertical-align: top;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: top;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 5%; vertical-align: top;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 14.5%; vertical-align: top;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: top;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 5%; vertical-align: top;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 0.5%; vertical-align: top;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 63.5%; vertical-align: top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Total property and equipment</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 8.5%; vertical-align: top;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 1%; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 5%; vertical-align: top;;text-align:right;">2,552</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); width: 1%; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 14.5%; vertical-align: top;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 1%; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 5%; vertical-align: top;;text-align:right;">2,510</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); width: 0.5%; vertical-align: top;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px; width: 63.5%; vertical-align: top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Less accumulated depreciation and amortization</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 8.5%; vertical-align: top;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 5%; vertical-align: top;;text-align:right;">(2,247</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; width: 1%; vertical-align: top;">) </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 14.5%; vertical-align: top;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 5%; vertical-align: top;;text-align:right;">(2,116</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; width: 0.5%; vertical-align: top;">) </td></tr><tr style="font-size: 1px;"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 63.5%; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 8.5%; vertical-align: top;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: top;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 5%; vertical-align: top;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 14.5%; vertical-align: top;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: top;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 5%; vertical-align: top;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 0.5%; vertical-align: top;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 63.5%; vertical-align: top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Property and equipment, net</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 8.5%; vertical-align: top;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 1%; vertical-align: top;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 5%; vertical-align: top;;text-align:right;">305</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); width: 1%; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 14.5%; vertical-align: top;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 1%; vertical-align: top;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 5%; vertical-align: top;;text-align:right;">394</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); width: 0.5%; vertical-align: top;"> </td></tr><tr style="font-size: 1px;"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 63.5%; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 8.5%; vertical-align: top;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: top;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 5%; vertical-align: top;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 14.5%; vertical-align: top;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: top;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 5%; vertical-align: top;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 0.5%; vertical-align: top;"> </td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

<div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Accrued expenses consisted of the following: </div></div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 10pt; border-collapse: collapse; border-spacing: 0px; width: 76%;;margin : 0px auto;;text-align:left;"><tr style="font-size: 0px;"><td style="padding: 0px; width: 63.5%; vertical-align: top;"></td><td style="padding: 0px; width: 8.5%; vertical-align: top;"></td><td style="padding: 0px; width: 1%; vertical-align: top;"></td><td style="padding: 0px; width: 5%; vertical-align: top;"></td><td style="padding: 0px; width: 1%; vertical-align: top;"></td><td style="padding: 0px; width: 14.5%; vertical-align: top;"></td><td style="padding: 0px; width: 1%; vertical-align: top;"></td><td style="padding: 0px; width: 5%; vertical-align: top;"></td><td style="padding: 0px; width: 0.5%; vertical-align: top;"></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; vertical-align: top;;width:;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; vertical-align: top;;width:;">  </td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; vertical-align: top;;text-align:center;;width:;"><div style="font-weight:bold;display:inline;">At September<div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div>30, 2019</div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; vertical-align: top;;width:;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; vertical-align: top;;width:;">  </td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; vertical-align: top;;text-align:center;;width:;"><div style="font-weight:bold;display:inline;">At December 31, 2018</div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; vertical-align: top;;width:;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 63.5%; vertical-align: top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Accrued vacation</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 8.5%; vertical-align: top;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 1%; vertical-align: top;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 5%; vertical-align: top;;text-align:right;">58</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); width: 1%; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 14.5%; vertical-align: top;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 1%; vertical-align: top;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 5%; vertical-align: top;;text-align:right;">59</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); width: 0.5%; vertical-align: top;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px; width: 63.5%; vertical-align: top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Accrued wages and incentive</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 8.5%; vertical-align: top;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 5%; vertical-align: top;;text-align:right;">582</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; width: 1%; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 14.5%; vertical-align: top;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 5%; vertical-align: top;;text-align:right;">915</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; width: 0.5%; vertical-align: top;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 63.5%; vertical-align: top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Accrued clinical & consulting</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 8.5%; vertical-align: top;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 1%; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 5%; vertical-align: top;;text-align:right;">450</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); width: 1%; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 14.5%; vertical-align: top;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 1%; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 5%; vertical-align: top;;text-align:right;">517</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); width: 0.5%; vertical-align: top;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px; width: 63.5%; vertical-align: top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Accrued legal & patent</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 8.5%; vertical-align: top;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 5%; vertical-align: top;;text-align:right;">70</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; width: 1%; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 14.5%; vertical-align: top;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 5%; vertical-align: top;;text-align:right;">67</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; width: 0.5%; vertical-align: top;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 63.5%; vertical-align: top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Deferred rent</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 8.5%; vertical-align: top;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 1%; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 5%; vertical-align: top;;text-align:right;">50</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); width: 1%; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 14.5%; vertical-align: top;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 1%; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 5%; vertical-align: top;;text-align:right;">67</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); width: 0.5%; vertical-align: top;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px; width: 63.5%; vertical-align: top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Accrued other expenses</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 8.5%; vertical-align: top;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 5%; vertical-align: top;;text-align:right;">55</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; width: 1%; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 14.5%; vertical-align: top;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 5%; vertical-align: top;;text-align:right;">71</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; width: 0.5%; vertical-align: top;"> </td></tr><tr style="font-size: 1px;"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 63.5%; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 8.5%; vertical-align: top;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: top;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 5%; vertical-align: top;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 14.5%; vertical-align: top;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: top;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 5%; vertical-align: top;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 0.5%; vertical-align: top;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 63.5%; vertical-align: top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Total accrued expenses</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 8.5%; vertical-align: top;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 1%; vertical-align: top;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 5%; vertical-align: top;;text-align:right;">1,265</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); width: 1%; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 14.5%; vertical-align: top;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 1%; vertical-align: top;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 5%; vertical-align: top;;text-align:right;">1,696</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); width: 0.5%; vertical-align: top;"> </td></tr><tr style="font-size: 1px;"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 63.5%; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 8.5%; vertical-align: top;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: top;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 5%; vertical-align: top;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 14.5%; vertical-align: top;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: top;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 5%; vertical-align: top;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 0.5%; vertical-align: top;"> </td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

1599999

1.70

6.50

11000000

2024-08-12 2024-01-26 2020-08-31 2020-06-16 2019-03-21 15000

<div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The estimated fair values of employee stock options granted during the three and nine months ended September 30, 2019 and 2018, were determined on the date of grant using the Black-Scholes option-pricing model with the following assumptions: </div></div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:92%;"><tr style="font-size: 0px;"><td style="padding: 0px;;width:73%;"></td><td style="padding: 0px;;vertical-align:bottom;;width:4%;"></td><td style="padding: 0px;"></td><td style="padding: 0px;"></td><td style="padding: 0px;"></td><td style="padding: 0px;;vertical-align:bottom;;width:4%;"></td><td style="padding: 0px;"></td><td style="padding: 0px;"></td><td style="padding: 0px;"></td><td style="padding: 0px;;vertical-align:bottom;;width:3%;"></td><td style="padding: 0px;"></td><td style="padding: 0px;"></td><td style="padding: 0px;"></td><td style="padding: 0px;;vertical-align:bottom;;width:3%;"></td><td style="padding: 0px;"></td><td style="padding: 0px;"></td><td style="padding: 0px;"></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td colspan="6" style="border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">Three Months Ended<br/>September 30,</div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td colspan="6" style="border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">Nine Months Ended<br/>September 30,</div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">2019</div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">2018</div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">2019</div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">2018</div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Expected option life (years)</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">0</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">6.05</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">6.02</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">5.58</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Risk-free interest rate</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:right;;vertical-align:bottom;">0</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:right;;vertical-align:bottom;">2.79</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;">% </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:right;;vertical-align:bottom;">2.22</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;">% </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:right;;vertical-align:bottom;">2.77</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;">% </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Expected volatility</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">0</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">78.91</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">% </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">74.14</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">% </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">79.67</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">% </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Expected dividend yield</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:right;;vertical-align:bottom;">0</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:right;;vertical-align:bottom;">0</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;">% </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:right;;vertical-align:bottom;">0</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;">% </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:right;;vertical-align:bottom;">0</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;">% </td></tr></table><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

25% on the first anniversary of the option grant date and the remainder in 36 equal monthly installments beginning in the month after the vesting start date

25% on the option grant date and the remainder in 36 equal monthly installments beginning in the month after the vesting start date

36 36

1345000

<div style="font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; line-height: 12pt;"> </div><div style="font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">7. Common Stock </div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">2019 </div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Public Offering </div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;">On April 8, 2019, the Company closed its underwritten public offering in which, pursuant to the underwriting agreement entered into between the Company and H.C. Wainwright & Co., LLC, as representative of the underwriters, dated April 3, 2019, the Company issued and sold an aggregate of (i) 1,719,554 common units, with each common unit being comprised of one share of the Company’s common stock, par value $0.0001 per share and one warrant to purchase one share of common stock and (ii) 8,947,112 <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">pre-funded</div> units with each <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">pre-funded</div> unit being comprised of one <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">pre-funded</div> warrant to purchase one share of common stock and one common warrant to purchase one share of common stock. The public offering price was $1.35 per common unit and $1.34 per <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">pre-funded</div> unit. The common warrants have an exercise price of $1.35 per share. In addition, on April 8, 2019, the Company closed on the sale of an additional 1,599,999 common units purchased pursuant to the exercise in full of the underwriter’s option to purchase additional securities. Each common unit contains one share of common stock and one common warrant to purchase a share of common stock.<div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div><div style="font-size: 10pt; line-height: 115%; font-family: "times new roman", serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The common warrants issued on April 8, 2019 have a fair value of $0.997 per share.</div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;">370,000 <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">pre-funded</div> warrants issued in th<div style="letter-spacing: 0px; top: 0px;;display:inline;">e</div> offering were exercised<div style="letter-spacing: 0px; top: 0px;;display:inline;"> during the t<div style="letter-spacing: 0px; top: 0px;;display:inline;">hree months ending September 30, 2019 which resulted in the issuance of 370,000 </div></div>shares of common stock <div style="color: rgb(0, 0, 0); font-family: "times new roman"; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0px; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; top: 0px;;display:inline;">with net proceeds of $4.</div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-size: 10pt; line-height: 115%; font-family: "times new roman", serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">8,647,112 of the 8,947,112 pre-funded warrants issued in the offering were exercised during the nine months ending September 30, 2019 which resulted in the issuance of 8,647,112 shares of common stock with net proceeds of $87. </div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Warrants were also issued to the underwriters to purchase 797,334 shares of common stock <div style="letter-spacing: 0px; top: 0px;;display:inline;">with</div> an exercise price of $1.6875 <div style="letter-spacing: 0px; top: 0px;;display:inline;">and a fair value of <div style="letter-spacing: 0px; top: 0px;;display:inline;">$<div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1</div></div>.<div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2632</div></div> </div></div><div style="letter-spacing: 0px; top: 0px;;display:inline;">per</div> share. Both the common and underwriter warrants have an exercise term of five years and are exercisable immediately following their issuance. </div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;">After giving effect to the exercise of the Underwriters’ overallotment option and the exercise of 8,647,112 <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">pre-funded</div> warrants, the gross aggregate proceeds from the offering on April 8 was $16,557, prior to deducting underwriting discounts and commissions and other estimated offering expenses. The Company agreed to pay H.C. Wainwright & Co, LLC a commission of 7% of the gross proceeds. The Company also agreed to pay or reimburse certain expenses on behalf of H.C. Wainwright. A total of $1,904<div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div>of commissions and other issuance costs were associated with the public offering.</div><div style="margin-bottom: 0px; margin-top: 0px;"> </div><div style="font-size: 10pt;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">For the nine months ending September 30</div><div style="font-family: "times new roman", times, serif; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">, 2019</div><div style="font-family: "times new roman", times, serif; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">, after giving effect to fees, commissions and other expenses of approximately $1,904</div><div style="font-family: "times new roman", times, serif; letter-spacing: 0px; top: 0px;;display:inline;">, the Company recorded net proceeds of $14,653 in aggregate for the sale of the public offering and <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">the pre-funded warrant</div> exercises.</div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Confidential Marketed Public Offering (“CMPO”) </div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">On January 31, 2019 and February 4, 2019, the Company closed two CMPOs, pursuant to which the Company sold 156,118 and 532,353 shares of common stock, respectively, at $1.70 per share and issued warrants to exercise 10,151 and 34,605 shares of common stock, respectively, to underwriters at an exercise price of $2.125 per share with expiration dates of January 26, 2024 and January 30, 2024, respectively. </div><div style="font-size: 10pt; line-height: 115%; font-family: "times new roman", serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The underwriter warrants had a fair value of $0.9332 and $1.1946 per share at the January 31, 2019 and February 4, 2019 issuance date, respectively.</div><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div>Prior to deducting fees and commissions for both offerings, the Company recorded aggregate gross proceeds of approximately $1,170. </div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Registered Direct Offering </div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">On February 12, 2019, the Company sold 1,706,484 shares at $1.465 per share for gross proceeds of approximately $2,500. In this registered direct offering, the Company issued warrants to purchase 1,706,484 shares of its common stock to investors with an exercise price of $1.34 <div style="letter-spacing: 0px; top: 0px;;display:inline;">and a fair value of $0.5962 </div>per share<div style="letter-spacing: 0px; top: 0px;;display:inline;">, respectively,<div style="letter-spacing: 0px; top: 0px;;display:inline;"> with</div></div> an expiration date of August 12, 2024. In addition, the Company issued warrants to purchase 110,922 shares of its common stock to underwriters with an exercise price of $1.8313 per share and an expiration date of February 7, 2024.<div style="letter-spacing: 0px; top: 0px;;display:inline;"> The underwriter warrants had a fair value of $0.5314 per share at the issuance date. </div></div><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: "times new roman"; font-size: 10pt; margin-top: 16pt; margin-bottom: 0pt; line-height: 12pt;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Exercise of Warrants </div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;">During the three months ended March 31, 2019, <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">697,500 pre-funded warrants,</div> which were issued as part of the November 2018 securities purchase agreement with an institutional investor, were exercised and the Company recorded $70 in net proceeds.</div><div style="font-size: 1px; margin-top: 12pt; margin-bottom: 0px; background: none; line-height: 12pt;"><div style="color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">For the three months ending March </div>31<div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">, </div>2019<div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">, after giving effect to fees, commissions and other expenses of approximately $</div>691<div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">, the Company recorded net proceeds of $</div>3,049<div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> in aggregate for the sale of the CMPOs, the registered direct offering and </div><div style="font-size: 10pt; white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">the pre-funded warrant</div><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> exercises.</div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;">For the nine months ending September 30, 2019, after giving effect to fees, commissions and other expenses of approximately $2,595, the Company recorded net proceeds of $17,702 in aggregate for the sale of the public offering, CMPOs, the registered direct offering and <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">the pre-funded warrant</div> exercises. The Company intends to use the net proceeds for research and development of its therapeutic candidates, particularly the development of Pulmazole, as well as for working capital and general corporate purposes.</div><div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">2018 </div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Public Offering </div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;">On April 3, 2018, the Company closed its previously announced underwritten public offering in which, pursuant to the underwriting agreement entered into between the Company and Oppenheimer & Co. Inc., as representative of the underwriters, dated March 28, 2018, the Company issued and sold (i) 1,566,000 common units, with each common unit being comprised of one share of the Company’s common stock, par value $0.0001 per share, one Series A warrant to purchase one share of common stock and one Series B warrant to purchase one share of common stock, and (ii) 784,000 <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">pre-funded</div> units, with each <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">pre-funded</div> unit being comprised of one <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">pre-funded</div> warrant to purchase one share of common stock, one Series A Warrant and one Series B Warrant. The public offering price was $6.50 per common unit and $6.40 per <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">pre-funded</div> unit, and the gross proceeds received by the Company on April 3, 2018 pursuant to such sales were $15,197, prior to deducting underwriting discounts and commissions and other estimated offering expenses.</div><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;">In addition, on April 4, 2018, the Company closed on the sale of 115,000 additional common units pursuant to the underwriters’ option, under the underwriting agreement, to purchase up to an additional 115,000 common and <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">pre-funded</div> units, which were exercised in full. After giving effect to the exercise of the Underwriters’ overallotment option, the gross aggregate proceeds from the offering on April 3 and 4 were $15,944, prior to deducting underwriting discounts and commissions and other estimated offering expenses.</div><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;">All of the <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">pre-funded</div> warrants issued in the offering were exercised in April 2018 and, as 15,000 were exercised on a cashless basis, resulted in the issuance of an additional 783,707 shares of common stock with gross proceeds of $78.</div><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;">The Series A Warrants included in the common units and <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">the pre-funded</div> units were immediately exercisable at a price of $6.50 per share of common stock, subject to adjustment in certain circumstances, and <div style="color: rgb(0, 0, 0); font-family: "times new roman"; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0px; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; top: 0px;;display:inline;">expired</div> six months from the date of issuance. The Series B Warrants included in the common units and <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">the pre-funded</div> units were immediately exercisable at a price of $7.50 per share of common stock, subject to adjustment in certain circumstances, and will expire five years from the date of issuance. The shares of common stock, <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">or pre-funded warrants</div> in the case of <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">the pre-funded</div> units, and the Series A Warrants and Series B Warrants were offered together, but the securities contained in the common units and <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">the pre-funded</div> units were issued separately.</div><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The Company agreed to pay Oppenheimer & Co., Inc. a commission of (a) 7% of the gross proceeds raised up to $5,000 and (b) 6.5% of the gross proceeds raised in excess of $5,000. The Company also agreed to pay or reimburse certain expenses on behalf of Oppenheimer. A total of $1,497 of commissions and other issuance costs were associated with the public offering. </div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;">The net proceeds to the Company from the Offering of the common units and <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">pre-funded</div> units were approximately $14,517, after deducting the underwriting discounts and commissions and estimated offering expenses payable by the Company. The Company intends to use the net proceeds from the Offering for research and development of its therapeutic candidates, particularly the development of Pulmazole, as well as for working capital and general corporate purposes.</div><div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;"><div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">At-the-Market</div></div> Offering </div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;">On March 17, 2017, the Company entered into an <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">At-The-Market</div></div> Sales Agreement (the “Sales Agreement”) with BTIG, LLC (“BTIG”) to act as the Company’s sales agent with respect to the issuance and sale of up to $11,000 of the Company’s shares of common stock, from time to time in an <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">at-the-market</div></div> public offering. Sales of common stock under the Sales Agreement <div style="letter-spacing: 0px; top: 0px;;display:inline;">we</div>re made pursuant to an effective shelf registration statement on Form <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">S-3,</div> which was filed with the Securities and Exchange Commission on July 15, 2016, and subsequently declared effective on August 3, 2016 (File <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">No. 333-212546),</div> and a related prospectus. BTIG act<div style="letter-spacing: 0px; top: 0px;;display:inline;">ed</div> as the Company’s sales agent on a commercially reasonable efforts basis, consistent with its normal trading and sales practices and applicable state and federal laws, rules and regulations and the rules of The NASDAQ Global Market.<div style="color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">BTIG <div style="letter-spacing: 0px; top: 0px;;display:inline;">received</div> compensation at a fixed commission rate of 3.0% of the gross proceeds from the sale of the Company’s common stock pursuant to the Sales Agreement. </div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;">During the <div style="letter-spacing: 0px; top: 0px;;display:inline;">nine</div><div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">-month</div> period ended <div style="letter-spacing: 0px; top: 0px;;display:inline;">September</div> 30, 2018, the Company sold 123,266 shares of its common stock under the Sales Agreement at an average selling price of approximately $15.40 per share which resulted in gross proceeds of approximately $1,904 and net proceeds of approximately $1,847 after payment of 3% commission to BTIG and other issuance costs.</div><div style="font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; line-height: 12pt;"> </div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> 2024-04-08 2024-04-03 2024-02-07 2024-06-03 2023-04-03 2023-04-04 2024-05-06 2024-01-30

561600

90000

-3259000

1.6875

10151

2.125

1.34

6.50

7.50

<div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Basis of Presentation </div></div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;">The accompanying unaudited condensed consolidated financial statements of the Company have been prepared on a going concern basis in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial reporting and as required by Regulation <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">S-X,</div> Rule <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">10-01.</div> Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (including those which are normal and recurring) considered necessary for a fair presentation of the interim financial information have been included. When preparing financial statements in conformity with GAAP, the Company must make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and related disclosures at the date of the financial statements. Actual results could differ from those estimates. Additionally, operating results for the nine months ended September 30, 2019, are not necessarily indicative of the results that may be expected for any other interim period or for the fiscal year ending December 31, 2019. For further information, refer to the financial statements and footnotes included in the Company’s annual financial statements for the fiscal year ended December 31, 2018, which are included in the Company’s annual report on Form <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">10-K</div> filed with the SEC on February 19, 2019.</div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

1.8313

2.125

34605 110922

9304000

7268000

2717

697500 70000 70000 8277112 82000 83000 1000 783707 78000 76000 370000 4000 4000

17000

157000

15775000

3806000

204000

22000000 22000000

15775000

9304000

1170000

2500000

1706484

697500

70000

44770000

78000

<div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The following table provides a reconciliation of cash, cash equivalents and restricted cash as reported in the condensed consolidated balance sheets that sum to the total of the same amounts in the statement of cash flows. </div></div><div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; background: none; line-height: 10pt;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 10pt; border-collapse: collapse; border-spacing: 0px; width: 68%;;margin : 0px auto;;text-align:left;"><tr style="font-size: 0px;"><td style="padding: 0px; vertical-align: top; width: 79%;"></td><td style="padding: 0px; vertical-align: top; width: 4%;"></td><td style="padding: 0px; vertical-align: top;"></td><td style="padding: 0px; vertical-align: top;"></td><td style="padding: 0px; vertical-align: top;"></td><td style="padding: 0px; vertical-align: top; width: 4%;"></td><td style="padding: 0px; vertical-align: top;"></td><td style="padding: 0px; vertical-align: top;"></td><td style="padding: 0px; vertical-align: top;"></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;;width:;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;;width:;">  </td><td colspan="6" style="border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;;text-align:center;;width:;"><div style="font-weight:bold;display:inline;">Nine months Ended<br/>September 30,</div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;;width:;"> </td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;;width:;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;;width:;">  </td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;;text-align:center;;width:;"><div style="font-weight:bold;display:inline;">2019</div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;;width:;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;;width:;">  </td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;;text-align:center;;width:;"><div style="font-weight:bold;display:inline;">2018</div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;;width:;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: top; width: 79%;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Cash and cash equivalents</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: top; width: 4%;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: top;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: top;;text-align:right;">27,879</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: top; width: 4%;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: top;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: top;;text-align:right;">3,806</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: top;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px; vertical-align: top; width: 79%;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Restricted Cash</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top; width: 4%;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;;text-align:right;">204</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top; width: 4%;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;;text-align:right;">204</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; vertical-align: top;"> </td></tr><tr style="font-size: 1px;"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top; width: 79%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top; width: 4%;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top; width: 4%;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: top; width: 79%;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Total cash, cash equivalents and restricted cash in the statement of cash flows</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: top; width: 4%;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: top;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: top;;text-align:right;">28,083</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: top; width: 4%;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: top;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: top;;text-align:right;">4,010</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: top;"> </td></tr><tr style="font-size: 1px;"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top; width: 79%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top; width: 4%;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top; width: 4%;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;"> </td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

22000000 22000000 P3Y After the Initial Development Funding is depleted, the Company and Cipla will each be responsible for 50% of the development costs actually incurred (the “Co-Development Phase”). 10-Q Yes false 2019-09-30 2019 Q3 Pulmatrix, Inc. 0001574235 --12-31 Yes false Non-accelerated Filer PULM NASDAQ true true false Common Stock MA 19994560

4929000

1296000

2024-01-26

393000

63000

1082710

26.24

10.28

<div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The following represents a summary of the warrants outstanding at each of the dates ide<div style="letter-spacing: 0px; top: 0px;;display:inline;">n</div>tified: </div></div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"><tr style="font-size: 0px;"><td style="padding: 0px;;width:56%;"></td><td style="padding: 0px;;vertical-align:bottom;;width:1%;"></td><td style="padding: 0px;"></td><td style="padding: 0px;"></td><td style="padding: 0px;"></td><td style="padding: 0px;;vertical-align:bottom;;width:1%;"></td><td style="padding: 0px;"></td><td style="padding: 0px;"></td><td style="padding: 0px;"></td><td style="padding: 0px;;vertical-align:bottom;;width:1%;"></td><td style="padding: 0px;"></td><td style="padding: 0px;"></td><td style="padding: 0px;"></td><td style="padding: 0px;;vertical-align:bottom;;width:1%;"></td><td style="padding: 0px;"></td><td style="padding: 0px;"></td><td style="padding: 0px;"></td><td style="padding: 0px;;vertical-align:bottom;;width:1%;"></td><td style="padding: 0px;"></td><td style="padding: 0px;"></td><td style="padding: 0px;"></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td rowspan="3" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td colspan="2" rowspan="3" style="border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">Classification</div></td><td rowspan="3" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td rowspan="3" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td colspan="2" rowspan="3" style="border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">Exercise<br/>Price</div></td><td rowspan="3" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td rowspan="3" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td colspan="2" rowspan="3" style="border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">Expiration<br/>Date</div></td><td rowspan="3" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td colspan="6" style="border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">Number of Shares<br/>Underlying Warrants</div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td colspan="6" style="border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">For the Period Ended<br/>September 30,</div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;"><div style="font-family: "times new roman"; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1pt solid rgb(0, 0, 0); display: table-cell; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Issue Date</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">2019</div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">2018</div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">April 8, 2019</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">Equity</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">0.01</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">300,000</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">April 8, 2019</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:right;;vertical-align:bottom;">Equity</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:right;;vertical-align:bottom;">1.35</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:right;;vertical-align:bottom;">April 8, 2024</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:right;;vertical-align:bottom;">12,266,665</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;text-align:right;;vertical-align:bottom;">—  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">April 8, 2019</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">Equity</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">1.6875</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">April 3, 2024</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">797,334</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">February 12, 2019</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:right;;vertical-align:bottom;">Equity</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:right;;vertical-align:bottom;">1.8313</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:right;;vertical-align:bottom;">February 7, 2024</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:right;;vertical-align:bottom;">110,922</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;text-align:right;;vertical-align:bottom;">—  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">February 12, 2019</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">Equity</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">1.34</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">August 12, 2024</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">1,706,484</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">February 04, 2019</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:right;;vertical-align:bottom;">Equity</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:right;;vertical-align:bottom;">2.125</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:right;;vertical-align:bottom;">January 30, 2024</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:right;;vertical-align:bottom;">34,605</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;text-align:right;;vertical-align:bottom;">—  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">January 31, 2019</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">Equity</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">2.125</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">January 26, 2024</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">10,151</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">December 3, 2018</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:right;;vertical-align:bottom;">Equity</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:right;;vertical-align:bottom;">3.90</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:right;;vertical-align:bottom;">June 3, 2024</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:right;;vertical-align:bottom;">937,500</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;text-align:right;;vertical-align:bottom;">—  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">April 3, 2018</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">Equity</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">7.50</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">April 3, 2023</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">2,350,011</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">4,815,000</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">April 4, 2018</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:right;;vertical-align:bottom;">Equity</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:right;;vertical-align:bottom;">7.50</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:right;;vertical-align:bottom;">April 4, 2023</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:right;;vertical-align:bottom;">115,000</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:right;;vertical-align:bottom;">230,000</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">August 31, 2015</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">Equity</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">118.00</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">August 31, 2020</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">3,000</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">3,000</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">June 15, 2015</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:right;;vertical-align:bottom;">Equity</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:right;;vertical-align:bottom;">75.50</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:right;;vertical-align:bottom;">May 6, 2024</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:right;;vertical-align:bottom;">319,008</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:right;;vertical-align:bottom;">319,008</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">June 15, 2015</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">Equity</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">83.50</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">June 16, 2020</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">2,515</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">2,515</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">June 15, 2015</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:right;;vertical-align:bottom;">Equity</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:right;;vertical-align:bottom;">83.50</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:right;;vertical-align:bottom;">Mar 21, 2019</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:right;;vertical-align:bottom;">0</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:right;;vertical-align:bottom;">3,926</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Adjustment for Reverse Stock Split</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">0</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">(5</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">) </td></tr><tr style="font-size: 1px;"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Total Outstanding</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:right;;vertical-align:bottom;">18,953,195</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:right;;vertical-align:bottom;">5,258,444</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;"> </td></tr></table><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

<div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The following table presents total stock-based compensation expense for the three and nine months ended September 30, 2019 and 2018: </div></div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:92%;"><tr style="font-size: 0px;"><td style="padding: 0px;;width:74%;"></td><td style="padding: 0px;;vertical-align:bottom;;width:3%;"></td><td style="padding: 0px;"></td><td style="padding: 0px;"></td><td style="padding: 0px;"></td><td style="padding: 0px;;vertical-align:bottom;;width:3%;"></td><td style="padding: 0px;"></td><td style="padding: 0px;"></td><td style="padding: 0px;"></td><td style="padding: 0px;;vertical-align:bottom;;width:3%;"></td><td style="padding: 0px;"></td><td style="padding: 0px;"></td><td style="padding: 0px;"></td><td style="padding: 0px;;vertical-align:bottom;;width:3%;"></td><td style="padding: 0px;"></td><td style="padding: 0px;"></td><td style="padding: 0px;"></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td colspan="6" style="border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">Three Months Ended<br/>September 30,</div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td colspan="6" style="border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">Nine months Ended<br/>September 30,</div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">2019</div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">2018</div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">2019</div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">2018</div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Research and development</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">14</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">244</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">81</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">760</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">General and administrative</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:right;;vertical-align:bottom;">171</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:right;;vertical-align:bottom;">416</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:right;;vertical-align:bottom;">1,654</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:right;;vertical-align:bottom;">1,598</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Total stock based compensation expense</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">185</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">660</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">1,735</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">2,358</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;"> </td></tr></table><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

<div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The following potentially dilutive securities outstanding prior to the use of the treasury stock method have been excluded from the computation of diluted weighted-average shares outstanding, as they would be anti-dilutive. </div></div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 8pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:76%;"><tr style="font-size: 0px;"><td style="padding: 0px;;width:75%;"></td><td style="padding: 0px;;vertical-align:bottom;;width:2%;"></td><td style="padding: 0px;"></td><td style="padding: 0px;"></td><td style="padding: 0px;"></td><td style="padding: 0px;;vertical-align:bottom;;width:2%;"></td><td style="padding: 0px;"></td><td style="padding: 0px;"></td><td style="padding: 0px;"></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td colspan="6" style="border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">As of September 30,</div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">2019</div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">2018</div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Options to purchase common stock</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">1,088,676</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">1,041,407</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Warrants to purchase common stock</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:right;;vertical-align:bottom;">18,653,195</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:right;;vertical-align:bottom;">5,258,444</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;"> </td></tr></table><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

<div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;">Future minimum lease payments under the <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">non-cancelable</div> operating lease for office and lab space is as follows:</div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:68%;"><tr style="font-size: 0px;"><td style="padding: 0px;;width:90%;"></td><td style="padding: 0px;;vertical-align:bottom;;width:6%;"></td><td style="padding: 0px;"></td><td style="padding: 0px;"></td><td style="padding: 0px;"></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">Amount</div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">2019</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">169</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">2020</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:right;;vertical-align:bottom;">698</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Total</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">867</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

121000

8000

227000

23000

200000

8000

<div style="margin: 18pt 0in 6pt; line-height: 12pt; font-family: "times new roman", serif; font-size: 10pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "times new roman", serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Goodwill </div></div></div></div> </div><div style="margin: 0in 0in 0.0001pt; font-family: "times new roman", serif; font-size: 10pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; font-family: "times new roman", serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Goodwill represents the difference between the consideration transferred and the fair value of the net assets acquired, and liabilities assumed under the acquisition method of accounting for push-down accounting. Goodwill is not amortized but is evaluated for impairment within the Company’s single reporting unit on an annual basis during the fourth quarter, or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of the Company’s reporting unit below its carrying amount. When performing the impairment assessment, the accounting standard for testing goodwill for impairment permits a company to first assess the qualitative factors to determine whether the existence of events and circumstances indicates that it is more likely than not that the goodwill is impaired. If the Company believes, as a result of the qualitative assessment, that it is more likely than not that the fair value of goodwill is impaired, the Company then must perform a quantitative analysis to determine if the carrying value of the reporting entity exceeds its fair value. </div></div></div><div style="margin: 0px 0in; line-height: normal; font-family: "times new roman", serif; font-size: 10pt; background: none;"> </div><div style="margin: 0in 0in 0.0001pt; line-height: normal; font-family: "times new roman", serif; font-size: 10pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; font-family: "times new roman", serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">During the nine months ended September 30, 2019, the Company’s common stock value declined, accordingly, the Company determined that its carrying value is in excess of its fair value and as such, recorded an impairment charge of $7,268 and revalued goodwill to $3,577. During the three months ended September 30, 2019, no additional impairment charge was recorded. </div></div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

12000000 10000000

<div style="font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">9. Stock-Based Compensation </div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The Company sponsors the Pulmatrix, Inc. 2013 Employee, Director and Consultant Equity Incentive Plan (the “2013 Plan). As of September 30, 2019, the 2013 Plan provides for the grant of up to 4,060,000 shares of common stock, of which 2,933,044 shares remained available for future grant. </div></div><div style="font-size: 1px; margin-top: 12px; margin-bottom: 0px; background: none;"><div style="color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">In addition, the Company has two legacy plans: The Pulmatrix Operating’s 2013 Employee, Director and Consultant Equity Incentive Plan (the “Original 2013 Plan”) and Pulmatrix Operating’s 2003 Employee, Director, and Consultant Stock Plan (the “2003 Plan”). As of September 30, 2019, a total of 16,037 shares of common stock may be delivered under options outstanding under the Original 2013 Plan and the 2003 Plan, however no additional awards may be granted under the Original 2013 Plan or the 2003 Plan. </div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Options </div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">No options were granted to employees, directors or consultants during the <div style="letter-spacing: 0px; top: 0px;;display:inline;">three months e<div style="letter-spacing: 0px; top: 0px;;display:inline;">nded S<div style="letter-spacing: 0px; top: 0px;;display:inline;">eptember 30, 2019</div></div></div>. During the nine months ended September 30, 2019, the Company granted 561,600 options to employees and 90,000 options to directors. At the date of grant, the fair value of the options was $393 and $63 respectively. The stock options outstanding vest over either 36 or 48 months (the “Time Based Options”). Subject to the grantees’ continuous service with the Company and as defined in the grant agreement, Time Based Options vest in one of the following ways: (i) 25% on the first anniversary of the option grant date and the remainder in 36 equal monthly installments beginning in the month after the vesting start date, (ii) 25% on the option grant date and the remainder in 36 equal monthly installments beginning in the month after the vesting start date or (iii) in 48 equal monthly installments beginning on the monthly anniversary of the vesting start date. Stock options generally expire ten years after the date of grant. </div></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The following table summarizes stock opti<div style="letter-spacing: 0px; top: 0px;;display:inline;">o</div>n activity for the nine months ended September 30, 2019: </div></div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 10pt; border-collapse: collapse; border-spacing: 0px; width: 92%;;margin : 0px auto;;text-align:left;"><tr style="font-size: 0px;"><td style="padding: 0px; width: 66%; vertical-align: bottom;"></td><td style="padding: 0px; width: 4%; vertical-align: bottom;"></td><td style="padding: 0px; width: 1%; vertical-align: bottom;"></td><td style="padding: 0px; width: 3.25%; vertical-align: bottom;"></td><td style="padding: 0px; width: 1%; vertical-align: bottom;"></td><td style="padding: 0px; width: 3.25%; vertical-align: bottom;"></td><td style="padding: 0px; width: 1%; vertical-align: bottom;"></td><td style="padding: 0px; width: 2.5%; vertical-align: bottom;"></td><td style="padding: 0px; width: 1%; vertical-align: bottom;"></td><td style="padding: 0px; width: 4%; vertical-align: bottom;"></td><td style="padding: 0px; width: 1%; vertical-align: bottom;"></td><td style="padding: 0px; width: 3%; vertical-align: bottom;"></td><td style="padding: 0px; width: 1%; vertical-align: bottom;"></td><td style="padding: 0px; width: 4.5%; vertical-align: bottom;"></td><td style="padding: 0px; width: 1%; vertical-align: bottom;"></td><td style="padding: 0px; width: 2.25%; vertical-align: bottom;"></td><td style="padding: 0px; width: 0.25%; vertical-align: bottom;"></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;;width:;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;;width:;">  </td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;;text-align:center;;width:;"><div style="font-weight:bold;display:inline;">Number of<br/>Options</div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;;width:;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;;width:;">  </td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;;text-align:center;;width:;"><div style="font-weight:bold;display:inline;">Weighted-<br/>Average<br/>Exercise<br/>Price</div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;;width:;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;;width:;">  </td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;;text-align:center;;width:;"><div style="font-weight:bold;display:inline;">Weighted-<br/>Average<br/>Remaining<br/>Contractual<br/>Term<br/>( Years)</div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;;width:;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;;width:;">  </td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;;text-align:center;;width:;"><div style="font-weight:bold;display:inline;">Aggregate<br/>Intrinsic<br/>Value</div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;;width:;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 66%; vertical-align: bottom;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Outstanding — January 1, 2019</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 4%; vertical-align: bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 3.25%; vertical-align: bottom;;text-align:right;">972,569</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 3.25%; vertical-align: bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 2.5%; vertical-align: bottom;;text-align:right;">23.85</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 4%; vertical-align: bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 3%; text-align: right; vertical-align: bottom;"> <div style="letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">0</div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 4.5%; vertical-align: bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); width: 2.25%; vertical-align: bottom;;text-align:right;"><div style="letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">0</div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); width: 0.25%; vertical-align: bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px; width: 66%; vertical-align: bottom;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Granted</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 4%; vertical-align: bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 3.25%; vertical-align: bottom;;text-align:right;">651,600</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 3.25%; vertical-align: bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: bottom;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 2.5%; vertical-align: bottom;;text-align:right;">1.06</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 4%; vertical-align: bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 3%; vertical-align: bottom;;text-align:right;">0</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 4.5%; vertical-align: bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 2.25%; vertical-align: bottom;;text-align:right;">0</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; width: 0.25%; vertical-align: bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 66%; vertical-align: bottom;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Exercised</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 4%; vertical-align: bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 3.25%; vertical-align: bottom;;text-align:right;">0</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 3.25%; vertical-align: bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 2.5%; vertical-align: bottom;;text-align:right;">0</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 4%; vertical-align: bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 3%; vertical-align: bottom;;text-align:right;">0</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 4.5%; vertical-align: bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 2.25%; vertical-align: bottom;;text-align:right;">0</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); width: 0.25%; vertical-align: bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px; width: 66%; vertical-align: bottom;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Forfeited or expired</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 4%; vertical-align: bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 3.25%; vertical-align: bottom;;text-align:right;">(535,493</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; width: 1%; vertical-align: bottom;">) </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 3.25%; vertical-align: bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: bottom;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 2.5%; vertical-align: bottom;;text-align:right;">23.77</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 4%; vertical-align: bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 3%; vertical-align: bottom;;text-align:right;">0</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 4.5%; vertical-align: bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 2.25%; vertical-align: bottom;;text-align:right;">0</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; width: 0.25%; vertical-align: bottom;"> </td></tr><tr style="font-size: 1px;"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 66%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 4%; vertical-align: bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 3.25%; vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 3.25%; vertical-align: bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 2.5%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 4%; vertical-align: bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 3%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 4.5%; vertical-align: bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 2.25%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 0.25%; vertical-align: bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 66%; vertical-align: bottom;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Outstanding — September 30, 2019</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 4%; vertical-align: bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 3.25%; vertical-align: bottom;;text-align:right;">1,088,676</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 3.25%; vertical-align: bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 2.5%; vertical-align: bottom;;text-align:right;">10.25</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 4%; vertical-align: bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 3%; vertical-align: bottom;;text-align:right;">8.86</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 4.5%; vertical-align: bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 2.25%; vertical-align: bottom;;text-align:right;">0</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); width: 0.25%; vertical-align: bottom;"> </td></tr><tr style="font-size: 1px;"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 66%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 4%; vertical-align: bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 3.25%; vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 3.25%; vertical-align: bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 2.5%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 4%; vertical-align: bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 3%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 4.5%; vertical-align: bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 2.25%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 0.25%; vertical-align: bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px; width: 66%; vertical-align: bottom;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Exercisable — September 30, 2019</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 4%; vertical-align: bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 3.25%; vertical-align: bottom;;text-align:right;">355,845</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 3.25%; vertical-align: bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: bottom;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 2.5%; vertical-align: bottom;;text-align:right;">26.24</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 4%; vertical-align: bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 3%; vertical-align: bottom;;text-align:right;">7.77</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 4.5%; vertical-align: bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: bottom;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 2.25%; vertical-align: bottom;;text-align:right;">0</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; width: 0.25%; vertical-align: bottom;"> </td></tr><tr style="font-size: 1px;"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 66%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 4%; vertical-align: bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 3.25%; vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 3.25%; vertical-align: bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 2.5%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 4%; vertical-align: bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 3%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 4.5%; vertical-align: bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 2.25%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 0.25%; vertical-align: bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 66%; vertical-align: bottom;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Vested and expected to vest — September 30, 2019</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 4%; vertical-align: bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 3.25%; vertical-align: bottom;;text-align:right;">1,082,710</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 3.25%; vertical-align: bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 2.5%; vertical-align: bottom;;text-align:right;">10.28</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 4%; vertical-align: bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 3%; vertical-align: bottom;;text-align:right;">8.86</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 4.5%; vertical-align: bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 2.25%; vertical-align: bottom;;text-align:right;">0</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); width: 0.25%; vertical-align: bottom;"> </td></tr><tr style="font-size: 1px;"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 66%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 4%; vertical-align: bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 3.25%; vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 3.25%; vertical-align: bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 2.5%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 4%; vertical-align: bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 3%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 4.5%; vertical-align: bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 2.25%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 0.25%; vertical-align: bottom;"> </td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The estimated fair values of employee stock options granted during the three and nine months ended September 30, 2019 and 2018, were determined on the date of grant using the Black-Scholes option-pricing model with the following assumptions: </div></div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 10pt; border-collapse: collapse; border-spacing: 0px; width: 92%;;margin : 0px auto;;text-align:left;"><tr style="font-size: 0px;"><td style="padding: 0px; vertical-align: top;;width:73%;"></td><td style="padding: 0px; vertical-align: top;;width:4%;"></td><td style="padding: 0px; vertical-align: top;"></td><td style="padding: 0px; vertical-align: top;"></td><td style="padding: 0px; vertical-align: top;"></td><td style="padding: 0px; vertical-align: top;;width:4%;"></td><td style="padding: 0px; vertical-align: top;"></td><td style="padding: 0px; vertical-align: top;"></td><td style="padding: 0px; vertical-align: top;"></td><td style="padding: 0px; vertical-align: top;;width:3%;"></td><td style="padding: 0px; vertical-align: top;"></td><td style="padding: 0px; vertical-align: top;"></td><td style="padding: 0px; vertical-align: top;"></td><td style="padding: 0px; vertical-align: top;;width:3%;"></td><td style="padding: 0px; vertical-align: top;"></td><td style="padding: 0px; vertical-align: top;"></td><td style="padding: 0px; vertical-align: top;"></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;">  </td><td colspan="6" style="border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;;text-align:center;"><div style="font-weight:bold;display:inline;">Three Months Ended<br/>September 30,</div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;"> </td><td colspan="6" style="border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;;text-align:center;"><div style="font-weight:bold;display:inline;">Nine Months Ended<br/>September 30,</div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;"> </td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;">  </td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;;text-align:center;"><div style="font-weight:bold;display:inline;">2019</div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;">  </td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;;text-align:center;"><div style="font-weight:bold;display:inline;">2018</div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;"> </td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;;text-align:center;"><div style="font-weight:bold;display:inline;">2019</div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;"> </td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;;text-align:center;"><div style="font-weight:bold;display:inline;">2018</div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Expected option life (years)</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: top;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: top;;text-align:right;">0</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: top;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: top;;text-align:right;">6.05</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: top;;text-align:right;">6.02</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: top;;text-align:right;">5.58</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: top;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px; vertical-align: top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Risk-free interest rate</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;;text-align:right;">0</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;;text-align:right;">2.79</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; vertical-align: top;">% </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;;text-align:right;">2.22</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; vertical-align: top;">% </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;;text-align:right;">2.77</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; vertical-align: top;">% </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Expected volatility</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: top;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: top;;text-align:right;">0</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: top;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: top;;text-align:right;">78.91</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: top;">% </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: top;;text-align:right;">74.14</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: top;">% </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: top;;text-align:right;">79.67</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: top;">% </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px; vertical-align: top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Expected dividend yield</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;;text-align:right;">0</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;;text-align:right;">0</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; vertical-align: top;">% </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;;text-align:right;">0</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; vertical-align: top;">% </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;;text-align:right;">0</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; vertical-align: top;">% </td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The risk-free interest rate was obtained from U.S. Treasury rates for the applicable periods. The Company’s expected volatility was based upon the historical volatility for industry peers and used an average of those volatilities. The expected life of the Company’s options was determined using the simplified method as a result of limited historical data regarding the Company’s activity. The dividend yield considers that the Company has not historically paid dividends and does not expect to pay dividends in the foreseeable future. As of September 30, 2019, there was $1,345 of unrecognized stock-based compensation expense related to unvested stock options granted under the Company’s stock award plans. This expense is expected to be recognized over a weighted-average period of approximately 1.9 years. </div></div><div style="font-size: 1px; margin-top: 12px; margin-bottom: 0px; background: none;"><div style="color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The following table presents total stock-based compensation expense for the three and nine months ended September 30, 2019 and 2018: </div></div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 10pt; border-collapse: collapse; border-spacing: 0px; width: 92%;;margin : 0px auto;;text-align:left;"><tr style="font-size: 0px;"><td style="padding: 0px; vertical-align: top;;width:74%;"></td><td style="padding: 0px; vertical-align: top;;width:3%;"></td><td style="padding: 0px; vertical-align: top;"></td><td style="padding: 0px; vertical-align: top;"></td><td style="padding: 0px; vertical-align: top;"></td><td style="padding: 0px; vertical-align: top;;width:3%;"></td><td style="padding: 0px; vertical-align: top;"></td><td style="padding: 0px; vertical-align: top;"></td><td style="padding: 0px; vertical-align: top;"></td><td style="padding: 0px; vertical-align: top;;width:3%;"></td><td style="padding: 0px; vertical-align: top;"></td><td style="padding: 0px; vertical-align: top;"></td><td style="padding: 0px; vertical-align: top;"></td><td style="padding: 0px; vertical-align: top;;width:3%;"></td><td style="padding: 0px; vertical-align: top;"></td><td style="padding: 0px; vertical-align: top;"></td><td style="padding: 0px; vertical-align: top;"></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;">  </td><td colspan="6" style="border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;;text-align:center;"><div style="font-weight:bold;display:inline;">Three Months Ended<br/>September 30,</div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;">  </td><td colspan="6" style="border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;;text-align:center;"><div style="font-weight:bold;display:inline;">Nine months Ended<br/>September 30,</div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;"> </td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;">  </td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;;text-align:center;"><div style="font-weight:bold;display:inline;">2019</div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;">  </td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;;text-align:center;"><div style="font-weight:bold;display:inline;">2018</div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;">  </td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;;text-align:center;"><div style="font-weight:bold;display:inline;">2019</div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;">  </td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;;text-align:center;"><div style="font-weight:bold;display:inline;">2018</div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Research and development</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: top;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: top;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: top;;text-align:right;">14</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: top;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: top;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: top;;text-align:right;">244</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: top;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: top;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: top;;text-align:right;">81</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: top;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: top;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: top;;text-align:right;">760</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: top;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px; vertical-align: top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">General and administrative</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;;text-align:right;">171</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;;text-align:right;">416</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;;text-align:right;">1,654</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;;text-align:right;">1,598</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; vertical-align: top;"> </td></tr><tr style="font-size: 1px;"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Total stock<div style="letter-spacing: 0px; top: 0px;;display:inline;">-</div>based compensation expense</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: top;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: top;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: top;;text-align:right;">185</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: top;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: top;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: top;;text-align:right;">660</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: top;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: top;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: top;;text-align:right;">1,735</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: top;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: top;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: top;;text-align:right;">2,358</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: top;"> </td></tr><tr style="font-size: 1px;"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: top;"> </td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

<div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The following table summarizes stock opti<div style="letter-spacing: 0px; top: 0px;;display:inline;">o</div>n activity for the nine months ended September 30, 2019: </div></div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 10pt; border-collapse: collapse; border-spacing: 0px; width: 92%;;margin : 0px auto;;text-align:left;"><tr style="font-size: 0px;"><td style="padding: 0px; width: 66%; vertical-align: bottom;"></td><td style="padding: 0px; width: 4%; vertical-align: bottom;"></td><td style="padding: 0px; width: 1%; vertical-align: bottom;"></td><td style="padding: 0px; width: 3.25%; vertical-align: bottom;"></td><td style="padding: 0px; width: 1%; vertical-align: bottom;"></td><td style="padding: 0px; width: 3.25%; vertical-align: bottom;"></td><td style="padding: 0px; width: 1%; vertical-align: bottom;"></td><td style="padding: 0px; width: 2.5%; vertical-align: bottom;"></td><td style="padding: 0px; width: 1%; vertical-align: bottom;"></td><td style="padding: 0px; width: 4%; vertical-align: bottom;"></td><td style="padding: 0px; width: 1%; vertical-align: bottom;"></td><td style="padding: 0px; width: 3%; vertical-align: bottom;"></td><td style="padding: 0px; width: 1%; vertical-align: bottom;"></td><td style="padding: 0px; width: 4.5%; vertical-align: bottom;"></td><td style="padding: 0px; width: 1%; vertical-align: bottom;"></td><td style="padding: 0px; width: 2.25%; vertical-align: bottom;"></td><td style="padding: 0px; width: 0.25%; vertical-align: bottom;"></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;;width:;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;;width:;">  </td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;;text-align:center;;width:;"><div style="font-weight:bold;display:inline;">Number of<br/>Options</div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;;width:;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;;width:;">  </td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;;text-align:center;;width:;"><div style="font-weight:bold;display:inline;">Weighted-<br/>Average<br/>Exercise<br/>Price</div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;;width:;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;;width:;">  </td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;;text-align:center;;width:;"><div style="font-weight:bold;display:inline;">Weighted-<br/>Average<br/>Remaining<br/>Contractual<br/>Term<br/>( Years)</div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;;width:;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;;width:;">  </td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;;text-align:center;;width:;"><div style="font-weight:bold;display:inline;">Aggregate<br/>Intrinsic<br/>Value</div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom;;width:;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 66%; vertical-align: bottom;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Outstanding — January 1, 2019</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 4%; vertical-align: bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 3.25%; vertical-align: bottom;;text-align:right;">972,569</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 3.25%; vertical-align: bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 2.5%; vertical-align: bottom;;text-align:right;">23.85</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 4%; vertical-align: bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 3%; text-align: right; vertical-align: bottom;"> <div style="letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">0</div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 4.5%; vertical-align: bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); width: 2.25%; vertical-align: bottom;;text-align:right;"><div style="letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">0</div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); width: 0.25%; vertical-align: bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px; width: 66%; vertical-align: bottom;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Granted</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 4%; vertical-align: bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 3.25%; vertical-align: bottom;;text-align:right;">651,600</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 3.25%; vertical-align: bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: bottom;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 2.5%; vertical-align: bottom;;text-align:right;">1.06</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 4%; vertical-align: bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 3%; vertical-align: bottom;;text-align:right;">0</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 4.5%; vertical-align: bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 2.25%; vertical-align: bottom;;text-align:right;">0</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; width: 0.25%; vertical-align: bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 66%; vertical-align: bottom;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Exercised</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 4%; vertical-align: bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 3.25%; vertical-align: bottom;;text-align:right;">0</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 3.25%; vertical-align: bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 2.5%; vertical-align: bottom;;text-align:right;">0</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 4%; vertical-align: bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 3%; vertical-align: bottom;;text-align:right;">0</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 4.5%; vertical-align: bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 2.25%; vertical-align: bottom;;text-align:right;">0</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); width: 0.25%; vertical-align: bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px; width: 66%; vertical-align: bottom;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Forfeited or expired</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 4%; vertical-align: bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 3.25%; vertical-align: bottom;;text-align:right;">(535,493</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; width: 1%; vertical-align: bottom;">) </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 3.25%; vertical-align: bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: bottom;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 2.5%; vertical-align: bottom;;text-align:right;">23.77</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 4%; vertical-align: bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 3%; vertical-align: bottom;;text-align:right;">0</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 4.5%; vertical-align: bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 2.25%; vertical-align: bottom;;text-align:right;">0</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; width: 0.25%; vertical-align: bottom;"> </td></tr><tr style="font-size: 1px;"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 66%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 4%; vertical-align: bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 3.25%; vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 3.25%; vertical-align: bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 2.5%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 4%; vertical-align: bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 3%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 4.5%; vertical-align: bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 2.25%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 0.25%; vertical-align: bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 66%; vertical-align: bottom;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Outstanding — September 30, 2019</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 4%; vertical-align: bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 3.25%; vertical-align: bottom;;text-align:right;">1,088,676</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 3.25%; vertical-align: bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 2.5%; vertical-align: bottom;;text-align:right;">10.25</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 4%; vertical-align: bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 3%; vertical-align: bottom;;text-align:right;">8.86</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 4.5%; vertical-align: bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 2.25%; vertical-align: bottom;;text-align:right;">0</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); width: 0.25%; vertical-align: bottom;"> </td></tr><tr style="font-size: 1px;"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 66%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 4%; vertical-align: bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 3.25%; vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 3.25%; vertical-align: bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 2.5%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 4%; vertical-align: bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 3%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 4.5%; vertical-align: bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 2.25%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 0.25%; vertical-align: bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px; width: 66%; vertical-align: bottom;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Exercisable — September 30, 2019</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 4%; vertical-align: bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 3.25%; vertical-align: bottom;;text-align:right;">355,845</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 3.25%; vertical-align: bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: bottom;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 2.5%; vertical-align: bottom;;text-align:right;">26.24</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 4%; vertical-align: bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 3%; vertical-align: bottom;;text-align:right;">7.77</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 4.5%; vertical-align: bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: bottom;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 2.25%; vertical-align: bottom;;text-align:right;">0</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; width: 0.25%; vertical-align: bottom;"> </td></tr><tr style="font-size: 1px;"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 66%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 4%; vertical-align: bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 3.25%; vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 3.25%; vertical-align: bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 2.5%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 4%; vertical-align: bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 3%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 4.5%; vertical-align: bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 2.25%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 0.25%; vertical-align: bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 66%; vertical-align: bottom;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Vested and expected to vest — September 30, 2019</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 4%; vertical-align: bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 3.25%; vertical-align: bottom;;text-align:right;">1,082,710</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 3.25%; vertical-align: bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 2.5%; vertical-align: bottom;;text-align:right;">10.28</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 4%; vertical-align: bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 3%; vertical-align: bottom;;text-align:right;">8.86</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 4.5%; vertical-align: bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); width: 2.25%; vertical-align: bottom;;text-align:right;">0</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); width: 0.25%; vertical-align: bottom;"> </td></tr><tr style="font-size: 1px;"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 66%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 4%; vertical-align: bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 3.25%; vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 3.25%; vertical-align: bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 2.5%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 4%; vertical-align: bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 3%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 4.5%; vertical-align: bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 1%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 2.25%; vertical-align: bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 0.25%; vertical-align: bottom;"> </td></tr></table><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

370000

8647112 8947112

8647112

87000 0.012362 0.005962 0.005314

<div style="font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">8. Warrants </div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">A rollforward of the common stock warran<div style="letter-spacing: 0px; top: 0px;;display:inline;">t</div>s outstanding at September 30, 2019 is as follows.</div> </div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 10pt; border-spacing: 0px; width: 100%; margin: 0in auto 0in 0px;;text-align:left;"><tr style="font-size: 0px;"><td style="padding: 0px; vertical-align: bottom; width: 58.5%;"></td><td style="padding: 0px; vertical-align: bottom; width: 3.5%;"></td><td style="padding: 0px; vertical-align: bottom; width: 1%;"></td><td style="padding: 0px; vertical-align: bottom; width: 4.25%;"></td><td style="padding: 0px; vertical-align: bottom; width: 1%;"></td><td style="padding: 0px; vertical-align: bottom; width: 2.5%;"></td><td style="padding: 0px; vertical-align: bottom; width: 1%;"></td><td style="padding: 0px; vertical-align: bottom; width: 4%;"></td><td style="padding: 0px; vertical-align: bottom; width: 1%;"></td><td style="padding: 0px; vertical-align: bottom; width: 2.5%;"></td><td style="padding: 0px; vertical-align: bottom; width: 1%;"></td><td style="padding: 0px; vertical-align: bottom; width: 4.5%;"></td><td style="padding: 0px; vertical-align: bottom; width: 1%;"></td><td style="padding: 0px; vertical-align: bottom; width: 2%;"></td><td style="padding: 0px; vertical-align: bottom; width: 1%;"></td><td style="padding: 0px; vertical-align: bottom; width: 4%;"></td><td style="padding: 0px; vertical-align: bottom; width: 1%;"></td><td style="padding: 0px; vertical-align: bottom; width: 2%;"></td><td style="padding: 0px; vertical-align: bottom; width: 1%;"></td><td style="padding: 0px; vertical-align: bottom; width: 3%;"></td><td style="padding: 0px; vertical-align: bottom; width: 0.25%;"></td></tr><tr style="font-family: "times new roman"; font-size: 8pt; break-inside: avoid; border: 1px solid;"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0.45pt; vertical-align: bottom; text-align: center;;width:;"><div style="text-align: left;;font-weight:bold;display:inline;width:100%;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0.45pt; vertical-align: bottom; text-align: center;;width:;"><div style="text-align: left;;font-weight:bold;display:inline;width:100%;">  </div></td><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0in; vertical-align: bottom; border-bottom: 0.75pt solid black; text-align: center;;width:;"><div style="text-align: left;;font-weight:bold;display:inline;width:100%;">Number of<br/><div style="letter-spacing: 0px; top: 0px;;display:inline;">Common</div><br/>Warrants</div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0.45pt; vertical-align: bottom; text-align: center;;width:;"><div style="text-align: left;;font-weight:bold;display:inline;width:100%;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0.45pt; vertical-align: bottom;;width:;"><div style="text-align: center; line-height: normal;"><div style="font-weight:bold;display:inline;width:100%;"> </div></div></td><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0.5pt; vertical-align: bottom; border-bottom: 0.75pt solid black;;width:;"><div style="text-align: center; line-height: normal;"><div style="font-weight:bold;display:inline;width:100%;">Number of<br/><div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Pre-Funded</div><br/>Warrants</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0.45pt; vertical-align: bottom;;width:;"><div style="margin-bottom: 0px; margin-top: 0px; text-align: center; line-height: normal;"><div style="font-weight:bold;display:inline;width:100%;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0.45pt; vertical-align: bottom; text-align: center;;width:;"><div style="text-align: left;;font-weight:bold;display:inline;width:100%;">  </div></td><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0in; vertical-align: bottom; border-bottom: 0.75pt solid black; text-align: center;;width:;"><div style="text-align: left;;font-weight:bold;display:inline;width:100%;">Weighted<br/>Average<br/>Exercise Price</div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0.45pt; vertical-align: bottom; text-align: center;;width:;"><div style="text-align: left;;font-weight:bold;display:inline;width:100%;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0.45pt; vertical-align: bottom; text-align: center;;width:;"><div style="text-align: left;;font-weight:bold;display:inline;width:100%;">  </div></td><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0in; vertical-align: bottom; border-bottom: 0.75pt solid black; text-align: center;;width:;"><div style="text-align: left;;font-weight:bold;display:inline;width:100%;">Weighted<br/>Average<br/>Remaining<br/>Contractual<br/>Term (Years)</div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0.45pt; vertical-align: bottom; text-align: center;;width:;"><div style="text-align: left;;font-weight:bold;display:inline;width:100%;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0.45pt; vertical-align: bottom; text-align: center;;width:;"><div style="text-align: left;;font-weight:bold;display:inline;width:100%;">  </div></td><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0in; vertical-align: bottom; border-bottom: 0.75pt solid black; text-align: center;;width:;"><div style="text-align: left;;font-weight:bold;display:inline;width:100%;">Aggregate<br/>Intrinsic<br/>Value</div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0.45pt; vertical-align: bottom; text-align: center;;width:;"><div style="text-align: left;;font-weight:bold;display:inline;width:100%;"> </div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 58.5%;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Outstanding January 1, 2019</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 3.5%;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 4.25%;;text-align:right;">3,730,944</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 2.5%;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td><td style="background: rgb(204, 238, 255); padding: 0in; width: 4%; vertical-align: bottom;"><div style="margin-bottom: 0.0001pt; text-align: right; line-height: normal; font-family: "times new roman", serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "times new roman", serif; background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">697,500</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 2.5%;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 4.5%;;text-align:right;">10.78</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 2%;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 4%; text-align: right;"> <div style="letter-spacing: 0px; top: 0px;;display:inline;">0</div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 2%;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 3%;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">0</div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 0.25%;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px; vertical-align: bottom; width: 58.5%;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Adjustment for Reverse Stock Split</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom; width: 3.5%;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom; width: 1%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom; width: 4.25%;;text-align:right;">16</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; vertical-align: bottom; width: 1%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; vertical-align: bottom; width: 2.5%;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; vertical-align: bottom; width: 1%;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td><td style="padding: 0in; width: 4%; vertical-align: bottom;"><div style="margin-bottom: 0.0001pt; text-align: right; line-height: normal; font-family: "times new roman", serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "times new roman", serif; letter-spacing: 0px; top: 0px;;display:inline;">0</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; vertical-align: bottom; width: 1%;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom; width: 2.5%;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom; width: 1%;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom; width: 4.5%;;text-align:right;">0</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; vertical-align: bottom; width: 1%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom; width: 2%;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom; width: 1%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom; width: 4%;;text-align:right;">0</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; vertical-align: bottom; width: 1%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom; width: 2%;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom; width: 1%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom; width: 3%;;text-align:right;">0</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; vertical-align: bottom; width: 0.25%;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 58.5%;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Warrants issued</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 3.5%;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 4.25%;;text-align:right;">14,926,161</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 2.5%;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td><td style="background: rgb(204, 238, 255); padding: 0in; width: 4%; vertical-align: bottom;"><div style="margin-bottom: 0.0001pt; text-align: right; line-height: normal; font-family: "times new roman", serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "times new roman", serif; background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">0</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 2.5%;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 4.5%;;text-align:right;">1.37</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 2%;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 4%;;text-align:right;">0</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 2%;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 3%;;text-align:right;">0</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 0.25%;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px; vertical-align: bottom; width: 58.5%;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Pre-funded</div> warrants issued</div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom; width: 3.5%;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom; width: 1%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom; width: 4.25%;;text-align:right;">0</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; vertical-align: bottom; width: 1%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; vertical-align: bottom; width: 2.5%;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; vertical-align: bottom; width: 1%;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td><td style="padding: 0in; width: 4%; vertical-align: bottom;"><div style="margin-bottom: 0.0001pt; text-align: right; line-height: normal; font-family: "times new roman", serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "times new roman", serif; letter-spacing: 0px; top: 0px;;display:inline;">8,947,112</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; vertical-align: bottom; width: 1%;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom; width: 2.5%;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom; width: 1%;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom; width: 4.5%;;text-align:right;">0.01</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; vertical-align: bottom; width: 1%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom; width: 2%;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom; width: 1%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom; width: 4%;;text-align:right;">0</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; vertical-align: bottom; width: 1%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom; width: 2%;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom; width: 1%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom; width: 3%;;text-align:right;">0</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; vertical-align: bottom; width: 0.25%;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 58.5%;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Pre-funded</div> warrants exercised</div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 3.5%;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 4.25%;;text-align:right;">0</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 2.5%;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td><td style="background: rgb(204, 238, 255); padding: 0in; width: 4%; vertical-align: bottom;"><div style="margin-bottom: 0.0001pt; text-align: right; line-height: normal; font-family: "times new roman", serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "times new roman", serif; background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">(9,344,612</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 2.5%;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 4.5%;;text-align:right;">0.01</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 2%;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 4%;;text-align:right;">0</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 2%;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 3%;;text-align:right;">0</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 0.25%;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px; vertical-align: bottom; width: 58.5%;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Expirations</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom; width: 3.5%;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom; width: 1%; border-bottom: 0.75pt solid black;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom; width: 4.25%; border-bottom: 0.75pt solid black;;text-align:right;">(3,926</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; vertical-align: bottom; width: 1%;">) </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; vertical-align: bottom; width: 2.5%;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; vertical-align: bottom; width: 1%; border-bottom: 0.75pt solid black;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td><td style="padding: 0in; width: 4%; border-bottom: 0.75pt solid black; vertical-align: bottom;"><div style="margin-bottom: 0.0001pt; text-align: right; line-height: normal; font-family: "times new roman", serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "times new roman", serif; letter-spacing: 0px; top: 0px;;display:inline;">0</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; vertical-align: bottom; width: 1%;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom; width: 2.5%;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom; width: 1%;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom; width: 4.5%;;text-align:right;">226.60</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; vertical-align: bottom; width: 1%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom; width: 2%;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom; width: 1%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom; width: 4%;;text-align:right;">0</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; vertical-align: bottom; width: 1%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom; width: 2%;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom; width: 1%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom; width: 3%;;text-align:right;">0</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; vertical-align: bottom; width: 0.25%;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 58.5%;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Outstanding September 30, 2019</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 3.5%;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 2.25pt double black;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 4.25%; border-bottom: 2.25pt double black;;text-align:right;">18,653,195</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 2.5%;"><div style="margin-bottom: 0pt; margin-top: 0pt; line-height: normal;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 2.5pt double black;"><div style="margin-bottom: 0pt; margin-top: 0pt; line-height: normal;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 1.5pt; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 4%; border-bottom: 2.5pt double black;"><div style="margin-bottom: 0pt; margin-top: 0pt; text-align: right; line-height: normal; font-size: 10pt;"> <div style="font-size: 10pt; font-family: "times new roman", serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">300,000</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 1.5pt; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;"><div style="margin-bottom: 0pt; margin-top: 0pt; line-height: normal;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 2.5%;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 4.5%;;text-align:right;">3.61</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 2%;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 4%;;text-align:right;">4.36</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 2%;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 3%;;text-align:right;">0</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 0.25%;"> </td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The following represents a summary of the warrants outstanding at each of the dates ide<div style="letter-spacing: 0px; top: 0px;;display:inline;">n</div>tified: </div></div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 10pt; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"><tr style="font-size: 0px;"><td style="padding: 0px;;width:56%;"></td><td style="padding: 0px;;vertical-align:bottom;;width:1%;"></td><td style="padding: 0px;"></td><td style="padding: 0px;"></td><td style="padding: 0px;"></td><td style="padding: 0px;;vertical-align:bottom;;width:1%;"></td><td style="padding: 0px;"></td><td style="padding: 0px;"></td><td style="padding: 0px;"></td><td style="padding: 0px;;vertical-align:bottom;;width:1%;"></td><td style="padding: 0px;"></td><td style="padding: 0px;"></td><td style="padding: 0px;"></td><td style="padding: 0px;;vertical-align:bottom;;width:1%;"></td><td style="padding: 0px;"></td><td style="padding: 0px;"></td><td style="padding: 0px;"></td><td style="padding: 0px;;vertical-align:bottom;;width:1%;"></td><td style="padding: 0px;"></td><td style="padding: 0px;"></td><td style="padding: 0px;"></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td rowspan="3" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td colspan="2" rowspan="3" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0);;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">Classification</div></td><td rowspan="3" style="padding-left: 0px; padding-top: 0px; padding-bottom: 1pt;;vertical-align:bottom;"> </td><td rowspan="3" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td colspan="2" rowspan="3" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0);;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">Exercise<br/>Price</div></td><td rowspan="3" style="padding-left: 0px; padding-top: 0px; padding-bottom: 1pt;;vertical-align:bottom;"> </td><td rowspan="3" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td colspan="2" rowspan="3" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0);;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">Expiration<br/>Date</div></td><td rowspan="3" style="padding-left: 0px; padding-top: 0px; padding-bottom: 1pt;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td colspan="6" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0);;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">Number of Shares<br/>Underlying Warrants</div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 1pt;;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td colspan="6" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0);;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">For the Period Ended<br/>September 30,</div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 1pt;;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;"><div style="font-family: "times new roman"; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1pt solid rgb(0, 0, 0); display: table-cell; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Issue Date</div></div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0);;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">2019</div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 1pt;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0in; border-bottom: 1pt solid rgb(0, 0, 0);;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">2018</div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 1pt;;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">April 8, 2019</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">Equity</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">0.01</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">300,000</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">April 8, 2019</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:right;;vertical-align:bottom;">Equity</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:right;;vertical-align:bottom;">1.35</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:right;;vertical-align:bottom;">April 8, 2024</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:right;;vertical-align:bottom;">12,266,665</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;text-align:right;;vertical-align:bottom;">—  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">April 8, 2019</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">Equity</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">1.6875</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">April 3, 2024</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">797,334</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">February 12, 2019</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:right;;vertical-align:bottom;">Equity</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:right;;vertical-align:bottom;">1.8313</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:right;;vertical-align:bottom;">February 7, 2024</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:right;;vertical-align:bottom;">110,922</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;text-align:right;;vertical-align:bottom;">—  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">February 12, 2019</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">Equity</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">1.34</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">August 12, 2024</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">1,706,484</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">February 04, 2019</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:right;;vertical-align:bottom;">Equity</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:right;;vertical-align:bottom;">2.125</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:right;;vertical-align:bottom;">January 30, 2024</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:right;;vertical-align:bottom;">34,605</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;text-align:right;;vertical-align:bottom;">—  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">January 31, 2019</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">Equity</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">2.125</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">January 26, 2024</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">10,151</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">December 3, 2018</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:right;;vertical-align:bottom;">Equity</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:right;;vertical-align:bottom;">3.90</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:right;;vertical-align:bottom;">June 3, 2024</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:right;;vertical-align:bottom;">937,500</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;text-align:right;;vertical-align:bottom;">—  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">April 3, 2018</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">Equity</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">7.50</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">April 3, 2023</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">2,350,011</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">4,815,000</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">April 4, 2018</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:right;;vertical-align:bottom;">Equity</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:right;;vertical-align:bottom;">7.50</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:right;;vertical-align:bottom;">April 4, 2023</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:right;;vertical-align:bottom;">115,000</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:right;;vertical-align:bottom;">230,000</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">August 31, 2015</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">Equity</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">118.00</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">August 31, 2020</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">3,000</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">3,000</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">June 15, 2015</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:right;;vertical-align:bottom;">Equity</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:right;;vertical-align:bottom;">75.50</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:right;;vertical-align:bottom;">May 6, 2024</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:right;;vertical-align:bottom;">319,008</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:right;;vertical-align:bottom;">319,008</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">June 15, 2015</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">Equity</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">83.50</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">June 16, 2020</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">2,515</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">2,515</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">June 15, 2015</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:right;;vertical-align:bottom;">Equity</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:right;;vertical-align:bottom;">83.50</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:right;;vertical-align:bottom;">Mar 21, 2019</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:right;;vertical-align:bottom;">0</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:right;;vertical-align:bottom;">3,926</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Adjustment for Reverse Stock Split</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">0</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">(5</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">) </td></tr><tr style="font-size: 1px;"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Total Outstanding</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:right;;vertical-align:bottom;">18,953,195</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:right;;vertical-align:bottom;">5,258,444</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap;;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal; background: none;"><div style="color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;"> </td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

<div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">A rollforward of the common stock warran<div style="letter-spacing: 0px; top: 0px;;display:inline;">t</div>s outstanding at September 30, 2019 is as follows.</div> </div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt; background: none;"><div style="color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 10pt; border-spacing: 0px; width: 100%; margin: 0in auto 0in 0px;;text-align:left;"><tr style="font-size: 0px;"><td style="padding: 0px; vertical-align: bottom; width: 58.5%;"></td><td style="padding: 0px; vertical-align: bottom; width: 3.5%;"></td><td style="padding: 0px; vertical-align: bottom; width: 1%;"></td><td style="padding: 0px; vertical-align: bottom; width: 4.25%;"></td><td style="padding: 0px; vertical-align: bottom; width: 1%;"></td><td style="padding: 0px; vertical-align: bottom; width: 2.5%;"></td><td style="padding: 0px; vertical-align: bottom; width: 1%;"></td><td style="padding: 0px; vertical-align: bottom; width: 4%;"></td><td style="padding: 0px; vertical-align: bottom; width: 1%;"></td><td style="padding: 0px; vertical-align: bottom; width: 2.5%;"></td><td style="padding: 0px; vertical-align: bottom; width: 1%;"></td><td style="padding: 0px; vertical-align: bottom; width: 4.5%;"></td><td style="padding: 0px; vertical-align: bottom; width: 1%;"></td><td style="padding: 0px; vertical-align: bottom; width: 2%;"></td><td style="padding: 0px; vertical-align: bottom; width: 1%;"></td><td style="padding: 0px; vertical-align: bottom; width: 4%;"></td><td style="padding: 0px; vertical-align: bottom; width: 1%;"></td><td style="padding: 0px; vertical-align: bottom; width: 2%;"></td><td style="padding: 0px; vertical-align: bottom; width: 1%;"></td><td style="padding: 0px; vertical-align: bottom; width: 3%;"></td><td style="padding: 0px; vertical-align: bottom; width: 0.25%;"></td></tr><tr style="font-family: "times new roman"; font-size: 8pt; break-inside: avoid; border: 1px solid;"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0.45pt; vertical-align: bottom; text-align: center;;width:;"><div style="text-align: left;;font-weight:bold;display:inline;width:100%;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0.45pt; vertical-align: bottom; text-align: center;;width:;"><div style="text-align: left;;font-weight:bold;display:inline;width:100%;">  </div></td><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0in; vertical-align: bottom; border-bottom: 0.75pt solid black; text-align: center;;width:;"><div style="text-align: left;;font-weight:bold;display:inline;width:100%;">Number of<br/><div style="letter-spacing: 0px; top: 0px;;display:inline;">Common</div><br/>Warrants</div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0.45pt; vertical-align: bottom; text-align: center;;width:;"><div style="text-align: left;;font-weight:bold;display:inline;width:100%;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0.45pt; vertical-align: bottom;;width:;"><div style="text-align: center; line-height: normal;"><div style="font-weight:bold;display:inline;width:100%;"> </div></div></td><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0.5pt; vertical-align: bottom; border-bottom: 0.75pt solid black;;width:;"><div style="text-align: center; line-height: normal;"><div style="font-weight:bold;display:inline;width:100%;">Number of<br/><div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Pre-Funded</div><br/>Warrants</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0.45pt; vertical-align: bottom;;width:;"><div style="margin-bottom: 0px; margin-top: 0px; text-align: center; line-height: normal;"><div style="font-weight:bold;display:inline;width:100%;"> </div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0.45pt; vertical-align: bottom; text-align: center;;width:;"><div style="text-align: left;;font-weight:bold;display:inline;width:100%;">  </div></td><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0in; vertical-align: bottom; border-bottom: 0.75pt solid black; text-align: center;;width:;"><div style="text-align: left;;font-weight:bold;display:inline;width:100%;">Weighted<br/>Average<br/>Exercise Price</div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0.45pt; vertical-align: bottom; text-align: center;;width:;"><div style="text-align: left;;font-weight:bold;display:inline;width:100%;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0.45pt; vertical-align: bottom; text-align: center;;width:;"><div style="text-align: left;;font-weight:bold;display:inline;width:100%;">  </div></td><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0in; vertical-align: bottom; border-bottom: 0.75pt solid black; text-align: center;;width:;"><div style="text-align: left;;font-weight:bold;display:inline;width:100%;">Weighted<br/>Average<br/>Remaining<br/>Contractual<br/>Term (Years)</div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0.45pt; vertical-align: bottom; text-align: center;;width:;"><div style="text-align: left;;font-weight:bold;display:inline;width:100%;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0.45pt; vertical-align: bottom; text-align: center;;width:;"><div style="text-align: left;;font-weight:bold;display:inline;width:100%;">  </div></td><td colspan="2" style="padding-left: 0px; padding-top: 0px; padding-bottom: 0in; vertical-align: bottom; border-bottom: 0.75pt solid black; text-align: center;;width:;"><div style="text-align: left;;font-weight:bold;display:inline;width:100%;">Aggregate<br/>Intrinsic<br/>Value</div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0.45pt; vertical-align: bottom; text-align: center;;width:;"><div style="text-align: left;;font-weight:bold;display:inline;width:100%;"> </div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 58.5%;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Outstanding January 1, 2019</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 3.5%;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 4.25%;;text-align:right;">3,730,944</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 2.5%;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td><td style="background: rgb(204, 238, 255); padding: 0in; width: 4%; vertical-align: bottom;"><div style="margin-bottom: 0.0001pt; text-align: right; line-height: normal; font-family: "times new roman", serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "times new roman", serif; background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">697,500</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 2.5%;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 4.5%;;text-align:right;">10.78</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 2%;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 4%; text-align: right;"> <div style="letter-spacing: 0px; top: 0px;;display:inline;">0</div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 2%;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 3%;;text-align:right;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">0</div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 0.25%;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px; vertical-align: bottom; width: 58.5%;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Adjustment for Reverse Stock Split</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom; width: 3.5%;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom; width: 1%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom; width: 4.25%;;text-align:right;">16</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; vertical-align: bottom; width: 1%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; vertical-align: bottom; width: 2.5%;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; vertical-align: bottom; width: 1%;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td><td style="padding: 0in; width: 4%; vertical-align: bottom;"><div style="margin-bottom: 0.0001pt; text-align: right; line-height: normal; font-family: "times new roman", serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "times new roman", serif; letter-spacing: 0px; top: 0px;;display:inline;">0</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; vertical-align: bottom; width: 1%;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom; width: 2.5%;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom; width: 1%;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom; width: 4.5%;;text-align:right;">0</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; vertical-align: bottom; width: 1%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom; width: 2%;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom; width: 1%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom; width: 4%;;text-align:right;">0</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; vertical-align: bottom; width: 1%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom; width: 2%;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom; width: 1%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom; width: 3%;;text-align:right;">0</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; vertical-align: bottom; width: 0.25%;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 58.5%;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Warrants issued</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 3.5%;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 4.25%;;text-align:right;">14,926,161</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 2.5%;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td><td style="background: rgb(204, 238, 255); padding: 0in; width: 4%; vertical-align: bottom;"><div style="margin-bottom: 0.0001pt; text-align: right; line-height: normal; font-family: "times new roman", serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "times new roman", serif; background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">0</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 2.5%;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 4.5%;;text-align:right;">1.37</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 2%;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 4%;;text-align:right;">0</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 2%;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 3%;;text-align:right;">0</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 0.25%;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px; vertical-align: bottom; width: 58.5%;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Pre-funded</div> warrants issued</div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom; width: 3.5%;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom; width: 1%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom; width: 4.25%;;text-align:right;">0</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; vertical-align: bottom; width: 1%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; vertical-align: bottom; width: 2.5%;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; vertical-align: bottom; width: 1%;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td><td style="padding: 0in; width: 4%; vertical-align: bottom;"><div style="margin-bottom: 0.0001pt; text-align: right; line-height: normal; font-family: "times new roman", serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "times new roman", serif; letter-spacing: 0px; top: 0px;;display:inline;">8,947,112</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; vertical-align: bottom; width: 1%;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom; width: 2.5%;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom; width: 1%;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom; width: 4.5%;;text-align:right;">0.01</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; vertical-align: bottom; width: 1%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom; width: 2%;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom; width: 1%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom; width: 4%;;text-align:right;">0</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; vertical-align: bottom; width: 1%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom; width: 2%;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom; width: 1%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom; width: 3%;;text-align:right;">0</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; vertical-align: bottom; width: 0.25%;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 58.5%;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Pre-funded</div> warrants exercised</div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 3.5%;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 4.25%;;text-align:right;">0</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 2.5%;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td><td style="background: rgb(204, 238, 255); padding: 0in; width: 4%; vertical-align: bottom;"><div style="margin-bottom: 0.0001pt; text-align: right; line-height: normal; font-family: "times new roman", serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "times new roman", serif; background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">(9,344,612</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 2.5%;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 4.5%;;text-align:right;">0.01</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 2%;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 4%;;text-align:right;">0</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 2%;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 3%;;text-align:right;">0</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 0.25%;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px; vertical-align: bottom; width: 58.5%;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Expirations</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom; width: 3.5%;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom; width: 1%; border-bottom: 0.75pt solid black;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom; width: 4.25%; border-bottom: 0.75pt solid black;;text-align:right;">(3,926</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; vertical-align: bottom; width: 1%;">) </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; vertical-align: bottom; width: 2.5%;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; vertical-align: bottom; width: 1%; border-bottom: 0.75pt solid black;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td><td style="padding: 0in; width: 4%; border-bottom: 0.75pt solid black; vertical-align: bottom;"><div style="margin-bottom: 0.0001pt; text-align: right; line-height: normal; font-family: "times new roman", serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: "times new roman", serif; letter-spacing: 0px; top: 0px;;display:inline;">0</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; vertical-align: bottom; width: 1%;"><div style="margin-bottom: 0px; margin-top: 0px; line-height: normal;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom; width: 2.5%;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom; width: 1%;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom; width: 4.5%;;text-align:right;">226.60</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; vertical-align: bottom; width: 1%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom; width: 2%;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom; width: 1%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom; width: 4%;;text-align:right;">0</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; vertical-align: bottom; width: 1%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom; width: 2%;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom; width: 1%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom; width: 3%;;text-align:right;">0</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; vertical-align: bottom; width: 0.25%;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 58.5%;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Outstanding September 30, 2019</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 3.5%;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 2.25pt double black;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 4.25%; border-bottom: 2.25pt double black;;text-align:right;">18,653,195</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 2.5%;"><div style="margin-bottom: 0pt; margin-top: 0pt; line-height: normal;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 2.5pt double black;"><div style="margin-bottom: 0pt; margin-top: 0pt; line-height: normal;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 1.5pt; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 4%; border-bottom: 2.5pt double black;"><div style="margin-bottom: 0pt; margin-top: 0pt; text-align: right; line-height: normal; font-size: 10pt;"> <div style="font-size: 10pt; font-family: "times new roman", serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">300,000</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 1.5pt; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;"><div style="margin-bottom: 0pt; margin-top: 0pt; line-height: normal;"> </div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 2.5%;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 4.5%;;text-align:right;">3.61</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 2%;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 4%;;text-align:right;">4.36</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;"> </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 2%;">  </td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;">$</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 3%;;text-align:right;">0</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 0.25%;"> </td></tr></table><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

697500

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300000

6471000

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<div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Revenue Recognition </div></div></div></div><div style="text-indent: 0in; font-family: "times new roman"; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Effective January 1, 2019, the Company adopted ASC (“Accounting Standards Codification”) 606, <div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Revenue From Contracts With Customers</div> (ASC 606), using the modified retrospective transition method. Under this method, results for reporting periods beginning after January 1, 2019 are presented under ASC 606, while prior period amounts are not adjusted and continue to be reported in accordance with ASC Topic 605,<div style="font-style:italic;display:inline;;font-style:italic;display:inline;"> Revenue Recognition</div> (ASC 605). </div></div><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">This standard applies to all contracts with customers, except for contracts that are within the scope of other standards, such as leases, insurance, collaboration arrangements and financial instruments. Under ASC 606, an entity recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, the entity performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within each contract and determines those that are performance obligations and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. </div></div><div style="text-indent: 0in; font-family: "times new roman"; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;">The Company enters into licensing agreements that are within the scope of ASC 606, under which it may exclusively license rights to research, develop, manufacture and commercialize its product candidates to third parties. The terms of these arrangements typically include payment to the Company of one or more of the following: <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">non-refundable,</div> upfront license fees; reimbursement of certain costs; customer option exercise fees; development, regulatory and commercial milestone payments; and royalties on net sales of licensed products.</div><div style="text-indent: 0in; font-family: "times new roman"; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Amounts received prior to revenue recognition are recorded as deferred revenue. Amounts expected to be recognized as revenue within the 12 months following the balance sheet date are classified as current portion of deferred revenue in the accompanying consolidated balance sheets. Amounts not expected to be recognized as revenue within the 12 months following the balance sheet date are classified as deferred revenue, net of current portion. </div></div><div style="text-indent: 0in; font-family: "times new roman"; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Exclusive Licenses.</div> If the license to the Company’s intellectual property is determined to be distinct from the other promises or performance obligations identified in the arrangement, the Company recognizes revenue from <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">non-refundable,</div> upfront fees allocated to the license when the license is transferred to the customer and the customer is able to use and benefit from the license. In assessing whether a promise or performance obligation is distinct from the other promises, the Company considers factors such as the research, development, manufacturing and commercialization capabilities of the collaboration partner and the availability of the associated expertise in the general marketplace. In addition, the Company considers whether the collaboration partner can benefit from a promise for its intended purpose without the receipt of the remaining promise, whether the value of the promise is dependent on the unsatisfied promise, whether there are other vendors that could provide the remaining promise, and whether it is separately identifiable from the remaining promise. For licenses that are combined with other promises, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. The measure of progress, and thereby periods over which revenue should be recognized, are subject to estimates by management and may change over the course of the research and development and licensing agreement. Such a change could have a material impact on the amount of revenue the Company records in future periods.</div><div style="text-indent: 0in; font-family: "times new roman"; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Research and Development Services.</div> The promises under the Company’s collaboration agreements may include research and development services to be performed by the Company on behalf of the partner. Payments or reimbursements resulting from the Company’s research and development efforts are recognized as the services are performed and presented on a gross basis because the Company is the principal for such efforts. Reimbursements from and payments to the partner that are the result of a collaborative relationship with the partner, instead of a customer relationship, such as <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">co-development</div> activities, are recorded as a reduction to research and development expense.</div><div style="text-indent: 0in; font-family: "times new roman"; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Customer Options.</div> If an arrangement is determined to contain customer options that allow the customer to acquire additional goods or services, the goods and services underlying the customer options that are not determined to be material rights are not considered to be performance obligations at the outset of the arrangement, as they are contingent upon option exercise. The Company evaluates the customer options for material rights, or options to acquire additional goods or services for free or at a discount. If the customer options are determined to represent a material right, the material right is recognized as a separate performance obligation at the outset of the arrangement. The Company allocates the transaction price to material rights based on the relative standalone selling price, which is determined based on the identified discount and the probability that the customer will exercise the option. Amounts allocated to a material right are not recognized as revenue until, at the earliest, the option is exercised.<div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-size: 10pt; line-height: 115%; font-family: "times new roman", serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">As of September 30, 2019, the Company does not have any active arrangements that contain customer options.</div><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-size: 1px; margin-top: 12px; margin-bottom: 0px; background: none;"><div style="color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="text-indent: 0in; font-family: "times new roman"; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Milestone Payments.</div> At the inception of each arrangement that includes research or development milestone payments, the Company evaluates whether the milestones are considered probable of being achieved and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the control of the Company or the licensee, such as regulatory approvals, are not considered probable of being achieved until those approvals are received. The Company evaluates factors such as the scientific, clinical, regulatory, commercial, and other risks that must be overcome to achieve the particular milestone in making this assessment. There is considerable judgment involved in determining whether it is probable that a significant revenue reversal would not occur. At the end of each subsequent reporting period, the Company reevaluates the probability of achievement of all milestones subject to constraint and, if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">catch-up</div> basis, which would affect revenues and earnings in the period of adjustment.<div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div><div style="font-size: 10pt; line-height: 115%; font-family: "times new roman", serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">As of September 30, 2019, the Company does not have any active arrangements that contain research or development milestones.</div></div><div style="text-indent: 0in; font-family: "times new roman"; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Royalties.</div> For arrangements that include sales-based royalties, including milestone payments upon first commercial sales and milestone payments based on a level of sales, which are the result of a customer-vendor relationship and for which the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied or partially satisfied. To date, the Company has not recognized any royalty revenue resulting from any of its licensing arrangements. </div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">For a complete discussion of accounting for collaboration revenues, see Note 6, “Collaborations.” </div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

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Finite-Lived Intangible Assets by Major Class [Axis] Finite-Lived Intangible Assets, Major Class Name [Domain] Prepaid Expense and Other Assets, Current [Abstract] Prepaid Insurance Prepaid Insurance Deferred Costs, Current Deferred Operating Costs Other Prepaid Expense, Current Prepaid Other Prepaid Clinical Trials Prepaid Clinical Trials Prepaid clinical trials. Property And Equipment [Abstract] Property And Equipment [Abstract] Property, Plant and Equipment [Table] Property, Plant and Equipment [Table] Property, Plant and Equipment, Type [Axis] Property, Plant and Equipment, Type [Axis] Property, Plant and Equipment, Type [Domain] Property, Plant and Equipment, Type [Domain] Computer Equipment [Member] Computer Equipment [Member] Laboratory Equipment [Member] Laboratory Equipment [Member] Laboratory equipment. Leasehold Improvements [Member] Leasehold Improvements [Member] EX-101.PRE 10 pulm-20190930_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 11 R18.htm IDEA: XBRL DOCUMENT

Commitments

9 Months Ended

Sep. 30, 2019

Commitments and Contingencies Disclosure [Abstract]

Commitments

. Commitments

Future minimum lease payments under the

non-cancelable

operating lease for office and lab space is as follows:


	Amount
2019	$	169
2020		698

Total	$	867

XML 12 R14.htm IDEA: XBRL DOCUMENT

Warrants

9 Months Ended

Sep. 30, 2019

Equity [Abstract]

Warrants

8. Warrants

A rollforward of the common stock warran

s outstanding at September 30, 2019 is as follows.


	Number of Common Warrants			Number of Pre-Funded Warrants			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding January 1, 2019		3,730,944			697,500		$	10.78		0	$	0
Adjustment for Reverse Stock Split		16			0		$	0		0		0
Warrants issued		14,926,161			0		$	1.37		0		0
Pre-funded warrants issued		0			8,947,112		$	0.01		0		0
Pre-funded warrants exercised		0			(9,344,612	)	$	0.01		0		0
Expirations		(3,926	)		0		$	226.60		0		0
Outstanding September 30, 2019		18,653,195			300,000		$	3.61		4.36	$	0

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

tified:


	Classification		Exercise Price		Expiration Date		Number of Shares Underlying Warrants
							For the Period Ended September 30,
Issue Date							2019		2018
April 8, 2019		Equity	$	0.01		—		300,000		—
April 8, 2019		Equity	$	1.35		April 8, 2024		12,266,665		—
April 8, 2019		Equity	$	1.6875		April 3, 2024		797,334		—
February 12, 2019		Equity	$	1.8313		February 7, 2024		110,922		—
February 12, 2019		Equity	$	1.34		August 12, 2024		1,706,484		—
February 04, 2019		Equity	$	2.125		January 30, 2024		34,605		—
January 31, 2019		Equity	$	2.125		January 26, 2024		10,151		—
December 3, 2018		Equity	$	3.90		June 3, 2024		937,500		—
April 3, 2018		Equity	$	7.50		April 3, 2023		2,350,011		4,815,000
April 4, 2018		Equity	$	7.50		April 4, 2023		115,000		230,000
August 31, 2015		Equity	$	118.00		August 31, 2020		3,000		3,000
June 15, 2015		Equity	$	75.50		May 6, 2024		319,008		319,008
June 15, 2015		Equity	$	83.50		June 16, 2020		2,515		2,515
June 15, 2015		Equity	$	83.50		Mar 21, 2019		0		3,926
Adjustment for Reverse Stock Split								0		(5	)

Total Outstanding								18,953,195		5,258,444

XML 13 R10.htm IDEA: XBRL DOCUMENT

Property and Equipment, net

9 Months Ended

Sep. 30, 2019

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

4. Property and Equipment, net

Property and equipment consisted of the following:


	At September 30, 2019			At December 31, 2018
Laboratory equipment	$	1,538		$	1,529
Computer equipment		216			185
Office furniture and equipment		217			217
Leasehold improvements		581			579

Total property and equipment		2,552			2,510
Less accumulated depreciation and amortization		(2,247	)		(2,116	)

Property and equipment, net	$	305		$	394

XML 14 R33.htm IDEA: XBRL DOCUMENT

Property and Equipment, net - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Property And Equipment [Abstract]
Depreciation and amortization expense	$ 44	$ 57	$ 139	$ 175

XML 15 R37.htm IDEA: XBRL DOCUMENT

Warrants - Summary of rollforward of the common stock warrants outstanding (Details) - $ / shares		1 Months Ended	9 Months Ended
	Feb. 12, 2019	Apr. 30, 2018	Sep. 30, 2019
Class of Warrant or Right [Line Items]
Class Of Warrant Or Right Issued	110,922
Class Of Warrant Or Right Exercised		15,000	8,947,112
Common Warrants
Class of Warrant or Right [Line Items]
Number of warrants, Outstanding, Beginning balance \| shares			3,730,944
Number of warrants, Outstanding, Ending balance \| shares			18,653,195
Weighted average exercise price, Beginning balance \| $ / shares			$ 10.78
Weighted average exercise price, Ending balance \| $ / shares			$ 3.61
Weighted average remaining contractual term, Ending balance			4 years 4 months 9 days
Common Warrants \| Adjustment for Reverse Stock Split [Member]
Class of Warrant or Right [Line Items]
Adjustment for reverse stock split			16
Common Warrants \| Warrants Issued [Member]
Class of Warrant or Right [Line Items]
Class Of Warrant Or Right Issued			14,926,161
Weighted average exercise price, Warrants issued \| $ / shares			$ 1.37
Common Warrants \| Pre-funded warrants issued [Member]
Class of Warrant or Right [Line Items]
Class Of Warrant Or Right Issued			8,947,112
Weighted average exercise price, Warrants issued \| $ / shares			$ 0.01
Common Warrants \| Pre-funded warrants exercised [Member]
Class of Warrant or Right [Line Items]
Class Of Warrant Or Right Exercised			(9,344,612)
Weighted average exercise price, Warrants exercised \| $ / shares			$ 0.01
Common Warrants \| Representative warrants expiration [Member]
Class of Warrant or Right [Line Items]
Class Of Warrant Or Right Expired			(3,926)
Weighted average exercise price, Warrants exercised \| $ / shares			$ 226.60
Pre Funded Warrants [Member]
Class of Warrant or Right [Line Items]
Number of warrants, Outstanding, Beginning balance \| shares			697,500
Number of warrants, Outstanding, Ending balance \| shares			300,000

XML 16 R43.htm IDEA: XBRL DOCUMENT

Income Taxes - Additional Information (Detail) $ in Thousands	Sep. 30, 2019 USD ($)
Operating Loss Carryforwards [Line Items]
Deferred Tax Assets	$ 44,770

XML 17 R4.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Income Statement [Abstract]
Revenues	$ 1,406		$ 6,225	$ 153
Operating expenses
Research and development	3,297	$ 3,056	8,637	10,290
General and administrative	1,785	1,769	6,900	5,930
Impairment of goodwill			7,268
Total operating expenses	5,082	4,825	22,805	16,220
Loss from operations	(3,676)	(4,825)	(16,580)	(16,067)
Interest income	121	8	227	23
Interest expense				(186)
Settlement expense			(200)
Other income/(expense), net		1	(2)	5
Net loss	$ (3,555)	$ (4,816)	$ (16,555)	$ (16,225)
Net loss per share, basic and diluted	$ (0.18)	$ (1.03)	$ (1.07)	$ (4.23)
Weighted average shares of common stock used to compute basic and diluted net loss per share	20,294,560	4,692,723	15,533,983	3,839,385

XML 18 R8.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies and Recent Accounting Standards

9 Months Ended

Sep. 30, 2019

Accounting Policies [Abstract]

Summary of Significant Accounting Policies and Recent Accounting Standards

2. Summary of Significant Accounting Policies and Recent Accounting Standards

Basis of Presentation

S-X,

Rule

10-01.

Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (including those which are normal and recurring) considered necessary for a fair presentation of the interim financial information have been included. When preparing financial statements in conformity with GAAP, the Company must make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and related disclosures at the date of the financial statements. Actual results could differ from those estimates. Additionally, operating results for the nine months ended September 30, 2019, are not necessarily indicative of the results that may be expected for any other interim period or for the fiscal year ending December 31, 2019. For further information, refer to the financial statements and footnotes included in the Company’s annual financial statements for the fiscal year ended December 31, 2018, which are included in the Company’s annual report on Form

10-K

filed with the SEC on February 19, 2019.

Use of Estimates

Revenue Recognition

Effective January 1, 2019, the Company adopted ASC (“Accounting Standards Codification”) 606,

Revenue From Contracts With Customers

(ASC 606), using the modified retrospective transition method. Under this method, results for reporting periods beginning after January 1, 2019 are presented under ASC 606, while prior period amounts are not adjusted and continue to be reported in accordance with ASC Topic 605,

Revenue Recognition

(ASC 605).

This standard applies to all contracts with customers, except for contracts that are within the scope of other standards, such as leases, insurance, collaboration arrangements and financial instruments. Under ASC 606, an entity recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, the entity performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within each contract and determines those that are performance obligations and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied.

non-refundable,

upfront license fees; reimbursement of certain costs; customer option exercise fees; development, regulatory and commercial milestone payments; and royalties on net sales of licensed products.

Exclusive Licenses.

If the license to the Company’s intellectual property is determined to be distinct from the other promises or performance obligations identified in the arrangement, the Company recognizes revenue from

non-refundable,

upfront fees allocated to the license when the license is transferred to the customer and the customer is able to use and benefit from the license. In assessing whether a promise or performance obligation is distinct from the other promises, the Company considers factors such as the research, development, manufacturing and commercialization capabilities of the collaboration partner and the availability of the associated expertise in the general marketplace. In addition, the Company considers whether the collaboration partner can benefit from a promise for its intended purpose without the receipt of the remaining promise, whether the value of the promise is dependent on the unsatisfied promise, whether there are other vendors that could provide the remaining promise, and whether it is separately identifiable from the remaining promise. For licenses that are combined with other promises, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. The measure of progress, and thereby periods over which revenue should be recognized, are subject to estimates by management and may change over the course of the research and development and licensing agreement. Such a change could have a material impact on the amount of revenue the Company records in future periods.

Research and Development Services.

The promises under the Company’s collaboration agreements may include research and development services to be performed by the Company on behalf of the partner. Payments or reimbursements resulting from the Company’s research and development efforts are recognized as the services are performed and presented on a gross basis because the Company is the principal for such efforts. Reimbursements from and payments to the partner that are the result of a collaborative relationship with the partner, instead of a customer relationship, such as

co-development

activities, are recorded as a reduction to research and development expense.

Customer Options.

If an arrangement is determined to contain customer options that allow the customer to acquire additional goods or services, the goods and services underlying the customer options that are not determined to be material rights are not considered to be performance obligations at the outset of the arrangement, as they are contingent upon option exercise. The Company evaluates the customer options for material rights, or options to acquire additional goods or services for free or at a discount. If the customer options are determined to represent a material right, the material right is recognized as a separate performance obligation at the outset of the arrangement. The Company allocates the transaction price to material rights based on the relative standalone selling price, which is determined based on the identified discount and the probability that the customer will exercise the option. Amounts allocated to a material right are not recognized as revenue until, at the earliest, the option is exercised.

As of September 30, 2019, the Company does not have any active arrangements that contain customer options.

Milestone Payments.

At the inception of each arrangement that includes research or development milestone payments, the Company evaluates whether the milestones are considered probable of being achieved and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the control of the Company or the licensee, such as regulatory approvals, are not considered probable of being achieved until those approvals are received. The Company evaluates factors such as the scientific, clinical, regulatory, commercial, and other risks that must be overcome to achieve the particular milestone in making this assessment. There is considerable judgment involved in determining whether it is probable that a significant revenue reversal would not occur. At the end of each subsequent reporting period, the Company reevaluates the probability of achievement of all milestones subject to constraint and, if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative

catch-up

basis, which would affect revenues and earnings in the period of adjustment.

As of September 30, 2019, the Company does not have any active arrangements that contain research or development milestones.

Royalties.

For arrangements that include sales-based royalties, including milestone payments upon first commercial sales and milestone payments based on a level of sales, which are the result of a customer-vendor relationship and for which the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied or partially satisfied. To date, the Company has not recognized any royalty revenue resulting from any of its licensing arrangements.

For a complete discussion of accounting for collaboration revenues, see Note 6, “Collaborations.”

Cash, Cash Equivalents and Restricted Cash

Cash and cash equivalents consist of cash, checking accounts and money market accounts. Restricted cash consists of cash deposited with a financial institution for $204.


	Nine months Ended September 30,
	2019		2018
Cash and cash equivalents	$	27,879	$	3,806
Restricted Cash		204		204

Total cash, cash equivalents and restricted cash in the statement of cash flows	$	28,083	$	4,010

Goodwill

Significant Accounting Policies

Except for the change in revenue recognition policy as disclosed above, during the nine months ended

September 30, 2019, there were no changes to the Company’s significant accounting policies identified in the Company’s most recent annual financial statements for the fiscal year ended December 31, 2018, which are included in the Company’s current report on

Form 10-K.

Recent Accounting Standards

In November 2018, the FASB issued ASU

No. 2018-18,

Clarifying the Interaction between Topic 808

(Collaborative Arrangements)

and Topic

606 (Revenue from Contracts with Customers). The amendments are effective for public business entities for fiscal years beginning after December 15, 2019. Early adoption is permitted. The Company has early adopted ASU

2018-18

and adoption of this ASU has no significant impact on its condensed consolidated financial statements.

In August 2018, the FASB issued ASU

No. 2018-13,

Fair Value Measurement

. ASU

2018-13

modifies the disclosure requirements for fair value measurements by removing, modifying, or adding certain disclosures. The amendments in

ASU 2018-13

will be effective for fiscal years beginning after December 15, 2019. Early adoption is permitted. An entity is permitted to early adopt any removed or modified disclosures upon issuance of ASU

No. 2018-13

and delay adoption of the additional disclosures until their effective date. The Company has not yet evaluated the impact of adoption of this ASU on its condensed consolidated financial statements disclosures.

In June 2018, the FASB issued ASU

No. 2018-07,

Compensation — Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting

. Subtopic

505-50,

Equity — Equity-Based Payments to

Non-Employees,

addresses aspects of the accounting for nonemployee share based compensation. The amendments are effective for public business entities for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. The Company has adopted ASU

2018-07

and adoption of this ASU has no significant impact on its condensed consolidated financial statements.

In February 2018, the FASB issued ASU

No. 2018-02,

“Income Statement — Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income”

(“ASU

2018-02”),

which allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Act and requires certain disclosures about stranded tax effects. ASU

2018-02

is effective for us beginning January 1, 2019 (with early adoption permitted) and shall be applied either in the period of adoption or retrospectively to each period (or periods) in which the effect of the change in the corporate income tax rate in the Tax Act is recognized. The Company has adopted ASU

2018-02

and adoption of this ASU has no significant impact on its condensed consolidated financial statements.

In July 2017, FASB issued ASU

No. 2017-11,

Earnings per Share (Topic 260), Distinguishing Liabilities from Equity (Topic 480), Derivatives and Hedging (Topic 815). ASU

2017-11

consists of two parts. The amendments in Part I of this Update change the classification analysis of certain equity-linked financial instruments (or embedded features) with down round features. When determining whether certain financial instruments should be classified as liabilities or equity instruments, a down round feature no longer precludes equity classification when assessing whether the instrument is indexed to an entity’s own stock. The amendments also clarify existing disclosure requirements for equity-classified instruments. As a result, a freestanding equity-linked financial instrument (or embedded conversion option) no longer would be accounted for as a derivative liability at fair value as a result of the existence of a down round feature. For freestanding equity classified financial instruments, the amendments require entities that present earnings per share (EPS) in accordance with Topic 260 to recognize the effect of the down round feature when it is triggered. That effect is treated as a dividend and as a reduction of income available to common shareholders in basic EPS. Convertible instruments with embedded conversion options that have down round features are now subject to the specialized guidance for contingent beneficial conversion features (in Subtopic

470-20,

Debt—Debt with Conversion and Other Options), including related EPS guidance (in Topic 260). The amendments in Part II of this Update

re-characterize

the indefinite deferral of certain provisions of Topic 480 that now are presented as pending content in the Codification, to a scope exception. Those amendments do not have an accounting effect. For public business entities, the amendments in Part I of this Update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The amendments in Part II of this Update do not require any transition guidance because those amendments do not have an accounting effect. The Company has adopted ASU

2017-11

and adoption of this ASU has no significant impact on its condensed consolidated financial statements.

In February 2016, the FASB issued authoritative guidance under ASU

2016-02,

Leases (Topic 842). ASU

2016-02

provides new comprehensive lease accounting guidance that supersedes existing lease guidance. Upon adoption of ASU

2016-02,

the Company will be required to recognize most leases on its balance sheet at the beginning of the earliest comparative period presented with a corresponding adjustment to stockholders’ equity. ASU

2016-02

requires the Company to capitalize most current operating lease obligations as

right-of-use

assets with a corresponding liability based on the present value of future operating lease obligations. Criteria for distinguishing leases between finance and operating are substantially similar to criteria for distinguishing between capital leases and operating leases in previous lease guidance. Lease agreements that are 12 months or less are permitted to be excluded from the balance sheet. Topic 842 includes a number of optional practical expedients that the Company may elect to apply. Expanded disclosures with additional qualitative and quantitative information will also be required. The adoption will include updates as provided under ASU

2018-01,

Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842 and ASU

2018-10,

Codification Improvements to Topic 842, Leases. Since the Company is an emerging growth company and elected to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act, this ASU

2016-02

and related ASUs will be effective for the Company beginning in fiscal 2020. The Company is currently evaluating the potential impact of adoption of this standard on its condensed consolidated financial statements and the additional transition method under ASU

2018-11,

which allows the Company to recognize Topic 842’s cumulative effect within retained earnings in the period of adoption.

XML 19 R26.htm IDEA: XBRL DOCUMENT

Net Loss Per Share (Tables)

9 Months Ended

Sep. 30, 2019

Earnings Per Share [Abstract]

Schedule of Computation of Diluted Weighted-Average Shares Outstanding Anti-Dilutive


	As of September 30,
	2019		2018
Options to purchase common stock		1,088,676		1,041,407
Warrants to purchase common stock		18,653,195		5,258,444

XML 20 R22.htm IDEA: XBRL DOCUMENT

Property and Equipment, net (Tables)

9 Months Ended

Sep. 30, 2019

Property, Plant and Equipment [Abstract]

Summary of Property and Equipment

Property and equipment consisted of the following:


	At September 30, 2019			At December 31, 2018
Laboratory equipment	$	1,538		$	1,529
Computer equipment		216			185
Office furniture and equipment		217			217
Leasehold improvements		581			579

Total property and equipment		2,552			2,510
Less accumulated depreciation and amortization		(2,247	)		(2,116	)

Property and equipment, net	$	305		$	394

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Stock-Based Compensation - Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense	$ 185	$ 660	$ 1,735	$ 2,358
Research and Development [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense	14	244	81	760
General and Administrative [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense	$ 171	$ 416	$ 1,654	$ 1,598

XML 23 R9.htm IDEA: XBRL DOCUMENT

Prepaid Expenses and Other Current Assets

9 Months Ended

Sep. 30, 2019

Text Block [Abstract]

Prepaid Expenses and Other Current Assets

3. Prepaid Expenses and Other Current Assets

Prepaid expenses consisted of the following:


	At September 30, 2019		At December 31, 2018
Prepaid Insurance	$	301	$	243
Prepaid Clinical Trials		394		419
Prepaid Other		158		27
Deferred Operating Costs		107		28

Total prepaid expenses and other current assets	$	960	$	717

XML 24 R1.htm IDEA: XBRL DOCUMENT

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2019	Oct. 30, 2019
Cover [Abstract]
Document Type	10-Q
Entity Interactive Data Current	Yes
Amendment Flag	false
Document Period End Date	Sep. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Entity Registrant Name	Pulmatrix, Inc.
Entity Central Index Key	0001574235
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Filer Category	Non-accelerated Filer
Trading Symbol	PULM
Security Exchange Name	NASDAQ
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Title of 12(b) Security	Common Stock
Entity Address, State or Province	MA
Entity Common Stock, Shares Outstanding		19,994,560

XML 25 R5.htm IDEA: XBRL DOCUMENT

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated deficit [Member]
Beginning balance at Dec. 31, 2017	$ 10,137		$ 184,139	$ (174,002)
Beginning balance, shares at Dec. 31, 2017		2,104,750
Issuance of common stock, net of issuance costs	1,847		1,847
Issuance of common stock, net of issuance costs, shares		123,266
Stock-based compensation	765		765
Net loss	(5,221)			(5,221)
Ending balance at Mar. 31, 2018	7,528		186,751	(179,223)
Ending balance, shares at Mar. 31, 2018		2,228,016
Beginning balance at Dec. 31, 2017	10,137		184,139	(174,002)
Beginning balance, shares at Dec. 31, 2017		2,104,750
Net loss	(16,225)
Ending balance at Sep. 30, 2018	12,634		202,861	(190,227)
Ending balance, shares at Sep. 30, 2018		4,692,723
Beginning balance at Mar. 31, 2018	7,528		186,751	(179,223)
Beginning balance, shares at Mar. 31, 2018		2,228,016
Issuance of common stock, net of issuance costs	14,449		14,447
Issuance of common stock, net of issuance costs, shares		1,681,000
Exercise of pre-funded warrants	76		78
Exercise of pre-funded warrants, shares		783,707
Stock-based compensation	933		933
Net loss	(6,188)			(6,188)
Ending balance at Jun. 30, 2018	16,798		202,209	(185,411)
Ending balance, shares at Jun. 30, 2018		4,692,723
Shares issuance costs	(8)		(8)
Stock-based compensation	660		660
Net loss	(4,816)			(4,816)
Ending balance at Sep. 30, 2018	12,634		202,861	(190,227)
Ending balance, shares at Sep. 30, 2018		4,692,723
Beginning balance at Dec. 31, 2018	11,844		206,409	(194,565)
Beginning balance, shares at Dec. 31, 2018		4,932,723
Adjustment for reverse stock split, shares		2,717
Issuance of common stock, net of issuance costs	2,979	$ 1	2,978
Issuance of common stock, net of issuance costs, shares		2,394,955
Exercise of pre-funded warrants	70		70
Exercise of pre-funded warrants, shares		697,500
Stock-based compensation	459		459
Net loss	(5,156)			(5,156)
Ending balance at Mar. 31, 2019	10,196	$ 1	209,916	(199,721)
Ending balance, shares at Mar. 31, 2019		8,027,895
Beginning balance at Dec. 31, 2018	11,844		206,409	(194,565)
Beginning balance, shares at Dec. 31, 2018		4,932,723
Net loss	(16,555)
Ending balance at Sep. 30, 2019	14,726	$ 2	225,844	(211,120)
Ending balance, shares at Sep. 30, 2019		19,994,560
Beginning balance at Mar. 31, 2019	10,196	$ 1	209,916	(199,721)
Beginning balance, shares at Mar. 31, 2019		8,027,895
Issuance of common stock, net of issuance costs	14,566		14,566
Issuance of common stock, net of issuance costs, shares		3,319,553
Exercise of pre-funded warrants	83	$ 1	82
Exercise of pre-funded warrants, shares		8,277,112
Stock-based compensation	1,091		1,091
Net loss	(7,844)			(7,844)
Ending balance at Jun. 30, 2019	$ 18,092	$ 2	225,655	(207,565)
Ending balance, shares at Jun. 30, 2019		19,624,560
Issuance of common stock, net of issuance costs, shares	370,000
Exercise of pre-funded warrants	$ 4		4
Exercise of pre-funded warrants, shares		370,000
Stock-based compensation	185		185
Net loss	(3,555)			(3,555)
Ending balance at Sep. 30, 2019	$ 14,726	$ 2	$ 225,844	$ (211,120)
Ending balance, shares at Sep. 30, 2019		19,994,560

XML 26 R27.htm IDEA: XBRL DOCUMENT

Commitments (Tables)

9 Months Ended

Sep. 30, 2019

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Minimum Lease Payments under the Non-Cancelable Operating Lease for Office and Lab Space

Future minimum lease payments under the

non-cancelable

operating lease for office and lab space is as follows:


	Amount
2019	$	169
2020		698

Total	$	867

XML 27 R23.htm IDEA: XBRL DOCUMENT

Accrued Expenses (Tables)

9 Months Ended

Sep. 30, 2019

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

Accrued expenses consisted of the following:


	At September 30, 2019		At December 31, 2018
Accrued vacation	$	58	$	59
Accrued wages and incentive		582		915
Accrued clinical & consulting		450		517
Accrued legal & patent		70		67
Deferred rent		50		67
Accrued other expenses		55		71

Total accrued expenses	$	1,265	$	1,696

XML 28 R15.htm IDEA: XBRL DOCUMENT

Stock-Based Compensation

9 Months Ended

Sep. 30, 2019

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-Based Compensation

9. Stock-Based Compensation

Options

No options were granted to employees, directors or consultants during the

three months e

nded S

eptember 30, 2019

. During the nine months ended September 30, 2019, the Company granted 561,600 options to employees and 90,000 options to directors. At the date of grant, the fair value of the options was $393 and $63 respectively. The stock options outstanding vest over either 36 or 48 months (the “Time Based Options”). Subject to the grantees’ continuous service with the Company and as defined in the grant agreement, Time Based Options vest in one of the following ways: (i) 25% on the first anniversary of the option grant date and the remainder in 36 equal monthly installments beginning in the month after the vesting start date, (ii) 25% on the option grant date and the remainder in 36 equal monthly installments beginning in the month after the vesting start date or (iii) in 48 equal monthly installments beginning on the monthly anniversary of the vesting start date. Stock options generally expire ten years after the date of grant.

The following table summarizes stock opti

n activity for the nine months ended September 30, 2019:


	Number of Options			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term ( Years)		Aggregate Intrinsic Value
Outstanding — January 1, 2019		972,569		$	23.85		0	$	0
Granted		651,600		$	1.06		0		0
Exercised		0		$	0		0		0
Forfeited or expired		(535,493	)	$	23.77		0		0

Outstanding — September 30, 2019		1,088,676		$	10.25		8.86	$	0

Exercisable — September 30, 2019		355,845		$	26.24		7.77	$	0

Vested and expected to vest — September 30, 2019		1,082,710		$	10.28		8.86	$	0


	Three Months Ended September 30,					Nine Months Ended September 30,
	2019		2018			2019			2018
Expected option life (years)		0		6.05			6.02			5.58
Risk-free interest rate		0		2.79	%		2.22	%		2.77	%
Expected volatility		0		78.91	%		74.14	%		79.67	%
Expected dividend yield		0		0	%		0	%		0	%

The following table presents total stock-based compensation expense for the three and nine months ended September 30, 2019 and 2018:


	Three Months Ended September 30,				Nine months Ended September 30,
	2019		2018		2019		2018
Research and development	$	14	$	244	$	81	$	760
General and administrative		171		416	$	1,654	$	1,598

Total stock - based compensation expense	$	185	$	660	$	1,735	$	2,358

XML 29 R11.htm IDEA: XBRL DOCUMENT

Accrued Expenses

9 Months Ended

Sep. 30, 2019

Payables and Accruals [Abstract]

Accrued Expenses

5. Accrued Expenses

Accrued expenses consisted of the following:


	At September 30, 2019		At December 31, 2018
Accrued vacation	$	58	$	59
Accrued wages and incentive		582		915
Accrued clinical & consulting		450		517
Accrued legal & patent		70		67
Deferred rent		50		67
Accrued other expenses		55		71

Total accrued expenses	$	1,265	$	1,696

XML 30 R19.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies and Recent Accounting Standards (Policies)

9 Months Ended

Sep. 30, 2019

Accounting Policies [Abstract]

Basis of Presentation

S-X,

Rule

10-01.

10-K

filed with the SEC on February 19, 2019.

Use of Estimates

Revenue Recognition

Effective January 1, 2019, the Company adopted ASC (“Accounting Standards Codification”) 606,

Revenue From Contracts With Customers

Revenue Recognition

(ASC 605).

non-refundable,

upfront license fees; reimbursement of certain costs; customer option exercise fees; development, regulatory and commercial milestone payments; and royalties on net sales of licensed products.

Exclusive Licenses.

non-refundable,

Research and Development Services.

co-development

activities, are recorded as a reduction to research and development expense.

Customer Options.

As of September 30, 2019, the Company does not have any active arrangements that contain customer options.

Milestone Payments.

catch-up

basis, which would affect revenues and earnings in the period of adjustment.

As of September 30, 2019, the Company does not have any active arrangements that contain research or development milestones.

Royalties.

For a complete discussion of accounting for collaboration revenues, see Note 6, “Collaborations.”

Cash and Cash Equivalents

Cash, Cash Equivalents and Restricted Cash

Cash and cash equivalents consist of cash, checking accounts and money market accounts. Restricted cash consists of cash deposited with a financial institution for $204.


	Nine months Ended September 30,
	2019		2018
Cash and cash equivalents	$	27,879	$	3,806
Restricted Cash		204		204

Total cash, cash equivalents and restricted cash in the statement of cash flows	$	28,083	$	4,010

Goodwill

Significant Accounting Policies

Except for the change in revenue recognition policy as disclosed above, during the nine months ended

Form 10-K.

Recent Accounting Standards

In November 2018, the FASB issued ASU

No. 2018-18,

Clarifying the Interaction between Topic 808

(Collaborative Arrangements)

and Topic

2018-18

and adoption of this ASU has no significant impact on its condensed consolidated financial statements.

In August 2018, the FASB issued ASU

No. 2018-13,

Fair Value Measurement

. ASU

2018-13

modifies the disclosure requirements for fair value measurements by removing, modifying, or adding certain disclosures. The amendments in

ASU 2018-13

will be effective for fiscal years beginning after December 15, 2019. Early adoption is permitted. An entity is permitted to early adopt any removed or modified disclosures upon issuance of ASU

No. 2018-13

In June 2018, the FASB issued ASU

No. 2018-07,

Compensation — Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting

. Subtopic

505-50,

Equity — Equity-Based Payments to

Non-Employees,

2018-07

and adoption of this ASU has no significant impact on its condensed consolidated financial statements.

In February 2018, the FASB issued ASU

No. 2018-02,

“Income Statement — Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income”

(“ASU

2018-02”),

2018-02

and adoption of this ASU has no significant impact on its condensed consolidated financial statements.

In July 2017, FASB issued ASU

No. 2017-11,

Earnings per Share (Topic 260), Distinguishing Liabilities from Equity (Topic 480), Derivatives and Hedging (Topic 815). ASU

2017-11

470-20,

Debt—Debt with Conversion and Other Options), including related EPS guidance (in Topic 260). The amendments in Part II of this Update

re-characterize

2017-11

and adoption of this ASU has no significant impact on its condensed consolidated financial statements.

In February 2016, the FASB issued authoritative guidance under ASU

2016-02,

Leases (Topic 842). ASU

2016-02

provides new comprehensive lease accounting guidance that supersedes existing lease guidance. Upon adoption of ASU

2016-02,

the Company will be required to recognize most leases on its balance sheet at the beginning of the earliest comparative period presented with a corresponding adjustment to stockholders’ equity. ASU

2016-02

requires the Company to capitalize most current operating lease obligations as

right-of-use

2018-01,

Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842 and ASU

2018-10,

2016-02

2018-11,

which allows the Company to recognize Topic 842’s cumulative effect within retained earnings in the period of adoption.

XML 31 R32.htm IDEA: XBRL DOCUMENT

Property and Equipment, net - Summary of Property and Equipment (Detail) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Property and equipment, Gross	$ 2,552	$ 2,510
Less accumulated depreciation and amortization	(2,247)	(2,116)
Property and equipment - net	305	394
Laboratory Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, Gross	1,538	1,529
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, Gross	216	185
Office Furniture and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, Gross	217	217
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, Gross	$ 581	$ 579

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Common Stock - Additional Information (Detail) $ / shares in Units, $ in Thousands							1 Months Ended		3 Months Ended					9 Months Ended		12 Months Ended
	Apr. 08, 2019 USD ($) $ / shares shares	Feb. 12, 2019 USD ($) $ / shares shares	Feb. 04, 2019 $ / shares shares	Feb. 04, 2019 $ / shares shares	Apr. 04, 2018 USD ($) shares	Apr. 03, 2018 USD ($) $ / shares shares	Jan. 31, 2019 $ / shares shares	Apr. 30, 2018 USD ($) shares	Sep. 30, 2019 USD ($) $ / shares shares	Jun. 30, 2019 shares	Mar. 31, 2019 USD ($) shares	Jun. 30, 2018 shares	Mar. 31, 2018 shares	Sep. 30, 2019 USD ($) $ / shares shares	Sep. 30, 2018 USD ($)	Dec. 31, 2018 USD ($) $ / shares	Aug. 12, 2019	Feb. 03, 2019 $ / shares
Temporary Equity [Line Items]
Sale of stock, number of shares sold in transaction \| shares		1,706,484
Common stock, par value \| $ / shares									$ 0.0001					$ 0.0001		$ 0.0001
Average selling price of common stock \| $ / shares		$ 1.465
Number of shares issued and sold \| shares									370,000
Number of warrants exercised \| shares								15,000						8,947,112
Issuance of common stock shares \| shares									797,334					797,334
Proceeds from Issuance of Warrants														$ 157	$ 78
Class of Warrant or Right Issued \| shares		110,922
Class of Warrant or Right, Exercise Price of Warrants or Rights \| $ / shares		$ 1.8313	$ 2.125	$ 2.125			$ 2.125		$ 7.50					$ 7.50
Proceeds from Issuance of Common Stock		$ 2,500
Class of Warrant or Right, Date from which Warrants or Rights Exercisable														Jan. 26, 2024
Proceeds from Issuance of Common Stock and Warrants														$ 17,545	$ 16,286
Class of warrant or right fair value per warrant																	0.5314%
Estimate of Fair Value Measurement [Member]
Temporary Equity [Line Items]
Class of warrant or right fair value per warrant									1.2362%					1.2362%
Underwriting Agreement [Member]
Temporary Equity [Line Items]
Payment of commissions and other issuance cost														$ 1,904		$ 1,497
Proceeds from sale of common stock														$ 14,517
Underwriting Agreement [Member] \| Estimate of Fair Value Measurement [Member]
Temporary Equity [Line Items]
Class of warrant or right fair value per warrant	0.997%
Investor [Member]
Temporary Equity [Line Items]
Stock issued during period, shares \| shares		1,706,484
Class of Warrant or Right, Exercise Price of Warrants or Rights \| $ / shares		$ 1.34							$ 1.34					$ 1.34
Class of warrant or right fair value per warrant		0.5962%
Warrant [Member]
Temporary Equity [Line Items]
Payment of commissions and other issuance cost											$ 691			$ 2,595
Proceeds from sale of common stock											$ 3,049			$ 17,702
Class of Warrant or Right, Exercise Price of Warrants or Rights \| $ / shares									$ 83.50					$ 83.50
Proceeds from Warrant Exercises									$ 70
Gross Proceeds Up To Five Thousand [Member] \| Underwriting Agreement [Member]
Temporary Equity [Line Items]
Commission rate on sale of stock														7		7
Gross Proceeds In Excess Of Five Thousand [Member] \| Underwriting Agreement [Member]
Temporary Equity [Line Items]
Commission rate on sale of stock														6.5
Series A Warrant [Member] \| Underwriting Agreement [Member]
Temporary Equity [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights \| $ / shares									$ 6.50					$ 6.50
Prefunded Warrants Issued [Member] \| Warrant [Member]
Temporary Equity [Line Items]
Class of Warrant or Right Issued \| shares									697,500
Common Stock [Member]
Temporary Equity [Line Items]
Number of shares issued and sold \| shares										3,319,553	2,394,955	1,681,000	123,266
Common Stock [Member] \| Underwriting Agreement [Member]
Temporary Equity [Line Items]
Common stock, par value \| $ / shares	$ 0.0001
Number of shares \| shares	1
Common Units [Member]
Temporary Equity [Line Items]
Proceeds from sale of common stock	$ 16,557				$ 15,944
Proceeds from Issuance of Warrants	$ 8,647,112
Common Units [Member] \| Underwriting Agreement [Member]
Temporary Equity [Line Items]
Proceeds from sale of common stock						$ 15,197
Average selling price of common stock \| $ / shares	$ 1.35					$ 6.50
Number of shares issued and sold \| shares	1,719,554					1,566,000
Common Units [Member] \| Common Stock [Member] \| Underwriting Agreement [Member]
Temporary Equity [Line Items]
Common stock, par value \| $ / shares																		$ 0.0001
Prefunded Units [Member] \| Underwriting Agreement [Member]
Temporary Equity [Line Items]
Average selling price of common stock \| $ / shares	$ 1.34					$ 6.40
Number of shares issued and sold \| shares	8,947,112					784,000								8,647,112
Number of warrants exercised \| shares														8,647,112
Pre Funded Warrants [Member] \| Underwriting Agreement [Member]
Temporary Equity [Line Items]
Gross proceeds from sale of shares								$ 78	$ 4					$ 87
Number of shares issued and sold \| shares								783,707
Number of warrants exercised \| shares									370,000	8,277,112
Pre Funded Warrants [Member] \| Underwriter Warrants [Member]
Temporary Equity [Line Items]
Proceeds from sale of common stock														14,653
Maximum [Member] \| Underwriting Agreement [Member]
Temporary Equity [Line Items]
Gross proceeds from sale of shares														5,000
Minimum [Member] \| Underwriting Agreement [Member]
Temporary Equity [Line Items]
Gross proceeds from sale of shares														$ 5,000
BTIG LLC [Member]
Temporary Equity [Line Items]
Fixed commission rate entitled to placement agent														3.00%
At the Market Offering [Member] \| BTIG LLC [Member]
Temporary Equity [Line Items]
Sale of stock, number of shares sold in transaction \| shares														123,266
Proceeds from sale of common stock														$ 1,847
Fixed commission rate entitled to placement agent														3.00%
Average selling price of common stock \| $ / shares									$ 15.40					$ 15.40
Gross proceeds from sale of shares														$ 1,904
At the Market Offering [Member] \| BTIG LLC [Member] \| Maximum [Member]
Temporary Equity [Line Items]
Aggregate offering on sale of common stock									$ 11,000					11,000
Over-Allotment Option [Member] \| Common Units [Member]
Temporary Equity [Line Items]
Number of shares issued and sold \| shares	1,599,999				115,000
Confidential Marketed Public Offering [Member]
Temporary Equity [Line Items]
Sale of stock, number of shares sold in transaction \| shares				532,353			156,118
Average selling price of common stock \| $ / shares			$ 1.70	$ 1.70
Class of Warrant or Right Issued \| shares			34,605				10,151
Proceeds from Issuance of Common Stock and Warrants														$ 1,170
Confidential Marketed Public Offering [Member] \| Estimate of Fair Value Measurement [Member]
Temporary Equity [Line Items]
Class of warrant or right fair value per warrant			1.1946%	1.1946%			0.9332%
IPO [Member] \| Underwriter Warrants [Member]
Temporary Equity [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights \| $ / shares									$ 1.6875					$ 1.6875

XML 34 R40.htm IDEA: XBRL DOCUMENT

Stock-Based Compensation - Summary of Stock Option Activity (Detail) - $ / shares	9 Months Ended
	Sep. 30, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Number of options, Outstanding beginning balance	972,569
Number of options, Granted	651,600
Number of options, Forfeited or expired	(535,493)
Number of options, Outstanding ending balance	1,088,676
Number of options, Exercisable	355,845
Number of options, Vested and expected to vest	1,082,710
Weighted average exercise price, Outstanding beginning balance	$ 23.85
Weighted average exercise price, Granted	1.06
Weighted average exercise price, Forfeited or expired	23.77
Weighted average exercise price, Outstanding ending balance	10.25
Weighted average exercise price, Exercisable	26.24
Weighted average exercise price, Vested and expected to vest	$ 10.28
Weighted average remaining contractual term, Outstanding ending balance	8 years 10 months 9 days
Weighted average remaining contractual term, Exercisable	7 years 9 months 7 days
Weighted average remaining contractual term, Vested and expected to vest	8 years 10 months 9 days

XML 35 R44.htm IDEA: XBRL DOCUMENT

Net Loss Per Share - Schedule of Computation of Diluted Weighted-Average Shares Outstanding Anti-Dilutive (Detail) - shares	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Warrants To Purchase Common Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive securities excluded from computation of diluted net loss per common share	18,653,195	5,258,444
Options to Purchase Common Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive securities excluded from computation of diluted net loss per common share	1,088,676	1,041,407

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Summary of Significant Accounting Policies and Recent Accounting Standards - Cash and Restricted Cash (Detail) - USD ($)
$ in Thousands

Sep. 30, 2019

Dec. 31, 2018

Sep. 30, 2018

Dec. 31, 2017

Accounting Policies [Abstract]

Cash and cash equivalents $ 27,879 $ 2,563 $ 3,806

Restricted Cash 204 204

Total cash, cash equivalents and restricted cash in the statement of cash flows $ 28,083 $ 2,767 $ 4,010 $ 3,754

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Stock-Based Compensation (Tables)
9 Months Ended

Sep. 30, 2019

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Summary of Stock Option Activity
The following table summarizes stock opti
o
n activity for the nine months ended September 30, 2019:


Number of
Options

Weighted-
Average
Exercise
Price

Weighted-
Average
Remaining
Contractual
Term
( Years)

Aggregate
Intrinsic
Value

Outstanding — January 1, 2019
   972,569    $ 23.85
0
   $
0

Granted
   651,600    $ 1.06    0    0
Exercised
   0    $ 0    0    0
Forfeited or expired
   (535,493 )    $ 23.77    0    0



Outstanding — September 30, 2019
   1,088,676    $ 10.25    8.86    $ 0



Exercisable — September 30, 2019
   355,845    $ 26.24    7.77    $ 0



Vested and expected to vest — September 30, 2019
   1,082,710    $ 10.28    8.86    $ 0




Calculation of Fair Value Assumptions Using Black Scholes Option Model
The estimated fair values of employee stock options granted during the three and nine months ended September 30, 2019 and 2018, were determined on the date of grant using the Black-Scholes option-pricing model with the following assumptions:


Three Months Ended
September 30,

Nine Months Ended
September 30,


2019

2018

2019

2018

Expected option life (years)
   0    6.05 6.02 5.58
Risk-free interest rate
   0    2.79 % 2.22 % 2.77 %
Expected volatility
   0    78.91 % 74.14 % 79.67 %
Expected dividend yield
   0    0 % 0 % 0 %

Stock-Based Compensation Expense
The following table presents total stock-based compensation expense for the three and nine months ended September 30, 2019 and 2018:


Three Months Ended
September 30,

Nine months Ended
September 30,


2019

2018

2019

2018

Research and development
   $ 14    $ 244    $ 81    $ 760
General and administrative
   171    416    $ 1,654    $ 1,598








Total stock based compensation expense
   $ 185    $ 660    $ 1,735    $ 2,358








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Prepaid Expenses and Other Current Assets (Tables)
9 Months Ended

Sep. 30, 2019

Text Block [Abstract]

Schedule of Prepaid Expenses and Other Current Assets
Prepaid expenses consisted of the following:


At September

30, 2019

At December 31, 2018

Prepaid Insurance
   $ 301 $ 243
Prepaid Clinical Trials
   394 419
Prepaid Other
   158 27
Deferred Operating Costs
   107 28


Total prepaid expenses and other current assets
   $ 960 $ 717




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CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares

Sep. 30, 2019

Dec. 31, 2018

Preferred stock, par value $ 0.0001 $ 0.0001

Preferred stock, shares authorized 500,000 500,000

Preferred Stock, Shares Issued 0 0

Preferred Stock, Shares Outstanding 0 0

Common stock, par value $ 0.0001 $ 0.0001

Common stock, shares authorized 200,000,000 200,000,000

Common stock, shares issued 19,994,560 4,932,723

Common stock, shares outstanding 19,994,560 4,932,723

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XML 41 R7.htm IDEA: XBRL DOCUMENT v3.19.3

Organization
9 Months Ended

Sep. 30, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization
1. Organization
Pulmatrix, Inc. (the “Company”) was incorporated in 2013 as a Nevada corporation and converted to a Delaware corporation in September 2013. On June 15, 2015, the Company completed a merger with Pulmatrix Operating Company, Inc. changed its name from Ruthigen, Inc. to “Pulmatrix, Inc.” and relocated its corporate headquarters to Lexington, Massachusetts. The Company is a clinical stage biotechnology company focused on the discovery and development of a novel class of inhaled therapeutic products. The Company’s proprietary dry powder delivery platform, iSPERSE
™
(inhaled Small Particles Easily Respirable and Emitted), is engineered to deliver small, dense particles with highly efficient dispersibility and delivery to the airways, which can be used with an array of dry powder inhaler technologies and can be formulated with a variety of drug substances. The Company is developing a pipeline of iSPERSE-based therapeutic candidates targeted at prevention and treatment of a range of respiratory diseases and infections with significant unmet medical needs.
On February 5, 2019, the Company effectuated a
1-for-10 reverse
stock split of its issued and outstanding shares of common stock (the “Reverse Stock Split”) pursuant to which every 10 shares of the Company’s issued and outstanding common stock were automatically converted into one share of common stock. Accordingly, all common share and per share data are retrospectively restated to give effect of the Reverse Stock Split for all periods presented herein.

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The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.
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Sep. 30, 2019

Dec. 31, 2018

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Accrued clinical & consulting 450 517

Accrued legal & patent 70 67

Deferred rent 50 67

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Warrants - Summary of the Warrants Outstanding (Detail) - $ / shares
9 Months Ended

Sep. 30, 2019

Feb. 12, 2019

Feb. 04, 2019

Jan. 31, 2019

Sep. 30, 2018

Class of Warrant or Right [Line Items]

Warrants, Exercise Price $ 7.50 $ 1.8313 $ 2.125 $ 2.125

Warrants Outstanding 18,953,195 5,258,444

Warrant [Member]

Class of Warrant or Right [Line Items]

Warrants, Classification Equity

Warrants, Exercise Price $ 83.50

Warrants, Expiration Date Mar. 21, 2019

Warrants Outstanding 3,926

Underwriter [Member]

Class of Warrant or Right [Line Items]

Warrants, Classification Equity

Warrants, Exercise Price $ 1.8313

Warrants, Expiration Date Feb. 07, 2024

Warrants Outstanding 110,922

Investor [Member]

Class of Warrant or Right [Line Items]

Warrants, Classification Equity

Warrants, Exercise Price $ 1.34 $ 1.34

Warrants, Expiration Date Aug. 12, 2024

Warrants Outstanding 1,706,484

Underwriter One [Member]

Class of Warrant or Right [Line Items]

Warrants, Classification Equity

Warrants, Exercise Price $ 2.125

Warrants, Expiration Date Jan. 30, 2024

Warrants Outstanding 34,605

Underwriter Two [Member]

Class of Warrant or Right [Line Items]

Warrants, Classification Equity

Warrants, Exercise Price $ 2.125

Warrants, Expiration Date Jan. 26, 2024

Warrants Outstanding 10,151

Underwriter Three [Member]

Class of Warrant or Right [Line Items]

Warrants, Classification Equity

Warrants, Exercise Price $ 1.6875

Warrants, Expiration Date Apr. 03, 2024

Warrants Outstanding 797,334

Warrants Issued [Member]

Class of Warrant or Right [Line Items]

Warrants, Classification Equity

Warrants, Exercise Price $ 3.90

Warrants, Expiration Date Jun. 03, 2024

Warrants Outstanding 937,500

Public Offering One [Member]

Class of Warrant or Right [Line Items]

Warrants, Classification Equity

Warrants, Exercise Price $ 7.50

Warrants, Expiration Date Apr. 03, 2023

Warrants Outstanding 2,350,011 4,815,000

Public Offering Two [Member]

Class of Warrant or Right [Line Items]

Warrants, Classification Equity

Warrants, Exercise Price $ 7.50

Warrants, Expiration Date Apr. 04, 2023

Warrants Outstanding 115,000 230,000

Private Placement Warrants [Member]

Class of Warrant or Right [Line Items]

Warrants, Classification Equity

Warrants, Exercise Price $ 75.50

Warrants, Expiration Date May 06, 2024

Warrants Outstanding 319,008 319,008

Hercules Warrants [Member]

Class of Warrant or Right [Line Items]

Warrants, Classification Equity

Warrants, Exercise Price $ 83.50

Warrants, Expiration Date Jun. 16, 2020

Warrants Outstanding 2,515 2,515

MTS Warrants [Member]

Class of Warrant or Right [Line Items]

Warrants, Classification Equity

Warrants, Exercise Price $ 118.00

Warrants, Expiration Date Aug. 31, 2020

Warrants Outstanding 3,000 3,000

Public Offering Three [Member]

Class of Warrant or Right [Line Items]

Warrants, Classification Equity

Warrants, Exercise Price $ 0.01

Warrants Outstanding 300,000

Public Offering Four [Member]

Class of Warrant or Right [Line Items]

Warrants, Classification Equity

Warrants, Exercise Price $ 1.35

Warrants, Expiration Date Apr. 08, 2024

Warrants Outstanding 12,266,665

Adjustment for Reverse Stock Split [Member]

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Net Loss Per Share
9 Months Ended

Sep. 30, 2019

Earnings Per Share [Abstract]

Net Loss Per Share
12. Net Loss Per Share
The Company computes basic and diluted net loss per share using a methodology that gives effect to the impact of outstanding participating securities (the
“two-class
method”). As the three months and nine months ended September 30, 2019 and 2018 resulted in net losses attributable to common shareholders, there is no income allocation required under the
two-class
method or dilution attributed to weighted average shares outstanding in the calculation of diluted net loss per share.
The following potentially dilutive securities outstanding prior to the use of the treasury stock method have been excluded from the computation of diluted weighted-average shares outstanding, as they would be anti-dilutive.


As of September 30,


2019

2018

Options to purchase common stock
   1,088,676    1,041,407
Warrants to purchase common stock
   18,653,195    5,258,444

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Common Stock
9 Months Ended

Sep. 30, 2019

Text Block [Abstract]

Common Stock

7. Common Stock
2019
Public Offering
On April 8, 2019, the Company closed its underwritten public offering in which, pursuant to the underwriting agreement entered into between the Company and H.C. Wainwright & Co., LLC, as representative of the underwriters, dated April 3, 2019, the Company issued and sold an aggregate of (i) 1,719,554 common units, with each common unit being comprised of one share of the Company’s common stock, par value $0.0001 per share and one warrant to purchase one share of common stock and (ii) 8,947,112
pre-funded
units with each
pre-funded
unit being comprised of one
pre-funded
warrant to purchase one share of common stock and one common warrant to purchase one share of common stock. The public offering price was $1.35 per common unit and $1.34 per
pre-funded
unit. The common warrants have an exercise price of $1.35 per share. In addition, on April 8, 2019, the Company closed on the sale of an additional 1,599,999 common units purchased pursuant to the exercise in full of the underwriter’s option to purchase additional securities. Each common unit contains one share of common stock and one common warrant to purchase a share of common stock.

The common warrants issued on April 8, 2019 have a fair value of $0.997 per share.
370,000
pre-funded
warrants issued in th
e
offering were exercised
during the t
hree months ending September 30, 2019 which resulted in the issuance of 370,000
shares of common stock
with net proceeds of $4.
8,647,112 of the 8,947,112 pre-funded warrants issued in the offering were exercised during the nine months ending September 30, 2019 which resulted in the issuance of 8,647,112 shares of common stock with net proceeds of $87.
Warrants were also issued to the underwriters to purchase 797,334 shares of common stock
with
an exercise price of $1.6875
and a fair value of
$
1
.
2632

per
share. Both the common and underwriter warrants have an exercise term of five years and are exercisable immediately following their issuance.
After giving effect to the exercise of the Underwriters’ overallotment option and the exercise of 8,647,112
pre-funded
warrants, the gross aggregate proceeds from the offering on April 8 was $16,557, prior to deducting underwriting discounts and commissions and other estimated offering expenses. The Company agreed to pay H.C. Wainwright & Co, LLC a commission of 7% of the gross proceeds. The Company also agreed to pay or reimburse certain expenses on behalf of H.C. Wainwright. A total of $1,904

of commissions and other issuance costs were associated with the public offering.

For the nine months ending September 30
, 2019
, after giving effect to fees, commissions and other expenses of approximately $1,904
, the Company recorded net proceeds of $14,653 in aggregate for the sale of the public offering and
the pre-funded warrant
exercises.
Confidential Marketed Public Offering (“CMPO”)
On January 31, 2019 and February 4, 2019, the Company closed two CMPOs, pursuant to which the Company sold 156,118 and 532,353 shares of common stock, respectively, at $1.70 per share and issued warrants to exercise 10,151 and 34,605 shares of common stock, respectively, to underwriters at an exercise price of $2.125 per share with expiration dates of January 26, 2024 and January 30, 2024, respectively.
The underwriter warrants had a fair value of $0.9332 and $1.1946 per share at the January 31, 2019 and February 4, 2019 issuance date, respectively.

Prior to deducting fees and commissions for both offerings, the Company recorded aggregate gross proceeds of approximately $1,170.
Registered Direct Offering
On February 12, 2019, the Company sold 1,706,484 shares at $1.465 per share for gross proceeds of approximately $2,500. In this registered direct offering, the Company issued warrants to purchase 1,706,484 shares of its common stock to investors with an exercise price of $1.34
and a fair value of $0.5962
per share
, respectively,
with
an expiration date of August 12, 2024. In addition, the Company issued warrants to purchase 110,922 shares of its common stock to underwriters with an exercise price of $1.8313 per share and an expiration date of February 7, 2024.
The underwriter warrants had a fair value of $0.5314 per share at the issuance date.

Exercise of Warrants
During the three months ended March 31, 2019,
697,500 pre-funded warrants,
which were issued as part of the November 2018 securities purchase agreement with an institutional investor, were exercised and the Company recorded $70 in net proceeds.

For the three months ending March
31
,
2019
, after giving effect to fees, commissions and other expenses of approximately $
691
, the Company recorded net proceeds of $
3,049
in aggregate for the sale of the CMPOs, the registered direct offering and
the pre-funded warrant
exercises.
For the nine months ending September 30, 2019, after giving effect to fees, commissions and other expenses of approximately $2,595, the Company recorded net proceeds of $17,702 in aggregate for the sale of the public offering, CMPOs, the registered direct offering and
the pre-funded warrant
exercises. The Company intends to use the net proceeds for research and development of its therapeutic candidates, particularly the development of Pulmazole, as well as for working capital and general corporate purposes.
2018
Public Offering
On April 3, 2018, the Company closed its previously announced underwritten public offering in which, pursuant to the underwriting agreement entered into between the Company and Oppenheimer & Co. Inc., as representative of the underwriters, dated March 28, 2018, the Company issued and sold (i) 1,566,000 common units, with each common unit being comprised of one share of the Company’s common stock, par value $0.0001 per share, one Series A warrant to purchase one share of common stock and one Series B warrant to purchase one share of common stock, and (ii) 784,000
pre-funded
units, with each
pre-funded
unit being comprised of one
pre-funded
warrant to purchase one share of common stock, one Series A Warrant and one Series B Warrant. The public offering price was $6.50 per common unit and $6.40 per
pre-funded
unit, and the gross proceeds received by the Company on April 3, 2018 pursuant to such sales were $15,197, prior to deducting underwriting discounts and commissions and other estimated offering expenses.
In addition, on April 4, 2018, the Company closed on the sale of 115,000 additional common units pursuant to the underwriters’ option, under the underwriting agreement, to purchase up to an additional 115,000 common and
pre-funded
units, which were exercised in full. After giving effect to the exercise of the Underwriters’ overallotment option, the gross aggregate proceeds from the offering on April 3 and 4 were $15,944, prior to deducting underwriting discounts and commissions and other estimated offering expenses.
All of the
pre-funded
warrants issued in the offering were exercised in April 2018 and, as 15,000 were exercised on a cashless basis, resulted in the issuance of an additional 783,707 shares of common stock with gross proceeds of $78.
The Series A Warrants included in the common units and
the pre-funded
units were immediately exercisable at a price of $6.50 per share of common stock, subject to adjustment in certain circumstances, and
expired
six months from the date of issuance. The Series B Warrants included in the common units and
the pre-funded
units were immediately exercisable at a price of $7.50 per share of common stock, subject to adjustment in certain circumstances, and will expire five years from the date of issuance. The shares of common stock,
or pre-funded warrants
in the case of
the pre-funded
units, and the Series A Warrants and Series B Warrants were offered together, but the securities contained in the common units and
the pre-funded
units were issued separately.
The Company agreed to pay Oppenheimer & Co., Inc. a commission of (a) 7% of the gross proceeds raised up to $5,000 and (b) 6.5% of the gross proceeds raised in excess of $5,000. The Company also agreed to pay or reimburse certain expenses on behalf of Oppenheimer. A total of $1,497 of commissions and other issuance costs were associated with the public offering.
The net proceeds to the Company from the Offering of the common units and
pre-funded
units were approximately $14,517, after deducting the underwriting discounts and commissions and estimated offering expenses payable by the Company. The Company intends to use the net proceeds from the Offering for research and development of its therapeutic candidates, particularly the development of Pulmazole, as well as for working capital and general corporate purposes.
At-the-Market
Offering
On March 17, 2017, the Company entered into an
At-The-Market
Sales Agreement (the “Sales Agreement”) with BTIG, LLC (“BTIG”) to act as the Company’s sales agent with respect to the issuance and sale of up to $11,000 of the Company’s shares of common stock, from time to time in an
at-the-market
public offering. Sales of common stock under the Sales Agreement
we
re made pursuant to an effective shelf registration statement on Form
S-3,
which was filed with the Securities and Exchange Commission on July 15, 2016, and subsequently declared effective on August 3, 2016 (File
No. 333-212546),
and a related prospectus. BTIG act
ed
as the Company’s sales agent on a commercially reasonable efforts basis, consistent with its normal trading and sales practices and applicable state and federal laws, rules and regulations and the rules of The NASDAQ Global Market.

BTIG
received
compensation at a fixed commission rate of 3.0% of the gross proceeds from the sale of the Company’s common stock pursuant to the Sales Agreement.
During the
nine
-month
period ended
September
30, 2018, the Company sold 123,266 shares of its common stock under the Sales Agreement at an average selling price of approximately $15.40 per share which resulted in gross proceeds of approximately $1,904 and net proceeds of approximately $1,847 after payment of 3% commission to BTIG and other issuance costs.

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Stock-Based Compensation - Additional Information (Detail)
$ in Thousands
3 Months Ended 9 Months Ended

Sep. 30, 2019

USD ($)

shares

Sep. 30, 2019

USD ($)

Installment

shares

Dec. 31, 2018

shares

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Shares outstanding 1,088,676 1,088,676 972,569

Number of options to purchase common stock, Granted 651,600

Unrecognized stock-based compensation expenses | $ $ 1,345 $ 1,345

Unrecognized stock-based compensation expense, period for recognition 1 year 10 months 24 days

Employee Stock Option [Member] | Employees [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of options to purchase common stock, Granted 0 561,600

Aggregate weighted average amount of fair value of options | $ $ 393

Employee Stock Option [Member] | Director [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of options to purchase common stock, Granted 0 90,000

Aggregate weighted average amount of fair value of options | $ $ 63

Employee Stock Option [Member] | Time Based Options Vesting 36 Month [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Award vesting period 36 days

Number of equal vesting installments | Installment 36

Award vesting term 25% on the first anniversary of the option grant date and the remainder in 36 equal monthly installments beginning in the month after the vesting start date

Employee Stock Option [Member] | Time Based Options Vesting 48 Month [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Award vesting period 48 days

Number of equal vesting installments | Installment 36

Award vesting term 25% on the option grant date and the remainder in 36 equal monthly installments beginning in the month after the vesting start date

2013 Employee, Director and Consultant Equity Incentive Plan [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Aggregate shares of Common Stock that may be delivered under options outstanding 4,060,000 4,060,000

Shares available for future grant 2,933,044 2,933,044

Legacy Share Plan [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

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Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Detail) - USD ($)
$ in Thousands

Sep. 30, 2019

Dec. 31, 2018

Prepaid Expense and Other Assets, Current [Abstract]

Prepaid Insurance $ 301 $ 243

Prepaid Clinical Trials 394 419

Prepaid Other 158 27

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Collaborations (Detail) - USD ($)
$ in Thousands
1 Months Ended 3 Months Ended 9 Months Ended

Apr. 15, 2019

Sep. 30, 2019

Jun. 30, 2019

Sep. 30, 2019

Dec. 31, 2018

Deferred Revenue Current $ 9,304 $ 9,304 $ 0

Cipla Technologies, LLC [Member] | Cipla Agreement [Member]

Proceeds from up front fee $ 22,000 $ 22,000 22,000

Development costs allocation terms After the Initial Development Funding is depleted, the Company and Cipla will each be responsible for 50% of the development costs actually incurred (the “Co-Development Phase”).

Deferred Revenue 15,775 15,775

Deferred Revenue Current 9,304 9,304

Contract with customer transaction cost $ 22,000

Deferred Revenue Revenue Recognition Terms 3 years

Cipla Technologies, LLC [Member] | Cipla Agreement [Member] | Research And Development Service [Member]

Proceeds from up front fee $ 12,000

Revenue recognized 1,154 4,929

Cipla Technologies, LLC [Member] | Cipla Agreement [Member] | Irrevocable License [Member]

Proceeds from up front fee 10,000

Revenue recognized $ 252 $ 1,296

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Income Taxes
9 Months Ended

Sep. 30, 2019

Income Tax Disclosure [Abstract]

Income Taxes

1
0
. Income Taxes
The Company has total deferred tax assets of $44,770 and a full valuation allowance recorded against the assets. In general, if the Company experiences a greater than 50 percent aggregate change in ownership of certain significant stockholders over a three-year period, or a Section 382 ownership change, utilization of the Company’s
pre-change
net operating loss (“NOL”) carryforwards are subject to an annual limitation under Section 382 of the Internal Revenue Code of 1986, as amended, and similar state laws. Such limitations may result in expiration of a portion of the NOL carryforwards before utilization and may be substantial. The Company has not, as of yet, completed a study to determine if any such changes have occurred that could limit its ability to use the net operating losses and tax credit carryforwards.

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Collaborations
9 Months Ended

Sep. 30, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Collaborations
6. Collaborations
On April 15, 2019 (“Effective Date”), the Company entered into a Development and Commercialization Agreement (the “Cipla Agreement”) with Cipla Technologies, LLC. for the worldwide development and commercialization of Pulmazole (the “Product”), an inhaled formulation of the anti-fungal drug itraconazole, developed using iSPERSE technology designed to treat allergic bronchopulmonary aspergillosis (“ABPA”) in patients with asthma.

Pursuant to the Cipla Agreement, the Company is responsible for the development of the Product in accordance with the development plan, which includes completion of the Phase 2 ABPA study, as well as any additional Phase 2/2b and/or Phase 3 clinical studies that may be required for regulatory approval. In addition, the Company will be responsible for submission of investigational new drug (“IND”) applications, annual reports and other regulatory filings to the extent required to conduct the development activities, including any clinical studies. Subsequent to regulatory approval of the Product for marketing in the U.S. or in any other country, Cipla will be responsible for the implementation of the commercialization plan, including all activities, arrangements and other matters related to commercialization.
The Company received a
non-refundable
upfront payment of $22,000 under the Cipla Agreement (the “Upfront Payment”). Upon receipt of the Upfront Payment, the Company irrevocably assigned to Cipla the following assets, solely to the extent that each covers the Product in connection with any treatment, prevention, and/or diagnosis of diseases of the pulmonary system (“Pulmonary Indications”): all existing and future technologies, current and future drug master files, dossiers, third-party contracts, regulatory filings, regulatory materials and regulatory approvals, patents, and intellectual property rights, as well as any other associated rights and assets directly related to the Product, specifically in relation to Pulmonary Indications (collectively, the “Assigned Assets”), excluding most specifically the Company’s iSPERSE technology. A portion of the Upfront Payment was deposited by the Company into a bank account, along with an equal amount from the Company, and will be dedicated to the development of the Product (the “Initial Development Funding”). After the Initial Development Funding is depleted, the Company and Cipla will each be responsible for 50% of the development costs actually incurred (the
“Co-Development
Phase”).
The Company and Cipla have established a joint steering committee (the “JSC”). The JSC will, among other powers and responsibilities, direct the further development and commercialization activities, including all budgetary activities in relation to the Product. The JSC will oversee the performance of the Company and Cipla under the Cipla Agreement and will provide a forum for sharing advice, progress and results relating to such activities. The JSC is also responsible for reviewing and approving the development plan developed by the Company, and the commercialization plan developed by Cipla.
The Cipla Agreement will remain in effect in perpetuity, unless otherwise earlier terminated in accordance with its terms. In the event of circumstances affecting the continuity of development of the Product in line with the Cipla Agreement, the JSC will evaluate the cause and effect and make a recommendation as to the most optimal option available to Cipla and the Company. In any event, either the Company or Cipla may elect to terminate (a “Terminating Party”) its obligation to fund additional costs and expenses for the development and/or commercialization of the Product. If the
non-Terminating
Party wishes to continue the development of the Product, it will have the right to purchase the rights of the Terminating Party in the Product at fair market value. If both the Company and Cipla abandon the development program, the Company and Cipla shall make commercially reasonable efforts to monetize the Product and development program in connection with the Pulmonary Indications. The Company and Cipla will equally share the proceeds.
The Cipla Agreement also contains customary representations, warranties and covenants by both parties, as well as customary provisions relating to indemnification, confidentiality and other matters.
Accounting Treatment
The Company concluded that because both it and Cipla are active participants in the arrangement and are exposed to the significant risks and rewards of the collaboration, the Company’s collaboration with Cipla is within the scope of ASC 808 Collaborative Arrangements (“ASC 808”) for accounting purposes. Contemplating the guidance of ASU
2018-18,
the Company concluded that because Cipla contracted with the Company to obtain research and development services and an irrevocable license to the Assigned Assets, each of which is an output of the Company’s ordinary activities in exchange for consideration, Cipla is a customer. Therefore, in order to determine the appropriate treatment for the research and development services and the license grant, the Company has applied the guidance in ASC 606 Revenue from Contracts with Customers (“ASC 606”) to account for and present consideration received from Cipla. Accordingly, the Company identified the following material promises under the arrangement: (1) the research and development services for the Product and (2) an irrevocable license to the Assigned Assets. The Company determined that the research and development services and license to the Assigned Assets are considered highly interdependent and highly interrelated and combined into a single performance obligation because it is impossible for Cipla to benefit from the license to the Assigned Assets without the performance by Pulmatrix of the research and development services. Such research and development services are highly specialized and proprietary to Pulmatrix and therefore not available to Cipla from any other third party.
The Company determined the total transaction price to be $22,000

– comprised of $12,000 for research and development services for the Product and $10,000 for the irrevocable license to the Assigned Assets
. Any consideration related to the
Co-Development
Phase has not been included in the transaction price as such amounts are subject to the variable consideration constraint. Additionally, upon Commercialization, Cipla and the Company will share equally, both positive and negative total free cash-flows earned by Cipla in respect of the Product. However, the Company has not included such free cash-flows in the transaction price as these milestones are constrained until after the commercialization of the Product.
Revenue associated with the combined research and development services for the Product and the irrevocable license to the Assigned Assets is recognized as revenue as the research and development services are provided using an input method, according to the ratio of costs incurred to the total costs expected to be incurred in the future to satisfy the performance obligation. In management’s judgment, this input method is the best measure of the transfer of control of the performance obligation. The amounts received that have not yet been recognized as revenue are recorded in deferred revenue on the Company’s condensed consolidated balance sheet.

None of the performance obligations have been fully satisfied as of September 30, 2019. The Company received the $22,000
Upfront Payment in May 2019. During the three months that ended September 30, 2019, the Company recognized revenue of $1,154 that related to the portion of the performance obligations delivered for research and development services and $252 that related to the portion of the performance obligations delivered for the irrevocable license to the Assigned Assets. During the nine months that ended September 30, 2019, the Company recognized revenue of
$4,929
that related to the portion of the performance obligations delivered for research and development services and
$1,296
that related to the portion of the performance obligations delivered for the irrevocable license to the Assigned Assets. The aggregate amount of the transaction price related to the Company’s unsatisfied performance obligations and at September 30, 2019 the Company recorded
$15,775 in deferred revenue, of which $9,304
is current. The Company expects to recognize the deferred revenue according to costs incurred, over the remaining research term, which is expected to be up
to three years as of
September
2019.

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Stock-Based Compensation - Estimated Fair Values of Employee Stock Options Granted (Detail) - Employee Stock Option [Member]
3 Months Ended 9 Months Ended

Sep. 30, 2018

Sep. 30, 2019

Sep. 30, 2018

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Expected option life (years) 6 years 18 days 6 years 7 days 5 years 6 months 29 days

Risk-free interest rate 2.79% 2.22% 2.77%

Expected volatility 78.91% 74.14% 79.67%

Expected dividend yield 0.00% 0.00% 0.00%

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Commitments - Schedule of Future Minimum Lease Payments under the Non-Cancelable Operating Lease for Office and Lab Space (Detail)
$ in Thousands

Sep. 30, 2019

USD ($)

Commitments and Contingencies Disclosure [Abstract]

2019 $ 169

2020 698

Total $ 867

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Warrants (Tables)
9 Months Ended

Sep. 30, 2019

Equity [Abstract]

Summary of Common Stock Warrants Outstanding
A rollforward of the common stock warran
t
s outstanding at September 30, 2019 is as follows.


Number of
Common

Warrants

Number of
Pre-Funded

Warrants


Weighted
Average
Exercise Price


Weighted
Average
Remaining
Contractual
Term (Years)


Aggregate
Intrinsic
Value

Outstanding January 1, 2019
   3,730,944

697,500

   $ 10.78
0
   $
0

Adjustment for Reverse Stock Split
   16

0

   $ 0    0    0
Warrants issued
   14,926,161

0

   $ 1.37    0    0
Pre-funded
warrants issued
   0

8,947,112

   $ 0.01    0    0
Pre-funded
warrants exercised
   0

(9,344,612
)
   $ 0.01    0    0
Expirations
   (3,926 )

0

   $ 226.60    0    0
Outstanding September 30, 2019
   18,653,195

300,000

   $ 3.61    4.36    $ 0

Summary of the Warrants Outstanding
The following represents a summary of the warrants outstanding at each of the dates ide
n
tified:


Classification

Exercise
Price

Expiration
Date

Number of Shares
Underlying Warrants


For the Period Ended
September 30,

Issue Date

2019

2018

April 8, 2019
   Equity    $ 0.01    —      300,000    —
April 8, 2019
   Equity    $ 1.35    April 8, 2024    12,266,665    —
April 8, 2019
   Equity    $ 1.6875    April 3, 2024    797,334    —
February 12, 2019
   Equity    $ 1.8313    February 7, 2024    110,922    —
February 12, 2019
   Equity    $ 1.34    August 12, 2024    1,706,484    —
February 04, 2019
   Equity    $ 2.125    January 30, 2024    34,605    —
January 31, 2019
   Equity    $ 2.125    January 26, 2024    10,151    —
December 3, 2018
   Equity    $ 3.90    June 3, 2024    937,500    —
April 3, 2018
   Equity    $ 7.50    April 3, 2023    2,350,011    4,815,000
April 4, 2018
   Equity    $ 7.50    April 4, 2023    115,000    230,000
August 31, 2015
   Equity    $ 118.00    August 31, 2020    3,000    3,000
June 15, 2015
   Equity    $ 75.50    May 6, 2024    319,008    319,008
June 15, 2015
   Equity    $ 83.50    June 16, 2020    2,515    2,515
June 15, 2015
   Equity    $ 83.50    Mar 21, 2019    0    3,926
Adjustment for Reverse Stock Split
            0    (5 )




Total Outstanding
            18,953,195    5,258,444




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Summary of Significant Accounting Policies and Recent Accounting Standards (Tables)
9 Months Ended

Sep. 30, 2019

Accounting Policies [Abstract]

Schedule of Cash and Cash Equivalents [Table Text Block]
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Nine months Ended
September 30,


2019

2018

Cash and cash equivalents
   $ 27,879    $ 3,806
Restricted Cash
   204    204




Total cash, cash equivalents and restricted cash in the statement of cash flows
   $ 28,083    $ 4,010




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Organization - Additional Information (Detail) - shares

Feb. 03, 2019

Sep. 30, 2019

Dec. 31, 2018

Organization And Basis Of Presentation [Line Items]

Reverse stock split 1-for-10

Common stock shares of outstanding 10 19,994,560 4,932,723

Common stock shares of issued 10 19,994,560 4,932,723

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands

Sep. 30, 2019

Dec. 31, 2018

Current assets:

Cash and cash equivalents $ 27,879 $ 2,563

Prepaid expenses and other current assets 960 717

Total current assets 28,839 3,280

Property and equipment, net 305 394

Long-term restricted cash 204 204

Goodwill 3,577 10,845

Total assets 32,925 14,723

Current liabilities:

Accounts payable 1,159 1,183

Accrued expenses 1,265 1,696

Deferred revenue 9,304 0

Total current liabilities 11,728 2,879

Deferred revenue, net of current portion 6,471 0

Total liabilities 18,199 2,879

Commitments (Note 12)

Stockholders' equity:

Preferred stock, $0.0001 par value—500,000 authorized and 0 issued and outstanding at September 30, 2019 and December 31, 2018

Common stock, $0.0001 par value—200,000,000 shares authorized; 19,994,560, and 4,932,723 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively. 2

Additional paid-in capital 225,844 206,409

Accumulated deficit (211,120) (194,565)

Total stockholders' equity 14,726 11,844

Total liabilities and stockholders' equity $ 32,925 $ 14,723

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended

Sep. 30, 2019

Sep. 30, 2018

Cash flows from operating activities:

Net loss $ (16,555) $ (16,225)

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Depreciation and amortization 139 175

Stock-based compensation 1,735 2,358

Impairment of goodwill 7,268

Deferred rent (17)

Non-cash interest expense 55

Non-cash debt issuance expense 3

Gain on disposal of property and equipment (1)

Fair value adjustment on derivative liability (1)

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Prepaid expenses and other current assets (243) (218)

Accounts payable (24) 910

Accrued expenses (414) 347

Deferred revenue 15,775

Net cash provided by (used in) operating activities 7,663 (12,596)

Cash flows from investing activities:

Purchases of property and equipment (49) (8)

Net cash used in investing activities (49) (8)

Cash flows from financing activities:

Proceeds from issuance of common stock, net of issuance costs 17,545 16,286

Proceeds from the exercise of pre-funded warrants 157 78

Term loan principal payments (3,259)

End of term payments (245)

Net cash provided by financing activities 17,702 12,860

Net increase in cash and cash equivalents 25,316 256

Cash, cash equivalents and restricted cash — beginning of period 2,767 3,754

Cash, cash equivalents and restricted cash — end of period $ 28,083 $ 4,010

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Large accelerated filer

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Non-accelerated filer

Smaller reporting company

Emerging growth company

Summary of Significant Accounting Policies and Recent Accounting Standards - Cash and Restricted Cash (Detail) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018	Sep. 30, 2018	Dec. 31, 2017
Accounting Policies [Abstract]
Cash and cash equivalents	$ 27,879	$ 2,563	$ 3,806
Restricted Cash	204		204
Total cash, cash equivalents and restricted cash in the statement of cash flows	$ 28,083	$ 2,767	$ 4,010	$ 3,754

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2019	Dec. 31, 2018
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	500,000	500,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	19,994,560	4,932,723
Common stock, shares outstanding	19,994,560	4,932,723

Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Payables and Accruals [Abstract]
Accrued vacation	$ 58	$ 59
Accrued wages and incentive	582	915
Accrued clinical & consulting	450	517
Accrued legal & patent	70	67
Deferred rent	50	67
Accrued other expenses	55	71
Total accrued expenses	$ 1,265	$ 1,696

Warrants - Summary of the Warrants Outstanding (Detail) - $ / shares	9 Months Ended
	Sep. 30, 2019	Feb. 12, 2019	Feb. 04, 2019	Jan. 31, 2019	Sep. 30, 2018
Class of Warrant or Right [Line Items]
Warrants, Exercise Price	$ 7.50	$ 1.8313	$ 2.125	$ 2.125
Warrants Outstanding	18,953,195				5,258,444
Warrant [Member]
Class of Warrant or Right [Line Items]
Warrants, Classification	Equity
Warrants, Exercise Price	$ 83.50
Warrants, Expiration Date	Mar. 21, 2019
Warrants Outstanding					3,926
Underwriter [Member]
Class of Warrant or Right [Line Items]
Warrants, Classification	Equity
Warrants, Exercise Price	$ 1.8313
Warrants, Expiration Date	Feb. 07, 2024
Warrants Outstanding	110,922
Investor [Member]
Class of Warrant or Right [Line Items]
Warrants, Classification	Equity
Warrants, Exercise Price	$ 1.34	$ 1.34
Warrants, Expiration Date	Aug. 12, 2024
Warrants Outstanding	1,706,484
Underwriter One [Member]
Class of Warrant or Right [Line Items]
Warrants, Classification	Equity
Warrants, Exercise Price	$ 2.125
Warrants, Expiration Date	Jan. 30, 2024
Warrants Outstanding	34,605
Underwriter Two [Member]
Class of Warrant or Right [Line Items]
Warrants, Classification	Equity
Warrants, Exercise Price	$ 2.125
Warrants, Expiration Date	Jan. 26, 2024
Warrants Outstanding	10,151
Underwriter Three [Member]
Class of Warrant or Right [Line Items]
Warrants, Classification	Equity
Warrants, Exercise Price	$ 1.6875
Warrants, Expiration Date	Apr. 03, 2024
Warrants Outstanding	797,334
Warrants Issued [Member]
Class of Warrant or Right [Line Items]
Warrants, Classification	Equity
Warrants, Exercise Price	$ 3.90
Warrants, Expiration Date	Jun. 03, 2024
Warrants Outstanding	937,500
Public Offering One [Member]
Class of Warrant or Right [Line Items]
Warrants, Classification	Equity
Warrants, Exercise Price	$ 7.50
Warrants, Expiration Date	Apr. 03, 2023
Warrants Outstanding	2,350,011				4,815,000
Public Offering Two [Member]
Class of Warrant or Right [Line Items]
Warrants, Classification	Equity
Warrants, Exercise Price	$ 7.50
Warrants, Expiration Date	Apr. 04, 2023
Warrants Outstanding	115,000				230,000
Private Placement Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants, Classification	Equity
Warrants, Exercise Price	$ 75.50
Warrants, Expiration Date	May 06, 2024
Warrants Outstanding	319,008				319,008
Hercules Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants, Classification	Equity
Warrants, Exercise Price	$ 83.50
Warrants, Expiration Date	Jun. 16, 2020
Warrants Outstanding	2,515				2,515
MTS Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants, Classification	Equity
Warrants, Exercise Price	$ 118.00
Warrants, Expiration Date	Aug. 31, 2020
Warrants Outstanding	3,000				3,000
Public Offering Three [Member]
Class of Warrant or Right [Line Items]
Warrants, Classification	Equity
Warrants, Exercise Price	$ 0.01
Warrants Outstanding	300,000
Public Offering Four [Member]
Class of Warrant or Right [Line Items]
Warrants, Classification	Equity
Warrants, Exercise Price	$ 1.35
Warrants, Expiration Date	Apr. 08, 2024
Warrants Outstanding	12,266,665
Adjustment for Reverse Stock Split [Member]
Class of Warrant or Right [Line Items]
Warrants Outstanding					(5)

Stock-Based Compensation - Additional Information (Detail) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019 USD ($) shares	Sep. 30, 2019 USD ($) Installment shares	Dec. 31, 2018 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares outstanding	1,088,676	1,088,676	972,569
Number of options to purchase common stock, Granted		651,600
Unrecognized stock-based compensation expenses \| $	$ 1,345	$ 1,345
Unrecognized stock-based compensation expense, period for recognition		1 year 10 months 24 days
Employee Stock Option [Member] \| Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options to purchase common stock, Granted	0	561,600
Aggregate weighted average amount of fair value of options \| $		$ 393
Employee Stock Option [Member] \| Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options to purchase common stock, Granted	0	90,000
Aggregate weighted average amount of fair value of options \| $		$ 63
Employee Stock Option [Member] \| Time Based Options Vesting 36 Month [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		36 days
Number of equal vesting installments \| Installment		36
Award vesting term		25% on the first anniversary of the option grant date and the remainder in 36 equal monthly installments beginning in the month after the vesting start date
Employee Stock Option [Member] \| Time Based Options Vesting 48 Month [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		48 days
Number of equal vesting installments \| Installment		36
Award vesting term		25% on the option grant date and the remainder in 36 equal monthly installments beginning in the month after the vesting start date
2013 Employee, Director and Consultant Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate shares of Common Stock that may be delivered under options outstanding	4,060,000	4,060,000
Shares available for future grant	2,933,044	2,933,044
Legacy Share Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares outstanding	16,037	16,037

Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Detail) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid Insurance	$ 301	$ 243
Prepaid Clinical Trials	394	419
Prepaid Other	158	27
Deferred Operating Costs	107	28
Total prepaid expenses and other current assets	$ 960	$ 717

Collaborations (Detail) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
Collaborations (Detail) - USD ($) $ in Thousands	Apr. 15, 2019	Sep. 30, 2019	Jun. 30, 2019	Sep. 30, 2019	Dec. 31, 2018
Deferred Revenue Current		$ 9,304		$ 9,304	$ 0
Cipla Technologies, LLC [Member] \| Cipla Agreement [Member]
Proceeds from up front fee	$ 22,000		$ 22,000	22,000
Development costs allocation terms	After the Initial Development Funding is depleted, the Company and Cipla will each be responsible for 50% of the development costs actually incurred (the “Co-Development Phase”).
Deferred Revenue		15,775		15,775
Deferred Revenue Current		9,304		9,304
Contract with customer transaction cost				$ 22,000
Deferred Revenue Revenue Recognition Terms				3 years
Cipla Technologies, LLC [Member] \| Cipla Agreement [Member] \| Research And Development Service [Member]
Proceeds from up front fee				$ 12,000
Revenue recognized		1,154		4,929
Cipla Technologies, LLC [Member] \| Cipla Agreement [Member] \| Irrevocable License [Member]
Proceeds from up front fee				10,000
Revenue recognized		$ 252		$ 1,296

Commitments - Schedule of Future Minimum Lease Payments under the Non-Cancelable Operating Lease for Office and Lab Space (Detail) $ in Thousands	Sep. 30, 2019 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2019	$ 169
2020	698
Total	$ 867

Organization - Additional Information (Detail) - shares	Feb. 03, 2019	Sep. 30, 2019	Dec. 31, 2018
Organization And Basis Of Presentation [Line Items]
Reverse stock split	1-for-10
Common stock shares of outstanding	10	19,994,560	4,932,723
Common stock shares of issued	10	19,994,560	4,932,723

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 27,879	$ 2,563
Prepaid expenses and other current assets	960	717
Total current assets	28,839	3,280
Property and equipment, net	305	394
Long-term restricted cash	204	204
Goodwill	3,577	10,845
Total assets	32,925	14,723
Current liabilities:
Accounts payable	1,159	1,183
Accrued expenses	1,265	1,696
Deferred revenue	9,304	0
Total current liabilities	11,728	2,879
Deferred revenue, net of current portion	6,471	0
Total liabilities	18,199	2,879
Commitments (Note 12)
Stockholders' equity:
Preferred stock, $0.0001 par value—500,000 authorized and 0 issued and outstanding at September 30, 2019 and December 31, 2018
Common stock, $0.0001 par value—200,000,000 shares authorized; 19,994,560, and 4,932,723 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively.	2
Additional paid-in capital	225,844	206,409
Accumulated deficit	(211,120)	(194,565)
Total stockholders' equity	14,726	11,844
Total liabilities and stockholders' equity	$ 32,925	$ 14,723