Shareholders' Equity

Equity Issuances

September 2016 Private Placement

In September 2016, the Company entered into Securities Purchase Agreements with certain accredited investors with whom it had a substantive, pre-existing relationship, including certain existing stockholders, for the sale by the Company of its common stock, at a purchase price of $4.72 per share. The investments were placed in two tranches whereby (i) $6.6 million was received and 1.4 million shares of common stock were issued in 2016 upon an initial closing, and (ii) $4.4 million was received and 0.9 million shares of common stock were issued in 2017, which was subject to certain closing conditions, including the enrollment of 70 subjects in the Company’s Phase 2 CLBS03 clinical trial, in a second closing.

Aspire Purchase Agreements

In November 2015, the Company entered into a common stock purchase agreement (the "Purchase Agreement") with Aspire Capital Fund, LLC, an Illinois limited liability company (“Aspire Capital”), which provides that, subject to certain terms and conditions and Nasdaq rules, Aspire Capital was committed to purchase up to an aggregate of $30 million of shares (limited to a maximum of approximately 1.1 million shares, unless stockholder approval was obtained or certain minimum sale price levels were reached) of the Company's common stock over a 24-month term. The Company has issued 319,776 shares under the Purchase Agreement for gross proceeds of $1.5 million, which Purchase Agreement expired in November 2017.

Common Stock Sales Agreement

In February 2018, the Company entered into a common stock sales agreement (the "Sales Agreement") with H.C. Wainwright & Co., LLC ("HCW"), as sales agent, in connection with an “at the market offering” under which the Company from time to time may offer and sell shares of its common stock, having an aggregate offering price of up to $12 million. Subject to the terms and conditions of the Sales Agreement, HCW will use its commercially reasonable efforts consistent with its normal trading and sales practices to sell the shares from time to time, based upon the Company's instructions, including any price, time or size limits specified by the Company. The Company has provided HCW with customary indemnification rights, and HCW will be entitled to a commission at a fixed commission rate equal to 3.0% of the gross proceeds per share sold. In addition, pursuant to the terms of the Sales Agreement, the Company agreed to reimburse HCW $50,000 for legal fees incurred in connection with entering into the Sales Agreement, plus up to $2,500 per calendar quarter in fees for other filing requirements arising from the transactions contemplated by the Sales Agreement. Sales of the shares, if any, under the sales agreement may be made in transactions that are deemed to be “at the market offerings” as defined in Rule 415 under the Securities Act of 1933, as amended. The Company has no obligation to sell any of the shares, and may at any time suspend sales under the Sales Agreement or terminate the Sales Agreement. The Sales Agreement will terminate upon the sale of all of the shares under the Sales Agreement unless terminated earlier by either party as permitted under the Sales Agreement. As of March 31, 2018, the Company has not issued any shares under the Sales Agreement.

Stock Options and Warrants

The following table summarizes the activity for stock options and warrants for the three months ended March 31, 2018:



	Stock Options							Warrants
	Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (In Thousands)		Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (In Thousands)
Outstanding at December 31, 2017	1,072,499		$	33.50	4.76	$	0.1	209,818		$	53.20	0.95	$	—

Changes during the period:
Granted	140,410		3.80					—		—
Exercised	(11,673	)	4.60					—		—
Forfeited	(1,080	)	3.80					—		—
Expired	(57,197	)	22.60					(158,664	)	50.20
Outstanding at March 31, 2018	1,142,959		$	29.90	5.37	$	975.2	51,154		$	62.70	3.10	$	—
Vested at March 31, 2018 or expected to vest in the future	1,129,369		$	30.30	5.32	$	947.8	51,154		$	62.70	3.10	$	—
Vested at March 31, 2018	1,034,190		$	32.70	4.91	$	759.0	51,154		$	62.70	3.10	$	—

Restricted Stock

During the three months ended March 31, 2018 and 2017, the Company issued restricted stock for services as follows (in thousands, except share data):



	Three Months Ended March 31,
	2018		2017
Number of restricted stock issued	127,688		132,726
Value of restricted stock issued	$	351	$	470