Stockholders' 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 Agreement

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 provided 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 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 (limited to a maximum of approximately 2,790,697 shares). 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. During the six months ended June 30, 2018, the Company issued 34,215 shares of common stock under the Sales Agreement for net proceeds of $0.2 million.

In August 2018, the Company entered into an amendment to the Sales Agreement to reflect that the shares will be issued pursuant to a Registration Statement on Form S-3 that was declared effective in August 2018 and that replaced the Company’s previously effective shelf registration statement. In connection with the amendment, the number of shares of common stock that may be sold pursuant to the Sales Agreement was increased from an aggregate offering amount of $12,000,000 to $25,000,000 (see Note 15).

Stock Options and Warrants

The following table summarizes the activity for stock options and warrants for the six months ended June 30, 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	144,310		3.80					—		—
Exercised	(74,622	)	4.60					—		—
Forfeited	(3,030	)	3.80					—		—
Expired	(65,941	)	24.50					(161,164	)	50.30
Outstanding at June 30, 2018	1,073,216		$	31.50	5.42	$	1,237.5	48,654		$	59.84	2.95	$	17.4
Vested at June 30, 2018 or expected to vest in the future	1,061,160		$	31.80	5.37	$	1,205.7	48,654		$	59.84	2.95	$	17.4
Vested at June 30, 2018	963,497		$	34.60	4.95	$	950.5	48,654		$	59.84	2.95	$	17.4

Restricted Stock

During the six months ended June 30, 2018 and 2017, the Company issued restricted stock for services as follows ($ in thousands):



	Six Months Ended June 30,
	2018		2017
Number of restricted stock issued	127,688		132,726
Value of restricted stock issued	$	351	$	470