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Stockholders' Equity/(Deficit) (Tables)
12 Months Ended
Dec. 31, 2016
Equity [Abstract]  
Summary of Preferred Stock Allocated to Investors

The Purchase Agreement provides for the Company to issue and sell to the Investor shares of the Company’s preferred stock in the amounts set forth in the following table (numbers have been adjusted for the February 2016 reverse stock split):

 

Convertible Preferred Stock

   Shares      Price
Per Share
     Total
Investment
 

Series AA-1

     8,427,004    $ 12.00      $ 101,124,048

Series AA-2

     7,223,145    $ 6.00        43,338,870
  

 

 

       

 

 

 
     15,650,149       $ 144,462,918
  

 

 

       

 

 

Stock Options Valuation Assumptions

The assumptions used in the Black-Scholes model were as follows for stock options granted in the years ended December 31, 2016, 2015 and 2014:

 

     2016    2015    2014

Risk-free interest rate

   1.29 - 2.25%    1.78 - 2.00%    2.10 - 2.70%

Expected volatility of common stock

   80.87 - 82.69%    64.47 - 65.95%    63.5 - 65.0%

Dividend yield

   0%    0%    0%

Expected life of options

   8.2 years    6.1 - 8.2 years    6.1 - 8.2 years
Summary of Stock Option Activity

Additional information with respect to both plans stock option activity is as follows:

 

     Number of
Shares
     Weighted Average
Exercise Price
 

Outstanding at December 31, 2013

     249,656      $ 39.72  

Granted

     85,524      $ 25.68  

Exercised

     —        $ —    

Cancelled

     (27,390    $ 41.76  
  

 

 

    

Outstanding at December 31, 2014

     307,791      $ 32.04  

Granted

     137,667      $ 12.48  

Exercised

     —        $ —    

Cancelled

     (70,174    $ 32.88  
  

 

 

    

Outstanding at December 31, 2015

     375,283      $ 32.04  

Granted

     22,493      $ 2.74  

Exercised

     —        $ —    

Cancelled

     (65,361    $ 32.82  
  

 

 

    

Outstanding at December 31, 2016

     332,415      $ 21.55  
  

 

 

    

Options exercisable at December 31, 2014

     221,109      $ 33.24  
  

 

 

    

Options exercisable at December 31, 2015

     275,735      $ 27.48  
  

 

 

    

Options exercisable at December 31, 2016

     300,751      $ 22.30  
  

 

 

    
Stock Options Outstanding

The following table summarizes information about stock options outstanding at December 31, 2016:

Stock Options Outstanding

 

Range of Exercise Prices

  

Number of Shares
Outstanding

    

Weighted Average
Remaining Contractual
Life in Years

    

Weighted Average
Exercise Price

 

$2.02 - $12.84

     164,326        8.23      $ 11.16  

$26.40 - $26.40

     75,158        7.00      $ 26.40  

$34.68 - $39.00

     82,098        1.07      $ 35.12  

$41.16 - $46.80

     10,833        0.92      $ 42.67  

 

  

 

 

    

 

 

    

 

 

 
     332,415        5.94      $ 21.55  
  

 

 

    

 

 

    

 

 

Estimated Fair Value of Restricted Stock Award

A summary of the status of the restricted stock awards as of December 31, 2016 and changes during the year ended December 31, 2016 is presented as follows:

 

     Number of
Shares
     Weighted Average
Grant Date Fair
Value
 

Unvested at December 31, 2015

     92,696      $ 13.20  

Granted

     388,573      $ 3.54  

Vested

     (209,183    $ 5.43  

Cancelled

     (33,165    $ 4.65  
  

 

 

    

 

 

 

Unvested at December 31, 2016

     238,921      $ 5.41  
  

 

 

    

 

 

Summary of Common Stock Warrants Outstanding

The following table summarizes our common stock warrants outstanding at December 31, 2016:

 

Common Stock Warrants

    

Exercise Price

    

Termination Date

 
  120,000      $ 3.52        10/01/2021