Subsequent Events

3 Months Ended

Mar. 31, 2017

Subsequent Events [Abstract]

Subsequent Events

12. Subsequent Events

On May 10, 2017, the Company completed an underwritten public offering and sold 2,584,085 shares of its common stock and 4,483,334 pre-funded warrants to purchase common stock in lieu thereof, including 110,897 shares of common stock sold pursuant to the underwriter’s partial exercise of its over-allotment option, and common warrants to purchase 8,000,000 shares of common stock, including common warrants to purchase up to 1,043,478 shares of common stock sold pursuant to the underwriter’s full exercise of the over-allotment option to purchase additional common warrants.  The price to the public for each share of common stock sold in the offering was $1.49,  $1.48 for each pre-funded warrant and $0.01 for each common warrant.  Each pre-funded warrant is exercisable for one share of common stock at an exercise price of $0.01 per share. The common warrants are immediately exercisable at a price of $1.50 per share of common stock, and will expire five years from the date of issuance.  The Company received net proceeds of $9.1 million, after deducting the underwriting discount and commissions and other estimated offering expenses payable by the Company.

On April 1, 2017, the Company amended its offer letter agreements with the Company’s Chief Executive Officer, Chief Operating Officer and Chief Financial Officer.  The offer letter amendments were entered into for cautionary purposes to limit the Company’s potential severance obligations, in order to provide the Company with additional near term operating flexibility by waiving certain severance benefits in exchange for stock options and eligibility to receive cash bonuses upon successful completion of near-term financings.