6. Stockholders’ Equity

Underwritten Public Offering of Common Stock, Pre-funded Warrants and Warrants

On October 16, 2018 the Company completed an underwritten public offering and sold 14,875,000 shares of its common stock and 2,125,000 pre-funded warrants to purchase common stock, and common warrants to purchase 17,500,000 shares of common stock (the “October 2018 Financing”). The combined price to the public for each share of common stock and accompanying common warrant was $0.40. The combined price to the public for each pre-funded warrant and accompanying common warrant was $0.39. 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 exercisable at a price of $0.40 per share of common stock and will expire five years from the date of issuance. The Company received net proceeds from the offering of approximately $5.8 million, after deducting the underwriting discount and commissions and other offering expenses payable by the Company. The Company evaluated the pre-funded warrants and common warrants issued in the October 2018 offering and determined that the warrants should be classified as equity instruments.

Registered Offerings of Common Stock

On January 12, 2018, the Company completed a registered public offering of 4,000,000 shares of its common stock at an offering price of $1.00 per share, for aggregate gross proceeds of $4.0 million. The Company received net proceeds from the offering of approximately $3.4 million, after deducting placement agent fees and other offering expenses payable by the Company. On March 22, 2018, the Company completed a registered direct offering of 2,743,640 shares of its common stock at an offering price of $1.10 per share, for aggregate gross proceeds of $3.0 million. The Company received net proceeds from the offering of approximately $2.8 million, after deducting placement agent fees and other offering expenses payable by the Company.

Warrants

At March 31, 2019 outstanding warrants to purchase shares of common stock, accounted for as equity or liabilities, are as follows:



Shares Underlying
Outstanding		Exercise			Expiration
Warrants		Price			Date

41,872		$	107.50		March 16, 2020
31,519		$	40.50		March 31, 2021
106,381		$	22.50		June 3, 2021
168,498		$	0.32	(1)	November 22, 2021
7,920,933		$	1.50		May 10, 2022
17,500,000		$	0.40		October 16, 2023
694,318	(2)	$	0.01		October 16, 2023
16,984		$	120.00		None
26,480,505

(1) The exercise price of the warrants was reduced from $0.57 to $0.32 per share in connection with the October 2018 Financing. The exercise price of the warrants is subject to further adjustment upon future dilutive issuances of the Company’s common stock and stock combination events as defined in an exercise price adjustment provision in the warrant agreements.

(2)

In connection with the October 2018 Financing, the Company issued pre-funded warrants to purchase a total of 2,125,000 shares of the Company’s common stock for $0.01 per share, of which 1,430,682 shares were exercised as of March 31, 2019 and warrants to purchase 694,318 shares of the Company’s common stock remained outstanding as of March 31, 2019.