Warrants (Tables)

12 Months Ended

Dec. 31, 2015

Schedule of warrants activity

	Shares(1)			Weighted Average Exercise Price			Range of Exercise Prices
Outstanding at December 31, 2013		1,139,535		$	1.68		$1.25 - $10.40
Issued		1,448,964		$	3.32		$0.01 - $4.20
Exercised		(968,571	)	$	1.03		$0.01 - $1.25
Expired		(9,859	)	$	2.80		$2.80
Outstanding at December 31, 2014		1,610,069		$	3.54		$1.25 - $10.40
Issued		2,957,138		$	0.90		$0.01 - $2.65
Exchange warrants issued		856,393		$	1.70		$1.70
Exchange warrants surrendered		(856,393	)	$	3.19		$2.65 - $4.20
Outstanding at December 31, 2015		4,567,207		$	1.49	(2)	$0.01 - $4.50(2)
Exercisable at December 31, 2015		2,939,814		$	1.37		$0.01 - $4.50

(1)	Outstanding and exercisable information includes 170,676 equity-classified warrants.
(2)	Includes the effects of repricing. Refer to the Warrant Liability discussion below for additional information.

Schedule of warrants on issuance dates

Issuance
Date	Quantity		Key Considerations	Classification
April 2014		812,000	• Require settlement in registered shares	Liability
			• Cash payment provision for failure to timely deliver
November 2014		556,964	• Require settlement in registered shares	Liability
		(1)	• Cash payment provision for failure to timely deliver
November 2014		80,000	• Require settlement in registered shares	Liability
			• Include full-ratchet down-round price protection
June 2015		500,000	• Require settlement in registered shares	Liability
			• Cash payment provision for failure to timely deliver
November 2015		2,457,138	• Require settlement in registered shares	Liability
		(2)	• Cash payment provision for failure to timely deliver

(1)	Includes 388,393 Series A Warrants and 168,571 Series B Warrants.
(2)	Includes 771,000 Series A Warrants and 1,686,138 Series B Warrants.

Black Scholes | Warrants Issued April 4, 2014, Liability

Schedule of Share Based Payment Award Warrants Valuation Assumptions

	December 31,
										Issued April 4, 2014
	2015(1)			2015			2014
Number of warrants		148,000			664,000			812,000			812,000
CDTi stock price	$	0.94		$	0.94		$	1.81		$	2.95
Strike price	$	1.70		$	4.20		$	4.20		$	4.20
Expected volatility(2)		96.7	%		94.4	%		86.6	%		84.9	%
Risk-free interest rate		1.6	%		1.5	%		1.6	%		1.9	%
Dividend yield		—			—			—			—
Expected life in years		4.4			3.8			4.8			5.5

(1)	Concurrent with the November 2015 offering, these warrants were exchanged for warrants with a different strike price and term.
(2)	During 2015, the Company's Post-Merger historical volatility began to be considered representative of expected volatility for these warrants.

Black Scholes | Warrants Issued November 4, 2014, Liability

Schedule of Share Based Payment Award Warrants Valuation Assumptions

	December 31,						Issued November 4, 2014
	2015(1)			2014			Series A			Series B(2)
Number of warrants		388,393			388,393			388,393			168,571
CDTi stock price	$	0.94		$	1.81		$	3.04		$	3.04
Strike price	$	1.70		$	3.25		$	3.25		$	0.01
Expected volatility		96.6	%		86.5	%		87.1	%		—
Risk-free interest rate		1.6	%		1.6	%		1.6	%		—
Dividend yield		—			—			—			—
Expected life in years		4.4			4.9			5.0			—

(1)	Concurrent with the November 2015 offering, these warrants were exchanged for warrants with a different strike price and term.
(2)	Due to the $0.01 strike price, fair value equals CDTi stock price minus the strike price.

Black Scholes | Warrants Issued June 8, 2015, Liability

Schedule of Share Based Payment Award Warrants Valuation Assumptions

	December 31,
							Issued June 8, 2015
	2015(1)			2015
Number of warrants		320,000			180,000			500,000
CDTi stock price	$	0.94		$	0.94		$	2.09
Strike price	$	1.70		$	2.65		$	2.65
Expected volatility		110.3	%		102.3	%		114.6	%
Risk-free interest rate		1.8	%		1.7	%		1.8	%
Dividend yield		—			—			—
Expected life in years		5.5			4.9			5.5

(1)           Concurrent with the November 2015 offering, these warrants were exchanged for warrants with a different strike price and term.

Black Scholes | Warrants Issued November 27, 2015, Liability

Schedule of Share Based Payment Award Warrants Valuation Assumptions

	December 31, 2015					Issued November 27, 2015
	Series A			Series B(1)		Series A			Series B(1)
Number of warrants		771,000			1,686,138		771,000			1,686,138
CDTi stock price	$	0.94		$	0.94	$	1.39		$	1.39
Strike price	$	1.70		$	0.01	$	1.70		$	0.01
Expected volatility		96.6	%		—		110.3	%		—
Risk-free interest rate		1.8	%		—		1.7	%		—
Dividend yield		—			—		—			—
Expected life in years		5.5			—		5.6			—

(1)           Due to the $0.01 strike price, fair value equals CDTi stock price minus the strike price.

Monte Carlo Simulation Model | Warrants Issued July 3, 2013, Liability

Schedule of Share Based Payment Award Warrants Valuation Assumptions

	December 31,
	2015(1)			2015			2014
Number of warrants		94,000			65,000			159,000
CDTi stock price	$	0.94		$	0.94		$	1.81
Strike price	$	1.22		$	1.25		$	1.25
Expected volatility		95.5	%		99.1	%		103.6	%
Risk-free interest rate		1.5	%		1.2	%		1.2	%
Dividend yield		—			—			—
Expected life in years		3.9			2.5			3.5

(1)           Concurrent with the November 2015 offering, the strike price for these warrant were reset due, per the full-ratchet down-round price protection provision. In connection with a letter agreement, dated October 7, 2015, the Company agreed to amend the term of these warrants in order to extend the expiration date until November 11, 2019.

Monte Carlo Simulation Model | Warrants Issued November 11, 2014, Liability

Schedule of Share Based Payment Award Warrants Valuation Assumptions

	December 31,
							Issued November 11, 2014
	2015			2014
Number of warrants		80,000			80,000			80,000
CDTi stock price	$	0.94		$	1.81		$	2.46
Strike price(1)	$	1.22		$	1.75		$	1.75
Expected volatility(2)		95.5	%		77.0	%		76.6	%
Risk-free interest rate		1.5	%		1.6	%		1.7	%
Dividend yield		—			—			—
Expected life in years		3.9			4.9			5.0

(1)	Concurrent with the November 2015 offering, the strike price for these warrants were reset, per the full-ratchet down-round price protection provision.
(2)	During 2015, the Company's Post-Merger historical volatility began to be considered representative of expected volatility for these warrants.