Stockholders' Equity and Stock-Based Compensation (Tables)
|
9 Months Ended |
Sep. 30, 2019 |
|---|
| Stockholders' Equity and Stock-Based Compensation (Tables) |
|
| Schedule of Warrants Outstanding |
|
|
September 30, |
|
|
December 31, |
|
Outstanding Warrants |
|
2019 |
|
|
2018 |
|
Issued to Investors on October 25, 2013, entitling the holders to purchase 20,833 common shares in the Company at an exercise price of $138.00 per common share up to and including April 24, 2021. In 2016, 4,954 of these warrants were exchanged for common stock, and all remaining warrant holders agreed to new warrant terms, which excluded any potential net cash settlement provisions in exchange for a reduced exercise price of $75.00 per share. |
|
|
13,665 |
|
|
|
13,665 |
|
|
|
|
|
|
|
|
|
|
Issued to Investors on November 17, 2014, entitling the holders to purchase 45,577 common shares in the Company at an exercise price of $138.60 per common share up to and including May 16, 2022. On June 30, 2016, the warrant holders agreed to new warrant terms, which excluded any potential net cash settlement provisions in order to classify them as equity in exchange for a reduced exercise price of $75.00 per share. |
|
|
45,577 |
|
|
|
45,577 |
|
|
|
|
|
|
|
|
|
|
Issued to an investment bank and subsequently transferred to a principal of the investment bank regarding the Series B Preferred Stock investment on January 30, 2018, entitling the holder to purchase 11,119 common shares in the Company at an exercise price of $18.00 per share, up to and including January 30, 2021. |
|
|
11,119 |
|
|
|
11,119 |
|
Total |
|
|
70,361 |
|
|
|
70,361 |
|
|
| Schedule of Share-based Compensation, Stock Options, Activity |
|
|
Three Months Ended
September 30,
|
|
|
Nine Months Ended
September 30,
|
|
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development expenses |
|
$ |
- |
|
|
$ |
162,000 |
|
|
$ |
284,000 |
|
|
$ |
728,000 |
|
General and administrative expenses |
|
|
20,000 |
|
|
|
368,000 |
|
|
|
308,000 |
|
|
|
1,223,000 |
|
Total stock-based compensation expense |
|
$ |
20,000 |
|
|
$ |
530,000 |
|
|
$ |
592,000 |
|
|
$ |
1,951,000 |
|
|
| Schedule of weighted average years remaining of expected life activity |
Expected volatility |
|
|
90 |
% |
Risk free interest rate |
|
|
2.84 |
% |
Dividend yield rate |
|
|
0 |
% |
Weighted average years |
|
0.82 |
years |
Closing price per share – common stock |
|
$ |
10.56 |
|
|
| Schedule of Stock option transactions of the employees |
Stock option transactions to the employees, directors and consultants are summarized as follows for the nine months ended September 30, 2019:
|
|
Options
Outstanding
|
|
|
Weighted
Average
Exercise
Price
|
|
|
Weighted
Average
Grant Date
Fair Value
|
|
Beginning of the period |
|
|
467,013 |
|
|
$ |
32.64 |
|
|
$ |
23.52 |
|
Granted |
|
|
4,246 |
|
|
|
8.28 |
|
|
|
5.89 |
|
Exercised |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Forfeited |
|
|
(18,175 |
) |
|
|
34.32 |
|
|
|
25.56 |
|
Expired |
|
|
(17,105 |
) |
|
|
191.78 |
|
|
|
147.21 |
|
End of the period |
|
|
435,979 |
|
|
$ |
26.15 |
|
|
$ |
18.40 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options exercisable |
|
|
351,108 |
|
|
$ |
29.88 |
|
|
$ |
20.85 |
|
Stock option transactions of the employees, directors, and consultants are summarized as follows for the year ended December 31, 2018:
|
|
Options
Outstanding
|
|
|
Weighted
Average
Exercise
Price
|
|
|
Weighted
Average
Grant Date
Fair Value
|
|
Beginning of the year |
|
|
331,407 |
|
|
$ |
42.96 |
|
|
$ |
29.88 |
|
Granted |
|
|
148,704 |
|
|
|
10.80 |
|
|
|
8.40 |
|
Exercised |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Forfeited |
|
|
(11,998 |
) |
|
|
13.20 |
|
|
|
9.96 |
|
Expired |
|
|
(1,100 |
) |
|
|
367.20 |
|
|
|
253.56 |
|
End of the year |
|
|
467,013 |
|
|
$ |
32.64 |
|
|
$ |
23.52 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options exercisable |
|
|
327,928 |
|
|
$ |
42.00 |
|
|
$ |
29.88 |
|
|
| Schedule of Non-Vested Options, Activity |
|
|
Shares |
|
|
Weighted-
Average Fair
Value
Grant Date
|
|
|
Weighted
Average
Exercise Price
|
|
|
|
|
|
|
|
|
|
|
|
Non-vested – December 31, 2017 |
|
|
128,561 |
|
|
$ |
13.20 |
|
|
$ |
18.96 |
|
Granted |
|
|
148,705 |
|
|
|
8.40 |
|
|
|
10.80 |
|
Vested |
|
|
(126,183 |
) |
|
|
15.24 |
|
|
|
18.96 |
|
Forfeited |
|
|
(11,998 |
) |
|
|
9.96 |
|
|
|
13.20 |
|
Non-vested – December 31, 2018 |
|
|
139,085 |
|
|
$ |
6.48 |
|
|
$ |
10.92 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Granted |
|
|
4,246 |
|
|
|
5.89 |
|
|
|
8.28 |
|
Vested |
|
|
(58,460 |
) |
|
|
8.37 |
|
|
|
10.86 |
|
Forfeited |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Non-vested – September 30, 2019 |
|
|
84,871 |
|
|
$ |
5.16 |
|
|
$ |
10.73 |
|
|
| Schedule of Disclosure of Share-based Compensation Arrangements by Share-based Payment Award |
The following table provides certain information with respect to the above-referenced stock options that were outstanding and exercisable at September 30, 2019:
|
|
|
Stock Options Outstanding |
|
|
Stock Options Vested |
|
|
|
|
Weighted |
|
|
|
|
|
|
|
|
Weighted |
|
|
|
|
|
|
|
|
|
|
Average |
|
|
|
|
|
|
|
|
Average |
|
|
|
|
|
|
|
|
|
|
Remaining |
|
|
|
|
|
Weighted |
|
|
Remaining |
|
|
|
|
|
Weighted |
|
|
|
|
Contractual |
|
|
Number |
|
|
Average |
|
|
Contractual |
|
|
Number |
|
|
Average |
|
|
|
|
Life |
|
|
of |
|
|
Exercise |
|
|
Life |
|
|
of |
|
|
Exercise |
|
Exercise Prices |
|
-Years |
|
|
Awards |
|
|
Price |
|
|
-Years |
|
|
Awards |
|
|
Price |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
8.28-$12.48 |
|
|
8.88 |
|
|
|
138,947 |
|
|
$ |
10.72 |
|
|
|
8.85 |
|
|
|
56,708 |
|
|
$ |
10.80 |
|
$ |
12.49-$24.00 |
|
|
7.82 |
|
|
|
199,766 |
|
|
$ |
14.19 |
|
|
|
7.81 |
|
|
|
197,134 |
|
|
$ |
14.21 |
|
$ |
24.01-$72.00 |
|
|
6.14 |
|
|
|
65,310 |
|
|
$ |
55.07 |
|
|
|
6.14 |
|
|
|
65,310 |
|
|
$ |
55.07 |
|
$ |
72.01-$240.00 |
|
|
4.74 |
|
|
|
28,995 |
|
|
$ |
75.50 |
|
|
|
4.74 |
|
|
|
28,995 |
|
|
$ |
75.50 |
|
$ |
240.01-$519.00 |
|
|
0.88 |
|
|
|
2,961 |
|
|
$ |
435.71 |
|
|
|
0.88 |
|
|
|
2,961 |
|
|
$ |
435.71 |
|
|
Total |
|
|
7.66 |
|
|
|
435,979 |
|
|
$ |
26.15 |
|
|
|
7.36 |
|
|
|
351,108 |
|
|
$ |
29.88 |
|
The following table provides certain information with respect to the above-referenced stock options that were outstanding and exercisable at December 31, 2018:
|
|
|
Stock Options Outstanding |
|
|
Stock Options Vested |
|
|
|
|
Weighted |
|
|
|
|
|
|
|
|
Weighted |
|
|
|
|
|
|
|
|
|
|
Average |
|
|
|
|
|
|
|
|
Average |
|
|
|
|
|
|
|
|
|
|
Remaining |
|
|
|
|
|
Weighted |
|
|
Remaining |
|
|
|
|
|
Weighted |
|
|
|
|
Contractual |
|
|
Number |
|
|
Average |
|
|
Contractual |
|
|
Number |
|
|
Average |
|
|
|
|
Life |
|
|
of |
|
|
Exercise |
|
|
Life |
|
|
of |
|
|
Exercise |
|
|
Exercise Prices |
|
-Years |
|
|
Awards |
|
|
Price |
|
|
-Years |
|
|
Awards |
|
|
Price |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
10.80-$12.48 |
|
|
9.60 |
|
|
|
134,700 |
|
|
$ |
10.80 |
|
|
|
— |
|
|
|
- |
|
|
$ |
— |
|
$ |
12.49-$24.00 |
|
|
8.57 |
|
|
|
213,361 |
|
|
$ |
14.16 |
|
|
|
8.56 |
|
|
|
208,976 |
|
|
$ |
14.16 |
|
$ |
24.01-$72.00 |
|
|
6.86 |
|
|
|
67,799 |
|
|
$ |
55.08 |
|
|
|
6.86 |
|
|
|
67,799 |
|
|
$ |
55.08 |
|
$ |
72.01-$240.00 |
|
|
4.16 |
|
|
|
41,778 |
|
|
$ |
89.76 |
|
|
|
4.16 |
|
|
|
41,778 |
|
|
$ |
89.76 |
|
$ |
240.01-$519.00 |
|
|
0.72 |
|
|
|
9,375 |
|
|
$ |
353.52 |
|
|
|
0.72 |
|
|
|
9,375 |
|
|
$ |
353.52 |
|
|
Total |
|
|
8.07 |
|
|
|
467,013 |
|
|
$ |
32.64 |
|
|
|
7.42 |
|
|
|
327,928 |
|
|
$ |
42.00 |
|
|