Subsequent Events |
12 Months Ended | |
|---|---|---|
Dec. 31, 2018 | ||
| Subsequent Events [Abstract] | ||
| Subsequent Events [Text Block] |
14. Subsequent Events
Reverse Stock Split On January 24, 2019, pursuant to prior stockholder authorization, our Board effected the Reverse Split of the outstanding shares of our common stock at a ratio of one (1) share for every six (6) shares outstanding, so that every six (6) outstanding shares of common stock before the Reverse Split represents one (1) share of common stock after the Reverse Split. Pursuant to their respective terms, the number of shares underlying our outstanding options and warrants was reduced by the Reverse Split ratio. All share and per share amounts in the accompanying financial statements have been restated for all periods presented to give retroactive effect to the Reverse Split. The shares of common stock retained a par value of $0.001 per share. From January 1, 2019 through March 25, 2019, Warrants to purchase an aggregate of 403,335 shares of common stock were exercised, resulting in proceeds to us of approximately $0.6 million. On January 23, 2019, our stockholders approved an amendment to the Titan Pharmaceuticals, Inc. 2015 Omnibus Equity Incentive Plan to increase the number of shares authorized for awards thereunder from 583,334 to 1,666,667.
On January 23, 2019, our stockholders approved a repricing of 122,115 options with exercise prices in excess of $21.00 (post-Reverse Split) held by employees and consultants other than the named executive officers or members of the Board. The effected options were repriced to $1.55 (post-Reverse Split). |