Annual report pursuant to Section 13 and 15(d)

Stockholders' Equity (Deficit)

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Stockholders' Equity (Deficit)
12 Months Ended
Dec. 31, 2017
Stockholders' Deficit [Abstract]  
Stockholders Equity Note Disclosure [Text Block]
12. Stockholders’ Equity (Deficit)
 
Reverse Stock Split
 
On September 29, 2015, 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 five and one-half (5.5) shares outstanding, so that every five and one-half (5.5) 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.
 
Common Stock
 
In May and June 2016, 1,072,307 shares of common stock were issued upon the cashless net exercise of 2,016,075 Class A Warrants in accordance with their terms. There were 847,569 Class A Warrants outstanding at December 31, 2017.
 
In May and June 2016, 58,569 shares of common stock were issued upon the cashless net exercise of 114,546 Underwriter Warrants in accordance with their terms. There were no remaining Underwriter Warrants outstanding at December 31, 2017.
 
In October 2014, we completed the 2014 Offering. Net proceeds were approximately $9.6 million after deducting underwriting discounts, commissions and other related expenses. As a result of the 2014 Offering, and pursuant to the terms of the existing Series A Warrants, the exercise price of the Series A Warrants (See Note 9, “Warrant Liability” for further discussion) was adjusted to $4.89 per share.
 
As of December 31, 2017, warrants to purchase shares of common stock consisted of the following (in thousands, except per share price):
 
Date Issued
 
Expiration Date
 
Exercise Price
 
Outstanding
 
04/13/2012
 
04/13/2018
 
$
4.85
 
 
983
 
10/08/2014
 
10/08/2020
 
$
3.30
 
 
848
 
07/27/2017
 
07/27/2024
 
$
1.96
 
 
281
 
 
 
 
 
 
 
 
 
2,112
 
 
Shares Reserved for Future Issuance
 
As of December 31, 2017, shares of common stock reserved by us for future issuance consisted of the following (in thousands):
 
Stock options outstanding
 
2,728
 
Shares issuable upon the exercise of warrants
 
2,112
 
 
 
4,840