Quarterly report pursuant to Section 13 or 15(d)

Warrants

v3.5.0.2
Warrants
6 Months Ended
Jun. 30, 2016
Equity [Abstract]  
Warrants
Warrants

We have issued certain warrants which contain an exercise price adjustment feature in the event we issue additional equity instruments at a price lower than the exercise price of the warrant. The warrants are described herein as derivative warrants. As of June 30, 2016 all derivative warrants have either expired or have been exercised.

On May 25, 2016, we issued 1,357,301 warrants to purchase shares of our common stock as part of our 2016 Offering. Subject to certain ownership limitations, the warrants will be initially exercisable commencing six months from the issuance date at an exercise price equal to $2.25 per share of common stock. The warrants are exercisable for five years from the initial exercise date.

The following table summarizes the warrant activity for the six months ended June 30, 2016 (in thousands, except exercise price): 
Issued With / For
Exercise
Price
 
Warrants
Outstanding
January 1,
2016
 
2016 Warrants Issued
 
2016 Warrants Expired
 
Warrants Outstanding June 30, 2016
Non-Derivative Warrants:
 
 
 
 
 
 
 
 
 
Financing
$
10.00

  
243

 

 

 
243

Financing
15.00

  
436

 

 

 
436

Debt guarantee
15.00

  
233

 

 
(87
)
 
146

Consulting
10.00

 
10

 

 
(10
)
 

2015 Offering
5.00

  
3,450

 

 

 
3,450

2016 Offering
2.25

 

 
1,357

 

 
1,357

Total non-derivative warrants
$
5.59

B
4,372

 
1,357

 
(97
)
 
5,632

Derivative Warrants:
 
 
 
 
 
 
 
 
 
Financing
4.00

A
60

 

 
(60
)
 

Total derivative warrants

B
60

 

 
(60
)
 

Total
$
5.59

B
4,432

 
1,357

 
(157
)
 
5,632


A
These warrants were subject to fair value accounting and contained an exercise price adjustment feature.
B
Weighted-average exercise prices are as of June 30, 2016.