Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity (Tables)

v3.7.0.1
Stockholders' Equity (Tables)
3 Months Ended
Mar. 31, 2017
Equity [Abstract]  
Schedule of warrants exercised

During the three months ended March 31, 2017, 1,123,853 shares were issued pursuant to cash and cashless warrant exercises as detailed below. Generally, the warrants specify using the preceding five-day average of closing prices for the Company’s common stock in the calculation of common stock to be issued pursuant to a cashless exercise. 

 

    Average Closing           Warrant     Common  
    Market Price     Exercise Price     Shares     Shares  
Date   Per Share     Per Share     Exercised     Issued  
                         
2/10/2017   $ 11.016     $ 0.0034375       392,728       392,605  
2/13/2017   $ 13.062     $ 3.00       25,119       19,349  
2/13/2017   $ 13.062     $ 6.00       72,420       39,154  
2/15/2017   $ 16.768     $ 6.00       65,177       41,856  
2/16/2017   $ 16.768     $ 6.00       35,000       22,470  
3/17/2017   $ 20.262     $ 6.00       2,500       2,500  
3/20/2017   $ 20.304     $ 3.00       226,068       192,666  
3/20/2017   $ 20.304     $ 6.00       586,596       413,253  
                                 
                      1,405,608       1,123,853
Schedule of warrants outstanding

Warrants to purchase shares of the Company’s common stock at a weighted average exercise price of $8.28 are as follows. 

 

Exercise Price     Expiration   Shares Subject to purchase  
per Share     Date   at March 31, 2017  
                 
$ 0.0034375     9/8/2017     43,636  
$ 6.00     7/31/2018     12,500  
$ 7.12     5/18/2018     702,247  
$ 9.00     5/18/2019     1,605,131  
$ 10.00     11/21/2019     33,450  
                 
              2,396,964  
Schedule of the allocation of stock-based compensation

The stock-based compensation expense attributable to option grants granted was allocated as follows:

 

    Three months ended March 31,  
    2017     2016  
Operations and development costs   $ 87     $ 51  
General and administrative expense     74       157  
Total   $ 161     $ 208
Schedule of assumptions used in the black-scholes-Merton option-pricing model

The following assumptions were used in the Black-Scholes-Merton pricing model to estimate the fair value of the options.

 

    Three months ended March 31,  
    2017     2016  
             
Expected stock volatility     70.92% - 72.18 %     80 %
Risk free interest rate     1.53% - 1.79 %     1.11% - 1.77 %
Expected years until exercise     3.50       3.50  
Dividend yield     0 %     0 %