Annual report pursuant to Section 13 and 15(d)

Common Stock (Tables)

v2.4.1.9
Common Stock (Tables)
12 Months Ended
Dec. 31, 2014
Equity [Abstract]  
Schedule of Common Stock

Gross proceeds of $24.0 million and underwriting discounts and commissions and offering expenses of $1.6 million were allocated as follows:

 

 

 

 

 

 

 

Series B

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-funded

 

 

Series A

 

 

Series B

 

 

 

 

 

 

 

Common

 

 

Common

 

 

Common

 

 

 

Common

 

 

Stock

 

 

Stock

 

 

Stock

 

 

 

Stock

 

 

Warrants

 

 

Warrants

 

 

Warrants

 

Units Issued

 

 

5,559,866

 

 

 

1,340,538

 

 

 

2,779,933

 

 

 

670,269

 

Gross Proceeds (in thousands)

 

$

14,084

 

 

$

3,387

 

 

$

5,261

 

 

$

1,268

 

Underwriting discount and offering expense (in thousands)

 

$

885

 

 

$

213

 

 

$

428

 

 

$

103

 

 

Summary of Fair Value of Option Awards

The estimated fair value of stock options granted in the respective periods was determined using the Black-Scholes option pricing model using the following weighted average assumptions:

 

 

 

2014

 

 

2013

 

 

2012

 

Risk-free interest rates

 

 

1.83

%

 

 

1.25

%

 

 

0.96

%

Expected dividend yield

 

 

0

%

 

 

0

%

 

 

0

%

Expected life

 

5.9 years

 

 

5.8 years

 

 

5.9 years

 

Expected volatility

 

 

82

%

 

 

86

%

 

 

95

%

 

Summary of Share-Based Compensation Expense

The results for the periods set forth below included stock-based compensation expense in the following expense categories of the consolidated statements of loss (in thousands):

 

 

 

Years ended

 

 

 

December 31,

 

 

 

2014

 

 

2013

 

 

2012

 

Research and development

 

$

1,893

 

 

$

1,296

 

 

$

899

 

General and administrative

 

 

1,967

 

 

 

1,538

 

 

 

1,276

 

Total stock-based compensation

 

$

3,860

 

 

$

2,834

 

 

$

2,175

 

 

Summary of Stock Options Activity

Stock option transactions and the number of stock options outstanding are summarized below:

 

 

 

Number of

 

 

Weighted

 

 

 

Optioned

 

 

Average

 

 

 

Common

 

 

Exercise

 

 

 

Shares

 

 

Price

 

Balance, January 1, 2012

 

 

766,828

 

 

$

9.82

 

Granted

 

 

172,650

 

 

 

12.97

 

Expired

 

 

(12,309

)

 

 

9.10

 

Exercised

 

 

(117,347

)

 

 

3.94

 

Forfeited

 

 

(4,541

)

 

 

15.26

 

Balance, December 31, 2012

 

 

805,281

 

 

$

11.34

 

Granted

 

 

239,282

 

 

 

11.32

 

Expired

 

 

(3,061

)

 

 

4.11

 

Exercised

 

 

(3,475

)

 

 

3.00

 

Forfeited

 

 

(30,536

)

 

 

13.87

 

Balance, December 31, 2013

 

 

1,007,491

 

 

$

11.39

 

Granted

 

 

382,097

 

 

 

8.97

 

Expired

 

 

(12,169

)

 

 

18.93

 

Exercised

 

 

(10,000

)

 

 

3.00

 

Forfeited

 

 

(84,000

)

 

 

12.14

 

Balance, December 31, 2014

 

 

1,283,419

 

 

$

10.55

 

 

Summary of Stock Options Outstanding Regarding Number of Common Shares Issuable upon Exercise of Outstanding Options

(1) Number of common shares issuable upon exercise of outstanding options:

 

 

 

 

 

 

 

 

 

 

 

Weighted-

 

 

 

 

 

 

 

 

 

 

 

Average

 

 

 

 

 

 

 

 

 

 

 

Remaining

 

 

 

 

 

 

 

Weighted-

 

 

Contractual

 

 

 

 

 

 

 

Average

 

 

Life

 

Exercise Prices

 

Number of Options

 

 

Exercise Price

 

 

(in years)

 

$2.11  -  $2.85

 

 

81,000

 

 

$

2.50

 

 

 

6.05

 

$2.86  -  $3.09

 

 

219,125

 

 

 

3.00

 

 

 

1.00

 

$3.10 - $10.27

 

 

119,879

 

 

 

4.92

 

 

 

8.02

 

$10.28 - $11.70

 

 

31,000

 

 

 

10.90

 

 

 

8.09

 

$11.71 - $11.84

 

 

226,997

 

 

 

11.79

 

 

 

9.20

 

$11.85 - $11.99

 

 

165,571

 

 

 

11.95

 

 

 

8.14

 

$12.00 - $13.06

 

 

141,175

 

 

 

12.88

 

 

 

7.26

 

$13.07 - $15.74

 

 

41,176

 

 

 

14.28

 

 

 

6.46

 

$15.75 - $16.40

 

 

119,750

 

 

 

15.97

 

 

 

5.95

 

$16.41 - $22.28

 

 

137,746

 

 

 

20.19

 

 

 

5.22

 

Total

 

 

1,283,419

 

 

$

10.55

 

 

 

6.30

 

 

Summary of Stock Options Outstanding Regarding Number of Common Shares Issuable upon Exercise of Vested Options

(2) Number common shares issuable upon exercise of vested options:

 

 

 

 

 

 

 

 

 

 

 

Weighted-

 

 

 

 

 

 

 

 

 

 

 

Average

 

 

 

 

 

 

 

 

 

 

 

Remaining

 

 

 

 

 

 

 

Weighted-

 

 

Contractual

 

 

 

 

 

 

 

Average

 

 

Life

 

Exercise Prices

 

Number of Options

 

 

Exercise Price

 

 

(in years)

 

$2.11  -  $2.85

 

 

35,856

 

 

$

2.68

 

 

 

1.29

 

$2.86  -  $3.09

 

 

219,125

 

 

 

3.00

 

 

 

1.00

 

$3.10 - $10.27

 

 

32,452

 

 

 

6.83

 

 

 

4.25

 

$10.28 - $11.70

 

 

29,750

 

 

 

10.87

 

 

 

8.15

 

$11.71 - $11.84

 

 

51,873

 

 

 

11.79

 

 

 

9.20

 

$11.85 - $11.99

 

 

81,266

 

 

 

11.95

 

 

 

8.11

 

$12.00 - $13.06

 

 

110,840

 

 

 

12.84

 

 

 

7.24

 

$13.07 - $15.74

 

 

33,870

 

 

 

14.41

 

 

 

6.20

 

$15.75 - $16.40

 

 

119,750

 

 

 

15.97

 

 

 

5.95

 

$16.41 - $22.28

 

 

136,830

 

 

 

20.21

 

 

 

5.21

 

Total

 

 

851,612

 

 

$

11.12

 

 

 

4.95

 

 

Summary of Restricted Stock Unit Award Activity

The following table summarizes our restricted stock unit award activity during the years ended December 31, 2014, 2013 and 2012:

 

 

 

 

 

 

 

Weighted

 

 

 

Number

 

 

Average

 

 

 

of

 

 

Grant Date

 

 

 

Shares

 

 

Fair Value

 

Balance, January 1, 2012

 

 

 

 

$

 

Granted

 

 

180,085

 

 

 

13.01

 

Vested

 

 

 

 

 

 

Forfeited or expired

 

 

(8,000

)

 

 

13.00

 

Balance, December 31, 2012

 

 

172,085

 

 

$

13.01

 

Granted

 

 

255,895

 

 

 

11.64

 

Vested

 

 

(50,773

)

 

 

12.95

 

Forfeited or expired

 

 

(20,618

)

 

 

12.51

 

Balance, December 31, 2013

 

 

356,589

 

 

$

12.06

 

Granted

 

 

814,800

 

 

 

6.48

 

Vested

 

 

(199,887

)

 

 

7.00

 

Forfeited or expired

 

 

(291,301

)

 

 

10.93

 

Balance, December 31, 2014

 

 

680,201

 

 

$

7.34

 

 

Summary of Outstanding Warrants

The following is a summary of outstanding warrants to purchase common stock at December 31, 2014:

 

 

 

Total

 

 

 

 

 

 

 

 

 

Outstanding

 

 

Exercise

 

 

 

 

 

and

 

 

price per

 

 

 

 

 

Exercisable

 

 

Share

 

 

Expiration Date

(1) Warrants issued in October 2010 financing

 

 

1,587,301

 

 

$

20.00

 

 

October 2015

(2) Series A Warrants issued in July 2014 financing

 

 

2,779,933

 

 

 

4.00

 

 

July 2019

(3) Series B Warrants issued in July 2014 financing

 

 

670,269

 

 

 

4.00

 

 

July 2019

(4) Pre-Funded Series B Warrants issued in July 2014 financing

 

 

 

 

 

0.01

 

 

July 2019

 

Summary of Fair Value of Warrants Issued

The estimated fair value of warrants issued and classified as liabilities is reassessed at each reporting date using the Black-Scholes option pricing model. The Pre-Funded Series B warrants are classified as equity and are not reassessed for their fair value at the end of each reporting date. The following assumptions were used to value the warrants that are classified as liabilities on the following reporting dates:

 

 

 

As of

 

 

 

December 31,

 

October 2010 Warrant Valuation Assumptions

 

2014

 

 

2013

 

Risk-free interest rates

 

 

0.25

%

 

 

0.33

%

Expected dividend yield

 

 

0

%

 

 

0

%

Expected life

 

0.81 years

 

 

1.8 years

 

Expected volatility

 

 

113.49

%

 

 

39.00

%

 

 

 

As of

 

 

 

December 31,

 

Series A and Series B Warrant Valuation Assumptions

 

2014

 

 

2013

 

Risk-free interest rates

 

 

1.51

%

 

 

 

Expected dividend yield

 

 

0

%

 

 

 

Expected life

 

4.50 years

 

 

 

 

Expected volatility

 

 

62.91

%

 

 

 

 

Computation of Basic and Diluted Net Loss Attributable to Common Shareholders Per Share

The following table presents the computation of basic and diluted net loss attributable to common stockholders per share (in thousands, except per share and share amounts):

 

 

 

Years ended December 31,

 

 

 

2014

 

 

2013

 

 

2012

 

Numerator

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(26,240

)

 

$

(31,849

)

 

$

(21,098

)

Denominator

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of common shares outstanding

 

 

18,098,799

 

 

 

14,683,389

 

 

 

13,522,723

 

Basic and diluted net loss per common share

 

$

(1.45

)

 

$

(2.17

)

 

$

(1.56

)