XML 27 R15.htm IDEA: XBRL DOCUMENT v3.21.2
Stockholders' Equity
 6 Months Ended
Jun. 30, 2021
Stockholders Equity Note [Abstract]  
Stockholders' Equity

(9)

Stockholders’ Equity

 

Preferred Stock

 

Series E and Series E-1 Preferred Stock

 

During the six months ended June 30, 2021, 8,924 shares of Preferred Stock were converted into 892,379 shares of the Company’s common stock.

 

As of June 30, 2021, there were an aggregate of 11,707 shares of Series E and Series E-1 Preferred Stock outstanding.

 

Other Common Stock Issuances

 

During the six months ended June 30, 2021, the Company issued  458,661 shares of common stock associated with the exercise of warrants, including 215,000 prefunded warrants at an exercise price of $0.01 per share.

 

 

Stock Incentive Plan

 

2020 Omnibus Equity Incentive Plan

 

As of June 30, 2021, there were 2,475,000 shares of the Company’s common stock reserved under the Delcath Systems, Inc. Omnibus Equity Incentive Plan (the “2020 Plan”), of which 1,881,608 remained available to be issued. On March 30, 2021, the Company’s Board of Directors approved an amendment of the 2020 Plan to increase the number of shares of the Company’s common stock available for issuance under the 2020 Plan by 1,800,000, subject to stockholder approval of the amendment.  The amendment of the 2020 Plan was approved by the stockholders at the Company’s annual meeting of stockholders held on May 6, 2021, and, effective as of such date, the number of shares of the Company’s common stock available for issuance under the 2020 Plan increased by 1,800,000 resulting in a total share reserve of 2,475,000 shares of common stock.

Share-Based Compensation

The following is a summary of stock option activity for the six months ended June 30, 2021:  

 

 

 

Number of Option

 

 

Weighted Average Exercise

Price Per Share

 

 

Weighted Average

Remaining Contractual Term

(in years)

 

Aggregate Intrinsic

Value

 

Outstanding at January 1, 2021

 

 

1,078,499

 

 

$

12.68

 

 

 

 

 

 

 

Granted

 

 

15,000

 

 

 

9.87

 

 

 

 

 

 

 

Exercised

 

 

—

 

 

 

—

 

 

 

 

 

 

 

Cancelled/Forfeited

 

 

(1,611

)

 

 

11.67

 

 

 

 

 

 

 

Outstanding at June 30, 2021

 

 

1,091,888

 

 

$

12.65

 

 

9.3

 

$

929

 

Exercisable at June 30, 2021

 

 

262,388

 

 

$

12.87

 

 

9.2

 

$

246

 

 

 

The following table summarizes information for stock option shares outstanding and exercisable at June 30, 2021

 

 

 

 

 

 

 

Options Exercisable

 

Range of Exercise Prices

 

Outstanding Number of Options

 

 

Weighted Average

Remaining Option Term (in years)

 

Number of Options

 

$9 - $15

 

 

959,389

 

 

9.2

 

 

236,389

 

$15 - $20

 

 

81,000

 

 

9.3

 

 

12,750

 

$20 - $25

 

 

51,000

 

 

9.3

 

 

12,750

 

$25+

 

 

499

 

 

7.6

 

 

499

 

 

 

 

1,091,888

 

 

9.2

 

 

262,388

 

 

The following is a summary of share-based compensation expense in the statement of operations for the three and six months ended June 30, 2021  

 

 

Three months ended June 30,

 

 

Six months ended June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Cost of goods sold

 

 

39

 

 

 

—

 

 

 

91

 

 

 

—

 

Research and development

 

 

463

 

 

 

117

 

 

 

1,093

 

 

 

122

 

Selling, general and administrative

 

$

1,124

 

 

$

488

 

 

$

2,590

 

 

$

537

 

Total

 

$

1,626

 

 

$

605

 

 

$

3,774

 

 

$

660

 

 

 

At June 30, 2021, there was $5,176 of aggregate unrecognized compensation expense related employee and board stock option grants. This will be recognized over the next 2.9 years.

 

Warrants

 

The following is a summary of warrant activity for the six months ended June 30, 2021:

 

 

 

Warrants

 

 

Weighted Average

Exercise Price

 

 

Weighted Average

Remaining Life

(in years)

 

Outstanding at January 1, 2021

 

 

4,236,687

 

 

$

9.13

 

 

 

 

 

Warrants issued

 

 

—

 

 

 

—

 

 

 

 

 

Warrants exercised

 

 

(463,421

)

 

 

5.37

 

 

 

 

 

Warrants expired

 

 

—

 

 

 

—

 

 

 

 

 

Outstanding at June 30, 2021

 

 

3,773,266

 

 

$

9.59

 

 

 

3.7

 

Exercisable at June 30, 2021

 

 

3,773,266

 

 

$

9.59

 

 

 

3.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

         The following table presents information related to stock warrants at June 30, 2021

 

 

 

 

 

 

 

 

 

Warrants Exercisable

 

Range of Exercise Prices

 

 

Outstanding Number of Warrants

 

 

Weighted Average

Remaining Warrant Term (in years)

 

Number of Warrants

 

$

0.01

 

 

 

156,000

 

 

3.8

 

 

156,000

 

$

10.00

 

 

 

3,617,266

 

 

3.7

 

 

3,617,266

 

 

 

 

 

 

3,773,266

 

 

3.7

 

 

3,773,266

 

 

 

 

As of June 30, 2021, warrants to purchase 156,000 shares of the Company’s common stock were pre-funded, and the exercise price was $0.01 per share. The remaining warrants were exercisable at $10.00 per share.