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Stockholders' Equity | 9 Months Ended
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Sep. 30, 2021
Stockholders Equity Note [Abstract] |
Stockholders' Equity |
(9) | Stockholders’ Equity
Preferred Stock Series E and Series E-1 Convertible Preferred Stock During the nine months ended September 30, 2021, an aggregate of 8,924 shares of Series E and Series E-1 Convertible Preferred Stock were converted into 892,379 shares of the Company’s common stock. As of September 30, 2021, there were an aggregate of 11,707 shares of Series E and Series E-1 Convertible Preferred Stock outstanding. Other Common Stock Issuances During the nine months ended September 30, 2021, the Company issued 465,173 shares of common stock associated with the exercise of warrants, including 215,000 prefunded warrants at an exercise price of $0.01 per share for aggregate cash proceeds of $2,458. Stock Incentive Plan 2020 Omnibus Equity Incentive Plan As of September 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 1,275,250 remained available to be issued. Share-Based Compensation The following is a summary of stock option activity for the nine months ended September 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 |  |  | 621,750 |  |  |  | 10.02 |  |  |  |  |  |  |
Exercised |  |  | — |  |  |  | — |  |  |  |  |  |  |
Cancelled/Forfeited |  |  | (2,000 | ) |  |  | 11.67 |  |  |  |  |  |  |
Outstanding at September 30, 2021 |  |  | 1,698,249 |  |  | $ | 11.71 |  |  | 9.3 |  | $ | 260 |
Exercisable at September 30, 2021 |  |  | 443,729 |  |  | $ | 12.20 |  |  | 9.2 |  | $ | 39 |
The Company values stock options using the Black-Scholes option pricing model and used the following assumptions during the reporting periods:
|  | Three months ended September 30, |  | Nine months ended September 30,
|  | 2021 |  |  | 2020 |  | 2021 |  |  | 2020
Expected term (years) |  | 5.1 - 6.3 |  |  | N.A. |  | 5.1 - 6.3 |  |  | N.A.
Expected volatility |  | 179.2% - 181.3% |  |  | N.A. |  | 178.3% - 181.3% |  |  | N.A.
Risk-free interest rate |  | 0.74% - 1.10% |  |  | N.A. |  | 0.74% - 1.10% |  |  | N.A.
Expected dividends |  | 0.00% |  |  | N.A. |  | 0.00% |  |  | N.A.
The weighted average estimated fair value of the stock options granted during the three and nine months ended September 30, 2021, was approximately $9.70 and $9.69 per share, respectively. The following table summarizes information for stock option shares outstanding and exercisable at September 30, 2021
|  |  |  |  |  | Options Exercisable |
Range of Exercise Prices |  | Outstanding Number of Options |  |  | Weighted Average Remaining Option Term (in years) |  |  | Number of Options |
$9.85 - $10.99 |  |  | 621,750 |  |  | 9.9 |  |  |  | 94,445 |
$11.00 - $14.99 |  |  | 944,000 |  |  |  | 9.0 |  |  |  | 314,785 |
$15.00 - $24.99 |  |  | 132,000 |  |  |  | 9.0 |  |  |  | 34,000 |
$25.00 + |  |  | 499 |  |  | 7.3 |  |  |  | 499 |
|  |  | 1,698,249 |  |  | 9.2 |  |  |  | 443,729 |
The following is a summary of share-based compensation expense in the statement of operations for the three and nine months ended September 30, 2021
|  | Three months ended September 30, |  |  | Nine months ended September 30, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Cost of goods sold |  |  | 60 |  |  |  | — |  |  |  | 152 |  |  |  | — |
Research and development |  |  | 734 |  |  |  | — |  |  |  | 1,827 |  |  |  | 6 |
Selling, general and administrative |  |  | 1,655 |  |  |  | — |  |  | $ | 4,245 |  |  |  | 425 |
Total |  | $ | 2,449 |  |  | $ | — |  |  | $ | 6,224 |  |  |  | 431 |
At September 30, 2021, there was $8,653 of aggregate unrecognized compensation expense related employee and board stock option grants. This will be recognized over the next 2.2 years. Warrants The following is a summary of warrant activity for the nine months ended September 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 |  |  | 127,755 |  |  |  | 0.01 |  |  |  |  |
Warrants exercised |  |  | (469,933 | ) |  |  | 5.88 |  |  |  |  |
Warrants expired |  |  | — |  |  |  | — |  |  |  |  |
Outstanding at September 30, 2021 |  |  | 3,894,509 |  |  | $ | 9.27 |  |  |  | 3.5 |
Exercisable at September 30, 2021 |  |  | 3,894,509 |  |  | $ | 9.27 |  |  |  | 3.5 |
The following table presents information related to stock warrants at September 30, 2021
|  |  |  |  |  |  |  | Warrants Exercisable |
Range of Exercise Prices |  |  | Outstanding Number of Warrants |  |  | Weighted Average Remaining Warrant Term (in years) |  | Number of Warrants |
$ | 0.01 |  |  |  | 283,755 |  |  | 4.2 |  |  | 283,755 |
$ | 10.00 |  |  |  | 3,610,754 |  |  | 3.4 |  |  | 3,610,754 |
|  |  |  |  | 3,894,509 |  |  | 3.5 |  |  | 3,894,509 |

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (g) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 16 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496180-112644 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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