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Shareholders' Equity
 9 Months Ended
Sep. 30, 2014
Equity [Abstract]  
Shareholders' Equity
Shareholders’ Equity
Common Stock
Public Offering - In March 2014, we sold 3.5 million shares of our common stock at a public offering price of $11.50 per share. After deducting offering expenses and underwriter discounts of $2.5 million, we received net proceeds from the transaction of $37.8 million.
Warrants
The following table summarizes our total outstanding warrants as of September 30, 2014, which have a weighted average exercise price of $23.94:
Outstanding At
September 30, 2014
 
Expiration Date
 
Exercise Price
192,789
 
March 29, 2015
 
$12.25
133,333
 
October 21, 2015
 
20.00
133,333
 
October 21, 2015
 
30.00
133,333
 
October 21, 2015
 
40.00
11,539
 
April 26, 2015
 
9.13
604,327
 
 
 
 

On March 28, 2014, we extended to September 29, 2014 the expiration dates of warrants to purchase 197,478 shares of our common stock at an exercise price of $12.25 per share that had been due to expire on March 29, 2014. We evaluated the fair value of the warrants before and after the modifications and recorded the $452,000 change in fair value as other expense in the accompanying Consolidated Statement of Operations and Comprehensive Loss for the three months ended March 31, 2014.
During September 2014, warrants associated with a total of 4,689 shares were exercised by the warrant holders resulting in the issuance of 3,305 shares of our common stock. Of that amount, 3,088 shares were issued upon cash exercise of warrants, pursuant to which we received proceeds of $37,828, and the remainder were issued pursuant to cashless net exercise provisions in the warrants.
On September 28, 2014, we extended to March 29, 2015 the expiration date of the remaining warrants to purchase 192,789 shares of our common stock that had been due to expire on September 29, 2014. We evaluated the fair value of the warrants before and after the modifications and recorded the $411,000 change in fair value as other expense in the accompanying Consolidated Statement of Operations and Comprehensive Loss for the three months ended September 30, 2014. Considering the extensions on March 28 and September 28, 2014, the total other expense recorded in the Consolidated Statement of Operations and Comprehensive Loss for the nine months ended September 30, 2014 was $863,000.
In October 2010, in connection with the Vulcan agreement, we issued to Vulcan three warrants to purchase our common stock, each exercisable for 133,333 shares, with exercise prices of $20, $30 and $40 per share, respectively.