XML 17 R14.htm IDEA: XBRL DOCUMENT

Shareholders' Equity

9 Months Ended

Sep. 30, 2019

Equity [Abstract]

Shareholders' Equity

Note 9—Shareholders’ Deficit

Common Stock

For the nine months ended September 30, 2019, we received proceeds of $5.0 million upon the exercise of stock options which resulted in the issuance of 513,790 shares of common stock. For the nine months ended September 30, 2018, we received proceeds of $6.7 million upon the exercise of stock options and warrants which resulted in the issuance of 763,575 shares of common stock.

Warrants

In connection with the April 2018 amendment to the CRG Loan, we issued warrants to purchase up to 200,000 shares of our common stock with an exercise price of $23.00 per share and total fair value of $1.4 million. The warrants have a five-year term and remain outstanding as of September 30, 2019.

In September 2018, other warrant holders with a right to purchase 57,487 shares of our common stock exercised their warrants. In conjunction with this cashless exercise, we issued 34,509 shares of our common stock. As of September 30, 2019, 43,115 of these warrants remain outstanding. The warrants are exercisable through May 18, 2023.

Interim Condensed Consolidated Statements of Shareholders’ Deficit

The changes in interim balances of the components of our shareholders’ deficit are as follows:


					Additional
		Common			Paid-In			Accumulated
		Stock			Capital			Deficit			Total
			(In thousands)
Balance January 1, 2019		$	490		$	549,479		$	(650,125)		$	(100,156)
Exercise of stock options			—			108			—			108
Stock-based compensation expense			—			3,374			—			3,374
Net loss			—			—			(24,345)			(24,345)
Balance March 31, 2019			490			552,961			(674,470)			(121,019)
Exercise of stock options			2			1,598			—			1,600
Stock-based compensation expense			—			3,598			—			3,598
Net loss			—			—			(14,453)			(14,453)
Balance June 30, 2019			492			558,157			(688,923)			(130,274)
Exercise of stock options			3			3,323			—			3,326
Stock-based compensation expense			—			3,496			—			3,496
Net loss			—			—			(16,463)			(16,463)
Balance September 30, 2019		$	495		$	564,976		$	(705,386)		$	(139,915)


					Additional
		Common			Paid-In			Accumulated
		Stock			Capital			Deficit			Total
			(In thousands)
Balance January 1, 2018		$	482		$	520,072		$	(523,368)		$	(2,814)
Exercise of stock options			1			686			—			687
Stock-based compensation expense			—			2,966			—			2,966
Net loss			—			—			(30,054)			(30,054)
Balance March 31, 2018			483			523,724			(553,422)			(29,215)
Warrants issued			—			1,424			—			1,424
Exercise of stock options			2			2,188			—			2,190
Stock-based compensation expense			—			3,000			—			3,000
Net loss			—			—			(33,697)			(33,697)
Balance June 30, 2018			485			530,336			(587,119)			(56,298)
Exercise of stock options			5			3,839			—			3,844
Stock-based compensation expense			—			2,929			—			2,929
Net loss			—			—			(39,472)			(39,472)
Balance September 30, 2018		$	490		$	537,104		$	(626,591)		$	(88,997)