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Stockholders' Equity/(Deficit) (Tables)
12 Months Ended
Dec. 31, 2017
Equity [Abstract]  
Summary of Preferred Stock Allocated to Investors

The Purchase Agreement provides for the Company to issue and sell to the Investor shares of the Company’s preferred stock in the amounts set forth in the following table (numbers have been adjusted for the February 2016 reverse stock split):

 

Convertible

Preferred Stock

   Shares      Price Per Share      Total
Investment
 

Series AA-1

     8,427,004    $ 12.00      $ 101,124,048

Series AA-2

     7,223,145    $ 6.00        43,338,870
  

 

 

       

 

 

 
     15,650,149       $ 144,462,918
  

 

 

       

 

 

 
Stock Options Valuation Assumptions

The assumptions used in the Black-Scholes model were as follows for stock options granted in the years ended December 31, 2017, 2016 and 2015:

 

     2017    2016   2015

Risk-free interest rate

   —      1.29 - 2.25%   1.78 - 2.00%

Expected volatility of common stock

   —      80.87 - 82.69%   64.47 - 65.95%

Dividend yield

   —      0%   0%

Expected life of options

   —      8.2 years   6.1 - 8.2 years
Summary of Stock Option Activity

Additional information with respect to both plans stock option activity is as follows:

 

     Number of
Shares
     Weighted Average
Exercise Price
 

Outstanding at December 31, 2014

     307,791      $ 32.04  

Granted

     137,667      $ 12.48  

Exercised

     —        $ —    

Cancelled

     (70,174    $ 32.88  
  

 

 

    

Outstanding at December 31, 2015

     375,283      $ 32.04  

Granted

     22,493      $ 2.74  

Exercised

     —        $ —    

Cancelled

     (65,361    $ 32.82  
  

 

 

    

Outstanding at December 31, 2016

     332,415      $ 21.55  

Granted

     —        $ —    

Exercised

     —        $ —    

Cancelled

     (84,598    $ 35.59  
  

 

 

    

Outstanding at December 31, 2017

     247,817      $ 16.76  
  

 

 

    

Options exercisable at December 31, 2015

     275,735      $ 27.48  
  

 

 

    

Options exercisable at December 31, 2016

     300,751      $ 22.30  
  

 

 

    

Options exercisable at December 31, 2017

     247,817      $ 16.76  
  

 

 

    
Stock Options Outstanding

The following table summarizes information about stock options outstanding at December 31, 2017:

Stock Options Outstanding

 

Range of Exercise Prices

   Number of Shares
Outstanding
     Weighted Average
Remaining Contractual
Life in Years
     Weighted Average Exercise
Price
 

$2.02 - $12.84

     164,326        7.23      $ 11.16  

$26.40 - $39.00

     83,491        5.47      $ 27.66  
  

 

 

    

 

 

    

 

 

 
     247,817        6.64      $ 16.72  
  

 

 

    

 

 

    

 

 

 
Estimated Fair Value of Restricted Stock Award

A summary of the status of the restricted stock awards as of December 31, 2017 and changes during the year ended December 31, 2017 is presented as follows:

 

     Number of
Shares
     Weighted Average
Grant Date Fair
Value
 

Unvested at December 31, 2016

     238,921      $ 5.41  

Granted

     —        $ —    

Vested

     (106,095    $ 4.81  

Cancelled

     —        $ —    
  

 

 

    

 

 

 

Unvested at December 31, 2017

     132,826      $ 5.90  
  

 

 

    

 

 

 
Summary of Common Stock Warrants Outstanding

The following table summarizes our common stock warrants outstanding at December 31, 2017:

 

Common Stock
Warrants
     Exercise Price      Termination Date  
  120,000      $ 3.52        10/01/2021  

 

 

    

 

 

    

 

 

 
Summary of Analysis of Activity in CARs Balances

The following is an analysis of activity in the CARs balances as of December 31, 2017:

 

     Number of CARs  
     Key Employee
Plan
     Nonemployee
Director Plan
 

Unvested at December 31, 2016

     —          —    

Granted

     343,616        222,000  

Vested

     —          (222,000

Cancelled

     —          —    
  

 

 

    

 

 

 

Unvested at December 31, 2017

     343,616        —