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Stockholders' Equity/(Deficit) (Tables)
12 Months Ended
Dec. 31, 2018
Federal Home Loan Banks [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, 2018, 2017 and 2016:

 

         2018              2017          2016

Risk-free interest rate

     —          —        1.29 - 2.25%

Expected volatility of common stock

     —          —        80.87 - 82.69%

Dividend yield

     —          —        0%

Expected life of options

     —          —        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, 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  

Granted

     —        $ —    

Exercised

     —        $ —    

Cancelled

     (9,166    $ 36.52  
  

 

 

    

Outstanding at December 31, 2018

     238,651      $ 15.95  
  

 

 

    

Options exercisable at December 31, 2016

     300,751      $ 22.30  
  

 

 

    

Options exercisable at December 31, 2017

     247,817      $ 16.76  
  

 

 

    

Options exercisable at December 31, 2018

     238,651      $ 15.95  
  

 

 

    

 

Stock Options Outstanding

The following table summarizes information about stock options outstanding at December 31, 2018:

 

Stock Options Outstanding  

Range of Exercise Prices

    Number of Shares
Outstanding
    Weighted Average
Remaining Contractual
Life in Years
    Weighted Average Exercise
Price
 
  $26.40 - $26.40       75,158       5.00     $ 26.40  
  $12.48 - $12.84       141,000       6.00     $ 12.48  
  $2.02 - $3.59       22,493       7.65     $ 2.74  

 

 

   

 

 

   

 

 

   

 

 

 
    238,651       5.84     $ 15.95  
 

 

 

   

 

 

   

 

 

 

Estimated Fair Value of Restricted Stock Award

 A summary of the status of the restricted stock awards as of December 31, 2018 and changes during the year ended December 31, 2018 is presented as follows:

 

     Number of
Shares
     Weighted Average
Grant Date Fair
Value
 

Unvested at December 31, 2017

     132,826      $ 5.90  

Granted

     —        $ —    

Vested

     (91,159    $ 3.55  

Cancelled

     —        $ —    
  

 

 

    

 

 

 

Unvested at December 31, 2018

     41,667      $ 11.04  
  

 

 

    

 

 

 
Summary of Common Stock Warrants Outstanding

The following table summarizes our common stock warrants outstanding at December 31, 2018:

 

Common Stock Warrants

  Exercise Price     Termination Date  
120,000   $ 3.52       10/01/2021  
  65,625   $ 12.00       07/12/2021  
700,000     7.16       11/02/2023  

 

   
885,625    

 

   

 

Summary of Analysis of Activity in CARs Balances

The following is an analysis of activity in the CARs balances as of December 31, 2018:

 

     Number of CARs  
     Key Employee
Plan
     Nonemployee
Director Plan
 

Unvested at December 31, 2017

     229,076        —    

Granted

     406,384        278,000  

Vested

     (249,880      (278,000

Cancelled

     —          —    
  

 

 

    

 

 

 

Unvested at December 31, 2018

     385,580        —