Note 6 — Equity

Common Stock

On August 21, 2015 we filed a universal shelf registration statement with the SEC enabling us to offer and sell from time to time up to $100 million of equity, debt or other types of securities. We also entered into an at-the-market (“ATM”) equity offering sales agreement with Cowen & Company, LLC on August 20, 2015, under which we may offer and sell shares of our common stock having an aggregate value of up to $35 million. We expect to use proceeds from this offering for Gabriel product development and marketing, and general corporate purposes, which may include working capital, capital expenditures, other corporate expenses and acquisitions of complementary products, technologies or businesses.

During the three months ended September 30, 2015, we sold 183,476 shares under the ATM. The average sales price per common share was $4.04 and the aggregate proceeds from the sales totaled $741, during the period. Sales commissions, fees and other costs associated with the ATM totaled $22.

Warrants

During the nine months ended September 30, 2015 we issued warrants (“Advisor Warrants”) for the purchase of 25,000 shares of common stock for $7 per share, which expire in April 2020. The Advisor Warrants were issued for advisory services provided by a third party. Our Advisor Warrants were recorded at fair value on the issuance date and included in Additional Paid in Capital on our Condensed Consolidated Balance Sheet. The Advisor Warrants are exercisable by the holder, in whole or in part, until expiration, and may also be net-share-settled. Terms of the warrant agreement include no registration requirements for the underlying common stock and there are no anti-dilution provisions. The fair value at issuance of the warrants was recorded in Prepaid Expenses and Other Current Assets, and is being amortized over the twelve month life of the service contract, with the expense included in Selling, General and Administrative Expense in our Condensed Consolidated Statements of Operations.

The fair value of the Advisor Warrants at the issuance date of $121 was estimated utilizing the Black-Scholes valuation model with the following assumptions: (i) dividend yield on our common stock of 0 percent, (ii) expected stock price volatility of 87.5 percent, (iii) a risk-free interest rate of 1.33 percent, and (iv) an expected warrant term of 5 years.

Information about warrants outstanding during the nine months ended September 30, 2015 follows:

Original Number of Warrants Issued	Exercise Price per Common Share		Exercisable at December 31, 2014		Became Exercisable		Exercised		Terminated / Cancelled / Expired		Exercisable at September 30, 2015		Expiration Date
2,619,036 (1)	$	3.59		157,467		—		120,161		37,306		—	March 2015
25,000 (2)	$	7.00		—		25,000		—		—		25,000	April 2020
				157,467		25,000		120,161		37,306		25,000

(1)

Referred to as our Series I Warrants.

(2)

Referred to as Advisor Warrants