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Stockholders’ Equity | 3 Months Ended
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Mar. 31, 2021
Equity [Abstract] |
Stockholders’ Equity |
7. | Stockholders’ Equity
Authorized, Issued, and Outstanding Common Stock The Company’s authorized common stock has a par value of $0.001 per share and consists of 100,000,000 shares as of March 31, 2021, and December 31, 2020; 20,625,637 and 19,663,698 shares were issued and outstanding at March 31, 2021, and December 31, 2020, respectively. On July 16, 2020, the Company filed a Certificate of Amendment to its Amended and Restated Certificate of Incorporation (the “Amendment”), which became effective on Friday, July 17, 2020, (a) implementing a 1-for-10 reverse stock split of the Company’s common stock and (b) decreasing the number of authorized shares of the Company’s common stock from 250,000,000 shares to 100,000,000 shares. The following table summarizes common stock share activity for the three months ended March 31, 2021 and 2020 (dollars in thousands):
|  | Three Months Ended March 31, 2021 |
|  | Shares of Common Stock |  |  | Common Stock |  |  | Additional Paid-in Capital |  |  | Accumulated Deficit |  |  | Total Stockholders’ Equity |
Balance, December 31, 2020 |  |  | 19,663,698 |  |  | $ | 20 |  |  | $ | 349,351 |  |  | $ | (326,613 | ) |  | $ | 22,758 |
Net loss |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (4,676 | ) |  |  | (4,676 | )
Stock-based compensation expense |  |  | — |  |  |  | — |  |  |  | 398 |  |  |  | — |  |  |  | 398 |
Common stock issued for conversion of April 2020 Notes |  |  | 959,080 |  |  |  | 1 |  |  |  | 7,452 |  |  |  | — |  |  |  | 7,453 |
Common stock issued through employee stock purchase plan |  |  | 2,184 |  |  |  | — |  |  |  | 6 |  |  |  | — |  |  |  | 6 |
Common stock issued for vested restricted stock units |  |  | 675 |  |  |  | — |  |  |  | (15 | ) |  |  | — |  |  |  | (15 | )
Balance, March 31, 2021 |  |  | 20,625,637 |  |  | $ | 21 |  |  | $ | 357,192 |  |  | $ | (331,289 | ) |  | $ | 25,924 |
|  | Three Months Ended March 31, 2020 |
|  | Shares of Common Stock |  |  | Common Stock |  |  | Additional Paid-in Capital |  |  | Accumulated Deficit |  |  | Total Stockholders’ Equity |
Balance, December 31, 2019 |  |  | 9,741,372 |  |  | $ | 10 |  |  | $ | 284,313 |  |  | $ | (271,428 | ) |  | $ | 12,895 |
Net loss |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (7,002 | ) |  |  | (7,002 | )
Stock-based compensation expense |  |  | — |  |  |  | — |  |  |  | 410 |  |  |  | — |  |  |  | 410 |
Common stock issued through employee stock purchase plan |  |  | 2,215 |  |  |  | — |  |  |  | 18 |  |  |  | — |  |  |  | 18 |
Common stock issued, net of expenses |  |  | 28,527 |  |  |  | — |  |  |  | 207 |  |  |  | — |  |  |  | 207 |
Common stock issued for vested restricted stock units |  |  | 15,490 |  |  |  | — |  |  |  | (73 | ) |  |  | — |  |  |  | (73 | )
Balance, March 31, 2020 |  |  | 9,787,604 |  |  | $ | 10 |  |  | $ | 284,875 |  |  | $ | (278,430 | ) |  | $ | 6,455 |
Shares Reserved for Future Issuance The Company had reserved shares of common stock for future issuance as follows:
|  | March 31, 2021 |  |  | December 31, 2020 |
Outstanding stock options |  |  | 1,371,606 |  |  |  | 830,343 |
Outstanding restricted stock units |  |  | 96,974 |  |  |  | 29,087 |
Warrants to purchase common stock associated with June 2016 Public Offering |  |  | 421,867 |  |  |  | 421,867 |
Warrants to purchase common stock associated with March 2018 Public Offering – Series 2 |  |  | 798,810 |  |  |  | 798,810 |
Warrants to purchase common stock associated with December 2019 Public Offering |  |  | 4,472,205 |  |  |  | 4,472,205 |
Warrants to purchase common stock associated with December 2020 Public Offering - Series 1 |  |  | 6,800,000 |  |  |  | 6,800,000 |
Warrants to purchase common stock associated with December 2020 Public Offering - Series 2 |  |  | 6,800,000 |  |  |  | 6,800,000 |
Prefunded warrants to purchase common stock associated with December 2020 Public Offering |  |  | 5,260,000 |  |  |  | 5,260,000 |
Warrants to purchase common stock associated with Solar loan agreement |  |  | 12,243 |  |  |  | 12,243 |
For possible future issuance for the conversion of the March 2019 Notes |  |  | 1,138,200 |  |  |  | 1,138,200 |
For possible future issuance for the conversion of the April 2020 Notes |  |  | — |  |  |  | 1,299,790 |
For possible future issuance under 2014 Equity Incentive Plan (Note 9) |  |  | 318,097 |  |  |  | 146,488 |
For possible future issuance under Employee Stock Purchase Plan |  |  | 6,652 |  |  |  | 5,895 |
For possible future issuance under 2015 Inducement Award Plan (Note 9) |  |  | 14,050 |  |  |  | 14,050 |
Total common shares reserved for future issuance |  |  | 27,510,704 |  |  |  | 28,028,978 |
Common Stock Purchase Agreement On April 10, 2020, the Company entered into the Common Stock Purchase Agreement with Aspire Capital pursuant to which the Company has the right to sell to Aspire Capital from time to time in its sole discretion up to $20.0 million in shares of the Company’s common stock over the next 30 months, subject to certain limitations and conditions set forth in the Common Stock Purchase Agreement. The aggregate number of shares that we can sell to Aspire Capital under the Common Stock Purchase Agreement may in no case exceed 1,956,547 shares of the Company’s common stock (which is equal to approximately 19.99% of the common stock outstanding on the date of the Common Stock Purchase Agreement), including the 70,910 commitment shares (the Exchange Cap), unless either (a) shareholder approval is obtained to issue more, in which case the Exchange Cap will not apply, or (b) the average purchase price of all shares sold under the Common Stock Purchase Agreement exceeds $8.461; provided that at no time shall Aspire Capital (together with its affiliates) beneficially own more than 19.99% of the Company’s common stock. During the three months ended March 31, 2021 and 2020, the Company did not sell any shares of its common stock under the Common Stock Purchase Agreement. Convertible Debt and Derivative Liabilities In connection with the Company’s issuances of its April 2020 Notes and March 2019 Notes, the Company bifurcated the embedded conversion options, inclusive of the interest make-whole provisions and make-whole fundamental change provisions, and recorded the embedded conversion options as long-term derivative liabilities in the Company’s balance sheet in accordance with ASC 815, Derivatives and Hedging. The convertible debt and derivative liability associated with the March 2019 Notes are presented in total on the accompanying unaudited condensed consolidated balance sheets as the convertible debt and derivative liability. The derivative liability will be remeasured at each reporting period using the binomial lattice model with changes in fair value recorded in the statements of operations in other (income) expense. For the three months ended March 31, 2021 and 2020, the Company recorded a loss of $0.1 million and a gain of $0.7 million, respectively, due to the change in fair value of the derivative liabilities. Warrants Associated with June 2016, March 2018, December 2019, and December 2020 Public Offerings The outstanding warrants associated with the June 2016, March 2018, December 2019, and December 2020 public offerings contain a provision where the warrant holder has the option to receive cash, equal to the Black-Scholes fair value of the remaining unexercised portion of the warrant, as cash settlement in the event that there is a fundamental transaction (contractually defined to include various merger, acquisition or stock transfer activities). Due to this provision, ASC 480, Distinguishing Liabilities from Equity, requires that these warrants be classified as liabilities. The fair values of these warrants have been determined using the Black-Scholes valuation model, and the changes in the fair value are recorded in the accompanying unaudited condensed consolidated statements of operations. During the three months ended March 31, 2021 and 2020, the Company recorded gains of $1.3 million and $4.8 million, respectively, in the warrant liabilities fair value adjustment. As of March 31, 2021 and 2020, the fair value of the warrant liabilities was $49.9 million and $51.2 million, respectively. Warrant Associated with Solar Loan Agreement On the closing date of the Company’s previous loan agreement with Solar, pursuant to the loan agreement the Company issued to Solar the warrant to purchase an aggregate of up to 12,243 shares of the Company’s common stock at an exercise price of $36.754 per share. The warrant will expire five years from the date of the grant. The warrant was classified as equity and recorded at its relative fair value at issuance in the stockholders’ equity section of the balance sheet.

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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