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Stockholders' Equity | 12 Months Ended
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Dec. 31, 2017
Equity [Abstract] |
Stockholders' Equity | Stockholders' Equity Reverse Stock Split On July 28, 2016, the Company implemented the Reverse Stock Split, as authorized at the annual meeting of stockholders on June 22, 2016 and unanimously approved by the Company’s board of directors on July 22, 2016. The Reverse Stock Split became effective on July 27, 2016 at 5:00pm and the common stock of the Company began trading on The Nasdaq Capital Market on a post-split basis at the open of business on July 28, 2016. As of July 28, 2016, every ten shares of the Company’s issued and outstanding common stock were combined into one share of its common stock, except to the extent that the Reverse Stock Split resulted in any of the Company’s stockholders owning a fractional share, which was rounded up to the next highest whole share. In connection with the Reverse Stock Split, there was no change in the nominal par value per share of $0.001. All share and per share amounts of common stock, options and warrants in the accompanying financial statements have been restated for all periods presented to give retroactive effect to the Reverse Stock Split. Accordingly, the consolidated statements of equity reflect the impact of the Reverse Stock Split by reclassifying from “common stock” to “Additional paid-in capital” in an amount equal to the par value of the decreased shares resulting from the Reverse Stock Split. Equity Plans The Company's 2015 Equity Compensation Plan (the "2015 Equity Plan") was adopted by the stockholders of the Company on July 14, 2015, with 440,000 shares initially reserved for future awards under the 2015 Equity Plan (as adjusted in the manner described below, the “Share Reserve”). These shares will be available for issuance pursuant to non-qualified stock options, incentive stock options, stock appreciation rights, restricted stock, restricted stock units, unrestricted shares, deferred share units, or other kinds of equity based compensation awards. Concurrent with the adoption of the 2015 Equity Plan, no future awards will occur under the 2009 Amended and Restated Equity Compensation Plan (the “2009 Plan”). The 2015 Equity Plan’s initial reserve of shares will automatically increase for 10 years, on each January 1 st beginning with 2016, by a number of shares equal to the lesser of (i) four percent (4%) of the total number of our shares outstanding on December 31 st of the preceding calendar year, (ii) such lesser number as the 2015 Plan’s administrator may earlier designate in writing, and (iii) 17,600 shares, which equals four percent (4%) of the initial reserve of 440,000 shares. In addition, the Share Reserve will include shares that are currently subject to awards under our 2009 Equity Plan but that are not issued due to their forfeiture, cancellation, or other settlement. The 2009 Equity Plan was originally adopted by the stockholders of the Company on May 8, 2009. On October 29, 2009, the stockholders of the Company approved an amendment to the 2009 Equity Plan to increase the number of shares of common stock available for issuance thereunder from 38,000 to 97,500. At the 2010 Annual Meeting of Stockholders of the Company held on June 2, 2010, the stockholders approved an amendment to increase this number to 137,500. At a Special Meeting of Stockholders of the Company held on January 18, 2011, the stockholders approved an amendment to increase this number to 177,500. At the 2011 Annual Meeting of Stockholders of the Company held on October 14, 2011, the stockholders approved an amendment to increase this number to 237,500. At the 2012 Annual Meeting of Stockholders of the Company held on October 5, 2012, the stockholders approved an amendment to (i) merge the 57,000 shares reserved for issuance under the Company's 2009 Non-U.S. Based Equity Compensation Plan (the "Non-U.S. Plan") with and into the 2009 Equity Plan, and (ii) increase by 45,000 the aggregate number of shares authorized for issuance under the 2009 Equity Plan (the “2009 Amended & Restated Equity Plan”). At the Company's 2013 Annual Meeting held October 3, 2013, the Company's stockholders approved an amendment to the 2009 Amended & Restated Equity Plan to increase the number of shares authorized for issuance to 599,500. At the Company's 2014 Annual Meeting held October 6, 2014, the Company's stockholders approved an amendment to the 2009 Amended & Restated Equity Plan to increase the number of shares authorized for issuance to 899,500. The Company's 2003 Equity Participation Plan (the “2003 Equity Plan”) expired in 2013 and accordingly, equity awards under the 2003 Equity Plan can no longer be issued. The Company's 2009 Equity Compensation Plan (the “2009 Equity Plan”) makes up to 899,500 shares of common stock of the Company (as of December 31, 2017) available for issuance to employees, consultants, advisors and directors of the Company and its subsidiaries pursuant to incentive or non-statutory stock options, restricted and unrestricted stock awards and stock appreciation rights. All stock options under the 2003 Equity Plan and 2009 Equity Plan were granted and the 2015 Equity Plan are granted at the fair market value of the common stock at the grant date. Stock options vest either on the date of grant, ratably over a period determined at time of grant, or upon the accomplishment of specified business milestones, and generally expire 2, 3, or 10 years from the grant date depending on the status of the recipient as a consultant, employee or director of the Company. The number of remaining shares authorized to be issued under the various equity plans are as follows as of December 31, 2017:
| 2003 Equity Plan |  | 2009 Equity Plan |  | 2015 Equity Plan
Shares Authorized for Issuance | 25,000 |  |  | 899,500 |  |  | 440,000 |
2016 Evergreen increase of shares | — |  |  | — |  |  | 226,932 |
2017 Evergreen increase of shares |  |  |  |  | 328,232 |
Outstanding Stock Options | (5,006 | ) |  | (432,916 | ) |  | (634,577 | )
Exercised Stock Options | (925 | ) |  | (8,093 | ) |  | (3,835 | )
Restricted stock or equity grants issued under Equity Plans | (8,922 | ) |  | (156,467 | ) |  | — |
Shares Expired | (10,147 | ) |  | (302,024 | ) |  | (314,254 | )
Total common shares remaining to be issued under the Equity Plans | — |  |  | — |  |  | 42,498 |
The Company adopted an employee stock purchase plan effective January 1, 2013, and authorized 50,000 shares under the plan (the "2012 ESPP"). The plan has two six-month offering periods per year under which eligible employees may contribute up to 15% of their compensation toward the purchase of the Company's common stock per offering period (with a $25,000 cap per calendar year). The employee's purchase price is equal to (i) 85% of the closing price of a share of the Company's common stock on the enrollment date of such offering period or (ii) 85% of the closing price of a share of the Company's common stock on the Exercise Date of such Offering Period, whichever is lower. On May 16, 2017, the Company's stockholders approved an amendment and restatement to the 2012 ESPP (the "2017 ESPP") in order to effect an increase of authorized shares from 50,000 to 100,000. During the year ended December 31, 2017, 21,924 shares were issued under the 2017 ESPP. At December 31, 2017, the Company had 32,530 shares of the Company's common stock available for future grant in connection with this plan. Equity Issuances March 2016 Private Placement On March 10, 2016, the Company entered into a securities purchase agreement with certain investors, pursuant to which the Company issued and sold in a private placement an aggregate of 141,844 shares of common stock and two-year warrants to purchase up to an aggregate of 141,844 shares of the Company's common stock, at an exercise price of $10.00 per share. The unit purchase price for a share of the Company's common stock and warrant to purchase one share of the Company's common stock was $7.05 per unit, with $1.0 million of gross proceeds received by the Company. On April 8, 2016, the Company filed a registration statement on Form S-3 to register the shares of common stock and the shares of common stock issuable upon exercise of the warrants acquired in the private placement, which registration statement became effective on June 7, 2016. September 2016 Registered Direct Offering and Concurrent Private Placement On September 14, 2016, the Company entered into a securities purchase agreement (the “RD Purchase Agreement”) with a single institutional investor (the “Purchaser”), pursuant to which the Company issued and sold to the Purchaser, in a registered direct offering, an aggregate of 847,458 shares of the Company’s common stock at a purchase price of $4.72 per share. The gross proceeds to the Company from the registered direct offering of the shares of common stock were $4.0 million. In concurrent private placements, on September 14, 2016, the Company entered into Securities Purchase Agreements (each a “Private Placement Purchase Agreement” and, collectively, the “Private Placement Purchase Agreements”) with certain accredited investors (the “Investors”) with whom it had a substantive, pre-existing relationship, including certain existing stockholders, for the sale by the Company of an aggregate of 4,449,153 shares of common stock, at a purchase price of $4.72 per share. The investments will be placed in two tranches: (i) $12.6 million upon an initial closing (the “Initial Closing”), and (ii) $8.4 million, subject to certain conditions, including the enrollment of 70 subjects in the Company’s Phase 2 CLBS03 clinical trial, in a second closing (the “Second Closing”). As of March 31, 2017, $6.0 million of the Initial Closing tranche had not been received from a single investor, who was in breach of his obligations under the Private Placement Purchase Agreement. This investor had also committed to fund $4.0 million in the Second Closing. As a result, the Company terminated the Private Placement Purchase Agreement with this investor in the first quarter of 2017. In 2017, the Company met the conditions of the Second Closing, and received the remaining $4.4 million in proceeds in accordance with the terms of the Second Closing tranche and issued 932,204 shares of common stock. Aspire Purchase Agreement In November 2015, the Company entered into a common stock purchase agreement (the "Purchase Agreement") with Aspire Capital Fund, LLC, an Illinois limited liability company (“Aspire Capital”), which provided that, subject to certain terms and conditions and Nasdaq rules, Aspire Capital was committed to purchase up to an aggregate of $30 million of shares (limited to a maximum of approximately 1.1 million shares, unless stockholder approval was obtained or certain minimum sale price levels were reached) of the Company's common stock over a 24-month term. The Company issued 319,776 shares of common stock under the Purchase Agreement with Aspire for gross proceeds of $1.5 million, which Purchase Agreement expired in November 2017. Stock Options and Warrants The following table summarizes the activity for stock options and warrants for the year ended December 31, 2017:
| Stock Options |  | Warrants
| Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value (In Thousands) |  | Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value (In Thousands)
Outstanding at December 31, 2016 | 952,790 |  |  | $ | 39.90 |  |  | 7.60 |  | $ | — |  |  | 388,062 |  |  | $ | 76.50 |  |  | 1.24 |  | $ | — |
Changes during the Year: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Granted | 448,057 |  |  | $ | 11.70 |  |  |  |  |  |  | — |  |  | $ | — |  |  |  |  |
Exercised | (3,835 | ) |  | $ | 4.70 |  |  |  |  |  |  | — |  |  | $ | — |  |  |  |  |
Forfeited | (244,413 | ) |  | $ | 18.80 |  |  |  |  |  |  | (1,937 | ) |  | $ | 700.00 |  |  |  |  |
Expired | (80,100 | ) |  | $ | 35.80 |  |  |  |  |  |  | (176,307 | ) |  | $ | 103.90 |  |  |  |  |
Outstanding at December 31, 2017 | 1,072,499 |  |  | $ | 33.50 |  |  | 4.76 |  | $ | 0.1 |  |  | 209,818 |  |  | $ | 53.20 |  |  | 0.95 |  | $ | — |
Vested at December 31, 2017 or expected to vest in the future | 1,072,107 |  |  | $ | 33.5 |  |  | 4.76 |  | $ | 0.1 |  |  | 209,818 |  |  | $ | 53.20 |  |  | 0.95 |  | $ | — |
Exercisable at December 31, 2017 | 1,063,759 |  |  | $ | 32.9 |  |  | 4.77 |  | $ | 0.1 |  |  | 209,818 |  |  | $ | 53.20 |  |  | 0.95 |  | $ | — |
Restricted Stock During the years ended December 31, 2017 and 2016, the Company issued restricted stock for services as follows ($ in thousands, except share data):
|  | 2017 |  | 2016 |
Number of Restricted Stock Issued |  | 181,908 |  |  | 126,849 |  |
Value of Restricted Stock Issued |  | $ | 627.7 |  |  | $ | 698.1 |  |
The weighted average estimated fair value of restricted stock issued for services in the years ended December 31, 2017 and 2016 was $3.45 and $5.50 per share, respectively. The fair value of the restricted stock was determined using the Company’s closing stock price on the date of issuance. The vesting terms of restricted stock issuances are generally between one to four years.

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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/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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