Quarterly report pursuant to Section 13 or 15(d)

Capitalization and Equity Structure (Tables)

v3.20.2
Capitalization and Equity Structure (Tables)
6 Months Ended
Jun. 30, 2020
Stockholders' Equity Note [Abstract]  
Schedule of Warrant Share Activity
Warrant shares outstanding as of December 31, 2019 and June 30, 2020 were as follows:  
Source Exercise
Price
Term
(Years)
December 31, 2019 Issued Exercised Expired June 30, 2020
June 2020 Investor Warrants $ 5.18    5.5 —    874    —    —    874   
June 2020 Placement Agent Warrants $ 5.64    5 —    122    —    —    122   
December 2019 Warrants $ 8.10    5 556    —    —    —    556   
December 2019 Placement Agent Warrants $ 8.44    5 52    —    —    —    52   
May 2019 Warrants $ 3.52    5 444    —    (223)   —    221   
2017 Information Agent Warrants $ 22.50    3 13    —    —    —    13   
2015 Warrants $ 41.25    5 107    —    —    —    107   
Pre-2014 warrants $ 144.90   
9-10
  —    —    (6)   —   
  1,178    996    (223)   (6)   1,945   
Schedule of Assumption Used in Valuation The following assumptions were used in the Black-Scholes Model to measure the fair value of the June 2020 Investor Warrants:
June 30, 2020 June 10, 2020
Current share price $ 8.40    $ 3.81   
Conversion price $ 5.18    $ 5.18   
Risk-free interest rate 0.33  % 0.39  %
Expected term (years) 5.45 5.5
Volatility of stock 103.71  % 96.4  %
The following assumptions were used in the Black-Scholes Model to measure the fair value of the June 2020 Placement Agent Warrants:
June 30, 2020 June 10, 2020
Current share price $ 8.40    $ 3.81   
Conversion price $ 5.64    $ 5.64   
Risk-free interest rate 0.29  % 0.33  %
Expected term (years) 4.95 5
Volatility of stock 105.09  % 96.3  %
The following assumptions were used in the Black-Scholes Model to measure the fair value of the December 2019 Warrants:
June 30, 2020 December 31, 2019
Current share price $ 8.40    $ 5.86   
Conversion price $ 8.10    $ 8.10   
Risk-free interest rate 0.29  % 1.73  %
Expected term (years) 4.97 5.5
Volatility of stock 104.9  % 95.7  %
The following assumptions were used in the Black-Scholes Model to measure the fair value of the December 2019 Placement Agent Warrants:
June 30, 2020 December 31, 2019
Current share price $ 8.40    $ 5.86   
Conversion price $ 8.44    $ 8.44   
Risk-free interest rate 0.26  % 1.69  %
Expected term (years) 4.47 5.0
Volatility of stock 108.17  % 93.1  %
The following assumptions were used in a combination of the Black-Scholes Model and the Lattice Model to measure the fair value of the May 2019 Warrants:
June 30, 2020 December 31, 2019
Current share price $ 8.40    $ 5.86   
Conversion price $ 3.52    $ 5.70   
Risk-free interest rate 0.23  % 1.67  %
Expected term (years) 3.9 4.4
Volatility of stock 110.9  % 93.9  %
The following assumptions were used in the Black-Scholes Option Pricing Model to measure the fair value of the 2015 Warrants as of:
June 30, 2020 December 31, 2019
Current share price $ 8.40    $ 5.86   
Conversion price $ 41.25    $ 41.25   
Risk-free interest rate 0.18  % 1.59  %
Expected term (years) 0.50 0.99
Volatility of stock 111.94  % 98.46  %