Annual report pursuant to Section 13 and 15(d)

Warrants (Tables)

v3.3.1.900
Warrants (Tables)
12 Months Ended
Dec. 31, 2015
Accounting Policies [Abstract]  
Summary of warrants outstanding

The following is a summary of activity in the number of warrants outstanding to purchase the Company’s common stock for the year ended December 31, 2015 (in thousands):

 

    Warrants accounted for as:     Warrants accounted for as:        
    Equity     Liabilities        
    January 2012 warrants     March 2013 warrants     April 2013 warrants     February 2012 warrants     August 2013 warrants     October 2013 warrants     October 2013 Series A warrants     January 2014 warrants     Total  
                                                       
Outstanding, January 1, 2014     -       -       -       -       -       -       -       -       -  
Warrants acquired in merger with Biozone     650       455       1,864       1,000       10,000       200       7,000       -       21,169  
Warrants issued     -       -       -       -       -       -       -       5,500       5,500  
Outstanding, December 31, 2014     650       455       1,864       1,000       10,000       200       7,000       5,500       26,169  
                                                                         
Warrants exercised     -       -       (364 )     -       (10,000 )     (200 )     (6,325 )     (1,500 )     (18,389 )
Outstanding, December 31, 2015     650       455       1,500       1,000       -       -       675       4,000       8,280  
                                                                         
Expiration date   January 11, 2016     March 1, 2016     April 25, 2018     February 28, 2016     August 26, 2023     October 18, 2018     October 24, 2023     January 16, 2024          

 

Fair value of each option award

The fair value of the warrants classified as liabilities is estimated using the Black-Scholes option-pricing model with the following inputs as of December 31, 2015:

 

    February 2012 warrants     August 2013 warrants     October 2013 warrants     October 2013 warrants     January 2014 warrants  
                               
Strike price   $ 0.60     $ 0.40     $ 0.50     $ 0.50     $ 0.50  
                                         
Expected term (years)     0.2       7.7       2.8       7.8       8.0  
Cumulative volatility %     81 %     101 %     78 %     101 %     100 %
Risk-free rate %     0.49 %     2.18 %     1.26 %     2.14 %     2.15 %