| Warrants |
12. Warrants
The following table summarizes the Company’s outstanding warrants to purchase common stock as of March 31, 2019 and December 31, 2018:
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Number of Warrants:
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Warrant Issuance
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March 31, 2019
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December 31, 2018
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Exercise Price
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Expiration Date
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Liability-classified Warrants
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January 2014 Investor Warrants
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-
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39,683
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$
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153.60
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Jan. 2019
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November 2015 Investor Warrants
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104,168
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104,168
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$
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63.60
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May 2021
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November 2015 Placement Agent Warrants
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279
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279
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$
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63.60
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Nov. 2020
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March 2016 Investor Warrants
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50,651
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50,651
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$
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50.40
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Sept. 2021
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September 2016 Investor Warrants
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67,084
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67,084
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$
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36.00
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Mar. 2022
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June 2017 Investor Warrants
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126,264
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126,264
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$
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48.00
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Dec. 2022
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June 2017 Placement Agent Warrants
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15,153
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15,153
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$
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49.50
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Jun. 2022
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October 2017 Investor Warrants
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136,058
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136,058
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$
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34.20
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Apr. 2023
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October 2017 Placement Agent Warrants
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16,327
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16,327
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$
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36.72
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Oct. 2022
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Total liability classified warrants
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515,984
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555,667
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Equity-classified Warrants
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October 2018 Investor Warrants
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480,771
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480,771
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$
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20.04
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Apr. 2024
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October 2018 Placement Agent Warrants
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28,848
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28,848
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$
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19.50
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Oct. 2023
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January 2019 Investor Warrants
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895,886
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-
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$
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9.60
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Jan. 2024
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Total equity-classified warrants
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1,405,505
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509,619
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Total outstanding warrants
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1,921,489
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1,065,286
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The following table summarizes the Company’s warrant activity for the three months ended March 31, 2019:
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Number of Warrants
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Liability-classified
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Equity- classified
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Total
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Weighted average exercise price
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Balance, January 1, 2019
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555,667
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509,619
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1,065,286
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$
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37.52
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Issued during the period
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895,886
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895,886
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$
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9.60
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Exercised during the period
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-
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-
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-
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$
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-
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Expired during the period
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(39,683)
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-
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(39,683)
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$
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153.60
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Balance, March 31, 2019
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515,984
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1,405,505
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1,921,489
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$
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22.10
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At March 31, 2019, the weighted average remaining contractual life of the outstanding warrants was 4.4 years.
The following table summarizes the fair value of the liability-classified warrants as of the respective balance sheet dates:
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Fair Value as of:
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Warrant Issuance:
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March 31, 2019
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December 31, 2018
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November 2015 Investor Warrants
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37,834
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234,918
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November 2015 Placement Agent Warrants
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55
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435
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March 2016 Investor Warrants
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45,300
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160,099
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September 2016 Investor Warrants
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115,965
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333,834
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June 2017 Investor Warrants
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234,933
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623,324
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June 2017 Placement Agent Warrants
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23,238
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65,149
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October 2017 Investor Warrants
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305,050
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801,551
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October 2017 Placement Agent Warrants
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31,840
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88,276
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Total:
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$
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794,215
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$
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2,307,586
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The assumptions used in calculating the fair values of the liability-classified warrants are as follows:
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March 31, 2019
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December 31, 2018
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Trading market prices
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$
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6.12
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$
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11.16
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Estimated future volatility
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103
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%
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105
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%
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Dividend
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-
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-
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Estimated future risk-free rate
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2.09-2.20
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%
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2.35-2.53
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%
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Equivalent volatility
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91-101
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%
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99-104
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%
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Equivalent risk-free rate
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2.31-2.40
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%
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2.51-2.55
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%
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Fundamental transaction likelihood, at end of warrant term
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5
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%
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5
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%
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Changes in the fair value of the warrant liabilities, carried at fair value, reported as “unrealized gain on fair value of warrants” in the statement of operations:
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For the Three Months Ended March 31,
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2019
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2018
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Expired Warrants
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$
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-
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$
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64,281
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November 2015 Investor Warrants
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197,084
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640,954
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November 2015 Placement Agent Warrants
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380
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1,578
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March 2016 Investor Warrants
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114,799
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327,454
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September 2016 Investor Warrants
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217,869
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434,375
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June 2017 Investor Warrants
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388,391
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823,171
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June 2017 Placement Agent Warrants
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41,911
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97,309
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October 2017 Investor Warrants
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496,501
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872,346
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October 2017 Placement Agent Warrants
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56,436
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105,028
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Total:
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$
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1,513,371
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$
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3,366,496
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