At June 30, 2017, the following warrants were outstanding: | | | Number of
Awards | | | Weighted
Average
Exercise
Price | | | Weighted
Average
Remaining
Term in Years | | | Outstanding at December 31, 2016 | | | 2,852,736 | | | $ | 7.45 | | | | 4.26 | | | Issued | | | 6,666,667 | 1 | | | 1.50 | 2 | | | 4.96 | | | Outstanding at June 30, 2017 | | | 9,519,403 | | | $ | 3.28 | | | | 4.75 | | | 1 | Consists of 6,666,667 warrants to purchase 6,666,667 shares of Common Stock issued in connection with the Company’s public offering on June 14, 2017. | | 2 | Warrant exercise price for a full share of Common Stock.
| All of the warrant agreements provide for a cashless exercise in the event a registration statement covering the issuance of the shares of common stock underlying the warrants is not effective, whereby the number of warrants to be issued will be reduced by the number of shares which could be purchased from the proceeds of the exercise of the respective warrant. The outstanding warrants expire from 2020 through 2025.
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