| Summary of Stock Option Activity |
A summary of the Company’s outstanding
stock option activity for the nine months ended September 30, 2017, is as follows:
| |
|
|
|
|
September 30, 2017 |
|
|
|
|
| |
|
Options |
|
|
Weighted-Average
Exercise Price
|
|
|
Weighted-
Average Remaining
Contractual Life
(Years)
|
|
|
Intrinsic
Value
|
|
| As of December 31, 2016 |
|
|
11,446 |
|
|
$ |
367.08 |
|
|
|
8.2 |
|
|
$ |
- |
|
| Granted |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Exercised |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Forfeited |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Expired |
|
|
(47 |
) |
|
|
9,187.80 |
|
|
|
- |
|
|
|
- |
|
| As of September 30, 2017 |
|
|
11,399 |
|
|
$ |
331.92 |
|
|
|
7.3 |
|
|
|
- |
|
| Exercisable as of September 30, 2017 |
|
|
11,025 |
|
|
$ |
405.60 |
|
|
|
7.3 |
|
|
|
- |
|
| Expected to vest as of September 30, 2017 |
|
|
11,399 |
|
|
$ |
331.92 |
|
|
|
7.3 |
|
|
|
- |
|
|
A summary of the Company’s stock
option activity for the years ended December 31, 2016 and 2015 is as follows:
| |
|
|
|
|
December 31, 2016 |
|
|
|
|
| |
|
|
|
|
Weighted-Average |
|
|
Weighted-Average
Remaining
Contractual Life
|
|
|
|
|
| |
|
Options |
|
|
Exercise Price |
|
|
(Years) |
|
|
Intrinsic Value |
|
| Outstanding at December 31, 2015 |
|
|
9,364 |
|
|
$ |
498.60 |
|
|
|
|
|
|
|
|
|
| Granted |
|
|
3,280 |
|
|
$ |
16.44 |
|
|
|
|
|
|
|
|
|
| Exercised |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Forfeited |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Expired |
|
|
(1,198 |
) |
|
$ |
495.96 |
|
|
|
|
|
|
|
|
|
| Outstanding at December 31, 2016 |
|
|
11,446 |
|
|
$ |
367.08 |
|
|
|
8.2 |
|
|
$ |
- |
|
| Exercisable at December 31, 2016 |
|
|
8,996 |
|
|
$ |
507.72 |
|
|
|
7.9 |
|
|
$ |
- |
|
| Vested and expected to vest at December 31, 2016 |
|
|
11,446 |
|
|
$ |
367.08 |
|
|
|
8.7 |
|
|
$ |
- |
|
| |
|
|
|
|
December 31, 2015 |
|
|
|
|
| |
|
|
|
|
Weighted-Average |
|
|
Weighted-Average
Remaining
Contractual Life
|
|
|
Intrinsic |
|
| |
|
Options |
|
|
Exercise Price |
|
|
(Years) |
|
|
Value |
|
| Outstanding at December 31, 2014 |
|
|
7,691 |
|
|
$ |
923.40 |
|
|
|
|
|
|
|
|
|
| Granted |
|
|
9,641 |
|
|
|
158.40 |
|
|
|
|
|
|
|
|
|
| Exercised |
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
| Forfeited |
|
|
(5,871 |
) |
|
|
493.20 |
|
|
|
|
|
|
|
|
|
| Expired |
|
|
(2,097 |
) |
|
|
763.80 |
|
|
|
|
|
|
|
|
|
| Outstanding at December 31, 2015 |
|
|
9,364 |
|
|
$ |
498.60 |
|
|
|
7.7 |
|
|
$ |
- |
|
| Exercisable at December 31, 2015 |
|
|
3,740 |
|
|
$ |
997.20 |
|
|
|
5.5 |
|
|
$ |
- |
|
| Vested and expected to vest at December 31, 2015 |
|
|
9,166 |
|
|
$ |
505.80 |
|
|
|
7.7 |
|
|
$ |
- |
|
|
| Schedule of Black-Scholes-Merton Option Pricing Model |
. The following weighted average assumptions
were used in the calculation to estimate the fair value of options granted to employees during the nine months ended September
30, 2016 (no options were granted for the nine months ended September 30, 2017):
| |
|
Nine Months Ended |
|
| |
|
September 30, 2016 |
|
| Weighted-average risk-free interest rate |
|
|
1.6 |
% |
| Weighted-average expected life (in years) |
|
|
6.3 |
|
| Expected dividend yield |
|
|
- |
% |
| Weighted-average expected volatility |
|
|
65.0 |
% |
|
The following weighted average assumptions
were used in the calculation to estimate the fair value of options granted to employees for the years ended December 31, 2016 and
2015:
| |
|
December 31, |
|
| |
|
2016 |
|
|
2015 |
|
| Weighted-average risk-free interest rate |
|
|
1.63 |
% |
|
|
1.64 |
% |
| Weighted-average expected life (in years) |
|
|
6.30 |
|
|
|
6.30 |
|
| Expected dividend yield |
|
|
0 |
% |
|
|
0 |
% |
| Weighted-average expected volatility |
|
|
66 |
% |
|
|
48 |
% |
|
| Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs |
Total stock-based compensation expense
included in the condensed consolidated statements of operations is allocated as follows (in thousands):
| |
|
Three Months Ended September 30, |
|
|
Nine Months Ended
September 30,
|
|
| |
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
| Cost of revenue |
|
$ |
- |
|
|
$ |
6 |
|
|
$ |
10 |
|
|
$ |
13 |
|
| Research and development |
|
|
11 |
|
|
|
18 |
|
|
|
61 |
|
|
|
71 |
|
| General and administrative |
|
|
23 |
|
|
|
20 |
|
|
|
69 |
|
|
|
95 |
|
| Selling and marketing |
|
|
20 |
|
|
|
1 |
|
|
|
33 |
|
|
|
18 |
|
| Capitalized into inventory |
|
|
- |
|
|
|
11 |
|
|
|
- |
|
|
|
14 |
|
| |
|
$ |
54 |
|
|
$ |
56 |
|
|
$ |
173 |
|
|
$ |
211 |
|
|
Total stock-based compensation expense
included in the consolidated statements of operations was allocated as follows (in thousands):
| |
|
As of December 31, |
|
| |
|
2016 |
|
|
2015 |
|
| Cost of revenue |
|
$ |
17 |
|
|
$ |
50 |
|
| Research and development |
|
|
104 |
|
|
|
177 |
|
| General and administrative |
|
|
132 |
|
|
|
514 |
|
| Selling and marketing |
|
|
17 |
|
|
|
170 |
|
| Capitalized into inventory |
|
|
3 |
|
|
|
75 |
|
| |
|
$ |
273 |
|
|
$ |
986 |
|
|
| Schedule of Unrecognized Compensation Cost, Nonvested Awards |
Unrecognized stock-based compensation
as of September 30, 2017 is as follows (in thousands):
| |
|
|
|
|
Weighted Average |
|
| |
|
Unrecognized Stock-Based |
|
|
Remaining
of Recognition
|
|
| |
|
Compensation |
|
|
(in years) |
|
| Stock options |
|
$ |
88 |
|
|
|
0.65 |
|
|
Unrecognized stock-based compensation
at December 31, 2016 and 2015 were as follows (in thousands):
| |
|
As of December 31, 2016 |
|
| |
|
|
|
|
Weighted |
|
| |
|
|
|
|
Average |
|
| |
|
|
|
|
Remaining |
|
| |
|
Unrecognized
Stock-Based
|
|
|
Period
of Recognition
|
|
| |
|
Compensation |
|
|
(in years) |
|
| Stock options |
|
$ |
256 |
|
|
|
1.13 |
|
| |
|
|
|
|
|
|
|
|
| |
|
As of December 31, 2015 |
|
| |
|
|
|
|
Weighted |
|
| |
|
|
|
|
Average |
|
| |
|
|
|
|
Remaining |
|
| |
|
Unrecognized
Stock-Based
|
|
|
Period
of Recognition
|
|
| |
|
Compensation |
|
|
(in years) |
|
| Stock options |
|
$ |
484 |
|
|
|
1.9 |
|
|