22241
112600000
25000000
17400000
7500000
7500000
P2Y180D
0.0999
P180D
P180D
P180D
4665000
385000
1166250
6679378
3.08
2.06
2.50
P5Y
P3Y58D
2638702
1.92
0.03
50000
100000
345685
35370
198806
P10Y
13188226
12518054
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: top;"> <td style="width: 45pt;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:left;"><div style="display: inline; font-weight: bold;">Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div></div><div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div></div><div style="display: inline; font-weight: bold;">.</div></div></div> </td> <td> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:left;"><div style="display: inline; font-weight: bold;">Earn-out Milestone Liability</div></div> </td> </tr> </table> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The total aggregate purchase price for the EGEN Acquisition included potential future Earn-out Payments contingent upon achievement of certain milestones. The difference between the aggregate <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$30.4</div> million in future Earn-out Payments <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">and the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$13.9</div> million included in the fair value of the acquisition consideration at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 20, 2014 </div>was based on the Company's risk-adjusted assessment of each milestone (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10%</div> to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">67%</div>) and utilizing a discount rate based on the estimated time to achieve the milestone (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.5</div> to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.5</div> years). The earn-out milestone liability will be fair valued at the end of each quarter and any change in their value will be recognized in the condensed consolidated financial statements.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">As of <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2017, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016, </div>the Company fair valued these milestones at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$12.5</div> million, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$13.8</div> million and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$13.2</div> million, respectively, and recognized a non-cash benefit of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,246,151</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$670,172</div> during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2017 </div>as a result of the change in the fair value of these milestones from the beginning of each period respectively.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">As of <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2016, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2016 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2015, </div>the Company fair valued these milestones at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$14.5</div> million, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$13.8</div> million and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$13.9</div> million, respectively, and recognized a non-cash charge of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$662,410</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$556,382</div> during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> month periods ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2016, </div>respectively, as a result of the change in the fair value of these milestones from the beginning of each period respectively.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">following is a summary of the changes in the earn-out milestone liability for <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017:</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div> <table border="0" cellpadding="0" cellspacing="0" style="margin-right: 5%; font-size: 10pt; font-family: Times New Roman,Times,serif; text-indent: 0px; margin-left: 18pt; min-width: 700px;"> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 84%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Balance at January 1, 2017</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 13%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,188,226</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Non-cash <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">benefit from the adjustment for the change in fair value included in net loss</div></div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 13%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,246,151</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Balance at <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">September 30, 2017</div></div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 13%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12,518,054</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> </tr> </table> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; font-weight: bold;"> </div><div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"> </div></div> <div style=" font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">The following is a schedule of the Company<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">’s risk-adjustment assessment of each milestone:</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"> <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"> </div></div> <div> <table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: Times New Roman,Times,serif; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 43%; border-bottom: thin solid rgb(0, 0, 0);"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-align: center;"><div style="display: inline; font-weight: bold;">Date</div></div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;"> </td> <td colspan="4" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1103%;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:6.6pt;margin-top:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Risk-adjustment Assessment</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:6.6pt;margin-top:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">of each Milestone</div></div></div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; width: 1%; border-bottom: thin solid rgb(0, 0, 0);"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%; border-bottom: thin solid rgb(0, 0, 0);"> </td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:1.8pt;margin-top:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Discount</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:1.8pt;margin-top:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">Rate</div></div></div></div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; width: 1%; border-bottom: thin solid rgb(0, 0, 0);"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%; border-bottom: thin solid rgb(0, 0, 0);"> </td> <td colspan="4" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1103%;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:3.8pt;margin-top:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Estimated Time</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:3.8pt;margin-top:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">to Achieve</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:3.8pt;margin-top:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">(years)</div></div></div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; width: 1%;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 43%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 10%;"> </td> <td style="width: 3%;"> </td> <td style="width: 10%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 6%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 10%;"> </td> <td style="width: 3%;"> </td> <td style="width: 6%;"> </td> <td style="width: 1%;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 43%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">September <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">30, 2017</div></div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 10%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">35%</div></td> <td nowrap="nowrap" style="width: 3%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; text-align: center;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">to</div></td> <td style="width: 10%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">80%</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 6%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">%</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 10%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.25</div></td> <td nowrap="nowrap" style="width: 3%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; text-align: center;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">to</div></td> <td style="width: 6%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.75</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 43%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">June 30, 2017</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 10%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">50%</div></td> <td nowrap="nowrap" style="width: 3%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; text-align: center;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">to</div></td> <td style="width: 10%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">80%</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 6%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">%</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 10%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.50</div></td> <td nowrap="nowrap" style="width: 3%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; text-align: center;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">to</div></td> <td style="width: 6%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.00</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 43%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">December 31, 2016</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 10%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">50%</div></td> <td nowrap="nowrap" style="width: 3%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; text-align: center;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">to</div></td> <td style="width: 10%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">80%</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 6%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">%</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 10%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.00</div></td> <td nowrap="nowrap" style="width: 3%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; text-align: center;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">to</div></td> <td style="width: 6%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.50</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="width: 43%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 10%;"> </td> <td style="width: 3%;"> </td> <td style="width: 10%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 6%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 10%;"> </td> <td style="width: 3%;"> </td> <td style="width: 6%;"> </td> <td style="width: 1%;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 43%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">September 30, <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">2016</div></div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 10%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10%</div></td> <td nowrap="nowrap" style="width: 3%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; text-align: center;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">to</div></td> <td style="width: 10%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">75%</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 6%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">%</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 10%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.50</div></td> <td nowrap="nowrap" style="width: 3%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; text-align: center;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">to</div></td> <td style="width: 6%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.75</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 43%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">June 30, 2016</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 10%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10%</div></td> <td nowrap="nowrap" style="width: 3%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; text-align: center;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">to</div></td> <td style="width: 10%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">75%</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 6%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">%</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 10%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.50</div></td> <td nowrap="nowrap" style="width: 3%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; text-align: center;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">to</div></td> <td style="width: 6%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.00</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 43%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">December 31, 2015</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 10%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10%</div></td> <td nowrap="nowrap" style="width: 3%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; text-align: center;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">to</div></td> <td style="width: 10%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">75%</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 6%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">%</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 10%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.50</div></td> <td nowrap="nowrap" style="width: 3%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; text-align: center;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">to</div></td> <td style="width: 6%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.50</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> </table> </div></div>
P1Y182D
P2Y182D
P1Y91D
P1Y273D
P1Y182D
P2Y
P2Y
P2Y182D
P182D
P1Y273D
P182D
P2Y
P182D
P2Y182D
1246151
670172
662410
556382
-1246151
1246151
-662410
670172
-556382
200000
100000
P5Y120D
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: top;"> <td style="width: 45pt;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:left;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No</div><div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">te <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div></div></div><div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5</div></div><div style="display: inline; font-weight: bold;">.</div></div></div> </td> <td> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:left;"><div style="display: inline; font-weight: bold;">Technology Development and Licensing Agreements</div></div> </td> </tr> </table> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 7, 2012 </div>the Company entered into a long term commercial supply agreement with Zhejiang Hisun Pharmaceutical Co. Ltd. (Hisun) for the production of ThermoDox®<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"> in the China territory. In accordance with the terms of the agreement, Hisun will be responsible for providing all of the technical and regulatory support services, including the costs of all technical transfer, registration and bioequivalence studies, technical transfer costs, Celsion consultative support costs and the purchase of any necessary equipment and additional facility costs necessary to support capacity requirements for the manufacture of ThermoDox®. Celsion will repay Hisun for the aggregate amount of these development costs and fees commencing on the successful completion of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> registration batches of ThermoDox®. Hisun is also obligated to certain performance requirements under the agreement. The agreement will initially be limited to a percentage of the production requirements of ThermoDox® in the China territory with Hisun retaining an option for additional global supply after local regulatory approval in the China territory. In addition, Hisun will collaborate with Celsion around the regulatory approval activities for ThermoDox® with the China State Food and Drug Administration (CHINA FDA). During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> quarter of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015,</div> Hisun completed the successful manufacture of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> registration batches of ThermoDox® and the Company accrued <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$685,787</div> for the aggregate development costs and fees associated with these batches in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 2015. </div>This amount was paid in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 2015.</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"> </div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 18, 2013, </div>we entered into a technology development contract with Hisun, pursuant to which Hisun paid us a non-refundable research and <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">development fee of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$5</div> million to support our development of ThermoDox ® in mainland China, Hong Kong and Macau (the China territory). Following our announcement on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 31, 2013 </div>that the HEAT study failed to meet its primary endpoint, Celsion and Hisun have agreed that the Technology Development Contract entered into on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 18, 2013 </div>will remain in effect while the parties continue to collaborate and are evaluating the next steps in relation to ThermoDox®, which include the sub-group analysis of patients in the Phase III HEAT Study for the hepatocellular carcinoma clinical indication and other activities to further the development of ThermoDox ® for the Greater China market. The <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$5.0</div> million received as a non-refundable payment from Hisun in the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> quarter <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2013</div> has been recorded to deferred revenue and will continue to be amortized over the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div> year term of the agreement, until such time as the parties find a mutually acceptable path forward on the development of ThermoDox® based on findings of the ongoing post-study analysis of the HEAT Study data.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 19, 2013, </div>the Company and Hisun entered into a Memorandum of Understanding to pursue ongoing collaborations for the continued clinical development of ThermoDox®<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"> as well as the technology transfer relating to the commercial manufacture of ThermoDox® for the China territory. This expanded collaboration includes development of the next generation liposomal formulation with the goal of creating safer, more efficacious versions of marketed cancer chemotherapeutics.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div style=" background-color:#FFFFFF;font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Among the key provisions of the Celsion-Hisun Memorandum of Understanding are:</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"> </div></div> <table border="0" cellpadding="0" cellspacing="0" style="; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: top;"> <td style="width: 18pt;"> </td> <td style="width: 18pt;"> <div style=" background-color:#FFFFFF;font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:2.3pt;margin-top:0pt;text-align:justify;"><div style="display: inline; font-weight: bold;">●</div><div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"> </div></div> </td> <td> <div style=" background-color:#FFFFFF;font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:2.25pt;margin-top:0pt;text-align:justify;">Hisun will provide the Company with non-dilutive financing and the investment necessary to complete the technology transfer of its proprietary <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">manufacturing process and the production of registration batches for the China territory;</div></div> </td> </tr> <tr style="vertical-align: top;"> <td style="width: 18pt;"> </td> <td style="width: 18pt;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:1.6pt;margin-top:0pt;text-align:left;"> </div> </td> <td> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:1.55pt;margin-top:0pt;text-align:left;"> </div> </td> </tr> <tr style="vertical-align: top;"> <td style="width: 18pt;"> </td> <td style="width: 18pt;"> <div style=" background-color:#FFFFFF;font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:2.3pt;margin-top:0pt;text-align:justify;"><div style="display: inline; font-weight: bold;">●</div><div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"> </div></div> </td> <td> <div style=" background-color:#FFFFFF;font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:2.25pt;margin-top:0pt;text-align:justify;">Hisun will collaborate with the Company around the clinical and regulatory approval activities for ThermoDox®<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"> as well as other liposomal formations with the CHINA FDA; and</div></div> </td> </tr> <tr style="vertical-align: top;"> <td style="width: 18pt;"> </td> <td style="width: 18pt;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:1.6pt;margin-top:0pt;text-align:left;"> </div> </td> <td> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:1.55pt;margin-top:0pt;text-align:left;"> </div> </td> </tr> <tr style="vertical-align: top;"> <td style="width: 18pt;"> </td> <td style="width: 18pt;"> <div style=" background-color:#FFFFFF;font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:2.3pt;margin-top:0pt;text-align:justify;"><div style="display: inline; font-weight: bold;">●</div><div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"> </div></div> </td> <td> <div style=" background-color:#FFFFFF;font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:2.25pt;margin-top:0pt;text-align:justify;">Hisun will be granted a right of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> offer for a commercial license to ThermoDox®<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"> for the sale and distribution of ThermoDox® in the China territory.</div></div> </td> </tr> </table> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 8, 2016, </div>we signed a Technology Transfer, <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">Manufacturing and Commercial Supply Agreement (“GEN-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> Agreement”) with Hisun to pursue an expanded partnership for the technology transfer relating to the clinical and commercial manufacture and supply of GEN-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,</div> Celsion’s proprietary gene mediated, IL-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12</div> immunotherapy, for the greater China territory, with the option to expand into other countries in the rest of the world after all necessary regulatory approvals are in effect. The GEN-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> Agreement will help to support supply for both ongoing and planned clinical studies in the U.S., and for potential future studies of GEN-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> in China. GEN-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> is currently being evaluated by Celsion in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> line ovarian cancer patients.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:7.5pt;margin-top:0pt;text-align:justify;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:7.5pt;margin-top:0pt;text-align:justify;">Key provisions of the GEN-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> Agreement are as follows:</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:9pt;margin-right:2.5pt;margin-top:0pt;text-align:left;"> </div> <table border="0" cellpadding="0" cellspacing="0" style="; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: top;"> <td style="width: 18pt;"> </td> <td style="width: 18pt;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:2.4pt;margin-top:0pt;text-align:left;"><div style="display: inline; font-weight: bold;">●</div></div> </td> <td> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:4.5pt;margin-top:0pt;text-align:justify;">the GEN-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> Agreement has targete<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">d unit costs for clinical supplies of GEN-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> that are substantially competitive with the Company’s current suppliers;</div></div> </td> </tr> <tr> <td style="width: 18pt;"> </td> <td style="width: 18pt;"> </td> <td> </td> </tr> <tr style="vertical-align: top;"> <td style="width: 18pt;"> </td> <td style="width: 18pt;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:2.4pt;margin-top:0pt;text-align:left;"><div style="display: inline; font-weight: bold;">●</div></div> </td> <td> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:4.5pt;margin-top:0pt;text-align:justify;">once approved, the cost structure for GEN-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> will support rapid market adoption and significant gross margins across global <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">markets;</div></div> </td> </tr> </table> <div style=" margin: 0pt;"> </div> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"></div> <table border="0" cellpadding="0" cellspacing="0" style="; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: top;"> <td style="width: 18pt;"> </td> <td style="width: 18pt;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:2.4pt;margin-top:0pt;text-align:left;"><div style="display: inline; font-weight: bold;">●</div></div> </td> <td> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:4.5pt;margin-top:0pt;text-align:justify;">Celsion will provide Hisun a certain percentage of China<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">’s commercial unit demand, and separately of global commercial unit demand, subject to regulatory approval;</div></div> </td> </tr> <tr style="vertical-align: top;"> <td style="width: 18pt;"> </td> <td style="width: 18pt;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:1.6pt;margin-top:0pt;text-align:left;"> </div> </td> <td> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:1.6pt;margin-top:0pt;text-align:left;"> </div> </td> </tr> <tr style="vertical-align: top;"> <td style="width: 18pt;"> </td> <td style="width: 18pt;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:2.4pt;margin-top:0pt;text-align:left;"><div style="display: inline; font-weight: bold;">●</div></div> </td> <td> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:4.5pt;margin-top:0pt;text-align:justify;">Hisun and Celsion will commence technology transfer <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">activities relating to the manufacture of GEN-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,</div> including all studies required by CFDA for site approval; and</div></div> </td> </tr> <tr style="vertical-align: top;"> <td style="width: 18pt;"> </td> <td style="width: 18pt;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:1.6pt;margin-top:0pt;text-align:left;"> </div> </td> <td> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:1.6pt;margin-top:0pt;text-align:left;"> </div> </td> </tr> <tr style="vertical-align: top;"> <td style="width: 18pt;"> </td> <td style="width: 18pt;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:2.4pt;margin-top:0pt;text-align:left;"><div style="display: inline; font-weight: bold;">●</div></div> </td> <td> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:4.5pt;margin-top:0pt;text-align:justify;">Hisun will collaborate with Celsion around the regulatory approval activities for GEN-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> with the CFDA. A local China partner affords <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">Celsion access to accelerated CFDA review and potential regulatory exclusivity for the approved indication.</div></div> </td> </tr> </table></div>
0.035
0.0999
P180D
P120D
6208386
1353312
0.5
23200
20500
18900
23600000
6600000
4243500
4925886
50000
100000
0.1
0.67
0.35
0.8
0.5
0.8
0.5
0.8
0.1
0.75
0.1
0.75
0.1
0.75
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="margin-right: 5%; font-size: 10pt; font-family: Times New Roman,Times,serif; text-indent: 0px; margin-left: 18pt; min-; min-width: 700px;"> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 84%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Balance at January 1, 2017</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 13%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,188,226</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Non-cash <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">benefit from the adjustment for the change in fair value included in net loss</div></div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 13%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,246,151</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Balance at <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">September 30, 2017</div></div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 13%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12,518,054</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: Times New Roman,Times,serif; text-indent: 0px; min-; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 43%; border-bottom: thin solid rgb(0, 0, 0);"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-align: center;"><div style="display: inline; font-weight: bold;">Date</div></div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;"> </td> <td colspan="4" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1103%;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:6.6pt;margin-top:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Risk-adjustment Assessment</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:6.6pt;margin-top:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">of each Milestone</div></div></div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; width: 1%; border-bottom: thin solid rgb(0, 0, 0);"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%; border-bottom: thin solid rgb(0, 0, 0);"> </td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:1.8pt;margin-top:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Discount</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:1.8pt;margin-top:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">Rate</div></div></div></div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; width: 1%; border-bottom: thin solid rgb(0, 0, 0);"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%; border-bottom: thin solid rgb(0, 0, 0);"> </td> <td colspan="4" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1103%;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:3.8pt;margin-top:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Estimated Time</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:3.8pt;margin-top:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">to Achieve</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:3.8pt;margin-top:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">(years)</div></div></div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; width: 1%;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 43%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 10%;"> </td> <td style="width: 3%;"> </td> <td style="width: 10%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 6%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 10%;"> </td> <td style="width: 3%;"> </td> <td style="width: 6%;"> </td> <td style="width: 1%;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 43%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">September <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">30, 2017</div></div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 10%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">35%</div></td> <td nowrap="nowrap" style="width: 3%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; text-align: center;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">to</div></td> <td style="width: 10%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">80%</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 6%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">%</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 10%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.25</div></td> <td nowrap="nowrap" style="width: 3%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; text-align: center;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">to</div></td> <td style="width: 6%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.75</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 43%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">June 30, 2017</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 10%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">50%</div></td> <td nowrap="nowrap" style="width: 3%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; text-align: center;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">to</div></td> <td style="width: 10%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">80%</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 6%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">%</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 10%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.50</div></td> <td nowrap="nowrap" style="width: 3%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; text-align: center;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">to</div></td> <td style="width: 6%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.00</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 43%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">December 31, 2016</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 10%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">50%</div></td> <td nowrap="nowrap" style="width: 3%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; text-align: center;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">to</div></td> <td style="width: 10%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">80%</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 6%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">%</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 10%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.00</div></td> <td nowrap="nowrap" style="width: 3%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; text-align: center;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">to</div></td> <td style="width: 6%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.50</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="width: 43%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 10%;"> </td> <td style="width: 3%;"> </td> <td style="width: 10%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 6%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 10%;"> </td> <td style="width: 3%;"> </td> <td style="width: 6%;"> </td> <td style="width: 1%;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 43%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">September 30, <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">2016</div></div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 10%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10%</div></td> <td nowrap="nowrap" style="width: 3%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; text-align: center;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">to</div></td> <td style="width: 10%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">75%</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 6%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">%</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 10%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.50</div></td> <td nowrap="nowrap" style="width: 3%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; text-align: center;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">to</div></td> <td style="width: 6%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.75</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 43%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">June 30, 2016</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 10%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10%</div></td> <td nowrap="nowrap" style="width: 3%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; text-align: center;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">to</div></td> <td style="width: 10%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">75%</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 6%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">%</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 10%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.50</div></td> <td nowrap="nowrap" style="width: 3%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; text-align: center;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">to</div></td> <td style="width: 6%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.00</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 43%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">December 31, 2015</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 10%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10%</div></td> <td nowrap="nowrap" style="width: 3%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; text-align: center;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">to</div></td> <td style="width: 10%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">75%</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 6%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">%</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 10%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.50</div></td> <td nowrap="nowrap" style="width: 3%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; text-align: center;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">to</div></td> <td style="width: 6%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.50</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="margin-right: 5%; font-size: 10pt; font-family: Times New Roman,Times,serif; text-indent: 0px; margin-left: 18pt; min-; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td colspan="6" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin: 0pt; text-align: center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Stock Options</div></div></div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td colspan="6" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin: 0pt; text-align: center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Restricted Stock</div></div></div> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin: 0pt; text-align: center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Awards</div></div></div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:12.95pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Weighted</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:12.95pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Average</div></div></div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 35%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;"><div style="display: inline; font-weight: bold;">Equity Awards</div></div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:10.8pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Options</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:10.8pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Outstanding</div></div></div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:10.8pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Weighted</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:10.8pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Average</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:10.8pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Exercise</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:10.8pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Price</div></div></div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:10.8pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Non-vested</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:10.8pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Restricted</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:10.8pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Stock</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:10.8pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Outstanding</div></div></div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:10.8pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Weighted</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:10.8pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Average</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:10.8pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Grant</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:10.8pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Date</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:10.8pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Fair Value</div></div></div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:12.95pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Contractual</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:12.95pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Terms of</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:12.95pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Equity</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:12.95pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Awards</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:12.95pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">(in years)</div></div></div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; margin-left: 9pt; text-indent: -9pt;">Equity awards outstanding at December 31, 2016</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 10%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">210,023</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 10%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">59.77</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 10%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,785</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 10%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">37.42</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; margin-left: 9pt; text-indent: -9pt;">Equity awards granted</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 10%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">513,464</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 10%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.69</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 10%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(3,357</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin: 0pt 0.8pt 0pt 0pt; text-align: left;">)</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 10%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">42.20</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; margin-left: 9pt; text-indent: -9pt;">Equity awards forfeited, cancelled or expired</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 10%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(43,735</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin: 0pt 6.95pt 0pt 0pt; text-align: left;">)</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 10%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">164.12</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 10%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,428</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin: 0pt 2.4pt 0pt 0pt; text-align: left;">)</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 10%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">26.18</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; margin-left: 9pt; text-indent: -9pt;">Equity awards outstanding at <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">September 30, 2017</div></div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="width: 10%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">679,752</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 10%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9.94</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="width: 10%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">–</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 10%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">–</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 10%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9.40</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; margin-left: 9pt; text-indent: -9pt;">Aggregate intrinsic value of outstanding awards at <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">September 30, 2017</div></div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 10%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">–</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 10%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">–</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; margin-left: 9pt; text-indent: -9pt;">Equity awards exercisable at <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">September 30, 2017</div></div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="width: 10%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">401,920</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 10%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13.83</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 10%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9.13</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; margin-left: 9pt; text-indent: -9pt;">Aggregate intrinsic value of awards exercisable at <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">September 30, 2017</div></div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 10%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">–</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0px" cellpadding="0pt" cellspacing="0pt" style="margin: 0pt 2.5%; font-size: 10pt; text-indent: 0px; min-; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 68%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;"><div style="display: inline; font-weight: bold;">Warrants</div></div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:7.5pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Number of</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:7.5pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Warrants</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:7.5pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Issued</div></div></div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:7.5pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Weighted</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:7.5pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Average</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:7.5pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Exercise Price</div></div></div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; margin-left: 9pt; text-indent: -9pt;">Warrants outstanding at December 31, 2016</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,487,958</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 13%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9.39</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; margin-left: 9pt; text-indent: -9pt;">Warrants issued during the <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">nine months ended September 30, 2017 (see Note 10)</div></div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,679,378</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.08</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; margin-left: 9pt; text-indent: -9pt;">Warrants exercised during the <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">nine months ended September 30, 2017 (see Note 10)</div></div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 13%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(2,638,702</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin: 0pt 2.8pt 0pt 0pt; text-align: left;">)</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.92</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; margin-left: 9pt; text-indent: -9pt;">Warrants outstanding at <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">September 30, 2017</div></div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="width: 13%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,528,634</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 13%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.33</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="padding-left: 9pt; text-indent: -9pt;"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; margin-left: 9pt; text-indent: -9pt;">Aggregate intrinsic value of outstanding warrants at <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">September 30, 2017</div></div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin: 0pt 0.8pt 0pt 0pt; text-align: right;">─</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; margin-left: 9pt; text-indent: -9pt;">Weighted average remaining contractual terms at <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">September 30, 2017 (in years)</div></div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 13%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.16</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> </tr> </table></div>
0.1
75000000
300000
185713
638809
205000
108455
79238
P180D
P180D
P180D
P180D
P5Y182D
P1Y
P5Y182D
P5Y182D
P1Y
P5Y182D
P180D
P5Y
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: top;"> <td style="width: 45pt;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:left;"><div style="display: inline; font-weight: bold;">Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div></div><div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div></div><div style="display: inline; font-weight: bold;">.</div></div></div> </td> <td> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:left;"><div style="display: inline; font-weight: bold;">Warrants</div></div> </td> </tr> </table> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">Common Stock Warrants</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Following is a summary of all warrant activity for the <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2017: </div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div> <table border="0px" cellpadding="0pt" cellspacing="0pt" style="margin: 0pt 2.5%; font-size: 10pt; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 68%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;"><div style="display: inline; font-weight: bold;">Warrants</div></div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:7.5pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Number of</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:7.5pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Warrants</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:7.5pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Issued</div></div></div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:7.5pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Weighted</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:7.5pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Average</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:7.5pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Exercise Price</div></div></div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; margin-left: 9pt; text-indent: -9pt;">Warrants outstanding at December 31, 2016</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,487,958</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 13%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9.39</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; margin-left: 9pt; text-indent: -9pt;">Warrants issued during the <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">nine months ended September 30, 2017 (see Note 10)</div></div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,679,378</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.08</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; margin-left: 9pt; text-indent: -9pt;">Warrants exercised during the <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">nine months ended September 30, 2017 (see Note 10)</div></div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 13%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(2,638,702</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin: 0pt 2.8pt 0pt 0pt; text-align: left;">)</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.92</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; margin-left: 9pt; text-indent: -9pt;">Warrants outstanding at <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">September 30, 2017</div></div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="width: 13%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,528,634</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 13%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.33</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="padding-left: 9pt; text-indent: -9pt;"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; margin-left: 9pt; text-indent: -9pt;">Aggregate intrinsic value of outstanding warrants at <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">September 30, 2017</div></div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin: 0pt 0.8pt 0pt 0pt; text-align: right;">─</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; margin-left: 9pt; text-indent: -9pt;">Weighted average remaining contractual terms at <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">September 30, 2017 (in years)</div></div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 13%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.16</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> </tr> </table> </div></div>
false
--12-31
Q3
2017
2017-09-30
10-Q
0000749647
16062341
Yes
Smaller Reporting Company
Celsion Corp
No
No
clsn
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: top;"> <td style="width: 45pt;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:left;"><div style="display: inline; font-weight: bold;">Note </div><div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8</div></div><div style="display: inline; font-weight: bold;">.</div></div></div> </td> <td> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:left;"><div style="display: inline; font-weight: bold;">Accrued Liabilities</div></div> </td> </tr> </table> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:2.15pt;margin-top:0pt;text-align:left;">Other accrued liabilities at <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016 </div>include the following:</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:2.15pt;margin-top:0pt;text-align:right;"> </div> <div> <table border="0" cellpadding="0" cellspacing="0" style="margin-right: 5%; font-size: 10pt; font-family: Times New Roman,Times,serif; text-indent: 0px; margin-left: 18pt; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:5.75pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">September</div><div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"><div style="display: inline; font-weight: bold;"> </div><div style="display: inline; font-weight: bold;">30, 2017</div></div></div></div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:5.75pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">December 31, 2016</div></div></div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 68%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Amounts due to contract research organizations and other contractual agreements</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 13%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">907,850</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 13%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,115,193</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Accrued payroll and related benefits</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,514,253</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,066,751</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Accrued professional fees</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">248,850</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">259,551</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Accrued interest on notes payable</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">–</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">22,241</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Other</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 13%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20,020</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 13%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20,020</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; margin-left: 18pt;">Total</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 13%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,690,973</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 13%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,483,756</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> </tr> </table> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"></div></div>
2806201
2878978
4008
2690973
2483756
248850
259551
2854122
2513022
262389735
248168421
146896
432573
951488
1331094
0
53220
35370
198806
56829
170487
10870
7565
11500
2500000
26000964
30849691
2774312
4512578
23083790
25874277
1680000
1680000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: top;"> <td style="width: 45pt;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:left;"><div style="display: inline; font-weight: bold;">Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.</div></div></div> </td> <td> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:left;"><div style="display: inline; font-weight: bold;">Basis of Presentation</div></div> </td> </tr> </table> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The accompanying unaudited condensed consolidated financial statements, which include the account<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">s of Celsion Corporation, CLSN Laboratories, Inc. and Celsion GmbH, have been prepared in accordance with generally accepted accounting principles in the United States (GAAP) for interim financial information and with the instructions to Form <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-Q and Article <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div> of Regulation S-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">X.</div> All intercompany balances and transactions have been eliminated. Certain information and disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">In the opinion of management, all adjustments, consisting only of normal recurring accruals considered necessary for a fair presentation, have been included in the accompanying unaudited condensed consolidated financial statements. Oper<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">ating results for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> month periods ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2017 </div>are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> necessarily indicative of the results that <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be expected for any other interim period(s) or for any full year. For further information, refer to the financial statements and notes thereto included in the Company’s Annual Report on Form <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-K for the fiscal year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016 </div>filed with the Securities and Exchange Commission (SEC) on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 24, 2017.</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The preparation of financial statements in conformity with GAAP <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">requires management to make judgments, estimates, and assumptions that affect the amount reported in the Company’s financial statements and accompanying notes. Actual results could differ materially from those estimates. Events and conditions arising subsequent to the most recent balance sheet date have been evaluated for their possible impact on the financial statements and accompanying notes. <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No</div> events and conditions would give rise to any information that required accounting recognition or disclosure in the financial statements other than those arising in the ordinary course of business. </div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">As more fully described in Note <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,</div> the Company effected a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14</div>-for-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> reverse stock split of its common stock on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 26, 2017 </div>which was made effective for trading purposes as of the commencement of trading on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 30, 2017. </div>All prior period shares of common stock have been adjusted to reflect the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14</div>-for-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> reverse stock split.</div></div></div>
47862
44400000
13900000
12500000
13800000
13200000
14500000
13800000
13900000
30400000
12400000
12000000
6000000
30400000
13800000
12500000
12518054
12518054
13188226
13188226
12518054
13188226
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; font-weight: bold;">Note </div><div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7.</div> Acquisition</div><div style="display: inline; font-weight: bold;"> of EGEN Assets</div></div></div> <div style=" font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June</div><div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014,</div> we completed the acquisition of substantially all of the assets of EGEN, Inc., an Alabama corporation, which has changed its company name to EGWU, Inc. after the closing of the acquisition (“EGEN”), pursuant to an asset purchase agreement dated as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014,</div> by and between EGEN and Celsion (the “Asset Purchase Agreement”). We acquired all of EGEN’s right, title and interest in and to substantially all of the assets of EGEN, including cash and cash equivalents, patents, trademarks and other intellectual property rights, clinical data, certain contracts, licenses and permits, equipment, furniture, office equipment, furnishings, supplies and other tangible personal property. In addition, CLSN Laboratories assumed certain specified liabilities of EGEN, including the liabilities arising out of the acquired contracts and other assets relating to periods after the closing date.</div></div> <div style=" font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The total purchase price for the asset acquisition is up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$44.4</div><div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"> million, including potential future earnout payments of up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$30.4</div> million contingent upon achievement of certain earnout milestones set forth in the Asset Purchase Agreement. At the closing, we paid approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3.0</div> million in cash after the expense adjustment and issued <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">193,728</div> shares of our common stock to EGEN. The shares of common stock were issued in a private transaction exempt from registration under the Securities Act, pursuant to Section <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4</div>(<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div>) thereof. In addition, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">47,862</div> shares of common stock were held back by us at the closing and are issuable to EGEN pending satisfactory resolution of any post-closing adjustments for expenses or in relation to EGEN’s indemnification obligations under the Asset Purchase Agreement. These shares were issued on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 16, 2017.</div></div></div> <div style=" font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The earnout payments of up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$30.4</div><div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"> million will become payable, in cash, shares of our common stock or a combination thereof, at our option upon achievement of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> major milestone events as follows:</div></div> <div style=" font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <table border="0" cellpadding="0" cellspacing="0" style="; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: top;"> <td style="width: 18pt;"> </td> <td style="width: 18pt;"> <div style=" margin: 0pt; text-align: justify; font-size: 10pt; font-family: Times New Roman,Times,serif;">●<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"> </div></div> </td> <td> <div style=" margin: 0pt; text-align: justify; font-size: 10pt; font-family: Times New Roman,Times,serif;"><div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$12.4</div> million will become payable upon achieving certain specified development milestones relating to an ovarian cancer study of GEN-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> (formerly known as EGEN-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">001</div>) to be conducted by us or our subsidiary;</div></div> </td> </tr> </table> <div style=" font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <table border="0" cellpadding="0" cellspacing="0" style="; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: top;"> <td style="width: 18pt;"> </td> <td style="width: 18pt;"> <div style=" font-family:Times New Roman, Times, serif;margin-right:0pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;">●</div> </td> <td> <div style=" font-family:Times New Roman, Times, serif;margin-right:0pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;"><div style="display: inline; font-size:10pt;font-family:Times New Roman, Times, serif;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$12.0</div> million will become payable upon achieving certain specified development milestones relating to a GEN-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> glioblastoma multiforme brain cancer study to be conducted by us or our subsidiary; and</div></div> </td> </tr> </table> <div style=" font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <table border="0" cellpadding="0" cellspacing="0" style="; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: top;"> <td style="width: 18pt;"> </td> <td style="width: 18pt;"> <div style=" font-family:Times New Roman, Times, serif;margin-right:0pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;">●</div> </td> <td> <div style=" font-family:Times New Roman, Times, serif;margin-right:0pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;"><div style="display: inline; font-size:10pt;font-family:Times New Roman, Times, serif;">up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$6.0</div> million will become payable upon achieving certain specified milestones relating to the TheraSilence technology acquired from EGEN in the acquisition.</div></div> </td> </tr> </table> <div style=" font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">The following table summarizes the fair values of these assets acquired and liabilities assumed related to the acquisition.</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div> <table border="0" cellpadding="0" cellspacing="0" style="margin-right: 5%; font-size: 10pt; font-family: Times New Roman,Times,serif; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 84%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Property and equipment, net</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 13%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">35,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">In-process research and development</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">24,211,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Other <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">intangible assets (Covenant not to compete)</div></div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,591,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Goodwill</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 13%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,976,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Total assets</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">27,813,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Accounts payable and accrued liabilities</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 13%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(235,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin: 0pt; text-align: left;">)</div> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Net assets acquired</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 13%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">27,578,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> </tr> </table> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Acquired In-Process Research and Development (IPR&D) consists of EGEN's drug technology platforms<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"> known as “TheraPlas” and “TheraSilence”. The fair value of the IPR&D drug technology platforms was estimated to be <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$24.2</div> million as of the acquisition date using the Multi-Period Excess Earnings Method (MPEEM). Under the MPEEM, the fair value of an intangible asset is equal to the present value of the asset’s incremental after-tax cash flows (excess earnings) remaining after deducting the market rates of the return of the estimated value of contributory assets (contributory charge) over its remaining useful life. As of the closing of the acquisition, the IPR&D is considered indefinite lived intangible assets and will <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> be amortized. </div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">IPR&D is reviewed for impairment at least annually as of our <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div> quarter ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, </div>and whenever events or changes in circumstances indicate that the carrying value <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">of the assets might <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> be recoverable.</div><div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"> </div><div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">At <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016, </div>the Company determined <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> of the IPR&D assets related to the development of its RNA delivery system being developed with collaborators using their RNA product candidates, valued at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.4</div> million, was impaired. Therefore, the Company wrote off the value of this IPR&D asset incurring a non-cash charge of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.4</div> million in the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">fourth</div> quarter of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016.</div> </div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">At <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2017, </div>after the Company’s assessment of the totality of the events that could impair IPR&D, the Company determined certain IPR&D assets related to the development of its glioblastoma multiforme cancer (GBM) product candidate <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be impaired. To arrive at this determination, the Company assessed the status of studies in GBM conducted by its competitors and the Company’s strategic commitment of resources to its studies in primary liver cancer and ovarian cancer. The Company estimated the fair value of the IPR&D related to GBM at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2017 </div>using the MPEEM. The Company concluded that the GBM asset, valued at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$9.4</div> million, was partially impaired and wrote down the GBM asset to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$6.9</div> million incurring a non-cash charge of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2.5</div> million in the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div> quarter of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017.</div> In connection with the writeoff of this IPR&D asset, the Company concluded there was a reduced probability of payments of the earn-out milestones associated with the GBM asset and therefore reduced the earn-out milestone liability from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$13.8</div> million to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$12.5</div> million, recording a non-cash benefit of approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,246,151</div> in the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div> quarter of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017.</div> The Company concluded <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">none</div> of the other IPR&D assets were impaired at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2017.</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Pursuant to the EGEN Purchase Agreement, EGEN provided certain covenants (“Covenant <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Not</div> To Compete”) to the Company whereby EGEN agreed, during the period ending on the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">seventh</div> anniversary of the closing date of the acquisition on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 20, 2014, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> to enter into any business, directly or indirectly, which competes with the business of the Company nor will it contact, solicit or approach any of the employees of the Company for purposes of offering employment.</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Amortization expense was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$56,829</div> <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$170,487</div> during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2017, </div>respectively. The carrying value of the Covenant <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Not</div> To Compete was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$852,437,</div> net of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$738,777</div> accumulated amortization, as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2017 </div>and was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,022,924,</div> net of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$568,290</div> accumulated amortization, as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016. </div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The purchase price exceeded the estimated fair <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">value of the net assets acquired by approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2.0</div> million which was recorded as Goodwill. Goodwill represents the difference between the total purchase price for the net assets purchased from EGEN and the aggregate fair values of tangible and intangible assets acquired, less liabilities assumed. Goodwill is reviewed for impairment at least annually as of our <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div> quarter ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30 </div>or sooner if we believe indicators of impairment exist. </div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">201</div><div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,</div> we concluded that the Company’s fair value exceeded its carrying value therefore “it is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> more likely than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not”</div> that the Goodwill was impaired. </div></div></div>
27813000
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1591000
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35000
2685010
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60848
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50.26
0.01
2.07
4.75
3.22
0.14
6.44
19.60
74.34
57.40
2.70
36.40
1.65
3
9.39
5.33
6963
6963
1
0.5
1
0.5
1
1
1300000
385000
2435000
2435000
1177790
185713
367343
630252
95811
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506627
1320000
66000
33500000
2400000
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5528634
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: top;"> <td style="width: 45pt;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:left;"><div style="display: inline; font-weight: bold;">Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div></div><div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4</div></div><div style="display: inline; font-weight: bold;">.</div></div></div> </td> <td> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:left;"><div style="display: inline; font-weight: bold;">Contingent Liabilities and Commitments</div></div> </td> </tr> </table> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 2011, </div>the Company executed a lease (the “<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">Lease”) with Brandywine Operating Partnership, L.P. (Brandywine), a Delaware limited partnership for a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,870</div> square foot premises located in Lawrenceville, New Jersey. In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 2011, </div>the Company relocated its offices to Lawrenceville, New Jersey from Columbia, Maryland. The lease has a term of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">66</div> months and provides for <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6</div> months of rent free, with the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> monthly rent payment of approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$23,000</div> due and paid in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 2012. </div>Also, as required by the Lease, the Company provided Brandywine with an irrevocable and unconditional standby letter of credit for <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$250,000,</div> which the Company secured with an escrow deposit at its banking institution of this same amount. The standby letter of credit will be reduced by <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$50,000</div> on each of the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">19th,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31st</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">43rd</div> months from the initial term, with the remaining <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$100,000</div> amount remaining until the Lease term has expired. In connection with <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$50,000</div> reductions of the standby letter of credit in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 2013 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015,</div> the Company reduced the escrow deposit by <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$50,000</div> each time. In late <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015,</div> Lenox Drive Office Park LLC, purchased the real estate and office building and assumed the lease. This lease was set to expire on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 30, 2017. </div>In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 2017, </div>the Company and the landlord amended the Lease effective <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 1, 2017. </div>The Lease amendment extended the term for an additional <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">64</div> months, reduced the premises to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,565</div> square feet, reduced the monthly rent and provided <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">four</div> months free rent. The monthly rent will range from approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$18,900</div> in the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> year to approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$20,500</div> in the final year of the amendment. The Company also has a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div>-time option to cancel the lease as of the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">24th</div> month after the commencement date of the Lease amendment.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">In connection with the EGEN Asset Purchase agreement in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 2014, </div>the Company assumed the existing lease with another landlord for an <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,500</div> square foot premise<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">s located in Huntsville Alabama. This lease has a remaining term of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">four</div> months with rent payments of approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$23,200</div> per month. The Company is currently in discussions with the landlord to extend and modify its lease in Huntsville, Alabama.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-weight: bold;"></div></div></div>
0.01
0.01
0.01
0.01
112500000
112500000
75000000
112500000
8355013
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2230118
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4070172
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22305
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250000
685787
907850
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: top;"> <td style="width: 45pt;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:left;"><div style="display: inline; font-weight: bold;">Note</div><div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"><div style="display: inline; font-weight: bold;"> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9</div></div><div style="display: inline; font-weight: bold;">.</div></div></div> </td> <td> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:left;"><div style="display: inline; font-weight: bold;">Note Payable</div></div> </td> </tr> </table> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 2013, </div>the Company entered into a loan agreement with Hercules <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">Technology Growth Capital, Inc. (Hercules) which permits up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$20</div> million in capital to be distributed in multiple tranches (the Hercules Credit Agreement). The Company drew the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> tranche of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$5</div> million upon closing of the Hercules Credit Agreement in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 2013 </div>and used approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$4</div> million of the proceeds to repay the outstanding obligations under its loan agreement with Oxford Finance LLC and Horizon Technology Finance Corporation as discussed further below. On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 10, 2014, </div>the Company closed the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">second</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$5</div> million tranche under the Hercules Credit Agreement. The proceeds were used to fund the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3.0</div> million upfront cash payment associated with Celsion's acquisition of EGEN, as well as the Company’s transaction costs associated with the EGEN acquisition. Upon the closing of this <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">second</div> tranche, the Company has drawn down a total of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$10</div> million under the Hercules Credit Agreement. </div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"> <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"> </div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The obligations under the Hercules Credit Agreement were in the form of secured indebtedness bearing interest at <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">a calculated prime-based variable rate (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11.25%</div> per annum since inception through <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 17, 2015 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11.50%</div> since). Payments under the loan agreement were interest only for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">twelve</div> months after loan closing, followed by a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30</div>-month amortization period of principal and interest through the scheduled maturity date of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 1, 2017. </div>In connection with the Hercules Credit Agreement, the Company incurred cash expenses of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$122,378.</div> Also in connection with the Hercules Credit Facility, the Company paid loan origination fees of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$230,000.</div> Collectively, these deferred fees have been classified as a direct deduction from the debt liability consistent with the presentation of a debt discount and are being amortized as interest expense using the effective interest method over the life of the loan. </div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"> </div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">As a fee in connection with the Hercules Credit Agreement, the Company issued Hercules a warrant for a total of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,963</div> shares of the Company<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">’s common stock (the Hercules Warrant) at a per share exercise price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$50.26,</div> exercisable for cash or by net exercise from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 25, 2013. </div>Upon the closing of the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">second</div> tranche on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 10, 2014, </div>this warrant became exercisable for an additional <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,963</div> shares of the Company’s common stock. The Hercules Warrant will expire <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 25, 2018. </div>Hercules has certain rights to register the common stock underlying the Hercules Warrant pursuant to a Registration Rights Agreement with the Company dated <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 25, 2013. </div>The registration rights expire on the date when such stock <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be sold under Rule <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">144</div> without restriction or upon the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> year anniversary of the registration statement for such stock, whichever is earlier. The common stock issuable pursuant to the Hercules Warrant was filed pursuant to Rule <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">415</div> under the Securities Act of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1933</div> on the Prospectus for Registration Statement <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">333</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">193936</div> and was declared effective on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2014. </div>The Company valued the Hercules Warrants issued using the Black-Scholes option pricing model and recorded a total of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$476,261</div> as a direct deductions from the debt liability consistent with the presentation of a debt discount and are being amortized as interest expense using the effective interest method over the life of the loan. Also in connection with each of the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$5.0</div> million tranches, the Company is required to pay an end of term charge equal to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.5%</div> of each original loan amount at time of maturity. Therefore, these amounts totaling <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$350,000</div> were amortized as interest expense using the effective interest method over the life of the loan.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The loan balance and end of term charges on the Hercules Credit Agreement was paid in full in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 2017.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">For the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> month periods ended <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> the Company incurred <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$107,805</div> in interest expense, respectively, and amortized <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$53,220,</div> respectively as interest expense for deferred fees, debt discount and end of term charges in connection with the Hercules Credit Agreement. For the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> month periods ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> the Company incurred <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$56,386</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$409,770</div> in interest expense, respectively, and amortized <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$35,370</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$198,806,</div> respectively as interest expense for deferred fees, debt discount and end of term charges in connection with the Hercules Credit Agreement.</div></div></div>
0.1125
0.115
230000
476261
350000
122378
5000000
500000
500000
2125000
2500000
8761
8761
511587
365625
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: top;"> <td style="width: 45pt;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:left;"><div style="display: inline; font-weight: bold;">Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4.</div></div></div> </td> <td> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:left;"><div style="display: inline; font-weight: bold;">New Accounting Pronouncements</div></div> </td> </tr> </table> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">From time to time, new accounting pronouncements are <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">issued by Financial Accounting Standards Board (FASB) and are adopted by us as of the specified effective date. Unless otherwise discussed, we believe that the impact of recently issued accounting pronouncements will <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have a material impact on the Company’s consolidated financial position, results of operations, and cash flows, or do <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> apply to our operations.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 2014, </div>the FASB issued Accounting Standards Update <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">(ASU) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">09</div> “Revenue from Contracts with Customers (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606</div>),” which supersedes all existing revenue recognition requirements, including most industry-specific guidance. The new standard requires a company to recognize revenue when it transfers goods or services to customers in an amount that reflects the consideration that the company expects to receive for those goods or services. ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">09</div> was originally going to be effective on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017;</div> however, the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14,</div> “Revenue from Contracts with Customers (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606</div>) — Deferral of the Effective Date,” which deferred the effective date of ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">09</div> by <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> year to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018.</div> In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8,</div> “Revenue from Contracts with Customers (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606</div>): Principal versus Agent Considerations. The amendments in this ASU do <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> change the core principle of ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">09</div> but the amendments clarify the implementation guidance on reporting revenue gross versus net. The effective date for the amendments in this ASU is the same as the effective date of ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">09.</div> In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,</div> “Revenue from Contracts with Customers (Identifying Performance Obligations and Licensing),” to clarify the implementation guidance on identifying performance obligations and licensing. The standard allows for either “full retrospective” adoption, meaning the standard is applied to all of the periods presented, or “modified retrospective” adoption, meaning the standard is applied only to the most current period presented in the financial statements. The Company plans to adopt the standard on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2018 </div>using the modified retrospective approach. The Company will conduct its contract review process throughout the remainder of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> and make appropriate changes to business and control processes to support recognition and disclosure under the new standard. Based on the Company’s evaluation to date, the adoption of the ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">09</div> is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> expected to have a material impact on its consolidated financial statements because existing contractual performance obligations, which determine when and how revenue is recognized, are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> materially changed under the new standard. Additionally, the Company is also working on the expanded disclosures related to revenue recognition as required by the new standard.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 2016, </div>the FASB issued Accounting Standards Update <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">01,</div> Recognition and Measurement <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">of Financial Assets and Financial Liabilities, which requires that most equity investments be measured at fair value, with subsequent changes in fair value recognized in net income (other than those accounted for under the equity method of accounting). This guidance is effective for fiscal years, and interim periods within those years, beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 15, 2017. </div>Based on the Company’s evaluation to date, the adoption of the ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">01</div> is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> expected to have a material impact on its consolidated financial statements or its disclosures. </div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 2016, </div>the FASB issued Accounting Standards Update <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">02,</div> Leases (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842</div>), which requires that lessees recognize assets and liabilities for leases with lease terms greater than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">twelve</div> months in the statement of financial position. Leas<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">es will be classified as either finance or operating, with classification affecting the pattern of expense recognition in </div><div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">the income statement. This update also requires improved disclosures to help users of financial statements better understand the amount, timing and uncertainty of cash flows arising from leases. The update is effective for fiscal years beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 15, 2018, </div>including interim reporting periods within that reporting period. Early adoption is permitted. The Company is currently evaluating the impact the adoption of this guidance will have on its consolidated financial statements and disclosures.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 2016, </div>the FASB issued Accounting Standards Update <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">09,</div> Compensation <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">– Stock Compensation (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">718</div>). The new standard simplifies several aspects of the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. The new standard is effective for public companies for annual reporting periods beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 15, 2016, </div>including interim periods within those annual reporting periods; however, early adoption is allowed. The Company adopted this standard in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 2017 </div>and made the election to account for award forfeitures as they occur. The adoption of this standard did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have a material impact on the Company’s consolidated financial statements.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 2016, </div>the FASB issued Accounting Standard Update <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div><div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,</div> Statement of Cash Flows (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">230</div>): Classification of Certain Cash Receipts and Cash Payments. This update clarifies how certain cash receipts and payments should be presented in the statement of cash flows and is effective for interim and annual reporting periods beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 15, 2017, </div>with early adoption permitted. Based on the Company’s evaluation to date, the adoption of the ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">01</div> is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> expected to have a material impact on its consolidated financial statements or its disclosures.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 2016, </div>the FASB issued Accounting Standard Update <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18,</div> Statement of Cash Flows (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">230</div>): Restricted Cash. This update amends the guidance in ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">230,</div> including providing additional guidance related to transfers between cash an<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">d restricted cash and how entities present, in their statement of cash flows, the cash receipts and cash payments that directly affect the restricted cash accounts. This guidance is effective for annual reporting periods beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 15, 2017, </div>and interim periods within those years, with early adoption permitted. Based on the Company’s evaluation to date, the adoption of the ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">01</div> is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> expected to have a material impact on its consolidated financial statements or its disclosures.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">In Ja<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">nuary <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017,</div> the FASB issued Accounting Standard Update <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">01,</div> Business Combinations (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">805</div>): Clarifying the Definition of a Business, which clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. This guidance is effective for annual reporting periods beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 15, 2018, </div>and interim periods within those years, with early adoption permitted. The Company is currently evaluating the impact of adoption on its consolidated financial statements.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 2017, </div>the FASB issued Accounting Standard Update <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">04,</div> Intangibles-Goodwill and Other, Simplifying the Test for Goodwill i<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">mpairment, which eliminates Step <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div> from the goodwill impairment test. Under the revised test, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value; however, the loss recognized should <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> exceed the total amount of goodwill allocated to that reporting unit. This ASU is effective for any interim or annual impairment tests for fiscal years beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 15, 2019, </div>with early adoption permitted. The Company adopted this method for its impairment test of goodwill during <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017.</div></div></div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: top;"> <td style="width: 45pt;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:left;"><div style="display: inline; font-weight: bold;">Note</div><div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"> <div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div></div><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div></div> <div style="display: inline; font-weight: bold;">.</div></div></div> </td> <td> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:left;"><div style="display: inline; font-weight: bold;">Stock-Based Compensation</div></div> </td> </tr> </table> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">Stock Options Plans</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The Company has long-term compensation plans that permit the granting of incentive awards in the form of stock options. Generally, the terms of these plans require that the exercise price of the options <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> be less than the fai<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">r market value of Celsion’s common stock on the date the options are granted. Options granted generally vest over various time frames or upon milestone accomplishments. The Company’s options generally expire <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">ten</div> years from the date of the grant.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The Cel<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">sion Corporation <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2007</div> Stock Incentive Plan (the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2007</div> Plan), as adopted and amended, permits the granting of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">688,531shares</div> of stock as equity awards in the form of incentive stock options, nonqualified stock options, restricted stock, restricted stock units, stock appreciation rights, phantom stock, and performance awards, or in any combination of the foregoing. </div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2007,</div> the Company adopted the Celsion Corporation <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2007</div> Stock Incentive Plan (the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2007</div> Plan) under which <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,873</div> shares were authorized for <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">issuance. The purpose of the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2007</div> Plan is to promote the long-term growth and profitability of the Company by providing incentives to improve stockholder value and enable the Company to attract, retain and reward the best available persons for positions of substantial responsibility. The <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2007</div> Plan permits the granting of equity awards in the form of incentive stock options, nonqualified stock options, restricted stock, restricted stock units, stock appreciation rights, phantom stock, and performance awards, or in any combination of the foregoing. At the Annual Meetings of Stockholders of Celsion held on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 25, 2010, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 7, 2012, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 20, 2014, </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 16, 2017 </div>the stockholders approved amendments to the Plan. The only material difference between the original Plan and the amended Plan was the number of shares of common stock available for issuance under the amended Plan which was increased by <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,873</div> to a total of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,746</div> shares in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2010,</div> by <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">35,714</div> to a total of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">67,460</div> shares in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2012,</div> by <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">178,571</div> to a total of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">246,031</div> shares in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div> and by <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">442,500</div> to a total of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">688,531</div> shares in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017.</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Prior to the<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"> adoption of the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2007</div> Plan, the Company adopted <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> stock plans for directors, officers and employees (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2001</div> and another in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2004</div>) under which <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">21,164</div> shares collectively were reserved for future issuance under both of these plans. As these plans have been superseded by the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2007</div> Plan, any options previously granted which expire, forfeit, or cancel under these plans will be rolled into the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2007</div> Plan.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:15pt;margin-top:0pt;text-align:left;">A summary<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"> of the Company’s stock option and restricted stock awards for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2017 </div>is as follows: </div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div> <table border="0" cellpadding="0" cellspacing="0" style="margin-right: 5%; font-size: 10pt; font-family: Times New Roman,Times,serif; text-indent: 0px; margin-left: 18pt; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td colspan="6" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin: 0pt; text-align: center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Stock Options</div></div></div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td colspan="6" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin: 0pt; text-align: center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Restricted Stock</div></div></div> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin: 0pt; text-align: center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Awards</div></div></div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:12.95pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Weighted</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:12.95pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Average</div></div></div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 35%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;"><div style="display: inline; font-weight: bold;">Equity Awards</div></div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:10.8pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Options</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:10.8pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Outstanding</div></div></div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:10.8pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Weighted</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:10.8pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Average</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:10.8pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Exercise</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:10.8pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Price</div></div></div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:10.8pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Non-vested</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:10.8pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Restricted</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:10.8pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Stock</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:10.8pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Outstanding</div></div></div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:10.8pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Weighted</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:10.8pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Average</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:10.8pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Grant</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:10.8pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Date</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:10.8pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Fair Value</div></div></div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:12.95pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Contractual</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:12.95pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Terms of</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:12.95pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Equity</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:12.95pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Awards</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:12.95pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">(in years)</div></div></div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; margin-left: 9pt; text-indent: -9pt;">Equity awards outstanding at December 31, 2016</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 10%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">210,023</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 10%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">59.77</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 10%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,785</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 10%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">37.42</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; margin-left: 9pt; text-indent: -9pt;">Equity awards granted</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 10%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">513,464</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 10%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.69</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 10%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(3,357</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin: 0pt 0.8pt 0pt 0pt; text-align: left;">)</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 10%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">42.20</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; margin-left: 9pt; text-indent: -9pt;">Equity awards forfeited, cancelled or expired</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 10%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(43,735</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin: 0pt 6.95pt 0pt 0pt; text-align: left;">)</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 10%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">164.12</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 10%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,428</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin: 0pt 2.4pt 0pt 0pt; text-align: left;">)</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 10%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">26.18</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; margin-left: 9pt; text-indent: -9pt;">Equity awards outstanding at <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">September 30, 2017</div></div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="width: 10%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">679,752</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 10%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9.94</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="width: 10%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">–</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 10%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">–</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 10%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9.40</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; margin-left: 9pt; text-indent: -9pt;">Aggregate intrinsic value of outstanding awards at <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">September 30, 2017</div></div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 10%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">–</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 10%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">–</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; margin-left: 9pt; text-indent: -9pt;">Equity awards exercisable at <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">September 30, 2017</div></div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="width: 10%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">401,920</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 10%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13.83</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 10%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9.13</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; margin-left: 9pt; text-indent: -9pt;">Aggregate intrinsic value of awards exercisable at <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">September 30, 2017</div></div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 10%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">–</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> </tr> </table> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The fair values of stock options granted were estimated at the date of grant using the Black-Scholes option pricing model. The Black-Scholes model was originally developed for use in estimating the <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">fair value of traded options, which have different characteristics from Celsion’s stock options. The model is also sensitive to changes in assumptions, which can materially affect the fair value estimate. </div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div style=" font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">The Company used the following assumptions fo<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">r determining the fair value of options granted during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> under the Black-Scholes option pricing model:</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div> <table border="0" cellpadding="0" cellspacing="0" style="margin-right: 5%; font-size: 10pt; font-family: Times New Roman,Times,serif; text-indent: 0px; margin-left: 18pt; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 69%;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;"> </td> <td colspan="7" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1122150%;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:7.9pt;margin-top:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Nine</div><div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"><div style="display: inline; font-weight: bold;"> Months Ended</div> </div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:7.9pt;margin-top:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">September</div><div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"><div style="display: inline; font-weight: bold;"> 30,</div></div></div></div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; width: 1%;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 69%;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;"> </td> <td colspan="2" style="text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:2.45pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">2017</div></div></div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; width: 2%;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;"> </td> <td colspan="3" style="text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 45%;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:2.45pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">2016</div></div></div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; width: 1%;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 69%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Risk-free interest rate</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.21</div></td> <td nowrap="nowrap" style="width: 2%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin: 0pt 1.05pt 0pt 0pt; text-align: center;">%</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 4%; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: right;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> 1.55</div></td> <td style="width: 5%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; text-align: center;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">–</div></td> <td style="width: 4%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.87%</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin: 0pt 1.05pt 0pt 0pt; text-align: center;"> </div> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 69%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Expected volatility</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">90.4</div></td> <td nowrap="nowrap" style="width: 2%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin: 0pt 1.05pt 0pt 0pt; text-align: center;">%</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 4%; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: right;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> 87.4</div></td> <td style="width: 5%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; text-align: center;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">–</div></td> <td style="width: 4%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">89.1%</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin: 0pt 1.05pt 0pt 0pt; text-align: center;"> </div> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 69%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Expected life (in years)</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10.00</div></td> <td nowrap="nowrap" style="width: 2%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 4%; font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="width: 5%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; text-align: center;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10.00</div></td> <td style="width: 4%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 69%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Expected forfeiture rate</div> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="vertical-align: bottom; width: 12%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin: 0pt 0.8pt 0pt 0pt; text-align: right;">─</div> </td> <td nowrap="nowrap" style="width: 2%; margin-left: 0pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin: 0pt 1.05pt 0pt 0pt; text-align: center;">%</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 4%; font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="width: 5%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; text-align: center;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10%</div></td> <td style="width: 4%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin: 0pt 1.05pt 0pt 0pt; text-align: center;"> </div> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 69%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Expected dividend yield</div> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 12%; text-align: right;">─</td> <td nowrap="nowrap" style="width: 2%; margin-left: 0pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin: 0pt 1.05pt 0pt 0pt; text-align: center;">%</div> </td> <td style="width: 1%;"> </td> <td style="width: 4%;"> </td> <td style="width: 5%; text-align: center;">─%</td> <td style="width: 4%; text-align: right;"> </td> <td nowrap="nowrap" style="width: 1%; margin-left: 0pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin: 0pt 1.05pt 0pt 0pt; text-align: center;"> </div> </td> </tr> </table> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Expected volatilities utilized in the model are based on historical volatility of the Company<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">’s stock price. The risk free interest rate is derived from values assigned to U.S. Treasury bonds with terms that approximate the expected option lives in effect at the time of grant. The model incorporated exercise, pre-vesting and post-vesting forfeiture assumptions based on analysis of historical data for forfeitures through FY <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016.</div> Starting in FY <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017,</div> the Company made the election to account for any forfeitures when they occur. The expiration of each option granted in fiscal <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> was used as the expected life.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Total compensation cost related to employee stock options and restricted stock awards totaled $<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">146,896</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$432,573</div> for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> respectively. Total compensation cost related to employee stock options and restricted stock awards totaled <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$951,488</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,331,094</div> for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> respectively. <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No</div> compensation cost related to share-based payments arrangements was capitalized as part of the cost of any asset as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016.</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">As of <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2017, </div>there was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.5</div> million of total unrecognized compensation cost related to non-vested share-based compensation arrangements. That cost is expected to be recognized over a weighted-average period of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.1</div> years. The weighted average grant-date fair value was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2.69</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">16.24</div> per share for the options granted during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> respectively. </div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Collectively, for all of the Company<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">’s stock option plans there were a total of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">29,498</div> equity awards available for future issuance as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2017. </div></div></div></div>
-0.70
-3.22
-3.04
-9.27
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"></div> <table border="0" cellpadding="0" cellspacing="0" style="; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: top;"> <td style="width: 45pt;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:left;"><div style="display: inline; font-weight: bold;">Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.</div></div></div> </td> <td> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:left;"><div style="display: inline; font-weight: bold;">Net Loss per Common Share</div></div> </td> </tr> </table> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Basic loss per <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">share is calculated based upon the net loss available to common shareholders divided by the weighted average number of common shares outstanding during the period. Diluted loss per share is calculated after adjusting the denominator of the basic earnings per share computation for the effects of all dilutive potential common shares outstanding during the period. The dilutive effects of preferred stock, options and warrants and their equivalents are computed using the treasury stock method. </div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The total num<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">ber of shares of common stock issuable upon exercise of warrants and equity awards was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,208,386</div> shares for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> month periods ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2017. </div>For the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> month periods ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2017, </div>diluted loss per common share was the same as basic loss per common share as all options and all warrants that were exercisable into shares of the Company’s common stock were excluded from the calculation of diluted earnings attributable to common shareholders per common share as their effect would have been anti-dilutive.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">For the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> and <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> month periods ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2016, </div>the total number of shares of common stock issuable upon exercise of warrants and equity awards was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,353,312</div> shares. The Pre-funded Series B Warrants (as more fully described in Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div> of these financial statements) exercisable into shares of the Company’s common stock totaling <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">132,142</div> shares was considered issued in calculating basic loss per share. For the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> month periods ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2016, </div>diluted loss per common share was the same as basic loss per common share as the other <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,221,168</div> warrants and equity awards that were exercisable into shares of the Company’s common stock were excluded from the calculation of diluted loss per common share as their effect would have been anti-dilutive.</div></div></div>
1514253
1066751
0
500000
P1Y36D
0
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: top;"> <td style="width: 45pt;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:left;"><div style="display: inline; font-weight: bold;">Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.</div></div></div> </td> <td> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:left;"><div style="display: inline; font-weight: bold;">Fair Value of Measurements</div></div> </td> </tr> </table> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">FASB Accounting Standards Codification (ASC) Section <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">820</div> “<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"><div style="display: inline; font-style: italic;">Fair Value Measurements and Disclosures,”</div> establishes a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> level hierarchy for fair value measurements which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> levels of inputs that <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be used to measure fair value are as follows: </div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:36pt;margin-right:0pt;margin-top:0pt;text-align:justify;"><div style="display: inline; font-weight: bold;">Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div></div><div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">: Quoted prices (unadjusted) or identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date;</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:36pt;margin-right:0pt;margin-top:0pt;text-align:justify;"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:36pt;margin-right:0pt;margin-top:0pt;text-align:justify;"><div style="display: inline; font-weight: bold;">Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div></div><div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">: Significant other observable inputs other than Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> active; or other inputs that are observable or can be corroborated by observable market data; and</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:36pt;margin-right:0pt;margin-top:0pt;text-align:justify;"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:36pt;margin-right:0pt;margin-top:0pt;text-align:justify;"><div style="display: inline; font-weight: bold;">Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div></div><div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">: Significant unobservable inputs that reflect a reporting entity’s own assumptions that market participants would use in pricing an asset or liability.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The fair values of securities available for sale are determined by obtaining quoted prices on nationally recognized exchanges (Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> inputs) or m<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">atrix pricing, which is a mathematical technique widely used in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted securities (Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div> inputs).</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Cash and cash equivalents, other current assets, accounts payable and other accrued liabilities are reflected in the balance sheet at their estimated fair values primarily due to their short-term nature. There were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> transfer<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">s of assets of liabilities between Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> and Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> transfers in or out of Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div> during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2017 </div>except for the change in the earn-out milestone liability included in earnings (Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12</div>). </div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">Assets and liabili<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">ties measured at fair value are summarized below: </div></div> <div> <table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: Times New Roman,Times,serif; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 49%;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;"> </td> <td colspan="2" style="text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:5.4pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Total Fair</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:5.4pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Value on</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:5.4pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">the</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:5.4pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Balance</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:5.4pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Sheet</div></div></div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; width: 1%;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;"> </td> <td colspan="2" style="text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:5.4pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Quoted Prices</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:5.4pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">In Active</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:5.4pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Markets For</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:5.4pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Identical</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:5.4pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Assets/Liabilities</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:5.4pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">(Level 1)</div></div></div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; width: 1%;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;"> </td> <td colspan="2" style="text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:5.4pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Significant</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:5.4pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Other</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:5.4pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Observable</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:5.4pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Inputs</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:5.4pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">(Level 2)</div></div></div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; width: 1%;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;"> </td> <td colspan="2" style="text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:5.4pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Significant</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:5.4pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Unobservable</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:5.4pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Inputs</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:5.4pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">(Level 3)</div></div></div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; width: 1%;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 49%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;"><div style="display: inline; font-weight: bold;">Assets:</div></div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; width: 9%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; width: 12%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; width: 9%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; width: 9%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 49%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; margin-left: 9pt; text-indent: -9pt;">Recurring items as of December 31, 2016 Investment securities, available for<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"> sale</div></div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,680,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,680,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 9%; border-bottom: 3px double rgb(0, 0, 0); text-align: right;"> <div style=" margin: 0pt;">─</div> </td> <td nowrap="nowrap" style="width: 1%; padding-bottom: 3px; margin-left: 0pt;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 9%; border-bottom: 3px double rgb(0, 0, 0); text-align: right;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" margin: 0pt;">─</div> </td> <td nowrap="nowrap" style="width: 1%; padding-bottom: 3px; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="width: 49%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 12%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%;"> </td> <td style="width: 1%;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 49%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;"><div style="display: inline; font-weight: bold;">Liabilities:</div></div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; width: 9%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; width: 12%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; width: 9%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; width: 9%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 49%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; margin-left: 9pt; text-indent: -9pt;">Recurring items as of <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">September 30, 2017 Earn-out milestone liability (Note 12)</div></div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12,518,054</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" margin: 0pt;">─</div> </td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 9%; border-bottom: 3px double rgb(0, 0, 0); text-align: right;"> <div style=" margin: 0pt;">─</div> </td> <td nowrap="nowrap" style="width: 1%; padding-bottom: 3px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12,518,054</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="width: 49%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 12%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%;"> </td> <td style="width: 1%;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 49%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; margin-left: 9pt; text-indent: -9pt;">Recurring items as of December 31, 2016 Earn-out milestone liability (Note 1<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">2)</div></div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,188,226</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,188,226</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> </tr> </table> </div></div>
0.09
0.09
0.09
0.09
0.09
0.09
0
P7Y
738777
568290
852437
1022924
852437
1022924
-3858
1174250
1496471
4291482
4888301
1976000
1976101
1976101
2000000
89302
204408
1400000
2520000
2520000
-72777
195716
207217
725660
61328
-25981
-375000
-375000
-4008
-22205
670172
-556382
-115106
136871
20246491
22766491
24200000
9400000
6900000
161025
91756
608576
0
107805
56386
409770
56386
409996
524
8133
3941
21832
50000
P5Y180D
P120D
20713908
24123865
26000964
30849691
5997174
8423287
125000
125000
375000
375000
20000000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: top;"> <td style="width: 45pt;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:left;"><div style="display: inline; font-weight: bold;">Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.</div></div></div> </td> <td> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:left;"><div style="display: inline; font-weight: bold;">Business Description</div></div> </td> </tr> </table> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Celsion Corporation,<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"> a Delaware corporation based in Lawrenceville, New Jersey, its wholly-owned subsidiaries CLSN Laboratories, Inc., also a Delaware corporation, and Celsion GmbH, a limited liability company in Zug Switzerland, referred to herein as “Celsion”, “we”, or “the Company”, as the context requires, is a fully-integrated development stage oncology drug company focused on developing a portfolio of innovative cancer treatments, including directed chemotherapies, DNA-mediated immunotherapy and RNA-based therapies. We are working to develop and commercialize more efficient, effective and targeted oncology therapies based on our technologies, with the goal of developing novel therapeutics that maximize efficacy while minimizing side effects common to many cancer treatments.</div><div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"> </div><div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">Our lead product candidate is ThermoDox®, a proprietary dosage form of doxorubicin based on a heat-activated liposomal platform technology, currently in a Phase III clinical trial for the treatment of non-resectable hepatocellular carcinoma (“HCC”) also known as primary liver cancer. Our pipeline includes GEN-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,</div> a DNA-based immunotherapy currently in a Phase I clinical trial for the localized treatment of ovarian cancer and pre-clinical development for brain cancer. GEN-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> is based on a platform technology for the development of treatments using novel nucleic acid-based immunotherapies and other anti-cancer DNA or RNA therapies. </div></div></div>
10735153
2399536
1758874
6235947
-12433179
-13716405
-15721334
-16657137
-5671329
-6409687
-5671329
-6409687
-16067019
-16657137
-1273232
-813084
-1934098
-1141161
2560553
4523097
5721603
14162236
15890976
-4398097
-5596603
-13787236
-15515976
20020
20020
464
4322
-3858
464
464
73680
12352
93
2218
3545
1965
23000
4515125
3000000
3000000
21126
48928
0.01
0.01
100000
100000
100000
0
0
0
0
5000000
1800000
6000000
7600000
8405190
5428965
793100
16.60
5000000
5000000
10000000
1680000
10800000
17000000
2100000
2100000
800000
20000000
142862
462836
4000000
5000000
2595923
3029429
3348847
4225132
9870754
11002675
-257101046
-241379712
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="margin-right: 5%; font-size: 10pt; font-family: Times New Roman,Times,serif; text-indent: 0px; margin-left: 18pt; min-; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:5.75pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">September</div><div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"><div style="display: inline; font-weight: bold;"> </div><div style="display: inline; font-weight: bold;">30, 2017</div></div></div></div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:5.75pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">December 31, 2016</div></div></div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 68%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Amounts due to contract research organizations and other contractual agreements</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 13%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">907,850</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 13%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,115,193</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Accrued payroll and related benefits</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,514,253</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,066,751</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Accrued professional fees</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">248,850</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">259,551</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Accrued interest on notes payable</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">–</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">22,241</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Other</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 13%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20,020</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 13%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20,020</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; margin-left: 18pt;">Total</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 13%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,690,973</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 13%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,483,756</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: Times New Roman,Times,serif; text-indent: 0px; min-; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 49%;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;"> </td> <td colspan="2" style="text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:5.4pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Total Fair</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:5.4pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Value on</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:5.4pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">the</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:5.4pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Balance</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:5.4pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Sheet</div></div></div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; width: 1%;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;"> </td> <td colspan="2" style="text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:5.4pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Quoted Prices</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:5.4pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">In Active</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:5.4pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Markets For</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:5.4pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Identical</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:5.4pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Assets/Liabilities</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:5.4pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">(Level 1)</div></div></div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; width: 1%;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;"> </td> <td colspan="2" style="text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:5.4pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Significant</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:5.4pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Other</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:5.4pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Observable</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:5.4pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Inputs</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:5.4pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">(Level 2)</div></div></div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; width: 1%;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;"> </td> <td colspan="2" style="text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:5.4pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Significant</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:5.4pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Unobservable</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:5.4pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Inputs</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:5.4pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">(Level 3)</div></div></div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; width: 1%;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 49%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;"><div style="display: inline; font-weight: bold;">Assets:</div></div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; width: 9%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; width: 12%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; width: 9%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; width: 9%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 49%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; margin-left: 9pt; text-indent: -9pt;">Recurring items as of December 31, 2016 Investment securities, available for<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"> sale</div></div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,680,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,680,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 9%; border-bottom: 3px double rgb(0, 0, 0); text-align: right;"> <div style=" margin: 0pt;">─</div> </td> <td nowrap="nowrap" style="width: 1%; padding-bottom: 3px; margin-left: 0pt;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 9%; border-bottom: 3px double rgb(0, 0, 0); text-align: right;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" margin: 0pt;">─</div> </td> <td nowrap="nowrap" style="width: 1%; padding-bottom: 3px; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="width: 49%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 12%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%;"> </td> <td style="width: 1%;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 49%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;"><div style="display: inline; font-weight: bold;">Liabilities:</div></div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; width: 9%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; width: 12%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; width: 9%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; width: 9%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 49%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; margin-left: 9pt; text-indent: -9pt;">Recurring items as of <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">September 30, 2017 Earn-out milestone liability (Note 12)</div></div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12,518,054</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" margin: 0pt;">─</div> </td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 9%; border-bottom: 3px double rgb(0, 0, 0); text-align: right;"> <div style=" margin: 0pt;">─</div> </td> <td nowrap="nowrap" style="width: 1%; padding-bottom: 3px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12,518,054</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="width: 49%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 12%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%;"> </td> <td style="width: 1%;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 49%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; margin-left: 9pt; text-indent: -9pt;">Recurring items as of December 31, 2016 Earn-out milestone liability (Note 1<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">2)</div></div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,188,226</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,188,226</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="margin-right: 5%; font-size: 10pt; font-family: Times New Roman,Times,serif; text-indent: 0px; min-; min-width: 700px;"> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 84%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Property and equipment, net</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 13%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">35,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">In-process research and development</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">24,211,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Other <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">intangible assets (Covenant not to compete)</div></div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,591,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Goodwill</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 13%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,976,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Total assets</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">27,813,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Accounts payable and accrued liabilities</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 13%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(235,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin: 0pt; text-align: left;">)</div> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Net assets acquired</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 13%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">27,578,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="margin-right: 5%; font-size: 10pt; font-family: Times New Roman,Times,serif; text-indent: 0px; margin-left: 18pt; min-; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 69%;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;"> </td> <td colspan="7" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1122150%;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:7.9pt;margin-top:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Nine</div><div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"><div style="display: inline; font-weight: bold;"> Months Ended</div> </div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:7.9pt;margin-top:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">September</div><div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"><div style="display: inline; font-weight: bold;"> 30,</div></div></div></div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; width: 1%;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 69%;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;"> </td> <td colspan="2" style="text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:2.45pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">2017</div></div></div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; width: 2%;"> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;"> </td> <td colspan="3" style="text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 45%;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:2.45pt;margin-top:0pt;text-align:right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">2016</div></div></div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; width: 1%;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 69%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Risk-free interest rate</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.21</div></td> <td nowrap="nowrap" style="width: 2%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin: 0pt 1.05pt 0pt 0pt; text-align: center;">%</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 4%; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: right;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> 1.55</div></td> <td style="width: 5%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; text-align: center;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">–</div></td> <td style="width: 4%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.87%</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin: 0pt 1.05pt 0pt 0pt; text-align: center;"> </div> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 69%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Expected volatility</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">90.4</div></td> <td nowrap="nowrap" style="width: 2%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin: 0pt 1.05pt 0pt 0pt; text-align: center;">%</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 4%; font-family: Times New Roman,Times,serif; font-size: 10pt; text-align: right;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> 87.4</div></td> <td style="width: 5%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; text-align: center;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">–</div></td> <td style="width: 4%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">89.1%</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin: 0pt 1.05pt 0pt 0pt; text-align: center;"> </div> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 69%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Expected life (in years)</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10.00</div></td> <td nowrap="nowrap" style="width: 2%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 4%; font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="width: 5%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; text-align: center;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10.00</div></td> <td style="width: 4%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 69%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Expected forfeiture rate</div> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="vertical-align: bottom; width: 12%;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin: 0pt 0.8pt 0pt 0pt; text-align: right;">─</div> </td> <td nowrap="nowrap" style="width: 2%; margin-left: 0pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin: 0pt 1.05pt 0pt 0pt; text-align: center;">%</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;"> </td> <td style="width: 4%; font-family: Times New Roman,Times,serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="width: 5%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; text-align: center;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10%</div></td> <td style="width: 4%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin: 0pt 1.05pt 0pt 0pt; text-align: center;"> </div> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 69%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Expected dividend yield</div> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 12%; text-align: right;">─</td> <td nowrap="nowrap" style="width: 2%; margin-left: 0pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin: 0pt 1.05pt 0pt 0pt; text-align: center;">%</div> </td> <td style="width: 1%;"> </td> <td style="width: 4%;"> </td> <td style="width: 5%; text-align: center;">─%</td> <td style="width: 4%; text-align: right;"> </td> <td nowrap="nowrap" style="width: 1%; margin-left: 0pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin: 0pt 1.05pt 0pt 0pt; text-align: center;"> </div> </td> </tr> </table></div>
100000
951488
1331094
26.18
3357
42.20
4785
37.42
0.904
0.874
0.891
0.0221
0.0155
0.0187
1428
15873
35714
178571
442500
688531
15873
31746
67460
246031
21164
29498
401920
13.83
43735
164.12
513464
2.69
16.24
2400000
200000
210023
679752
59.77
9.94
2.69
2.07
4.90
19.04
P10Y
P10Y
P10Y
P9Y146D
P9Y47D
3.22
3.08
2.325
1680000
193728
2640000
2050000
1384704
367346
165126
105678
5287056
6725826
5372244
6811014
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: top;"> <td style="width: 45pt;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:left;"><div style="display: inline; font-weight: bold;">Note </div><div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div></div><div style="display: inline; font-weight: bold;">.</div></div></div> </td> <td> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:left;"><div style="display: inline; font-weight: bold;">Stockholders<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">’ Equity</div></div></div> </td> </tr> </table> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:7.5pt;margin-top:0pt;text-align:justify;">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 2015, </div>the Company filed with the Securities and Exchange Commission (the SEC) a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$75</div> million shelf registration statement on Form S-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div> (the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015</div> Shelf Registration Statement) (File <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">333</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">206789</div>) that <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">allows the Company to issue any combination of common stock, preferred stock or warrants to purchase common stock or preferred stock. This shelf registration was declared effective on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 25, 2015.</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">At the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> Annual Meeting of Stockholders of the<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"> Company in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 2016, </div>the Company’s stockholders of the Company approved an increase in the number of the authorized shares of the Company’s common stock from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">75,000,000</div> shares to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">112,500,000</div> shares. The number of the authorized shares of preferred stock remained at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100,000</div> shares. The aggregate number of shares of all classes of stock that the Company <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>issue, after giving effect to such amendment as approved by the stockholders, is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">112,600,000</div> shares.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; text-decoration: underline;"><div style="display: inline; font-style: italic;">Reverse Stock Split</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"> </div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 26, 2017, </div>the Company effected a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14</div>-for-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> reverse stock split of its common stock which was made effective for trading purposes as of the commencement of trading on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 30, 2017. </div>As of that date, each <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14</div> shares of issued and outstanding common stoc<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">k and equivalents was consolidated into <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> share of common stock. In addition, at the market open on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 30, 2017, </div>the Company’s common stock started trading under a new CUSIP number <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15117N503</div> although the Company’s ticker symbol, CLSN, remained unchanged.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The reverse stock split was previously approved by the Company<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">’s stockholders at the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> Annual Meeting held on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 16, 2017, </div>and the Company subsequently filed a Certificate of Amendment to its Certificate of Incorporation to effect the stock consolidation. The primary reasons for the reverse stock split and the amendment are:</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"> </div></div> <table border="0" cellpadding="0" cellspacing="0" style="; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: top;"> <td style="width: 36pt;"> </td> <td style="width: 18pt;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:left;">●</div> </td> <td> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:justify;">To increase the market price of the Company<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">’s common stock making it more attractive to a broader range of institutional and other investors, and</div></div> </td> </tr> <tr style="vertical-align: top;"> <td style="width: 36pt;"> </td> <td style="width: 18pt;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:justify;">●</div> </td> <td> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:justify;">To provide the <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">Company with additional capital resources and flexibility sufficient to execute its business plans including the establishment of strategic relationships with other companies and to ensure its ability to raise additional capital as necessary. </div></div> </td> </tr> </table> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"> </div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Immediately prior to the reverse stock split, the Company had <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">56,982,418</div> shares of common stock outstanding which consolidated into <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,070,172</div> shares of the Company<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">’s common stock. <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No</div> fractional shares were issued in connection with the reverse stock split. Holders of fractional shares have been paid out in cash for the fractional portion with the Company’s overall exposure for such payouts consisting of a nominal amount. The number of outstanding options and warrants were adjusted accordingly, with outstanding options being reduced from approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.4</div> million to approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.2</div> million and outstanding warrants being reduced from approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">33.5</div> million to approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.4</div> million. </div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; text-decoration: underline;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">July 6, 2017 </div>Common Stock Offering </div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 6, 2017, </div>the Company e<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">ntered into a securities purchase agreement with several investors, pursuant to which the Company agreed to issue and sell, in a registered direct offering, an aggregate of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,050,000</div> shares of common stock of the Company at an offering price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2.07</div> per share for gross proceeds of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$4,243,500</div> before the deduction of the placement agent fee and offering expenses. In addition, the Company sold Pre-Funded Series CCC Warrants to purchase <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">385,000</div> shares of common stock (and the shares of common stock issuable upon exercise of the Pre-Funded Series CCC Warrants), in lieu of shares of common stock to the extent that the purchase of common stock would cause the beneficial ownership of the Purchaser, together with its affiliates and certain related parties, to exceed <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9.99%</div> of our common stock. The Pre-Funded Series CCC Warrants were sold at an offering price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2.06</div> per share for gross proceeds of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$793,100,</div> are immediately exercisable for <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.01</div> per share of common stock and do <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have an expiration date. In a concurrent private placement, the Company agreed to issue to each investor, for each share of common stock and pre-funded warrant purchased in the offering, a Series AAA Warrant and Series BBB Warrant, each to purchase <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> share of common stock. The Series AAA Warrants are initially exercisable <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div> months following issuance, and terminate <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">five</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div>-half years following issuance. The Series AAA Warrants have an exercise price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2.07</div> per share and are exercisable to purchase an aggregate of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,435,000</div> shares of common stock. The Series BBB Warrants are immediately exercisable following issuance, and terminate <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">twelve</div> months following issuance. The Series BBB Warrants have an exercise price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$4.75</div> per share and are exercisable to purchase an aggregate of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,435,000</div> shares of common stock. Subject to limited exceptions, a holder of a Series AAA and Series BBB Warrant will <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have the right to exercise any portion of its warrants if the holder, together with its affiliates, would beneficially own in excess of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9.99%</div> of the number of shares of common stock outstanding immediately after giving effect to such exercise.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div> quarter of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017,</div> all <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">385,000</div> of the Series CCC Pre-Funded warrants were exercised in full. <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">As more fully described in Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,</div> all the Series AAA and Series BBB Warrants were exercised as their respective strike prices in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 2017 </div>and the Company received <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$16.6</div> million in gross proceeds. </div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:7.5pt;margin-top:0pt;text-align:justify;"><div style="display: inline; text-decoration: underline;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">February 14, 2017 </div>Public Offering</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:7.5pt;margin-top:0pt;text-align:justify;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 14, 2017, </div>the Company entered into a securities purchase agreement whereby it sold, in a public offering (the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 14, 2017 </div>Public Offering), an aggregate of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,384,704</div> shares of common stock of the Company at an offering price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3.22</div> per<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"> share. In addition, the Company sold Series AA Warrants (the Series AA Warrants) to purchase up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,177,790</div> shares of common stock and Pre-Funded Series BB Warrants (the Pre-Funded Series BB Warrants) to purchase up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">185,713</div> shares of common stock. The Series AA Warrants have an exercise price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3.22</div> per share, have a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">five</div> year life and are immediately exercisable. The Pre-Funded Series BB Warrants were offered at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3.08</div> per share, were immediately exercisable for <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.14</div> per share of common stock, do <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have an expiration date and were issued in lieu of shares of common stock to the extent that the purchase of common stock would cause the beneficial ownership of the purchaser of such shares, together with its affiliates and certain related parties, to exceed <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9.99%</div> of our common stock. The Company received approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$5.0</div> million in gross proceeds before the deduction of the placement agent fees and offering expenses (excluding any proceeds from the exercise of the warrants) in the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 14, 2017 </div>Public Offering.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">In connection with the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 14, 2017 </div>Public Offering, the Company filed with the Securities and Exchange Commission a registration statement on Form<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"> S-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> (Registration <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">333</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">215321</div>) on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 23, 2016, </div>as amended by Pre-Effective Amendment <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> filed with the Commission on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 20, 2017, </div>as further amended by Pre-Effective Amendment <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div> filed with the Commission on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 13, 2017, </div>as further amended by Pre-Effective Amendment <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div> filed with the Commission on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 13, 2017 </div>and as further amended by Pre-Effective Amendment <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4</div> filed with the Commission on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 14, 2017 </div>for the registration of the securities issued and sold under the Securities Act of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1933,</div> as amended.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:7.5pt;margin-top:0pt;text-align:justify;">During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first </div><div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017,</div> all <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">185,713</div> of the Series BB Pre-Funded warrants were exercised in full. During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017,</div> we received approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2.1</div> million from the exercise of Series AA Warrants to purchase <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">638,809</div> shares of common stock.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:7.5pt;margin-top:0pt;text-align:justify;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:7.5pt;margin-top:0pt;text-align:justify;"><div style="display: inline; text-decoration: underline;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">December 2016 </div>Common Stock Of<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">fering</div></div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:7.5pt;margin-top:0pt;text-align:justify;"><div style="display: inline; font-style: italic;"> </div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 20, 2016, </div>the Company entered into a securities purchase agreement with certain investors, pursuant to which the Company sold and issued on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 23, 2016, </div>in a registered direct offering, an aggregate of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">367,346</div> shares of the <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">Company’s common stock at an offering price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$4.90</div> per share for gross proceeds of approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.8</div> million before the deduction of the placement agent fee and offering expenses (the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> “December 2016 </div>Offering”). In a concurrent private placement (the “Private Placement Transaction”), the Company agreed to issue to the investors certain warrants at an exercise price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$6.44</div> per share (the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 2016 </div>Warrants). The <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 2016 </div>Warrants are exercisable to purchase common stock for an aggregate of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">367,343</div> shares of common stock. The warrants are initially exercisable <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div> months following issuance and terminate <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">five</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div>-half years following the date of issuance. The <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 2016 </div>Warrants <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be exercised from time to time beginning on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 20, 2017 </div>and expire on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 20, 2022. </div>On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 5, 2017, </div>the Company filed a registration statement on Form S-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> for the resale of any share of common stock issued upon exercise of the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 2016 </div>Warrants on Form S-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> (File <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">333</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">217156</div>) which was declared effective by the SEC on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 19, 2017. </div>As more fully discussed below, all the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 2016 </div>Warrants were exercised in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 2017. </div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The private placement of the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 2016 </div>Warrants was structured to comply with the requirements of Section <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4</div>(a)(<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div>) under the <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">Securities Act and Rule <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">506</div>(b) promulgated thereunder. </div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:7.5pt;margin-top:0pt;text-align:justify;"><div style="display: inline; text-decoration: underline;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">June 2016 </div>Common Stock Offering</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 13, 2016, </div>the Company entered into a securities purchase agreement with investors, pursuant to which the Company issued and sold, in a registered direct off<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">ering, an aggregate of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">165,126</div> shares of common stock, par value <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.01</div> per share, of the Company at an offering price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$19.04</div> per share for gross proceeds of approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$6.0</div> million before the deduction of the placement agent fee and offering expenses. In a concurrent private placement, the Company issued to the investor Series A warrants (the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> “June 2016 </div>Series A Warrants”), each to purchase <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.5</div> share of the Company’s common stock, Series C warrants (the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> “June 2016 </div>Series C Warrants”), each to purchase <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> share of the Company’s common stock, and Series D warrants (the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> “June 2016 </div>Series D Warrants”), each to purchase <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.5</div> share of the Company’s common stock (collectively, the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> “June 2016 </div>Warrants”). The <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 2016 </div>Series A Warrants are initially exercisable <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div> months following issuance and terminate <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">five</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div>-half years following issuance. The <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 2016 </div>Series C Warrants are initially exercisable <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div> months following issuance and terminate <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> year following issuance. The <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 2016 </div>Series D Warrants only become exercisable ratably upon the exercise of the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 2016 </div>Series C Warrants, are initially exercisable <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div> months following issuance, and terminate <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">five</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div>-half years following issuance. The <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 2016 </div>Warrants have an exercise price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$19.60</div> per share and are exercisable to purchase an aggregate of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">630,252</div> shares of Common Stock. On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 31, 2016, </div>the Company filed a registration statement on Form S-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> for the resale of any share of common stock issued upon exercise of the warrants on Form S-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> (File <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">333</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">212353</div>) which was declared effective by the SEC on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 16, 2016. </div>As more fully discussed below, all the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 2016 </div>Warrants were exercised in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 2017.</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"> </div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The private placement of the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 2016 </div>Warrants was structured to comply with th<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">e requirements of Section <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4</div>(a)(<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div>) under the Securities Act and Rule <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">506</div>(b) promulgated thereunder.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; text-decoration: underline;"><div style="display: inline; font-style: italic;">Reduced Exercise Price of Warrants</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 22, 2013, </div>the Company entered into a securities purchase agreement with certain investors pursuant to which the Company agreed, among other things, to issue warrants (the “<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2013</div> Warrants”) to purchase up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">95,811</div> shares of our common stock at an exercise price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$74.34</div> per share to such investors in a registered direct offering. On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 15, 2014, </div>the Company entered into a securities purchase agreement with certain investors pursuant to which the Company agreed, among other things, to issue warrants (the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">“2014</div> Warrants”) to purchase up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">64,348</div> shares of our common stock at an exercise price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$57.40</div> per share to such investors in a registered direct offering. On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 9, 2017, </div>the Company entered into warrant exercise agreements (the “Exercise Agreements”) with certain holders of the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2013</div> Warrants, the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div> Warrants and the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 2016 </div>Warrants (the “Exercising Holders”), which Exercising Holders own, in the aggregate, warrants exercisable for <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">790,410</div> shares of our common stock. Pursuant to the Exercise Agreements, the Exercising Holders and the Company agreed that the Exercising Holders would exercise their <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2013</div> Warrants, the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div> Warrants and the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 2016 </div>Warrants with respect to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">790,410</div> shares of our common stock underlying such warrants for a reduced exercise price equal to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2.70</div> per share. The Company received aggregate gross proceeds of approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2.1</div> million from the exercise of the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2013</div> Warrants, the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div> Warrants and the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 2016 </div>Warrants by the Exercising Holders.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The reduced e<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">xercise price of the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2013</div> Warrants, the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div> Warrants and the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 2016 </div>Series C Warrants increased the fair value of the warrants by approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.2</div> million. This increase in fair value is recorded as a deemed dividend in additional paid in capital due to the retained deficit increased the net loss available to common shareholders on the consolidate statement of operations.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 27, 2015 </div>entered into a securities purchase agreement with certain investors pursuant to which the Company agreed, among o<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">ther things, to issue warrants (the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">“2015</div> Warrants”) to purchase up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">139,284</div> shares of the Company’s common stock at an exercise price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$36.40</div> per share, to such investors in a registered direct offering. Between <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 22, 2017 </div>through <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 26, 2017, </div>the Company and holders of the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015</div> Warrants and the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 2016 </div>Warrants (the Exercising Investors) entered into agreements whereby the Company agreed that the Exercising investors would exercise their <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015</div> Warrants and the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 2016 </div>Warrants with respect to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">506,627</div> shares of our common stock underlying such warrants for a reduced exercise price equal to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.65</div> per share. The Company received aggregate gross proceeds of approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.8</div> million from the exercise of the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015</div> Warrants and the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 2016 </div>Warrants by the Exercising Investors.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The reduced exercise price of the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015</div> Warrants increased the fair value of the warrants by approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.1</div> million. This increase in fair value is recorded as a deemed dividend in additional paid in capital due to th<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">e retained deficit increased the net loss available to common shareholders on the consolidate statement of operations.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; text-decoration: underline;"><div style="display: inline; font-style: italic;">Controlled Equity Offering</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 1, 2013, </div>the Company entered into a Controlled Equity Offering SM Sales Agreement (the “<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">ATM Agreement”) with Cantor Fitzgerald & Co., as sales agent (“Cantor”), pursuant to which Celsion <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>offer and sell, from time to time, through Cantor, shares of our common stock having an aggregate offering price of up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$25.0</div> million (the “ATM Shares”) pursuant to the Company’s previously filed and effective Registration Statement on Form S-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.</div> Under the ATM Agreement, Cantor <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>sell ATM Shares by any method deemed to be an “at-the-market” offering as defined in Rule <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">415</div> promulgated under the Securities Act of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1933,</div> as amended, including sales made directly on The NASDAQ Capital Market, on any other existing trading market for the our common stock or to or through a market maker. From <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 1, 2013 </div>through <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2017, </div>the Company sold and issued an aggregate of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">105,678</div> shares of common stock under the ATM Agreement, receiving approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$7.6</div> million in gross proceeds. In connection with the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 2017 </div>Offering discussed below (Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">16</div>), the Company has agreed <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> to sell any additional shares under the ATM Agreement for a period of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> months after the closing of the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 2017 </div>Offering which occurred on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 31, 2017.</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"> </div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The Company is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> obligated to sell any ATM Shares under the ATM Agreement.<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"> Subject to the terms and conditions of the ATM Agreement, Cantor will use commercially reasonable efforts, consistent with its normal trading and sales practices and applicable state and federal law, rules and regulations and the rules of The NASDAQ Capital Market, to sell ATM Shares from time to time based upon the Company’s instructions, including any price, time or size limits or other customary parameters or conditions the Company <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>impose. In addition, pursuant to the terms and conditions of the ATM Agreement and subject to the instructions of the Company, Cantor <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>sell ATM Shares by any other method permitted by law, including in privately negotiated transactions.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The ATM Agreement will terminate upon the earlier of (i) the sale of ATM Shares under the ATM Agreement having an aggregat<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">e offering price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$25</div> million and (ii) the termination of the ATM Agreement by Cantor or the Company. The ATM Agreement <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be terminated by Cantor or the Company at any time upon <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div> days' notice to the other party, or by Cantor at any time in certain circumstances, including the occurrence of a material adverse change in the Company. The Company pays Cantor a commission of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.0%</div> of the aggregate gross proceeds from each sale of ATM Shares and has agreed to provide Cantor with customary indemnification and contribution rights. The Company also reimbursed Cantor for legal fees and disbursements of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$50,000</div> in connection with entering into the ATM Agreement.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 2, 2015, </div>we filed a prospectus supplement to the base prospectus that forms a part of the<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015</div> Shelf Registration Statement, pursuant to which we <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>offer and sell up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$7.5</div> million of shares of common stock from time to time under the ATM Agreement of the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$17.4</div> million remaining under the ATM Agreement.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"></div></div>
14
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: top;"> <td style="width: 45pt;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:left;"><div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"><div style="display: inline; font-weight: bold;">Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div></div><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6</div></div><div style="display: inline; font-weight: bold;">.</div></div></div> </td> <td> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:left;"><div style="display: inline; font-weight: bold;">Subsequent Events</div></div> </td> </tr> </table> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">October 2017 </div>Warrant Exercises </div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 4, 2017, </div>the Company entered into letter agreements (the “Exercise Agreements”) with the holders of the Series AAA and Series BBB Warrants issued in the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 6, 2017 </div>Common Stock Offering (the “Exercising Holders”)<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"> (Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>). The Exercise Agreements amended the Series AAA Warrants to permit their immediate exercise. Prior to the execution of the Exercise Agreements, the Series AAA Warrants were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> exercisable until <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 11, 2018. </div>Pursuant to the Exercise Agreements, the Exercising Holders and the Company agreed that the Exercising Holders would exercise all of their Existing Warrants with respect to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,665,000</div> shares of Common Stock underlying such Existing Warrants. The Series AAA Warrants and Series BBB Warrants were exercised at a price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2.07</div> per share and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$4.75</div> per share, respectively, which were their respective original exercise prices. </div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"> </div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The Exercise Agreements also provide for the issuance of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,166,250</div> Series DDD Warrants, each to purchase <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> share of Common Stock (the “Series DDD Warrants”). The Series DDD Warrants are initially exercisable <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> sooner than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div> months following issuance, and terminate <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div> months following when the Series DDD Warrants are initially exercisable. The Series DDD Warrants have an exercise price <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> than less than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$6.20.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"> </div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The Series DDD Warrants and the shares of Common Stock issuable upon the exercise of the Series DDD Warrants are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> being registered under the Securities Act of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1933,</div> as amended (the “Securities Act”), and are being offered pursuant to the exemption provided in Section <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4</div>(a)(<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div>) under the Securities Act or Rule <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">506</div>(b) promulgated thereunder. Pursuant to the Exercise Agreements, the Series DDD Warrants shall be substantially in the form of the Existing Warrants and the Company will be required to register for resale the shares of Common Stock underlying the Series DDD Warrants.</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"> </div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">In early <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 2017, </div>certain holders of the other <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">205,000</div> Series BBB Warrants and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">108,455</div> Series AA Warrants from the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 14, 2017 </div>Public Offering (Note <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>) were exercised and, together with the exercise of the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,665,000</div> Series AAA and Series BBB Warrants exercised by the Exercising Holders, the Company received aggregate gross proceeds of approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$20.0</div> million in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 2017. </div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;"> <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"> </div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">October 2017 </div>Underwritten Offering</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 27, 2017, </div><div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">the Company entered into an underwriting agreement (the “Underwriting Agreement”) with Oppenheimer & Co. Inc. (the “Underwriter”), relating to the issuance and sale (the “Offering”) of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,640,000</div> shares (the “Shares”) of the Company’s common stock, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.01</div> par value per share (the “Common Stock”), and warrants to purchase an aggregate of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,320,000</div> shares of Common Stock. Each share of Common Stock is being sold together with <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.5</div> warrants (the “Investor Warrants”), each whole Investor Warrant being exercisable for <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> share of Common Stock, at an offering price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2.50</div> per share and related Investor Warrants. </div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Pursuant to the terms of the Underwriting Agreement, the Underwriter has agreed to purchase the Shares and related <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">Investor Warrants from the Company at a price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2.325</div> per share and related Investor Warrants. Each Investor Warrant is exercisable <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div> months from the date of issuance. The Investor Warrants have an exercise price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3.00</div> per whole share, and expire <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">five</div> years from the date <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> exercisable. </div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">Company received <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$6.6</div> million of gross proceeds from the sale of the Shares and Investor Warrant. The Offering closed on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 31, 2017. </div>This Offering was made pursuant to the Company’s effective shelf registration statement on Form S-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div> (File <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">333</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">206789</div>) filed with the Securities and Exchange Commission on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 4, 2015, </div>and declared effective on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 25, 2015, </div>including the base prospectus dated <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 25, 2017 </div>included therein and the related prospectus supplement. </div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The Underwriting Agreement contains customary representations, warranties and agreements by the Company, customary conditions to closing, indemnification obligations of the Company and the Underwriters, including for liabilities under the Securities Act, other obligations of the parties, and termination provisions. <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">The Company also agreed to issue to the Underwriter warrants to purchase up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">66,000</div> shares of the Company’s common stock, such issuance being exempt from registration pursuant to Section <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4</div>(a)(<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div>) of the Securities Act.</div></div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: top;"> <td style="width: 45pt;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:left;"><div style="display: inline; font-weight: bold;">Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.</div></div></div> </td> <td> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:left;"><div style="display: inline; font-weight: bold;">Financial Condition </div><div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"><div style="display: inline; font-weight: bold;">and Business Plan</div></div></div> </td> </tr> </table> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Since inception, the Company has incurred <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">substantial operating losses, principally from expenses associated with the Company’s research and development programs, clinical trials conducted in connection with the Company’s product candidates, and applications and submissions to the Food and Drug Administration (FDA) among other international regulatory authorities. We have incurred approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$257</div> million of cumulated net losses. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2017, </div>we had approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2.7</div> million in cash and cash equivalents. As discussed in Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">16,</div> on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 4, 2017, </div>we entered into exercise agreements with certain warrant holders whereby these warrant holders would exercise <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4.7</div> million warrants at their respective strike prices of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2.07</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$4.75</div> per share and the Company issued to these warrant holders <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.2</div> million new warrants at an exercise price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$6.20</div> per warrant share. The exercise of these warrants, coupled with the exercise of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.3</div> million additional warrants provided the Company with <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$17.0</div> million in gross proceeds. Also as discussed in Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">16,</div> on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 27, 2017, </div>we entered into an underwriting agreement whereby the Company sold approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.6</div> million shares of common stock and warrants to purchase approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.3</div> million shares of common stock for gross proceeds of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$6.6</div> million. </div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">We have substantial future capital requirements <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">associated with our continued research and development activities and to advance our product candidates through various stages of development. The Company believes these expenditures are essential for the commercialization of its technologies. </div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The actual amount of funds the Company will need to operate is subject to many factors, some of which are beyond the Company<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">’s control. These factors include the following:</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:34.1pt;"> </div> <table border="0" cellpadding="0" cellspacing="0" style="; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: top;"> <td style="width: 18pt;"> </td> <td style="width: 9pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin: 0pt;">●</div> </td> <td> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:2.9pt;margin-top:0pt;text-align:justify;">the progress of research<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"> activities;</div></div> </td> </tr> </table> <div style=" margin: 0pt;"> </div> <table border="0" cellpadding="0" cellspacing="0" style="; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: top;"> <td style="width: 18pt;"> </td> <td style="width: 9pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin: 0pt 2.9pt 0pt 0pt;">●</div> </td> <td> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:2.9pt;margin-top:0pt;text-align:justify;">the number and scope of research programs;</div> </td> </tr> </table> <div style=" margin: 0pt;"> </div> <table border="0" cellpadding="0" cellspacing="0" style="; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: top;"> <td style="width: 18pt;"> </td> <td style="width: 9pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin: 0pt 2.9pt 0pt 0pt;">●</div> </td> <td> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:2.9pt;margin-top:0pt;text-align:justify;">the progress of preclinical and clinical development activities;</div> </td> </tr> </table> <div style=" margin: 0pt;"> </div> <table border="0" cellpadding="0" cellspacing="0" style="; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: top;"> <td style="width: 18pt;"> </td> <td style="width: 9pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin: 0pt 2.9pt 0pt 0pt;">●</div> </td> <td> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:2.9pt;margin-top:0pt;text-align:justify;">the progress of the development efforts of parties with whom the Company has entered into research and development agreements;</div> </td> </tr> </table> <div style=" margin: 0pt;"> </div> <table border="0" cellpadding="0" cellspacing="0" style="; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: top;"> <td style="width: 18pt;"> </td> <td style="width: 9pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin: 0pt 2.9pt 0pt 0pt;">●</div> </td> <td> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:2.9pt;margin-top:0pt;text-align:justify;">the costs associated with additional clinical trials of product candidates;</div> </td> </tr> </table> <div style=" margin: 0pt;"> </div> <table border="0" cellpadding="0" cellspacing="0" style="; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: top;"> <td style="width: 18pt;"> </td> <td style="width: 9pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin: 0pt 2.9pt 0pt 0pt;">●</div> </td> <td> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:2.9pt;margin-top:0pt;text-align:justify;">the ability to maintain current research and development licensing arrangements and to establish new research and development and licensing arrangements;</div> </td> </tr> </table> <div style=" margin: 0pt;"> </div> <table border="0" cellpadding="0" cellspacing="0" style="; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: top;"> <td style="width: 18pt;"> </td> <td style="width: 9pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin: 0pt 2.9pt 0pt 0pt;">●</div> </td> <td> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:2.9pt;margin-top:0pt;text-align:justify;">the ability to <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">achieve milestones under licensing arrangements;</div></div> </td> </tr> </table> <div style=" margin: 0pt;"> </div> <table border="0" cellpadding="0" cellspacing="0" style="; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: top;"> <td style="width: 18pt;"> </td> <td style="width: 9pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin: 0pt 2.9pt 0pt 0pt;">●</div> </td> <td> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:2.9pt;margin-top:0pt;text-align:justify;">the costs involved in prosecuting and enforcing patent claims and other intellectual property rights; and</div> </td> </tr> </table> <div style=" margin: 0pt;"> </div> <table border="0" cellpadding="0" cellspacing="0" style="; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: top;"> <td style="width: 18pt;"> </td> <td style="width: 9pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin: 0pt 2.9pt 0pt 0pt;">●</div> </td> <td> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:2.9pt;margin-top:0pt;text-align:justify;">the costs and timing of regulatory approvals.</div> </td> </tr> </table> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:27.5pt;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The Company has based its estimate on assumptions that <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>prove to be wrong. The Company <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>need to obtain additional funds sooner or in greater amounts than it currently anticipates. <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">Potential sources of financing include strategic relationships, public or private sales of the Company’s shares or debt and other sources. If the Company raises funds by selling additional shares of common stock or other securities convertible into common stock, the ownership interest of existing stockholders <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be diluted.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">With the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2.7</div> million in cash and investments on hand at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2017 </div>combined with the gross proceeds of $<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">23.6</div> million provided by the exercise of warrants and the equity offering in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 2017 (</div>Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">16</div>), the Company believes it has sufficient capital resources to fund its operations well into the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">second</div> quarter of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019.</div> The Company will be required to obtain additional funding in order to continue the development of its current product candidates within the anticipated time periods, if at all, and to continue to fund operations. As more fully discussed in Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,</div> the Company has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$7.5</div> million available under a controlled equity offering facility it has with Cantor Fitzgerald & Co. Besides this equity facility, the Company does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have any committed sources of financing at this time, and there is uncertainty whether additional funding will be available when needed on terms that will be acceptable to it, or at all. If the Company would <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> be able to obtain financing when needed, it could be unable to carry out the business plan and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>have to significantly limit its operations, and its business, financial condition and results of operations could be materially harmed. With the current cash on hand and the gross proceeds of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$23.6</div> million from warrant exercises and the equity offering in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October, 2017, </div>management believes the Company will be able to meet its obligations as they come due. </div></div></div>
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