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<div> NOTE 2. COLLABORATION AND LICENSE AGREEMENTS – AMGEN, INC. On September 28, 2016, the Company entered into two Collaboration and License agreements, and a Common Stock Purchase Agreement with Amgen Inc., a Delaware corporation (“Amgen”). Under one of the license agreements (the “Second Collaboration and License Agreement” or “ARO-LPA (AMG 890) Agreement”), Amgen has received a worldwide, exclusive license to Arrowhead’s novel, RNAi ARO-LPA (AMG 890) program. These RNAi molecules are designed to reduce elevated lipoprotein(a), which is a genetically validated, independent risk factor for atherosclerotic cardiovascular disease. Under the other license agreement (the “First Collaboration and License Agreement” or “ARO-AMG1 Agreement”), Amgen received an option to a worldwide, exclusive license for ARO-AMG1, an RNAi therapy for an undisclosed genetically validated cardiovascular target. In both agreements, Amgen is wholly responsible for clinical development and commercialization. Under the Common Stock Purchase Agreement, the Company has sold 3,002,793 shares of Common Stock to Amgen at a price of $7.16 per share, which represents the 30-day volume-weighted average price of the Common Stock on the NASDAQ stock market over the 30 trading days preceding contract execution. Subject to Amgen’s exercise of the Option, as defined in the ARO-AMG1 Agreement, Amgen has agreed to purchase, and the Company has agreed to sell, an additional $5 million worth of shares of Common Stock based on a 30 trading day formula surrounding the date of the Option exercise. Under the terms of the agreements taken together, the Company has received $35 million in upfront payments, $21.5 million in the form of an equity investment by Amgen in the Company’s Common Stock, and could receive up to $617 million in option payments, and development, regulatory and sales milestone payments. The Company is further eligible to receive single-digit royalties for sales of products under the ARO-AMG1 Agreement and up to low double-digit royalties for sales of products under the ARO-LPA (AMG 890) Agreement. Under the terms of the ARO-AMG1 Agreement, the Company has granted an option to a worldwide, exclusive license to ARO-AMG1, an undisclosed genetically validated cardiovascular target.  The collaboration between the Company and Amgen is governed by a joint steering committee comprised of an equal number of representatives from each party.  The Company is also responsible for developing, optimizing and manufacturing the candidate through certain preclinical efficacy and toxicology studies to determine whether the candidate the Company has developed meets the required criteria as defined in the agreement (the “Arrowhead Deliverable”).  If this is achieved, Amgen will then have the option to an exclusive license for the intellectual property generated through the Company’s development efforts, and will likely assume all development, regulatory and commercialization efforts for the candidate upon the option exercise.  The Company has determined that the significant deliverables under the ARO-AMG1 Agreement include the license, the joint research committee and the development and manufacturing activities toward achieving the Arrowhead Deliverable.  The Company also determined that, pursuant to the accounting guidance governing revenue recognition on multiple element arrangements, the license and collective undelivered activities and services do not have standalone value due to the specialized nature of the activities and services to be provided by the Company. Therefore, the deliverables are not separable and, accordingly, the license and undelivered services are being treated as a single unit of accounting. The Company will recognize revenue on a straight-line basis from October 1, 2016, through September 30, 2018.  The due date for achieving the Arrowhead Deliverable is September 28, 2018.  The initial $5 million upfront payment was recorded as Deferred Revenue and $2.5 million of this initial payment was amortized into Revenue during the year ended September 30, 2017.  Should the Company achieve the Arrowhead Deliverable prior to the due date, unrecognized revenue will be accelerated and recognized.     Under the terms of the ARO-LPA (AMG 890) Agreement, the Company has granted a worldwide, exclusive license to ARO-LPA (AMG 890).  The collaboration between the Company and Amgen is governed by a joint research committee comprised of an equal number of representatives from each party, however Amgen has the final decision making authority regarding ARO-LPA (AMG 890) in this committee.  The Company is also responsible for assisting Amgen in the oversight of certain development and manufacturing activities, most of which are to be covered at Amgen’s cost.  The Company has determined that the significant deliverables under the ARO-LPA (AMG 890) Agreement include the license and the oversight of certain of the development and manufacturing activities.  The Company also determined that, pursuant to the accounting guidance governing revenue recognition on multiple element arrangements, the license and collective undelivered activities and services do not have standalone value due to the specialized nature of the activities and services to be provided by the Company. Therefore, the deliverables are not separable and, accordingly, the license and undelivered services are being treated as a single unit of accounting. The Company will recognize revenue on a straight-line basis from November 18, 2016 (the Hart-Scott-Rodino clearance date), through October 31, 2017, which is the date where the significant development and manufacturing related deliverables were completed.  The initial $30 million payment was recorded as Deferred Revenue, and $27.3 million of this initial payment was amortized into Revenue during the year ended September 30, 2017. In January 2017, the Company also entered into a separate services agreement with Amgen to provide certain services related to process development, manufacturing, materials supply, discovery studies, and other consulting services related to ARO-LPA (AMG 890). During the year ended September 30, 2017, work orders under this services agreement generated approximately $1.5 million of Revenue. </div>

<div> NOTE 7. COMMITMENTS AND CONTINGENCIES Leases The Company leases approximately 8,500 square feet of office space for its corporate headquarters in Pasadena, California.  The lease will expire in September 2019.   Rental costs, including common area maintenance and real estate taxes, are approximately $27,000 per month, increasing approximately 3% annually.        The Company also leases approximately 60,000 square feet of office and laboratory space for its research facility in Madison, Wisconsin.  The lease will expire in September 2026.  As part of this lease, the Company was provided a primary tenant improvement allowance of $2.1 million, which is accounted for as Deferred Rent and a secondary tenant improvement allowance of $2.7 million, which is accounted for as a Note Payable on the Company’s Consolidated Balance Sheet.  Monthly rental payments, including common area maintenance, real estate taxes and payments of principal and interest on the Note Payable are approximately $182,200 per month.  The monthly rental payments (excluding principal and interest on the Note Payable), will increase approximately 2.5% annually.       The Company previously leased additional research facility space in Middleton, Wisconsin; however this lease expired in December 2016.  Monthly rental payments including common area maintenance and real estate taxes for the additional space was approximately $18,000.   Facility rent expense for the years ended September 30, 2017, 2016 and 2015 was $1,554,000, $926,000 and $831,000, respectively.     As of September 30, 2017, future minimum lease payments due in fiscal years under operating leases are as follows:   <div> <table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:68%;"> <tr> <td valign="top" bgcolor="#CFF0FC" style="width:84.24%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:12.25pt;;text-indent:-12.25pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2018</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.56%;"> $</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:13.4%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,531,234</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:0.8%;white-space:nowrap;">  </td> </tr> <tr> <td valign="top" style="width:84.24%;"> 2019 </td> <td valign="bottom" style="width:1.56%;">  </td> <td valign="bottom" style="width:13.4%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,435,409</td> <td valign="bottom" style="width:0.8%;white-space:nowrap;">  </td> </tr> <tr> <td valign="top" bgcolor="#CFF0FC" style="width:84.24%;"> 2020 </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.56%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:13.4%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,044,431</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:0.8%;white-space:nowrap;">  </td> </tr> <tr> <td valign="top" style="width:84.24%;"> 2021 </td> <td valign="bottom" style="width:1.56%;">  </td> <td valign="bottom" style="width:13.4%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,070,496 </td> <td valign="bottom" style="width:0.8%;white-space:nowrap;">  </td> </tr> <tr> <td valign="top" bgcolor="#CFF0FC" style="width:84.24%;"> 2022 </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.56%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:13.4%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,097,168 </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:0.8%;white-space:nowrap;">  </td> </tr> <tr> <td valign="top" style="width:84.24%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:12.25pt;;text-indent:-12.25pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2023 and thereafter</td> <td valign="bottom" style="width:1.56%; border-bottom:solid 0.75pt #000000;">  </td> <td valign="bottom" style="width:13.4%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4,669,328</td> <td valign="bottom" style="width:0.8%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">  </td> </tr> <tr style="height:11.5pt;"> <td valign="top" bgcolor="#CFF0FC" style="width:84.24%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:12.25pt;;text-indent:-12.25pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Total</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.56%; border-bottom:double 2.5pt #000000;"> $</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:13.4%; border-bottom:double 2.5pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">10,848,066</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:0.8%; border-bottom:double 2.5pt transparent;white-space:nowrap;">  </td> </tr> </table></div> Note Payable As part of the Company’s lease for its research facility in Madison, Wisconsin discussed above, the Company entered into a $2.7 million promissory note payable with its landlord to finance certain tenant improvements made to the new facility.  The note will be amortized over the 10-year term of the lease, commencing on October 1, 2016.  The note will bear interest at a rate of 7.1% and shall be payable in equal monthly installments of principal and interest. As of September 30, 2017, future principal payments due in fiscal years under the note payable are as follows:   <div> <table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:68%;"> <tr> <td valign="top" bgcolor="#CFF0FC" style="width:84.18%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:12.25pt;;text-indent:-12.25pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2018</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.56%;"> $</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:13.44%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">208,506</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:0.84%;white-space:nowrap;">  </td> </tr> <tr> <td valign="top" style="width:84.18%;"> 2019 </td> <td valign="bottom" style="width:1.56%;">  </td> <td valign="bottom" style="width:13.44%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">223,820</td> <td valign="bottom" style="width:0.84%;white-space:nowrap;">  </td> </tr> <tr> <td valign="top" bgcolor="#CFF0FC" style="width:84.18%;"> 2020 </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.56%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:13.44%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">240,258</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:0.84%;white-space:nowrap;">  </td> </tr> <tr> <td valign="top" style="width:84.18%;"> 2021 </td> <td valign="bottom" style="width:1.56%;">  </td> <td valign="bottom" style="width:13.44%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">257,903 </td> <td valign="bottom" style="width:0.84%;white-space:nowrap;">  </td> </tr> <tr> <td valign="top" bgcolor="#CFF0FC" style="width:84.18%;"> 2022 </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.56%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:13.44%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">276,845 </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:0.84%;white-space:nowrap;">  </td> </tr> <tr> <td valign="top" style="width:84.18%; border-bottom:solid 0.75pt transparent;"> 2023 and thereafter</td> <td valign="bottom" style="width:1.56%; border-bottom:solid 0.75pt #000000;">  </td> <td valign="bottom" style="width:13.44%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,326,192 </td> <td valign="bottom" style="width:0.84%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">  </td> </tr> <tr> <td valign="top" bgcolor="#CFF0FC" style="width:84.18%; border-bottom:double 2.5pt transparent;"> Total</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.56%; border-bottom:double 2.5pt #000000;"> $</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:13.44%; border-bottom:double 2.5pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,533,524</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:0.84%; border-bottom:double 2.5pt transparent;white-space:nowrap;">  </td> </tr> </table></div> Litigation The Company and certain of its officers and directors were named as defendants in a putative consolidated class action in the United States District Court for the Central District of California regarding certain public statements in connection with the Company’s hepatitis B drug research.  The consolidated class action, initially filed as Wang v. Arrowhead Research Corp., et al., No. 2:14-cv-07890 (C.D. Cal., filed Oct. 10, 2014), and Eskinazi v. Arrowhead Research Corp., et al., No. 2:14-cv-07911 (C.D. Cal., filed Oct. 13, 2014), asserted claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and sought damages in an unspecified amount.  Additionally, three putative stockholder derivative actions captioned Weisman v. Anzalone et al., No. 2:14-cv-08982 (C.D. Cal., filed Nov. 20, 2014), Bernstein (Backus) v. Anzalone, et al., No. 2:14-cv-09247 (C.D. Cal., filed Dec. 2, 2014); and Johnson v. Anzalone, et al., No. 2:15-cv-00446 (C.D. Cal., filed Jan. 22, 2015), were filed in the United States District Court for the Central District of California, alleging breach of fiduciary duty by the Company’s Board of Directors in connection with the alleged facts underlying the securities claims.  An additional consolidated derivative action asserting similar claims is pending in Los Angeles County Superior Court, initially filed as Bacchus v. Anzalone, et al., (L.A. Super., filed Mar. 5, 2015); and Jackson v. Anzalone, et al. (L.A. Super., filed Mar. 16, 2015).  Each of these suits seeks damages in unspecified amounts and some seek various forms of injunctive relief.  On October 7, 2016, the federal district court dismissed the consolidated class action with prejudice.  On October 10, 2016, the plaintiffs appealed the dismissal of the consolidated class action to the United States Court of Appeals for the Ninth Circuit.  The Weisman and Johnson derivative actions have been dismissed without prejudice.  The Bernstein derivative action remains pending and is stayed pending the related consolidated class action.  The Company believes it has meritorious defenses and intends to vigorously defend itself in each of these matters.  The Company makes provisions for liabilities when it is both probable that a liability has been incurred and the amount can be reasonably estimated.  No such liability has been recorded related to these matters.  The Company does not expect these matters to have a material effect on its Consolidated Financial Statements. With regard to legal fees, such as attorney fees related to these matters or any other legal matters, the Company recognizes such costs as incurred.      The Company and certain executive officers were named as defendants in a putative consolidated class action in the United States District Court for the Central District of California regarding certain public statements in connection with the Company’s drug research programs.  The consolidated class action, initially filed as Meller v. Arrowhead Pharmaceuticals, Inc., et al., No. 2:16-cv-08505 (C.D. Cal, filed Nov. 15, 2016 ), Siegel v. Arrowhead Pharmaceuticals, Inc., et al., No. 2:16-cv-8954 (C.D. Cal., filed Dec. 2, 2016), and Unz v. Arrowhead Pharmaceuticals, Inc., et al., No.2:17-cv-00310 (C.D. Cal., filed Jan. 13, 2017) asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 regarding certain public statements in connection with the Company’s drug research programs and seek damages in an unspecified amount.  Additionally, a putative stockholder derivative action captioned Johnson v. Anzalone, et al., (Los Angeles County Superior Court, filed January 19, 2017) asserting substantially similar claims is pending in Los Angeles County Superior Court and is stayed pending the related consolidated class action. Two additional putative stockholder derivative actions, captioned Lucas v. Anzalone, et al., No. 2:17-cv-03207 (C.D. Cal., filed April 28, 2017), and Singh v. Anzalone, et al., No. 2:17-cv-03160 (C.D. Cal., filed April 27, 2017), alleging breach of fiduciary duty by the Company’s Board of Directors in connection with the alleged facts underlying the securities claims, are pending in the United States District Court for the Central District of California.  The Lucas and Singh actions have been consolidated. On September 20, 2017, the United States District Court dismissed the consolidated class action without prejudice.  On October 26, 2017, the plaintiffs filed a second amended consolidated complaint, and a motion to dismiss was filed on November 8, 2017.  The Company believes it has meritorious defenses and intends to vigorously defend itself in these matters.  The Company makes provisions for liabilities when it is both probable that a liability has been incurred and the amount can be reasonably estimated.  No such liability has been recorded related to these matters.  The Company cannot predict the ultimate outcome of this matter and cannot accurately estimate any potential liability the Company may incur or the impact of the results of this matter on the Company. With regard to legal fees, such as attorney fees related to these matters or any other legal matters, the Company recognizes such costs as incurred.   Purchase Commitments In the normal course of business, we enter into various purchase commitments for the manufacture of drug components, for toxicology studies, and for pre-clinical and clinical studies.  As of September 30, 2017, these future commitments were estimated at approximately $11.4 million, all of which are expected to be incurred in fiscal 2018.    Technology License Commitments The Company has licensed from third parties the rights to use certain technologies for its research and development activities, as well as in any products the Company may develop using these licensed technologies. These agreements and other similar agreements often require milestone and royalty payments.  Milestone payments, for example, may be required as the research and development process progresses through various stages of development, such as when clinical candidates enter or progress through clinical trials, upon NDA and upon certain sales level milestones.  These milestone payments could amount to the mid to upper double-digit millions of dollars. During the year ended September 30, 2017, 2016, and 2015, we reached milestones amounting to $0, $3.0 million and $1.0 million, respectively, based on progress achieved on our previous clinical candidates.  In certain agreements, the Company may be required to make mid to high single-digit percentage royalty payments based on a percentage of the sales of the relevant products.</div>

<div> NOTE 8. STOCK-BASED COMPENSATION Arrowhead has two plans that provide for equity-based compensation. Under the 2004 Equity Incentive Plan and 2013 Incentive Plan, as of September 30, 2017, 2,119,286 and 6,329,079 shares, respectively, of Arrowhead’s Common Stock are reserved for the grant of stock options, stock appreciation rights, restricted stock awards and performance unit/share award to employees, consultants and others. No further grants may be made under the 2004 Equity Incentive Plan.  As of September 30, 2017, there were options granted and outstanding to purchase 2,119,286 and 2,986,207 shares of Common Stock under the 2004 Equity Incentive Plan and the 2013 Incentive Plan, respectively, and there were 3,098,000 restricted stock units granted and outstanding under the 2013 Incentive Plan. Also, as of September 30, 2017, there were 444,050 shares reserved for options and 10,000 restricted stock units issued as inducement grants to new employees outside of equity compensation plans. During the year ended September 30, 2017, no options or restricted stock units were granted under the 2004 Equity Incentive Plan, 591,000 options and 2,623,000 restricted stock units were granted under the 2013 Incentive Plan, and 47,000 options and 0 restricted stock units were granted as inducement awards to new employees outside of equity incentive plans.   The following table summarizes information about stock options:   <div> <table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:92%;"> <tr> <td valign="bottom" style="width:53.22%;"> <p style="text-align:center;margin-top:0pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-style:normal;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" style="padding-left:0.7pt;padding-Right:0.7pt;padding-Top:0pt;padding-Bottom:0pt;width:9.56%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Number of Options Outstanding</td> <td valign="bottom" style="width:1.2%;">  </td> <td valign="bottom" style="width:0.96%;"> <p style="text-align:center;margin-top:0pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-style:normal;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" style="padding-left:0.7pt;padding-Right:0.7pt;padding-Top:0pt;padding-Bottom:0pt;width:9.78%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Weighted- Average Exercise Price Per Share</td> <td valign="bottom" style="width:1.14%;">  </td> <td valign="bottom" style="width:1.14%;"> <p style="text-align:center;margin-top:0pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-style:normal;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">  </td> <td colspan="2" valign="bottom" style="padding-left:0.7pt;padding-Right:0.7pt;padding-Top:0pt;padding-Bottom:0pt;width:9.6%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Weighted- Average Remaining Contractual Term</td> <td valign="bottom" style="width:0.98%;">  </td> <td valign="bottom" style="width:1.14%;"> <p style="text-align:center;margin-top:0pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-style:normal;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">  </td> <td colspan="2" valign="bottom" style="padding-left:0.7pt;padding-Right:0.7pt;padding-Top:0pt;padding-Bottom:0pt;width:10.34%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Aggregate Intrinsic Value</td> <td valign="bottom" style="width:0.9%;">  </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="width:53.22%;"> Balance At September 30, 2016</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:0.96%; border-top:solid 0.75pt #000000;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:8.62%; border-top:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6,691,200</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.2%;white-space:nowrap;">   </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:0.96%;"> <p style="text-align:center;margin-top:0pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-style:normal;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.16%;"> $</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:8.62%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6.56</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.14%;white-space:nowrap;">   </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.14%;"> <p style="text-align:center;margin-top:0pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-style:normal;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:0.98%;"> <p style="text-align:center;margin-top:0pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-style:normal;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:8.62%;"> <p style="text-align:center;margin-top:0pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-style:normal;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:0.98%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.14%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.14%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:9.2%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:0.9%;">  </td> </tr> <tr> <td valign="bottom" style="width:53.22%;"> Granted</td> <td valign="bottom" style="width:0.96%;">  </td> <td valign="bottom" style="width:8.62%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">638,000</td> <td valign="bottom" style="width:1.2%;white-space:nowrap;">  </td> <td valign="bottom" style="width:0.96%;">  </td> <td valign="bottom" style="width:1.16%;">  </td> <td valign="bottom" style="width:8.62%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1.95</td> <td valign="bottom" style="width:1.14%;white-space:nowrap;">   </td> <td valign="bottom" style="width:1.14%;"> <p style="text-align:center;margin-top:0pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-style:normal;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">  </td> <td valign="bottom" style="width:0.98%;"> <p style="text-align:center;margin-top:0pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-style:normal;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" style="width:8.62%;"> <p style="text-align:center;margin-top:0pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-style:normal;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" style="width:0.98%;">  </td> <td valign="bottom" style="width:1.14%;">  </td> <td valign="bottom" style="width:1.14%;">  </td> <td valign="bottom" style="width:9.2%;">  </td> <td valign="bottom" style="width:0.9%;">  </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="width:53.22%;"> Cancelled</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:0.96%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:8.62%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1,643,927)</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.2%;white-space:nowrap;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:0.96%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.16%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:8.62%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">7.02</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.14%;white-space:nowrap;">   </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.14%;"> <p style="text-align:center;margin-top:0pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-style:normal;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:0.98%;"> <p style="text-align:center;margin-top:0pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-style:normal;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:8.62%;"> <p style="text-align:center;margin-top:0pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-style:normal;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:0.98%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.14%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.14%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:9.2%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:0.9%;">  </td> </tr> <tr> <td valign="bottom" style="width:53.22%; border-bottom:solid 0.75pt transparent;"> Exercised</td> <td valign="bottom" style="width:0.96%; border-bottom:solid 0.75pt #000000;">  </td> <td valign="bottom" style="width:8.62%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(135,730)</td> <td valign="bottom" style="width:1.2%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">  </td> <td valign="bottom" style="width:0.96%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="bottom" style="width:1.16%; border-bottom:solid 0.75pt #000000;">  </td> <td valign="bottom" style="width:8.62%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2.01</td> <td valign="bottom" style="width:1.14%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">   </td> <td valign="bottom" style="width:1.14%; border-bottom:solid 0.75pt transparent;"> <p style="text-align:center;margin-top:0pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-style:normal;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">  </td> <td valign="bottom" style="width:0.98%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="bottom" style="width:8.62%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="middle" style="width:0.98%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="bottom" style="width:1.14%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="bottom" style="width:1.14%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="bottom" style="width:9.2%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="middle" style="width:0.9%; border-bottom:solid 0.75pt transparent;">  </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="width:53.22%; border-bottom:solid 0.75pt transparent;"> Balance At September 30, 2017</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:0.96%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:8.62%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5,549,543</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.2%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">   </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:0.96%; border-bottom:solid 0.75pt transparent;"> <p style="text-align:center;margin-top:0pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-style:normal;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.16%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;"> $</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:8.62%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6.00</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.14%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">   </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.14%; border-bottom:solid 0.75pt transparent;"> <p style="text-align:center;margin-top:0pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-style:normal;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:0.98%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:8.62%; border-bottom:solid 0.75pt transparent;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6.5 years </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:0.98%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.14%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.14%; border-bottom:solid 0.75pt transparent;"> $</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:9.2%; border-bottom:solid 0.75pt transparent;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,390,029</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:0.9%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">  </td> </tr> <tr> <td valign="bottom" style="width:53.22%; border-bottom:double 2.5pt transparent;"> Exercisable At September 30, 2017</td> <td valign="bottom" style="width:0.96%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">  </td> <td valign="bottom" style="width:8.62%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4,065,611</td> <td valign="bottom" style="width:1.2%; border-bottom:double 2.5pt transparent;white-space:nowrap;">  </td> <td valign="bottom" style="width:0.96%; border-bottom:double 2.5pt transparent;">  </td> <td valign="bottom" style="width:1.16%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;"> $</td> <td valign="bottom" style="width:8.62%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6.32</td> <td valign="bottom" style="width:1.14%; border-bottom:double 2.5pt transparent;white-space:nowrap;">  </td> <td valign="bottom" style="width:1.14%; border-bottom:double 2.5pt transparent;">  </td> <td valign="bottom" style="width:0.98%; border-bottom:double 2.5pt transparent;">  </td> <td valign="bottom" style="width:8.62%; border-bottom:double 2.5pt transparent;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5.8 years</td> <td valign="bottom" style="width:0.98%; border-bottom:double 2.5pt transparent;white-space:nowrap;">  </td> <td valign="bottom" style="width:1.14%; border-bottom:double 2.5pt transparent;">  </td> <td valign="bottom" style="width:1.14%; border-bottom:double 2.5pt transparent;"> $</td> <td valign="bottom" style="width:9.2%; border-bottom:double 2.5pt transparent;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,872,018</td> <td valign="bottom" style="width:0.9%; border-bottom:double 2.5pt transparent;white-space:nowrap;">  </td> </tr> </table></div> Stock-based compensation expense related to stock options for the years ended September 30, 2017, 2016 and 2015 was $4,524,833, $6,361,396, and $4,760,831, respectively. The Company does not recognize an income tax benefit as the Company is currently operating at a loss and an actual income tax benefit may not be realized. For non-qualified stock options, the loss creates a timing difference, resulting in a deferred tax asset, which is fully reserved by a valuation allowance. The grant date fair value of the options granted by the Company for the years ended September 30, 2017, 2016 and 2015 was estimated at $849,816, $6,426,207 and $7,338,395, respectively. The intrinsic value of the options exercised during the years ended September 30, 2017, 2016 and 2015 was $35,512, $142,690 and $128,391, respectively. As of September 30, 2017, the pre-tax compensation expense for all outstanding unvested stock options in the amount of approximately $4,627,267 will be recognized in the Company’s results of operations over a weighted average period of 1.8 years. The fair value of each stock option award is estimated on the date of grant using the Black-Scholes option pricing model. The Black-Scholes option valuation model was developed for use in estimating the fair value of traded options, which do not have vesting restrictions and are fully transferable. The determination of the fair value of each stock option is affected by the Company’s stock price on the date of grant, as well as assumptions regarding a number of highly complex and subjective variables. Because the Company’s employee stock options have characteristics significantly different from those of traded options, and because changes in the subjective input assumptions can materially affect the fair value estimate, in management’s opinion, the existing models do not necessarily provide a reliable single measure of the fair value of its employee stock options. The assumptions used to value stock options are as follows:   <div> <table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:99.96%;"> <tr> <td valign="bottom" style="width:56.2%;"> <p style="text-align:center;margin-top:0pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-style:normal;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;"> </td> <td valign="top" style="width:1.12%;">  </td> <td colspan="5" valign="top" style="width:42.68%;">   <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Years ended September 30,</td> </tr> <tr> <td valign="bottom" style="width:56.2%;"> <p style="text-align:center;margin-top:0pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-style:normal;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;"> </td> <td valign="top" style="width:1.12%;">  </td> <td valign="bottom" style="padding-left:0.7pt;padding-Right:0.7pt;padding-Top:0pt;padding-Bottom:0pt;width:13.52%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2017 </td> <td valign="bottom" style="width:1.12%;">  </td> <td valign="bottom" style="padding-left:0.7pt;padding-Right:0.7pt;padding-Top:0pt;padding-Bottom:0pt;width:13.46%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2016 </td> <td valign="top" style="width:1.12%;">  </td> <td valign="bottom" style="width:13.46%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2015 </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="width:56.2%;"> Dividend yield</td> <td valign="top" bgcolor="#CFF0FC" style="width:1.12%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:13.52%; border-top:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.12%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:13.46%; border-top:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="top" bgcolor="#CFF0FC" style="width:1.12%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:13.46%; border-top:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> </tr> <tr> <td valign="bottom" style="width:56.2%;"> Risk-free interest rate</td> <td valign="top" style="width:1.12%;">  </td> <td valign="bottom" style="width:13.52%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1.34 – 2.31%</td> <td valign="bottom" style="width:1.12%;">  </td> <td valign="bottom" style="width:13.46%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1.05 – 1.89%</td> <td valign="top" style="width:1.12%;">  </td> <td valign="bottom" style="width:13.46%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1.46 – 1.89%</td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="width:56.2%;"> Volatility</td> <td valign="top" bgcolor="#CFF0FC" style="width:1.12%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:13.52%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">79%</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.12%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:13.46%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">89%</td> <td valign="top" bgcolor="#CFF0FC" style="width:1.12%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:13.46%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">75%</td> </tr> <tr> <td valign="bottom" style="width:56.2%;"> Expected life (in years)</td> <td valign="top" style="width:1.12%;">  </td> <td valign="bottom" style="width:13.52%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5.85</td> <td valign="bottom" style="width:1.12%;">  </td> <td valign="bottom" style="width:13.46%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6.25</td> <td valign="top" style="width:1.12%;">  </td> <td valign="bottom" style="width:13.46%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6 - 6.25</td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="width:56.2%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:12pt;;text-indent:-12pt;;font-size:10pt;letter-spacing:-0.2pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Weighted average grant date fair value per share of options granted</td> <td valign="top" bgcolor="#CFF0FC" style="width:1.12%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:13.52%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$1.33</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.12%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:13.46%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$4.58</td> <td valign="top" bgcolor="#CFF0FC" style="width:1.12%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:13.46%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$4.24</td> </tr> </table></div> The dividend yield is zero as the Company currently does not pay a dividend. The risk-free interest rate is based on that of the U.S. Treasury bond. Volatility is estimated based on volatility average of the Company’s Common Stock price. Restricted Stock Units Restricted stock units (RSUs), including time-based and performance-based awards, were granted under the Company’s 2013 Incentive Plan and as inducement grants granted outside of the Plan.  During the year ended September 30, 2017, the Company awarded 2,623,000 restricted stock units to certain members of management.  Of the restricted stock units granted during the year ended September 30, 2017, 0 were granted outside of the Plan as an inducement grant to a new employee. At vesting, each RSU will be exchanged for one share of the Company’s Common Stock. Restricted stock unit awards generally vest subject to the satisfaction of service requirements or the satisfaction of both service requirements and achievement of certain performance targets.   The following table summarizes the activity of the Company’s Restricted Stock Units:   <div> <table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:76%;"> <tr> <td valign="bottom" style="width:67.1%;">  </td> <td colspan="2" valign="bottom" style="width:14.42%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Number of RSUs</td> <td valign="bottom" style="width:1.42%;white-space:nowrap;">  </td> <td valign="bottom" style="width:1.3%;">  </td> <td colspan="2" valign="bottom" style="width:14.44%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Weighted- Average Grant Date Fair Value</td> <td valign="bottom" style="width:1.3%;white-space:nowrap;">  </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="width:67.1%;"> Unvested at September 30, 2016</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.3%; border-top:solid 0.75pt #000000;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:13.14%; border-top:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,356,667</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.42%;white-space:nowrap;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.3%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.3%; border-top:solid 0.75pt #000000;"> $</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:13.14%; border-top:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6.72</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.3%;white-space:nowrap;">  </td> </tr> <tr> <td valign="bottom" style="width:67.1%;"> Granted</td> <td valign="bottom" style="width:1.3%;">  </td> <td valign="top" style="width:13.14%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,623,000</td> <td valign="bottom" style="width:1.42%;white-space:nowrap;">  </td> <td valign="bottom" style="width:1.3%;">  </td> <td valign="bottom" style="width:1.3%;">  </td> <td valign="top" style="width:13.14%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1.59</td> <td valign="bottom" style="width:1.3%;white-space:nowrap;">  </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="width:67.1%;"> Vested</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.3%;">  </td> <td valign="top" bgcolor="#CFF0FC" style="width:13.14%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(786,667</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.42%;white-space:nowrap;"> ) </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.3%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.3%;">  </td> <td valign="top" bgcolor="#CFF0FC" style="width:13.14%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">7.03</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.3%;white-space:nowrap;">  </td> </tr> <tr> <td valign="bottom" style="width:67.1%; border-bottom:solid 0.75pt transparent;"> Forfeited</td> <td valign="bottom" style="width:1.3%; border-bottom:solid 0.75pt #000000;">  </td> <td valign="top" style="width:13.14%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(85,000</td> <td valign="bottom" style="width:1.42%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> ) </td> <td valign="bottom" style="width:1.3%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="bottom" style="width:1.3%; border-bottom:solid 0.75pt #000000;">  </td> <td valign="top" style="width:13.14%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1.55</td> <td valign="bottom" style="width:1.3%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">  </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="width:67.1%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:12.25pt;;text-indent:-12.25pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Unvested at September 30, 2017</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.3%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:13.14%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,108,000</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.42%; border-bottom:double 2.5pt transparent;white-space:nowrap;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.3%; border-bottom:double 2.5pt transparent;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.3%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;"> $</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:13.14%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2.45</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.3%; border-bottom:double 2.5pt transparent;white-space:nowrap;">  </td> </tr> </table></div> During the years ended September 30, 2017, 2016 and 2015, the Company recorded $3,366,762, $5,234,420 and $4,489,931 of expense related to restricted stock units, respectively. Such expense is included in stock-based compensation expense in the Company’s Consolidated Statement of Operations and Comprehensive Loss.   For restricted stock units, the grant date fair value of the award is based on the Company’s closing stock price at the grant date.  Expense is recognized over the vesting period for all awards, and commences at the grant date for time-based awards and upon the Company’s determination that the achievement of such performance conditions is probable for performance-based awards. As of September 30, 2017, the pre-tax compensation expense for all unvested restricted stock units in the amount of approximately $2,448,449 will be recognized in the Company’s results of operations over a weighted average period of 1.1 years. </div>

<div> NOTE 9. FAIR VALUE MEASUREMENTS The Company measures its financial assets and liabilities at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., exit price) in an orderly transaction between market participants at the measurement date. Additionally, the Company is required to provide disclosure and categorize assets and liabilities measured at fair value into one of three different levels depending on the assumptions (i.e., inputs) used in the valuation. Level 1 provides the most reliable measure of fair value while Level 3 generally requires significant management judgment. Financial assets and liabilities are classified in their entirety based on the lowest level of input significant to the fair value measurement. The fair value hierarchy is defined as follows: Level 1—Valuations are based on unadjusted quoted prices in active markets for identical assets or liabilities. Level 2—Valuations are based on quoted prices for similar assets or liabilities in active markets, or quoted prices in markets that are not active for which significant inputs are observable, either directly or indirectly. Level 3—Valuations are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. Inputs reflect management’s best estimate of what market participants would use in valuing the asset or liability at the measurement date. The following table summarizes fair value measurements at September 30, 2017 and September 30, 2016 for assets and liabilities measured at fair value on a recurring basis: September 30, 2017:   <div> <table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:92%;"> <tr> <td valign="bottom" style="width:44.58%;"> <p style="text-align:center;margin-top:0pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-style:normal;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" style="padding-left:0.7pt;padding-Right:0.7pt;padding-Top:0pt;padding-Bottom:0pt;width:12.56%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Level 1</td> <td valign="bottom" style="width:1.08%;">  </td> <td valign="bottom" style="width:1.08%;">  </td> <td colspan="2" valign="bottom" style="padding-left:0.7pt;padding-Right:0.7pt;padding-Top:0pt;padding-Bottom:0pt;width:12.02%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Level 2</td> <td valign="bottom" style="width:1.08%;">  </td> <td valign="bottom" style="width:1.08%;">  </td> <td colspan="2" valign="bottom" style="padding-left:0.7pt;padding-Right:0.7pt;padding-Top:0pt;padding-Bottom:0pt;width:11.96%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Level 3</td> <td valign="bottom" style="width:1.08%;">  </td> <td valign="bottom" style="width:1.08%;">  </td> <td colspan="2" valign="bottom" style="padding-left:0.7pt;padding-Right:0.7pt;padding-Top:0pt;padding-Bottom:0pt;width:11.96%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Total</td> <td valign="bottom" style="width:0.46%;">  </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="width:44.58%;"> Cash and cash equivalents</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.1%; border-top:solid 0.75pt #000000;"> $</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:11.46%; border-top:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">24,838,567</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.08%;white-space:nowrap;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.08%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.08%; border-top:solid 0.75pt #000000;"> $</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:10.94%; border-top:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.08%;white-space:nowrap;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.08%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.08%; border-top:solid 0.75pt #000000;"> $</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:10.88%; border-top:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.08%;white-space:nowrap;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.08%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.08%; border-top:solid 0.75pt #000000;"> $</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:10.88%; border-top:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">24,838,567</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:0.46%;white-space:nowrap;">  </td> </tr> <tr> <td valign="bottom" style="width:44.58%;"> Short-term investments</td> <td valign="bottom" style="width:1.1%;"> $</td> <td valign="bottom" style="width:11.46%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">40,769,539</td> <td valign="bottom" style="width:1.08%;white-space:nowrap;">  </td> <td valign="bottom" style="width:1.08%;">  </td> <td valign="bottom" style="width:1.08%;"> $</td> <td valign="bottom" style="width:10.94%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" style="width:1.08%;white-space:nowrap;">  </td> <td valign="bottom" style="width:1.08%;">  </td> <td valign="bottom" style="width:1.08%;"> $</td> <td valign="bottom" style="width:10.88%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" style="width:1.08%;white-space:nowrap;">  </td> <td valign="bottom" style="width:1.08%;">  </td> <td valign="bottom" style="width:1.08%;"> $</td> <td valign="bottom" style="width:10.88%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">40,769,539</td> <td valign="bottom" style="width:0.46%;white-space:nowrap;">  </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="width:44.58%;"> Derivative liabilities</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.1%;"> $</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:11.46%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.08%;white-space:nowrap;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.08%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.08%;"> $</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:10.94%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.08%;white-space:nowrap;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.08%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.08%;"> $</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:10.88%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">695,114</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.08%;white-space:nowrap;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.08%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.08%;"> $</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:10.88%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">695,114</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:0.46%;white-space:nowrap;">  </td> </tr> <tr> <td valign="bottom" style="width:44.58%;"> Contingent Consideration</td> <td valign="bottom" style="width:1.1%;"> $</td> <td valign="bottom" style="width:11.46%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" style="width:1.08%;white-space:nowrap;">  </td> <td valign="bottom" style="width:1.08%;">  </td> <td valign="bottom" style="width:1.08%;"> $</td> <td valign="bottom" style="width:10.94%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" style="width:1.08%;white-space:nowrap;">  </td> <td valign="bottom" style="width:1.08%;">  </td> <td valign="bottom" style="width:1.08%;"> $</td> <td valign="bottom" style="width:10.88%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" style="width:1.08%;white-space:nowrap;">  </td> <td valign="bottom" style="width:1.08%;">  </td> <td valign="bottom" style="width:1.08%;"> $</td> <td valign="bottom" style="width:10.88%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" style="width:0.46%;white-space:nowrap;">  </td> </tr> </table></div> September 30, 2016:   <div> <table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:92%;"> <tr> <td valign="bottom" style="width:44.58%;">  </td> <td colspan="2" valign="bottom" style="padding-left:0.7pt;padding-Right:0.7pt;padding-Top:0pt;padding-Bottom:0pt;width:12.36%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Level 1</td> <td valign="bottom" style="width:1.08%;">  </td> <td valign="bottom" style="width:1.08%;">  </td> <td colspan="2" valign="bottom" style="padding-left:0.7pt;padding-Right:0.7pt;padding-Top:0pt;padding-Bottom:0pt;width:12.02%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Level 2</td> <td valign="bottom" style="width:1.08%;">  </td> <td valign="bottom" style="width:1.08%;">  </td> <td colspan="2" valign="bottom" style="padding-left:0.7pt;padding-Right:0.7pt;padding-Top:0pt;padding-Bottom:0pt;width:11.96%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Level 3</td> <td valign="bottom" style="width:1.08%;">  </td> <td valign="bottom" style="width:1.08%;">  </td> <td colspan="2" valign="bottom" style="padding-left:0.7pt;padding-Right:0.7pt;padding-Top:0pt;padding-Bottom:0pt;width:11.96%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Total</td> <td valign="bottom" style="width:0.66%;">  </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="width:44.58%;"> Cash and cash equivalents</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.1%; border-top:solid 0.75pt #000000;"> $</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:11.26%; border-top:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">85,366,448</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.08%;white-space:nowrap;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.08%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.08%; border-top:solid 0.75pt #000000;"> $</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:10.94%; border-top:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.08%;white-space:nowrap;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.08%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.08%; border-top:solid 0.75pt #000000;"> $</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:10.88%; border-top:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.08%;white-space:nowrap;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.08%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.08%; border-top:solid 0.75pt #000000;"> $</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:10.88%; border-top:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">85,366,448</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:0.66%;white-space:nowrap;">  </td> </tr> <tr> <td valign="bottom" style="width:44.58%;"> Short-term investments</td> <td valign="bottom" style="width:1.1%;"> $</td> <td valign="bottom" style="width:11.26%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" style="width:1.08%;white-space:nowrap;">  </td> <td valign="bottom" style="width:1.08%;">  </td> <td valign="bottom" style="width:1.08%;"> $</td> <td valign="bottom" style="width:10.94%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" style="width:1.08%;white-space:nowrap;">  </td> <td valign="bottom" style="width:1.08%;">  </td> <td valign="bottom" style="width:1.08%;"> $</td> <td valign="bottom" style="width:10.88%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" style="width:1.08%;white-space:nowrap;">  </td> <td valign="bottom" style="width:1.08%;">  </td> <td valign="bottom" style="width:1.08%;"> $</td> <td valign="bottom" style="width:10.88%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" style="width:0.66%;white-space:nowrap;">  </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="width:44.58%;"> Derivative liabilities</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.1%;"> $</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:11.26%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.08%;white-space:nowrap;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.08%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.08%;"> $</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:10.94%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.08%;white-space:nowrap;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.08%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.08%;"> $</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:10.88%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,602,626</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.08%;white-space:nowrap;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.08%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.08%;"> $</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:10.88%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,602,626</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:0.66%;white-space:nowrap;">  </td> </tr> <tr> <td valign="bottom" style="width:44.58%;"> Contingent Consideration</td> <td valign="bottom" style="width:1.1%;"> $</td> <td valign="bottom" style="width:11.26%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" style="width:1.08%;white-space:nowrap;">  </td> <td valign="bottom" style="width:1.08%;">  </td> <td valign="bottom" style="width:1.08%;"> $</td> <td valign="bottom" style="width:10.94%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" style="width:1.08%;white-space:nowrap;">  </td> <td valign="bottom" style="width:1.08%;">  </td> <td valign="bottom" style="width:1.08%;"> $</td> <td valign="bottom" style="width:10.88%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" style="width:1.08%;white-space:nowrap;">  </td> <td valign="bottom" style="width:1.08%;">  </td> <td valign="bottom" style="width:1.08%;"> $</td> <td valign="bottom" style="width:10.88%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" style="width:0.66%;white-space:nowrap;">  </td> </tr> </table></div> As part of a financing in December 2012, Arrowhead issued warrants to purchase up to 912,543 shares of Common Stock (the “2012 Warrants”) of which 265,161 warrants were outstanding at September 30, 2017.  Further, as part of a financing in January 2013, Arrowhead issued warrants to purchase up to 833,530 shares of Common Stock (the “2013 Warrants” and, together with the 2012 Warrants, the “Warrants”) of which 12,123 warrants were outstanding at September 30, 2017.  Each of the Warrants contains a mechanism to adjust the strike price upon the issuance of certain dilutive equity securities. If during the terms of the Warrants, the Company issues Common Stock at a price lower than the exercise price for the Warrants, the exercise price would be reduced to the amount equal to the issuance price of the Common Stock.  As a result of these features, the Warrants are subject to derivative accounting as prescribed under ASC 815. Accordingly, the fair value of the Warrants on the date of issuance was estimated using an option pricing model and recorded on the Company’s Consolidated Balance Sheet as a derivative liability. The fair value of the Warrants is estimated at the end of each reporting period and the change in the fair value of the Warrants is recorded as a non-operating gain or loss as change in value of derivatives in the Company’s Consolidated Statement of Operations and Comprehensive Loss. During the years ended September 30, 2017, 2016 and 2015 the Company recorded a non-cash gain/(loss) from the change in fair value of the derivative liability of $870,760, $(293,072) and $2,684,712, respectively.  Additionally, as part of an equity financing in June 2010, Arrowhead issued warrants to purchase up to 329,649 shares of Common Stock (the “2010 Warrants”), of which warrants to exercise 24,324 shares remained unexercised and were cancelled at their expiration during fiscal 2016.   The assumptions used in valuing the derivative liability were as follows:   <div> <table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:100%;"> <tr> <td valign="bottom" style="width:30.68%;"> 2012 Warrants</td> <td valign="bottom" style="width:1.32%;">  </td> <td valign="bottom" style="width:20.44%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">September 30, 2017</td> <td valign="bottom" style="width:1.3%;white-space:nowrap;">  </td> <td valign="bottom" style="width:1.3%;">  </td> <td valign="bottom" style="width:20.44%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">September 30, 2016</td> <td valign="bottom" style="width:2.04%;">  </td> <td valign="bottom" style="width:20.44%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">September 30, 2015</td> <td valign="bottom" style="width:2.04%;">  </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="width:30.68%;"> Risk-free interest rate</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.32%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:20.44%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1.07%</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.3%;white-space:nowrap;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.3%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:20.44%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">0.68%</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:2.04%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:20.44%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">0.6%</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:2.04%;">  </td> </tr> <tr> <td valign="bottom" style="width:30.68%;"> Expected life</td> <td valign="bottom" style="width:1.32%;">  </td> <td valign="bottom" style="width:20.44%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:36pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">0.2 Years</td> <td valign="bottom" style="width:1.3%;">  </td> <td valign="bottom" style="width:1.3%;">  </td> <td valign="bottom" style="width:20.44%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1.2 Years</td> <td valign="bottom" style="width:2.04%;">  </td> <td valign="bottom" style="width:20.44%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2.2 Years</td> <td valign="bottom" style="width:2.04%;">  </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="width:30.68%;"> Dividend yield</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.32%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:20.44%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.3%;white-space:nowrap;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.3%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:20.44%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:2.04%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:20.44%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:2.04%;">  </td> </tr> <tr> <td valign="bottom" style="width:30.68%;"> Volatility</td> <td valign="bottom" style="width:1.32%;">  </td> <td valign="bottom" style="width:20.44%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">79%</td> <td valign="bottom" style="width:1.3%;white-space:nowrap;">  </td> <td valign="bottom" style="width:1.3%;">  </td> <td valign="bottom" style="width:20.44%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">89%</td> <td valign="bottom" style="width:2.04%;">  </td> <td valign="bottom" style="width:20.44%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">75%</td> <td valign="bottom" style="width:2.04%;">  </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="width:30.68%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.32%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:20.44%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.3%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.3%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:20.44%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:2.04%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:20.44%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:2.04%;">  </td> </tr> <tr> <td valign="bottom" style="width:30.68%;"> 2013 Warrants</td> <td valign="bottom" style="width:1.32%;">  </td> <td valign="bottom" style="width:20.44%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">September 30, 2017</td> <td valign="bottom" style="width:1.3%;white-space:nowrap;">  </td> <td valign="bottom" style="width:1.3%;">  </td> <td valign="bottom" style="width:20.44%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">September 30, 2016</td> <td valign="bottom" style="width:2.04%;">  </td> <td valign="bottom" style="width:20.44%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">September 30, 2015</td> <td valign="bottom" style="width:2.04%;">  </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="width:30.68%;"> Risk-free interest rate</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.32%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:20.44%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1.07%</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.3%;white-space:nowrap;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.3%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:20.44%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">0.68%</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:2.04%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:20.44%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">0.6%</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:2.04%;">  </td> </tr> <tr> <td valign="bottom" style="width:30.68%;"> Expected life</td> <td valign="bottom" style="width:1.32%;">  </td> <td valign="bottom" style="width:20.44%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:36pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">0.3 Years</td> <td valign="bottom" style="width:1.3%;">  </td> <td valign="bottom" style="width:1.3%;">  </td> <td valign="bottom" style="width:20.44%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1.3 Years</td> <td valign="bottom" style="width:2.04%;">  </td> <td valign="bottom" style="width:20.44%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2.3 Years</td> <td valign="bottom" style="width:2.04%;">  </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="width:30.68%;"> Dividend yield</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.32%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:20.44%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.3%;white-space:nowrap;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.3%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:20.44%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:2.04%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:20.44%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:2.04%;">  </td> </tr> <tr> <td valign="bottom" style="width:30.68%;"> Volatility</td> <td valign="bottom" style="width:1.32%;">  </td> <td valign="bottom" style="width:20.44%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">79%</td> <td valign="bottom" style="width:1.3%;white-space:nowrap;">  </td> <td valign="bottom" style="width:1.3%;">  </td> <td valign="bottom" style="width:20.44%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">89%</td> <td valign="bottom" style="width:2.04%;">  </td> <td valign="bottom" style="width:20.44%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">75%</td> <td valign="bottom" style="width:2.04%;">  </td> </tr> </table></div> The following is a reconciliation of the derivative liability related to these warrants:   <div> <table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:76%;"> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="width:80.28%;"> Value at September 30, 2016</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.32%;"> $</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:17.1%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,565,874</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.3%;white-space:nowrap;">  </td> </tr> <tr> <td valign="bottom" style="width:80.28%;"> Issuance of instruments</td> <td valign="bottom" style="width:1.32%;">  </td> <td valign="bottom" style="width:17.1%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" style="width:1.3%;white-space:nowrap;">  </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="width:80.28%;"> Change in value</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.32%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:17.1%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(870,760</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.3%;white-space:nowrap;"> )</td> </tr> <tr> <td valign="bottom" style="width:80.28%; border-bottom:solid 0.75pt transparent;"> Net settlements</td> <td valign="bottom" style="width:1.32%; border-bottom:solid 0.75pt #000000;">  </td> <td valign="bottom" style="width:17.1%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" style="width:1.3%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">  </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="width:80.28%; border-bottom:double 2.5pt transparent;"> Value at September 30, 2017</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.32%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;"> $</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:17.1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">695,114</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.3%; border-bottom:double 2.5pt transparent;white-space:nowrap;">  </td> </tr> <tr> <td valign="bottom" style="width:80.28%;">  </td> <td valign="bottom" style="width:1.32%; border-top:double 2.5pt #000000;">  </td> <td valign="bottom" style="width:17.1%; border-top:double 2.5pt #000000;">  </td> <td valign="bottom" style="width:1.3%;white-space:nowrap;">  </td> </tr> </table></div> In conjunction with the financing of Ablaris in fiscal 2011, Arrowhead sold exchange rights to certain investors whereby the investors had the right to exchange their shares of Ablaris for a prescribed number of Arrowhead shares of Common Stock based upon a predefined ratio. The exchange rights had a seven-year term and a current exchange ratio of  0.01. Exchange rights for 675,000 Ablaris shares were sold in fiscal 2011, and 500,000 remained outstanding at September 30, 2016. The 500,000 remaining were exercised during the year ended September 30, 2017.  The exchange rights were subject to derivative accounting as prescribed under ASC 815. Accordingly, the fair value of the exchange rights on the date of issuance was estimated using an option pricing model and recorded on the Company’s Consolidated Balance Sheet as a derivative liability. The fair value of the exchange rights was estimated at the end of each reporting period and the change in the fair value of the exchange rights is recorded as a non-operating gain or loss in the Company’s Consolidated Statement of Operations and Comprehensive Loss. During the years ended September 30, 2017, 2016 and 2015, the Company recorded a non-cash gain/(loss) from the change in fair value of the derivative liability of $19,602, $(7,950) and $184,555, respectively.  There was no derivative liability remaining at September 30, 2017 given that all of the exchange rights had been exercised.  The derivative assets/liabilities are estimated using option pricing models that are based on the individual characteristics of the warrants or instruments on the valuation date, as well as assumptions for expected volatility, expected life and risk-free interest rate. Changes in the assumptions used could have a material impact on the resulting fair value. The primary input affecting the value of the Company’s derivatives liabilities is the Company’s stock price. Other inputs have a comparatively insignificant effect. As of September 30, 2015, the Company had a liability for contingent consideration related to its acquisition of the Roche RNAi business completed in 2011. The fair value measurement of the contingent consideration obligations is determined using Level 3 inputs. The fair value of contingent consideration obligations is based on a discounted cash flow model using a probability-weighted income approach. The measurement is based upon unobservable inputs supported by little or no market activity based on the Company’s assumptions and experience. Estimating timing to complete the development and obtain approval of products is difficult, and there are inherent uncertainties in developing a product candidate, such as obtaining U.S. Food and Drug Administration (FDA) and other regulatory approvals. In determining the probability of regulatory approval and commercial success, the Company utilizes data regarding similar milestone events from several sources, including industry studies and its own experience. These fair value measurements represent Level 3 measurements as they are based on significant inputs not observable in the market. Significant judgment is employed in determining the appropriateness of these assumptions as of the acquisition date and for each subsequent period. Accordingly, changes in assumptions could have a material impact on the amount of contingent consideration expense the Company records in any given period. In November 2016, the Company announced the discontinuation of its clinical trial efforts for ARC-520, ARC-AAT and ARC-521.  Given this development, the Company assessed the fair value of its contingent consideration obligation to be $0 at September 30, 2016 and 2017.  </div>

<div> NOTE 10. - INCOME TAXES The Company utilizes the guidance issued by the FASB for accounting for income taxes which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred income taxes are recognized for the tax consequences in future years of differences between the tax bases of assets and liabilities and their financial reporting amounts at each year-end based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. The provision for income taxes represents the tax payable for the period and the change during the period in deferred tax assets and liabilities. Components of the net deferred tax asset (liability) at September 30, 2017 and 2016 are as follows:   <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:92%;"> <tr> <td valign="bottom" style="width:72.86%;">  </td> <td valign="bottom" style="width:1.08%; border-bottom:solid 0.75pt #000000;">  </td> <td valign="bottom" style="width:10.86%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:7.5pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2017</td> <td valign="bottom" style="width:1.08%;">  </td> <td valign="bottom" style="width:1.08%;">  </td> <td colspan="2" valign="bottom" style="width:11.96%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:7.5pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2016</td> <td valign="bottom" style="width:1.08%;">  </td> </tr> <tr> <td valign="top" bgcolor="#CCEEFF" style="width:72.86%;"> Deferred tax assets:</td> <td valign="bottom" bgcolor="#CCEEFF" style="width:1.08%; border-top:solid 0.75pt #000000;">  </td> <td valign="bottom" bgcolor="#CCEEFF" style="width:10.86%;">  </td> <td valign="bottom" bgcolor="#CCEEFF" style="width:1.08%;">  </td> <td valign="bottom" bgcolor="#CCEEFF" style="width:1.08%;">  </td> <td valign="bottom" bgcolor="#CCEEFF" style="width:1.08%;">  </td> <td valign="bottom" bgcolor="#CCEEFF" style="width:10.88%;">  </td> <td valign="bottom" bgcolor="#CCEEFF" style="width:1.08%;">  </td> </tr> <tr> <td valign="top" style="width:72.86%;"> Accrued compensation</td> <td valign="bottom" style="width:1.08%;"> $</td> <td valign="bottom" style="width:10.86%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9.5pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,337,619</td> <td valign="bottom" style="width:1.08%;">  </td> <td valign="bottom" style="width:1.08%;white-space:nowrap;">  </td> <td valign="bottom" style="width:1.08%;"> $</td> <td valign="bottom" style="width:10.88%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9.5pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,691,050</td> <td valign="bottom" style="width:1.08%;">  </td> </tr> <tr> <td valign="top" bgcolor="#CCEEFF" style="width:72.86%;"> Stock compensation</td> <td valign="bottom" bgcolor="#CCEEFF" style="width:1.08%;">  </td> <td valign="bottom" bgcolor="#CCEEFF" style="width:10.86%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9.5pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5,670,468</td> <td valign="bottom" bgcolor="#CCEEFF" style="width:1.08%;">  </td> <td valign="bottom" bgcolor="#CCEEFF" style="width:1.08%;white-space:nowrap;">  </td> <td valign="bottom" bgcolor="#CCEEFF" style="width:1.08%;">  </td> <td valign="bottom" bgcolor="#CCEEFF" style="width:10.88%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9.5pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">7,224,958</td> <td valign="bottom" bgcolor="#CCEEFF" style="width:1.08%;">  </td> </tr> <tr> <td valign="top" style="width:72.86%;"> Capitalized research and development</td> <td valign="bottom" style="width:1.08%;">  </td> <td valign="bottom" style="width:10.86%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9.5pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,196,542</td> <td valign="bottom" style="width:1.08%;">  </td> <td valign="bottom" style="width:1.08%;white-space:nowrap;">  </td> <td valign="bottom" style="width:1.08%;">  </td> <td valign="bottom" style="width:10.88%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9.5pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,957,528</td> <td valign="bottom" style="width:1.08%;">  </td> </tr> <tr> <td valign="top" bgcolor="#CCECFF" style="width:72.86%;"> Fixed Assets</td> <td valign="bottom" bgcolor="#CCECFF" style="width:1.08%;">  </td> <td valign="bottom" bgcolor="#CCECFF" style="width:10.86%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9.5pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">203,477</td> <td valign="bottom" bgcolor="#CCECFF" style="width:1.08%;">  </td> <td valign="bottom" bgcolor="#CCECFF" style="width:1.08%;white-space:nowrap;">  </td> <td valign="bottom" bgcolor="#CCECFF" style="width:1.08%;">  </td> <td valign="bottom" bgcolor="#CCECFF" style="width:10.88%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9.5pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CCECFF" style="width:1.08%;">  </td> </tr> <tr> <td valign="top" style="width:72.86%;"> Net operating losses</td> <td valign="bottom" style="width:1.08%;">  </td> <td valign="bottom" style="width:10.86%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9.5pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">132,119,837</td> <td valign="bottom" style="width:1.08%;">  </td> <td valign="bottom" style="width:1.08%;white-space:nowrap;">  </td> <td valign="bottom" style="width:1.08%;">  </td> <td valign="bottom" style="width:10.88%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9.5pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">125,120,957</td> <td valign="bottom" style="width:1.08%;">  </td> </tr> <tr> <td valign="top" bgcolor="#CCEEFF" style="width:72.86%;"> Intangible Assets</td> <td valign="bottom" bgcolor="#CCEEFF" style="width:1.08%;">  </td> <td valign="bottom" bgcolor="#CCEEFF" style="width:10.86%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9.5pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5,358,700</td> <td valign="bottom" bgcolor="#CCEEFF" style="width:1.08%;">  </td> <td valign="middle" bgcolor="#CCEEFF" style="width:1.08%;">  </td> <td valign="bottom" bgcolor="#CCEEFF" style="width:1.08%;">  </td> <td valign="bottom" bgcolor="#CCEEFF" style="width:10.88%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9.5pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5,544,091</td> <td valign="bottom" bgcolor="#CCEEFF" style="width:1.08%;">  </td> </tr> <tr> <td valign="top" style="width:72.86%;"> Deferred Revenue</td> <td valign="bottom" style="width:1.08%;">  </td> <td valign="bottom" style="width:10.86%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9.5pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,068,206</td> <td valign="bottom" style="width:1.08%;">  </td> <td valign="middle" style="width:1.08%;">  </td> <td valign="bottom" style="width:1.08%;">  </td> <td valign="bottom" style="width:10.88%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9.5pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" style="width:1.08%;">  </td> </tr> <tr> <td valign="top" bgcolor="#CCECFF" style="width:72.86%;"> Deferred Rent</td> <td valign="bottom" bgcolor="#CCECFF" style="width:1.08%;">  </td> <td valign="bottom" bgcolor="#CCECFF" style="width:10.86%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9.5pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">865,675</td> <td valign="bottom" bgcolor="#CCECFF" style="width:1.08%;">  </td> <td valign="middle" bgcolor="#CCECFF" style="width:1.08%;">  </td> <td valign="bottom" bgcolor="#CCECFF" style="width:1.08%;">  </td> <td valign="bottom" bgcolor="#CCECFF" style="width:10.88%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9.5pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CCECFF" style="width:1.08%;">  </td> </tr> <tr> <td valign="top" style="width:72.86%; border-bottom:solid 0.75pt transparent;"> Capital Loss</td> <td valign="bottom" style="width:1.08%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="bottom" style="width:10.86%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9.5pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,020,162</td> <td valign="bottom" style="width:1.08%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="middle" style="width:1.08%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="bottom" style="width:1.08%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="bottom" style="width:10.88%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9.5pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" style="width:1.08%; border-bottom:solid 0.75pt transparent;">  </td> </tr> <tr> <td valign="bottom" bgcolor="#CCECFF" style="width:72.86%; border-bottom:solid 0.75pt transparent;"> Total deferred tax assets</td> <td valign="bottom" bgcolor="#CCECFF" style="width:1.08%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="bottom" bgcolor="#CCECFF" style="width:10.86%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9.5pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">149,840,686</td> <td valign="bottom" bgcolor="#CCECFF" style="width:1.08%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="middle" bgcolor="#CCECFF" style="width:1.08%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="bottom" bgcolor="#CCECFF" style="width:1.08%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="bottom" bgcolor="#CCECFF" style="width:10.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9.5pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">142,538,584</td> <td valign="bottom" bgcolor="#CCECFF" style="width:1.08%; border-bottom:solid 0.75pt transparent;">  </td> </tr> <tr> <td valign="top" style="width:72.86%;"> Valuation allowance</td> <td valign="bottom" style="width:1.08%;">  </td> <td valign="bottom" style="width:10.86%; border-top:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9.5pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(136,625,436</td> <td valign="bottom" style="width:1.08%;"> )</td> <td valign="bottom" style="width:1.08%;white-space:nowrap;">  </td> <td valign="bottom" style="width:1.08%;">  </td> <td valign="bottom" style="width:10.88%; border-top:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9.5pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(128,695,371</td> <td valign="bottom" style="width:1.08%;"> )</td> </tr> <tr> <td valign="top" bgcolor="#CCECFF" style="width:72.86%;"> Deferred tax liabilities:</td> <td valign="bottom" bgcolor="#CCECFF" style="width:1.08%;">  </td> <td valign="bottom" bgcolor="#CCECFF" style="width:10.86%;">  </td> <td valign="bottom" bgcolor="#CCECFF" style="width:1.08%;">  </td> <td valign="bottom" bgcolor="#CCECFF" style="width:1.08%;white-space:nowrap;">  </td> <td valign="bottom" bgcolor="#CCECFF" style="width:1.08%;">  </td> <td valign="bottom" bgcolor="#CCECFF" style="width:10.88%;">  </td> <td valign="bottom" bgcolor="#CCECFF" style="width:1.08%;">  </td> </tr> <tr> <td valign="top" style="width:72.86%;"> State taxes</td> <td valign="bottom" style="width:1.08%;">  </td> <td valign="bottom" style="width:10.86%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9.5pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(13,215,250</td> <td valign="bottom" style="width:1.08%;"> )</td> <td valign="bottom" style="width:1.08%;">  </td> <td valign="bottom" style="width:1.08%;">  </td> <td valign="bottom" style="width:10.88%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9.5pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(13,804,268</td> <td valign="bottom" style="width:1.08%;"> )</td> </tr> <tr> <td valign="top" bgcolor="#CCECFF" style="width:72.86%; border-bottom:solid 0.75pt transparent;"> Fixed assets</td> <td valign="bottom" bgcolor="#CCECFF" style="width:1.08%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="bottom" bgcolor="#CCECFF" style="width:10.86%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9.5pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CCECFF" style="width:1.08%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="bottom" bgcolor="#CCECFF" style="width:1.08%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">  </td> <td valign="bottom" bgcolor="#CCECFF" style="width:1.08%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="bottom" bgcolor="#CCECFF" style="width:10.88%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9.5pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(38,945</td> <td valign="bottom" bgcolor="#CCECFF" style="width:1.08%; border-bottom:solid 0.75pt transparent;"> )</td> </tr> <tr style="height:6.75pt;"> <td valign="bottom" style="width:72.86%; border-bottom:solid 0.75pt transparent;"> Total deferred tax liability</td> <td valign="bottom" style="width:1.08%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="bottom" style="width:10.86%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9.5pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(13,215,250</td> <td valign="bottom" style="width:1.08%; border-bottom:solid 0.75pt transparent;"> )</td> <td valign="middle" style="width:1.08%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="bottom" style="width:1.08%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="bottom" style="width:10.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9.5pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(13,843,213</td> <td valign="bottom" style="width:1.08%; border-bottom:solid 0.75pt transparent;"> )</td> </tr> <tr style="height:6.75pt;"> <td valign="bottom" bgcolor="#CCECFF" style="width:72.86%; border-bottom:double 2.5pt transparent;"> Net deferred tax assets (liabilities)</td> <td valign="bottom" bgcolor="#CCECFF" style="width:1.08%; border-bottom:double 2.5pt transparent;"> $</td> <td valign="bottom" bgcolor="#CCECFF" style="width:10.86%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9.5pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CCECFF" style="width:1.08%; border-bottom:double 2.5pt transparent;">  </td> <td valign="middle" bgcolor="#CCECFF" style="width:1.08%; border-bottom:double 2.5pt transparent;">  </td> <td valign="bottom" bgcolor="#CCECFF" style="width:1.08%; border-bottom:double 2.5pt transparent;"> $</td> <td valign="bottom" bgcolor="#CCECFF" style="width:10.88%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9.5pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CCECFF" style="width:1.08%; border-bottom:double 2.5pt transparent;">  </td> </tr> </table></div> The Company has concluded, in accordance with the applicable accounting standards, that it is more likely than not that the Company may not realize the benefit of all of its deferred tax assets. Accordingly, management has provided a 100% valuation allowance against its deferred tax assets until such time as management believes that its projections of future profits as well as expected future tax rates make the realization of these deferred tax assets more-likely-than-not. Significant judgment is required in the evaluation of deferred tax benefits and differences in future results from our estimates could result in material differences in the realization of these assets. The Company has recorded a full valuation allowance related to all of its deferred tax assets. The Company has performed an assessment of positive and negative evidence regarding the realization of the net deferred tax asset in accordance with FASB ASC 740-10, “Accounting for Income Taxes.” This assessment included the evaluation of scheduled reversals of deferred tax liabilities, the availability of carry forwards and estimates of projected future taxable income.   As of September 30, 2016, the Company had available gross federal net operating loss (NOL) carry forwards of $260.7 million and gross state NOL carry forwards of $398.3 million.  Gross federal NOL carry forwards for 2017 are estimated at $24.5 million, and gross state NOL carry forwards for 2017 are estimated at $24.2 million.  The NOLs expire at various dates through 2037. The provisions for income taxes for the years ended September 30, 2017 and 2016 are as follows:   <div> <table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:92%;"> <tr> <td valign="bottom" style="width:72.84%;">  </td> <td colspan="2" valign="bottom" style="width:11.96%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:7.5pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2017</td> <td valign="bottom" style="width:1.08%;">  </td> <td valign="bottom" style="width:1.08%;">  </td> <td colspan="2" valign="bottom" style="width:11.96%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:7.5pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2016</td> <td valign="bottom" style="width:1.08%;">  </td> </tr> <tr> <td valign="top" bgcolor="#CCEEFF" style="width:72.84%;"> Federal:</td> <td valign="bottom" bgcolor="#CCEEFF" style="width:1.08%;">  </td> <td valign="bottom" bgcolor="#CCEEFF" style="width:10.88%;">  </td> <td valign="bottom" bgcolor="#CCEEFF" style="width:1.08%;">  </td> <td valign="bottom" bgcolor="#CCEEFF" style="width:1.08%;">  </td> <td valign="bottom" bgcolor="#CCEEFF" style="width:1.08%;">  </td> <td valign="bottom" bgcolor="#CCEEFF" style="width:10.88%;">  </td> <td valign="bottom" bgcolor="#CCEEFF" style="width:1.08%;">  </td> </tr> <tr> <td valign="top" style="width:72.84%;"> Current</td> <td valign="bottom" style="width:1.08%;">  </td> <td valign="bottom" style="width:10.88%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" style="width:1.08%;white-space:nowrap;">  </td> <td valign="bottom" style="width:1.08%;">  </td> <td valign="bottom" style="width:1.08%;">  </td> <td valign="bottom" style="width:10.88%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" style="width:1.08%;white-space:nowrap;">  </td> </tr> <tr> <td valign="top" bgcolor="#CCEEFF" style="width:72.84%; border-bottom:solid 0.75pt transparent;"> Deferred</td> <td valign="bottom" bgcolor="#CCEEFF" style="width:1.08%; border-bottom:solid 0.75pt #000000;">  </td> <td valign="bottom" bgcolor="#CCEEFF" style="width:10.88%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CCEEFF" style="width:1.08%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">  </td> <td valign="bottom" bgcolor="#CCEEFF" style="width:1.08%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="bottom" bgcolor="#CCEEFF" style="width:1.08%; border-bottom:solid 0.75pt #000000;">  </td> <td valign="bottom" bgcolor="#CCEEFF" style="width:10.88%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CCEEFF" style="width:1.08%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">  </td> </tr> <tr> <td valign="bottom" style="width:72.84%; border-bottom:solid 0.75pt transparent;"> Total Federal</td> <td valign="bottom" style="width:1.08%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">  </td> <td valign="bottom" style="width:10.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" style="width:1.08%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="bottom" style="width:1.08%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="bottom" style="width:1.08%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">  </td> <td valign="bottom" style="width:10.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" style="width:1.08%; border-bottom:solid 0.75pt transparent;">  </td> </tr> <tr> <td valign="top" bgcolor="#CCEEFF" style="width:72.84%;"> State:</td> <td valign="bottom" bgcolor="#CCEEFF" style="width:1.08%;">  </td> <td valign="bottom" bgcolor="#CCEEFF" style="width:10.88%;">  </td> <td valign="bottom" bgcolor="#CCEEFF" style="width:1.08%;">  </td> <td valign="bottom" bgcolor="#CCEEFF" style="width:1.08%;">  </td> <td valign="bottom" bgcolor="#CCEEFF" style="width:1.08%;">  </td> <td valign="bottom" bgcolor="#CCEEFF" style="width:10.88%;">  </td> <td valign="bottom" bgcolor="#CCEEFF" style="width:1.08%;">  </td> </tr> <tr> <td valign="top" style="width:72.84%;"> Current</td> <td valign="bottom" style="width:1.08%;white-space:nowrap;"> $</td> <td valign="bottom" style="width:10.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,400</td> <td valign="bottom" style="width:1.08%;white-space:nowrap;">  </td> <td valign="bottom" style="width:1.08%;">  </td> <td valign="bottom" style="width:1.08%;white-space:nowrap;">  </td> <td valign="bottom" style="width:10.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,400</td> <td valign="bottom" style="width:1.08%;white-space:nowrap;">  </td> </tr> <tr> <td valign="top" bgcolor="#CCEEFF" style="width:72.84%; border-bottom:solid 0.75pt transparent;"> Deferred</td> <td valign="bottom" bgcolor="#CCEEFF" style="width:1.08%; border-bottom:solid 0.75pt #000000;">  </td> <td valign="bottom" bgcolor="#CCEEFF" style="width:10.88%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CCEEFF" style="width:1.08%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">  </td> <td valign="bottom" bgcolor="#CCEEFF" style="width:1.08%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="bottom" bgcolor="#CCEEFF" style="width:1.08%; border-bottom:solid 0.75pt #000000;">  </td> <td valign="bottom" bgcolor="#CCEEFF" style="width:10.88%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CCEEFF" style="width:1.08%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">  </td> </tr> <tr> <td valign="top" style="width:72.84%; border-bottom:solid 0.75pt transparent;"> Total State</td> <td valign="bottom" style="width:1.08%; border-bottom:solid 0.75pt #000000;"> $</td> <td valign="bottom" style="width:10.88%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,400</td> <td valign="bottom" style="width:1.08%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">  </td> <td valign="bottom" style="width:1.08%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="bottom" style="width:1.08%; border-bottom:solid 0.75pt #000000;">  </td> <td valign="bottom" style="width:10.88%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,400</td> <td valign="bottom" style="width:1.08%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">  </td> </tr> <tr> <td valign="top" bgcolor="#CCEEFF" style="width:72.84%; border-bottom:double 2.5pt transparent;"> Provision from income taxes</td> <td valign="bottom" bgcolor="#CCEEFF" style="width:1.08%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;"> $</td> <td valign="bottom" bgcolor="#CCEEFF" style="width:10.88%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,400</td> <td valign="bottom" bgcolor="#CCEEFF" style="width:1.08%; border-bottom:double 2.5pt transparent;white-space:nowrap;">  </td> <td valign="bottom" bgcolor="#CCEEFF" style="width:1.08%; border-bottom:double 2.5pt transparent;">  </td> <td valign="bottom" bgcolor="#CCEEFF" style="width:1.08%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">  </td> <td valign="bottom" bgcolor="#CCEEFF" style="width:10.88%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,400</td> <td valign="bottom" bgcolor="#CCEEFF" style="width:1.08%; border-bottom:double 2.5pt transparent;white-space:nowrap;">  </td> </tr> </table></div>   The Company’s effective income tax rate differs from the statutory federal income tax rate as follows for the years ended September 30, 2017 and 2016:   <div> <table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:100.84%;"> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="width:72.24%;">  </td> <td valign="bottom" bgcolor="#FFFFFF" style="width:1.08%; border-bottom:solid 0.75pt #000000;">  </td> <td valign="bottom" bgcolor="#FFFFFF" style="width:10.78%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:7.5pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2017</td> <td valign="bottom" bgcolor="#FFFFFF" style="width:1.86%;">  </td> <td valign="bottom" bgcolor="#FFFFFF" style="width:0.28%;">  </td> <td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="width:11.86%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:7.5pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2016</td> <td valign="bottom" bgcolor="#FFFFFF" style="width:1.9%;">  </td> </tr> <tr> <td valign="top" bgcolor="#CFF0FC" style="width:72.24%;"> At U.S. federal statutory rate</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.08%; border-top:solid 0.75pt #000000;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:10.78%; border-top:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">34.0</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.86%;"> %</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:0.28%;white-space:nowrap;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.08%; border-top:solid 0.75pt #000000;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:10.78%; border-top:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">34.0</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.9%;"> %</td> </tr> <tr> <td valign="top" bgcolor="#FFFFFF" style="width:72.24%;"> State taxes, net of federal effect</td> <td valign="bottom" bgcolor="#FFFFFF" style="width:1.08%;">  </td> <td valign="bottom" bgcolor="#FFFFFF" style="width:10.78%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4.9</td> <td valign="bottom" bgcolor="#FFFFFF" style="width:1.86%;">  </td> <td valign="bottom" bgcolor="#FFFFFF" style="width:0.28%;white-space:nowrap;">  </td> <td valign="bottom" bgcolor="#FFFFFF" style="width:1.08%;">  </td> <td valign="bottom" bgcolor="#FFFFFF" style="width:10.78%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">9.0</td> <td valign="bottom" bgcolor="#FFFFFF" style="width:1.9%;">  </td> </tr> <tr> <td valign="top" bgcolor="#CFF0FC" style="width:72.24%;"> Stock compensation</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.08%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:10.78%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(5.8</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.86%;"> )</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:0.28%;white-space:nowrap;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.08%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:10.78%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1.1</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.9%;"> )</td> </tr> <tr> <td valign="top" bgcolor="#FFFFFF" style="width:72.24%;"> Mark-to-market adjustments</td> <td valign="bottom" bgcolor="#FFFFFF" style="width:1.08%;">  </td> <td valign="bottom" bgcolor="#FFFFFF" style="width:10.78%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">0.9</td> <td valign="bottom" bgcolor="#FFFFFF" style="width:1.86%;">  </td> <td valign="bottom" bgcolor="#FFFFFF" style="width:0.28%;white-space:nowrap;">  </td> <td valign="bottom" bgcolor="#FFFFFF" style="width:1.08%;">  </td> <td valign="bottom" bgcolor="#FFFFFF" style="width:10.78%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(0.1</td> <td valign="bottom" bgcolor="#FFFFFF" style="width:1.9%;"> )</td> </tr> <tr> <td valign="top" bgcolor="#CFF0FC" style="width:72.24%;"> Valuation allowance</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.08%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:10.78%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(23.1</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.86%;"> )</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:0.28%;white-space:nowrap;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.08%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:10.78%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(41.1</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.9%;"> )</td> </tr> <tr> <td valign="top" style="width:72.24%;"> True-up on deferred taxes</td> <td valign="bottom" style="width:1.08%;">  </td> <td valign="bottom" style="width:10.78%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(3.0</td> <td valign="bottom" style="width:1.86%;"> )</td> <td valign="bottom" style="width:0.28%;white-space:nowrap;">  </td> <td valign="bottom" style="width:1.08%;">  </td> <td valign="bottom" style="width:10.78%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" style="width:1.9%;">  </td> </tr> <tr> <td valign="top" bgcolor="#CFF0FC" style="width:72.24%;"> State blended rate change</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.08%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:10.78%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(5.7</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.86%;"> )</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:0.28%;white-space:nowrap;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.08%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:10.78%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.9%;">  </td> </tr> <tr> <td valign="top" bgcolor="#FFFFFF" style="width:72.24%; border-bottom:solid 0.75pt transparent;"> Other</td> <td valign="bottom" bgcolor="#FFFFFF" style="width:1.08%; border-bottom:solid 0.75pt #000000;">  </td> <td valign="bottom" bgcolor="#FFFFFF" style="width:10.78%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(2.2</td> <td valign="bottom" bgcolor="#FFFFFF" style="width:1.86%; border-bottom:solid 0.75pt transparent;"> )</td> <td valign="bottom" bgcolor="#FFFFFF" style="width:0.28%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">  </td> <td valign="bottom" bgcolor="#FFFFFF" style="width:1.08%; border-bottom:solid 0.75pt #000000;">  </td> <td valign="bottom" bgcolor="#FFFFFF" style="width:10.78%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(0.7</td> <td valign="bottom" bgcolor="#FFFFFF" style="width:1.9%; border-bottom:solid 0.75pt transparent;"> )</td> </tr> <tr> <td valign="top" bgcolor="#CFF0FC" style="width:72.24%; border-bottom:double 2.5pt transparent;"> Effective income tax rate</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.08%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:10.78%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">0.0</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.86%; border-bottom:double 2.5pt transparent;"> %</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:0.28%; border-bottom:double 2.5pt transparent;white-space:nowrap;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.08%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:10.78%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">0.0</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.9%; border-bottom:double 2.5pt transparent;"> %</td> </tr> </table></div> The Company has adopted guidance issued by the FASB that clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold of more likely than not and a measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. In making this assessment, a company must determine whether it is more likely than not that a tax position will be sustained upon examination, based solely on the technical merits of the position and must assume that the tax position will be examined by taxing authorities. The Company’s policy is to include interest and penalties related to unrecognized tax benefits in income tax expense.  The Company has not recognized any unrecognized tax benefits and does not have any interest or penalties related to uncertain tax positions as of September 30, 2017 and 2016. The Company files income tax returns with the Internal Revenue Service (“IRS”), the state of California, the Australia Tax Office (“ATO”) and certain other taxing jurisdictions. The Company is subject to income tax examinations by the IRS and by state tax authorities until the net operating losses are settled.  During the three months ended September 30, 2016, the IRS commenced an audit for the tax year ended September 30, 2015.  The audit concluded during the year ended September 30, 2017 with no material adjustments. In November 2017, the ATO commenced an audit for the tax year ended September 30, 2016.  </div>

<div> Principles of Consolidation—The consolidated financial statements include the accounts of Arrowhead and its Subsidiaries.  Arrowhead’s primary operating subsidiary is Arrowhead Madison, which is located in Madison, Wisconsin, where the Company’s research and development facility is located.  All significant intercompany accounts and transactions are eliminated in consolidation. </div>

<div> Basis of Presentation and Use of Estimates—The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.  Actual results could materially differ from those estimates. Additionally, certain reclassifications have been made to prior period financial statements to conform to the current period presentation. </div>

<div> Cash and Cash Equivalents—The Company considers all liquid debt instruments purchased with a maturity of three months or less to be cash equivalents.  The Company had no restricted cash at September 30, 2017 and September 30, 2016.</div>

<div> Concentration of Credit Risk—The Company maintains several bank accounts at two financial institutions for its operations. These accounts are insured by the Federal Deposit Insurance Corporation (FDIC) for up to $250,000 per institution. Management believes the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which these deposits are held. </div>

<div> Investments—The Company may invest excess cash balances in short-term and long-term marketable debt securities. Investments may include certificates of deposits, money market accounts, government-sponsored enterprise securities, corporate bonds and/or commercial paper. The Company accounts for its investment in marketable securities in accordance with FASB ASC 320, Investments – Debt and Equity Securities. This statement requires certain securities to be classified into three categories: Held-to-maturity—Debt securities that the entity has the positive intent and ability to hold to maturity are reported at amortized cost. Trading Securities—Debt and equity securities that are bought and held primarily for the purpose of selling in the near term are reported at fair value, with unrealized gains and losses included in earnings. Available-for-Sale—Debt and equity securities not classified as either securities held-to-maturity or trading securities are reported at fair value with unrealized gains or losses excluded from earnings and reported as a separate component of shareholders’ equity. The Company classifies its investments in marketable debt securities based on the facts and circumstances present at the time of purchase of the securities. During the year ended September 30, 2017, all of the Company’s investments were classified as held-to-maturity. Held-to-maturity investments are measured and recorded at amortized cost on the Company’s Consolidated Balance Sheet. Discounts and premiums to par value of the debt securities are amortized to interest income/expense over the term of the security. No gains or losses on investment securities are realized until they are sold or a decline in fair value is determined to be other-than-temporary. </div>

<div> Property and Equipment—Property and equipment are recorded at cost, which may equal fair market value in the case of property and equipment acquired in conjunction with a business acquisition. Depreciation of property and equipment is recorded using the straight-line method over the respective useful lives of the assets ranging from three to seven years. Leasehold improvements are amortized over the lesser of the expected useful life or the remaining lease term. Long-lived assets, including property and equipment are reviewed for impairment whenever events or circumstances indicate that the carrying amount of these assets may not be recoverable. </div>

<div> Intangible Assets Subject to Amortization—Intangible assets subject to amortization include certain patents and a license agreement. Intangible assets subject to amortization are reviewed for impairment whenever events or circumstances indicate that the carrying amount of these assets may not be recoverable.</div>

<div> Contingent Consideration - The consideration for the Company’s acquisitions may include potential future payments that are contingent upon the occurrence of a particular event.  For example, milestone payments might be based on the achievement of various regulatory approvals or future sales milestones, and royalty payments might be based on drug product sales levels. The Company records a contingent consideration obligation for such contingent payments at fair value on the acquisition date. The Company estimates the fair value of contingent consideration obligations through valuation models designed to estimate the probability of such contingent payments based on various assumptions and incorporating estimated success rates.  Estimated payments are discounted using present value techniques to arrive at an estimated fair value at the balance sheet date. Changes in the fair value of the contingent consideration obligations are recognized within the Company’s Consolidated Statements of Operations and Comprehensive Loss. Changes in the fair value of the contingent consideration obligations can result from changes to one or multiple inputs, including adjustments to the discount rates, changes in the amount or timing of expected expenditures associated with product development, changes in the amount or timing of cash flows from products upon commercialization, changes in the assumed achievement or timing of any development milestones, changes in the probability of certain clinical events and changes in the assumed probability associated with regulatory approval. These fair value measurements are based on significant inputs not observable in the market. Substantial judgment is employed in determining the appropriateness of these assumptions as of the acquisition date and for each subsequent period. Accordingly, changes in assumptions could have a material impact on the amount of contingent consideration expense the Company records in any given period.  The Company determined the fair value of its contingent consideration obligation to be $0 at September 30, 2017 and September 30, 2016, given the discontinuation of its clinical trials.  </div>

<div>       Revenue Recognition— Revenue from product sales is recorded when persuasive evidence of an arrangement exists, title has passed and delivery has occurred, a price is fixed and determinable, and collection is reasonably assured.   The Company may generate revenue from technology licenses, collaborative research and development arrangements, and product sales. Revenue under technology licenses and collaborative agreements typically consists of nonrefundable and/or guaranteed technology license fees, collaborative research funding, manufacturing and development services and various milestone and future product royalty or profit-sharing payments.  These agreements are considered to be multiple element arrangements.   The Company applies the accounting standard on revenue recognition for multiple element arrangements. The fair value of deliverables under the arrangement may be derived using a best estimate of selling price if vendor specific objective evidence and third-party evidence is not available. Deliverables under the arrangement will be separate units of accounting if a delivered item has value to the customer on a standalone basis, if the arrangement includes a general right of return for the delivered item, and if delivery or performance of the undelivered item is considered probable and substantially in the Company’s control.   The Company recognizes upfront license payments as revenue upon delivery of the license only if the license has standalone value from any undelivered performance obligations and that value can be determined.  The undelivered performance obligations typically include manufacturing or development services or research and/or steering committee services. If the fair value of the undelivered performance obligations can be determined, then these obligations would be accounted for separately. If the license is not considered to have standalone value, then the license and other undelivered performance obligations would be accounted for as a single unit of accounting.   In this case, the license payments and payments for performance obligations are recognized as revenue over the estimated period of when the performance obligations are performed or deferred indefinitely until the undelivered performance obligation is determined.   Whenever the Company determines that an arrangement should be accounted for as a single unit of accounting, the Company determines the period over which the performance obligations will be performed and revenue will be recognized. Revenue is recognized using a proportional performance or straight-line method. The proportional performance method is used when the level of effort required to complete performance obligations under an arrangement can be reasonably estimated. The amount of revenue recognized under the proportional performance method is determined by multiplying the total payments under the contract, excluding royalties and payments contingent upon achievement of milestones, by the ratio of the level of effort performed to date to the estimated total level of effort required to complete performance obligations under the arrangement.  If the Company cannot reasonably estimate the level of effort to complete performance obligations under an arrangement, the Company recognizes revenue under the arrangement on a straight-line basis over the period the Company is expected to complete its performance obligations. Significant management judgment is required in determining the level of effort required under an arrangement and the period over which the Company is expected to complete its performance obligations under an arrangement.   Many of the Company’s collaboration agreements entitle the Company to additional payments upon the achievement of development, regulatory and sales performance-based milestones. If the achievement of a milestone is considered probable at the inception of the collaboration agreement, the related milestone payment is included with other collaboration consideration, such as upfront fees and research funding, in the Company’s revenue calculation. Typically these milestones are not considered probable at the inception of the collaboration.  As such, milestones will typically be recognized in one of two ways depending on the timing of when the milestone is achieved.  If the milestone is achieved during the performance period, the Company will only recognize revenue to the extent of the proportional performance achieved at that date, or the proportion of the straight-line basis achieved at that date, and the remainder will be recorded as deferred revenue to be amortized over the remaining performance period.  If the milestone is achieved after the performance period has completed and all performance obligations have been delivered, the Company will recognize the milestone payment as revenue in its entirety in the period the milestone was achieved.   Deferred revenue will be classified as part of Current or Long-Term Liabilities in the accompanying Consolidated Balance Sheets based on the Company’s estimate of the portion of the performance obligations regarding that revenue will be completed within the next 12 months divided by the total performance period estimate. This estimate is based on the Company’s current operating plan and, if the Company’s operating plan should change in the future, the Company may recognize a different amount of deferred revenue over the next 12-month period.</div>

<div> Allowance for Doubtful Accounts—The Company accrues an allowance for doubtful accounts based on estimates of uncollectible revenues by analyzing historical collections, accounts receivable aging and other factors. Accounts receivable are written off when all collection attempts have failed. </div>

<div> Research and Development—Costs and expenses that can be clearly identified as research and development are charged to expense as incurred in accordance with FASB ASC 730-10.  Included in research and development costs are operating costs, facilities, supplies, external services, clinical trial and manufacturing costs, overhead directly related to the Company’s research and development operations, and costs to acquire technology licenses.</div>

<div> Earnings (Loss) per Share—Basic earnings (loss) per share is computed using the weighted-average number of common shares outstanding during the period. Diluted earnings (loss) per share are computed using the weighted-average number of common shares and dilutive potential common shares outstanding during the period. Dilutive potential common shares primarily consist of stock options and restricted stock units issued to employees and warrants to purchase Common Stock of the Company.  All outstanding stock options, restricted stock units and warrants for the years ended September 30, 2017, 2016 and 2015 have been excluded from the calculation of Diluted earnings (loss) per share due to their anti-dilutive effect.    </div>

<div> Stock-Based Compensation—The Company accounts for share-based compensation arrangements in accordance with FASB ASC 718, which requires the measurement and recognition of compensation expense for all share-based payment awards to be based on estimated fair values. The Company uses the Black-Scholes option valuation model to estimate the fair value of its stock options at the date of grant. The Black-Scholes option valuation model requires the input of subjective assumptions to calculate the value of stock options. For restricted stock units, the value of the award is based on the Company’s stock price at the grant date.  For performance-based restricted stock unit awards, the value of the award is based on the Company’s stock price at the grant date.  The Company uses historical data and other information to estimate the expected price volatility for stock option awards and the expected forfeiture rate for all awards.  Expense is recognized over the vesting period for all awards, and commences at the grant date for time-based awards and upon the Company’s determination that the achievement of such performance conditions is probable for performance-based awards. This determination requires significant judgment by management. </div>

<div> Derivative Assets and Liabilities – The Company accounts for warrants and other derivative financial instruments as either equity or assets/liabilities based upon the characteristics and provisions of each instrument. Warrants classified as equity are recorded as Additional Paid-In Capital on the Company’s Consolidated Balance Sheet. Some of the Company’s warrants were determined to be ineligible for equity classification due to provisions that may result in an adjustment to their exercise price. Warrants classified as derivative liabilities and other derivative financial instruments that require separate accounting as assets or liabilities are recorded on the Company’s Consolidated Balance Sheet at their fair value on the date of issuance and are revalued on each subsequent balance sheet date until such instruments are exercised or expire, with any changes in the fair value between reporting periods recorded as Other Income or Expense. The Company estimates the fair value of these assets/liabilities using option pricing models that are based on the individual characteristics of the warrants or instruments on the valuation date, as well as assumptions for expected volatility, expected life and risk-free interest rate. </div>

<div> Income Taxes—The Company accounts for income taxes under the liability method, which requires the recognition of deferred income tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred income taxes are recognized for the tax consequences in future years of differences between the tax bases of assets and liabilities and their financial reporting amounts at each period end based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred income tax assets to the amount expected to be realized. The provision for income taxes, if any, represents the tax payable for the period and the change in deferred income tax assets and liabilities during the period.  </div>

<div> Recent Accounting Pronouncements     In May 2014, the FASB issued ASU No. 2014-09 Revenue from Contracts with Customers (Topic 606), which will supersede nearly all existing revenue recognition guidance under GAAP. ASU No. 2014-09 provides that an entity recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This update also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments, and assets recognized from costs incurred to obtain or fulfill a contract. ASU No. 2014-09 allows for either full retrospective or modified retrospective adoption and will become effective for the Company in the first quarter of 2019. The Company is evaluating the potential effects of the adoption of this update on its financial statements.      In March 2016, the FASB issued ASU No. 2016-02, Leases.  Under ASU 2016-02, lessees will be required to recognize a right-of-use asset and a lease liability for virtually all of their leases (other than leases that meet the definition of a short-term lease). For income statement purposes, a dual model was retained, requiring leases to be classified as either operating or finance. Operating leases will result in straight-line expense (similar to current operating leases) while finance leases will result in a front-loaded expense pattern (similar to current capital leases). ASU 2016-02 becomes effective for the Company in the first quarter of fiscal 2020. The Company expects the adoption of this update to have a material effect on the classification and disclosure of its leased facilities in Madison, Wisconsin.         In May 2017, the FASB issued ASU No. 2017-09, which is an update to Topic 718, Compensation - Stock Compensation. The update provides guidance on determining which changes to the terms and conditions of share-based payment awards, including stock options, require an entity to apply modification accounting under Topic 718. ASU 2017-09 becomes effective for the Company in the first quarter of fiscal 2019.  The Company does not expect that ASU 2017-09 will have a material impact on the Company's results of operations and consolidated financial statements.</div>

<div> The following table summarizes the Company’s major classes of property and equipment:   <div> <table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:76%;"> <tr> <td valign="bottom" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:67.14%;">  </td> <td colspan="6" valign="bottom" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:31.58%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:1pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.26%;white-space:nowrap;">  </td> </tr> <tr> <td valign="bottom" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:67.14%;">  </td> <td colspan="2" valign="bottom" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:14.48%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">September 30, <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2017</td> <td valign="bottom" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.32%;white-space:nowrap;">  </td> <td valign="bottom" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.32%;">  </td> <td colspan="2" valign="bottom" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:14.48%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">September 30, 2016</td> <td valign="bottom" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.26%;white-space:nowrap;">  </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:67.14%;"> Computers, office equipment and furniture</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.32%; border-top:solid 0.75pt #000000;white-space:nowrap;"> $</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:13.16%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">600,334</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.32%;white-space:nowrap;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.32%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.32%; border-top:solid 0.75pt #000000;white-space:nowrap;"> $</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:13.16%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">442,915</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.26%;white-space:nowrap;">  </td> </tr> <tr> <td valign="bottom" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:67.14%;"> Research equipment</td> <td valign="bottom" style="width:1.32%;white-space:nowrap;">  </td> <td valign="bottom" style="width:13.16%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">9,660,960</td> <td valign="bottom" style="width:1.32%;white-space:nowrap;">  </td> <td valign="bottom" style="width:1.32%;">  </td> <td valign="bottom" style="width:1.32%;white-space:nowrap;">  </td> <td valign="bottom" style="width:13.16%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">7,490,400</td> <td valign="bottom" style="width:1.26%;white-space:nowrap;">  </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:67.14%;"> Software</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.32%;white-space:nowrap;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:13.16%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">132,078</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.32%;white-space:nowrap;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.32%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.32%;white-space:nowrap;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:13.16%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">80,841</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.26%;white-space:nowrap;">  </td> </tr> <tr> <td valign="bottom" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:67.14%; border-bottom:solid 0.75pt transparent;"> Leasehold improvements</td> <td valign="bottom" style="width:1.32%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">  </td> <td valign="bottom" style="width:13.16%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">12,208,380</td> <td valign="bottom" style="width:1.32%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">  </td> <td valign="bottom" style="width:1.32%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="bottom" style="width:1.32%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">  </td> <td valign="bottom" style="width:13.16%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">11,885,365</td> <td valign="bottom" style="width:1.26%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">  </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:67.14%;"> Total gross fixed assets </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.32%; border-top:solid 0.75pt #000000;white-space:nowrap;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:13.16%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">22,601,752</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.32%;white-space:nowrap;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.32%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.32%; border-top:solid 0.75pt #000000;white-space:nowrap;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:13.16%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">19,899,521</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.26%;white-space:nowrap;">  </td> </tr> <tr> <td valign="bottom" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:67.14%; border-bottom:solid 0.75pt transparent;"> Less:   Accumulated depreciation and amortization</td> <td valign="bottom" style="width:1.32%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">  </td> <td valign="bottom" style="width:13.16%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(7,088,733</td> <td valign="bottom" style="width:1.32%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> )</td> <td valign="bottom" style="width:1.32%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="bottom" style="width:1.32%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">  </td> <td valign="bottom" style="width:13.16%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(4,512,760</td> <td valign="bottom" style="width:1.26%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> )</td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:67.14%; border-bottom:double 2.5pt transparent;"> Property and equipment, net </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.32%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> $</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:13.16%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">15,513,019</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.32%; border-bottom:double 2.5pt transparent;white-space:nowrap;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.32%; border-bottom:double 2.5pt transparent;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.32%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> $</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:13.16%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">15,386,761</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.26%; border-bottom:double 2.5pt transparent;white-space:nowrap;">  </td> </tr> </table></div>  </div>

<div> The following table provides details on the Company’s intangible asset balances:   <div> <table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:60.88%;"> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="width:78.38%;"> <p style="text-align:center;margin-top:0pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-style:normal;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;"> </td> <td colspan="3" valign="bottom" bgcolor="#FFFFFF" style="padding-left:0.7pt;padding-Right:0.7pt;padding-Top:0pt;padding-Bottom:0pt;width:18.48%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Intangible assets subject to amortization</td> <td valign="bottom" bgcolor="#FFFFFF" style="width:1.58%;">  </td> <td valign="bottom" bgcolor="#FFFFFF" style="width:1.56%;"> <p style="text-align:center;margin-top:0pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-style:normal;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;"> </td> </tr> <tr style="height:11.5pt;"> <td valign="bottom" bgcolor="#CFF0FC" style="width:78.38%;"> Balance at September 30, 2016</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.56%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.56%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td colspan="2" valign="bottom" bgcolor="#CFF0FC" style="width:16.94%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">22,164,868</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.56%;white-space:nowrap;">  </td> </tr> <tr style="height:11.5pt;"> <td valign="bottom" bgcolor="#FFFFFF" style="width:78.38%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:12pt;;text-indent:-12pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Impairment</td> <td valign="bottom" bgcolor="#FFFFFF" style="width:1.56%;">  </td> <td valign="bottom" bgcolor="#FFFFFF" style="width:1.56%;">  </td> <td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="width:16.94%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</td> <td valign="bottom" bgcolor="#FFFFFF" style="width:1.56%;white-space:nowrap;">  </td> </tr> <tr style="height:11.5pt;"> <td valign="bottom" bgcolor="#CFF0FC" style="width:78.38%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:12pt;;text-indent:-12pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Amortization</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.56%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.56%; border-bottom:solid 0.75pt #000000;">  </td> <td colspan="2" valign="bottom" bgcolor="#CFF0FC" style="width:16.94%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1,700,429</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.56%;white-space:nowrap;"> )</td> </tr> <tr> <td valign="top" bgcolor="#FFFFFF" style="width:78.38%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Balance at September 30, 2017</td> <td valign="bottom" bgcolor="#FFFFFF" style="width:1.56%; border-bottom:double 2.5pt transparent;"> <p style="text-align:center;margin-top:0pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-style:normal;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#FFFFFF" style="width:1.56%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="width:16.94%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">20,464,439</td> <td valign="bottom" bgcolor="#FFFFFF" style="width:1.56%; border-bottom:double 2.5pt transparent;white-space:nowrap;">  </td> </tr> </table></div>  </div>

<div> As of September 30, 2017, future minimum lease payments due in fiscal years under operating leases are as follows:   <div> <table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:68%;"> <tr> <td valign="top" bgcolor="#CFF0FC" style="width:84.24%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:12.25pt;;text-indent:-12.25pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2018</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.56%;"> $</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:13.4%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,531,234</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:0.8%;white-space:nowrap;">  </td> </tr> <tr> <td valign="top" style="width:84.24%;"> 2019 </td> <td valign="bottom" style="width:1.56%;">  </td> <td valign="bottom" style="width:13.4%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,435,409</td> <td valign="bottom" style="width:0.8%;white-space:nowrap;">  </td> </tr> <tr> <td valign="top" bgcolor="#CFF0FC" style="width:84.24%;"> 2020 </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.56%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:13.4%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,044,431</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:0.8%;white-space:nowrap;">  </td> </tr> <tr> <td valign="top" style="width:84.24%;"> 2021 </td> <td valign="bottom" style="width:1.56%;">  </td> <td valign="bottom" style="width:13.4%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,070,496 </td> <td valign="bottom" style="width:0.8%;white-space:nowrap;">  </td> </tr> <tr> <td valign="top" bgcolor="#CFF0FC" style="width:84.24%;"> 2022 </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.56%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:13.4%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,097,168 </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:0.8%;white-space:nowrap;">  </td> </tr> <tr> <td valign="top" style="width:84.24%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:12.25pt;;text-indent:-12.25pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2023 and thereafter</td> <td valign="bottom" style="width:1.56%; border-bottom:solid 0.75pt #000000;">  </td> <td valign="bottom" style="width:13.4%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4,669,328</td> <td valign="bottom" style="width:0.8%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">  </td> </tr> <tr style="height:11.5pt;"> <td valign="top" bgcolor="#CFF0FC" style="width:84.24%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:12.25pt;;text-indent:-12.25pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Total</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.56%; border-bottom:double 2.5pt #000000;"> $</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:13.4%; border-bottom:double 2.5pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">10,848,066</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:0.8%; border-bottom:double 2.5pt transparent;white-space:nowrap;">  </td> </tr> </table></div>  </div>

<div> As of September 30, 2017, future principal payments due in fiscal years under the note payable are as follows:   <div> <table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:68%;"> <tr> <td valign="top" bgcolor="#CFF0FC" style="width:84.18%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:12.25pt;;text-indent:-12.25pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2018</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.56%;"> $</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:13.44%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">208,506</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:0.84%;white-space:nowrap;">  </td> </tr> <tr> <td valign="top" style="width:84.18%;"> 2019 </td> <td valign="bottom" style="width:1.56%;">  </td> <td valign="bottom" style="width:13.44%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">223,820</td> <td valign="bottom" style="width:0.84%;white-space:nowrap;">  </td> </tr> <tr> <td valign="top" bgcolor="#CFF0FC" style="width:84.18%;"> 2020 </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.56%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:13.44%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">240,258</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:0.84%;white-space:nowrap;">  </td> </tr> <tr> <td valign="top" style="width:84.18%;"> 2021 </td> <td valign="bottom" style="width:1.56%;">  </td> <td valign="bottom" style="width:13.44%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">257,903 </td> <td valign="bottom" style="width:0.84%;white-space:nowrap;">  </td> </tr> <tr> <td valign="top" bgcolor="#CFF0FC" style="width:84.18%;"> 2022 </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.56%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:13.44%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">276,845 </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:0.84%;white-space:nowrap;">  </td> </tr> <tr> <td valign="top" style="width:84.18%; border-bottom:solid 0.75pt transparent;"> 2023 and thereafter</td> <td valign="bottom" style="width:1.56%; border-bottom:solid 0.75pt #000000;">  </td> <td valign="bottom" style="width:13.44%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,326,192 </td> <td valign="bottom" style="width:0.84%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">  </td> </tr> <tr> <td valign="top" bgcolor="#CFF0FC" style="width:84.18%; border-bottom:double 2.5pt transparent;"> Total</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.56%; border-bottom:double 2.5pt #000000;"> $</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:13.44%; border-bottom:double 2.5pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,533,524</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:0.84%; border-bottom:double 2.5pt transparent;white-space:nowrap;">  </td> </tr> </table></div>  </div>

<div> The following table summarizes information about stock options:   <div> <table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:92%;"> <tr> <td valign="bottom" style="width:53.22%;"> <p style="text-align:center;margin-top:0pt;margin-bottom:0pt;margin-left:0pt;;;font-weight:bold;font-style:normal;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;text-indent:0pt;;"> </td> <td colspan="2" valign="bottom" style="padding-left:0.7pt;padding-Right:0.7pt;padding-Top:0pt;padding-Bottom:0pt;width:9.56%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Number of Options Outstanding</td> <td valign="bottom" style="width:1.2%;">  </td> <td valign="bottom" style="width:0.96%;"> <p style="text-align:center;margin-top:0pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-style:normal;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" style="padding-left:0.7pt;padding-Right:0.7pt;padding-Top:0pt;padding-Bottom:0pt;width:9.78%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Weighted- Average Exercise Price Per Share</td> <td valign="bottom" style="width:1.14%;">  </td> <td valign="bottom" style="width:1.14%;"> <p style="text-align:center;margin-top:0pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-style:normal;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">  </td> <td colspan="2" valign="bottom" style="padding-left:0.7pt;padding-Right:0.7pt;padding-Top:0pt;padding-Bottom:0pt;width:9.6%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Weighted- Average Remaining Contractual Term</td> <td valign="bottom" style="width:0.98%;">  </td> <td valign="bottom" style="width:1.14%;"> <p style="text-align:center;margin-top:0pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-style:normal;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">  </td> <td colspan="2" valign="bottom" style="padding-left:0.7pt;padding-Right:0.7pt;padding-Top:0pt;padding-Bottom:0pt;width:10.34%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Aggregate Intrinsic Value</td> <td valign="bottom" style="width:0.9%;">  </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="width:53.22%;"> Balance At September 30, 2016</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:0.96%; border-top:solid 0.75pt #000000;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:8.62%; border-top:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6,691,200</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.2%;white-space:nowrap;">   </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:0.96%;"> <p style="text-align:center;margin-top:0pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-style:normal;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.16%;"> $</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:8.62%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6.56</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.14%;white-space:nowrap;">   </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.14%;"> <p style="text-align:center;margin-top:0pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-style:normal;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:0.98%;"> <p style="text-align:center;margin-top:0pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-style:normal;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:8.62%;"> <p style="text-align:center;margin-top:0pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-style:normal;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:0.98%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.14%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.14%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:9.2%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:0.9%;">  </td> </tr> <tr> <td valign="bottom" style="width:53.22%;"> Granted</td> <td valign="bottom" style="width:0.96%;">  </td> <td valign="bottom" style="width:8.62%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">638,000</td> <td valign="bottom" style="width:1.2%;white-space:nowrap;">  </td> <td valign="bottom" style="width:0.96%;">  </td> <td valign="bottom" style="width:1.16%;">  </td> <td valign="bottom" style="width:8.62%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1.95</td> <td valign="bottom" style="width:1.14%;white-space:nowrap;">   </td> <td valign="bottom" style="width:1.14%;"> <p style="text-align:center;margin-top:0pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-style:normal;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">  </td> <td valign="bottom" style="width:0.98%;"> <p style="text-align:center;margin-top:0pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-style:normal;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" style="width:8.62%;"> <p style="text-align:center;margin-top:0pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-style:normal;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" style="width:0.98%;">  </td> <td valign="bottom" style="width:1.14%;">  </td> <td valign="bottom" style="width:1.14%;">  </td> <td valign="bottom" style="width:9.2%;">  </td> <td valign="bottom" style="width:0.9%;">  </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="width:53.22%;"> Cancelled</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:0.96%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:8.62%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1,643,927)</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.2%;white-space:nowrap;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:0.96%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.16%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:8.62%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">7.02</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.14%;white-space:nowrap;">   </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.14%;"> <p style="text-align:center;margin-top:0pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-style:normal;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:0.98%;"> <p style="text-align:center;margin-top:0pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-style:normal;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:8.62%;"> <p style="text-align:center;margin-top:0pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-style:normal;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:0.98%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.14%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.14%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:9.2%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:0.9%;">  </td> </tr> <tr> <td valign="bottom" style="width:53.22%; border-bottom:solid 0.75pt transparent;"> Exercised</td> <td valign="bottom" style="width:0.96%; border-bottom:solid 0.75pt #000000;">  </td> <td valign="bottom" style="width:8.62%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(135,730)</td> <td valign="bottom" style="width:1.2%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">  </td> <td valign="bottom" style="width:0.96%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="bottom" style="width:1.16%; border-bottom:solid 0.75pt #000000;">  </td> <td valign="bottom" style="width:8.62%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2.01</td> <td valign="bottom" style="width:1.14%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">   </td> <td valign="bottom" style="width:1.14%; border-bottom:solid 0.75pt transparent;"> <p style="text-align:center;margin-top:0pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-style:normal;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">  </td> <td valign="bottom" style="width:0.98%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="bottom" style="width:8.62%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="middle" style="width:0.98%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="bottom" style="width:1.14%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="bottom" style="width:1.14%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="bottom" style="width:9.2%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="middle" style="width:0.9%; border-bottom:solid 0.75pt transparent;">  </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="width:53.22%; border-bottom:solid 0.75pt transparent;"> Balance At September 30, 2017</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:0.96%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:8.62%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5,549,543</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.2%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">   </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:0.96%; border-bottom:solid 0.75pt transparent;"> <p style="text-align:center;margin-top:0pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-style:normal;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.16%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;"> $</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:8.62%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6.00</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.14%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">   </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.14%; border-bottom:solid 0.75pt transparent;"> <p style="text-align:center;margin-top:0pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-style:normal;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:0.98%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:8.62%; border-bottom:solid 0.75pt transparent;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6.5 years </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:0.98%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.14%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.14%; border-bottom:solid 0.75pt transparent;"> $</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:9.2%; border-bottom:solid 0.75pt transparent;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,390,029</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:0.9%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">  </td> </tr> <tr> <td valign="bottom" style="width:53.22%; border-bottom:double 2.5pt transparent;"> Exercisable At September 30, 2017</td> <td valign="bottom" style="width:0.96%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">  </td> <td valign="bottom" style="width:8.62%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4,065,611</td> <td valign="bottom" style="width:1.2%; border-bottom:double 2.5pt transparent;white-space:nowrap;">  </td> <td valign="bottom" style="width:0.96%; border-bottom:double 2.5pt transparent;">  </td> <td valign="bottom" style="width:1.16%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;"> $</td> <td valign="bottom" style="width:8.62%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6.32</td> <td valign="bottom" style="width:1.14%; border-bottom:double 2.5pt transparent;white-space:nowrap;">  </td> <td valign="bottom" style="width:1.14%; border-bottom:double 2.5pt transparent;">  </td> <td valign="bottom" style="width:0.98%; border-bottom:double 2.5pt transparent;">  </td> <td valign="bottom" style="width:8.62%; border-bottom:double 2.5pt transparent;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5.8 years</td> <td valign="bottom" style="width:0.98%; border-bottom:double 2.5pt transparent;white-space:nowrap;">  </td> <td valign="bottom" style="width:1.14%; border-bottom:double 2.5pt transparent;">  </td> <td valign="bottom" style="width:1.14%; border-bottom:double 2.5pt transparent;"> $</td> <td valign="bottom" style="width:9.2%; border-bottom:double 2.5pt transparent;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,872,018</td> <td valign="bottom" style="width:0.9%; border-bottom:double 2.5pt transparent;white-space:nowrap;">  </td> </tr> </table></div>  </div>

<div> The assumptions used to value stock options are as follows:   <div> <table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:99.96%;"> <tr> <td valign="bottom" style="width:56.2%;"> <p style="text-align:center;margin-top:0pt;margin-bottom:0pt;margin-left:0pt;;;font-weight:bold;font-style:normal;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;text-indent:0pt;;"> </td> <td valign="top" style="width:1.12%;">  </td> <td colspan="5" valign="top" style="width:42.68%;">   <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Years ended September 30,</td> </tr> <tr> <td valign="bottom" style="width:56.2%;"> <p style="text-align:center;margin-top:0pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-style:normal;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;"> </td> <td valign="top" style="width:1.12%;">  </td> <td valign="bottom" style="padding-left:0.7pt;padding-Right:0.7pt;padding-Top:0pt;padding-Bottom:0pt;width:13.52%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2017 </td> <td valign="bottom" style="width:1.12%;">  </td> <td valign="bottom" style="padding-left:0.7pt;padding-Right:0.7pt;padding-Top:0pt;padding-Bottom:0pt;width:13.46%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2016 </td> <td valign="top" style="width:1.12%;">  </td> <td valign="bottom" style="width:13.46%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2015 </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="width:56.2%;"> Dividend yield</td> <td valign="top" bgcolor="#CFF0FC" style="width:1.12%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:13.52%; border-top:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.12%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:13.46%; border-top:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="top" bgcolor="#CFF0FC" style="width:1.12%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:13.46%; border-top:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> </tr> <tr> <td valign="bottom" style="width:56.2%;"> Risk-free interest rate</td> <td valign="top" style="width:1.12%;">  </td> <td valign="bottom" style="width:13.52%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1.34 – 2.31%</td> <td valign="bottom" style="width:1.12%;">  </td> <td valign="bottom" style="width:13.46%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1.05 – 1.89%</td> <td valign="top" style="width:1.12%;">  </td> <td valign="bottom" style="width:13.46%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1.46 – 1.89%</td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="width:56.2%;"> Volatility</td> <td valign="top" bgcolor="#CFF0FC" style="width:1.12%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:13.52%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">79%</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.12%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:13.46%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">89%</td> <td valign="top" bgcolor="#CFF0FC" style="width:1.12%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:13.46%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">75%</td> </tr> <tr> <td valign="bottom" style="width:56.2%;"> Expected life (in years)</td> <td valign="top" style="width:1.12%;">  </td> <td valign="bottom" style="width:13.52%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5.85</td> <td valign="bottom" style="width:1.12%;">  </td> <td valign="bottom" style="width:13.46%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6.25</td> <td valign="top" style="width:1.12%;">  </td> <td valign="bottom" style="width:13.46%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6 - 6.25</td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="width:56.2%;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:12pt;;text-indent:-12pt;;font-size:10pt;letter-spacing:-0.2pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Weighted average grant date fair value per share of options granted</td> <td valign="top" bgcolor="#CFF0FC" style="width:1.12%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:13.52%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$1.33</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.12%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:13.46%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$4.58</td> <td valign="top" bgcolor="#CFF0FC" style="width:1.12%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:13.46%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$4.24</td> </tr> </table></div>  </div>

<div> The following table summarizes the activity of the Company’s Restricted Stock Units:   <div> <table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:76%;"> <tr> <td valign="bottom" style="width:67.1%;">  </td> <td colspan="2" valign="bottom" style="width:14.42%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Number of RSUs</td> <td valign="bottom" style="width:1.42%;white-space:nowrap;">  </td> <td valign="bottom" style="width:1.3%;">  </td> <td colspan="2" valign="bottom" style="width:14.44%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Weighted- Average Grant Date Fair Value</td> <td valign="bottom" style="width:1.3%;white-space:nowrap;">  </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="width:67.1%;"> Unvested at September 30, 2016</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.3%; border-top:solid 0.75pt #000000;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:13.14%; border-top:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,356,667</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.42%;white-space:nowrap;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.3%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.3%; border-top:solid 0.75pt #000000;"> $</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:13.14%; border-top:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6.72</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.3%;white-space:nowrap;">  </td> </tr> <tr> <td valign="bottom" style="width:67.1%;"> Granted</td> <td valign="bottom" style="width:1.3%;">  </td> <td valign="top" style="width:13.14%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,623,000</td> <td valign="bottom" style="width:1.42%;white-space:nowrap;">  </td> <td valign="bottom" style="width:1.3%;">  </td> <td valign="bottom" style="width:1.3%;">  </td> <td valign="top" style="width:13.14%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1.59</td> <td valign="bottom" style="width:1.3%;white-space:nowrap;">  </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="width:67.1%;"> Vested</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.3%;">  </td> <td valign="top" bgcolor="#CFF0FC" style="width:13.14%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(786,667</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.42%;white-space:nowrap;"> ) </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.3%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.3%;">  </td> <td valign="top" bgcolor="#CFF0FC" style="width:13.14%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">7.03</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.3%;white-space:nowrap;">  </td> </tr> <tr> <td valign="bottom" style="width:67.1%; border-bottom:solid 0.75pt transparent;"> Forfeited</td> <td valign="bottom" style="width:1.3%; border-bottom:solid 0.75pt #000000;">  </td> <td valign="top" style="width:13.14%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(85,000</td> <td valign="bottom" style="width:1.42%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> ) </td> <td valign="bottom" style="width:1.3%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="bottom" style="width:1.3%; border-bottom:solid 0.75pt #000000;">  </td> <td valign="top" style="width:13.14%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1.55</td> <td valign="bottom" style="width:1.3%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">  </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="width:67.1%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:12.25pt;;text-indent:-12.25pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Unvested at September 30, 2017</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.3%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:13.14%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,108,000</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.42%; border-bottom:double 2.5pt transparent;white-space:nowrap;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.3%; border-bottom:double 2.5pt transparent;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.3%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;"> $</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:13.14%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2.45</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.3%; border-bottom:double 2.5pt transparent;white-space:nowrap;">  </td> </tr> </table></div>  </div>

<div> The following table summarizes fair value measurements at September 30, 2017 and September 30, 2016 for assets and liabilities measured at fair value on a recurring basis: September 30, 2017:   <div> <table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:92%;"> <tr> <td valign="bottom" style="width:44.58%;"> <p style="text-align:center;margin-top:0pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-style:normal;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" style="padding-left:0.7pt;padding-Right:0.7pt;padding-Top:0pt;padding-Bottom:0pt;width:12.56%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Level 1</td> <td valign="bottom" style="width:1.08%;">  </td> <td valign="bottom" style="width:1.08%;">  </td> <td colspan="2" valign="bottom" style="padding-left:0.7pt;padding-Right:0.7pt;padding-Top:0pt;padding-Bottom:0pt;width:12.02%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Level 2</td> <td valign="bottom" style="width:1.08%;">  </td> <td valign="bottom" style="width:1.08%;">  </td> <td colspan="2" valign="bottom" style="padding-left:0.7pt;padding-Right:0.7pt;padding-Top:0pt;padding-Bottom:0pt;width:11.96%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Level 3</td> <td valign="bottom" style="width:1.08%;">  </td> <td valign="bottom" style="width:1.08%;">  </td> <td colspan="2" valign="bottom" style="padding-left:0.7pt;padding-Right:0.7pt;padding-Top:0pt;padding-Bottom:0pt;width:11.96%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Total</td> <td valign="bottom" style="width:0.46%;">  </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="width:44.58%;"> Cash and cash equivalents</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.1%; border-top:solid 0.75pt #000000;"> $</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:11.46%; border-top:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">24,838,567</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.08%;white-space:nowrap;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.08%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.08%; border-top:solid 0.75pt #000000;"> $</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:10.94%; border-top:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.08%;white-space:nowrap;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.08%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.08%; border-top:solid 0.75pt #000000;"> $</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:10.88%; border-top:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.08%;white-space:nowrap;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.08%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.08%; border-top:solid 0.75pt #000000;"> $</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:10.88%; border-top:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">24,838,567</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:0.46%;white-space:nowrap;">  </td> </tr> <tr> <td valign="bottom" style="width:44.58%;"> Short-term investments</td> <td valign="bottom" style="width:1.1%;"> $</td> <td valign="bottom" style="width:11.46%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">40,769,539</td> <td valign="bottom" style="width:1.08%;white-space:nowrap;">  </td> <td valign="bottom" style="width:1.08%;">  </td> <td valign="bottom" style="width:1.08%;"> $</td> <td valign="bottom" style="width:10.94%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" style="width:1.08%;white-space:nowrap;">  </td> <td valign="bottom" style="width:1.08%;">  </td> <td valign="bottom" style="width:1.08%;"> $</td> <td valign="bottom" style="width:10.88%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" style="width:1.08%;white-space:nowrap;">  </td> <td valign="bottom" style="width:1.08%;">  </td> <td valign="bottom" style="width:1.08%;"> $</td> <td valign="bottom" style="width:10.88%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">40,769,539</td> <td valign="bottom" style="width:0.46%;white-space:nowrap;">  </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="width:44.58%;"> Derivative liabilities</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.1%;"> $</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:11.46%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.08%;white-space:nowrap;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.08%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.08%;"> $</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:10.94%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.08%;white-space:nowrap;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.08%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.08%;"> $</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:10.88%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">695,114</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.08%;white-space:nowrap;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.08%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.08%;"> $</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:10.88%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">695,114</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:0.46%;white-space:nowrap;">  </td> </tr> <tr> <td valign="bottom" style="width:44.58%;"> Contingent Consideration</td> <td valign="bottom" style="width:1.1%;"> $</td> <td valign="bottom" style="width:11.46%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" style="width:1.08%;white-space:nowrap;">  </td> <td valign="bottom" style="width:1.08%;">  </td> <td valign="bottom" style="width:1.08%;"> $</td> <td valign="bottom" style="width:10.94%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" style="width:1.08%;white-space:nowrap;">  </td> <td valign="bottom" style="width:1.08%;">  </td> <td valign="bottom" style="width:1.08%;"> $</td> <td valign="bottom" style="width:10.88%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" style="width:1.08%;white-space:nowrap;">  </td> <td valign="bottom" style="width:1.08%;">  </td> <td valign="bottom" style="width:1.08%;"> $</td> <td valign="bottom" style="width:10.88%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" style="width:0.46%;white-space:nowrap;">  </td> </tr> </table></div> September 30, 2016:   <div> <table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:92%;"> <tr> <td valign="bottom" style="width:44.58%;">  </td> <td colspan="2" valign="bottom" style="padding-left:0.7pt;padding-Right:0.7pt;padding-Top:0pt;padding-Bottom:0pt;width:12.36%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Level 1</td> <td valign="bottom" style="width:1.08%;">  </td> <td valign="bottom" style="width:1.08%;">  </td> <td colspan="2" valign="bottom" style="padding-left:0.7pt;padding-Right:0.7pt;padding-Top:0pt;padding-Bottom:0pt;width:12.02%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Level 2</td> <td valign="bottom" style="width:1.08%;">  </td> <td valign="bottom" style="width:1.08%;">  </td> <td colspan="2" valign="bottom" style="padding-left:0.7pt;padding-Right:0.7pt;padding-Top:0pt;padding-Bottom:0pt;width:11.96%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Level 3</td> <td valign="bottom" style="width:1.08%;">  </td> <td valign="bottom" style="width:1.08%;">  </td> <td colspan="2" valign="bottom" style="padding-left:0.7pt;padding-Right:0.7pt;padding-Top:0pt;padding-Bottom:0pt;width:11.96%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Total</td> <td valign="bottom" style="width:0.66%;">  </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="width:44.58%;"> Cash and cash equivalents</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.1%; border-top:solid 0.75pt #000000;"> $</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:11.26%; border-top:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">85,366,448</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.08%;white-space:nowrap;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.08%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.08%; border-top:solid 0.75pt #000000;"> $</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:10.94%; border-top:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.08%;white-space:nowrap;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.08%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.08%; border-top:solid 0.75pt #000000;"> $</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:10.88%; border-top:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.08%;white-space:nowrap;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.08%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.08%; border-top:solid 0.75pt #000000;"> $</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:10.88%; border-top:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">85,366,448</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:0.66%;white-space:nowrap;">  </td> </tr> <tr> <td valign="bottom" style="width:44.58%;"> Short-term investments</td> <td valign="bottom" style="width:1.1%;"> $</td> <td valign="bottom" style="width:11.26%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" style="width:1.08%;white-space:nowrap;">  </td> <td valign="bottom" style="width:1.08%;">  </td> <td valign="bottom" style="width:1.08%;"> $</td> <td valign="bottom" style="width:10.94%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" style="width:1.08%;white-space:nowrap;">  </td> <td valign="bottom" style="width:1.08%;">  </td> <td valign="bottom" style="width:1.08%;"> $</td> <td valign="bottom" style="width:10.88%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" style="width:1.08%;white-space:nowrap;">  </td> <td valign="bottom" style="width:1.08%;">  </td> <td valign="bottom" style="width:1.08%;"> $</td> <td valign="bottom" style="width:10.88%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" style="width:0.66%;white-space:nowrap;">  </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="width:44.58%;"> Derivative liabilities</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.1%;"> $</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:11.26%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.08%;white-space:nowrap;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.08%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.08%;"> $</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:10.94%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.08%;white-space:nowrap;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.08%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.08%;"> $</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:10.88%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,602,626</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.08%;white-space:nowrap;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.08%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.08%;"> $</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:10.88%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,602,626</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:0.66%;white-space:nowrap;">  </td> </tr> <tr> <td valign="bottom" style="width:44.58%;"> Contingent Consideration</td> <td valign="bottom" style="width:1.1%;"> $</td> <td valign="bottom" style="width:11.26%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" style="width:1.08%;white-space:nowrap;">  </td> <td valign="bottom" style="width:1.08%;">  </td> <td valign="bottom" style="width:1.08%;"> $</td> <td valign="bottom" style="width:10.94%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" style="width:1.08%;white-space:nowrap;">  </td> <td valign="bottom" style="width:1.08%;">  </td> <td valign="bottom" style="width:1.08%;"> $</td> <td valign="bottom" style="width:10.88%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" style="width:1.08%;white-space:nowrap;">  </td> <td valign="bottom" style="width:1.08%;">  </td> <td valign="bottom" style="width:1.08%;"> $</td> <td valign="bottom" style="width:10.88%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" style="width:0.66%;white-space:nowrap;">  </td> </tr> </table></div>  </div>

<div> The assumptions used in valuing the derivative liability were as follows:   <div> <table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:100%;"> <tr> <td valign="bottom" style="width:30.68%;"> 2012 Warrants</td> <td valign="bottom" style="width:1.32%;">  </td> <td valign="bottom" style="width:20.44%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">September 30, 2017</td> <td valign="bottom" style="width:1.3%;white-space:nowrap;">  </td> <td valign="bottom" style="width:1.3%;">  </td> <td valign="bottom" style="width:20.44%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">September 30, 2016</td> <td valign="bottom" style="width:2.04%;">  </td> <td valign="bottom" style="width:20.44%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">September 30, 2015</td> <td valign="bottom" style="width:2.04%;">  </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="width:30.68%;"> Risk-free interest rate</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.32%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:20.44%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1.07%</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.3%;white-space:nowrap;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.3%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:20.44%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">0.68%</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:2.04%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:20.44%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">0.6%</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:2.04%;">  </td> </tr> <tr> <td valign="bottom" style="width:30.68%;"> Expected life</td> <td valign="bottom" style="width:1.32%;">  </td> <td valign="bottom" style="width:20.44%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:36pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">0.2 Years</td> <td valign="bottom" style="width:1.3%;">  </td> <td valign="bottom" style="width:1.3%;">  </td> <td valign="bottom" style="width:20.44%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1.2 Years</td> <td valign="bottom" style="width:2.04%;">  </td> <td valign="bottom" style="width:20.44%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2.2 Years</td> <td valign="bottom" style="width:2.04%;">  </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="width:30.68%;"> Dividend yield</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.32%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:20.44%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.3%;white-space:nowrap;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.3%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:20.44%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:2.04%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:20.44%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:2.04%;">  </td> </tr> <tr> <td valign="bottom" style="width:30.68%;"> Volatility</td> <td valign="bottom" style="width:1.32%;">  </td> <td valign="bottom" style="width:20.44%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">79%</td> <td valign="bottom" style="width:1.3%;white-space:nowrap;">  </td> <td valign="bottom" style="width:1.3%;">  </td> <td valign="bottom" style="width:20.44%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">89%</td> <td valign="bottom" style="width:2.04%;">  </td> <td valign="bottom" style="width:20.44%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">75%</td> <td valign="bottom" style="width:2.04%;">  </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="width:30.68%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.32%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:20.44%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.3%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.3%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:20.44%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:2.04%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:20.44%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:2.04%;">  </td> </tr> <tr> <td valign="bottom" style="width:30.68%;"> 2013 Warrants</td> <td valign="bottom" style="width:1.32%;">  </td> <td valign="bottom" style="width:20.44%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">September 30, 2017</td> <td valign="bottom" style="width:1.3%;white-space:nowrap;">  </td> <td valign="bottom" style="width:1.3%;">  </td> <td valign="bottom" style="width:20.44%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">September 30, 2016</td> <td valign="bottom" style="width:2.04%;">  </td> <td valign="bottom" style="width:20.44%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">September 30, 2015</td> <td valign="bottom" style="width:2.04%;">  </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="width:30.68%;"> Risk-free interest rate</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.32%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:20.44%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1.07%</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.3%;white-space:nowrap;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.3%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:20.44%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">0.68%</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:2.04%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:20.44%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">0.6%</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:2.04%;">  </td> </tr> <tr> <td valign="bottom" style="width:30.68%;"> Expected life</td> <td valign="bottom" style="width:1.32%;">  </td> <td valign="bottom" style="width:20.44%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:36pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">0.3 Years</td> <td valign="bottom" style="width:1.3%;">  </td> <td valign="bottom" style="width:1.3%;">  </td> <td valign="bottom" style="width:20.44%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1.3 Years</td> <td valign="bottom" style="width:2.04%;">  </td> <td valign="bottom" style="width:20.44%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2.3 Years</td> <td valign="bottom" style="width:2.04%;">  </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="width:30.68%;"> Dividend yield</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.32%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:20.44%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.3%;white-space:nowrap;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.3%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:20.44%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:2.04%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:20.44%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:2.04%;">  </td> </tr> <tr> <td valign="bottom" style="width:30.68%;"> Volatility</td> <td valign="bottom" style="width:1.32%;">  </td> <td valign="bottom" style="width:20.44%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">79%</td> <td valign="bottom" style="width:1.3%;white-space:nowrap;">  </td> <td valign="bottom" style="width:1.3%;">  </td> <td valign="bottom" style="width:20.44%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">89%</td> <td valign="bottom" style="width:2.04%;">  </td> <td valign="bottom" style="width:20.44%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">75%</td> <td valign="bottom" style="width:2.04%;">  </td> </tr> </table></div>  </div>

<div> The following is a reconciliation of the derivative liability related to these warrants:   <div> <table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:76%;"> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="width:80.28%;"> Value at September 30, 2016</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.32%;"> $</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:17.1%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,565,874</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.3%;white-space:nowrap;">  </td> </tr> <tr> <td valign="bottom" style="width:80.28%;"> Issuance of instruments</td> <td valign="bottom" style="width:1.32%;">  </td> <td valign="bottom" style="width:17.1%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" style="width:1.3%;white-space:nowrap;">  </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="width:80.28%;"> Change in value</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.32%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:17.1%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(870,760</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.3%;white-space:nowrap;"> )</td> </tr> <tr> <td valign="bottom" style="width:80.28%; border-bottom:solid 0.75pt transparent;"> Net settlements</td> <td valign="bottom" style="width:1.32%; border-bottom:solid 0.75pt #000000;">  </td> <td valign="bottom" style="width:17.1%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" style="width:1.3%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">  </td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="width:80.28%; border-bottom:double 2.5pt transparent;"> Value at September 30, 2017</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.32%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;"> $</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:17.1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">695,114</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.3%; border-bottom:double 2.5pt transparent;white-space:nowrap;">  </td> </tr> <tr> <td valign="bottom" style="width:80.28%;">  </td> <td valign="bottom" style="width:1.32%; border-top:double 2.5pt #000000;">  </td> <td valign="bottom" style="width:17.1%; border-top:double 2.5pt #000000;">  </td> <td valign="bottom" style="width:1.3%;white-space:nowrap;">  </td> </tr> </table></div>  </div>

<div> Components of the net deferred tax asset (liability) at September 30, 2017 and 2016 are as follows:   <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:92%;"> <tr> <td valign="bottom" style="width:72.86%;">  </td> <td valign="bottom" style="width:1.08%; border-bottom:solid 0.75pt #000000;">  </td> <td valign="bottom" style="width:10.86%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:7.5pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2017</td> <td valign="bottom" style="width:1.08%;">  </td> <td valign="bottom" style="width:1.08%;">  </td> <td colspan="2" valign="bottom" style="width:11.96%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:7.5pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2016</td> <td valign="bottom" style="width:1.08%;">  </td> </tr> <tr> <td valign="top" bgcolor="#CCEEFF" style="width:72.86%;"> Deferred tax assets:</td> <td valign="bottom" bgcolor="#CCEEFF" style="width:1.08%; border-top:solid 0.75pt #000000;">  </td> <td valign="bottom" bgcolor="#CCEEFF" style="width:10.86%;">  </td> <td valign="bottom" bgcolor="#CCEEFF" style="width:1.08%;">  </td> <td valign="bottom" bgcolor="#CCEEFF" style="width:1.08%;">  </td> <td valign="bottom" bgcolor="#CCEEFF" style="width:1.08%;">  </td> <td valign="bottom" bgcolor="#CCEEFF" style="width:10.88%;">  </td> <td valign="bottom" bgcolor="#CCEEFF" style="width:1.08%;">  </td> </tr> <tr> <td valign="top" style="width:72.86%;"> Accrued compensation</td> <td valign="bottom" style="width:1.08%;"> $</td> <td valign="bottom" style="width:10.86%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9.5pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,337,619</td> <td valign="bottom" style="width:1.08%;">  </td> <td valign="bottom" style="width:1.08%;white-space:nowrap;">  </td> <td valign="bottom" style="width:1.08%;"> $</td> <td valign="bottom" style="width:10.88%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9.5pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,691,050</td> <td valign="bottom" style="width:1.08%;">  </td> </tr> <tr> <td valign="top" bgcolor="#CCEEFF" style="width:72.86%;"> Stock compensation</td> <td valign="bottom" bgcolor="#CCEEFF" style="width:1.08%;">  </td> <td valign="bottom" bgcolor="#CCEEFF" style="width:10.86%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9.5pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5,670,468</td> <td valign="bottom" bgcolor="#CCEEFF" style="width:1.08%;">  </td> <td valign="bottom" bgcolor="#CCEEFF" style="width:1.08%;white-space:nowrap;">  </td> <td valign="bottom" bgcolor="#CCEEFF" style="width:1.08%;">  </td> <td valign="bottom" bgcolor="#CCEEFF" style="width:10.88%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9.5pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">7,224,958</td> <td valign="bottom" bgcolor="#CCEEFF" style="width:1.08%;">  </td> </tr> <tr> <td valign="top" style="width:72.86%;"> Capitalized research and development</td> <td valign="bottom" style="width:1.08%;">  </td> <td valign="bottom" style="width:10.86%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9.5pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,196,542</td> <td valign="bottom" style="width:1.08%;">  </td> <td valign="bottom" style="width:1.08%;white-space:nowrap;">  </td> <td valign="bottom" style="width:1.08%;">  </td> <td valign="bottom" style="width:10.88%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9.5pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,957,528</td> <td valign="bottom" style="width:1.08%;">  </td> </tr> <tr> <td valign="top" bgcolor="#CCECFF" style="width:72.86%;"> Fixed Assets</td> <td valign="bottom" bgcolor="#CCECFF" style="width:1.08%;">  </td> <td valign="bottom" bgcolor="#CCECFF" style="width:10.86%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9.5pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">203,477</td> <td valign="bottom" bgcolor="#CCECFF" style="width:1.08%;">  </td> <td valign="bottom" bgcolor="#CCECFF" style="width:1.08%;white-space:nowrap;">  </td> <td valign="bottom" bgcolor="#CCECFF" style="width:1.08%;">  </td> <td valign="bottom" bgcolor="#CCECFF" style="width:10.88%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9.5pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CCECFF" style="width:1.08%;">  </td> </tr> <tr> <td valign="top" style="width:72.86%;"> Net operating losses</td> <td valign="bottom" style="width:1.08%;">  </td> <td valign="bottom" style="width:10.86%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9.5pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">132,119,837</td> <td valign="bottom" style="width:1.08%;">  </td> <td valign="bottom" style="width:1.08%;white-space:nowrap;">  </td> <td valign="bottom" style="width:1.08%;">  </td> <td valign="bottom" style="width:10.88%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9.5pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">125,120,957</td> <td valign="bottom" style="width:1.08%;">  </td> </tr> <tr> <td valign="top" bgcolor="#CCEEFF" style="width:72.86%;"> Intangible Assets</td> <td valign="bottom" bgcolor="#CCEEFF" style="width:1.08%;">  </td> <td valign="bottom" bgcolor="#CCEEFF" style="width:10.86%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9.5pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5,358,700</td> <td valign="bottom" bgcolor="#CCEEFF" style="width:1.08%;">  </td> <td valign="middle" bgcolor="#CCEEFF" style="width:1.08%;">  </td> <td valign="bottom" bgcolor="#CCEEFF" style="width:1.08%;">  </td> <td valign="bottom" bgcolor="#CCEEFF" style="width:10.88%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9.5pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5,544,091</td> <td valign="bottom" bgcolor="#CCEEFF" style="width:1.08%;">  </td> </tr> <tr> <td valign="top" style="width:72.86%;"> Deferred Revenue</td> <td valign="bottom" style="width:1.08%;">  </td> <td valign="bottom" style="width:10.86%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9.5pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,068,206</td> <td valign="bottom" style="width:1.08%;">  </td> <td valign="middle" style="width:1.08%;">  </td> <td valign="bottom" style="width:1.08%;">  </td> <td valign="bottom" style="width:10.88%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9.5pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" style="width:1.08%;">  </td> </tr> <tr> <td valign="top" bgcolor="#CCECFF" style="width:72.86%;"> Deferred Rent</td> <td valign="bottom" bgcolor="#CCECFF" style="width:1.08%;">  </td> <td valign="bottom" bgcolor="#CCECFF" style="width:10.86%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9.5pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">865,675</td> <td valign="bottom" bgcolor="#CCECFF" style="width:1.08%;">  </td> <td valign="middle" bgcolor="#CCECFF" style="width:1.08%;">  </td> <td valign="bottom" bgcolor="#CCECFF" style="width:1.08%;">  </td> <td valign="bottom" bgcolor="#CCECFF" style="width:10.88%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9.5pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CCECFF" style="width:1.08%;">  </td> </tr> <tr> <td valign="top" style="width:72.86%; border-bottom:solid 0.75pt transparent;"> Capital Loss</td> <td valign="bottom" style="width:1.08%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="bottom" style="width:10.86%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9.5pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,020,162</td> <td valign="bottom" style="width:1.08%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="middle" style="width:1.08%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="bottom" style="width:1.08%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="bottom" style="width:10.88%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9.5pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" style="width:1.08%; border-bottom:solid 0.75pt transparent;">  </td> </tr> <tr> <td valign="bottom" bgcolor="#CCECFF" style="width:72.86%; border-bottom:solid 0.75pt transparent;"> Total deferred tax assets</td> <td valign="bottom" bgcolor="#CCECFF" style="width:1.08%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="bottom" bgcolor="#CCECFF" style="width:10.86%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9.5pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">149,840,686</td> <td valign="bottom" bgcolor="#CCECFF" style="width:1.08%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="middle" bgcolor="#CCECFF" style="width:1.08%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="bottom" bgcolor="#CCECFF" style="width:1.08%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="bottom" bgcolor="#CCECFF" style="width:10.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9.5pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">142,538,584</td> <td valign="bottom" bgcolor="#CCECFF" style="width:1.08%; border-bottom:solid 0.75pt transparent;">  </td> </tr> <tr> <td valign="top" style="width:72.86%;"> Valuation allowance</td> <td valign="bottom" style="width:1.08%;">  </td> <td valign="bottom" style="width:10.86%; border-top:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9.5pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(136,625,436</td> <td valign="bottom" style="width:1.08%;"> )</td> <td valign="bottom" style="width:1.08%;white-space:nowrap;">  </td> <td valign="bottom" style="width:1.08%;">  </td> <td valign="bottom" style="width:10.88%; border-top:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9.5pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(128,695,371</td> <td valign="bottom" style="width:1.08%;"> )</td> </tr> <tr> <td valign="top" bgcolor="#CCECFF" style="width:72.86%;"> Deferred tax liabilities:</td> <td valign="bottom" bgcolor="#CCECFF" style="width:1.08%;">  </td> <td valign="bottom" bgcolor="#CCECFF" style="width:10.86%;">  </td> <td valign="bottom" bgcolor="#CCECFF" style="width:1.08%;">  </td> <td valign="bottom" bgcolor="#CCECFF" style="width:1.08%;white-space:nowrap;">  </td> <td valign="bottom" bgcolor="#CCECFF" style="width:1.08%;">  </td> <td valign="bottom" bgcolor="#CCECFF" style="width:10.88%;">  </td> <td valign="bottom" bgcolor="#CCECFF" style="width:1.08%;">  </td> </tr> <tr> <td valign="top" style="width:72.86%;"> State taxes</td> <td valign="bottom" style="width:1.08%;">  </td> <td valign="bottom" style="width:10.86%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9.5pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(13,215,250</td> <td valign="bottom" style="width:1.08%;"> )</td> <td valign="bottom" style="width:1.08%;">  </td> <td valign="bottom" style="width:1.08%;">  </td> <td valign="bottom" style="width:10.88%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9.5pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(13,804,268</td> <td valign="bottom" style="width:1.08%;"> )</td> </tr> <tr> <td valign="top" bgcolor="#CCECFF" style="width:72.86%; border-bottom:solid 0.75pt transparent;"> Fixed assets</td> <td valign="bottom" bgcolor="#CCECFF" style="width:1.08%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="bottom" bgcolor="#CCECFF" style="width:10.86%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9.5pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CCECFF" style="width:1.08%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="bottom" bgcolor="#CCECFF" style="width:1.08%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">  </td> <td valign="bottom" bgcolor="#CCECFF" style="width:1.08%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="bottom" bgcolor="#CCECFF" style="width:10.88%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9.5pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(38,945</td> <td valign="bottom" bgcolor="#CCECFF" style="width:1.08%; border-bottom:solid 0.75pt transparent;"> )</td> </tr> <tr style="height:6.75pt;"> <td valign="bottom" style="width:72.86%; border-bottom:solid 0.75pt transparent;"> Total deferred tax liability</td> <td valign="bottom" style="width:1.08%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="bottom" style="width:10.86%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9.5pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(13,215,250</td> <td valign="bottom" style="width:1.08%; border-bottom:solid 0.75pt transparent;"> )</td> <td valign="middle" style="width:1.08%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="bottom" style="width:1.08%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="bottom" style="width:10.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9.5pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(13,843,213</td> <td valign="bottom" style="width:1.08%; border-bottom:solid 0.75pt transparent;"> )</td> </tr> <tr style="height:6.75pt;"> <td valign="bottom" bgcolor="#CCECFF" style="width:72.86%; border-bottom:double 2.5pt transparent;"> Net deferred tax assets (liabilities)</td> <td valign="bottom" bgcolor="#CCECFF" style="width:1.08%; border-bottom:double 2.5pt transparent;"> $</td> <td valign="bottom" bgcolor="#CCECFF" style="width:10.86%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9.5pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CCECFF" style="width:1.08%; border-bottom:double 2.5pt transparent;">  </td> <td valign="middle" bgcolor="#CCECFF" style="width:1.08%; border-bottom:double 2.5pt transparent;">  </td> <td valign="bottom" bgcolor="#CCECFF" style="width:1.08%; border-bottom:double 2.5pt transparent;"> $</td> <td valign="bottom" bgcolor="#CCECFF" style="width:10.88%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9.5pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CCECFF" style="width:1.08%; border-bottom:double 2.5pt transparent;">  </td> </tr> </table></div>  </div>

<div> The provisions for income taxes for the years ended September 30, 2017 and 2016 are as follows:   <div> <table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:92%;"> <tr> <td valign="bottom" style="width:72.84%;">  </td> <td colspan="2" valign="bottom" style="width:11.96%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:7.5pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2017</td> <td valign="bottom" style="width:1.08%;">  </td> <td valign="bottom" style="width:1.08%;">  </td> <td colspan="2" valign="bottom" style="width:11.96%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:7.5pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2016</td> <td valign="bottom" style="width:1.08%;">  </td> </tr> <tr> <td valign="top" bgcolor="#CCEEFF" style="width:72.84%;"> Federal:</td> <td valign="bottom" bgcolor="#CCEEFF" style="width:1.08%;">  </td> <td valign="bottom" bgcolor="#CCEEFF" style="width:10.88%;">  </td> <td valign="bottom" bgcolor="#CCEEFF" style="width:1.08%;">  </td> <td valign="bottom" bgcolor="#CCEEFF" style="width:1.08%;">  </td> <td valign="bottom" bgcolor="#CCEEFF" style="width:1.08%;">  </td> <td valign="bottom" bgcolor="#CCEEFF" style="width:10.88%;">  </td> <td valign="bottom" bgcolor="#CCEEFF" style="width:1.08%;">  </td> </tr> <tr> <td valign="top" style="width:72.84%;"> Current</td> <td valign="bottom" style="width:1.08%;">  </td> <td valign="bottom" style="width:10.88%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" style="width:1.08%;white-space:nowrap;">  </td> <td valign="bottom" style="width:1.08%;">  </td> <td valign="bottom" style="width:1.08%;">  </td> <td valign="bottom" style="width:10.88%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" style="width:1.08%;white-space:nowrap;">  </td> </tr> <tr> <td valign="top" bgcolor="#CCEEFF" style="width:72.84%; border-bottom:solid 0.75pt transparent;"> Deferred</td> <td valign="bottom" bgcolor="#CCEEFF" style="width:1.08%; border-bottom:solid 0.75pt #000000;">  </td> <td valign="bottom" bgcolor="#CCEEFF" style="width:10.88%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CCEEFF" style="width:1.08%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">  </td> <td valign="bottom" bgcolor="#CCEEFF" style="width:1.08%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="bottom" bgcolor="#CCEEFF" style="width:1.08%; border-bottom:solid 0.75pt #000000;">  </td> <td valign="bottom" bgcolor="#CCEEFF" style="width:10.88%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CCEEFF" style="width:1.08%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">  </td> </tr> <tr> <td valign="bottom" style="width:72.84%; border-bottom:solid 0.75pt transparent;"> Total Federal</td> <td valign="bottom" style="width:1.08%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">  </td> <td valign="bottom" style="width:10.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" style="width:1.08%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="bottom" style="width:1.08%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="bottom" style="width:1.08%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">  </td> <td valign="bottom" style="width:10.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" style="width:1.08%; border-bottom:solid 0.75pt transparent;">  </td> </tr> <tr> <td valign="top" bgcolor="#CCEEFF" style="width:72.84%;"> State:</td> <td valign="bottom" bgcolor="#CCEEFF" style="width:1.08%;">  </td> <td valign="bottom" bgcolor="#CCEEFF" style="width:10.88%;">  </td> <td valign="bottom" bgcolor="#CCEEFF" style="width:1.08%;">  </td> <td valign="bottom" bgcolor="#CCEEFF" style="width:1.08%;">  </td> <td valign="bottom" bgcolor="#CCEEFF" style="width:1.08%;">  </td> <td valign="bottom" bgcolor="#CCEEFF" style="width:10.88%;">  </td> <td valign="bottom" bgcolor="#CCEEFF" style="width:1.08%;">  </td> </tr> <tr> <td valign="top" style="width:72.84%;"> Current</td> <td valign="bottom" style="width:1.08%;white-space:nowrap;"> $</td> <td valign="bottom" style="width:10.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,400</td> <td valign="bottom" style="width:1.08%;white-space:nowrap;">  </td> <td valign="bottom" style="width:1.08%;">  </td> <td valign="bottom" style="width:1.08%;white-space:nowrap;">  </td> <td valign="bottom" style="width:10.88%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,400</td> <td valign="bottom" style="width:1.08%;white-space:nowrap;">  </td> </tr> <tr> <td valign="top" bgcolor="#CCEEFF" style="width:72.84%; border-bottom:solid 0.75pt transparent;"> Deferred</td> <td valign="bottom" bgcolor="#CCEEFF" style="width:1.08%; border-bottom:solid 0.75pt #000000;">  </td> <td valign="bottom" bgcolor="#CCEEFF" style="width:10.88%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CCEEFF" style="width:1.08%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">  </td> <td valign="bottom" bgcolor="#CCEEFF" style="width:1.08%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="bottom" bgcolor="#CCEEFF" style="width:1.08%; border-bottom:solid 0.75pt #000000;">  </td> <td valign="bottom" bgcolor="#CCEEFF" style="width:10.88%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CCEEFF" style="width:1.08%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">  </td> </tr> <tr> <td valign="top" style="width:72.84%; border-bottom:solid 0.75pt transparent;"> Total State</td> <td valign="bottom" style="width:1.08%; border-bottom:solid 0.75pt #000000;"> $</td> <td valign="bottom" style="width:10.88%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,400</td> <td valign="bottom" style="width:1.08%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">  </td> <td valign="bottom" style="width:1.08%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="bottom" style="width:1.08%; border-bottom:solid 0.75pt #000000;">  </td> <td valign="bottom" style="width:10.88%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,400</td> <td valign="bottom" style="width:1.08%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">  </td> </tr> <tr> <td valign="top" bgcolor="#CCEEFF" style="width:72.84%; border-bottom:double 2.5pt transparent;"> Provision from income taxes</td> <td valign="bottom" bgcolor="#CCEEFF" style="width:1.08%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;"> $</td> <td valign="bottom" bgcolor="#CCEEFF" style="width:10.88%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,400</td> <td valign="bottom" bgcolor="#CCEEFF" style="width:1.08%; border-bottom:double 2.5pt transparent;white-space:nowrap;">  </td> <td valign="bottom" bgcolor="#CCEEFF" style="width:1.08%; border-bottom:double 2.5pt transparent;">  </td> <td valign="bottom" bgcolor="#CCEEFF" style="width:1.08%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">  </td> <td valign="bottom" bgcolor="#CCEEFF" style="width:10.88%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,400</td> <td valign="bottom" bgcolor="#CCEEFF" style="width:1.08%; border-bottom:double 2.5pt transparent;white-space:nowrap;">  </td> </tr> </table></div>  </div>

<div> The Company’s effective income tax rate differs from the statutory federal income tax rate as follows for the years ended September 30, 2017 and 2016:   <div> <table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:100.84%;"> <tr> <td valign="bottom" bgcolor="#FFFFFF" style="width:72.24%;">  </td> <td valign="bottom" bgcolor="#FFFFFF" style="width:1.08%; border-bottom:solid 0.75pt #000000;">  </td> <td valign="bottom" bgcolor="#FFFFFF" style="width:10.78%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:7.5pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2017</td> <td valign="bottom" bgcolor="#FFFFFF" style="width:1.86%;">  </td> <td valign="bottom" bgcolor="#FFFFFF" style="width:0.28%;">  </td> <td colspan="2" valign="bottom" bgcolor="#FFFFFF" style="width:11.86%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:7.5pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2016</td> <td valign="bottom" bgcolor="#FFFFFF" style="width:1.9%;">  </td> </tr> <tr> <td valign="top" bgcolor="#CFF0FC" style="width:72.24%;"> At U.S. federal statutory rate</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.08%; border-top:solid 0.75pt #000000;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:10.78%; border-top:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">34.0</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.86%;"> %</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:0.28%;white-space:nowrap;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.08%; border-top:solid 0.75pt #000000;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:10.78%; border-top:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">34.0</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.9%;"> %</td> </tr> <tr> <td valign="top" bgcolor="#FFFFFF" style="width:72.24%;"> State taxes, net of federal effect</td> <td valign="bottom" bgcolor="#FFFFFF" style="width:1.08%;">  </td> <td valign="bottom" bgcolor="#FFFFFF" style="width:10.78%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4.9</td> <td valign="bottom" bgcolor="#FFFFFF" style="width:1.86%;">  </td> <td valign="bottom" bgcolor="#FFFFFF" style="width:0.28%;white-space:nowrap;">  </td> <td valign="bottom" bgcolor="#FFFFFF" style="width:1.08%;">  </td> <td valign="bottom" bgcolor="#FFFFFF" style="width:10.78%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">9.0</td> <td valign="bottom" bgcolor="#FFFFFF" style="width:1.9%;">  </td> </tr> <tr> <td valign="top" bgcolor="#CFF0FC" style="width:72.24%;"> Stock compensation</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.08%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:10.78%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(5.8</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.86%;"> )</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:0.28%;white-space:nowrap;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.08%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:10.78%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1.1</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.9%;"> )</td> </tr> <tr> <td valign="top" bgcolor="#FFFFFF" style="width:72.24%;"> Mark-to-market adjustments</td> <td valign="bottom" bgcolor="#FFFFFF" style="width:1.08%;">  </td> <td valign="bottom" bgcolor="#FFFFFF" style="width:10.78%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">0.9</td> <td valign="bottom" bgcolor="#FFFFFF" style="width:1.86%;">  </td> <td valign="bottom" bgcolor="#FFFFFF" style="width:0.28%;white-space:nowrap;">  </td> <td valign="bottom" bgcolor="#FFFFFF" style="width:1.08%;">  </td> <td valign="bottom" bgcolor="#FFFFFF" style="width:10.78%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(0.1</td> <td valign="bottom" bgcolor="#FFFFFF" style="width:1.9%;"> )</td> </tr> <tr> <td valign="top" bgcolor="#CFF0FC" style="width:72.24%;"> Valuation allowance</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.08%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:10.78%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(23.1</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.86%;"> )</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:0.28%;white-space:nowrap;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.08%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:10.78%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(41.1</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.9%;"> )</td> </tr> <tr> <td valign="top" style="width:72.24%;"> True-up on deferred taxes</td> <td valign="bottom" style="width:1.08%;">  </td> <td valign="bottom" style="width:10.78%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(3.0</td> <td valign="bottom" style="width:1.86%;"> )</td> <td valign="bottom" style="width:0.28%;white-space:nowrap;">  </td> <td valign="bottom" style="width:1.08%;">  </td> <td valign="bottom" style="width:10.78%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" style="width:1.9%;">  </td> </tr> <tr> <td valign="top" bgcolor="#CFF0FC" style="width:72.24%;"> State blended rate change</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.08%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:10.78%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(5.7</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.86%;"> )</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:0.28%;white-space:nowrap;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.08%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:10.78%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">—</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.9%;">  </td> </tr> <tr> <td valign="top" bgcolor="#FFFFFF" style="width:72.24%; border-bottom:solid 0.75pt transparent;"> Other</td> <td valign="bottom" bgcolor="#FFFFFF" style="width:1.08%; border-bottom:solid 0.75pt #000000;">  </td> <td valign="bottom" bgcolor="#FFFFFF" style="width:10.78%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(2.2</td> <td valign="bottom" bgcolor="#FFFFFF" style="width:1.86%; border-bottom:solid 0.75pt transparent;"> )</td> <td valign="bottom" bgcolor="#FFFFFF" style="width:0.28%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">  </td> <td valign="bottom" bgcolor="#FFFFFF" style="width:1.08%; border-bottom:solid 0.75pt #000000;">  </td> <td valign="bottom" bgcolor="#FFFFFF" style="width:10.78%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(0.7</td> <td valign="bottom" bgcolor="#FFFFFF" style="width:1.9%; border-bottom:solid 0.75pt transparent;"> )</td> </tr> <tr> <td valign="top" bgcolor="#CFF0FC" style="width:72.24%; border-bottom:double 2.5pt transparent;"> Effective income tax rate</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.08%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:10.78%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">0.0</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.86%; border-bottom:double 2.5pt transparent;"> %</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:0.28%; border-bottom:double 2.5pt transparent;white-space:nowrap;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.08%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:10.78%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">0.0</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.9%; border-bottom:double 2.5pt transparent;"> %</td> </tr> </table></div>  </div>

<div> The following table presents selected unaudited quarterly financial data for each full quarterly period of the years ended September 30, 2017 and 2016:   <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="bottom" style="width:41%;">   </td> <td valign="bottom" style="width:2.42%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" style="width:12.32%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">First</td> <td valign="bottom" style="width:2.46%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" style="width:11.14%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Second</td> <td valign="bottom" style="width:3.32%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" style="width:11.96%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Third</td> <td valign="bottom" style="width:2.48%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" style="width:11.96%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Fourth</td> <td valign="bottom" style="width:0.94%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:1pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" style="width:41%; border-bottom:solid 1pt #000000;"> Year ended September 30, 2017</td> <td valign="bottom" style="width:2.42%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" style="width:12.32%; border-bottom:solid 1pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Quarter</td> <td valign="bottom" style="width:2.46%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" style="width:11.14%; border-bottom:solid 1pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Quarter</td> <td valign="bottom" style="width:3.32%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" style="width:11.96%; border-bottom:solid 1pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Quarter</td> <td valign="bottom" style="width:2.48%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" style="width:11.96%; border-bottom:solid 1pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Quarter</td> <td valign="bottom" style="width:0.94%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:1pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="middle" bgcolor="#CCEEFF" style="width:41%;"> Revenues</td> <td valign="bottom" bgcolor="#CCEEFF" style="width:2.42%;">  </td> <td valign="bottom" bgcolor="#CCEEFF" style="width:1.28%;"> $</td> <td valign="bottom" bgcolor="#CCEEFF" style="width:11.04%; border-top:solid 1pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4,365,496</td> <td valign="bottom" bgcolor="#CCEEFF" style="width:2.46%;">  </td> <td valign="bottom" bgcolor="#CCEEFF" style="width:1.28%;"> $</td> <td valign="bottom" bgcolor="#CCEEFF" style="width:9.86%; border-top:solid 1pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">8,985,930</td> <td valign="bottom" bgcolor="#CCEEFF" style="width:3.32%;">  </td> <td valign="bottom" bgcolor="#CCEEFF" style="width:1.28%;"> $</td> <td valign="bottom" bgcolor="#CCEEFF" style="width:10.68%; border-top:solid 1pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">9,342,498</td> <td valign="bottom" bgcolor="#CCEEFF" style="width:2.48%;">  </td> <td valign="bottom" bgcolor="#CCEEFF" style="width:1.28%;"> $</td> <td valign="bottom" bgcolor="#CCEEFF" style="width:10.68%; border-top:solid 1pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">8,713,785</td> <td valign="bottom" bgcolor="#CCEEFF" style="width:0.94%;">  </td> </tr> <tr> <td valign="middle" style="width:41%;"> Operating Losses </td> <td valign="bottom" style="width:2.42%;">  </td> <td valign="bottom" style="width:1.28%;"> $</td> <td valign="bottom" style="width:11.04%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(14,901,887)</td> <td valign="bottom" style="width:2.46%;">  </td> <td valign="bottom" style="width:1.28%;"> $</td> <td valign="bottom" style="width:9.86%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(6,129,642)</td> <td valign="bottom" style="width:3.32%;">  </td> <td valign="bottom" style="width:1.28%;"> $</td> <td valign="bottom" style="width:10.68%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(5,714,164)</td> <td valign="bottom" style="width:2.48%;">  </td> <td valign="bottom" style="width:1.28%;"> $</td> <td valign="bottom" style="width:10.68%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(10,250,216)</td> <td valign="bottom" style="width:0.94%;">  </td> </tr> <tr> <td valign="middle" bgcolor="#CCEEFF" style="width:41%;"> Net Loss </td> <td valign="bottom" bgcolor="#CCEEFF" style="width:2.42%;">  </td> <td valign="bottom" bgcolor="#CCEEFF" style="width:1.28%;"> $</td> <td valign="bottom" bgcolor="#CCEEFF" style="width:11.04%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(12,086,108)</td> <td valign="bottom" bgcolor="#CCEEFF" style="width:2.46%;">  </td> <td valign="bottom" bgcolor="#CCEEFF" style="width:1.28%;"> $</td> <td valign="bottom" bgcolor="#CCEEFF" style="width:9.86%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(6,042,557)</td> <td valign="bottom" bgcolor="#CCEEFF" style="width:3.32%;">  </td> <td valign="bottom" bgcolor="#CCEEFF" style="width:1.28%;"> $</td> <td valign="bottom" bgcolor="#CCEEFF" style="width:10.68%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(5,519,741)</td> <td valign="bottom" bgcolor="#CCEEFF" style="width:2.48%;">  </td> <td valign="bottom" bgcolor="#CCEEFF" style="width:1.28%;"> $</td> <td valign="bottom" bgcolor="#CCEEFF" style="width:10.68%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(10,731,889)</td> <td valign="bottom" bgcolor="#CCEEFF" style="width:0.94%;">  </td> </tr> <tr> <td valign="middle" style="width:41%;"> Net Loss Attributable to Arrowhead</td> <td valign="bottom" style="width:2.42%;">  </td> <td valign="bottom" style="width:1.28%;"> $</td> <td valign="bottom" style="width:11.04%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(12,086,108)</td> <td valign="bottom" style="width:2.46%;">  </td> <td valign="bottom" style="width:1.28%;"> $</td> <td valign="bottom" style="width:9.86%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(6,042,557)</td> <td valign="bottom" style="width:3.32%;">  </td> <td valign="bottom" style="width:1.28%;"> $</td> <td valign="bottom" style="width:10.68%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(5,519,741)</td> <td valign="bottom" style="width:2.48%;">  </td> <td valign="bottom" style="width:1.28%;"> $</td> <td valign="bottom" style="width:10.68%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(10,731,889)</td> <td valign="bottom" style="width:0.94%;">  </td> </tr> <tr> <td valign="middle" bgcolor="#CFF0FC" style="width:41%;"> Loss per share (Basic and Diluted)</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:2.42%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.28%;"> $</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:11.04%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(0.17)</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:2.46%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.28%;"> $</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:9.86%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(0.08)</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:3.32%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.28%;"> $</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:10.68%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(0.07)</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:2.48%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.28%;"> $</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:10.68%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(0.14)</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:0.94%;">  </td> </tr> </table></div>   <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="bottom" style="width:41.02%;">  </td> <td valign="bottom" style="width:2.48%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" style="width:12%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">First</td> <td valign="bottom" style="width:2.5%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" style="width:11.18%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Second</td> <td valign="bottom" style="width:3.34%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" style="width:12%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Third</td> <td valign="bottom" style="width:2.5%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" style="width:12%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Fourth</td> <td valign="bottom" style="width:0.98%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="bottom" style="width:41.02%; border-bottom:solid 1pt #000000;"> Year ended September 30, 2016</td> <td valign="bottom" style="width:2.48%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" style="width:12%; border-bottom:solid 1pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Quarter</td> <td valign="bottom" style="width:2.5%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" style="width:11.18%; border-bottom:solid 1pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Quarter</td> <td valign="bottom" style="width:3.34%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" style="width:12%; border-bottom:solid 1pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Quarter</td> <td valign="bottom" style="width:2.5%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"> </td> <td colspan="2" valign="bottom" style="width:12%; border-bottom:solid 1pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Quarter</td> <td valign="bottom" style="width:0.98%;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"> </td> </tr> <tr> <td valign="middle" bgcolor="#CCEEFF" style="width:41.02%;"> Revenues</td> <td valign="bottom" bgcolor="#CCEEFF" style="width:2.48%;">  </td> <td valign="bottom" bgcolor="#CCEEFF" style="width:1.3%;"> $</td> <td valign="bottom" bgcolor="#CCEEFF" style="width:10.7%; border-top:solid 1pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">43,750</td> <td valign="bottom" bgcolor="#CCEEFF" style="width:2.5%;">  </td> <td valign="bottom" bgcolor="#CCEEFF" style="width:1.3%;"> $</td> <td valign="bottom" bgcolor="#CCEEFF" style="width:9.88%; border-top:solid 1pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">43,750</td> <td valign="bottom" bgcolor="#CCEEFF" style="width:3.34%;">  </td> <td valign="bottom" bgcolor="#CCEEFF" style="width:1.3%;"> $</td> <td valign="bottom" bgcolor="#CCEEFF" style="width:10.7%; border-top:solid 1pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">39,583</td> <td valign="bottom" bgcolor="#CCEEFF" style="width:2.5%;">  </td> <td valign="bottom" bgcolor="#CCEEFF" style="width:1.3%;"> $</td> <td valign="bottom" bgcolor="#CCEEFF" style="width:10.7%; border-top:solid 1pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">31,250</td> <td valign="bottom" bgcolor="#CCEEFF" style="width:0.98%;">  </td> </tr> <tr> <td valign="middle" style="width:41.02%;"> Operating Losses </td> <td valign="bottom" style="width:2.48%;">  </td> <td valign="bottom" style="width:1.3%;"> $</td> <td valign="bottom" style="width:10.7%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(19,341,270)</td> <td valign="bottom" style="width:2.5%;">  </td> <td valign="bottom" style="width:1.3%;"> $</td> <td valign="bottom" style="width:9.88%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(21,264,855)</td> <td valign="bottom" style="width:3.34%;">  </td> <td valign="bottom" style="width:1.3%;"> $</td> <td valign="bottom" style="width:10.7%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(19,341,487)</td> <td valign="bottom" style="width:2.5%;">  </td> <td valign="bottom" style="width:1.3%;"> $</td> <td valign="bottom" style="width:10.7%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(21,795,114)</td> <td valign="bottom" style="width:0.98%;">  </td> </tr> <tr> <td valign="middle" bgcolor="#CCEEFF" style="width:41.02%;"> Net Loss </td> <td valign="bottom" bgcolor="#CCEEFF" style="width:2.48%;">  </td> <td valign="bottom" bgcolor="#CCEEFF" style="width:1.3%;"> $</td> <td valign="bottom" bgcolor="#CCEEFF" style="width:10.7%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(19,264,414)</td> <td valign="bottom" bgcolor="#CCEEFF" style="width:2.5%;">  </td> <td valign="bottom" bgcolor="#CCEEFF" style="width:1.3%;"> $</td> <td valign="bottom" bgcolor="#CCEEFF" style="width:9.88%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(20,815,860)</td> <td valign="bottom" bgcolor="#CCEEFF" style="width:3.34%;">  </td> <td valign="bottom" bgcolor="#CCEEFF" style="width:1.3%;"> $</td> <td valign="bottom" bgcolor="#CCEEFF" style="width:10.7%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(19,420,743)</td> <td valign="bottom" bgcolor="#CCEEFF" style="width:2.5%;">  </td> <td valign="bottom" bgcolor="#CCEEFF" style="width:1.3%;"> $</td> <td valign="bottom" bgcolor="#CCEEFF" style="width:10.7%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(22,221,985)</td> <td valign="bottom" bgcolor="#CCEEFF" style="width:0.98%;">  </td> </tr> <tr> <td valign="middle" style="width:41.02%;"> Net Loss Attributable to Arrowhead</td> <td valign="bottom" style="width:2.48%;">  </td> <td valign="bottom" style="width:1.3%;"> $</td> <td valign="bottom" style="width:10.7%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(19,264,414)</td> <td valign="bottom" style="width:2.5%;">  </td> <td valign="bottom" style="width:1.3%;"> $</td> <td valign="bottom" style="width:9.88%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(20,815,860)</td> <td valign="bottom" style="width:3.34%;">  </td> <td valign="bottom" style="width:1.3%;"> $</td> <td valign="bottom" style="width:10.7%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(19,420,743)</td> <td valign="bottom" style="width:2.5%;">  </td> <td valign="bottom" style="width:1.3%;"> $</td> <td valign="bottom" style="width:10.7%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(22,221,985)</td> <td valign="bottom" style="width:0.98%;">  </td> </tr> <tr> <td valign="middle" bgcolor="#CFF0FC" style="width:41.02%;"> Loss per share (Basic and Diluted)</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:2.48%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.3%;"> $</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:10.7%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(0.32)</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:2.5%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.3%;"> $</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:9.88%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(0.35)</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:3.34%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.3%;"> $</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:10.7%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(0.32)</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:2.5%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="width:1.3%;"> $</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:10.7%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(0.34)</td> <td valign="bottom" bgcolor="#CFF0FC" style="width:0.98%;">  </td> </tr> </table></div>  </div>

-19800000 -53900000 42500000

1745810

12500000

30000000

250000

P3Y

P7Y

2016-09-28 2016-09-28 2

3002793

7.16

P30D 5000000 P30D 35000000

21500000

617000000

5000000

2500000

30000000

27300000

1500000

600334

442915

9660960 7490400

132078

80841

12208380

11885365

22601752

19899521

7088733

4512760

40769539

334755

40434784

P21Y

383330

P14Y

4009395

1700429

1714313

1046571

1700429

11962294

150000000

8902416

15652

2670989

2017-03-21

2017-03-22

0.001

20 0.15 2018-03-21 1

1256983

1745810

9000000

12500000

7.16

2.12

1.83

7.14

75000

277284

80000

432284

P4M24D P2M12D P8M12D

27000

2019-09 0.03

8500

60000

2026-09 2100000

2700000

182200 0.025

18000

2016-12 1554000 926000 831000

1531234

1435409

1044431

1070496

1097168

4669328

10848066

P10Y 2016-10-01 0.071

208506

223820

240258

257903

276845

1326192

2533524

11400000

0 3000000 1000000

2119286

6329079

2119286

2986207

3098000

444050

10000

591000

2623000

47000

6691200

638000

1643927

135730

5549543

4065611

6.56

1.95

7.02

2.01

6.00

6.32

P6Y6M

P5Y9M19D

3390029

1872018

4524833

6361396

4760831

849816 6426207 7338395

35512

142690

128391

4627267

P1Y9M19D

0.0134

0.0105

0.0146

0.0231

0.0189

0.79

0.89

0.75

P5Y10M6D

P6Y3M

P6Y

P6Y3M

1.33

4.58

4.24

0.00

2623000

At vesting, each RSU will be exchanged for one share of the Company’s Common Stock. Restricted stock unit awards generally vest subject to the satisfaction of service requirements or the satisfaction of both service requirements and achievement of certain performance targets.

1356667

786667

85000

3108000

6.72

1.59

7.03

1.55

2.45

3366762

5234420

4489931

2448449

P1Y1M7D

24838567

40769539

695114

85366448

1602626

912543

265161

833530

12123

870760

-293072

2684712

329649 24324

0.0107

0.0068

0.006

P2M13D

P1Y2M13D

P2Y2M13D

0.79

0.89

0.75

0.0107

0.0068

0.006

P3M19D

P1Y3M19D

P2Y3M19D

0.79

0.89

0.75

1565874

695114

P7Y 0.01 675000

500000

19602

-7950

184555

1337619

1691050

5670468

7224958

2196542 2957528

203477

132119837

125120957

5358700

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1068206

865675

1020162

149840686

142538584

136625436

128695371

13215250 13804268

38945

13215250

13843213

1.00 260700000 24500000 398300000 24200000

2400

0.340

0.049

0.090

0.058 0.011 0.009 -0.001

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-0.411

-0.030 -0.057 -0.022 -0.007

0.000

1.00

0.03

0.50

0.02

426470

476835

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8985930

9342498

8713785

-14901887

-6129642

-5714164

-10250216

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-12086108

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-5519741

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-0.17

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43750

39583

31250

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-21264855

-19341487

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