| Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis |
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As of
September 30, 2014 |
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(In thousands) |
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Description
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Level 1 |
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Level 2 |
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Level 3 |
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Fair Value |
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Money market funds
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$ |
15,275 |
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$ |
— |
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$ |
— |
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$ |
15,275 |
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Corporate debt and asset backed securities
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— |
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26,270 |
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— |
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26,270 |
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Total assets measured at fair value
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$ |
15,275 |
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$ |
26,270 |
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$ |
— |
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$ |
41,545 |
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Warrant liability
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$ |
— |
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$ |
— |
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$ |
8,766 |
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$ |
8,766 |
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Total liabilities measured at fair value
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$ |
— |
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$ |
— |
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$ |
8,766 |
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$ |
8,766 |
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| Schedule of Changes in Fair Value of Financial Instruments |
The following table sets forth an activity summary which includes
the changes in the fair value of the Company’s Level 3
financial instruments (in thousands):
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Warrant
Liability |
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Forward
Contract |
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Balance as of December 31, 2013
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$ |
6,466 |
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$ |
453 |
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Issuance of financial instrument
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443 |
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— |
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Change in fair value
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2,289 |
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(10 |
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Settlement of financial instrument
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(432 |
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(443 |
) |
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Balance as of September 30, 2014
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$ |
8,766 |
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$ |
— |
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| Computation of Earnings per Share |
The Company’s computation of earnings per share is as follows
(in thousands, except share and per share amounts):
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Three Months Ended
September 30, |
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Nine Months Ended
September 30, |
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2014 |
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2013 |
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2014 |
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2013 |
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Basic:
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Numerator:
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Net loss
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$ |
(5,961 |
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$ |
(1,307 |
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$ |
(19,195 |
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$ |
(6,159 |
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Accretion to redemption value of redeemable convertible preferred
stock
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— |
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(3,036 |
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— |
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(9,289 |
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Reduction in redeemable convertible preferred stock distribution
entitlement upon extinguishment
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— |
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313,933 |
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— |
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313,933 |
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Amounts allocated to participating redeemable convertible preferred
stock
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— |
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(266,720 |
) |
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— |
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(282,007 |
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Net (loss) income allocated to common stock—basic
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$ |
(5,961 |
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$ |
42,870 |
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$ |
(19,195 |
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$ |
16,478 |
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Denominator:
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Weighted average number of common stock shares
outstanding—basic
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13,468,081 |
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101,358 |
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11,148,695 |
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38,027 |
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Net (loss) income per share-basic:
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$ |
(0.44 |
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$ |
422.95 |
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$ |
(1.72 |
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$ |
433.33 |
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Diluted:
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Numerator:
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Net (loss) income allocated to common stock
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$ |
(5,961 |
) |
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$ |
42,870 |
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$ |
(19,195 |
) |
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$ |
16,478 |
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Adjustments from assumed conversion of redeemable convertible
preferred stock
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— |
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(44,177 |
) |
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— |
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(22,637 |
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Net loss allocated to common stock—diluted
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$ |
(5,961 |
) |
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$ |
(1,307 |
) |
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$ |
(19,195 |
) |
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$ |
(6,159 |
) |
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Denominator:
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Weighted average number of common stock shares outstanding
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13,468,081 |
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101,358 |
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11,148,695 |
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38,027 |
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Weighted average number of preferred stock shares outstanding
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— |
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630,612 |
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— |
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650,798 |
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Total common stock equivalent shares
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13,468,081 |
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731,970 |
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11,148,695 |
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688,825 |
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Net loss per share—diluted
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$ |
(0.44 |
) |
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$ |
(1.79 |
) |
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$ |
(1.72 |
) |
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$ |
(8.94 |
) |
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| Anti-Dilutive Securities Excluded from the Computation of Diluted Net Loss per Share |
The following table shows the total outstanding securities
considered anti-dilutive and therefore excluded from the
computation of diluted net loss per share.
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Three and Nine Months
Ended September 30, |
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2014 |
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2013 |
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(unaudited) |
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Warrants for common stock
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1,787,617 |
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1,543,437 |
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Common stock options
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992,033 |
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89,609 |
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Incentive awards
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247,515 |
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— |
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3,027,165 |
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1,633,046 |
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