Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2015

Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis


	As of September 30, 2015
	(In thousands)
Description	Level 1		Level 2		Level 3		Fair Value
Money market funds	$	5,294	$	—	$	—	$	5,294
Corporate debt and asset backed securities		—		41,362		—		41,362

Total assets measured at fair value	$	5,294	$	41,362	$	—	$	46,656

Warrant liability	$	—	$	—	$	1,356	$	1,356

Total liabilities measured at fair value	$	—	$	—	$	1,356	$	1,356


	As of December 31, 2014
	(In thousands)
Description	Level 1		Level 2		Level 3		Fair Value
Money market funds	$	9,941	$	—	$	—	$	9,941
Corporate debt and asset backed securities		—		23,209		—		23,209

Total assets measured at fair value	$	9,941	$	23,209	$	—	$	33,150

Warrant liability	$	—	$	—	$	13,596	$	13,596

Total liabilities measured at fair value	$	—	$	—	$	13,596	$	13,596

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):


	Warrant Liability
Balance as of December 31, 2014	$	13,596
Issuance of financial instrument		258
Change in fair value		(10,985	)
Settlement of financial instrument		(1,513	)

Balance as of September 30, 2015	$	1,356

Computation of Loss per Share

The Company’s computation of loss per share is as follows (in thousands, except share and per share amounts):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2015			2014			2015			2014
Numerator:
Net loss allocated to common stock-basic	$	(5,865	)	$	(5,961	)	$	(9,550	)	$	(19,195	)
Adjustments for revaluation of warrants		—			—			(505	)		—

Net loss allocated to common stock-diluted		(5,865	)		(5,961	)		(10,055	)		(19,195	)

Denominator:
Weighted average number of common stock shares outstanding — basic		21,674,742			13,468,081			17,368,309			11,148,695
Dilutive Securities
Common stock warrants		—			—			15,691			—

Weighted average number of common stock shares outstanding — diluted		21,674,742			13,468,081			17,384,000			11,148,695

Net loss per share — basic:	$	(0.27	)	$	(0.44	)	$	(0.55	)	$	(1.72	)

Net loss per share — diluted:	$	(0.27	)	$	(0.44	)	$	(0.58	)	$	(1.72	)

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 (in thousands).


	Three Months September 30,				Nine Months September 30,
	2015		2014		2015		2014
	(unaudited)				(unaudited)
Warrants for common stock		1,667		1,787		1,492		1,787
Common stock options		1,785		992		1,785		992
Incentive awards		245		248		245		248

		3,697		3,027		3,522		3,027