Summary of Significant Accounting Policies (Tables)
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9 Months Ended |
Sep. 30, 2015 |
Accounting Policies [Abstract] |
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Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis |
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As of
September 30, 2015 |
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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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$ |
5,294 |
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$ |
— |
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$ |
— |
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$ |
5,294 |
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Corporate debt and asset backed securities
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— |
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41,362 |
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— |
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41,362 |
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Total assets measured at fair value
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$ |
5,294 |
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$ |
41,362 |
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$ |
— |
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$ |
46,656 |
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Warrant liability
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$ |
— |
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$ |
— |
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$ |
1,356 |
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$ |
1,356 |
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Total liabilities measured at fair value
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$ |
— |
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$ |
— |
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$ |
1,356 |
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$ |
1,356 |
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As of
December 31, 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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$ |
9,941 |
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$ |
— |
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$ |
— |
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$ |
9,941 |
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Corporate debt and asset backed securities
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— |
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23,209 |
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— |
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23,209 |
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Total assets measured at fair value
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$ |
9,941 |
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$ |
23,209 |
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$ |
— |
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$ |
33,150 |
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Warrant liability
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$ |
— |
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$ |
— |
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$ |
13,596 |
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$ |
13,596 |
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Total liabilities measured at fair value
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$ |
— |
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$ |
— |
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$ |
13,596 |
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$ |
13,596 |
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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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Balance as of December 31, 2014
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$ |
13,596 |
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Issuance of financial instrument
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258 |
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Change in fair value
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(10,985 |
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Settlement of financial instrument
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(1,513 |
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Balance as of September 30, 2015
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$ |
1,356 |
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Computation of Loss per Share |
The Company’s computation of loss 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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2015 |
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2014 |
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2015 |
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2014 |
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Numerator:
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Net loss allocated to common stock-basic
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$ |
(5,865 |
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$ |
(5,961 |
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$ |
(9,550 |
) |
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$ |
(19,195 |
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Adjustments for revaluation of warrants
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— |
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— |
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(505 |
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— |
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Net loss allocated to common stock-diluted
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(5,865 |
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(5,961 |
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(10,055 |
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(19,195 |
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Denominator:
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Weighted average number of common stock shares
outstanding — basic
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21,674,742 |
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13,468,081 |
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17,368,309 |
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11,148,695 |
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Dilutive Securities
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Common stock warrants
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— |
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— |
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15,691 |
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— |
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Weighted average number of common stock shares
outstanding — diluted
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21,674,742 |
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13,468,081 |
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17,384,000 |
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11,148,695 |
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Net loss per share — basic:
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$ |
(0.27 |
) |
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$ |
(0.44 |
) |
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$ |
(0.55 |
) |
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$ |
(1.72 |
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Net loss per share — diluted:
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$ |
(0.27 |
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$ |
(0.44 |
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$ |
(0.58 |
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$ |
(1.72 |
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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 (in thousands).
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Three Months
September 30, |
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Nine Months
September 30, |
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2015 |
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2014 |
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2015 |
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2014 |
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(unaudited) |
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(unaudited) |
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Warrants for common stock
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1,667 |
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1,787 |
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1,492 |
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1,787 |
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Common stock options
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1,785 |
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992 |
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1,785 |
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992 |
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Incentive awards
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245 |
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248 |
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245 |
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248 |
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3,697 |
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3,027 |
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3,522 |
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3,027 |
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