Annual report pursuant to Section 13 and 15(d)

Summary of Significant Accounting Policies (Tables)

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2015

Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis

The following tables present the fair value of the Company’s financial assets and liabilities using the above input categories (in thousands):


(In thousands)	As of December 31, 2015
Description	Level 1		Level 2		Level 3		Fair Value
Money market funds	$	6,942	$	—	$	—	$	6,942
Corporate debt and asset backed securities		—		33,774		—		33,774

Total assets measured at fair value	$	6,942	$	33,774	$	—	$	40,716

Warrant liability	$	—	$	—	$	1,220	$	1,220

Total liabilities measured at fair value	$	—	$	—	$	1,220	$	1,220


(In thousands)	As of December 31, 2014
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 tables set forth a summary of the changes in the fair value of our Level 3 financial instruments (in thousands):


	Warrant Liability			Forward Contract
Balance as of December 31, 2013	$	6,466		$	453
Issuance of financial instrument		443			—
Change in fair value		7,236			(10	)
Settlement of financial instrument		(549	)		(443	)

Balance as of December 31, 2014	$	13,596		$	—

	Warrant Liability			Forward Contract
Balance as of December 31, 2014	$	13,596		$	—
Issuance of financial instrument		258			—
Change in fair value		(11,121	)		—
Settlement of financial instrument		(1,513	)		—

Balance as of December 31, 2015	$	1,220		$	—

Schedule of Basic and Diluted Net Loss per Share

The following table sets forth the computation of basic and diluted net loss per share (in thousands, except share and per share amounts):


	Year Ended December 31,
	2015			2014
Numerator:
Net loss allocated to common stock—basic	$	(15,529	)	$	(31,917	)
Adjustment for revaluation of warrants		(94	)		—

Net loss allocated to common stock—diluted	$	(15,623	)	$	(31,917	)

Denominator:
Weighted average number of common stock shares outstanding—basic		18,900,473			12,048,985
Dilutive common stock warrants		16,740			—
Weighted average number of common stock shares outstanding—diluted		18,917,213			12,048,985
Net loss per share—basic	$	(0.82	)	$	(2.65	)

Net loss per share—diluted	$	(0.83	)	$	(2.65	)

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):


	Year Ended December 31,
	2015		2014
Common stock warrants		1,553		1,768
Common stock options		1,804		991
Incentive awards		245		247

		3,602		3,006