Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2016

Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis


	As of June 30, 2016
	(In thousands)
Description	Level 1		Level 2		Level 3		Fair Value
Cash equivalents:
Money market funds	$	11,384	$	—	$	—	$	11,384
Commercial paper		—		899		—		899
Short-term investments:
Commercial paper		—		7,969		—		7,969
Corporate debt and asset backed securities		—		8,736		—		8,736

Total assets measured at fair value	$	11,384	$	17,604	$	—	$	28,988

Warrant liability	$	—	$	—	$	1,259	$	1,259

Total liabilities measured at fair value	$	—	$	—	$	1,259	$	1,259


	As of December 31, 2015
	(In thousands)
Description	Level 1		Level 2		Level 3		Fair Value
Cash equivalents:
Money market funds	$	6,942	$	—	$	—	$	6,942
Short-term investments:
Commercial paper		—		5,992		—		5,992
Government debt securities		—		1,507		—		1,507
Corporate debt and asset backed securities		—		26,275		—		26,275

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

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):


	For the Six Months Ended June 30,
	2016		2015
Balance, beginning of period	$	1,220	$	13,596
Issuance of financial instrument		—		—
Change in fair value		39		(9,902	)
Settlement of financial instrument		—		(1,513	)

Balance, end of period	$	1,259	$	2,181

Schedule of Marketable Securities Classified as Available-for-Sale

Marketable securities in the condensed balance sheets, all of which are classified as available-for-sale, consisted of the following (in thousands):


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
As of June 30, 2016:
Corporate debt securities	$	12,797	$	—	$	(4	)	$	12,793
Asset-backed securities		3,913		—		(1	)		3,912

	$	16,710	$	—	$	(5	)	$	16,705


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
As of December 31, 2015:
Government debt securities	$	1,509	$	—	$	(2	)	$	1,507
Corporate debt securities		27,663		—	$	(17	)		27,646
Asset-backed securities		4,623		—		(2	)		4,621

	$	33,795	$	—	$	(21	)	$	33,774

Computation of Net Loss per Share

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


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2016			2015			2016			2015
Numerator:
Net loss allocated to common stock-basic	$	(6,992	)	$	(1,357	)	$	(13,840	)	$	(3,685	)
Adjustments for revaluation of warrants		—			—			—			(9,902	)

Net loss allocated to common stock-diluted	$	(6,992	)	$	(1,357	)	$	(13,840	)	$	(13,587	)

Denominator:
Weighted average number of common stock shares outstanding — basic		23,447,003			15,258,363			23,447,003			15,179,404
Dilutive Securities:
Common stock warrants		—			—			—			248,428

Weighted average number of common stock shares outstanding — diluted		23,447,003			15,258,363			23,447,003			15,427,832

Net loss per share—basic:	$	(0.30	)	$	(0.09	)	$	(0.59	)	$	(0.24	)
Net loss per share—diluted:	$	(0.30	)	$	(0.09	)	$	(0.59	)	$	(0.88	)

Anti-Dilutive Common Stock Equivalents Excluded from the Computation of Diluted Net Loss per Share

The following table shows the total outstanding common stock equivalents considered anti-dilutive and therefore excluded from the computation of diluted net loss per share (in thousands).


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2016		2015		2016		2015
Warrants for common stock		1,667		1,553		1,667		—
Common stock options		2,415		1,794		2,415		1,794
Incentive awards		243		245		243		245

		4,325		3,592		4,325		2,039