Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

v3.5.0.2
Summary of Significant Accounting Policies (Tables)
6 Months Ended
Jun. 30, 2016
Accounting Policies [Abstract]  
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