Summary of Significant Accounting Policies (Tables)
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6 Months Ended |
Jun. 30, 2016 |
Accounting Policies [Abstract] |
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Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis |
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As of June 30,
2016 |
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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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Cash equivalents:
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Money market funds
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$ |
11,384 |
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$ |
— |
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$ |
— |
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$ |
11,384 |
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Commercial paper
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— |
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899 |
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— |
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|
899 |
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Short-term investments:
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Commercial paper
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— |
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7,969 |
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— |
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7,969 |
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Corporate debt and asset backed securities
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— |
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8,736 |
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— |
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8,736 |
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Total assets measured at fair value
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$ |
11,384 |
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$ |
17,604 |
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$ |
— |
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$ |
28,988 |
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Warrant liability
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$ |
— |
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$ |
— |
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$ |
1,259 |
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$ |
1,259 |
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Total liabilities measured at fair value
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$ |
— |
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$ |
— |
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$ |
1,259 |
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$ |
1,259 |
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As of December
31, 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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Cash equivalents:
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Money market funds
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$ |
6,942 |
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$ |
— |
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$ |
— |
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$ |
6,942 |
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Short-term investments:
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Commercial paper
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— |
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5,992 |
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— |
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5,992 |
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Government debt securities
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— |
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1,507 |
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— |
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1,507 |
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Corporate debt and asset backed securities
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— |
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26,275 |
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— |
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26,275 |
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Total assets measured at fair value
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$ |
6,942 |
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$ |
33,774 |
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$ |
— |
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$ |
40,716 |
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Warrant liability
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$ |
— |
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$ |
— |
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$ |
1,220 |
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$ |
1,220 |
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Total liabilities measured at fair value
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$ |
— |
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$ |
— |
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$ |
1,220 |
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$ |
1,220 |
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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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For the Six Months
Ended June 30,
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2016 |
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2015 |
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Balance, beginning of period
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$ |
1,220 |
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$ |
13,596 |
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Issuance of financial instrument
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— |
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— |
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Change in fair value
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39 |
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(9,902 |
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Settlement of financial instrument
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— |
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(1,513 |
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Balance, end of period
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$ |
1,259 |
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$ |
2,181 |
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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):
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Amortized
Cost
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Gross
Unrealized
Gains
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Gross
Unrealized
Losses
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Estimated
Fair Value
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As of June 30, 2016:
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Corporate debt securities
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$ |
12,797 |
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$ |
— |
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$ |
(4 |
) |
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$ |
12,793 |
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Asset-backed securities
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3,913 |
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— |
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(1 |
) |
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3,912 |
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$ |
16,710 |
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$ |
— |
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$ |
(5 |
) |
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$ |
16,705 |
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Amortized
Cost
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Gross
Unrealized
Gains
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Gross
Unrealized
Losses
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Estimated
Fair Value
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As of December 31, 2015:
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Government debt securities
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$ |
1,509 |
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$ |
— |
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$ |
(2 |
) |
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$ |
1,507 |
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Corporate debt securities
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27,663 |
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— |
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$ |
(17 |
) |
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27,646 |
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Asset-backed securities
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4,623 |
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— |
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(2 |
) |
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4,621 |
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$ |
33,795 |
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$ |
— |
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$ |
(21 |
) |
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$ |
33,774 |
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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):
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Three Months
Ended |
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Six Months
Ended |
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June 30, |
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June 30, |
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2016 |
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2015 |
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2016 |
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2015 |
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Numerator:
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Net loss allocated to common stock-basic
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$ |
(6,992 |
) |
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$ |
(1,357 |
) |
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$ |
(13,840 |
) |
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$ |
(3,685 |
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Adjustments for revaluation of warrants
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— |
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— |
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— |
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(9,902 |
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Net loss allocated to common stock-diluted
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$ |
(6,992 |
) |
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$ |
(1,357 |
) |
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$ |
(13,840 |
) |
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$ |
(13,587 |
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Denominator:
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Weighted average number of common stock shares outstanding —
basic
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23,447,003 |
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15,258,363 |
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23,447,003 |
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15,179,404 |
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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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— |
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248,428 |
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Weighted average number of common stock shares outstanding —
diluted
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23,447,003 |
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15,258,363 |
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23,447,003 |
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15,427,832 |
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Net loss per share—basic:
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$ |
(0.30 |
) |
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$ |
(0.09 |
) |
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$ |
(0.59 |
) |
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$ |
(0.24 |
) |
Net loss per share—diluted:
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$ |
(0.30 |
) |
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$ |
(0.09 |
) |
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$ |
(0.59 |
) |
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$ |
(0.88 |
) |
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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).
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Three Months Ended
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Six Months Ended
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June 30, |
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June 30, |
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2016 |
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2015 |
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2016 |
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|
2015 |
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Warrants for common stock
|
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1,667 |
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1,553 |
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1,667 |
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— |
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Common stock options
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2,415 |
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1,794 |
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2,415 |
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|
1,794 |
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Incentive awards
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|
243 |
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|
245 |
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|
243 |
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|
245 |
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4,325 |
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3,592 |
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4,325 |
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2,039 |
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