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, 2016

Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis


(In thousands)	As of December 31, 2016
Description	Level 1		Level 2		Level 3		Fair Value
Cash equivalents:
Money market funds	$	9,456	$	—	$	—	$	9,456
Commercial paper		—		599		—		599
Corporate debt securities		—		500		—		500

Total cash equivalents		9,456		1,099		—		10,555
Short-term investments:
Commercial paper		—		4,295		—		4,295
Corporate debt securities		—		2,204		—		2,204

Total short-term investments		—		6,499		—		6,499

Total assets measured at fair value	$	9,456	$	7,598	$	—	$	17,054

Warrant liability	$	—	$	—	$	1,145	$	1,145

Total liabilities measured at fair value	$	—	$	—	$	1,145	$	1,145


(In thousands)	As of December 31, 2015
Description	Level 1		Level 2		Level 3		Fair Value
Cash equivalents:
Money market funds	$	6,942	$	—	$	—	$	6,942

Total cash equivalents	$	6,942	$	—	$	—	$	6,942
Short-term investments:
Commercial paper		—		5,992		—		5,992
Government debt securities		—		1,507		—		1,507
Corporate debt securities		—		21,654		—		21,654
Asset-backed securities		—		4,621		—		4,621

Total short-term investments		—		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

Schedule of Changes in Fair Value of Liabilities

The following tables set forth a summary of the changes in the fair value of our liabilities measured using Level 3 inputs (in thousands):


	For the Twelve Months Ended December
	2016			2015
Balance, beginning of period	$	1,220		$	13,596
Issuance of financial instrument		—			258
Change in fair value		(75	)		(11,121	)
Settlement of financial instrument		—			(1,513	)

Balance, end of period	$	1,145		$	1,220

Computation 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,
	2016			2015
Numerator:
Net loss allocated to common stock—basic	$	(26,671	)	$	(15,529	)
Adjustment for revaluation of warrants		—			(94	)

Net loss allocated to common stock—diluted	$	(26,671	)	$	(15,623	)

Denominator:
Weighted average number of common stock shares outstanding—basic		23,447,003			18,900,473
Dilutive common stock warrants		—			16,740

Weighted average number of common stock shares outstanding—diluted		23,447,003			18,917,213
Net loss per share—basic	$	(1.14	)	$	(0.82	)

Net loss per share—diluted	$	(1.14	)	$	(0.83	)

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,
	2016		2015
Common stock warrants		1,667		1,553
Common stock options		2,394		1,804
Performance-based stock options		327		—
Incentive awards		239		245

		4,627		3,602