Annual report pursuant to Section 13 and 15(d)

Summary of Significant Accounting Policies (Tables)

v2.4.1.9
Summary of Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2014
Accounting Policies [Abstract]  
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis

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

 

(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   
  

 

 

    

 

 

    

 

 

    

 

 

 

 

     As of December 31, 2013  

Description

   Level 1      Level 2      Level 3      Fair Value  

Money market funds

   $ 21,097       $ —         $ —         $ 21,097   

Corporate debt and asset backed securities

     —           6,843         —           6,843   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total assets measured at fair value

$ 21,097    $ 6,843    $ —      $ 27,940   
  

 

 

    

 

 

    

 

 

    

 

 

 

Forward contract

$ —      $ —      $ 453    $ 453   

Warrant liability

  —        —        6,466      6,466   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total liabilities measured at fair value

$ —      $ —      $ 6,919    $ 6,919   
  

 

 

    

 

 

    

 

 

    

 

 

 
Schedule of Changes in Fair Value of Financial Instruments

The following table sets 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    $ —     
  

 

 

    

 

 

 
Schedule of Basic and Diluted Net Income (Loss) per Share

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

 

     Year Ended December 31,  
     2014     2013  

Basic:

    

Numerator:

    

Net loss

   $ (31,917   $ (10,073

Accretion to redemption value of redeemable convertible preferred stock

     —          (9,289

Reduction in redeemable convertible preferred stock distribution entitlement upon extinguishment

     —          313,933   

Amounts allocated to participating redeemable convertible preferred stock

     —          (50,577
  

 

 

   

 

 

 

Net (loss) income allocated to common stock—basic

$ (31,917 $ 243,994   

Denominator:

Weighted average number of common stock shares outstanding—basic

  12,048,985      2,357,036   

Net (loss) income per share-basic:

$ (2.65 $ 103.52   
  

 

 

   

 

 

 

Diluted:

Numerator:

Net (loss) income allocated to common stock

$ (31,917 $ 243,994   

Adjustments from assumed conversion of redeemable convertible preferred stock

  —        (254,067
  

 

 

   

 

 

 

Net loss allocated to common stock—diluted

$ (31,917 $ (10,073

Denominator:

Weighted average number of common stock shares outstanding

  12,048,985      2,357,036   

Weighted average number of preferred stock shares outstanding

  —        488,573   
  

 

 

   

 

 

 

Total common stock equivalent shares

  12,048,985      2,845,609   

Net loss per share—diluted

$ (2.65 $ (3.54
  

 

 

   

 

 

 
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,
 
     2014      2013  

Warrants for common stock

     1,768         1,743   

Common stock options

     991         577   

Incentive awards

     247         —     
  

 

 

    

 

 

 
  3,006      2,320