Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

v3.10.0.1
Summary of Significant Accounting Policies (Tables)
6 Months Ended
Jun. 30, 2018
Accounting Policies [Abstract]  
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis

The following tables present the fair value of the Company’s financial assets and liabilities measured at fair value on a recurring basis using the above input categories (in thousands):

 

 

 

As of June 30, 2018

 

Description

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Fair Value

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

41,017

 

 

$

-

 

 

$

-

 

 

$

41,017

 

Commercial paper

 

 

 

 

 

 

2,989

 

 

 

-

 

 

 

2,989

 

Total cash equivalents

 

 

41,017

 

 

 

2,989

 

 

 

-

 

 

 

44,006

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

 

-

 

 

 

76,743

 

 

 

-

 

 

 

76,743

 

Corporate debt securities

 

 

-

 

 

 

47,143

 

 

 

-

 

 

 

47,143

 

Asset-backed securities

 

 

-

 

 

 

31,003

 

 

 

-

 

 

 

31,003

 

U.S. treasury securities

 

 

-

 

 

 

12,464

 

 

 

-

 

 

 

12,464

 

Total short-term investments

 

 

-

 

 

 

167,353

 

 

 

-

 

 

 

167,353

 

Total assets measured at fair value

 

$

41,017

 

 

$

170,342

 

 

$

-

 

 

$

211,359

 

Warrant liability

 

$

-

 

 

$

-

 

 

$

5,632

 

 

$

5,632

 

Total liabilities measured at fair value

 

$

-

 

 

$

-

 

 

$

5,632

 

 

$

5,632

 

 

 

 

As of December 31, 2017

 

Description

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Fair Value

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

12,822

 

 

$

-

 

 

$

-

 

 

$

12,822

 

Commercial paper

 

 

-

 

 

 

6,035

 

 

 

-

 

 

 

6,035

 

Total cash equivalents

 

 

12,822

 

 

 

6,035

 

 

 

-

 

 

 

18,857

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

 

-

 

 

 

35,886

 

 

 

-

 

 

 

35,886

 

Corporate debt securities

 

 

-

 

 

 

19,760

 

 

 

-

 

 

 

19,760

 

Asset-backed securities

 

 

-

 

 

 

11,060

 

 

 

-

 

 

 

11,060

 

U.S. treasury securities

 

 

-

 

 

 

7,450

 

 

 

-

 

 

 

7,450

 

Total short-term investments

 

 

-

 

 

 

74,156

 

 

 

-

 

 

 

74,156

 

Total assets measured at fair value

 

$

12,822

 

 

$

80,191

 

 

$

-

 

 

$

93,013

 

Warrant liability

 

$

-

 

 

$

-

 

 

$

6,091

 

 

$

6,091

 

Total liabilities measured at fair value

 

$

-

 

 

$

-

 

 

$

6,091

 

 

$

6,091

 

 

Schedule of Changes in Fair Value of Liabilities

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,

 

 

 

2018

 

 

2017

 

Balance, beginning of period

 

$

6,091

 

 

$

1,145

 

Issuance of financial instruments

 

 

-

 

 

 

-

 

Change in fair value

 

 

4,741

 

 

 

3,198

 

Settlement of financial instruments

 

 

(5,200

)

 

 

-

 

Balance, end of period

 

$

5,632

 

 

$

4,343

 

 

Schedule of Amortized Cost, Unrealized Gain and Loss, and Fair Value

The following tables summarize amortized cost, unrealized gain and loss, and fair value (in thousands):

 

 

 

 

 

 

 

Gross

 

 

Gross

 

 

 

 

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Estimated

 

 

 

Cost

 

 

Gains

 

 

Losses

 

 

Fair Value

 

As of June 30, 2018:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

 

76,745

 

 

 

-

 

 

 

(2

)

 

 

76,743

 

Corporate debt securities

 

 

47,198

 

 

 

-

 

 

 

(55

)

 

 

47,143

 

Asset-backed securities

 

 

31,008

 

 

 

3

 

 

 

(8

)

 

 

31,003

 

U.S. treasury securities

 

 

12,469

 

 

 

-

 

 

 

(5

)

 

 

12,464

 

 

 

$

167,420

 

 

$

3

 

 

$

(70

)

 

$

167,353

 

 

 

 

 

 

 

 

Gross

 

 

Gross

 

 

 

 

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Estimated

 

 

 

Cost

 

 

Gains

 

 

Losses

 

 

Fair Value

 

As of December 31, 2017:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

 

35,886

 

 

 

-

 

 

 

-

 

 

 

35,886

 

Corporate debt securities

 

 

19,785

 

 

 

-

 

 

 

(25

)

 

 

19,760

 

Asset-backed securities

 

 

11,070

 

 

 

-

 

 

 

(10

)

 

 

11,060

 

U.S. treasury securities

 

 

7,459

 

 

 

-

 

 

 

(9

)

 

 

7,450

 

 

 

$

74,200

 

 

$

-

 

 

$

(44

)

 

$

74,156

 

 

Computation of Basic and Diluted Net Loss per Share

In all periods presented, the Company’s stock options, incentive awards and warrants outstanding at the end of each period were excluded from the calculation of diluted net loss per share because their effects were antidilutive. The Company’s computation of basic and diluted 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,

 

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss allocated to common

   stock-basic

 

$

(17,531

)

 

$

(8,929

)

 

$

(34,536

)

 

$

(14,280

)

Adjustments for revaluation of

   warrants

 

 

(198

)

 

 

-

 

 

 

-

 

 

 

-

 

Net loss allocated to common

   stock-diluted

 

$

(17,729

)

 

$

(8,929

)

 

$

(34,536

)

 

$

(14,280

)

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of

   common stock shares

   outstanding - basic

 

 

58,833,647

 

 

 

28,752,451

 

 

 

56,307,236

 

 

 

27,687,110

 

Dilutive Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock warrants

 

 

72,251

 

 

 

-

 

 

 

-

 

 

 

-

 

Weighted average number of

   common stock shares

   outstanding - diluted

 

 

58,905,898

 

 

 

28,752,451

 

 

 

56,307,236

 

 

 

27,687,110

 

Net loss per share - basic:

 

$

(0.30

)

 

$

(0.31

)

 

$

(0.61

)

 

$

(0.52

)

Net loss per share - diluted:

 

$

(0.30

)

 

$

(0.31

)

 

$

(0.61

)

 

$

(0.52

)

 

Anti-Dilutive Securities 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,

 

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

Warrants for common stock

 

 

729

 

 

 

1,667

 

 

 

729

 

 

 

1,667

 

Common stock options

 

 

5,074

 

 

 

3,803

 

 

 

5,074

 

 

 

3,803

 

Performance-based stock options

 

 

205

 

 

 

327

 

 

 

205

 

 

 

327

 

Incentive awards

 

 

130

 

 

 

239

 

 

 

130

 

 

 

239

 

 

 

 

6,138

 

 

 

6,036

 

 

 

6,138

 

 

 

6,036