Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

v2.4.0.8
Summary of Significant Accounting Policies (Tables)
9 Months Ended
Sep. 30, 2014
Accounting Policies [Abstract]  
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis

 

     As of September 30, 2014  
     (In thousands)  

Description

   Level 1      Level 2      Level 3      Fair Value  

Money market funds

   $ 15,275       $ —         $ —         $ 15,275   

Corporate debt and asset backed securities

     —           26,270         —           26,270   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total assets measured at fair value

   $ 15,275       $ 26,270       $ —         $ 41,545   
  

 

 

    

 

 

    

 

 

    

 

 

 

Warrant liability

   $ —         $ —         $ 8,766       $ 8,766   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total liabilities measured at fair value

   $ —         $ —         $ 8,766       $ 8,766   
  

 

 

    

 

 

    

 

 

    

 

 

 
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):

 

     Warrant
Liability
    Forward
Contract
 

Balance as of December 31, 2013

   $ 6,466      $ 453   

Issuance of financial instrument

     443        —     

Change in fair value

     2,289        (10

Settlement of financial instrument

     (432     (443
  

 

 

   

 

 

 

Balance as of September 30, 2014

   $ 8,766      $ —     
  

 

 

   

 

 

 
Computation of Earnings per Share

The Company’s computation of earnings per share is as follows (in thousands, except share and per share amounts):

 

     Three Months Ended
September 30,
     Nine Months Ended
September 30,
 
     2014      2013      2014      2013  

Basic:

           

Numerator:

           

Net loss

   $ (5,961    $ (1,307    $ (19,195    $ (6,159

Accretion to redemption value of redeemable convertible preferred stock

     —           (3,036      —           (9,289

Reduction in redeemable convertible preferred stock distribution entitlement upon extinguishment

     —           313,933         —           313,933   

Amounts allocated to participating redeemable convertible preferred stock

     —           (266,720      —           (282,007
  

 

 

    

 

 

    

 

 

    

 

 

 

Net (loss) income allocated to common stock—basic

   $ (5,961    $ 42,870       $ (19,195    $ 16,478   

Denominator:

           

Weighted average number of common stock shares outstanding—basic

     13,468,081         101,358         11,148,695         38,027   

Net (loss) income per share-basic:

   $ (0.44    $ 422.95       $ (1.72    $ 433.33   
  

 

 

    

 

 

    

 

 

    

 

 

 

Diluted:

           

Numerator:

           

Net (loss) income allocated to common stock

   $ (5,961    $ 42,870       $ (19,195    $ 16,478   

Adjustments from assumed conversion of redeemable convertible preferred stock

     —           (44,177      —           (22,637
  

 

 

    

 

 

    

 

 

    

 

 

 

Net loss allocated to common stock—diluted

   $ (5,961    $ (1,307    $ (19,195    $ (6,159

Denominator:

           

Weighted average number of common stock shares outstanding

     13,468,081         101,358         11,148,695         38,027   

Weighted average number of preferred stock shares outstanding

     —           630,612         —           650,798   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total common stock equivalent shares

     13,468,081         731,970         11,148,695         688,825   

Net loss per share—diluted

   $ (0.44    $ (1.79    $ (1.72    $ (8.94
  

 

 

    

 

 

    

 

 

    

 

 

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.

 

     Three and Nine Months
Ended September 30,
 
     2014      2013  
     (unaudited)  

Warrants for common stock

     1,787,617         1,543,437   

Common stock options

     992,033         89,609   

Incentive awards

     247,515         —     
  

 

 

    

 

 

 
     3,027,165         1,633,046