Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

v3.3.0.814
Summary of Significant Accounting Policies (Tables)
9 Months Ended
Sep. 30, 2015
Accounting Policies [Abstract]  
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis

 

 

     As of September 30, 2015  
     (In thousands)  

Description

   Level 1      Level 2      Level 3      Fair Value  

Money market funds

   $ 5,294       $ —         $ —         $ 5,294   

Corporate debt and asset backed securities

     —           41,362         —           41,362   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total assets measured at fair value

   $ 5,294       $ 41,362       $ —         $ 46,656   
  

 

 

    

 

 

    

 

 

    

 

 

 

Warrant liability

   $ —         $ —         $ 1,356       $ 1,356   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total liabilities measured at fair value

   $ —         $ —         $ 1,356       $ 1,356   
  

 

 

    

 

 

    

 

 

    

 

 

 

 

     As of December 31, 2014  
     (In thousands)  

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   
  

 

 

    

 

 

    

 

 

    

 

 

 

 

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
 

Balance as of December 31, 2014

   $ 13,596   

Issuance of financial instrument

     258   

Change in fair value

     (10,985

Settlement of financial instrument

     (1,513
  

 

 

 

Balance as of September 30, 2015

   $ 1,356   
  

 

 

 
Computation of Loss per Share

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

 

     Three Months Ended
September 30,
    Nine Months Ended
September 30,
 
     2015     2014     2015     2014  

Numerator:

        

Net loss allocated to common stock-basic

   $ (5,865   $ (5,961   $ (9,550   $ (19,195

Adjustments for revaluation of warrants

     —          —          (505     —     
  

 

 

   

 

 

   

 

 

   

 

 

 

Net loss allocated to common stock-diluted

     (5,865     (5,961     (10,055     (19,195
  

 

 

   

 

 

   

 

 

   

 

 

 

Denominator:

        

Weighted average number of common stock shares outstanding — basic

     21,674,742        13,468,081        17,368,309        11,148,695   

Dilutive Securities

        

Common stock warrants

     —          —          15,691        —     
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average number of common stock shares outstanding — diluted

     21,674,742        13,468,081        17,384,000        11,148,695   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net loss per share — basic:

   $ (0.27   $ (0.44   $ (0.55   $ (1.72
  

 

 

   

 

 

   

 

 

   

 

 

 

Net loss per share — diluted:

   $ (0.27   $ (0.44   $ (0.58   $ (1.72
  

 

 

   

 

 

   

 

 

   

 

 

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).

 

     Three Months
September 30,
     Nine Months
September 30,
 
     2015      2014      2015      2014  
     (unaudited)      (unaudited)  

Warrants for common stock

     1,667         1,787         1,492         1,787   

Common stock options

     1,785         992         1,785         992   

Incentive awards

     245         248         245         248   
  

 

 

    

 

 

    

 

 

    

 

 

 
     3,697         3,027         3,522         3,027