Annual report pursuant to Section 13 and 15(d)

Summary of Significant Accounting Policies (Tables)

v3.10.0.1
Summary of Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 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 December 31, 2018

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Fair Value

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

 

39,481

 

 

 

-

 

 

 

-

 

 

 

39,481

 

U.S. and foreign commercial paper

 

 

-

 

 

 

6,469

 

 

 

-

 

 

 

6,469

 

Total cash equivalents

 

 

39,481

 

 

 

6,469

 

 

 

-

 

 

 

45,950

 

Short-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. and foreign commercial paper

 

 

-

 

 

 

51,627

 

 

 

-

 

 

 

51,627

 

U.S. and foreign corporate debt securities

 

 

-

 

 

 

34,634

 

 

 

-

 

 

 

34,634

 

Asset-backed securities

 

 

-

 

 

 

25,472

 

 

 

-

 

 

 

25,472

 

U.S. treasury securities

 

 

-

 

 

 

17,936

 

 

 

-

 

 

 

17,936

 

Total short-term investments

 

 

-

 

 

 

129,669

 

 

 

-

 

 

 

129,669

 

Total assets measured at fair value

 

$

39,481

 

 

$

136,138

 

 

$

 

 

$

175,619

 

 

 

 

As of December 31, 2017

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Fair Value

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

 

12,822

 

 

 

-

 

 

 

-

 

 

 

12,822

 

U.S. commercial paper

 

 

-

 

 

 

6,035

 

 

 

-

 

 

 

6,035

 

Total cash equivalents

 

 

12,822

 

 

 

6,035

 

 

 

-

 

 

 

18,857

 

Short-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. and foreign commercial paper

 

 

-

 

 

 

35,886

 

 

 

-

 

 

 

35,886

 

U.S. and foreign 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 tables set forth a summary of the changes in the fair value of the Company’s liabilities measured using Level 3 inputs (in thousands):

 

 

 

Year Ended

 

 

 

December 31,

 

 

 

2018

 

 

2017

 

Balance, beginning of period

 

$

6,091

 

 

$

1,145

 

Change in fair value

 

 

3,710

 

 

 

5,773

 

Settlement of financial instruments

 

 

(9,379

)

 

 

(827

)

Extinguishment of financial instruments

 

 

(422

)

 

 

 

Balance, end of period

 

$

-

 

 

$

6,091

 

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,

 

 

 

2018

 

 

2017

 

 

2016

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Net loss allocated to common stock—basic

 

$

(72,548

)

 

$

(27,557

)

 

$

(26,671

)

Adjustment for revaluation and

  extinguishment of common stock

  warrants

 

 

(422

)

 

 

-

 

 

 

-

 

Net loss allocated to common stock—diluted

 

$

(72,970

)

 

$

(27,557

)

 

$

(26,671

)

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of common

   stock shares outstanding - basic

 

 

57,808,254

 

 

 

34,903,960

 

 

 

23,447,003

 

Dilutive securities:

 

 

 

 

 

 

 

 

 

 

 

 

Common stock warrants

 

 

30,045

 

 

 

-

 

 

 

-

 

Weighted average number of common

   stock shares outstanding - diluted

 

 

57,838,299

 

 

 

34,903,960

 

 

 

23,447,003

 

Net loss per share—basic

 

$

(1.25

)

 

$

(0.79

)

 

$

(1.14

)

Net loss per share—diluted

 

$

(1.26

)

 

$

(0.79

)

 

$

(1.14

)

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,

 

 

 

2018

 

 

2017

 

 

2016

 

Common stock warrants

 

 

-

 

 

 

1,461

 

 

 

1,667

 

Common stock options

 

 

5,593

 

 

 

4,356

 

 

 

2,721

 

Incentive awards

 

 

130

 

 

 

130

 

 

 

239

 

Total

 

 

5,723

 

 

 

5,947

 

 

 

4,627