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Organization and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2015

Schedule of Fair Value Measurements, Recurring and Nonrecurring Assets and Liabilities

The following table presents the Company’s fair value hierarchy for assets and liabilities measured at fair value on a recurring basis (in thousands) as of December 31, 2015:



	Quoted Market Prices for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Warrant liability related to February 2015 financing	$	—	$	—	$	1,841	$	1,841

Summary of Fair Value Measurements, Recurring and Nonrecurring, Valuation Assumptions

The following weighted-average assumptions were used in determining the fair value of the common stock warrant liabilities valued using the Black-Scholes option pricing model for the year ended December 31, 2015:



Risk-free interest rate	1.82		%
Volatility	83.0		%
Dividend yield	—		%
Expected term	6.13
Weighted average fair value	$	0.61

Summary of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following table is a reconciliation for all liabilities measured at fair value using Level 3 unobservable inputs (in thousands):



	Warrant liability
Balance as of December 31, 2014	$	—
Issuance of warrants in connection with February 2015 financing	5,077
Change in fair value measurement of warrant liability, included in other income	(3,236		)
Balance as of December 31, 2015	$	1,841

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following securities that could potentially decrease net loss per share in the future are not included in the determination of diluted loss per share as they are anti-dilutive:



	Year Ended December 31,
	2015	2014	2013
Outstanding stock options	4,053,605	3,955,548	2,351,237
Outstanding warrants	8,837,351	6,859,682	6,185,492
Convertible notes payable	—	—	1,065,891
Restricted stock	—	—	26,728
	12,890,956	10,815,230	9,629,348

Summary of Revenues by Geographical Area

Revenues by geographic area for the Company’s continuing operations are as follows (in thousands):



	Year Ended December 31,
	2015		2014		2013
Latin America	$	2,250	$	—	$	—
Europe- Other	1,994		5,109		1,590
France	245		4,150		921
Asia Pacific	350		—		—
	$	4,839	$	9,259	$	2,511

(1)

Amounts included in Europe-other and Latin America have not been broken out by country as it is impractical to do so given the nature and structure of the license agreements which cover multiple countries and/or territories. The basis for attributing product sales and royalty revenues from external customers to individual countries was based on the geographic location of the end user customer. See note 2 for further details related to these agreements.