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Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2016
Fair Value Disclosures [Abstract]  
Fair Value of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table sets forth the Company’s financial assets and liabilities measured at fair value on a recurring basis (in thousands):

 

 

 

June 30, 2016

 

 

 

Fair Value Measured Using

 

 

 

 

 

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

 

Total

Balance

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

14,034

 

 

$

 

 

$

 

 

$

14,034

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contingent consideration

 

$

 

 

$

 

 

$

638

 

 

$

638

 

Warrants to purchase common stock

 

 

 

 

 

 

 

 

8,122

 

 

 

8,122

 

Total liabilities

 

$

 

 

$

 

 

$

8,760

 

 

$

8,760

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2015

 

 

 

Fair Value Measured Using

 

 

 

 

 

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

 

Total

Balance

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

28,774

 

 

$

 

 

$

 

 

$

28,774

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contingent consideration

 

$

 

 

$

 

 

$

948

 

 

$

948

 

 

Summary of Issuances, Changes in Fair Value and Reclassifications of Level 3 Financial Instruments

The following table presents the issuances, changes in fair value and reclassifications of the Company’s Level 3 financial instruments that are measured at fair value on a recurring basis (in thousands):

 

 

 

(Level 3)

 

 

 

Contingent

Consideration

Liability

 

 

Warrants to

Purchase

Common Stock

 

 

Total

 

Balance as of December 31, 2014

 

$

1,074

 

 

$

 

 

$

1,074

 

Change in estimated fair value

 

 

(126

)

 

 

 

 

 

(126

)

Balance as of December 31, 2015

 

 

948

 

 

 

 

 

 

948

 

Warrants issued in conjunction with Private Placement and

Subsequent Financing and Placement Agent Warrants

on April 14, 2016 and June 15, 2016, respectively

 

 

 

 

 

4,957

 

 

 

4,957

 

Change in estimated fair value

 

 

(310

)

 

 

3,165

 

 

 

2,855

 

Balance as of June 30, 2016

 

$

638

 

 

$

8,122

 

 

$

8,760