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Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2017
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following tables represent the fair value hierarchy for those assets and liabilities that the Company measures at fair value on a recurring basis (in thousands):

 

 

 

Fair Value Measurements at December 31, 2017 Using:

 

 

 

Total

 

 

Quoted Prices

in Active

Markets for

Identical

Assets

(Level 1)

 

 

Significant

Other

Observable

Inputs

(Level 2)

 

 

Significant

Unobservable

Inputs

(Level 3)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

13,804

 

 

$

13,804

 

 

$

 

 

$

 

Short-term investments - commercial paper

 

 

14,982

 

 

 

 

 

 

14,982

 

 

 

 

Short-term investments - corporate notes

 

 

2,824

 

 

 

 

 

 

2,824

 

 

 

 

Short-term investments - corporate U.S. government

   bonds

 

 

5,006

 

 

 

 

 

 

5,006

 

 

 

 

Investment

 

 

328

 

 

 

328

 

 

 

 

 

 

 

Total assets

 

$

36,944

 

 

$

14,132

 

 

$

22,812

 

 

$

 

 

 

 

Fair Value Measurements at December 31, 2016 Using:

 

 

 

Total

 

 

Quoted Prices

in Active

Markets for

Identical

Assets

(Level 1)

 

 

Significant

Other

Observable

Inputs

(Level 2)

 

 

Significant

Unobservable

Inputs

(Level 3)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

6,522

 

 

$

6,522

 

 

$

 

 

$

 

Marketable securities - certificate of deposit

 

 

8,625

 

 

 

8,625

 

 

 

 

 

 

 

Investment

 

 

340

 

 

 

340

 

 

 

 

 

 

 

Total assets

 

$

15,487

 

 

$

15,487

 

 

$

 

 

$

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative liability

 

$

8,795

 

 

$

 

 

$

 

 

$

8,795

 

Total liabilities

 

$

8,795

 

 

$

 

 

$

 

 

$

8,795

 

 

Summary of Changes in Fair Value of Company's Level 3 Financial Instruments

The following table sets forth a summary of the changes in the fair value of the Company’s Level 3 financial instruments (in thousands):

 

 

 

Derivative Liability

 

Balance as of December 31, 2015

 

$

 

Issuance of convertible bonds with embedded derivative

 

 

8,262

 

Change in fair value

 

 

533

 

Balance as of December 31, 2016

 

 

8,795

 

Issuance of convertible bonds with embedded derivative

 

 

13,172

 

Change in fair value

 

 

15,411

 

Conversion of derivative liability to common stock

 

 

(37,378

)

Balance as of December 31, 2017

 

$