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Debt and Warrants (Tables)

12 Months Ended

Dec. 31, 2015

Schedule of Convertible Notes Including Principal and Accrued Interest

Convertible Notes and Warrants

On May 4, 2015, Private Tobira’s convertible notes of $43.0 million and accrued interest of $5.2 million, of which $36.0 million and $5.1 million, respectively, were with related parties, were converted into 3,532,756 shares of Series B preferred stock of Private Tobira immediately followed by conversion on a one for one basis into shares of Private Tobira common stock. The following table presents convertible notes, including principal and accrued interest, that were converted to shares of common stock (in thousands):

Convertible Notes	Principal		Accrued Interest
July 2012	$	10,000	$	2,369
January 2013		7,000		1,342
October 2013		5,000		617
March 2014		8,000		726
March 2015		13,000		168
Total	$	43,000	$	5,222

Schedule of Long-Term Debt and Unamortized Discount Balances

Long-term debt and unamortized discount balances are as follows (in thousands):

	December 31,
	2015			2014
Face value of term loan	$	15,000		$	15,000
Exit fee		755			600
Unamortized debt discount associated with issuance of preferred stock warrants, exit fee, and loan origination fees		(681	)		(811	)
Term loan, net	$	15,074		$	14,789

Schedule of Future Minimum Payments under Oxford Term Loan

As of December 31, 2015, future minimum payments under the Oxford Loan were as follows (in thousands):

Year ending December 31,
2016	$	1,043
2017		6,554
2018		6,554
2019		4,031
Total future minimum payments		18,182
Less: unamortized interest		(2,427	)
Less: exit fee		(755	)
Present value of loan payments	$	15,000

Schedule of Shares of Common Stock Warrants Outstanding

The Company had the following shares of common stock warrants outstanding as of December 31, 2015 after giving effect for the Exchange Ratio:

				Shares
				Outstanding as of
		Per Share Exercise		December 31,
Issuance Date	Expiration Date	Price		2015
November 2011	November 2018	$	10.14		11,835
May 2013	May 2023	$	108.18		1,039
June 2014	June 2021	$	10.14		51,783
					64,657

- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

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