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Debt and Warrants (Tables)

3 Months Ended

Mar. 31, 2016

Schedule of Long-Term Debt and Unamortized Discount Balances

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

	March 31, 2016			December 31, 2015
Face value of term loan	$	15,000		$	15,000
Exit fee		755			755
Unamortized debt discount associated with exit fee, debt issuance costs, warrants and loan origination fees		(676	)		(742	)
Term loan, net	$	15,079		$	15,013

Schedule of Future Minimum Payments under Oxford Term Loan

As of March 31, 2016, future minimum payments under the Oxford Loan were as follows (in thousands):

Year ending December 31,
2016 (remaining nine months)	$	782
2017		6,554
2018		6,554
2019		4,031
Total future minimum payments		17,921
Less: unamortized interest		(2,166	)
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 March 31, 2016:

				Shares
				Outstanding as of
		Per Share Exercise		March 31,
Issuance Date	Expiration Date	Price		2016
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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