Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2017

Fair Value Disclosures [Abstract]

Summary of Warrants Liability and Remeasured Liability to Estimated Fair Value

The Company has classified the warrants as a liability and has remeasured the liability to estimated fair value at June 30, 2017 and December 31, 2016, using the Black Scholes option pricing model with the following assumptions: 

	June 30, 2017		December 31, 2016
Risk-free interest rate		1.81%		1.93%
Expected volatility		100.97%		94.19%
Expected term	4.58 years		5.08 years
Expected dividend yield		0.0%		0.0%

Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

The following fair value hierarchy table presents information about the Company’s financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2017 and December 31, 2016:

	Level 1		Level 2		Level 3		Total
Warrant liability
Balance at June 30, 2017	$	―	$	―	$	4,506,763	$	4,506,763
Balance at December 31, 2016	$	―	$	―	$	4,095,019	$	4,095,019

Summary of Reconciliation of Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs

The following table presents a reconciliation of the Company’s liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the six months ended June 30, 2017:

	Warrant Liability
Balance at December 31, 2016	$	4,095,019
Issuance of warrants	—
Change in fair value upon re-measurement		1,810,835
Reclassification to Additional Paid-in Capital    due to warrant exercise		(1,399,091	)
Balance at June 30, 2017	$	4,506,763