Fair Value Measurements

3 Months Ended

Mar. 31, 2018

Fair Value Disclosures [Abstract]

Fair Value Measurements

8. Fair Value Measurements

The following tables summarize the basis used to measure certain financial assets and liabilities at fair value on a recurring basis in the consolidated balance sheets:

			Quoted Prices
			in Active		Significant
			Markets for		Other		Significant
			Identical		Observable		Unobservable
			Items		Inputs		Inputs
Balance at March 31, 2018 (in thousands)	Total		(Level 1)		(Level 2)		(Level 3)
Common stock warrant liability	$	49		-		-	$	49

For the Company’s Level 3 measures, which represent common stock warrants, fair value is based on a Monte Carlo pricing model that is based, in part, upon unobservable inputs for which there is little or no market data, requiring the Company to develop its own assumptions. The Company used a market approach to valuing these derivative liabilities.

The following table shows the reconciliation from the beginning to the ending balance for the Company’s common stock warrant liability and embedded derivative liability measured at fair value on a recurring basis using significant unobservable inputs (i.e. Level 3) for the period ended March 31, 2018:

				Embedded
	Common Stock			derivative
(in thousands)	warrant liability			liability		Total
Fair value of derivative liabilities at December 31, 2017	$	76		$	-	$	76
Change in the fair value of derivative liabilities, net		(27	)		-		(27	)
Adjustment for conversions of Notes		-			-		-
Fair value of derivative liabilities at March 31, 2018	$	49		$	-	$	49