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Fair Value of Financial Instruments (Tables)
12 Months Ended
Dec. 31, 2017
Fair Value Disclosures [Abstract]  
Schedule of Fair Value of Financial Liabilities

The following table sets forth the fair value of the Company’s financial liabilities by level within the fair value hierarchy (in thousands):

 

 

At December 31, 2017

 

 

 

Level 1

 

 

 

 

Level 2

 

 

Level 3

 

 

Total

 

2017 Placement Warrants Liability

 

$

 

 

 

 

$

 

 

$

12,487

 

 

$

12,487

 

2016 Placement Warrants Liability

 

 

 

 

 

 

 

 

 

 

9,933

 

 

 

9,933

 

Total Warrant Liability

 

$

 

 

 

 

$

 

 

$

22,420

 

 

$

22,420

 

 

 

 

At December 31, 2016

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

2016 Placement Warrants Liability

 

$

 

 

$

 

 

$

2,723

 

 

$

2,723

 

 

Summary of Changes in Fair Value of Level 3 Financial Liabilities

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

 

 

 

Year Ended December 31,

 

 

 

2017

 

 

2016

 

 

2015

 

Fair value, beginning of period

 

$

2,723

 

 

$

 

 

$

138

 

Issuance of 2017 Placement Warrants

 

 

3,373

 

 

 

 

 

 

 

Issuance of 2016 Placement Warrants

 

 

 

 

 

2,726

 

 

 

 

Change in fair value of Level 3 financial

   liabilities

 

 

16,598

 

 

 

(3

)

 

 

(45

)

Conversion of convertible preferred stock

   warrants to common stock warrants

 

 

 

 

 

 

 

 

(93

)

Fair value of 2017 Placement Warrants

   at exercise

 

 

(74

)

 

 

 

 

 

 

Fair value of 2016 Placement Warrants

   at exercise

 

 

(200

)

 

 

 

 

 

 

Fair value, end of period

 

$

22,420

 

 

$

2,723

 

 

$