Fair Value Measurements - (Tables)

12 Months Ended

Dec. 31, 2018

Fair Value Disclosures [Abstract]

Company's Financial Assets and Liability Measured at Fair Value on a Recurring Basis

The following fair value hierarchy table presents information about each major category of the Company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2018 and 2017:

	December 31, 2018
($ in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents	$	12,290	$	—	$	—	$	12,290
Total Assets	$	12,290	$	—	$	—	$	12,290
Liabilities:
Warrant liability	$	—	$	—	$	152	$	152
Derivative liability	—		—		1,474		1,474
Total Liabilities	$	—	$	—	$	1,626	$	1,626

	December 31, 2017
($ in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents	$	14,670	$	—	$	—	$	14,670
Total Assets	$	14,670	$	—	$	—	$	14,670
Liabilities:
Warrant liability	$	—	$	—	$	1,073	$	1,073
Derivative liability	—		—		3,136		3,136
Total Liabilities	$	—	$	—	$	4,209	$	4,209

Reconciliation of Warrant Liability Measured at Fair Value on Recurring Basis

The reconciliation of the Company’s warrant liability measured at fair value on a recurring basis using unobservable inputs (Level 3) is as follows:

($ in thousands)	Warrant Liability
Balance at December 31, 2016	$	6,034
Exercise of warrants (1)	(41		)
Change in fair value of warrant liability (2)	(4,920		)
Balance at December 31, 2017	$	1,073
Change in fair value of warrant liability (2)	(921		)
Balance at December 31, 2018	$	152

(1) Warrants were exercised under the cashless exercise method pursuant to the corresponding warrant agreements. As a result of such exercises, the Company issued 6,941 shares of common stock. Consequently, these instruments were no longer classified as liabilities. These common stock warrants were remeasured to their fair value as of the exercise date with the change in fair value recorded to the Company’s Consolidated Statement of Operations. The fair value related to the shares issued in connection with the exercised warrants was reclassified from a liability to additional paid-in capital in the Company’s Consolidated Balance Sheets.

(2) Includes the fair value as of the beginning of the year for warrants expiring during the year and has been recorded to warrant revaluation income in the Company’s Consolidated Statement of Operations for the respective year end.

The reconciliation of the derivative liability measured at fair value on a recurring basis using unobservable inputs

(Level 3) was as follows:

($ in thousands)	Derivative Liability
Balance at December 31, 2016	$	1,735
Derivative liability to equity upon note conversion (1)	(6		)
Change in fair value of derivative liability	1,407
Balance at December 31, 2017	$	3,136
Change in fair value of derivative liability	(1,662		)
Balance at December 31, 2018	$	1,474

(1) Convertible notes from the September 2016 Private Placement, were converted to shares of common stock pursuant to the corresponding convertible note agreements. As a result of such conversions, the Company issued 24,911 shares of common stock. Consequently, these instruments were no longer classified as liabilities. These embedded derivatives were remeasured to their fair value as of the exercise date with the change in fair value recorded to the Company’s Consolidated Statement of Operations. The fair value related to the shares issued in connection with the converted notes was reclassified from a liability to additional paid-in capital in the Company’s Consolidated Balance Sheets.