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Fair Value of Financial Instruments (Tables) | 3 Months Ended
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Mar. 31, 2017
Fair Value of Financial Instruments | The following tables set forth the fair value of the Company’s financial instruments (in millions):
|  | As of March 31, 2017 |
|  | Carrying Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Senior convertible notes |  | $ | 27.6 |  |  | $ | — |  |  | $ | — |  |  | $ | 23.1 |  |  | $ | 23.1 |
Facility financing obligation |  |  | 71.8 |  |  |  | — |  |  |  | — |  |  |  | 74.8 |  |  |  | 74.8 |
Milestone rights |  |  | 8.9 |  |  |  | — |  |  |  | — |  |  |  | 18.9 |  |  |  | 18.9 |
Warrant liability (at recurring fair value) |  |  | 0.8 |  |  |  | — |  |  |  | — |  |  |  | 0.8 |  |  |  | 0.8 |
Total financial liabilities |  | $ | 109.1 |  |  | $ | — |  |  | $ | — |  |  | $ | 117.6 |  |  | $ | 117.6 |
|  | As of December 31, 2016 |
|  | Carrying Value |  |  | Level 2 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Senior convertible notes |  | $ | 27.6 |  |  | $ | — |  |  | $ | — |  |  | $ | 22.9 |  |  | $ | 22.9 |
Facility financing obligation |  |  | 71.3 |  |  |  | — |  |  |  | — |  |  |  | 74.5 |  |  |  | 74.5 |
Milestone rights |  |  | 8.9 |  |  |  | — |  |  |  | — |  |  |  | 18.4 |  |  |  | 18.4 |
Warrant liability (at recurring fair value) |  |  | 7.4 |  |  |  | — |  |  |  | — |  |  |  | 7.4 |  |  |  | 7.4 |
Total financial liabilities |  | $ | 115.2 |  |  | $ | — |  |  | $ | — |  |  | $ | 123.2 |  |  | $ | 123.2 |
Fair Values of Warrant Liability which Include Level 3 Instruments | The following table provides a roll forward of the fair value of the warrant liability which is the only Level 3 financial instrument that is carried at fair value (in millions):
|  | Warrants |
Fair value, January 1, 2017 |  | $ | 7.4 |
Additions |  |  | — |
Changes in fair value |  |  | (6.6 | )
Payments |  |  | — |
Fair value, March 31, 2017 |  | $ | 0.8 |

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- Definition Tabular disclosure of quantitative information about the inputs used in the fair value measurement of liabilities. This disclosure may include, but is not limited to, the fair value of the liability, valuation technique used to measure fair value, the inputs used to measure fair value, the ranges of the inputs, and the weighted averages of the inputs. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19190-110258 + Details
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