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Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2018
Fair Value Disclosures [Abstract] |
Fair Value of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table sets forth the Company’s financial assets and liabilities measured at fair value on a recurring basis, as of March 31, 2018 and December 31, 2017 (in thousands):
|  | March 31, 2018 |
|  | Fair Value Measured Using |  |  |  |  |
|  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |  |  | Total Balance |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 17,494 |  |  | $ | — |  |  | $ | — |  |  | $ | 17,494 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contingent consideration |  | $ | — |  |  | $ | — |  |  | $ | 1,816 |  |  | $ | 1,816 |
Common stock warrant liability |  |  | — |  |  |  | — |  |  |  | 13,247 |  |  |  | 13,247 |
Derivative liability |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total liabilities |  | $ | — |  |  | $ | — |  |  | $ | 15,063 |  |  | $ | 15,063 |
|  | December 31, 2017 |
|  | Fair Value Measured Using |  |  |  |  |
|  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |  |  | Total Balance |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 13,097 |  |  | $ | — |  |  | $ | — |  |  | $ | 13,097 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contingent consideration |  | $ | — |  |  | $ | — |  |  | $ | 1,672 |  |  | $ | 1,672 |
Common stock warrant liability |  |  | — |  |  |  | — |  |  |  | 18,712 |  |  |  | 18,712 |
Derivative liability |  |  | — |  |  |  | — |  |  |  | 14,600 |  |  |  | 14,600 |
Total liabilities |  | $ | — |  |  | $ | — |  |  | $ | 34,984 |  |  | $ | 34,984 |
Summary of Issuances, Changes in Fair Value and Reclassifications of Level 3 Financial Instruments | The following table presents the issuances, changes in fair value and reclassifications of the Company’s Level 3 financial instruments that are measured at fair value on a recurring basis (in thousands):
|  | (Level 3) |
|  | Contingent Consideration Liability |  |  | Common Stock Warrant Liability |  |  | Derivative Liability |  |  | Total |
Balance as of December 31, 2017 |  | $ | 1,672 |  |  | $ | 18,712 |  |  | $ | 14,600 |  |  | $ | 34,984 |
Exercise of warrants |  |  | — |  |  |  | (127 | ) |  |  | — |  |  |  | (127 | )
Conversion of JGB debt to common stock (Note 10) |  |  | — |  |  |  | — |  |  |  | (12,066 | ) |  |  | (12,066 | )
Reclassification to equity (Note 2) |  |  | — |  |  |  | (6,550 | ) |  |  | — |  |  |  | (6,550 | )
Change in estimated fair value |  |  | 144 |  |  |  | 1,212 |  |  |  | (2,534 | ) |  |  | (1,178 | )
Balance as of March 31, 2018 |  | $ | 1,816 |  |  | $ | 13,247 |  |  | $ | — |  |  | $ | 15,063 |
Summary of Common Stock Warrant Liability and Derivative Liability Valuation Assumptions | Common Stock Warrant Liability and Derivative Liability Valuation Assumptions
|  | March 31, 2018 |  |  |  | December 31, 2017 |  |
Private Placement Common Stock Warrant Liability |  |  |  |  |  |  |  |  |  |
Stock Price |  | $ | 7.97 |  |  |  | $ | 7.34 |  |
Exercise Price |  | $ | 1.12 |  |  |  | $ | 1.12 |  |
Remaining term (in years) |  |  | 5.04 |  |  |  |  | 5.29 |  |
Volatility |  |  | 68.00 |  | % |  |  | 66.00 |  | %
Risk-free interest rate |  |  | 2.53 |  | % |  |  | 2.21 |  | %
Subsequent Financing Common Stock Warrant Liability |  |  |  |  |  |  |  |  |  |
Stock Price |  | $ | 7.97 |  |  |  | $ | 7.34 |  |
Exercise Price |  | $ | 4.00 |  |  |  | $ | 4.00 |  |
Remaining term (in years) |  | 5.21 |  |  |  |  | 5.46 |  |
Volatility |  |  | 67.00 |  | % |  |  | 65.00 |  | %
Risk-free interest rate |  |  | 2.54 |  | % |  |  | 2.21 |  | %
Placement Agent Common Stock Warrant Liability |  |  |  |  |  |  |  |  |  |
Stock Price |  | $ | 7.97 |  |  |  | $ | 7.34 |  |
Exercise Price |  | $ | 1.12 |  |  |  | $ | 1.12 |  |
Remaining term (in years) |  | 3.04 |  |  |  |  | 3.29 |  |
Volatility |  |  | 84.00 |  | % |  |  | 82.00 |  | %
Risk-free interest rate |  |  | 2.37 |  | % |  |  | 1.99 |  | %
JGB Common Stock Warrant Liability |  |  |  |  |  |  |  |  |  |
Stock Price |  |  | — |  |  |  | $ | 7.34 |  |
Exercise Price |  |  | — |  |  |  | $ | 4.67 |  |
Remaining term (in years) |  |  | — |  |  |  |  | 4.71 |  |
Volatility |  |  | — |  | % |  |  | 69.00 |  | %
Risk-free interest rate |  |  | — |  | % |  |  | 1.89 |  | %
Derivative Liability (final re-measurement at March 27, 2018) |  |  |  |  |  |  |  |  |  |
Stock Price |  | $ | 7.79 |  |  |  | $ | 7.34 |  |
Remaining term (in years) |  |  | 0.04 |  |  |  |  | 2.16 |  |
Volatility |  |  | 45.00 |  | % |  |  | 69.00 |  | %
Risk-free interest rate |  |  | 1.70 |  | % |  |  | 2.14 |  | %

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- Definition Tabular disclosure of the inputs and valuation techniques used to measure fair value, and a discussion of changes in valuation techniques and related inputs, if any, applied during the period to each separate class of assets, liabilities, and financial instruments classified in shareholders' equity that are measured on a recurring and/or nonrecurring basis. + 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 the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19279-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -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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