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Fair Value Measurements (Tables)

3 Months Ended

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		%

X

- 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

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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

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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

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