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Warrants (Tables) | 9 Months Ended
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Sep. 30, 2015
Warrants and Rights Note Disclosure [Abstract] |
Schedule of Warrant Activity | The following is a summary of warrant activity for the nine months ended September 30, 2015 (in thousands):
| March 2015 Warrants |  | September 2013 Warrants |  | December 2012 Warrants |  | April 2011 Warrants |  | March 2011 Warrants |  | March 2010 Warrants |  | Consultant and Oxford Warrants |  | Total
Outstanding, January 1, 2015 | — |  |  | 3,973 |  |  | 3,031 |  |  | 615 |  |  | 176 |  |  | 25 |  |  | 720 |  |  | 8,540 |
Issued | 14,006 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 14,006 |
Expired | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (238 | ) |  | (238 | )
Outstanding, September 30, 2015 | 14,006 |  |  | 3,973 |  |  | 3,031 |  |  | 615 |  |  | 176 |  |  | 25 |  |  | 482 |  |  | 22,308 |
Expiration | March 2020 |  | September 2018 |  | December 2017 |  | April 2017 |  | March 2016 |  | March 2016 |  | Varies 2014-2020 |  |
Fair Value of Warrants is Estimated Using Black-Scholes Option Pricing Model | The fair value of the warrants is estimated using an appropriate pricing model with the following inputs:
| As of September 30, 2015
| March 2015 Warrants |  | September 2013 Warrants |  | December 2012 Warrants |  | April 2011 Warrants |  | March 2011 Warrants |  | March 2010 Warrants
Strike price | $ | 2.08 |  |  | $ | 2.50 |  |  | $ | 1.83 |  |  | $ | 0.65 |  |  | $ | 0.65 |  |  | $ | 2.02 |
Expected term (years) | 4.47 |  |  | 2.97 |  |  | 2.23 |  |  | 1.56 |  |  | 0.43 |  |  | 0.49 |
Volatility % | 74.99 | % |  | 76.85 | % |  | 75.45 | % |  | 69.48 | % |  | 72.42 | % |  | 68.33 | %
Risk-free rate % | 1.25 | % |  | 0.91 | % |  | 0.70 | % |  | 0.50 | % |  | 0.06 | % |  | 0.08 | %
| As of December 31, 2014
| September 2013 Warrants |  | December 2012 Warrants |  | April 2011 Warrants |  | March 2011 Warrants |  | March 2010 Warrants
Strike price | $ | 2.50 |  |  | $ | 1.90 |  |  | $ | 0.65 |  |  | $ | 0.65 |  |  | $ | 2.15 |
Expected term (years) | 3.72 |  |  | 2.98 |  |  | 2.31 |  |  | 1.18 |  |  | 1.24 |
Volatility % | 75.60 | % |  | 76.85 | % |  | 78.24 | % |  | 77.38 | % |  | 77.12 | %
Risk-free rate % | 1.30 | % |  | 1.09 | % |  | 0.80 | % |  | 0.32 | % |  | 0.35 | %
Changes in Fair Value of Warrant Liability | The changes in fair value of the warrant liability for the nine months ended September 30, 2015 were as follows (in thousands):
| March 2015 Warrants |  | September 2013 Warrants |  | December 2012 Warrants |  | April 2011 Warrants |  | March 2011 Warrants |  | March 2010 Warrants |  | Total
Warrant liability, January 1, 2015 | $ | — |  |  | $ | 2,560 |  |  | $ | 2,027 |  |  | $ | 625 |  |  | $ | 163 |  |  | $ | 8 |  |  | $ | 5,383 |
Fair value of warrants issued | 10,296 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 10,296 |
Change in fair value of warrants | 1,313 |  |  | (157 | ) |  | (162 | ) |  | (10 | ) |  | 2 |  |  | (4 | ) |  | 982 |
Warrant liability, September 30, 2015 | $ | 11,609 |  |  | $ | 2,403 |  |  | $ | 1,865 |  |  | $ | 615 |  |  | $ | 165 |  |  | $ | 4 |  |  | $ | 16,661 |

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