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Warrants (Tables)
 6 Months Ended
Jun. 30, 2016
Warrants and Rights Note Disclosure [Abstract]  
Schedule of Warrant Activity
The following is a summary of warrant activity for the six months ended June 30, 2016 (in thousands):
 
 
January 2016 Warrants
 
March 2015 Warrants
 
September
2013
Warrants
 
December
2012
Warrants
 
Other Equity Financing Warrants
 
Warrants issued to Consultants and Debtors
 
Total
Outstanding, January 1, 2016
—

 
14,006

 
3,973

 
3,031

 
816

 
482

 
22,308

Issued
13,643

 
—

 
—

 
—

 
—

 
2,000

 
15,643

Exercised
—

 
—

 
—

 
—

 
(502
)
 
—

 
(502
)
Expired
—

 
—

 
—

 
—

 
(31
)
 
—

 
(31
)
Outstanding, June 30, 2016
13,643

 
14,006

 
3,973

 
3,031

 
283

 
2,482

 
37,418

Expiration
January 2021
 
March 2020
 
September 2018
 
December 2017
 
Varies 2016-2017
 
Varies 2014-2021
 
 
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 June 30, 2016
 
January 2016 Warrants
 
March 2015 Warrants
 
September
2013
Warrants
 
December
2012
Warrants
 
April 2011
Warrants
 
March
2010
Warrants
Strike price
$
1.42

 
$
2.08

 
$
2.50

 
$
1.75

 
$
0.65

 
$
1.92

Expected term (years)
4.52

 
3.72

 
2.22

 
1.48

 
0.81

 
0.25

Volatility %
113.70
%
 
122.36
%
 
139.26
%
 
167.41
%
 
218.93
%
 
218.93
%
Risk-free rate %
0.94
%
 
0.82
%
 
0.61
%
 
0.51
%
 
0.42
%
 
0.19
%
 
 
As of December 31, 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)
4.22

 
2.72

 
1.98

 
1.31

 
0.18

 
1.00

Volatility %
75.85
%
 
74.70
%
 
76.37
%
 
65.60
%
 
47.98
%
 
71.41
%
Risk-free rate %
1.58
%
 
1.24
%
 
1.05
%
 
0.77
%
 
—
%
 
—
%
Changes in Fair Value of Warrant Liability
The changes in fair value of the warrant liability for the six months ended June 30, 2016 were as follows (in thousands):
 
 
January 2016 Warrants
 
March 2015 Warrants
 
September
2013
Warrants
 
December
2012
Warrants
 
April 2011
Warrants
 
Other Equity Financing Warrants
 
Total
Warrant liability, January 1, 2016
$
—

 
$
10,337

 
$
1,933

 
$
1,565

 
$
537

 
$
146

 
$
14,518

Fair value of warrants issued
5,590

 
—

 
—

 
—

 
—

 
—

 
5,590

Fair value of warrants exercised
—

 
—

 
—

 
—

 
(278
)
 
(46
)
 
(324
)
Change in fair value of warrants
(1,515
)
 
(6,668
)
 
(1,148
)
 
(909
)
 
(184
)
 
(96
)
 
(10,520
)
Warrant liability, June 30, 2016
$
4,075

 
$
3,669

 
$
785

 
$
656

 
$
75

 
$
4

 
$
9,264