XML 19 R9.htm IDEA: XBRL DOCUMENT
v3.7.0.1

Fair Value Measurements | 6 Months Ended
--- | ---
Jun. 30, 2017
Fair Value Disclosures [Abstract] |
Fair Value Measurements | Fair Value Measurements The following tables present information about our assets and liabilities measured at fair value on a recurring basis in the condensed consolidated balance sheets (in thousands):
Description | June 30, 2017 |  | Quoted Prices In Active Markets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Unobservable Inputs (Level 3)
Assets: |  |  |  |  |  |  |
Cash equivalents | $ | 17,131 |  |  | $ | 17,131 |  |  | $ | — |  |  | $ | — |
Restricted cash equivalents | 13,212 |  |  | 13,212 |  |  | — |  |  | — |
Total assets measured and recorded at fair value | $ | 30,343 |  |  | $ | 30,343 |  |  | $ | — |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |
Warrants potentially settleable in cash | $ | 8,510 |  |  | $ | — |  |  | $ | 8,510 |  |  | $ | — |
Contingent purchase price consideration | 1,227 |  |  | — |  |  | — |  |  | 1,227 |
Total liabilities measured and recorded at fair value | $ | 9,737 |  |  | $ | — |  |  | $ | 8,510 |  |  | $ | 1,227 |
Description | December 31, 2016 |  | Quoted Prices In Active Markets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Unobservable Inputs (Level 3)
Assets: |  |  |  |  |  |  |
Cash equivalents | $ | 16,192 |  |  | $ | 16,192 |  |  | $ | — |  |  | $ | — |
Restricted cash equivalents | 17,622 |  |  | 17,622 |  |  | — |  |  | — |
Total assets measured and recorded at fair value | $ | 33,814 |  |  | $ | 33,814 |  |  | $ | — |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |
Warrants potentially settleable in cash | $ | 1,860 |  |  | $ | — |  |  | $ | 1,860 |  |  | $ | — |
Contingent purchase price consideration | 1,095 |  |  | — |  |  | — |  |  | 1,095 |
Total liabilities measured and recorded at fair value | $ | 2,955 |  |  | $ | — |  |  | $ | 1,860 |  |  | $ | 1,095 |
The Company did not transfer any financial instruments into or out of Level 3 classification during the six months ended June 30, 2017 and 2016. A reconciliation of the beginning and ending Level 3 liabilities for the six months ended June 30, 2017 is as follows (in thousands):
| Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Balance, January 1, 2017 | $ | 1,095 |
Change in the estimated fair value of the contingent purchase price consideration | 132 |
Balance at June 30, 2017 | $ | 1,227 |
The fair value of the contingent purchase price consideration is measured at the end of each reporting period using Level 3 inputs in a probability-weighted, discounted cash-outflow model. The significant unobservable assumptions include the probability of achieving each milestone, the date we expect to reach the milestone, and a determination of present value factors used to discount future expected cash outflows. The decrease in the estimated fair value of the contingent purchase price consideration during the period reflects a lowering of the probability and lengthening of the timeline for the potential approval of NeuVax, as these assumptions are now based principally on our Phase 2 combination trial of trastuzumab and NeuVax with HER2 low-to-intermediate expressing patients whereas previously, the valuation was based on our Phase 3 PRESENT trial, which was stopped in June 2016 and subsequently closed in the third quarter due to futility as recommended by the Independent Data Monitoring Committee ("IDMC"). See Note 7 for discussion of the Level 2 liabilities relating to warrants accounted for as liabilities.

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for financial instruments. This disclosure includes, but is not limited to, fair value measurements of short and long term marketable securities, international currencies forward contracts, and auction rate securities. Financial instruments may include hedging and non-hedging currency exchange instruments, derivatives, securitizations and securities available for sale at fair value. Also included are investment results, realized and unrealized gains and losses as well as impairments and risk management disclosures. + References No definition available. + Details
Name: | us-gaap_FinancialInstrumentsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration