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Warrants (Tables)

6 Months Ended

Jun. 30, 2017

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, 2017 (in thousands):



Warrant Issuance	Outstanding, December 31, 2016			Granted			Exercised			Expired			Outstanding, June 30 2017			Expiration
February 2017	—			17,000			—			—			17,000			February 2022
July 2016	700			—			—			—			700			January 2022
January 2016	682			—			—			—			682			January 2021
March 2015	700			—			—			—			700			March 2020
September 2013	199			—			—			—			199			September 2018
December 2012	152			—			—			—			152			December 2017
April 2011	13			—			—			(13	)		—			April 2017
Other	124			—			—			—			124			November 2021
	2,570			17,000			—			(13	)		19,557

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, 2017

Warrant Issuance	Outstanding (in thousands)			Strike price (per share)				Expected term (years)		Volatility %			Risk-free rate %
February 2017	17,000			$	1.10			4.62		136.07	%		1.83	%
July 2016	700			$	13.00			4.04		144.12	%		1.73	%
January 2016	682			$	28.40			3.53		150.15	%		1.64	%
March 2015	700			$	41.60			2.72		168.20	%		1.50	%
September 2013	199			$	50.00			1.22		100.31	%		1.27	%
December 2012	152			$	10.32			0.48		49.17	%		1.13	%

As of December 31, 2016
Warrant Issuance	Outstanding (in thousands)			Strike price (per share)				Expected term (years)		Volatility %			Risk-free rate %
July 2016	700			$	13.00			4.54		117.82	%		1.82	%
January 2016	682			$	28.40			4.03		120.38	%		1.71	%
March 2015	700			$	41.60			3.22		131.46	%		1.52	%
September 2013	199			$	50.00			1.72		164.01	%		1.10	%
December 2012	152			$	31.60			0.98		204.55	%		0.84	%
April 2011	13			$	13.00			0.31		103.79	%		0.53	%

Changes in Fair Value of Warrant Liability

The changes in fair value of the warrant liability for the six months ended June 30, 2017 were as follows (in thousands):



Warrant Issuance	Warrant liability, December 31, 2016				Fair value of warrants granted				Fair value of warrants exercised				Change in fair value of warrants				Warrant liability, June 30, 2017
February 2017	$	—			$	10,357			$	—			$	(2,345	)		$	8,012
July 2016	753				—				—				(540		)		213
January 2016	529				—				—				(375		)		154
March 2015	432				—				—				(301		)		131
September 2013	81				—				—				(81		)		—
December 2012	65				—				—				(65		)		—
April 2011	—				—				—				—				—
	$	1,860			$	10,357			$	—			$	(3,707	)		$	8,510