Merger (Tables)

9 Months Ended

Sep. 30, 2015

Summary of Acquisition Date Fair Value of Consideration Transferred

The acquisition-date fair value of the consideration transferred is as follows:


Number of shares of Company Common Stock owned by Ruthigen stockholders (1)		2,404,835
Multiplied by the price per share of Company Common Stock (2)	$	12.65

Total consideration transferred	$	30,421

(1)

The stock transferred in the table above is calculated as the sum of a) 1,921,716 shares of Company Common Stock outstanding at the time of the Merger, b) 379,387 shares of Company Common Stock issued immediately following the closing of the Merger in a private placement, c) 36,000 shares of Company Common Stock issued to certain employees, pursuant to the terms of the Merger Agreement and d) 67,732 shares of Company Common Stock issued pursuant to restricted stock units that became fully vested upon completion of the Merger.

(2)	The shares outstanding are multiplied by the closing trading price of Company Common Stock as of the Merger date.

Summary of Estimated Fair Value of Assets Acquired and Liabilities Assumed

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the date of acquisition:


	June 15, 2015
Cash and cash equivalents	$	9,671
In-process research and development		7,534
Goodwill		15,942
Property and equipment		156
Prepaid and other current assets		140

Total assets acquired		33,443

Accrued expenses and other current liabilities		(63	)
Deferred tax liability		(2,959	)

Total liabilities assumed		(3,022	)

Total net assets acquired	$	30,421

Summary of Supplemental Unaudited Pro forma Information of Financial Results

The following supplemental unaudited pro forma information presents the Company’s financial results as if the acquisition of Ruthigen had occurred on January 1, 2014:


	Nine months ended September 30,
	2015			2014
Total revenues, net	$	926		$	38
Net loss		(14,557	)		(29,195	)