Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity (Tables)

v3.4.0.3
Stockholders' Equity (Tables)
 3 Months Ended
Mar. 31, 2016
Fair Value Inputs Liabilities Quantitative Information [Line Items]  
Financial Liabilities Subject to Fair Value Measurements

The following table sets forth the Company’s financial liabilities, related to warrants issued in the February 2015 and March 2011 offerings, subject to fair value measurements as of March 31, 2016 and December 31, 2015:

 

 

Fair Value as of March 31, 2016

 

 

Basis of Fair Value Measurements

 

(in thousands)

 

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

February 2015 warrants

$

1,494

 

 

$

—

 

 

$

—

 

 

$

1,494

 

 

 

 

Fair Value as of December 31, 2015

 

 

Basis of Fair Value Measurements

 

(in thousands)

 

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

March 2011 warrants

 

38

 

 

 

—

 

 

 

—

 

 

 

38

 

February 2015 warrants

 

1,826

 

 

 

—

 

 

 

—

 

 

 

1,826

 

Total common stock warrants

$

1,864

 

 

$

—

 

 

$

—

 

 

$

1,864

 

 
Reconciliation of Warrant Liability Measured at Fair Value

The following table is a reconciliation of the warrant liability measured at fair value using level 3 inputs (in thousands):

 

 

Warrant

Liability

 

Balance at December 31, 2015

$

1,864

 

Change in fair value of common stock warrants during three months ended March 31, 2016

 

(370

)

Balance at March 31, 2016

$

1,494

 

 
February 2015 Warrants  
Fair Value Inputs Liabilities Quantitative Information [Line Items]  
Outstanding Warrants Valuation Assumption

The fair value of these warrants on March 31, 2016 and December 31, 2015 was determined using a Black-Scholes model with the following key level 3 inputs:

 

 

March 31,

2016

 

 

December 31, 2015

 

Risk-free interest rate

 

1.21

%

 

 

1.76

%

Expected life (in years)

 

3.89

 

 

 

4.14

 

Dividend yield

 

—

 

 

 

—

 

Volatility

 

110

%

 

 

112

%

Stock price

$

0.46

 

 

$

0.48

 

 

 
March 2011 Warrants  
Fair Value Inputs Liabilities Quantitative Information [Line Items]  
Outstanding Warrants Valuation Assumption

The fair value of these warrants on December 31, 2015 was determined using a Black Scholes valuation model with the following key level 3 inputs:

 

 

December 31,

2015

 

Risk-free interest rate

 

0.16

%

Expected life (in years)

 

0.21

 

Dividend yield

 

—

 

Volatility

 

179

%

Stock price

$

0.48