Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity (Tables)

v3.7.0.1
Stockholders' Equity (Tables)
3 Months Ended
Mar. 31, 2017
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 offering, subject to fair value measurements as of March 31, 2017 and December 31, 2016:

 

 

Fair Value as of March 31, 2017

 

 

Basis of Fair Value Measurements

 

(in thousands)

 

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

February 2015 warrants

$

2,407

 

 

$

 

 

$

 

 

$

2,407

 

 

 

 

Fair Value as of December 31, 2016

 

 

Basis of Fair Value Measurements

 

(in thousands)

 

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

February 2015 warrants

$

1,743

 

 

$

 

 

$

 

 

$

1,743

 

 

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, 2016

$

1,743

 

Change in fair value of common stock warrants during three months ended March 31, 2017

 

664

 

Balance at March 31, 2017

$

2,407

 

 

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

The fair value of these warrants on March 31, 2017 and December 31, 2016 was determined using a Black-Scholes model with the following key level 3 inputs:

 

 

March 31,

2017

 

 

December 31, 2016

 

Risk-free interest rate

 

1.50

%

 

 

1.93

%

Expected life (in years)

 

2.89

 

 

 

3.13

 

Dividend yield

 

 

 

 

 

Volatility

 

141

%

 

 

135

%

Stock price

$

0.57

 

 

$

0.44