Quarterly report pursuant to Section 13 or 15(d)

Financial Instruments (Tables)

v3.10.0.1
Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2018
Schedule of Cash and Available-For-Sale Securities' Cost, Gross Unrealized Losses and Fair Value by Significant Investment Category

The following table shows the cost, gross unrealized losses and fair value, with a breakdown by significant investment category, of the Company’s cash and cash equivalents and marketable securities as of September 30, 2018:

 

 

 

 

 

 

 

Gross

 

 

 

 

 

 

Cash and

 

 

 

 

 

 

 

 

 

 

 

Unrealized

 

 

Fair

 

 

Cash

 

 

Marketable

 

 

 

Cost

 

 

Losses

 

 

Value

 

 

Equivalents

 

 

Securities

 

Cash

 

$

16,669

 

 

$

—

 

 

$

16,669

 

 

$

16,669

 

 

$

—

 

Level 1:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

 

29,458

 

 

 

—

 

 

 

29,458

 

 

 

29,458

 

 

 

—

 

Level 2:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government securities

 

 

3,501

 

 

 

(7

)

 

 

3,494

 

 

 

—

 

 

 

3,494

 

Corporate debt securities

 

 

15,137

 

 

 

(73

)

 

 

15,064

 

 

 

—

 

 

 

15,064

 

Subtotal

 

 

18,638

 

 

 

(80

)

 

 

18,558

 

 

 

—

 

 

 

18,558

 

Total

 

$

64,765

 

 

$

(80

)

 

$

64,685

 

 

$

46,127

 

 

$

18,558

 

 

As of December 31, 2017, the Company’s cash and cash equivalents and marketable securities balances were as follows:

 

 

 

 

 

 

 

Gross

 

 

 

 

 

 

Cash and

 

 

 

 

 

 

 

 

 

 

 

Unrealized

 

 

Fair

 

 

Cash

 

 

Marketable

 

 

 

Cost

 

 

Losses

 

 

Value

 

 

Equivalents

 

 

Securities

 

Cash

 

$

8,925

 

 

$

—

 

 

$

8,925

 

 

$

8,925

 

 

$

—

 

Level 1:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

 

20,620

 

 

 

—

 

 

 

20,620

 

 

 

20,620

 

 

 

—

 

Level 2:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government securities

 

 

4,505

 

 

 

(17

)

 

 

4,488

 

 

 

—

 

 

 

4,488

 

Commercial paper

 

 

4,959

 

 

 

(5

)

 

 

4,954

 

 

 

—

 

 

 

4,954

 

Corporate debt securities

 

 

30,268

 

 

 

(112

)

 

 

30,156

 

 

 

—

 

 

 

30,156

 

Subtotal

 

 

39,732

 

 

 

(134

)

 

 

39,598

 

 

 

—

 

 

 

39,598

 

Total

 

$

69,277

 

 

$

(134

)

 

$

69,143

 

 

$

29,545

 

 

$

39,598

 

 
Schedule of Marketable Securities That Have Been in Continuous Unrealized Loss Position for Less than 12 months and for 12 months or Greater

The following tables show information about the Company’s marketable securities that have been in a continuous unrealized loss position for less than 12 months and for 12 months or greater as of September 30, 2018 and December 31, 2017:

 

 

 

September 30, 2018

 

 

 

Continuous Unrealized Losses

 

 

 

Less than

 

 

12 Months

 

 

 

 

 

 

 

12 Months

 

 

or Greater

 

 

Total

 

Fair value of marketable securities

 

$

1,987

 

 

$

15,571

 

 

$

17,558

 

Unrealized losses

 

$

(10

)

 

$

(71

)

 

$

(81

)

 

 

 

December 31, 2017

 

 

 

Continuous Unrealized Losses

 

 

 

Less than

 

 

12 Months

 

 

 

 

 

 

 

12 Months

 

 

or Greater

 

 

Total

 

Fair value of marketable securities

 

$

39,576

 

 

$

—

 

 

$

39,576

 

Unrealized losses

 

$

(134

)

 

$

—

 

 

$

(134

)

 
Reconciliation of Level 3 Measurement of Company's April 2018 Warrant

The following table represents a roll-forward of the fair value of the April 2018 Warrant, which was recorded within other accrued liabilities in the accompanying condensed consolidated balance sheet during the nine months ended September 30, 2018:

 

Balance, December 31, 2017

 

$

—

 

Issuance of warrant

 

 

207

 

Change in fair value

 

 

(93

)

Balance, September 30, 2018

 

$

114

 

 
10% Warrant [Member]  
Summary of Quantitative Information with Respect to Significant Unobservable Inputs

The following table summarizes quantitative information with respect to the significant unobservable inputs that were used to value the Company’s 10% Warrant:

 

 

 

May 17, 2017

 

Volatility

 

 

70

%

Risk-free rate

 

 

1.44

%

Discount for lack of marketability

 

 

0

%

 
April 2018 Warrant [Member]  
Summary of Quantitative Information with Respect to Significant Unobservable Inputs

The following table summarizes quantitative information with respect to the significant unobservable inputs that were used to value the April 2018 Warrant:

 

 

 

April 6, 2018

 

Volatility

 

 

70

%

Risk-free rate

 

 

2.58

%

Term

 

5 years