Annual report pursuant to Section 13 and 15(d)

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)

12 Months Ended

Dec. 31, 2015

Financial instruments carried at fair value on a recurring

The following table presents a summary of fair values of assets and liabilities that are remeasured at fair value at each balance sheet date as of December 31, 2015 and 2014, and their placement within the fair value hierarchy as discussed above (in thousands):

			Quoted Prices in Active Markets		Significant Other Observable Inputs		Unobservable Inputs
Description	December 31, 2015		(Level 1)		(Level 2)		(Level 3)
Assets:
Cash and cash equivalents	$	9,276	$	9,276	$	-	$	-
Marketable securities		-		-		-		-
Total assets	$	9,276	$	9,276	$	-	$	-

Liabilities:
Warrants potentially settleable in cash	$	4,115	$	-	$	-	$	4,115
Total liabilities	$	4,115	$	-	$	-	$	4,115

			Quoted Prices in Active Markets		Significant Other Observable Inputs		Unobservable Inputs
Description	December 31, 2014		(Level 1)		(Level 2)		(Level 3)
Assets:
Cash and cash equivalents	$	3,970	$	3,970	$	-	$	-
Marketable securities		1,975		-		1,975		-
Total assets	$	5,945	$	3,970	$	1,975	$	-

Liabilities:
Warrants potentially settleable in cash	$	8,464	$	-	$	-	$	8,464
Total liabilities	$	8,464	$	-	$	-	$	8,464

Level 3 financial assets and liabilities

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	2015			2014
Balance , January 1,	$	8,464		$	23
Value of warrants converted in cashless exercise		(14,265	)		-
Change in fair value of Teva option		-			(23	)
Estimated fair value of warrants assumed in merger on January 2, 2014		-			10,475
Estimated fair value of warrants issued in January common stock sale		-			3,696
Change in fair value of warrants for the year ended		9,916			(5,707	)
Balance at December 31,	$	4,115		$	8,464