Annual report pursuant to Section 13 and 15(d)

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)

12 Months Ended

Dec. 31, 2016

Summary of Fair Values of Assets and Liabilities Measured at Fair Value On Recurring and NonRecurring Basis

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, 2016 and 2015, and their placement within the fair value hierarchy as discussed above (in thousands):

	December 31,		Quoted Prices in Active Markets		Significant Other Observable Inputs		Unobservable Inputs
Description	2016		(Level 1)		(Level 2)		(Level 3)
Assets:
Cash and cash equivalents	$	3,640	$	3,640	$	-	$	-

Liabilities:
Warrants potentially settleable in cash	$	1,476	$	-	$	-	$	1,476

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

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

Schedule of Reconciliation of the Beginning and Ending Level 3 Liabilities

The Company has not transferred any financial instruments into or out of Level 3 classification during the years ended December 31, 2016, 2015, or 2014. A reconciliation of the beginning and ending Level 3 liabilities for the years ended December 31, 2016, 2015 and 2014, is as follows (in thousands):

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	2016			2015			2014
Balance , January 1,	$	4,115		$	8,464		$	23
Value of warrants converted in cashless exercise		(36	)		(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		(2,603	)		9,916			(5,707	)
Balance at December 31,	$	1,476		$	4,115		$	8,464

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details