Annual report pursuant to Section 13 and 15(d)

Fair Value Measurement (Tables)

v3.7.0.1
Fair Value Measurement (Tables)
12 Months Ended
Dec. 31, 2016
Fair Value Disclosures [Abstract]  
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