Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2016
Fair Value Disclosures [Abstract]  
Fair Value of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table sets forth the fair value of the Company’s financial assets and liabilities measured on a recurring basis, as of December 31, 2016 and 2015 (in thousands):

 

 

 

December 31, 2016

 

 

 

Fair Value Measured Using

 

 

 

 

 

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

 

Total

Balance

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

14,497

 

 

$

—

 

 

$

—

 

 

$

14,497

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contingent consideration

 

$

—

 

 

$

—

 

 

$

492

 

 

$

492

 

Warrants to purchase common stock

 

—

 

 

—

 

 

 

5,208

 

 

 

5,208

 

Total liabilities

 

$

—

 

 

$

—

 

 

$

5,700

 

 

$

5,700

 

 

 

 

December 31, 2015

 

 

 

Fair Value Measured Using

 

 

 

 

 

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

 

Total

Balance

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

28,774

 

 

$

—

 

 

$

—

 

 

$

28,774

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contingent consideration

 

$

—

 

 

$

—

 

 

$

948

 

 

$

948

 

 
Summary of Issuances, Changes in Fair Value and Classifications of Level 3 Financial Instruments

The following table presents the issuances, changes in fair value and classifications of the Company’s Level 3 financial instruments that are measured at fair value on a recurring basis (in thousands):

 

 

 

(Level 3)

 

 

 

Contingent

Consideration

Liability

 

 

Warrants to

Purchase

Common Stock

 

 

Total

 

Balance as of December 31, 2014

 

$

1,074

 

 

$

—

 

 

$

1,074

 

Change in estimated fair value

 

 

(126

)

 

 

—

 

 

 

(126

)

Balance as of December 31, 2015

 

 

948

 

 

 

—

 

 

 

948

 

Warrants issued in conjunction with Private Placement and

   Subsequent Financing on April 14, 2016 and June 15, 2016,

   respectively, and Placement Agent Warrants

 

 

—

 

 

 

4,958

 

 

 

4,958

 

Change in estimated fair value

 

 

(456

)

 

 

250

 

 

 

(206

)

Balance as of December 31, 2016

 

$

492

 

 

$

5,208

 

 

$

5,700