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| | Three Months Ended June 30, | | Six Months Ended June 30, | | ||||||||
| | 2016 | | 2015 | | 2016 | | 2015 | | ||||
| | (In thousands, except per share amounts) | | ||||||||||
| | | | | | | | | | | | | |
Net loss | | $ | (11,084) | | $ | (1,747) | | $ | (13,317) | | $ | (3,167) | |
| | | | | | | | | | | | | |
Weighted average shares used in computation of basic and diluted net loss per share | | | 6,013 | | | 531 | | | 3,288 | | | 505 | |
| | | | | | | | | | | | | |
Basic and diluted net loss per share | | $ | (1.84) | | $ | (3.29) | | $ | (4.05) | | $ | (6.27) | |
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| | Cost or Amortized Cost | | Fair Value | | ||
| | (In thousands) | | ||||
| | | | | | | |
Due in one year or less | | $ | 5,979 | | $ | 5,993 | |
Due after one year through two years | | | - | | | - | |
| | | | | | | |
| | $ | 5,979 | | $ | 5,993 | |
| | Cost or Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | | ||||
| | (In thousands) | | ||||||||||
Commercial paper | | $ | 5,979 | | $ | 14 | | $ | - | | $ | 5,993 | |
| | | | | | | | | | | | | |
| | $ | 5,979 | | $ | 14 | | $ | - | | $ | 5,993 | |
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| | June 30, 2016 | | ||||||||||
Description | | Balance | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | | ||||
| | | | | | | | | | | | | |
| | (In thousands) | | ||||||||||
Financial Assets: | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Money market | | $ | 6,144 | | $ | 6,144 | | $ | - | | $ | - | |
Commercial paper | | | 14,491 | | | - | | | 14,491 | | | - | |
| | | | | | | | | | | | | |
Total financial assets | | $ | 20,635 | | $ | 6,144 | | $ | 14,491 | | $ | - | |
| | | | | | | | | | | | | |
Add Cash: | | | 556 | | | | | | | | | | |
| | | | | | | | | | | | | |
Total cash, cash equivalents and marketable securities | | $ | 21,191 | | | | | | | | | | |
| | | | | | | | | | | | | |
Financial Liabilities: | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Preferred stock warrant liability | | $ | - | | $ | - | | $ | - | | $ | - | |
| | | | | | | | | | | | | |
Total financial liabilities | | $ | - | | $ | - | | $ | - | | $ | - | |
| | December 31, 2015 | | ||||||||||
Description | | Balance | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | | ||||
| | (In thousands) | | ||||||||||
Financial Assets: | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Money market | | $ | - | | $ | - | | $ | - | | $ | - | |
Commercial paper | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Total financial assets | | $ | - | | $ | - | | $ | - | | $ | - | |
| | | | | | | | | | | | | |
Add Cash: | | $ | 3,290 | | | | | | | | | | |
| | | | | | | | | | | | | |
Total cash, cash equivalents and marketable securities | | $ | 3,290 | | | | | | | | | | |
| | | | | | | | | | | | | |
Financial Liabilities: | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Preferred stock warrant liability | | $ | 3,163 | | $ | - | | $ | - | | $ | 3,163 | |
| | | | | | | | | | | | | |
Total financial liabilities | | $ | 3,163 | | $ | - | | $ | - | | $ | 3,163 | |
| | 2016 | | 2015 | | ||
| | | | | | | |
Balance as of January 1, | | $ | 3,163 | | $ | 2,695 | |
Change in fair value | | | (81) | | | (23) | |
Balance as of March 31, | | | 3,082 | | | 2,672 | |
Additional preferred stock warrants issued | | | - | | | 246 | |
Change in fair value | | | (109) | | | (15) | |
Warrants exercised | | | (2,438) | | | - | |
Warrants expired | | | (535) | | | - | |
Balance as of June 30, | | $ | - | | $ | 2,903 | |
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| | | | | | | | Weighted | | | | | |
| | | | | | | | Average | | | | | |
| | | | | Weighted | | Remaining | | Average | | |||
| | Number of | | Average | | Contractual | | Intrinsic | | ||||
| | Stock Options | | Exercise Price | | Life | | Value (in thousands) | | ||||
Outstanding as of December 31, 2015 | | | 449,410 | | $ | 0.9861 | | | 6.28 | | $ | 1,435 | |
| | | | | | | | | | | | | |
Options granted | | | 697,714 | | | 3.9332 | | | 9.81 | | | 579 | |
Option exercised | | | (1,968) | | | 0.0407 | | | - | | | - | |
| | | | | | | | | | | | | |
Outstanding at June 30, 2016 | | | 1,145,156 | | $ | 2.7833 | | | 8.44 | | $ | 2,018 | |
| | | | | | | | | | | | | |
Exercisable at June 30, 2016 | | | 316,048 | | $ | 1.3975 | | | 5.65 | | $ | 887 | |
| | Three months ended June 30 | | Six months ended June 30 | | ||||||||
| | 2016 | | 2015 | | 2016 | | 2015 | | ||||
| | | | | | | | | | | | | |
Research and development | | $ | 21 | | $ | 4 | | $ | 30 | | $ | 9 | |
General and administrative | | | 117 | | | 1 | | | 126 | | | 2 | |
| | $ | 138 | | $ | 5 | | $ | 156 | | $ | 11 | |
| | Six Months Ended | | Six Month Ended | | ||
| | June 30, 2016 | | June 30, 2015 | | ||
| | | | | | | |
Weighted average estimated fair value per share | | $ | 2.71 | | $ | 0.11 | |
| | | | | | | |
Weighted average assumptions: | | | | | | | |
Dividend yields | | | - | | | - | |
Expected term (years) | | | 6.0 | | | 6.1 | |
Risk free interest rate | | | 1.5 | % | | 1.5 | % |
Volatility | | | 80.3 | % | | 89.6 | % |
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| | Three Months Ended June 30, | | Six Months Ended June 30, | | ||||||||
| | 2016 | | 2015 | | 2016 | | 2015 | | ||||
| | (In thousands, except per share amounts) | | ||||||||||
| | | | | | | | | | | | | |
Net loss | | $ | (11,084) | | $ | (1,747) | | $ | (13,317) | | $ | (3,167) | |
| | | | | | | | | | | | | |
Weighted average shares used in computation of basic and diluted net loss per share | | | 6,013 | | | 531 | | | 3,288 | | | 505 | |
| | | | | | | | | | | | | |
Basic and diluted net loss per share | | $ | (1.84) | | $ | (3.29) | | $ | (4.05) | | $ | (6.27) | |
|
| | Three Months Ended June 30, | | Six Months Ended June 30, | | ||||||||
| | 2016 | | 2015 | | 2016 | | 2015 | | ||||
| | (In thousands, except per share amounts) | | ||||||||||
| | | | | | | | | | | | | |
Net loss | | $ | (11,084) | | $ | (1,747) | | $ | (13,317) | | $ | (3,167) | |
| | | | | | | | | | | | | |
Weighted average shares used in computation of basic and diluted net loss per share | | | 6,013 | | | 531 | | | 3,288 | | | 505 | |
| | | | | | | | | | | | | |
Basic and diluted net loss per share | | $ | (1.84) | | $ | (3.29) | | $ | (4.05) | | $ | (6.27) | |
|
| | Cost or Amortized Cost | | Fair Value | | ||
| | (In thousands) | | ||||
| | | | | | | |
Due in one year or less | | $ | 5,979 | | $ | 5,993 | |
Due after one year through two years | | | - | | | - | |
| | | | | | | |
| | $ | 5,979 | | $ | 5,993 | |
| | Cost or Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | | ||||
| | (In thousands) | | ||||||||||
Commercial paper | | $ | 5,979 | | $ | 14 | | $ | - | | $ | 5,993 | |
| | | | | | | | | | | | | |
| | $ | 5,979 | | $ | 14 | | $ | - | | $ | 5,993 | |
|
| | June 30, 2016 | | ||||||||||
Description | | Balance | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | | ||||
| | | | | | | | | | | | | |
| | (In thousands) | | ||||||||||
Financial Assets: | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Money market | | $ | 6,144 | | $ | 6,144 | | $ | - | | $ | - | |
Commercial paper | | | 14,491 | | | - | | | 14,491 | | | - | |
| | | | | | | | | | | | | |
Total financial assets | | $ | 20,635 | | $ | 6,144 | | $ | 14,491 | | $ | - | |
| | | | | | | | | | | | | |
Add Cash: | | | 556 | | | | | | | | | | |
| | | | | | | | | | | | | |
Total cash, cash equivalents and marketable securities | | $ | 21,191 | | | | | | | | | | |
| | | | | | | | | | | | | |
Financial Liabilities: | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Preferred stock warrant liability | | $ | - | | $ | - | | $ | - | | $ | - | |
| | | | | | | | | | | | | |
Total financial liabilities | | $ | - | | $ | - | | $ | - | | $ | - | |
| | December 31, 2015 | | ||||||||||
Description | | Balance | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | | ||||
| | (In thousands) | | ||||||||||
Financial Assets: | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Money market | | $ | - | | $ | - | | $ | - | | $ | - | |
Commercial paper | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Total financial assets | | $ | - | | $ | - | | $ | - | | $ | - | |
| | | | | | | | | | | | | |
Add Cash: | | $ | 3,290 | | | | | | | | | | |
| | | | | | | | | | | | | |
Total cash, cash equivalents and marketable securities | | $ | 3,290 | | | | | | | | | | |
| | | | | | | | | | | | | |
Financial Liabilities: | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Preferred stock warrant liability | | $ | 3,163 | | $ | - | | $ | - | | $ | 3,163 | |
| | | | | | | | | | | | | |
Total financial liabilities | | $ | 3,163 | | $ | - | | $ | - | | $ | 3,163 | |
| | 2016 | | 2015 | | ||
| | | | | | | |
Balance as of January 1, | | $ | 3,163 | | $ | 2,695 | |
Change in fair value | | | (81) | | | (23) | |
Balance as of March 31, | | | 3,082 | | | 2,672 | |
Additional preferred stock warrants issued | | | - | | | 246 | |
Change in fair value | | | (109) | | | (15) | |
Warrants exercised | | | (2,438) | | | - | |
Warrants expired | | | (535) | | | - | |
Balance as of June 30, | | $ | - | | $ | 2,903 | |
|
| | | | | | | | Weighted | | | | | |
| | | | | | | | Average | | | | | |
| | | | | Weighted | | Remaining | | Average | | |||
| | Number of | | Average | | Contractual | | Intrinsic | | ||||
| | Stock Options | | Exercise Price | | Life | | Value (in thousands) | | ||||
Outstanding as of December 31, 2015 | | | 449,410 | | $ | 0.9861 | | | 6.28 | | $ | 1,435 | |
| | | | | | | | | | | | | |
Options granted | | | 697,714 | | | 3.9332 | | | 9.81 | | | 579 | |
Option exercised | | | (1,968) | | | 0.0407 | | | - | | | - | |
| | | | | | | | | | | | | |
Outstanding at June 30, 2016 | | | 1,145,156 | | $ | 2.7833 | | | 8.44 | | $ | 2,018 | |
| | | | | | | | | | | | | |
Exercisable at June 30, 2016 | | | 316,048 | | $ | 1.3975 | | | 5.65 | | $ | 887 | |
| | Three months ended June 30 | | Six months ended June 30 | | ||||||||
| | 2016 | | 2015 | | 2016 | | 2015 | | ||||
| | | | | | | | | | | | | |
Research and development | | $ | 21 | | $ | 4 | | $ | 30 | | $ | 9 | |
General and administrative | | | 117 | | | 1 | | | 126 | | | 2 | |
| | $ | 138 | | $ | 5 | | $ | 156 | | $ | 11 | |
| | Six Months Ended | | Six Month Ended | | ||
| | June 30, 2016 | | June 30, 2015 | | ||
| | | | | | | |
Weighted average estimated fair value per share | | $ | 2.71 | | $ | 0.11 | |
| | | | | | | |
Weighted average assumptions: | | | | | | | |
Dividend yields | | | - | | | - | |
Expected term (years) | | | 6.0 | | | 6.1 | |
Risk free interest rate | | | 1.5 | % | | 1.5 | % |
Volatility | | | 80.3 | % | | 89.6 | % |
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