Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

v3.7.0.1
Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2017
Information about Company's Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

The following fair value hierarchy table presents information about the Company’s financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2017 and December 31, 2016:

 

     Fair Value Measurements at June 30, 2017  
     Quoted Prices in
Active Markets

using Identical
Assets

(Level 1)
     Significant
Other
Observable
Inputs

(Level 2)
     Significant
Unobservable
Inputs

(Level 3)
 

Cash equivalents

   $ 4,635,099      $ —        $ —    

Marketable securities

     16,829,854        —          —    

Warrant liabilities

     —          —          9,581,916  
  

 

 

    

 

 

    

 

 

 

Total

   $ 21,464,953      $ —        $ 9,581,916  
  

 

 

    

 

 

    

 

 

 

 

     Fair Value Measurements at December 31, 2016  
     Quoted Prices in
Active Markets

using Identical
Assets

(Level 1)
     Significant
Other
Observable
Inputs

(Level 2)
     Significant
Unobservable
Inputs

(Level 3)
 

Cash equivalents

   $ 3,411,058      $ —        $ —    

Marketable securities

     31,354,170        —          —    

Warrant liabilities

     —          —          12,698,980  
  

 

 

    

 

 

    

 

 

 

Total

   $ 34,765,228      $ —        $ 12,698,980  
  

 

 

    

 

 

    

 

 

 
Reconciliation of Company's Financial Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Level 3)

The following tables present a reconciliation of the Company’s financial liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and six months ended June 30, 2017 and 2016:

Warrant liabilities

 

     Three Months Ended June 30      Six Months Ended June 30,  
     2017      2016      2017      2016  

Balance at beginning of period

   $ 12,778,781      $ 256,054      $ 12,698,980      $ 444,324  

Increase (decrease) in fair value

     (3,196,865      (70,395      (3,117,064      (258,665
  

 

 

    

 

 

    

 

 

    

 

 

 

Balance at end of period

   $ 9,581,916      $ 185,659      $ 9,581,916      $ 185,659  
  

 

 

    

 

 

    

 

 

    

 

 

 
Representative's Warrant [Member]  
Assumption Used to Determine Fair Value of Warrant Liability

The following assumptions were used in a Black- Scholes option-pricing model to determine the fair value of the warrant liability:

 

     As of     As of  
   June 30, 2017     December 31, 2016  

Expected volatility

     91.4     73.9

Remaining contractual term (in years)

     2.17       2.67  

Risk-free interest rate

     1.38     1.47

Expected dividend yield

     —       —  
CMPO Warrants [Member]  
Assumption Used to Determine Fair Value of Warrant Liability

The following assumptions were used in a Black-Scholes option-pricing model to determine the fair value of the warrant liability:

 

     As of     As of  
   June 30, 2017     December 31, 2016  

Expected volatility

     84.1     79.9

Remaining contractual term (in years)

     4.08       4.58  

Risk-free interest rate

     1.72     1.93

Expected dividend yield

     —       —