Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2017

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table summarizes the Company’s 2016 Warrants measured at fair value within the hierarchy on a recurring basis as of December 31, 2016:

	Fair Value Measurements at
	December 31, 2016
	(in thousands)
	Level 1		Level 2		Level 3		Total
Liabilities:
Warrant liability	$	-	$	-	$	2,906	$	2,906

Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation

The following table summarizes changes to the fair value of the Level 3 2016 Warrants for the six months ended June 30, 2017:

	Fair Value of
	Warrant Liability
	(in thousands)
Balance at December 31, 2016	$	2,906
Change in fair value		(2,374)
Extinguished		(357)
Reclassified to equity		(175)
Balance at June 30, 2017	$	-

Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques

The Company utilized the Binomial Lattice Model for estimating the fair value of the 2016 Warrants using the following assumptions on the reclassification dates of June 13, 2017 and May 21, 2017 and as of December 31, 2016:

	As of		As of		As of
	June 13, 2017		May 21, 2017		December 31, 2016
Risk-free interest rate		1.51%		1.78%		1.93%
Expected volatility		88%		89%		98%
Expected term in years		4.6		4.6		5.0
Dividend yield		-%		-%		-%