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Fair Value of Financial Assets and Liabilities (Tables)
9 Months Ended
Sep. 30, 2017
Fair Value Disclosures [Abstract]  
Schedule of fair value assets and liabilities

The following table presents the Company’s assets and liabilities that are measured at fair value at September 30, 2017 and December 31, 2016 ($ in thousands):

 

    Fair value measured at September 30, 2017        
    Total carrying value at September 30,     Quoted prices in active markets     Significant other observable inputs     Significant unobservable inputs  
    2017     (Level 1)     (Level 2)     (Level 3)  
Assets                        
Marketable securities - mutual funds   $ 4,735     $     $ 4,735     $  
Investment in Hoth   $ 1,020     $     $     $ 1,020  
                                 
Liabilities                                
Fair value of warrant liabilities   $ 961     $     $     $ 961  

 

    Fair value measured at December 31, 2016        
    Total carrying value at December 31,     Quoted prices in active markets     Significant other observable inputs     Significant unobservable inputs  
    2016     (Level 1)     (Level 2)     (Level 3)  
Assets                        
Marketable securities - corporate bonds   $ 6,025     $ 211     $ 5,814     $  
                                 
Liabilities                                
Fair value of warrant liabilities   $ 702     $     $     $ 702  

Schedule of fair value assumptions

A summary of quantitative information with respect to the valuation methodology and significant unobservable inputs used for the Company’s warrant liabilities that are categorized within Level 3 of the fair value hierarchy at the date of issuance and as of September 30, 2017 is as follows:

  

Date of valuation   September 30, 2017     December 31, 2016  
Risk-free interest rate     1.62%       1.93%  
Expected volatility     100.00% - 134.57%       100% - 133.79%  
Expected life (in years)     3.19 - 3.31       3.93 - 4.06  
Expected dividend yield            
Schedule of fair value of the company's level 3 financial liabilities

The following table sets forth a summary of the changes in the fair value of the Company’s Level 3 financial liabilities for the nine months ended September 30, 2017 and 2016 that are measured at fair value on a recurring basis ($ in thousands):

  

    Fair Value of Level 3 financial liabilities  
    September 30,
2017
    September 30,
2016
 
Beginning balance   $ 702     $ 2,959  
Fair value adjustment of warrant liabilities     259       (2,055 )
Ending balance   $ 961     $ 904  
Schedule of fair value of the Company's Level 3 financial assets

The following table sets forth a summary of the changes in the fair value of the Company’s Level 3 financial assets that are measured at fair value on a recurring basis:

  

    Fair Value of Level 3 financial liabilities  
    September 30,
2017
 
Beginning balance   $  
Fair value of Hoth upon issuance     675  
Change in fair value of Hoth     345  
Ending balance   $ 1,020