10-Q

0001628280-16-015949.txt : 20160509 0001628280-16-015949.hdr.sgml : 20160509 20160509163422 ACCESSION NUMBER: 0001628280-16-015949 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 53 CONFORMED PERIOD OF REPORT: 20160331 FILED AS OF DATE: 20160509 DATE AS OF CHANGE: 20160509 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VITAL THERAPIES INC CENTRAL INDEX KEY: 0001280776 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-36201 FILM NUMBER: 161632156 BUSINESS ADDRESS: STREET 1: 15010 AVENUE OF SCIENCE STREET 2: STE. 200 CITY: SAN DIEGO STATE: CA ZIP: 92128 BUSINESS PHONE: 858-673-6840 MAIL ADDRESS: STREET 1: 15010 AVENUE OF SCIENCE STREET 2: STE. 200 CITY: SAN DIEGO STATE: CA ZIP: 92128 10-Q 1 vtl-33116x10q.htm 10-Q 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)



ý	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2016



¨	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-36201

Vital Therapies, Inc.

(Exact name of registrant as specified in its charter)



Delaware	56-2358443
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

15010 Avenue of Science, Suite 200 San Diego, CA	92128
(Address of principal executive offices)	(Zip Code)

(858) 673-6840

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ý Yes ¨ No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ý No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.



Large accelerated filer	¨	Accelerated filer	x

Non-accelerated filer	¨ (Do not check if a smaller reporting company)	Smaller reporting company	¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No ý

The number of shares of common stock outstanding as of the close of business on April 30, 2016:



Class	Number of Shares Outstanding
Common Stock, $0.0001 par value	31,244,415

VITAL THERAPIES, INC.

INDEX



		Page No.
PART I - FINANCIAL INFORMATION
Item 1.	Financial Statements (Unaudited)
	Condensed Consolidated Balance Sheets	3
	Condensed Consolidated Statements of Operations	4
	Condensed Consolidated Statements of Comprehensive Loss	5
	Condensed Consolidated Statements of Cash Flows	6
	Notes to Condensed Consolidated Financial Statements	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	16
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	22
Item 4.	Controls and Procedures	22

PART II - OTHER INFORMATION
Item 1.	Legal Proceedings	23
Item 1A.	Risk Factors	23
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	53
Item 6.	Exhibits	54

VITAL THERAPIES, INC.

Condensed Consolidated Balance Sheets

(In thousands, except share and per share amounts)

(Unaudited)



	March 31, 2016			December 31, 2015
Assets
Current assets:
Cash and cash equivalents	$	77,876		$	83,416
Restricted cash	319			533
Other current assets and prepaid expenses	1,044			1,139
Total current assets	79,239			85,088
Property and equipment, net	3,428			3,809
Other assets	253			184
Total assets	$	82,920		$	89,081
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	885		$	1,221
Accrued expenses	3,788			5,271
Other current liabilities	143			163
Total current liabilities	4,816			6,655
Long-term liabilities	56			101
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.0001 par value; 20,000,000 authorized and no shares issued or outstanding at March 31, 2016 and December 31, 2015	—			—
Common stock, $0.0001 par value; 130,000,000 shares authorized at March 31, 2016 and December 31, 2015; 30,980,181 and 30,473,083 shares issued and outstanding at March 31, 2016 and December 31, 2015, respectively	3			3
Additional paid-in capital	290,409			285,098
Accumulated other comprehensive income	80			80
Accumulated deficit	(212,444		)	(202,856		)
Total stockholders’ equity	78,048			82,325
Total liabilities and stockholders’ equity	$	82,920		$	89,081

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

VITAL THERAPIES, INC.

Condensed Consolidated Statements of Operations

(In thousands, except share and per share amounts)

(Unaudited)



	Three Months Ended March 31,
	2016			2015
Operating expenses:
Research and development	$	6,857		$	11,753
General and administrative	2,799			3,064
Total operating expenses	9,656			14,817
Loss from operations	(9,656		)	(14,817		)
Other income:
Interest income	60			10
Other income (expense), net	7			49
Total other income	67			59
Net loss	$	(9,589	)	$	(14,758	)

Net loss per share, basic and diluted	$	(0.31	)	$	(0.62	)

Weighted-average common shares outstanding, basic and diluted	30,563,088			23,972,599

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

VITAL THERAPIES, INC.

Condensed Consolidated Statements of Comprehensive Loss

(In thousands)

(Unaudited)



	Three Months Ended March 31,
	2016			2015
Net loss	$	(9,589	)	$	(14,758	)
Other comprehensive income:
Foreign currency translation	—			1
Total comprehensive loss	$	(9,589	)	$	(14,757	)

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

VITAL THERAPIES, INC.

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)



	Three Months Ended March 31,
	2016			2015
Cash flows from operating activities:
Net loss	$	(9,589	)	$	(14,758	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	494			294
Stock-based compensation	998			803
Changes in operating assets and liabilities:
Other current assets and prepaid expenses	18			162
Accounts payable	(361		)	111
Accrued expenses	(1,476		)	(80		)
Other liabilities	(40		)	(38		)
Net cash used in operating activities	(9,956		)	(13,506		)
Cash flows from investing activities:
Change in restricted cash	213			59
Proceeds from sale of equipment	2			—
Purchases of property and equipment	(125		)	(674		)
Net cash provided by (used in) investing activities	90			(615		)
Cash flows from financing activities:
Proceeds from issuance of common stock, net of issuance costs	4,325			—
Proceeds from exercise of stock options	32			139
Deferred financing costs	(30		)	—
Net cash provided by financing activities	4,327			139
Effect of exchange rate changes on cash and cash equivalents	(1		)	1
Net change in cash and cash equivalents	(5,540		)	(13,981		)
Cash and cash equivalents, beginning of period	83,416			102,238
Cash and cash equivalents, end of period	$	77,876		$	88,257
Supplemental disclosure of noncash investing and financing activities:
Purchases of property and equipment included in liabilities	$	—		$	934
Stock offering costs included in liabilities	$	65		$	—
Change in stock option early exercise repurchase liability	$	23		$	26

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

VITAL THERAPIES, INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

1. Description of Business and Basis of Financial Statements

Description of Business

We are a biotherapeutic company focused on developing a cell-based therapy targeting the treatment of liver failure. Our product candidate, the ELAD^® System, or ELAD, is an extracorporeal human allogeneic cellular liver therapy designed to allow the patient’s own liver to regenerate to a healthy state, or to stabilize the patient until transplant. Since inception, we have devoted essentially all of our efforts to product development, clinical testing and pilot manufacturing and have not recognized revenues from our planned principal operations. In August 2015, we reported that our VTI-208 phase 3 clinical trial of ELAD in alcohol-induced liver decompensation, or AILD, failed to reach its primary or secondary endpoints, although medically pertinent pre-specified subsets based on age and disease severity did show trends toward efficacy. Considering the results of the VTI-208 clinical trial and in an effort to focus our personnel and financial resources, we also discontinued our VTI-210 and VTI-212 clinical trials. We have begun to open sites for our new phase 3 clinical trial of ELAD, known as VTL-308, in severe acute alcoholic hepatitis based on our analysis of the results of the VTI-208 clinical trial. Our business, operating results, financial condition and growth prospects are subject to significant risks and uncertainties including the failure of our clinical trials to meet their endpoints, failure to obtain regulatory approval to commercialize ELAD and failure to secure additional funding to complete the clinical testing, development and commercialization of ELAD.

Unaudited Interim Financial Information

The results for the three months ended March 31, 2016 are not necessarily indicative of results to be expected for the year ending December 31, 2016 or any other future interim period or year. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2015, included in our Annual Report on Form 10-K filed with the Securities and Exchange Commission, or SEC, on March 8, 2016.

Basis of Presentation and Consolidation

The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles, or GAAP, and the rules and regulations of the SEC related to a quarterly report on Form 10-Q. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to those rules and regulations. The condensed consolidated balance sheet as of December 31, 2015 included in this report has been derived from the audited consolidated financial statements included in our Annual Report on Form 10-K. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual audited consolidated financial statements and, in the opinion of management, reflect all adjustments that are necessary for a fair statement of the financial position, results of operations and cash flows for the periods presented. All such adjustments are of a normal and recurring nature.

The unaudited interim condensed consolidated financial statements include the accounts of Vital Therapies, Inc. and its wholly-owned subsidiaries located in the United Kingdom (currently inactive) and China. All intercompany accounts and transactions have been eliminated in consolidation. We manage our operations as a single reportable segment for the purposes of assessing performance and making operating decisions.

2. Summary of Significant Accounting Policies

Use of Estimates

The preparation of financial statements in conformity with GAAP requires us to make certain estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates and assumptions.

Cash and Cash Equivalents

Cash and cash equivalents consist of cash and highly-liquid investments with original maturities of three months or less when acquired and are stated at cost, which approximates fair market value.

Restricted Cash

Restricted cash relates to amounts reserved for various clinical trial obligations and lease arrangements.

Fair Value of Financial Instruments

Fair value is defined as the price that would be received to sell an asset or be paid to transfer a liability in an orderly transaction between market participants on the measurement date. Accounting guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value:

Level 1—Quoted prices in active markets for identical assets or liabilities. Our Level 1 assets consisted of money market funds for the periods presented. We had no Level 1 liabilities for any period presented.

Level 2—Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets with insufficient volume or infrequent transactions (less active markets), or model-derived valuations in which all significant inputs are observable or can be derived principally from or corroborated with observable market data for substantially the full term of the assets or liabilities. We had no Level 2 assets or liabilities for any period presented.

Level 3—Unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of assets or liabilities. We had no Level 3 assets or liabilities for any period presented.

Any transfers into and out of levels within the fair value hierarchy will be recognized at the end of the reporting period in which the actual event or change in circumstances that caused the transfer occurs.

The carrying value of cash and cash equivalents, restricted cash, other current assets and prepaid expenses, accounts payable, and accrued expenses approximates fair value due to the short period of time to maturity.

Property and Equipment Depreciation

Property and equipment are recorded at cost and depreciated using the straight-line method over the estimated useful lives of the assets (generally three to five years). Leasehold improvements are stated at cost and depreciated on a straight-line basis over the lesser of the remaining term of the related lease or the estimated useful lives of the assets. Construction in progress is not depreciated until the underlying asset is available to be placed in service. Repairs and maintenance costs are charged to expense as incurred.

Impairment of Long-Lived Assets

Long-lived assets consist primarily of property and equipment. An impairment loss is recorded if and when events and circumstances indicate that assets might be impaired and the undiscounted cash flows estimated to be generated by those assets are less than the carrying amount of those assets. While our current and historical operating losses and negative cash flows are indicators of impairment, we believe that our expected future cash flows to be received support the carrying value of our long-lived assets and, accordingly, have not recognized any impairment losses through March 31, 2016.

Research and Development

Research and development costs consist primarily of employee-related expenses, costs of contractors, clinical trial sites and contract research organizations engaged in the development of the ELAD System, costs related to our investigation of the mechanism of action of the ELAD System, expenses associated with obtaining regulatory approvals, and the cost of acquiring and manufacturing clinical trial materials. All research and development costs are expensed as incurred.

Stock-Based Compensation

We measure and recognize compensation expense for all stock-based payments made to employees and directors based on estimated fair value at the date of grant, net of an estimated forfeiture rate, and to consultants based on estimated fair value. Currently, our stock-based awards consist only of stock options; however, future grants under our equity compensation plan may also consist of shares of restricted stock, restricted stock units, stock appreciation rights, performance awards and performance units. We estimate the fair value of stock options granted using the Black-Scholes-Merton, or BSM, option pricing model, which requires the use of estimates.

We recognize stock-based compensation cost for employees and directors on a straight-line basis over the requisite service period of the award. For performance-based stock options, we record share-based compensation expense only when the performance-based milestone is deemed probable of achievement. We utilize both quantitative and qualitative criteria to judge whether milestones are probable of achievement.

Stock-based compensation expense is recognized only for those awards that are ultimately expected to vest. We estimate forfeitures based on an analysis of our historical employee turnover and will continue to evaluate the appropriateness of the forfeiture rate based on actual forfeiture experience, analysis of employee turnover and other factors. We will revise the forfeiture estimate, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Changes in forfeiture estimates, which have not been material to date, impact compensation cost in the period in which the change in estimate occurs.

The fair value of options granted to consultants is estimated using the BSM option pricing model and is re-measured at each reporting date with changes in fair value recognized as expense in the condensed consolidated statements of operations.

The BSM option pricing model requires the input of highly subjective assumptions, including the risk-free interest rate, the expected dividend yield of our common stock, the expected volatility of the price of our common stock, and the expected term of the option. These estimates involve inherent uncertainties and the application of management’s judgment. If factors change and different assumptions are used, our stock-based compensation expense could be materially different in the future. These assumptions are estimated as follows:

Risk-free Interest Rate

We base the risk-free interest rate assumption on zero-coupon U.S. treasury instruments appropriate for the expected term of the stock option grants.

Expected Dividend Yield

We base the expected dividend yield assumption on the fact that we have never paid cash dividends and have no present intention to pay cash dividends. Consequently, we used an expected dividend yield of zero.

Expected Volatility

The expected stock price volatility for our common stock is estimated based on volatilities of a peer group of similar publicly-traded, biotechnology companies by taking the average historic price volatility for the peers for a period equivalent to the expected term of the stock option grants. We do not use our average historic price volatility as we have only been a publicly-traded company since April 2014.

Expected Term

The expected term represents the period of time that options are expected to be outstanding. As we do not have sufficient historical experience for determining the expected term of the stock option awards granted we have determined the expected life assumption using either the simplified method, which is an average of the contractual term of the option and its ordinary vesting period, or the comparable average expected term utilizing those companies in the peer group as noted above.

Common Stock Valuation

Due to the absence of a public market trading our common stock prior to the completion of our initial public offering, or IPO, in April 2014, it was necessary for us to estimate the fair value of the common stock underlying our stock-based awards when performing fair value calculations using the BSM option pricing model. The fair value of the common stock underlying our stock-based awards was assessed by our board of directors. All options to purchase shares of our common stock have been granted with an exercise price per share no less than the fair value per share of our common stock underlying those options on the date of grant.

In the absence of a public trading market for our common stock, we determined the estimated fair value of our common stock using methodologies, approaches and assumptions consistent with the American Institute of Certified Public Accountants Audit and Accounting Practice Aid Series: Valuation of Privately Held Company Equity Securities Issued as Compensation. Subsequent to our IPO, the fair value of our common stock has been based on the grant date closing market price of our common stock.

Leases

We lease all of our office space and enter into various other operating lease agreements in conducting our business. At the inception of each lease, we evaluate the lease agreement to determine whether the lease is an operating or capital lease. Some of our lease agreements may contain renewal options, tenant improvement allowances, rent holidays or rent escalation clauses. When such items are included in a lease agreement, we record a deferred rent asset or liability equal to the difference between the rent expense and future minimum lease payments due. The rent expense related to operating leases is recognized on a straight-line basis in the statements of operations over the term of each lease. In cases where our lessor grants us leasehold improvement allowances that reduce our rent expense, we capitalize the improvements as incurred and recognize deferred rent, which is amortized over the shorter of the lease term or the expected useful life of the improvements.

Comprehensive Loss

Comprehensive loss is defined as the change in equity during a period from transactions and other events and circumstances from non-owner sources. Accumulated other comprehensive income has been reflected as a separate component of stockholders’ equity in the accompanying condensed consolidated balance sheets.

Foreign Currency Translation and Transactions

The functional currency of each of our subsidiaries in the United Kingdom (currently inactive) and China is the local currency. Assets and liabilities of the subsidiaries are translated at the rate of exchange at the balance sheet date. Expenses are translated at the average rate of exchange rates in effect during the reporting period. Gains and losses resulting from foreign currency translation are included in accumulated other comprehensive income in the accompanying condensed consolidated balance sheets. Gains and losses resulting from foreign currency transactions are included in the condensed consolidated statements of operations, which to date have not been significant.

Income Taxes

We account for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the condensed consolidated financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date.

We recognize net deferred tax assets to the extent we believe these assets are more likely than not to be realized. In making such a determination, management considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. If management determines that we would be able to realize our deferred tax assets in the future in excess of their net recorded amount, management would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. As of March 31, 2016 and December 31, 2015, we maintained a full valuation allowance against our entire balance of deferred tax assets.

We record uncertain tax positions in accordance with Accounting Standards Codification, or ASC, 740 on the basis of a two-step process whereby (1) management determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, management recognizes the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. We recognize interest and penalties related to unrecognized tax benefits, if any, within income tax expense, and any accrued interest and penalties are included within the related tax liability line.

Net Loss Per Share

Basic net loss per share attributable to common stockholders is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding for the period, without consideration for common stock equivalents. Excluded from the weighted-average number of shares outstanding as of March 31, 2015 are shares that have been issued upon the early exercise of stock options and are subject to future vesting, which was a total of 19,265 shares. As of March 31, 2016, all exercised stock options were fully vested. Diluted net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding for the period determined using the treasury-stock method. Common stock equivalents are comprised of options outstanding under our stock option plan and warrants for the purchase of common stock. For all periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding due to our net loss position.

Potentially dilutive securities not included in the calculation of diluted net loss per share attributable to common stockholders because to do so would be anti-dilutive are as follows:



	As of March 31,
	2016	2015
Options to purchase common stock	3,733,711	3,233,013
Warrants to purchase common stock	250,539	250,646

Recently Issued Accounting Standards

In August 2014, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, No. 2014-15, “Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” or ASU 2014-15. ASU 2014-15 requires management to assess, at each annual and interim reporting period, the entity’s ability to continue as a going concern. The amendments in ASU 2014-15 do not have any application to an entity’s financial statements, but only to disclosure in the related notes. We adopted ASU 2014-15 beginning with the first quarter of fiscal year 2016.

In February 2016, the FASB issued ASU No. 2016-02, "Leases," or ASU 2016-02. ASU 2016-02 will require that lease arrangements longer than 12 months result in an entity recognizing an asset and liability equal to the present value of the lease payments in the statement of financial position. ASU 2016-02 is effective for annual periods beginning after December 15, 2018, and interim periods therein. This standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. Early adoption of ASU 2016-02 as of its issuance is permitted. We expect to adopt ASU-2016-02 in 2019. Substantially all of our currently existing leases expire prior to 2019 unless extended.

In March 2016, the FASB issued ASU No. 2016-09, "Compensation-Stock Compensation: Improvements to Employee Share-Based Payment Accounting," or ASU 2016-09. ASU 2016-09 will change how companies account for certain aspects of share-based payments to employees. The amendments in this update cover such areas as the recognition of excess tax benefits and deficiencies, the classification of those excess tax benefits on the statement of cash flows, an accounting policy election for forfeitures, the amount an employer can withhold to cover income taxes and still qualify for equity classification and the classification of those taxes paid on the statement of cash flows. The guidance will be effective for annual periods beginning after December 15, 2016, and interim periods therein. Early adoption of ASU 2016-09 as of its issuance is permitted. This guidance may be applied either prospectively, retrospectively or using a modified retrospective transition method, depending on the area covered in this update. We are currently evaluating the impact that adopting ASU 2016-09 will have on our condensed consolidated financial statements.

3. Other Financial Information

Property and Equipment

Property and equipment, leasehold improvements, and related accumulated depreciation and amortization were as follows (in thousands):



	March 31, 2016			December 31, 2015
Manufacturing, clinical and laboratory equipment	$	7,060		$	7,040
Leasehold improvements	4,441			4,441
Office furniture and equipment	113			135
Computer equipment and software	113			129
Construction in progress	200			124
	11,927			11,869
Less: accumulated depreciation and amortization	(8,499		)	(8,060		)
Total	$	3,428		$	3,809

Depreciation expense was $494,000 and $294,000 for the three months ended March 31, 2016 and 2015, respectively.

Accrued Expenses

Accrued expenses consist of (in thousands):



	March 31, 2016		December 31, 2015
Accrued clinical and related costs	$	2,125	$	2,675
Accrued compensation and related taxes	1,330		2,165
Accrued other	333		431
Total	$	3,788	$	5,271

4. Commitments and Contingencies

Operating Leases

We lease office, manufacturing and research and development facilities, and equipment under various non-cancellable operating lease agreements with expiration dates into 2017. Facility leases generally provide for periodic rent increases and many contain escalation clauses and renewal options. Certain leases require us to pay property taxes and routine maintenance. Total rent, property taxes and routine maintenance expense under our operating leases was $217,000 and $225,000 for the three months ended March 31, 2016 and 2015, respectively.

We recognize rent expense for our facility operating leases on a straight-line basis. We account for the difference between the minimum lease payments and the straight-line amount as deferred rent. Current and long-term deferred rent totaled $143,000 and $56,000 at March 31, 2016, and $140,000 and $101,000 at December 31, 2015, respectively.

Legal Proceedings

Securities Litigation

On December 2, 2015, a putative securities class action complaint was filed in the U.S. District Court for the Southern District of California, captioned Patrick A. Griggs v. Vital Therapies, Inc., et al., No. 3:15-cv-02700-JLS-NLS. On December 30, 2015, a substantially similar complaint was filed in the same court, captioned Alicia Beach Halverstadt v. Vital Therapies, Inc., et al., No. 3:15-cv-02951-JLS-NLS. The complaints name as defendants Vital Therapies, Inc., Terry Winters, and Michael V. Swanson for allegedly misrepresenting material facts and/or misleading investors about the interconnection between our three clinical trials, the independent significance of each clinical trial, and the potential effects of the failure of one of the clinical trials on the others. The complaints are filed on behalf of all persons who purchased or otherwise acquired Vital Therapies stock between April 17, 2014 through August 21, 2015, inclusive. The complaints allege violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. The complaints seek unspecified damages, costs and attorneys’ fees, and equitable/injunctive or other relief. On February 1, 2016, putative shareholders and class members Kaktrale Austin, Sumesh Kumar, and Nelson Than moved for appointment as lead plaintiff and approval of choice of counsel. Kaktrale Austin and Sumesh Kumar also moved to consolidate the complaints into a single action. Sumesh Kumar and Nelson Than withdrew their motions for appointment as lead plaintiff on February 23, 2016, and March 3, 2016, respectively. On May 2, 2016, the court entered an order granting plaintiff Kaktrale Austin’s motion for consolidation and appointing plaintiff Kaktrale as lead plaintiff and his counsel as lead counsel. The consolidated action is captioned In re Vital Therapies, Inc. Securities Litigation, No. 15-CV-2700 JLS (NLS). The court also set a deadline of June 1, 2016 for lead plaintiff to file an amended complaint and ordered Vital Therapies, Inc. and Messrs. Winters and Swanson to respond to the amended complaint within thirty days of its filing. We intend to defend the securities lawsuit vigorously. Based on information available to us at present, we cannot reasonably estimate a range of loss for this action. Accordingly, we have not accrued any liability associated with this action. We are expensing legal costs associated with defending this litigation as the costs are incurred.

Other Matters

Our industry is characterized by frequent claims and litigation, including claims regarding patent and other intellectual property rights as well as product liability. As a result, in the future, we may be involved in various legal proceedings from time to time. Other than the securities litigation described above, we believe that there are no other currently pending matters that, if determined adversely to us, would have a material effect on our business, financial condition or results of operations.

5. Fair Value

The following fair value hierarchy tables present information about each major category of our financial assets and liabilities measured at fair value on a recurring basis (in thousands):



	Fair Value Measurement at March 31, 2016
	Fair Value		Level 1		Level 2		Level 3
Assets
Money market funds	$	75,638	$	75,638	$	—	$	—



	Fair Value Measurement at December 31, 2015
	Fair Value		Level 1		Level 2		Level 3
Assets
Money market funds	$	80,078	$	80,078	$	—	$	—

There were no liabilities measured at fair value on a recurring basis as of March 31, 2016 or as of December 31, 2015.

We report the change in fair value during each period as a non-operating gain or loss. There were no transfers between Level 1, Level 2 or Level 3 for our assets during the three months ended March 31, 2016.

6. Common Stock and Stock Warrants

Shelf Registration Statement

We currently have an effective shelf registration statement on Form S-3 on file. Upon the effective date, the shelf registration statement permitted: (i) the offering, issuance and sale by us of up to a maximum aggregate offering price of $200.0 million of common stock, preferred stock, warrants, debt securities, and/or units in one or more offerings and in any combination; (ii) sales of up to 2.5 million shares of common stock by certain selling stockholders; and (iii) the offering, issuance and sale by us of up to a maximum aggregate offering price of $75.0 million of our common stock that may be issued and sold under an “at-the-market” sales agreement, or ATM, with Cantor Fitzgerald & Co.

In October 2015, we completed an additional follow-on public offering raising gross proceeds of $34.5 million leaving $165.5 million available under the shelf registration statement, $75.0 million of which could be offered, issued and sold under the ATM. Under this follow-on public offering we sold 6,272,727 shares of our common stock, which includes an additional 818,181 shares of our common stock sold upon full exercise of the underwriter's option to purchase additional shares of common stock, at a price to the public of $5.50 per share. The net proceeds to us from the follow-on offering were $32.1 million after deducting underwriting discounts and commissions of $2.1 million and estimated offering expenses of $280,000.

Through March 2016, we raised gross proceeds of $4.5 million pursuant to the ATM, leaving $161.0 million available under the shelf registration statement, of which $70.5 million may be offered, issued and sold at a future date under the ATM. As of March 31, 2016, we had sold 499,000 shares of our common stock at a weighted average price of $8.95 per share under the ATM. The net proceeds to us from these follow-on offerings was $4.3 million, after deducting underwriter commissions of $134,000 and estimated offering expenses of $75,000.

Stock Reserved for Future Issuance

Shares reserved for future issuance at March 31, 2016 are as follows:



	Number of Shares
Common stock options outstanding	3,733,711
Common stock options available for future grant	345,486
Common stock warrants	250,539
Total common shares reserved for future issuance	4,329,736

Stock Warrants

We issued warrants to purchase redeemable convertible preferred stock in connection with financing activities or for consulting services. In connection with the junior preferred stock financing in February 2012, all warrants to purchase Series B, Series C, and Series D preferred stock converted to common stock warrants. We had warrants outstanding and exercisable for 250,539 and 250,646 shares of common stock as of March 31, 2016 and December 31, 2015, respectively, as all 107 of the Series B warrants expired during the quarter ended March 31, 2016.

The following table summarizes the outstanding warrants as of March 31, 2016:



	Warrants Outstanding	Exercise Price		Expiration Date
Series C	9,919	$	147.91	11/20/2016
Series D	240,620	$	92.99	9/25/2019
Total warrants outstanding	250,539

7. Stock Compensation Plans

Equity Incentive Plans

Our 2014 Equity Incentive Plan, or the 2014 Plan, became effective in April 2014 and replaced our 2012 Stock Option Plan, or the 2012 Plan, with respect to future awards. The 2014 Plan provides for the grant of stock options, restricted stock, restricted stock units, stock appreciation rights, performance awards and performance units to employees, directors, and consultants.

Shares available for grant under the 2014 Plan included any shares remaining available or becoming available in the future under the 2012 Plan due to cancellation or forfeiture. In addition, the 2014 Plan provides for annual increases in the number of shares available for issuance thereunder beginning upon its effective date in April 2014, and on each annual anniversary, equal to the lower of:


•	1,200,000 shares of our common stock;


•	3% of the outstanding shares of our common stock on the second-to-the-last day prior to each anniversary date of the effectiveness date of our IPO; or


•	an amount as our board of directors may determine.

Shares available for grant under the 2014 Plan totaled 345,486 shares as of March 31, 2016.

Option grants under the 2014 and 2012 Plans generally vest over four years except for performance-based stock options. Our performance-based stock options will fully vest and become exercisable only on achievement of the performance condition while the participant is a continuing service provider. Options generally expire ten years from the grant date (or earlier in accordance with the terms of the Plans and the related stock option agreement).

Options granted under our 2012 Plan are exercisable immediately, subject to a repurchase right that lapses as the option vests. Through March 31, 2016, options for the purchase of 74,970 shares of our common stock have been exercised prior to vesting, all of which were vested and not subject to repurchase as of March 31, 2016. During the three months ended March 31, 2016, 11,512 of these shares vested resulting in a decrease in the repurchase liability of $23,000. We have not repurchased any shares related to these early exercises, and there was no repurchase liability as of March 31, 2016.

The following table summarizes stock option activity:



	Options		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value
Outstanding as of January 1, 2016	3,716,520		$	7.76
Granted	30,185		$	8.97
Exercised	(8,098	)	$	3.92
Forfeited or expired	(4,896	)	$	16.74
Outstanding as of March 31, 2016	3,733,711		$	7.76	7.45	$	8,998,083
Options vested and expected to vest as of March 31, 2016	3,644,575		$	7.73	7.41	$	8,761,671
Options exercisable as of March 31, 2016	2,771,815		$	7.64	6.78	$	5,812,571

Stock-Based Compensation Expense

The weighted-average grant date fair value of stock options granted during the three months ended March 31, 2016 and 2015 was $6.04 and $17.87, respectively. The following are the ranges of underlying assumptions used in the BSM option pricing model to determine the fair value of stock options granted to employee and to non-employees:



	Three Months Ended March 31,
	2016	2015
Employees:
Risk-free interest rate	1.7%	1.8% - 1.9%
Expected dividend yield	0%	0%
Expected volatility	77.1%	92.2%
Expected term of options (years)	6.0	5.9
Fair value of common stock	$8.97	$19.75 - $26.13
Non-employees:
Risk-free interest rate	0.6% - 1.4%	0.2% - 0.4%
Expected dividend yield	0%	0%
Expected volatility	76.9% - 84.9%	60.8% - 70.6%
Expected term of options (years)	0.8 - 5.5	0.3 - 1.8
Fair value of common stock	$9.07	$25.01

Total stock-based compensation expense for all stock awards recognized in our condensed consolidated statements of operations is as follows (in thousands):



	Three Months Ended March 31,
	2016		2015
Employees:
Research and development	$	392	$	251
General and administrative	531		327
Total	$	923	$	578
Non-employees:
Research and development	$	63	$	217
General and administrative	12		8
Total	$	75	$	225

As of March 31, 2016, there was $5.5 million and $581,000 of total compensation cost related to unvested employee and non-employee stock option awards, respectively, not yet recognized. The fair value of the non-employee stock options is re-measured at each reporting date and, accordingly, the expense to be recognized will change, primarily with changes in the market value of our common stock. Stock-based compensation expense for employee and non-employee stock option awards is expected to be recognized over a remaining weighted-average vesting period of 2.09 years and 2.10 years, respectively.

Note 8. Subsequent Event

In April 2016, we sold an additional 264,234 shares of our common stock at a weighted average price of $9.17 per share under the ATM, leaving $158.6 million available under the shelf registration statement, $68.1 million of which may be offered, issued and sold at a future date under the ATM. Estimated net proceeds to us from the ATM offerings in April 2016 were $2.3 million, after deducting underwriter commissions of $73,000 and estimated offering expenses of $45,000.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following Management’s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with our condensed consolidated financial statements and notes thereto included in Item 1 “Financial Statements” in this Quarterly Report on Form 10-Q and our Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) for the year ended December 31, 2015. As used in this report, unless the context suggests otherwise, “we,” “us,” “our,” “the Company” or “Vital Therapies” refer to Vital Therapies, Inc. and its subsidiaries.

Forward-Looking Statements

In addition to historical information, this Quarterly Report on Form 10-Q, or Quarterly Report, includes forward-looking statements within the meaning of federal securities laws. Forward-looking statements, many of which are beyond our control, are subject to certain risks and uncertainties, particularly those inherent in the process of discovering, developing and commercializing biologics and devices that are safe and effective for use as human therapeutic products. Such statements include, but are not limited to, statements preceded by, followed by or that otherwise include the words, “believe,” “may,” “might,” “can,” “could,” “will,” “would,” “should,” “estimate,” “continue,” “anticipate,” “intend,” “seek,” “plan,” “project,” “expect,” or similar expressions.

Forward-looking statements discuss matters that are not historical facts. Our forward-looking statements involve assumptions that, if they never materialize or prove correct, could cause our results to differ materially from those expressed or implied by such forward-looking statements. In this Quarterly Report, for example, we make forward-looking statements, among others, regarding: the strategy, timing and conduct of our clinical trials, regulatory requirements, markets for the ELAD^® System; financial estimates and projections; and the sufficiency of our capital resources to fund our operations.

The inclusion of any forward-looking statements in this Quarterly Report should not be regarded as a representation that any of our plans will be achieved. Our actual results may differ from those anticipated in our forward looking statements as a result of various factors, including those set forth below under the caption “Part II, Item 1A—Risk Factors” and the differences may be material. These risk factors include, but are not limited to: the initiation, cost and timing of our clinical programs for the ELAD System; the timing of, and our ability to obtain and maintain regulatory approvals for the ELAD System; the performance of third parties in connection with the development of the ELAD System including, but not limited to, third parties involved in our clinical trials and third-party suppliers; our ability to reliably manufacture ELAD cartridges and ELAD bedside units in sufficient quantities and in compliance with regulatory requirements for clinical trials and commercialization; regulatory developments in the U.S. and foreign countries; our ability to obtain funding for our operations; and our ability to achieve and maintain effective internal control over financial reporting.

Although our forward-looking statements reflect the good faith judgment of our management, these statements are based only on facts and factors currently known by us. As a result, you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement and we undertake no obligation to revise or update such statements to reflect events or circumstances after the date hereof, except as required by law.

Overview

We are a biotherapeutic company focused on developing a human hepatic cell-based treatment targeting acute forms of liver failure. Our product candidate, the ELADSystem, is an extracorporeal human allogeneic cellular liver therapy designed to allow the patient’s own liver to potentially regenerate to a healthy state, or to stabilize the patient until transplant. The ELAD System is the only liver support system containing immortal human liver-derived cells, or VTL C3A cells, to enter phase 3 clinical trials. We designed the ELAD System to supplement key aspects of normal liver function to improve patient survival. We estimate that at least 40,000 patients annually in the United States, or U.S., experience the acute forms of liver failure that may be addressed by the ELAD System, such as severe acute alcoholic hepatitis, or sAAH, surgery-induced liver failure, or SILF, and fulminant hepatic failure, or FHF, for a portion of which the ELAD System may be a life-saving therapy. Except for liver transplant, which is severely limited by the availability of organs and not available to many patients, the current standard of care for these acute forms of liver failure is primarily focused on the management of complications, which does not restore lost liver function and is associated with a high rate of mortality. The ELAD System has received orphan designation in the U.S. and Europe for the treatment of patients with acute liver failure. This designation provides tax credits for qualified clinical testing, seven years of market exclusivity in the U.S. and ten years of market exclusivity in Europe for the first orphan drug approved for a given indication. However, orphan designation does not alter the standard regulatory requirements or the process for obtaining marketing approval.

In the fourth quarter of 2015, we initiated a new phase 3 clinical trial in sAAH, referred to as VTL-308. VTL-308 is a phase 3 randomized, open-label, multicenter, controlled, pivotal study, designed to evaluate the ELAD System in subjects with sAAH. It is based on pre-specified and post-hoc analyses of our VTI-208 phase 3 clinical trial in alcohol-induced liver decompensation, or AILD, of which sAAH is a subset. Although VTI-208 failed to reach either its primary or secondary endpoints, our analyses identified criteria for a group of subjects in which favorable survival trends were observed. The inclusion and exclusion criteria for the VTL-308 trial are based on these findings. We expect to enroll at least 150 subjects in VTL-308 at about 40 sites in the U.S. and Europe. We expect the first subject to be enrolled in the first half of 2016, and we expect to report top-line data for VTL-308 around mid-2018.

Vital Therapies, Inc. was formed in May 2003 to acquire the assets of VitaGen (formerly Hepatix) in a bankruptcy proceeding. Our predecessor companies developed the ELAD System, completing two pilot trials and two randomized, controlled phase 1 and phase 2 trials predominantly in subjects with FHF, but failed to attract funds sufficient to continue development of the ELAD System. Beginning in June 2003, we refocused the company to pursue regulatory approval and commercialization of the ELAD System in China. In 2007, we completed a pivotal trial in subjects suffering from several forms of liver failure, principally viral hepatitis B, in China, and we submitted an application for marketing in China. Our application is still under review in China. However, based on current understanding of the regulatory environment in China, we do not expect activity or approval by the regulatory authorities in China unless and until we have approval in the U.S.

We restarted our clinical program in the U.S. and Europe in 2008. We ran two phase 2 trials in forms of acute liver failure, and selected AILD and sAAH as indications for our phase 3 clinical trials in the U.S. and Europe. We also made significant improvements in the ELAD System reusable delivery device and our proprietary production process, including (i) the incorporation of an updated version of the extracorporeal pumping unit with improved features, functionalities and reliability; (ii) new and improved cartridges for ultrafiltration, cell filters and the ELAD C3A cell cartridges; (iii) tubing sets optimized to recirculate smaller volumes of ultrafiltrate and blood through the system to reduce the risk of clotting and other potential adverse side effects; and (iv) improvements to our cell culture and growth processes to reduce cost and increase manufacturing efficiency and yield.

In early 2013, we began enrollment in our phase 3 clinical trial, VTI-208, in subjects with AILD and, in January 2015, completed enrollment of 203 subjects, the majority of whom were diagnosed with sAAH. During 2014, we initiated enrollment in a second phase 3 clinical trial, VTI-210, for subjects with sAAH and a phase 2 clinical trial, VTI-212, for subjects with FHF or SILF. The VTI-210 trial was suggested by the European regulatory authority and was intended to include subjects who had failed conventional therapy and were therefore a sicker population than the VTI-208 subjects.

The VTI-208 study included 203 AILD subjects in the intention-to-treat, or ITT, population, with 96 and 107 subjects randomized to ELAD treatment and control (standard of care only) groups, respectively. In August 2015, we learned that the Kaplan-Meier analysis of the overall survival in the ITT population was not statistically different between groups. Considering the results of the VTI-208 clinical trial and in an effort to focus our personnel and financial resources, we discontinued the VTI-210 and VTI-212 clinical trials, postponed most activities associated with the preparation for filing a biologics license application, or BLA, and reduced our workforce.

We have incurred net losses since inception of $212.4 million through March 31, 2016. We anticipate that we will continue to incur losses for at least the next several years. Due to the uncertainties involved with biological product development and the clinical trial process, we cannot predict the timing or accuracy of future expenses, when product approval for the ELAD System might occur, if ever, or when profitability may be achieved or sustained.

Results of Operations

Research and Development Expenses

Research and development expenses relate to the development of the ELAD System and are expensed as incurred. Our research and development expenses consist primarily of:


•	expenses incurred under agreements with clinical sites, clinical research organizations, or CROs, and statistical and regulatory consultants that assist us with our clinical trials;


•	employee-related expenses, which include salaries, benefits, travel and stock-based compensation;


•	the cost of acquiring and manufacturing clinical trial materials;


•	facilities, depreciation, and other allocated expenses, which include direct and allocated expenses for rent, information systems and maintenance of facilities and equipment, and depreciation of fixed assets; and


•	other costs associated with research and regulatory activities.

We do not track our employee and facility-related research and development costs by clinical trial, as we typically use our employee and infrastructure resources across multiple clinical trials, and we believe the allocation of such costs would be arbitrary and would not provide a meaningful assessment.

The costs of clinical trials may vary significantly over the life of a project owing to, but not limited to, the following:


•	per subject trial costs;


•	the number of sites included in the trials;


•	the countries in which the trials are conducted;


•	the number of subjects that participate in the trials;


•	continuing quality assurance activities and standards consistent with the U.S. Food and Drug Administration, or FDA, and other regulatory requirements;


•	potential additional safety monitoring or other studies requested by regulatory agencies; and


•	the frequency and duration of subject follow-up visits.

A change in the outcome of any of these variables could result in a significant change in the costs and timing associated with the development of the ELAD System. For example, if the FDA or other regulatory authorities were to require us to conduct clinical trials beyond what we currently anticipate will be required for the completion of clinical development of the ELAD System or if we experience significant delays in enrollment, we could be required to expend significant additional financial resources and time on the completion of the clinical development of the ELAD System. If we have a successful outcome from the VTL-308 clinical trial, we would expect to incur a significant increase in our operating costs related to the preparation of a BLA and the possible commercialization of the ELAD System.

General and Administrative Expenses

General and administrative expenses consist primarily of salaries and related costs for personnel in executive, finance, information technology, marketing and legal functions. Other general and administrative expenses include but are not limited to related facility costs, stock-based compensation, professional fees for legal, consulting, accounting and tax services and insurance costs.

Other Income

Interest Income

Our cash and cash equivalents are or have been invested primarily in money market funds and U.S. treasury bills, which generate a small amount of interest income, but in our opinion, provide liquidity and protection from loss of principal. We expect to continue to make similar investments with any additional financing proceeds while the funds await use in operations.

Comparison of the Three Months Ended March 31, 2016 and 2015

The following table summarizes our operating expenses for the three months ended March 31, 2016 and 2015:



	Three Months Ended March 31,				Change
	2016		2015		$			%
(dollars in thousands)	(unaudited)
Operating expenses:
Research and development	$	6,857	$	11,753	$	(4,896	)	(42	)%
General and administrative	2,799		3,064		(265		)	(9	)%
Total operating expenses	$	9,656	$	14,817	$	(5,161	)	(35	)%

The $4.9 million decrease in research and development expense during the three months ended March 31, 2016 as compared to the three months ended March 31, 2015 reflects a $4.5 million decrease in clinical trial and related manufacturing and consulting costs. No subjects were enrolled in our VTL-308 clinical trial in the three months ended March 31, 2016 in comparison to enrollment of subjects and ongoing clinical activities associated with our VTI-208, VTI-210 and VTI-212 clinical trials in the same period in 2015 versus start-up costs for our VTL-308 clinical trial in the three months ended March 31, 2016. In addition, research and development-related salaries, stock-based compensation and related compensation costs decreased by $446,000 in the three months ended March 31, 2016, primarily as a result of the reduction in staff completed during the fourth quarter of 2015.

The $265,000 decrease in general and administrative expense during the three months ended March 31, 2016 as compared to the three months ended March 31, 2015 was primarily the result of $182,000 and $103,000 of lower consulting and travel related costs, respectively, in part reflecting reductions in costs in conjunction with the reduction in staff in 2015. Base salaries and wages decreased by $145,000 during the three months ended March 31, 2016 as compared to the same period in 2015 also as a result of the reduction in staff completed in late 2015. These decreases were partially offset by increased stock-based compensation of $208,000 primarily due to the performance-based stock options that were granted in late 2015.

We expect our research and development costs to increase for the remainder of 2016 relative to the first quarter subject to the timing of subject enrollment in the VTL-308 clinical trial during 2016. We also expect general and administrative costs will increase for the remainder of 2016 relative to the first quarter of 2016 in part due to legal costs that we expect to incur related to the lawsuits which are more fully described in Note 4, "Commitments and Contingencies," in the notes to the condensed consolidated financial statements.

Liquidity and Capital Resources

Overview

We have a history of incurring losses and negative cash flows from operations and have an accumulated deficit of $212.4 million through March 31, 2016. We expect that we will need additional capital to fund our operations, which we may seek to obtain through a combination of equity or debt financings, or government or other third-party financing, marketing and distribution arrangements and other collaborations, strategic alliances and licensing arrangements. In this regard, we currently have an effective shelf registration statement on Form S-3 on file with the SEC. Upon the effective date, the shelf registration statement permitted: (i) the offering, issuance and sale by us of up to a maximum aggregate offering price of $200.0 million of common stock, preferred stock, warrants, debt securities, and/or units in one or more offerings and in any combination; (ii) sales of up to 2.5 million shares of common stock by certain selling stockholders; and (iii) the offering, issuance and sale by us of up to a maximum aggregate offering price of $75.0 million of our common stock under an “at-the-market” sales agreement, or ATM, with Cantor Fitzgerald & Co.

In October 2015, we completed a follow-on public offering raising gross proceeds of $34.5 million from the sale of 6,272,727 shares of our common stock, which left $165.5 million available under the shelf registration statement, $75.0 million of which to be offered, issued and sold under the at-the-market sales agreement.

Through April 2016, we raised gross proceeds of $6.9 million pursuant to the ATM, leaving $158.6 million available under the shelf registration statement, of which $68.1 million may be offered, issued and sold at a future date under the ATM. As of April 30, 2016, we have sold a total of 763,234 shares of our common stock at a weighted average price of $9.03 per share under the ATM. The estimated net proceeds to us from the ATM were $6.6 million, after deducting underwriter commissions of $207,000 and estimated offering expenses of $120,000.

As of March 31, 2016, we had cash and cash equivalents of approximately $77.9 million. Cash in excess of immediate requirements is invested in accordance with our investment policy, primarily with an intent to maximize liquidity and preserve capital. As of March 31, 2016, such funds were held in cash and money market funds.

Cash Flows

The following table shows a summary of our cash flows for the three months ended March 31, 2016 and 2015:



	Three Months Ended March 31,
	2016			2015
	(In thousands) (unaudited)
Cash provided by (used in):
Operating activities	$	(9,956	)	$	(13,506	)
Investing activities	90			(615		)
Financing activities	4,327			139

Net cash used in operating activities

During the three months ended March 31, 2016, operating activities used $10.0 million of cash. The use of cash primarily related to our net loss of $9.6 million adjusted for non-cash charges of $1.0 million related to stock-based compensation and $494,000 related to depreciation and amortization, partially offset by a $1.9 million change in our operating assets and liabilities. Changes in our operating assets and liabilities during the three months ended March 31, 2016 consisted primarily of a decrease of $1.5 million in accrued expenses and a decrease of $361,000 in accounts payable. The decrease in accrued expenses was primarily attributable to the payout of 2015 bonuses and to payments to clinical sites for the VTI-208 and VTI-210 clinical trials.

During the three months ended March 31, 2015, operating activities used $13.5 million of cash. The use of cash primarily related to our net loss of $14.8 million adjusted for non-cash charges of $803,000 related to stock-based compensation and $294,000 related to depreciation and amortization.

Investing Activities

During the three months ended March 31, 2016, net investing activities provided $90,000 of cash, including $213,000 from a decrease in restricted cash requirements relating to our clinical trials, partially offset by capital expenditures of $125,000 for facilities improvements and purchases of equipment for manufacturing and research and development.

During the three months ended March 31, 2015, investing activities used $615,000 of cash, primarily related to $674,000 in purchases of capital equipment for manufacturing and clinical areas and a decrease of $59,000 in restricted cash requirements. The net decrease in our restricted cash is related to payments made related to our clinical trial obligations in excess of new clinical trial costs.

Financing Activities

During the three months ended March 31, 2016, financing activities provided $4.3 million of cash, which included net proceeds of $4.3 million after underwriters' commissions and offering costs from the ATM offerings completed in March 2016.

During the three months ended March 31, 2015, financing activities provided $139,000 of cash from the exercise of stock options.

As a result of the expense reductions made in 2015 and the structure and timing of the VTL-308 clinical trial, and assuming limited BLA-related activities and that we do not begin building any significant commercial infrastructure, we believe that our existing cash and cash equivalents of $77.9 million as of March 31, 2016, combined with the net proceeds of $2.3 million received in April 2016 from our additional offerings pursuant to the ATM, will be sufficient to fund our operations into the first quarter of 2018. We anticipate raising additional funds prior to releasing topline data for the VTL-308 clinical trial. The timing and amount of our actual expenditures will be based on many factors, including, but not limited to, the timing of and enrollment in clinical trials, the timing of any possible filing of a BLA, decisions with respect to building commercial operations, and any unforeseen cash needs. To the extent we require additional funds in the future, we may raise funds pursuant to our shelf registration statement (including through the ATM), or we may seek to obtain additional funding through a combination of other equity or debt financings, government or other third-party financing, marketing and distribution arrangements or other collaborations, strategic alliances and licensing arrangements.

Our forecast of the period of time through which our financial resources will be adequate to support our operations is a forward-looking statement that involves risks and uncertainties, and actual results could vary materially. Our future capital requirements are difficult to forecast and will depend on many factors, including, but not limited to:


•	the scope, progress, results and costs of research and development and clinical trials related to the ELAD System or any future product candidates;


•	the cost and timing of scaling up and validating the manufacturing process for the ELAD System or any other product candidates for commercialization;


•	the cost and timing of commercialization activities, including reimbursement, marketing, sales and distribution costs, both before and after product approval (if any);


•	our ability to establish new collaborations, licensing or other arrangements and the financial terms of such agreements;


•	the number and characteristics of any future product candidates we pursue;


•	the costs involved with being a public company including costs of securities litigation;


•	the costs involved in preparing, filing, prosecuting, maintaining, defending and enforcing patents, including litigation costs and the outcome of such litigation; and


•	the timing, receipt and amount of sales of, or royalties on the ELAD System and any future product candidates.

Until such time, if ever, as we can generate substantial product revenues, we expect to finance our cash needs through a combination of stock offerings, debt financings, collaborations and licensing arrangements. We do not expect to achieve revenue from product sales prior to the use of the net proceeds raised to date. We do not have any committed external source of funds. Additional funds may not be available on acceptable terms, if at all. To the extent that we raise additional capital through the sale of equity securities, the ownership interest of our stockholders will be diluted and may be on terms that are not favorable to us or our stockholders. Debt financing, if available, may involve covenants restricting our operations or our ability to incur additional debt or other terms that are not favorable to us or our stockholders. If we raise additional funds through collaborations and licensing arrangements with third parties, which we have no prior experience in, we may have to relinquish some rights to our technologies or our products, or grant licenses on terms that are not favorable to us. If we are unable to raise adequate funds, we may have to liquidate some or all of our assets, or we may have to delay, reduce the scope of, or eliminate some or all of our development programs or clinical trials. We may also have to delay development or commercialization of our products or license to third parties the rights to commercialize products or technology that we would otherwise seek to commercialize. Any of these factors could harm our operating results.

Off-Balance Sheet Arrangements

Through March 31, 2016, we have not entered into and did not have any relationships with unconsolidated entities or financial collaborations, such as entities often referred to as structured finance or special purpose entities, which would have been established for the purpose of facilitating off-balance sheet arrangements or other contractually narrow or limited purpose.

Critical Accounting Policies and Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. requires us to make estimates and assumptions that affect amounts reported in the accompanying condensed consolidated financial statements and related notes. In preparing our financial statements, we make assumptions and estimates about future events and apply judgments that affect the reported amounts of assets, liabilities, revenue, expenses and the related disclosures. We base our assumptions, estimates and judgments on historical experience, current trends and other factors that management considers relevant. Because future events and their effects cannot be determined with certainty, actual results could differ materially from our assumptions and estimates. We have reviewed these critical accounting policies and related disclosures with the Audit Committee of our Board of Directors.

During the first three months of 2016, there were no significant changes in our critical accounting policies or in the methodology used for estimates. Please refer to Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in our Annual Report on Form 10-K filed with the Securities and Exchange Commission, or SEC, on March 8, 2016 for a more complete discussion of our critical accounting policies and estimates.

Recently Issued Accounting Standards

In March 2016, the FASB issued ASU No. 2016-09, "Compensation-Stock Compensation: Improvements to Employee Share-Based Payment Accounting," or ASU 2016-09. ASU 2016-09 will change how companies account for certain aspects of share-based payments to employees. The amendments in this update cover such areas as the recognition of excess tax benefits and deficiencies, the classification of those excess tax benefits on the statement of cash flows, an accounting policy election for forfeitures, the amount an employer can withhold to cover income taxes and still qualify for equity classification and the classification of those taxes paid on the statement of cash flows. The guidance will be effective for annual periods beginning after December 15, 2016, and interim periods therein. Early adoption of ASU 2016-09 as of its issuance is permitted. This guidance will be applied either prospectively, retrospectively or using a modified retrospective transition method, depending on the area covered in this update. We are currently evaluating the impact that adopting ASU 2016-09 will have on our condensed consolidated financial statements.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

There has been no material change in our assessment of sensitivity to market risk since our presentation set forth in “Quantitative and Qualitative Disclosures About Market Risk” in our Annual Report on Form 10-K filed with the SEC on March 8, 2016.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Management, with the participation of its Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures as of March 31, 2016. The term “disclosure controls and procedures,” as defined in Rule 13a-15(e) of the Securities Exchange Act of 1934, or the Exchange Act, means controls and other procedures of a company that are designed to provide reasonable assurance that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to provide reasonable assurance that information required to be disclosed is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. Management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their desired control objectives, and management necessarily is required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Based on the evaluation of our disclosure controls and procedures as of March 31, 2016, our Chief Executive Officer and Chief Financial Officer have concluded that, as of March 31, 2016, our disclosure controls and procedures were effective at the reasonable assurance level.

Changes in Internal Control over Financial Reporting

There was no change in our internal control over financial reporting that occurred during the quarter ended March 31, 2016 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

Part II - OTHER INFORMATION

Item 1. Legal Proceedings

Securities Litigation

Other Matters

Item 1A. Risk Factors.

Investing in our common stock involves a high degree of risk. Before deciding to invest in our company or deciding to maintain or increase your investment, you should consider carefully the risks and uncertainties described below. The risks and uncertainties described below and in our other filings with the SEC are not the only ones we face. If one or more of the following risks are realized, our business, financial condition and results of operations and prospects could be materially and adversely affected. In that event, the market price for our common stock could decline, and you may lose your entire investment.

Risks Related to Our Business

We have designed a new phase 3 clinical trial for ELAD^® based on the results of pre-specified and post-hoc analyses of our VTI-208 trial that has no assurance of success and may fail. Since ELAD is our sole product candidate, failure of this new trial could result in failure of the company.

In August 2015, we announced that the ELADSystem, our sole product candidate, failed to meet its primary and secondary endpoints in our VTI-208 phase 3 clinical trial. Following this announcement, we discontinued our VTI-210 and VTI-212 clinical trials and began a series of pre-specified and post-hoc analyses of the VTI-208 data to determine if there was a basis for continuing the development of the ELAD System. Based on these analyses, we prepared a preliminary protocol for a new clinical trial, VTL-308, incorporating changes based on clinically relevant trends we observed in subset data from the VTI-208 clinical trial, including limits on subjects' age, Model for End-stage Liver Disease, or MELD, score and the three components of MELD score associated with kidney dysfunction (creatinine), blood clotting dysfunction defined as international normalization ratio, or INR, and liver function (bilirubin). In November 2015, we received written responses from the U.S. Food and Drug Administration, or the FDA, to our Type C meeting request on the VTL-308 phase 3 clinical trial. At the FDA's suggestion, we have incorporated an event-driven feature into the trial design consistent with the primary endpoint of overall survival. Under the modified design, enrollment will continue until at least 150 subjects have been enrolled and 55 events have occurred, consistent with the event rate seen in the target subpopulation from VTI-208.

The design of or assumptions underlying our new VTL-308 clinical trial, including the inclusion and exclusion criteria, may prove to be incorrect or may not ultimately demonstrate statistical significance in overall survival over a control group. Further, even if statistical significance in overall survival is achieved, the results may not be accepted without a confirmatory study as the basis for the submission of a biologics license application, or BLA, to the FDA or for a similar filing with any other regulatory authority. For example, even if the VTL-308 clinical trial were to meet its primary endpoint under the contemplated design, the FDA or other regulatory authorities may still require an additional pivotal trial before granting market approval, which would require substantial additional time and funds in order to complete clinical development. If we are unsuccessful in our attempt to refocus our clinical development program, then we cannot continue with the development of the ELAD System, and we would need to undertake a review of potential business alternatives, which may include, but are not limited to, a merger or sale of the company or ceasing operations and winding down the business.

We may not be able to complete the development of, successfully obtain regulatory or marketing approval for, or successfully commercialize, the ELAD System.

To date, we have expended significant time, resources and effort on the development of the ELAD System. The unfavorable VTI-208 outcome has caused a significant delay in our plans to commercialize the ELAD System. In order to complete the development of the ELAD System, we will need to complete one or more additional clinical trials that successfully demonstrate statistical significance in overall survival over a control group, manage clinical and manufacturing activities, obtain necessary regulatory approvals from the FDA in the U.S., from the European Medicines Agency, or EMA, in the European Economic Area, and from foreign regulatory authorities in other jurisdictions, obtain commercial manufacturing supply, build a commercial marketing organization or enter into a commercial marketing collaboration with a third party, and in some jurisdictions, obtain reimbursement authorization, among other things. If we do not successfully complete the necessary clinical trials, do not have sufficient commercial manufacturing supply for the ELAD System, encounter additional difficulties in the development of the ELAD System due to any of the factors discussed in this “Risk Factors” section or otherwise, we do not seek or receive regulatory approval or are unable to successfully commercialize the ELAD System, if approved, then we will not be able to continue our business in its current form, and we would need to undertake the review of potential business alternatives discussed above.

We are involved in pending securities litigation, and an adverse resolution of such litigation may adversely affect our business, financial condition, results of operations and cash flows.

Following our announcement that the ELAD System, our sole product candidate, failed to meet its primary and secondary endpoints in our VTI-208 phase 3 clinical trial, we became the subject of lawsuits alleging securities law violations. This type of litigation can be expensive and disruptive to normal business operations, and the outcome can be difficult to predict regardless of the facts involved. An unfavorable outcome with respect to any of these lawsuits could have a material adverse effect on our business, financial condition, results of operations or cash flows. For additional information regarding these lawsuits, see Note 4, "Commitments and Contingencies," in the notes to the condensed consolidated financial statements.

We are a clinical-stage company with no approved products, which makes assessment of our future viability and performance difficult.

We are a clinical-stage company and we have no approved products or revenues from the sale of products. Our operations to date have been limited to organizing, staffing and financing our company, applying for patent rights, manufacturing on a clinical scale, undertaking clinical trials of our product candidate, and engaging in research and development. Our most recent clinical trials failed to reach both their primary and secondary endpoints or were terminated. We have not yet demonstrated an ability to obtain regulatory approval, manufacture products on a commercial scale, or conduct the sales and marketing activities necessary for successful product commercialization. As a result, there is limited information about us for investors to use when assessing our future viability and our potential to successfully develop product candidates, conduct clinical trials, manufacture our products on a commercial scale, obtain regulatory approval and profitably commercialize any approved products.

We are totally dependent upon the success of the ELAD System, our sole product candidate.

The ELAD System is designed to improve survival rates of patients with certain forms of liver failure resulting from hepatocellular insult. The ELAD System is a novel product candidate whose safety, efficacy and other attributes have not been demonstrated in well-designed, large scale, clinical trials and are not fully understood. As a cell-based therapy, the ELAD System’s mechanism-of-action is complex, and we cannot be certain that our currently-targeted indication of alcohol-induced liver decompensation, or AILD, which includes severe acute alcoholic hepatitis, or sAAH, in the U.S. and Europe, and viral hepatitis (predominantly hepatitis B) in China represent suitable applications for the ELAD System, or even ones where the ELAD System therapy can or will ultimately be shown to be safe and effective in well-designed phase 3 clinical trials necessary to support regulatory approval in any jurisdiction. For example, our phase 3 trial in AILD, VTI-208, failed to reach both its primary and secondary endpoints. Finally, even if the ELAD System is proven to be safe and effective and ultimately receives regulatory approval, there is no guarantee that its commercialization will be successful. If the ELAD System fails at any stage in our clinical trials or at the marketing stage, our business and operating results and financial condition will be materially and adversely affected.

We cannot give any assurance that we will successfully complete the ELAD System’s clinical development, or that the ELAD System will receive regulatory approval in a timely fashion or at all.

We are subject to all of the uncertainties and complexities affecting a clinical-stage, combination product, biologic and medical device company. We have not successfully completed clinical development for any of the ELAD System’s potential indications in the U.S. or Europe where the ELAD System is regulated as a combination biologic and medical device, and a combined somatic cell Advanced Therapy Medicinal Product, respectively. We initiated a new phase 3 clinical trial, referred to as VTL-308, designed to establish the safety and efficacy of the ELAD System and to support approval in the U.S. and Europe. This clinical trial is expected to be performed in certain subjects with sAAH. Any additional indications we elect to pursue will require the initiation and completion of additional phase 3 clinical trials demonstrating safety and efficacy for each such indication. For example, even prior to our VTI-208 clinical trial, the FDA had noted its view that preliminary clinical evidence did not indicate that the ELAD System may demonstrate a substantial improvement over standard of care. Since then, our VTI-208 clinical trial failed to meet both its primary and secondary endpoints. There is no guarantee that any future clinical trials will be completed in a timely fashion or succeed. Our ability ultimately to reach profitability is critically dependent on our future success in obtaining regulatory approval for the ELAD System. However, there can be no assurance that any future clinical trials will be timely commenced, successful, or that regulators will approve the ELAD System in a timely manner, or at all.

If we fail to obtain regulatory approval in the U.S. and Europe, our business would be harmed.

We require regulatory approval for each indication we are seeking before we can market and sell the ELAD System in a particular jurisdiction for such indication. Our ability to obtain regulatory approval of the ELAD System depends on, among other things, successful completion of phase 3 clinical trials, and demonstrating efficacy with statistical significance and acceptable safety in humans. The results of our current proposed clinical trial and any future clinical trials may not meet the FDA, the EMA or other regulatory agencies’ requirements to approve the ELAD System for marketing under any specific indication, and these regulatory agencies may also determine that our manufacturing processes or facilities are insufficient to support approval. For example, the FDA had previously noted its view that preliminary clinical evidence available prior to our VTI-208 clinical trial did not indicate that the ELAD System may demonstrate a substantial improvement over standard of care. Additionally, the negative results of VTI-208 may bias the FDA, EMA and other regulatory authorities against the ELAD System. As such, we may need to conduct more clinical trials than we currently anticipate and upgrade our manufacturing processes and facilities, which may require significant additional time and expense and which could delay or prevent approval. If we fail to obtain regulatory approval in a timely manner, our commercialization of the ELAD System would be further delayed and our business would be harmed.

If we are able to secure marketing approval, our commercial success will be determined by our ability to obtain acceptable pricing and reimbursement for the ELAD System.

Therapies such as the ELAD System are paid for primarily by private and government insurance, although in some markets payment may be made by private individuals and their families. Reimbursement policies and decisions for medical products is a highly bureaucratic, politicized and regulated process that includes consideration of factors such as cost effectiveness and meaningful patient benefit. Government and third-party payors are under great pressure to reduce costs. Furthermore, there are no therapies approved to restore liver function and the lack of an established reimbursement structure introduces additional uncertainty with regard to reimbursement for the ELAD System. Although we commissioned a report in 2013 from pricing study and reimbursement specialists that concluded we should target a commercial price between $150,000 and $275,000 for ELAD therapy in the U.S., we do not know whether this price is achievable or sustainable. Further, this report was prepared prior to the failure of the VTI-208 clinical trial, the discontinuation of our VTI-210 and VTI-212 clinical trials and prior to the commencement of a new phase 3 trial, all of which may result in a lower target commercial price if the report was recreated based on the additional information known to us. Although we do not expect to determine a target commercial price for ELAD therapy either within or outside of the U.S. until after completion of a successful clinical trial, we believe it may be difficult to sustain a commercial price outside of the U.S. at or above the commercial price in the U.S. In addition, we will have no control over the reimbursement or conditions that may be set by the government or private insurers, if any, assuming we are able to secure marketing approval for the ELAD System. In markets where payment will be made by private individuals and their families, such private payors may not be prepared to pay an acceptable price.

If we are unable to implement our sales, marketing, distribution, training and support strategies or enter into agreements with third parties to perform these functions in markets outside of the U.S. and Europe, we will not be able to effectively commercialize the ELAD System and may not reach profitability.

Our technology is new and complex, and potential customers will have limited knowledge of, or experience with, the ELAD System. In addition, we have no ELAD System-related sales and marketing experience either domestically or abroad. We have not commercialized the ELAD System anywhere. Our commercial success will depend on our ability to market and receive adequate reimbursement of the ELAD System. This success will also depend on our ability to obtain and maintain adequate pricing for the ELAD System.

We do not have a sales or marketing infrastructure and have no experience in the sale, marketing or distribution of biologic products and medical devices. To achieve commercial success for the ELAD System, if and when we obtain marketing approval, we will need to establish a sales and marketing organization, and we are unable to predict how we will market the ELAD System. In the future, we expect to build a targeted sales, marketing, training and support infrastructure to market the ELAD System in the U.S. and Europe and to establish collaborations opportunistically to market, distribute and support the ELAD System outside of the U.S. and Europe. There are risks involved with establishing our own sales, marketing, distribution, training and support capabilities. For example, recruiting and training sales and marketing personnel and personnel necessary to initially provide on-site device support and later device training to end-users is expensive and time consuming and could delay any product launch. If the commercial launch of the ELAD System is delayed or does not occur for any reason, we would have prematurely or unnecessarily incurred these commercialization expenses. This may be costly, and our investment would be lost if we cannot retain or reposition our sales, marketing, training and support personnel.

Factors that may inhibit our efforts to commercialize the ELAD System on our own include:


•	our inability to recruit, train and retain adequate numbers of effective sales, marketing, training and support personnel;


•	the inability of sales personnel to obtain access to physicians, including key opinion leaders, or to persuade adequate numbers of physicians to use the ELAD System;


•	our inability to properly support the ELAD System therapy with our own qualified personnel at each customer site or our inability to properly train and support our customers to use the ELAD System effectively on their own;


•	the lack of complementary products to be offered by sales personnel, which may put us at a competitive disadvantage relative to companies with more extensive or integrated product offerings; and


•	unforeseen costs and expenses associated with creating an independent sales, marketing, training and support organization.

If we are unable to establish our own sales, marketing, distribution, training and support capabilities and instead enter into arrangements with third parties to perform these services, our product revenues, gross margins and our profitability, if any, are likely to be lower than if we were to market, sell and distribute the ELAD System ourselves. In addition, we may not be successful in entering into arrangements with third parties to sell, market and distribute the ELAD System, or may be unable to do so on terms that are favorable to us. We likely will have little control over such third parties, and any of them may fail to devote the necessary resources and attention to commercialize the ELAD System effectively. If we do not establish sales, marketing, distribution, training and support capabilities successfully, either on our own or in collaboration with third parties, we will not be successful in commercializing the ELAD System and achieving profitability, and our business would be harmed.

We have incurred losses since our inception and expect to incur significant losses in the foreseeable future and may never become profitable. Even if we ultimately achieve profitability, it may not be sustained and we may require additional capital.

We are a clinical-stage company and clinical development of a novel therapy is a highly speculative undertaking. We have incurred significant losses in each fiscal year since our inception, including net losses of $9.6 million for the three months ended March 31, 2016 and $52.0 million and $47.7 million for the years ended December 31, 2015 and 2014, respectively. As of March 31, 2016, we had an accumulated deficit of $212.4 million. We expect to spend a considerable amount of our resources on the completion of our clinical programs and the work necessary to submit and gain approval of our ELAD System, on the production of the ELAD cartridges and bedside units, on investment in production facilities, and on the commercial launch and sales and marketing of the ELAD System. We also expect to expend considerable resources on research and development to develop new and improved products and to understand the mechanism of action of the ELAD System. To date, we have not generated significant revenues, and we anticipate incurring additional losses and negative cash flow from operations for at least the next several years. Even if we do achieve profitability in the future, there is no guarantee that we will be able to sustain this profitability in subsequent periods and we may need to raise additional capital.

Our ability to use our net operating losses to offset future taxable income may be subject to certain limitations.

As of December 31, 2015, we had net operating loss, or NOL, carryforwards of approximately $133.0 million and $132.6 million, net of estimated limitations caused by certain ownership changes under Section 382 of the Internal Revenue Code, for federal and state income tax purposes, respectively. In general, under Section 382, a corporation that undergoes an “ownership change” is subject to limitations on its ability to utilize its pre-change NOLs to offset future taxable income. We believe our existing NOLs are subject to limitations arising from previous ownership changes, and if we undergo any further ownership changes, our ability to utilize NOLs could be further limited. Future changes in our stock ownership, some of which are outside of our control, could also result in additional ownership changes under Section 382. Furthermore, our ability to utilize NOLs of companies that we may acquire in the future may be subject to limitations. For these reasons, we may not be able to utilize a material portion of the NOLs, even if we attain profitability.

Our internal computer systems, cloud-based systems and those used by our clinical investigators, contract research organizations or other contractors or consultants, may fail or suffer security breaches, which could result in a material disruption of our development programs for the ELAD System.

We rely on information technology systems to keep financial records, maintain laboratory, clinical data and corporate records, communicate with staff and external parties and operate other critical functions. Despite the implementation of security measures, our internal computer systems, cloud-based systems and those used by our clinical investigators, clinical research organizations, or CROs, and other contractors and consultants are vulnerable to damage from computer viruses, unauthorized access, natural disasters, cyber-attacks, terrorism, war, and telecommunication and electrical failures. The techniques that could be used to attack these computer systems are sophisticated, change frequently and may originate from less regulated and remote areas of the world. As a result, we may not be able to address these risks proactively or implement adequate preventative measures. While, to our knowledge, we have not experienced any significant system failure, theft of information, accident or security breach to date, if such an event were to occur and cause interruptions in our operations, it could result in a material disruption of our clinical development or manufacturing activities. For example, the loss of clinical trial data from future clinical trials could result in delays in regulatory approval efforts and significantly increase costs to recover or reproduce the data. To the extent that any disruption, theft of information, or security breach were to result in a loss of or damage to data or applications, or inappropriate disclosure of confidential or proprietary information, we could incur liability and the clinical development and any future development of the ELAD System could be delayed.

Risks Related to the ELAD System’s Clinical Development

We have limited experience in conducting pivotal clinical trials used to support regulatory approval and our prior clinical trials of the ELAD System did not demonstrate a statistically significant improvement in survival, the primary endpoint that is needed to support regulatory approval.

Our VTI-208 phase 3 randomized, controlled, open-label trial evaluating the ELAD System in subjects with AILD failed to meet the primary endpoint of overall survival through at least 91 days assessed using the Kaplan Meier statistical method. Our protocol for our new clinical trial in sAAH, VTL-308, incorporates limits on subjects' age, MELD score and its three components. While the endpoints and populations for VTL-308 are derived from results of our prior studies, including the results of VTI-208, and based on medical literature, in none of those prior studies have we demonstrated a statistically significant effect on the population based on the endpoints prospectively described in the study plan. Our prior clinical trials of the ELAD System in AILD, of which sAAH is a subset, did not demonstrate statistically significant improvement over standard of care in the primary endpoint of survival through at least study day ninety-one. Similarly, our prior clinical trials of the ELAD System in FHF did not demonstrate statistically significant improvement in the primary endpoint of 28-day survival. The lack of statistical significance could be attributed to various factors, including the lack of power to demonstrate significance, the design of the studies or the lack of an ELAD System treatment benefit.

Any positive results from previous clinical trials may not be predictive of future results.

Any positive results from our prior clinical trials, including either statistical significance in some endpoints or trends towards statistical significance in other endpoints, should not be relied upon as evidence that our current or future clinical trials will necessarily succeed. While we believe that we have learned valuable lessons from the results of prior trials and have attempted to use these lessons to guide our design of VTL-308, there can be no guarantee that these lessons are correct or that we have effectively incorporated them into the design of VTL-308. For example, our primary endpoint in VTI-208 was based on the results of a subset of subjects in our VTI-206 clinical trial. Although that subset showed a trend toward increased survival up to at least study day ninety-one, it consisted of only 29 subjects. The FDA has noted its belief that this preliminary clinical evidence did not indicate that our product may demonstrate a substantial improvement over standard of care. We cannot provide any guarantee that our possible future clinical trials will provide statistically significant data sufficient to support regulatory approval.

If we fail to select appropriate subjects for our phase 3 clinical trials or if these subjects do not progress as expected, it will be difficult for us to demonstrate the statistically significant efficacy of the ELAD System therapy necessary to gain approval.

We designed VTI-208 and VTI-210 in accordance with input provided by regulatory authorities that we must demonstrate a statistically significant improvement in a survival endpoint. VTI-208 and VTI-210 included concurrent control subjects in a 1:1 ratio with treated subjects, and all subjects were to be included in the statistical analysis. Each study was designed to enroll subjects with an expected death rate of about 50% in 90 days without the ELAD System therapy. It was and is necessary to select subjects with high expected death rates in order to be able to determine whether the ELAD System has an effect on treated subjects and to help determine the number of subjects to enroll in a clinical trial in order to be able to achieve statistical significance. We monitor certain baseline characteristics of the subjects we are enrolling in our studies (such as age and MELD scores) to assess that the population characteristics are similar to prior studies in which death rates were in the target range. Although we have incorporated limits on age, MELD scores, creatinine, INR and bilirubin for VTL-308, there is no assurance that revised parameters will be sufficient to predict survival. Additionally, there is no assurance that the inclusion and exclusion criteria for VTL-308, which will have the same primary and secondary endpoints as the VTI-208 clinical trial, will help the study show statistical significance, and it may be more difficult for us to find subjects with the narrower criteria, which could delay enrollment and increase the costs of VTL-308 beyond our current expectations. Moreover, if we do not succeed in selecting appropriate subjects or if the subjects we select do not progress as expected, we may not be able to demonstrate statistically significant efficacy of the ELAD System therapy necessary to gain approval.

Random variation or changes in standard of care could cause our clinical trials to be delayed and/or fail.

Regulatory authorities worldwide have adopted the standard that, to gain marketing approval, clinical trials should produce a result that has less than a 5% probability of being due to random variation. There is no assurance that any of our possible future clinical trials will meet that standard. In addition, we have designed all of our clinical trials to be judged by a survival primary endpoint, which may be difficult to achieve for many reasons, including unanticipated survival rates of control subjects due to random variations, deficiencies in our exclusion and inclusion criteria, and the standard of care of the subjects, which may vary from site to site and country to country and is continuously evolving. For example, the FDA had expressed concern that the VTI-208 study may not have been adequately designed to provide convincing evidence of efficacy if there are significant differences in how the ELAD System subjects and controls are treated during the treatment period and after hospital discharge. VTL-308 will bear the same risk. Variations in length of hospital stay, rates of hospital re-admission, alcohol recidivism rates, nutritional support, and concomitant medications, which are not within our control, could significantly confound the study results and call into question whether any difference in survival is due to the ELAD System or to these factors. Moreover, evolution in the standard of care for the treatment of patients with acute forms of liver failure could make our trials difficult to enroll and interpret. For instance, the results of the Steroids or Pentoxifylline for Alcoholic Hepatitis (STOPAH) study funded by the UK National Institute for Health Research failed to demonstrate any significant benefit in the primary analysis of overall survival for subjects treated with either steroids, pentoxifylline or a combination of the two at one, three or twelve months, as compared with placebo. Any of these factors, which are beyond our control, could materially and adversely affect the results of any future phase 3 clinical trials and prevent us from gaining regulatory approval of our ELAD System therapy. In addition, even if the results of our clinical programs are positive, our inability to control or adequately account for these factors between treatment arms could cause the FDA or other regulatory authorities to determine that the results are not adequate, or must be reproduced in a confirmatory study, to support marketing approval.

The ELAD System treatment could result in significant clinical risks to the patient, including death.

The ELAD System therapy is targeted towards very sick patients who are likely to die if left untreated. Patients with liver failure resulting from acute hepatocellular insult quickly develop failure of other organs including lungs, kidney, brain, and blood coagulation systems. Patients who receive the ELAD System therapy may die due to other serious health problems even if the ELAD System is effective.

All extracorporeal therapy systems, including the ELAD System, cause a decline in blood platelets, which can lead to coagulation problems and uncontrolled bleeding because platelets are critical to clot formation. Patients with liver failure generally have serious blood clotting problems since the liver produces almost all of the body’s blood clotting proteins. These patients therefore have wide variations in their ability to coagulate their blood. To minimize blood clotting issues during ELAD treatment, some subjects require an infusion of anti-coagulants, which can aggravate bleeding. Because every subject is different, the need for anti-coagulant therapy is variable and must be closely monitored during ELAD System therapy. The risk of uncontrolled bleeding may be treated during the ELAD System therapy by administering platelet transfusions or by administering blood coagulation factors. However, there have been cases of uncontrolled bleeding during and after the ELAD System therapy. Additionally, some patients have abnormal red blood cells, which have weakened cell walls subject to rupture by physical force, a process known as hemolysis. The physical force exerted on the red blood cells by the ultrafiltrate generator in the ELAD System line can, in some cases, be enough to cause overt mechanical hemolysis that resolves after ELAD treatment is stopped, but can result in death if it continues too long. The incidence of hemolysis was less than 0.5% in subjects enrolled in our prior clinical trials, and one patient died in the China trial as a result of hemolysis.

Data from our clinical trials suggest that ELAD should not be used in subjects with acute kidney injury (defined as a serum creatinine level of greater than or equal to 1.5 mg/dL). The use of extracorporeal systems such as ELAD may cause harm in patients with pre-existing kidney injury because these subjects are at an increased risk to develop fluid overload due to the renal impairment. Furthermore, ELAD treatment should be stopped if a patient develops any indication for renal replacement therapy, because patients with renal impairment are less likely to be able to tolerate the increased stresses associated with two extracorporeal devices requiring high venous flow rates.

Similarly, data from our prior clinical trials suggest that ELAD should not be used in subjects with severe coagulopathy (problems with blood clotting, defined as an INR of greater than 2.5). The use of extracorporeal systems such as ELAD may cause harm in patients with preexisting severe coagulopathy because the circulation of blood outside the body can cause a depletion in circulating factors associated with the blood clotting cascade, and reductions in the number of circulating platelets in the blood which are required for the blood to clot properly. As a result, subjects on extracorporeal systems such as ELAD are at an increased risk to develop bleeding issues.

Human liver-derived C3A cells have been shown in animal studies to have the capacity to grow into a tumor mass under certain conditions. While it is possible that some VTL C3A cells could escape from the ELAD cartridges and cause tumors in patients or produce substances that could lead to the development of malignant tumors, it is expected within the natural medical history of this population of patients with chronic liver disease (whether caused by hepatitis B or alcohol) that a certain incidence of cancer will be reported. There was no evidence that the incidence or type of cancer was different between the ELAD and control group in the China study. There has been one reported cancer (colon cancer) in VTI-208 in an ELAD-treated subject. Long term follow up of VTI-208, as required by the regulatory authorities, will provide more information. These or other adverse events, even those that are currently unforeseen, could significantly affect our development and commercialization efforts, cause the regulatory authorities to place our clinical trials on hold or to refuse to grant or maintain the marketing approval or result in withdrawal of the ELAD System from the market.

Ethical considerations require us to conduct open-label clinical trials of the ELAD System where control subjects do not receive a sham treatment and this could introduce unacceptable bias into our trial results.

We are not conducting any of our clinical trials with a sham control extracorporeal circuit that includes empty cartridges. This is due to the potential harm that the extracorporeal circuit can cause to control subjects without the potential for any benefit, which makes it unethical to subject the controls to a sham. Although regulatory agencies agree that, due to the nature of the ELAD System therapy, it is not possible to conduct a blinded study, they have expressed concern that the open-label nature of the study may introduce significant bias in the treatment of the ELAD System or control subjects, since the study subject, physicians and caregivers know who has and has not received the ELAD System therapy. We have developed a protocol that attempts to minimize this bias to the extent possible, including defining a protocol-specific standard of care, specifying steroid treatment, standardizing the discharge criteria for both the ELAD System and control subjects, requiring that follow-up visits are conducted by a blinded reviewer, ensuring home healthcare nurses and other clinical personnel are unaware of treatment assignment, educating subjects not to reveal treatment assignment to their caregivers and monitoring concomitant medications, alcohol recidivism and interaction with the healthcare system to provide evidence that there is no meaningful difference between the groups that could significantly confound the trial data. However, there is no guarantee that bias will not enter into the trial, affect the results or cause regulatory agencies to refuse marketing approval of the ELAD System.

If we encounter difficulties enrolling subjects in our clinical trials, our clinical trials could be delayed or otherwise adversely affected.

Clinical trials for the ELAD System require us to identify and enroll a large number of subjects that meet all of the entry criteria set forth in our protocols, including having the disease under investigation. We may not be able to enroll a sufficient number of subjects who meet our protocol requirements in a timely manner. Subject enrollment is affected by numerous factors, many of which fall outside of our control, including:


•	timeliness of contracting with clinical trial sites, and obtaining approval of the trial by the institutional review boards, or IRBs, at each site;


•	lack of a sufficient number of subjects who meet the enrollment criteria for our clinical trials;


•	perceived risks and benefits of the product candidate under study;


•	availability of competing therapies and clinical trials;


•	efforts to facilitate timely enrollment in clinical trials;


•	scheduling conflicts with participating clinicians; and


•	proximity and availability of clinical trial sites for prospective subjects.

In light of disclosures of our VTI-208 data by us and others, it is possible that subjects will be less willing to participate in future trials of the ELAD System. Additionally, we may experience difficulties enrolling new subjects based on the new exclusion and inclusion criteria for VTL-308. Even when we identify an appropriate subject population for a clinical trial, there can be no assurance that the subjects will elect to enroll in the study or complete the study. These difficulties could impact our anticipated budget and timeline for VTL-308.

If we have difficulty enrolling a sufficient number of subjects to conduct our clinical trials as planned or if enrolled subjects fail to complete the study or comply with our protocols, particularly with regard to follow-up appointments, the completion of our clinical trials will be delayed, and our business would be harmed.

We may face delays in completing our clinical trials, and we may be required to suspend, repeat or terminate our clinical trials if they are not conducted in accordance with applicable regulatory requirements, the results are negative or inconclusive, or the clinical trials are not well-designed or executed as expected.

Our future clinical trials must be conducted in accordance with regulations governing clinical studies, and are subject to oversight by the FDA, foreign governmental agencies, ethics committees and IRBs at the medical institutions where the clinical trials are conducted. In addition, clinical trials may require large numbers of test subjects. Changes in regulatory requirements may occur at any time and we may need to amend clinical trial protocols to reflect such changes. In addition, we may voluntarily amend our protocols, as we did for our VTI-210 clinical trial. Amendments may require us to resubmit our clinical trial protocols to ethics committees or IRBs for reexamination, which may impact the costs, timing or successful completion of the underlying trial.

Our future clinical trials may require amendment or be delayed, not approved, unsuccessful or terminated as a result of many factors, including:


•	delays or failures in designing an appropriate clinical trial protocol with sufficient statistical power and in reaching agreement on trial design with investigators and regulatory authorities;


•	delays or failure in reaching agreement on acceptable terms with prospective CROs and clinical trial sites, the terms of which can be subject to extensive negotiation and may vary significantly among different CROs and trial sites;


•	delays or failure by CROs, investigators and clinical trial sites in ensuring the proper and timely conduct of our clinical trials;


•	delays or failure by us in manufacturing sufficient quantities of the ELAD cartridges pursuant to required quality standards for use in our clinical trials and by third-party manufacturers in supplying necessary and suitable components for the ELAD System;


•	delays or failure in transporting the ELAD System and cartridges to clinical trial sites with sufficient rapidity to enable treatment to begin early enough to have an opportunity for clinical benefit;


•	delays or failure in completing data analysis and achieving primary and secondary endpoints;


•	delays in subject enrollment or site initiation, including in light of, among other things, our negative results from VTI-208;


•	regulators or clinical site ethics committees or IRBs may not approve, delay, suspend or terminate clinical research for various reasons, including noncompliance with regulatory requirements or concerns about patient safety;


•	we may suspend or terminate our clinical trials if we believe the ELAD System is exposing the participating subjects to unacceptable health risks or for other reasons;


•	subjects may not complete our clinical trials due to safety issues, adverse events, inconvenience or other reasons;


•	subjects in our clinical trials may die or suffer other adverse events for reasons that may be either related or unrelated to the ELAD System, particularly given the critically ill nature of these subjects;


•	we may have difficulty in maintaining contact with subjects after treatment, preventing us from collecting the data required by our study protocol; and


•	final analysis of the data of our clinical trials may conclude that the ELAD System lacks sufficient clinical efficacy or presents unacceptable safety risks.

If our clinical trials fail to provide evidence of safety and efficacy sufficient to satisfy the requirements of the regulatory authorities such as with VTI-208, the ELAD System will not be approved unless we are able to perform additional clinical trials showing such safety and efficacy. Delays in the completion of, or termination of, any clinical trial of the ELAD System may harm the future commercial prospects of the ELAD System, and our ability to generate revenues may be delayed or eliminated. In addition, any delays in completing our clinical trials increases our costs, slows down our development and approval process and delays or jeopardizes our ability to commercialize the ELAD System. These occurrences harm our business, financial condition and prospects significantly.

Risks Related to Regulatory Matters

The FDA regulatory approval process is complex, time-consuming and unpredictable. In addition, our negative VTI-208 data may adversely affect the attitude of regulatory authorities toward the development of the ELAD System.

In the U.S., the ELAD System is regulated as a combination biologic and medical device. Before the ELAD System can be marketed in the U.S., we must submit and the FDA must approve a BLA. In addition, the device components of the ELAD System must be found acceptable as part of the BLA. The ELAD System is a novel therapy involving a combination biologic and medical device and the regulatory review process is complex, time-consuming and unpredictable. As a result, our development costs, timelines and approvals are not readily predictable.

The time required to obtain approval by the FDA to market a new therapy is unpredictable but typically takes many years and depends upon many factors, including the substantial discretion of the regulatory authorities.

The ELAD System could fail to receive regulatory approval for many reasons, including the following:


•	the FDA may disagree with the design or implementation of our clinical trials or study endpoints. For example, it has expressed concern about the open-label design and multiplicity of confounding variables, including the need for delineating the standard of care that both treatment and controls will receive during our studies;


•	we may be unable to demonstrate to the satisfaction of the FDA that the ELAD System is safe and effective for its proposed indications or that the ELAD System provides significant clinically relevant benefits;


•	the results of our clinical trials may not meet the level of statistical significance required by the FDA for approval or may not support approval of a label that could command a price sufficient for us to be profitable;


•	the FDA may disagree with our interpretation of data from preclinical studies or clinical trials;


•	the opportunity for bias in the clinical trials as a result of the open-label design may not be adequately handled and may cause our trial to fail;


•	the ELAD System may be subject to an FDA advisory committee review, which is triggered by an FDA request and is solely within the FDA’s discretion, which may result in unexpected delays or hurdles to approval;


•	the FDA may determine that the manufacturing processes at our facilities or facilities of third party manufacturers with which we contract for clinical and commercial supplies are inadequate;

•

even if VTL-308 is successful in demonstrating a statistically significant improvement over standard of care, in light of the fact that certain confounding factors may be viewed by the FDA as limiting the persuasiveness of the study results, a single successful phase 3 clinical trial may not be sufficient to provide the substantial evidence of effectiveness necessary to support regulatory approval, and therefore we may need more than one phase 3 clinical trial to secure regulatory approval;


•	the FDA has commented that even if one of our phase 3 clinical trials is a statistical and clinical success, a second confirmatory trial that substantiates positive results may be necessary to support a BLA;


•	the approval policies or regulations of the FDA may significantly change in a manner rendering our clinical data insufficient for approval; and


•	the negative results from VTI-208 could result in more stringent requirements being imposed by the regulatory bodies and advisory groups.

The FDA expressed concern with our past phase 3 clinical trial, VTI-208, that if there are significant differences in how the ELAD and control subjects are treated during the study and after discharge from the hospital, the study may not be able to provide convincing evidence of safety and efficacy. Differences in length of hospital stay, rates of hospital re-admission, alcohol recidivism rates, nutritional support, and concomitant medications could significantly confound the VTL-308 study results.

In addition, even if we were to obtain approval, the FDA may grant approval contingent on the performance of costly post-marketing clinical trials, or may approve the ELAD System with a label that does not include the labeling claims necessary or desirable for successful commercialization of the ELAD System. Any of the above could materially harm the ELAD System’s commercial prospects.

The regulatory approval processes of foreign regulatory authorities are lengthy, time-consuming and inherently unpredictable.

Outside the U.S., our ability to market the ELAD System is contingent upon receiving marketing authorizations from appropriate regulatory authorities. If our clinical programs are successful, we currently anticipate submitting applications for marketing authorization to the EMA in the European Union. The requirements governing the conduct of clinical trials, marketing authorization, pricing and reimbursement vary widely from country to country, and we may be unable to meet such requirements. If the regulatory authority is satisfied that adequate evidence of safety, efficacy, and quality has been presented, a marketing authorization will be granted. The foreign regulatory approval process involves all of the risks associated with FDA approval.

Even if the ELAD System receives regulatory approval, we will be subject to ongoing regulatory requirements and may face regulatory or enforcement action.

If any ELAD System product receives regulatory approval, we will be subject to significant ongoing regulation by the FDA and other regulatory authorities, including regulation of our manufacturing operations and any third-party manufacturing operations for compliance with applicable current Good Manufacturing Practices, or cGMP, and/or Quality System Regulation, or QSR, post-approval clinical data, adverse event reporting and complaint handling, and advertising and promotional activities. Failure to comply with regulatory requirements may subject us to sanctions. These may include warning letters, adverse publicity, civil and criminal penalties, injunctions, product seizures or detention, and refusal to approve pending product marketing applications.

Risks Related to the Medical Device Components of the ELAD System

If we or our third-party manufacturers fail to comply with QSR in the U.S. or Medical Device Directives and Standards in Europe, our business would suffer.

We are required to demonstrate and maintain compliance with applicable regulations for the manufacturing of combination biologic products, including specified parts of the QSR and European Medical Device Directives, or MDD. Our third-party medical device manufacturers are required to demonstrate and maintain compliance with the QSR and MDD. The QSR and MDD are complex regulatory schemes that cover the methods and documentation of the design, testing, control, manufacturing, labeling, quality assurance, packaging, storage and shipping of the ELAD System. Regulatory agencies enforce the QSR and MDD through periodic inspections. Prior to approval of the ELAD System, our manufacturing facility will be subject to a preapproval inspection to determine compliance with the applicable regulations, including cGMPs, parts of the QSR, the European drug cGMP regulations, and the MDD. In addition, our third-party medical device component manufacturers will be subject to a preapproval inspection to determine compliance with QSR and MDD requirements. Our failure, or the failure of our third-party manufacturers, to pass a preapproval inspection, or take satisfactory and prompt corrective action in response to an adverse inspection, could prevent or significantly delay approval of the ELAD System.

The ELAD System bedside unit is based on a cardio-pulmonary bypass system that has been replaced with an updated system, and regulatory authorities may not view the systems as interchangeable, which could cause regulatory approvals to be significantly delayed.

The ELAD System bedside unit was originally based exclusively on the Sorin Stöckert Perfusion System S3 Double Head Pump Module, a medical device indicated for use during cardio-pulmonary bypass surgery. All or part of our early clinical trials were carried out using an ELAD System bedside unit based on Sorin’s S3 system. However, Sorin stopped selling the S3 system and replaced it with an updated S5 system. We have carried out testing of an ELAD System bedside unit based on the S5 and we believe that the S3 and S5 systems are equivalent and interchangeable from a clinical and regulatory perspective. We have submitted information to both the U.S. and the European regulatory authorities to support equivalence. Both the S3 and S5 systems were used in our VTI-208 and VTI-210 clinical trials and both will also be used in VTL-308. There can be no assurance that regulatory authorities will continue to view the S3 and S5 systems interchangeably, or that Sorin will cooperate with us or provide us with the documentation necessary for inclusion in a BLA submission, if any, which would be required to obtain regulatory approval of our ELAD System. If regulatory authorities do not view the S3 and S5 systems as equivalent, or Sorin fails to provide the information necessary for inclusion in our regulatory filings, approval of our ELAD System may be significantly delayed or prevented.

One of the ELAD System component suppliers is subject to an FDA consent decree which, if not lifted, would force us to find another supplier for these components.

One of the components of the ELAD System bedside unit is manufactured by Terumo Cardiovascular System, or Terumo. In March 2011, Terumo entered into a consent decree with the FDA which limited its ability to ship products from certain of its manufacturing facilities including the one that manufactures the component we use. We received notice from Terumo in March 2015 that although Terumo remains under its consent decree, all injunctive restrictions were lifted for the component used in the ELAD System. However, should Terumo not be able to fulfill the requirements of the consent decree, we will have to source these components from an alternative supplier. There is no guarantee that Terumo will be able to fulfill the requirements of the consent decree, or that an alternative supplier can be found that will agree to terms reasonably acceptable to us.

Changes in any of the device components could affect our ability to complete our clinical trials and to obtain and maintain approval and commercialization efforts.

The device components of the ELAD System will be reviewed as part of the BLA for the ELAD System, if any. If the manufacturers of those components make modifications, discontinue supplying or are unable to supply sufficient quantities of such components during our clinical testing or after any approval, or if we elect to change a component, we will need to perform validation testing and obtain FDA and other regulatory approval prior to using the modified or replacement component. For example, one of our suppliers had an issue sourcing a raw material that is used in the manufacturing of tubing, which is a component of the ELAD System. If we had not been able to obtain sufficient quantities of this tubing on a timely basis, we would have had to delay enrollment in our clinical trials until additional supplies became available, or we would have been required to validate an alternative tubing to use, which could have delayed our clinical trials and increased our costs. If the FDA or any other regulatory body fails to approve use of those modified or replacement devices, takes significant enforcement action against the manufacturer or if we are unable to validate a replacement component, we would not be able to complete our clinical trials or, in the future, we might not be able to market or could have to suspend marketing of the ELAD System in certain jurisdictions.

We may be unable to demonstrate that devices cleared for different uses may be safe and effective for use in the ELAD System.

Most device components of the ELAD System have been previously cleared for use by the FDA or other regulatory authorities. However, in some instances, we will be using the components outside the scope of their cleared indications. Other device components have no regulatory approvals. We may need to conduct additional testing to bridge the differences between the cleared indications for use and the proposed use in the ELAD System in order to obtain approval, or we could be required to obtain separate clearance for one or more of the components used in the ELAD System. The failure to provide adequate bridging information or to obtain separate clearance of these device components for use in the ELAD System, if required, could delay or prevent approval of the ELAD System.

Risks Related to the Cellular Component of the ELAD System and Related Components

If we fail to comply with cGMPs, our business will suffer.

We are required to demonstrate and maintain compliance with cGMPs. The cGMPs describe the methods to be used in, and the facilities or controls to be used for, the manufacture, processing, packing, or holding of a biologic to assure the biologic meets the requirements for safety, and has the quality, purity, and potency characteristics that it purports or is represented to possess. Regulatory agencies enforce these requirements through periodic inspections. Prior to approval of the ELAD System, our manufacturing facilities will be subject to a preapproval inspection to determine compliance with U.S. and European cGMPs and applicable QSR and MDD requirements. Our failure to pass such an inspection, or take satisfactory and prompt corrective action in response to an adverse inspection, could prevent or significantly delay approval of the ELAD System.

We rely on third party suppliers, and in some instances, a single third party supplier, for critical components of the ELAD System, and these suppliers could cease to manufacture the components, go out of business or otherwise not perform as anticipated.

While the growing of our VTL C3A cells is under our control, the manufacture of all of the other parts and components of the ELAD System are undertaken by third party suppliers. We currently rely on a single source of supply for many critical components, including components of the ELAD System bedside unit, the ultrafiltrate generator cartridges, the media we use to grow and ship our VTL C3A cells, the cartridges in which our VTL C3A cells are grown and the bioreactors that have been developed to grow and store the ELAD cartridges. We are currently investigating additional sources of supply for these components to support future clinical development and, ultimately, commercialization of the ELAD System. If we fail to develop additional sources of supply, and a single source of supply of a critical component of the ELAD System were to become unavailable, our ability to continue clinical development or to initiate commercialization of the ELAD System would be severely compromised. In addition, we rely on third party suppliers for the safety of products of human and animal origin that are incorporated in the ELAD System production process, and these suppliers could cease to manufacture the components, inadequately test these components, go out of business or otherwise not perform as anticipated. We do not have long-term agreements with our suppliers, and we purchase components on a purchase order basis. For components that are not readily available from other sources, we are subject to the risks that our suppliers will raise their prices or impose other terms or conditions that are less favorable or unacceptable to us.

For instance, bovine serum, which is a component of the cell growth media, is used in the manufacture of the ELAD System. It is obtained from an outside supplier. We are wholly reliant on the guarantee of our supplier that the calf serum used in our manufacturing procedures is free of transmitted animal viruses and other pathogens. Should the source of supply become infected, or the supplier become unable to continue to supply calf serum of the quality necessary to support human use, or the regulations change such that the calf serum cannot be used for human use, we would have to find alternative sources of supply and manufacturing methods, for which there is no guarantee of success.

Human albumin and Trypsin-EDTA are also used in the manufacture of our ELAD System and are each provided by a single supplier. In addition, while these products are tested to be free of contamination by the supplier, we cannot guarantee that will continue to be the case.

If our facility becomes inoperable, we will be unable to continue manufacturing our product candidate and as a result, our business will be harmed until we are able to secure a new facility.

We manufacture and assemble the ELAD System at our facility in San Diego, California. No other manufacturing or assembly facilities are currently available to us, and any additional manufacturing or assembly facilities that we use will need to be qualified and approved by regulatory authorities prior to our use. Our facility and the equipment we use to manufacture the ELAD System would be costly to replace and could require substantial lead-time to repair or replace. The facility may be harmed or rendered inoperable by natural or man-made disasters, including fire, earthquakes, flooding and power outages, which may render it difficult or impossible for us to perform our research, development and manufacturing for some period of time. The inability to perform our research, development and manufacturing activities, combined with our limited inventory of reserve raw materials and manufactured supplies, may result in the delay of clinical trials or, if approved for sale, the loss of customers, or harm our reputation, and we may be unable to reestablish relationships with those customers in the future. Although we possess insurance for damage to our property and the disruption of our business, this insurance may not be sufficient to cover all of our potential losses and may not continue to be available to us on acceptable terms, or at all.

We may be unable to manage our anticipated manufacturing growth to support our clinical development activities and long-term commercial demand for the ELAD System.

If and when the ELAD System is approved for sale, we will need to expand our manufacturing space in San Diego and build new manufacturing facilities to meet anticipated demand for the ELAD System in the U.S. and abroad. These activities involve significant expense, including the construction and validation of new clean rooms and bioreactors, the movement and installation of key manufacturing equipment and the modification of manufacturing processes. In addition, we must also notify, and in some cases obtain approval from, the FDA and other regulatory authorities of any changes or modifications to our manufacturing facilities and processes, and there can be no assurance that they will authorize us to proceed. If we are not able to expand our manufacturing capacity to meet future demand, our business would be harmed.

Further, commercialization would place additional strain on our organization, employees and third-party suppliers, resulting in an increased need for us to carefully monitor quality. Any failure by us to manage any future growth effectively could have an adverse effect on our ability to achieve our development and commercialization goals.

We forecast the requirements for components and materials used in the ELAD System, and if our forecasts are incorrect, we may experience delays in shipments or increased inventory costs.

We keep limited materials, components and finished product on hand. To manage our manufacturing operations with our suppliers, we forecast anticipated product orders and material requirements to predict our future inventory needs and enter into purchase orders on the basis of these requirements. Our limited historical experience may not provide us with enough data to accurately predict future demand. If our business expands, our demand for components and materials would increase and our suppliers may be unable to meet our demand. Many of our components are medical devices, which have fixed future expiration dates. If we overestimate our component and material requirements, we will have excess inventory, which may have to be disposed of if it exceeds approved expiration dates, which would increase our expenses. If we underestimate our component and material requirements, we may have inadequate inventory, which could interrupt, delay or prevent delivery of the ELAD System to our customers. Any of these occurrences would negatively affect our financial performance and the level of satisfaction our customers have with our business.

We may not be able to grow our VTL C3A cells reliably and cost-effectively.

Operations with human cells, even a stable, immortal cell line such as the VTL C3A cells used in the ELAD System, can be subject to conditions and influences that we may not be able to control. Although our VTL C3A cells are stored at three separate locations in the U.S. and the U.K., it is possible that all three locations could be destroyed and we will lose all or a portion of our cell banks. It is also possible that the cells will simply cease to function. While we take precautions to prevent this from happening, the ELAD System employs new technologies and we could encounter unforeseen complications. To date, we have only produced the small number of the ELAD cartridges required to support our clinical trials. As we increase production to support commercial demand, we could experience significant scale-up issues, which may cause quality and cost problems. If we cannot produce the required number of the ELAD cartridges in a cost-effective manner, our business could be materially harmed.

Cellular therapy is complex, and we do not have a complete understanding of the mechanism of action of the ELAD System.

Cellular therapy is a complex treatment with multiple variables that are not fully understood. Our VTL C3A cells used in the ELAD cartridges produce hundreds of metabolites. Likewise, the plasma ultrafiltrate formed from blood, which has been treated by our VTL C3A cells in our ELAD cartridges, is a similarly complex material. The composition and stability of the treated blood can be affected by the conditions of its generation in the ELAD System bedside unit, which could affect treatment outcomes. For instance, while subjects treated with the ELAD System typically only require a single set of cartridges, some subjects require more than one set during their treatment period, which may have implications for not only efficacy, but also cost of goods. While we believe that we have identified the key parameters of the ELAD System VTL C3A cartridges and set them in an appropriate range, it is possible that there are other variables that are important to safety and efficacy that have not been anticipated. We believe that we have set these parameters at realistic levels that can be controlled by the specifications set for a supplier and confirmed by us in our quality control procedures, but it is possible that unanticipated complications will emerge.

Likewise, our research into the potential mechanism of action for ELAD is ongoing, and although we are developing theories behind how ELAD may exert a clinical effect, the proposed mechanism of action remains unproven and may never be proven. ELAD’s mechanism of action appears complex, may involve numerous pathways and we may not succeed in ever elucidating the exact role of any given pathway. Moreover, our research on mechanism of action is based on laboratory studies, and needs correlation with in vivo studies and patient outcomes. Additional research, some of which is underway, is needed.

Risks Related to the ELAD System’s Future Commercialization

Our financial results may fluctuate unpredictably, making it difficult to forecast our future performance.

Our limited operating history makes it difficult for us to predict our future commercialization efforts. A number of factors, over which we have limited or no control, may contribute to fluctuations in our financial results, such as:


•	delays in receipt of anticipated purchase orders;


•	our ability to recruit, train and retain sales, marketing, training and support personnel;


•	our inability to educate physicians about the ELAD System and drive the adoption of the ELAD System therapy for any approved indications;


•	performance of our targeted sales force in the U.S. and Europe and future partners in other markets;


•	results of clinical trials evaluating the ELAD System therapy;


•	positive or negative media coverage of the ELAD System or products of our competitors or our industry;


•	our ability to obtain further regulatory clearances or approvals, including for other indications;


•	delays in, or failure of, product and component deliveries by our subcontractors and suppliers;


•	changes in the length of the sales process;


•	changes in healthcare coverage and reimbursement policies;


•	customer response to the introduction of new product offerings; and


•	fluctuations in foreign currencies.

In addition, because we have only manufactured the ELAD System for clinical use and have never manufactured at commercial scale, we cannot accurately predict the costs of transitioning to commercial scale manufacturing or what our costs would be to manufacture the ELAD System commercially. While we believe we would be able to realize attractive gross margins on sales of the ELAD System, if approved, we may not achieve gross margins that we or our investors deem adequate due to higher costs or lower pricing than we currently expect based on the limited information available to us.

If the market size for the ELAD System is smaller than we anticipate, it could significantly and negatively impact our business, financial condition and results of operations.

It is very difficult to estimate the future commercial potential of the ELAD System due to factors such as changing standards of care, third-party payor reimbursement standards, ability of patients to meet co-payment amounts (if any), patient and physician preferences, the availability of competitive alternatives that may emerge, and indications for use (that may be based on, among other things, certain MELD scores, age ranges, or other factors). Further, the design of our VTL-308 clinical trial incorporates new limits on age, MELD score, creatinine, bilirubin and INR, thereby narrowing any potential future indication for use. If the ELAD System is approved for commercialization, these limitations may restrict the potential market size and opportunity for the ELAD System. For example, we have limited enrollment in VTL-308 to patients within restrictions on subjects’ age, MELD score and the three components of the MELD score. If we extrapolate the number of subjects in VTI-208 with those characteristics to the overall estimated AILD population, then the AILD population, of which sAAH is a subset, treatable by ELAD would be limited further, unless we are able to develop strategies to get patients into treatment before their MELD scores and some of the components of MELD rise above certain thresholds. Through our analysis of the proportion of sAAH subjects from VTI-208 that had the characteristics targeted in VTL-308, we did observe that roughly 60% of VTI-208 subjects were under the age of 50, which is the age limit in VTL-308, and that 90% of subjects were under the age of 60. If the potential eligible patient population is lower than anticipated, our business, financial condition and results of operations could be significantly and negatively impacted.

The human clinical trial results may not be representative of the results that are obtained after the ELAD System product launch.

Human clinical trials are very complicated undertakings and working with subjects in liver failure is particularly difficult because of the serious nature of the disease and the co-morbidities experienced by the subjects. Not enough is known about the function of the liver to understand the progression of liver disease and any single subject can react differently to the ELAD System therapy. This means that clinical trials done at different times in different groups of subjects may obtain different results. Safety risks not identified in our clinical trials may first appear after we obtain approval and commercialize the ELAD System. Any new post-marketing adverse events may significantly impact our ability to market the ELAD System and may require that we recall and discontinue commercialization of the product. Any of these events would harm our business.

The ELAD System is a very complicated therapy and will need to be delivered by well-trained staff. There is no guarantee that we will be able to implement such training and find sufficient numbers of people to enable us to grow at an acceptable rate.

In the initial commercialization period, it will be essential for us to have our own trained staff present during the delivery of the ELAD System therapy. This may entail the construction and operation of training centers and will require the hiring of personnel of appropriate ability to be adequately trained. The differences in language and culture may make this a difficult undertaking. If we cannot recruit, train and retain significant numbers of physicians and nurses, our ability to grow will be restrained and we may find that the ELAD System therapy is being delivered by people with a substandard level of training, and with potentially material adverse results. If the ELAD System therapy is delivered improperly, or the bedside device or the ELAD cartridges are not properly maintained by our customers, the ELAD System may not provide the intended benefit or could harm patients. This may in turn result in perceptions, even if unfounded, that the ELAD System is ineffective or that our bedside device or the ELAD cartridges are defective, which could materially harm our reputation and ability to market the ELAD System effectively.

We could lose our key employees. If we are unable to retain our management, scientific staff and scientific advisors, our business will be seriously jeopardized.

Competition among biotechnology companies for qualified employees is intense, and the ability to retain our key employees is critical to our ability to effectively manage our resources following the failure of VTI-208 to reach both its primary and secondary endpoints. We are highly dependent on the efforts of our key employees, including senior management and senior scientific, clinical, regulatory, operational and other personnel. The development of new therapeutic products requires expertise from a number of different disciplines, some of which are not widely available.

Our key employees have a significant amount of know-how and experience in our company, and the loss of one or more of them could have a material and adverse effect on our operations. While we have taken steps to incentivize and to retain our employees, including the granting of stock options, paying competitive salaries and implementing appropriate bonus programs, these factors may not be enough to retain the key employees that we need.

The loss of the services of existing personnel, the failure to recruit additional key scientific, managerial, clinical, regulatory, operational and other personnel in a timely manner, and the loss of our employees to our competitors would harm our research and development programs and our business. We may experience difficulty in hiring and retaining highly skilled employees with appropriate qualifications. If we fail to attract new personnel or fail to retain and motivate our current personnel, our business and future growth prospects would be harmed.

In addition, as a result of the reduction in our workforce, we face an increased risk of employment litigation. Furthermore, while we have entered into employment letters with each of our executive officers, any of them could leave our employment at any time, as all of our employees are “at will” employees. The failure of VTI-208 will likely make it more challenging to retain qualified personnel, and difficult to recruit personnel in the future, if necessary. The inability to recruit or loss of the services of any executive, key employee, consultant or advisor may impede our ability to identify and execute on our strategy.

Competitive products could be developed which would make the ELAD System obsolete.

The biotherapeutic and medical device industries are highly competitive, and we face potential competition from pharmaceutical, specialty pharmaceutical, medical device and biotechnology companies worldwide. Given the significant unmet medical need for novel therapies to treat liver failure, many companies, universities and research organizations are actively engaged in the discovery, research and development of potential therapies in this field. Several of these entities are engaged in research on cell-based approaches to liver failure. Although we are not aware of any ongoing human clinical trials involving potentially competitive product candidates, such trials could be taking place or could begin in the near future. While we are not aware of any company that is in human clinical trials with a human cell-based product for the treatment of liver failure, at least four companies have prior research work on various human hepatocyte cell lines including Exten Industries, Hepalife Technologies, Fresenius, and Hybrid Organ GmbH. In addition, the University College London, and the University of Amsterdam and its spinout Hep-Art Medical Devices are actively pursuing animal research in this area. Several companies have also attempted to develop extracorporeal therapy based upon primary porcine hepatocytes. Recently, a group from the Mayo Clinic reported that they were filing for regulatory allowance with the FDA to conduct early stage clinical studies with a pig-cell based system designed for the treatment of liver failure. The exact status of the filing is unknown. Two commercially available liver dialysis systems, from Gambro and Fresenius, have undergone extensive clinical development, although both have failed to show an improvement in long-term survival among patients with liver failure. Both rely on not only traditional dialysis circuits to remove water-soluble toxins, but also albumin dialysis circuits to remove albumin-bound molecules. In addition, there are several drugs available to treat symptoms associated with liver failure, including steroids, pentoxifylline and N-acetylcysteine. These three drugs, alone or in combination, are used frequently in patients with liver failure resulting from acute hepatocellular insult. While we are not aware of any of these other entities being close to undergoing human clinical trials with a human cell-based product for the treatment of liver failure, it is possible that these trials are occurring without our knowledge, and that such a product may get to market much faster than we expect, and which could make the ELAD System obsolete.

The coverage and reimbursement status of new therapies is uncertain, and failure to obtain adequate coverage and reimbursement for the ELAD System therapy could limit our ability to generate revenue and become profitable.

There is significant uncertainty surrounding the third-party coverage and reimbursement of novel and newly approved therapies, particularly for indications for which there is no current effective treatment or the current standard of care is relatively inexpensive. Due to the novel nature of the ELAD System and the potential for it to offer therapeutic benefit after a single administration of continuous therapy lasting three to five days, we face additional uncertainty related to coverage and reimbursement. We will depend in large part on the availability of coverage and the establishment of adequate reimbursement levels for the ELAD System from third-party payors, including government payors, such as the Medicare and Medicaid programs, and managed care organizations. Although we believe that the single largest category of ELAD-appropriate patients are covered by private insurance, followed by Medicaid and then Medicare, this analysis is based on small numbers, may not be accurate, and may change in the future.

Third-party payors are increasingly focused on containing healthcare costs by limiting both coverage and the level of reimbursement for new therapies and, as a result, they may not cover or provide adequate payment for the ELAD System. Obtaining adequate coverage and reimbursement approval for a product from a third-party payor is a time-consuming, costly and sometimes unpredictable process that could require us to provide supporting scientific, clinical and cost-effectiveness data for the use of the ELAD System. However, we cannot guarantee that we will be able to provide data sufficient to gain acceptance with respect to adequate coverage and reimbursement. Payors may conclude that the ELAD System is less safe, less effective or less cost-effective than existing or later introduced therapies, and third-party payors may not approve the ELAD System for coverage and reimbursement or may cease providing or provide inadequate coverage and reimbursement. Coverage and reimbursement determinations are made on a payor-by-payor basis, and it may take several years to obtain appropriate reimbursement codes, if ever. Obtaining acceptable coverage and reimbursement from one payor does not guarantee that we will obtain similar acceptable coverage or reimbursement from another payor. As there is a large number of third-party payors, obtaining coverage and reimbursement in the U.S. and internationally will consume significant time and resources. A third-party payor’s decision to provide coverage does not imply that an adequate reimbursement rate will be approved. There can be no assurance that our clinical data will allow for satisfactory pricing of the ELAD System, and the failure to obtain coverage and adequate reimbursement for the ELAD System would materially and adversely affect our business. Moreover, healthcare cost containment initiatives that limit or deny reimbursement for the ELAD System would also materially and adversely affect our business.

Our relationships with investigators, healthcare professionals, institutional providers, consultants, third-party payors and customers are subject to applicable anti-kickback, fraud and abuse and other healthcare laws and regulations, which could expose us to penalties, including without limitation, civil, criminal and administrative penalties, damages, monetary fines, disgorgement, possible exclusion from participation in Medicare, Medicaid and other federal healthcare programs, contractual damages, reputational harm, diminished profits and future earnings, and the curtailment or restructuring of our operations.

Healthcare providers, physicians and others play a primary role in the recommendation and prescribing of any product candidates for which we may obtain marketing approval. In the U.S., our current business operations and future arrangements with investigators, healthcare professionals, institutional providers, consultants, third-party payors and customers, may expose us to broadly applicable fraud and abuse and other healthcare laws and regulations. These laws may constrain the business or financial arrangements and relationships through which we research, market, sell and distribute our products that obtain marketing approval. Restrictions under applicable federal, state and foreign healthcare laws and regulations, include, but are not limited to, the following:

•

the federal healthcare program anti-kickback statute prohibits, among other things, persons or entities from knowingly and willfully soliciting, offering, receiving or paying any remuneration (including any kickback, bribe, or rebate), directly or indirectly, overtly or covertly, in cash or in kind, to induce or in return for purchasing, leasing, ordering, or arranging for or recommending the purchase, lease, or order of any good, facility, service or item for which payment is made, in whole or in part, under a federal healthcare program;

•

the federal civil and criminal false claims laws and civil monetary penalties laws, including civil whistleblower or qui tam actions, prohibit, among other things, individuals or entities from knowingly presenting, or causing to be presented, to the federal government, claims for payment or approval that are false or fraudulent or from knowingly making a false statement to improperly avoid, decrease or conceal an obligation to pay money to the federal government;

•

the federal Health Insurance Portability and Accountability Act of 1996, or HIPAA, imposes criminal liability for, among other things, knowingly and willfully executing, or attempting to execute, a scheme to defraud any healthcare benefit program or to obtain, by means of false or fraudulent pretenses, representations, or promises, any of the money or property owned by, or under the custody or control of, any healthcare benefit program regardless of the payor (e.g., public or private) and knowingly or willfully falsifying, concealing, or covering up by any trick, scheme or device a material fact or making any materially false statement in connection with the delivery of, or payment for, healthcare benefits, items or services relating to healthcare matters;

•

HIPAA, as amended by the Health Information Technology for Economic and Clinical Health Act, or HITECH, and its implementing regulations, and as amended again by the final HIPAA omnibus rule, Modifications to the HIPAA Privacy, Security, Enforcement, and Breach Notification Rules Under HITECH and the Genetic Information Nondiscrimination Act; Other Modifications to HIPAA, published in January 2013, imposes certain obligations, including mandatory contractual terms, with respect to safeguarding the privacy, security and transmission of individually identifiable health information without appropriate authorization by entities subject to the omnibus rule, such as health plans, clearinghouses and healthcare providers, and their associates;

•

the federal transparency law, enacted as part of the Patient Protection and Affordable Care Act, as amended by the Health Care and Education Reconciliation Act (collectively, the ACA), and its implementing regulations, require manufacturers of drugs, devices, biologicals and medical supplies to report to the U.S. Department of Health and Human Services information related to payments and other transfers of value made to physicians and teaching hospitals, as well as ownership and investment interests held by physicians and their immediate family members;

•

analogous state laws and regulations, including but not limited to: state anti-kickback and false claims laws, which may apply to our business practices, including but not limited to, research, distribution, sales and marketing arrangements and claims involving healthcare items or services reimbursed by state governmental and non-governmental third-party payors, including private insurers; state laws that require pharmaceutical companies to comply with the pharmaceutical industry’s voluntary compliance guidelines and the relevant compliance guidance promulgated by the federal government; and state laws and regulations that require manufacturers to file reports relating to pricing and marketing information, which requires tracking gifts and other remuneration and items of value provided to healthcare professionals and entities; and


•	European Union, or EU, data protection regulations, which may require member states of the EU to impose minimum restrictions on the collection and use of personal data that, in some respects, are more stringent, and impose more significant burdens on subject businesses, than current privacy standards in the U.S.

Efforts to ensure that our business arrangements with third parties will comply with applicable healthcare laws and regulations will involve substantial costs. It is possible that governmental authorities will conclude that our business practices may not comply with current or future statutes, regulations, agency guidance or case law involving applicable fraud and abuse or other healthcare laws and regulations. If our operations are found to be in violation of any of these or any other health regulatory laws or any other governmental regulations that may apply to us, we may be subject to penalties, including without limitation, civil, criminal and administrative penalties, damages, monetary fines, disgorgement, enhanced government reporting and oversight under a corporate integrity agreement or other similar arrangement, possible exclusion from participation in Medicare, Medicaid and other federal healthcare programs, contractual damages, reputational harm, diminished profits and future earnings, and the curtailment or restructuring of our operations. Any action against us for violation of these laws, even if we successfully defend against it, could cause us to incur significant legal expenses or divert our management’s attention from the operation of our business. If any of the physicians or other providers or entities with whom we expect to do business are found to be not in compliance with applicable healthcare laws, they also may be subject to similar penalties.

Healthcare policy changes, including recent laws to reform the U.S. healthcare system, may have a material adverse effect on us.

In the U.S. and in other countries, there have been and we expect there will continue to be a number of legislative and regulatory proposals to change the healthcare system in ways that could significantly and adversely affect the business of developing and marketing new therapies by reducing the costs paid for medical products and services. For instance, the U.S. government and other governments have shown significant interest in pursuing healthcare reform, as evidenced by the passing of the ACA. Such government-adopted reform measures may adversely impact the pricing of healthcare products and services in the U.S. or internationally and the amount of reimbursement available from third-party payors. For instance, under the ACA, there is a 2.3% U.S. federal excise tax on the sale of certain medical devices. While we do not believe the tax will be applicable to us, the U.S. may seek to enforce the tax on us. In addition, in some foreign jurisdictions, there have been a number of legislative and regulatory proposals to change the healthcare system in ways that could affect our ability to sell the ELAD System profitably, if it is ultimately approved. The continuing efforts of the U.S. and other governments, insurance companies, managed care organizations and other payors of healthcare services to contain or reduce healthcare costs may adversely affect the prices we are able to charge for the ELAD System, if approved, and our ability to generate revenues and achieve and maintain profitability.

Risks Related to Doing Business Internationally

We plan to do business internationally, which may prove to be difficult and fraught with economic, regulatory and political issues.

We may commercialize the ELAD System in countries where the business, economic and political climates are very different from those of the U.S. We may not be aware of some of these issues, and it may be difficult for a U.S. company to overcome these issues and ultimately become profitable. For instance, we completed our Chinese pivotal clinical trial in 2007 and submitted our data to the China FDA, or CFDA, showing a statistically significant improvement in transplant-free survival among the ELAD System-treated subjects compared with control subjects. However, in the past eight years this application has been neither approved nor rejected and the timing and nature of any potential decision is highly uncertain. Moreover, currency controls are in effect in many foreign countries and could become much tighter in the future, which will hinder our ability to repatriate any profits or capital. These foreign countries may also favor businesses that are owned by nationals of those countries as opposed to foreign-owned businesses operating locally. As a small company, we may not have the resources to engage in the negotiation and time-consuming work needed to overcome some of these potential issues.

In the event that we receive marketing approval in foreign countries outside of the U.S. and Europe, we currently anticipate, in most cases, creating wholly-owned subsidiaries in those countries. These subsidiaries will need to build an effective sales, marketing, distribution, training and support staff and system, find an effective marketing partner or both. Any internal sales, marketing, training and support capabilities of the subsidiaries will need to be developed by these subsidiaries and will need to be built from scratch. The culture and accepted practices related to selling medical products in many foreign countries are unique, and it is possible that we will not be able to successfully penetrate these markets. A similar consideration applies to selling in the U.S., since each medical system is very different and requires a different strategic approach. We cannot guarantee that our approach to the U.S., European, Chinese or any other international market will be effective.

The medical systems in many foreign countries are very different from that of the U.S. and could cause significant problems for the ELAD System.

The medical systems in many countries around the world pose challenges to the commercialization of the ELAD System. For instance, most medical care in China is delivered on a private pay basis, and it may be difficult to receive payment for the ELAD System therapy delivered or the price of our product, which we expect to be relatively high, may prove to be beyond the capability of the targeted Chinese patient to pay. Further, as we have encountered in our clinical trials, the standard and the operation of the delivery of care in China are different, causing problems with the operation of the ELAD System therapy. These issues include the withholding of necessary medicines, the inadequate staffing of Chinese hospitals, the shortage of blood products, the differing practice of delivery of extracorporeal therapies, and the attitude of physicians and nurses. These issues and others are likely to occur in other countries around the world and there is no assurance that we will overcome these challenges or succeed in commercializing the ELAD System in foreign countries.

We face increased risks of doing business due to the extent of our operations internationally.

We currently anticipate our foreign commercialization efforts will be through wholly-owned, foreign domiciled subsidiaries. Our efforts to expand internationally pose risks that could adversely affect our business. These risks include, among others, the effects of:


•	fluctuations in foreign currency exchange rates and controls;


•	competitive disadvantages to established foreign businesses with significant current market share and business and customer relationships;


•	nationalization;


•	tax and regulatory policies of local governments and the possibility of trade embargoes;


•	political instability, war or other hostilities; and


•	laws and policies of the U.S. and foreign governments affecting foreign trade and investment.

Any of these risks could cause significant interruptions in our operations, which would adversely affect our ability to commercialize the ELAD System internationally and our financial condition, results of operations and business.

Revenues, profits and cash flows derived in foreign countries by foreign subsidiaries may be denominated in foreign currency. The value of this currency may be controlled or adjusted periodically by foreign governments, and may be subject to changes in the political and economic conditions.

Foreign economic, political and social conditions and government policies could materially and adversely affect our business.

A significant portion of our operations may be conducted in foreign countries and it is anticipated that a significant percentage of our revenues may be derived from these countries. Accordingly, our results of operations, financial condition and prospects would be subject, to a significant degree, to economic, political, legal and social developments around the world. The economies of many of these countries differ from the economy of the U.S. in many respects, including:


•	level of government involvement;


•	economic structure;


•	allocation of resources;


•	level of development;


•	inflation rates;


•	growth rate; and


•	control of foreign exchange.

The legal systems in many foreign countries have inherent uncertainties that could limit the legal protections available to us.

We are subject to the laws and regulations of foreign governments, including those applicable to foreign investment and, in particular, laws applicable to wholly foreign-owned enterprises. Any litigation in these countries may be protracted and may result in substantial costs and diversion of resources and management attention. For example, in 2007, one of our clinical sites in China was sued in connection with the death of a subject of our clinical trial. An expert panel concluded that neither the ELAD System nor the clinical site was at fault and dismissed the lawsuit. Nevertheless, we were later informed that the subject’s family had been awarded approximately $100,000 in a subsequent civil proceeding brought against the clinical site. We ultimately decided to reimburse the clinical site for $100,000, which was partially insured. In addition, these countries may enact new laws or amend current laws that may be detrimental to us, which may have a material adverse effect on our business operations.

We have limited business insurance coverage internationally.

The insurance industry in many parts of the world is still in an early stage of development. Insurance companies in many countries offer only limited business insurance options. As a result, we may not be able to maintain any liability, hazard or other insurance covering our services, business, operations, errors, acts or omissions, personnel or properties in all countries where we ultimately commercialize the ELAD System. To the extent that we are unable to recover from others for any uninsured losses, such losses could result in a loss of capital and significant harm to our business. If any action, suit, or proceeding is brought against us and we are unable to pay a judgment rendered against us or defend ourselves against such action, suit, or proceeding, our business, financial condition and operations could be negatively affected.

We must comply with the U.S. Foreign Corrupt Practices Act and similar foreign anti-corruption laws.

The U.S. Foreign Corrupt Practices Act, to which we are subject, prohibits corporations and individuals from engaging in certain activities to obtain or retain business or to influence a person working in an official capacity. It is illegal to pay, offer to pay or authorize the payment of anything of value to any foreign government official, government staff member, political party or political candidate in an attempt to obtain or retain business or to otherwise influence a person working in an official capacity. Other countries, such as the U.K. and China, have similar laws with which we must comply. Although we attempt to rigidly adhere to the requirements of the U.S. Foreign Corrupt Practices Act and all similar laws to which we are subject, there remains the risk that an employee or agent of ours could be accused of violating one or more of these laws, particularly in geographies where significant overlap exists between local government and healthcare industries. Such an accusation, even if unwarranted, could prove disruptive to our developmental and commercialization efforts.

We could be subject to additional income and other tax liabilities.

We are subject to income and other taxes in the U.S. and may be subject to income and other taxes in various other foreign jurisdictions. Significant planning is required in evaluating a worldwide provision for income and other taxes. During the ordinary course of business, there may be transactions for which the ultimate tax determination is uncertain. We may be subject to audit in various jurisdictions and such jurisdictions may assess additional income or other tax against us. Although we believe our tax positions are reasonable, the final determination of tax audits and any related litigation could be materially different from our historical income tax provisions and accruals. The results of an audit or litigation could have a material and adverse effect on our operating results or cash flows in the period or periods for which that determination is made.

Risks Related to Intellectual Property

Our patent rights may prove to be an inadequate barrier to competition.

We hold a patent in the U.S. which claims a method of using C3A cells to treat a patient’s blood, which we believe covers the ELAD System therapy. In addition, we have been granted a patent with claims covering an extracorporeal device configuration, which we believe includes our ELAD System, independent of cell-type used. Foreign counterparts of these patents have been issued in Australia, Canada, Indonesia, Israel, Japan, Mexico, New Zealand, Singapore, South Africa, South Korea and Taiwan and remain under review in certain other jurisdictions, including Europe, Brazil, China, Hong Kong, India and the Philippines. In addition to these two U.S. patents, we hold three additional patents in the U.S. However, the lifespan of any one patent is limited and each of these patents will ultimately expire, and we cannot be sure that pending applications will be granted, or that we will discover new inventions which we can successfully patent. Moreover, any of our granted patents may be held invalid by a court of competent jurisdiction, and any of these patents may also be construed narrowly by a court of competent jurisdiction in such a way that it is held to not directly cover the ELAD System. Furthermore, even if our patents are held to be valid and broadly interpreted, third parties may find legitimate ways to compete with the ELAD System by inventing around our patent. Finally, the process of obtaining new patents is lengthy and expensive, as is the process for enforcing patent rights against an alleged infringer. Any such litigation could take years, cost large sums of money and pose a significant distraction to management. Indeed, certain jurisdictions outside of the U.S. and Europe where we hope to commercialize the ELAD System have a history of inconsistent, relatively lax or ineffective enforcement of patent rights. In such jurisdictions, even a valid patent may have limited value. Our failure to effectively prosecute our patents would have a harmful impact on our ability to commercialize the ELAD System in these jurisdictions.

We do not hold any patents covering our VTL C3A cells or the production processes we use to grow the VTL C3A cells in the ELAD cartridges.

C3A cells are publicly available and the proprietary methods and production process that we use to grow our VTL C3A cells in the ELAD cartridges are our trade secrets, but they are not currently covered by a patent and no patents are pending. Although we have sought patent protection for certain aspects of our technology, such as our method of using human liver-derived C3A cells to treat a patient’s blood, and we have obtained orphan designation in the U.S. and Europe for the use of C3A cells to treat acute liver failure, we have not sought patent protection for the proprietary methods we use to grow VTL C3A cells in our facility. Although we believe that some of these methods may be patentable, we prefer to avoid the disclosure requirements inherent in the patenting process, as such disclosure could provide competitors with insights that allow them to invent around any granted patents. We believe that this concern is particularly appropriate since C3A cells are now publicly available, and have been available for research purposes for more than twenty years. Despite this availability, we are not aware of any third parties who have either demonstrated an ability to grow C3A cells in the quantities we do, or succeeded in treating a human subject with such cells. In addition, patent protection expires 20 years after the application’s priority date which does not apply to trade secret protection. In light of the foregoing, we do not currently contemplate seeking patent protection for our production methods and instead intend to keep our production methods protected as trade secrets, which does not require us to publicly disclose these methods and which is not subject to a formal expiration date. However, trade secrets are vulnerable to inadvertent disclosure and misappropriation. In addition, independent discovery and publication of these methods by third parties, which is feasible given the public availability of C3A cells, would also destroy their trade secret protection. If any of these were to occur, our business may be harmed.

We protect much of our intellectual property as trade secrets. Confidentiality agreements with employees and third parties may not prevent unauthorized disclosure of trade secrets and other proprietary information.

Trade secrets offer a relatively limited form of protection as they do not create any barrier for third-parties who independently develop this information and who may even patent the information. In the course of our research and development activities and our business activities, we often rely on confidentiality agreements to protect our proprietary information. Such confidentiality agreements may be used, for example, when we talk to vendors of laboratory or clinical development services or potential strategic partners. In addition, each of our employees is required to sign a confidentiality agreement upon joining us. We take steps to protect our proprietary information, and our confidentiality agreements are carefully drafted to protect our proprietary interests. Nevertheless, there can be no assurance that an employee or an outside party will not make an unauthorized disclosure of our proprietary confidential information. This might happen intentionally or inadvertently. It is possible that a competitor will make use of such information, and that our competitive position will be compromised, in spite of any legal action we might take against persons making such unauthorized disclosures. Enforcing a claim that a third party illegally obtained and is using any of our trade secrets is expensive and time consuming, and the outcome is unpredictable. In addition, courts outside the U.S. sometimes are less willing than U.S. courts to protect trade secrets. Moreover, our competitors may independently develop equivalent knowledge, methods and know-how, which would harm our business.

If our ELAD cartridges or our VTL C3A cells are stolen, misappropriated or reverse engineered, others could produce competing products.

Third parties, including those involved in shipping our ELAD System cartridges or in any manufacturing abroad that we may undertake, often have custody or control of our ELAD cartridges. If our ELAD cartridges, or VTL C3A cells from our proprietary VTL C3A cell bank that are stored to grow in these cartridges, were stolen, misappropriated or reverse engineered, they could be used by other parties who may be able to reproduce these cartridges for their own commercial gain. If this were to occur, it would be difficult for us to challenge this type of use, especially in countries with limited intellectual property protection or in countries in which we do not have patents covering the misappropriated ELAD cartridges. In such instance, our business would be harmed.

Ownership of our intellectual property may be claimed by others.

The ELAD System has been under development for over 20 years and certain of our predecessor companies have filed for reorganization and bankruptcy. We were founded in 2003 by acquisition of the assets of a prior company after a bankruptcy. While we believe we have performed extensive diligence on the ownership of the intellectual property rights and have developed our own innovative technology which is independent of prior intellectual property rights, there could be claims by parties associated with the prior entities that could lead to costly and time consuming legal actions. In addition, we have engaged in collaborations with third parties where intellectual property has been developed. In one instance, we were engaged in a dispute over the ownership of intellectual property when a collaborator of ours pursued patent rights over technology which we believe we may have held rights to under the collaboration agreement. Although a patent which claims a different configuration than our ELAD System was ultimately issued in the U.S. to our former collaborator, we do not hold any rights to this patent. We are unaware of any active development with respect to the claimed system. Other such disputes could arise in the future or emerge from past activities which could lead others to claim our intellectual property.

We may be involved in future costly intellectual property litigation, which could impact our future business and financial performance.

Our industry has been characterized by frequent intellectual property litigation. Our competitors or other patent holders may assert that our ELAD System and the methods we employ are covered by their patents. For instance, we are aware of other patents issued in the liver support field which we believe do not cover our ELAD System or its use. If our ELAD System or methods are found to infringe any valid patents, we could be prevented from marketing our ELAD System. In addition, we do not know whether our competitors or potential competitors have applied for, or will apply for or obtain, patents that will prevent, limit or interfere with our ability to make, use, sell, import or export our ELAD System.

Litigation related to infringement and other intellectual property claims, with or without merit, is unpredictable, can be expensive and time-consuming and could divert management’s attention from our core business. If we lose this kind of litigation, a court could require us to pay substantial damages, and prohibit us from using technologies essential to our ELAD System, any of which would have a material adverse effect on our business, results of operations and financial condition. We do not know whether necessary licenses would be available to us on satisfactory terms, or whether we could redesign our ELAD System or processes to avoid infringement.

Competing products may also appear in other countries in which our patent coverage might not exist or be as strong. If we lose a foreign patent lawsuit, we could be prevented from marketing our ELAD System in one or more countries.

In addition, we may hereafter become involved in litigation to protect our trademark rights associated with our company name or the names used with our ELAD System. Names used with our ELAD System and procedures may be claimed to infringe names held by others or to be ineligible for proprietary protection. If we have to change the name of our company or our ELAD System, we may experience a loss in goodwill associated with our brand name, customer confusion and a loss of sales.

We may be subject to damages resulting from claims that we or our employees have wrongfully used or disclosed alleged trade secrets owned by third parties.

Many of our employees were previously employed at universities or other life science companies, including our competitors or potential competitors. Although no claims against us are currently pending, we may be subject to claims that these employees or we have inadvertently or otherwise used or disclosed trade secrets or other confidential or proprietary information of their former employers. Litigation may be necessary to defend against these claims. If we fail in defending such claims, in addition to paying monetary damages, we may lose valuable intellectual property rights or personnel. A loss of key personnel could hamper our ability to develop and commercialize the ELAD System, which could severely harm our business. Even if we are successful in defending against these claims, litigation could result in substantial costs and be a distraction to management.

Risks Related to Our Capital Requirements and Finances

We may not realize the operational efficiencies and cost savings from our workforce and cost reduction plans announced in September 2015.

In September 2015, we announced a workforce reduction of approximately 30% and plans to institute across the board expense reductions to conserve capital. If we are unable to realize the expected operational efficiencies and cost savings from the foregoing actions, our operating results and financial condition would be adversely affected. We cannot guarantee that we will not have to undertake additional workforce reductions or restructuring activities. We will also need to effectively manage our operations and facilities. Following our workforce reduction, it is possible that our infrastructure may be inadequate to support our future efforts and business strategy or to maintain operational, financial and management controls and reporting systems and procedures. If we cannot successfully manage our operations, we may be unsuccessful in executing our business strategy.

Enrollment in our VTL-308 clinical trial could take longer than we expect resulting in the need for additional funds.

While we expect the VTL-308 clinical trial to enroll subjects at a rate similar to VTI-208, it is possible that the changes in enrollment criteria will result in slow enrollment and that we will need to raise more capital than anticipated to complete the trial or that we will exhaust our funds and the company will fail.

Our future capital needs are uncertain, and we will need to raise additional funds in the future.

We will need to raise substantial additional capital to:


•	complete clinical trials and related regulatory applications;


•	fund our operations;


•	commence and expand the commercialization of our products; and


•	further our research and development.

Our future funding requirements will depend on many factors, including:


•	Successful and timely enrollment rates in our proposed clinical trial;


•	market acceptance of our products;


•	the cost of our research and development activities;


•	the cost and timing of our clinical development activities, in particular the rate of initiation of our clinical sites and the rate of enrollment of our clinical trials;


•	the cost of filing and prosecuting patent applications;


•	the cost of defending, litigation or any claims that we infringe third-party patents or violate other intellectual property rights;


•	the cost and timing of regulatory clearances or approvals, if any;


•	the cost and timing of establishing sales, marketing and distribution capabilities;


•	the cost and timing of establishing additional technical support capabilities;


•	the effect of competing technological and market developments; and


•	the extent to which we acquire or invest in businesses, products and technologies, although we currently have no commitments or agreements relating to any of these types of transactions.

We may not be able to obtain additional funds on acceptable terms, or at all. If we raise additional funds by issuing equity securities, our stockholders will experience dilution. Debt financing, if available, may involve covenants restricting our operations or our ability to incur additional debt. Any debt or additional equity financing that we raise may contain terms that are not favorable to us or our stockholders. If we raise additional funds through collaboration and licensing arrangements with third parties, which we have no prior experience in, it may be necessary to relinquish some rights to our technologies or our products, or grant licenses on terms that are not favorable to us. If we are unable to raise adequate funds, we may have to liquidate some or all of our assets, or delay, reduce the scope of or eliminate some or all of our development programs.

If we do not have, or are not able to obtain, sufficient funds, we may have to delay development or commercialization of our products or license to third parties the rights to commercialize products or technologies that we would otherwise seek to commercialize. We also may have to reduce marketing, customer support or other resources devoted to our products or cease operations. Any of these factors could harm our operating results.

Any acquisitions that we make could disrupt our business and harm our financial condition.

We expect to evaluate potential strategic acquisitions of complementary businesses, products or technologies. We may also consider joint ventures, licensing and other collaborative projects. We may not be able to identify appropriate acquisition candidates or strategic partners, or successfully negotiate, finance or integrate acquisitions of any businesses, products or technologies. Furthermore, the integration of any acquisition and management of any collaborative project may divert our management’s time and resources from our core business and disrupt our operations. We do not have any experience with acquiring companies or products. Any cash acquisition we pursue would diminish the funds otherwise available to us for other uses, and any stock acquisition would dilute our stockholders’ ownership. While we from time to time evaluate potential collaborative projects and acquisitions of businesses, products and technologies, and anticipate continuing to make these evaluations, we have no present understandings, commitments or agreements with respect to any acquisitions or collaborative projects.

Raising additional funds through debt or equity financing is likely to be challenging, could be highly dilutive and may cause the market price of our common stock to decline.

To the extent that we raise additional capital through the sale of equity or convertible debt securities, the issuance of those securities could result in substantial dilution for our current stockholders and the terms may include liquidation or other preferences that adversely affect the rights of our current stockholders. Furthermore, the issuance of additional securities, whether equity or debt, by us, or the possibility of such issuance, may cause the market price of our common stock to decline further and existing stockholders may not agree with our financing plans or the terms of such financings. The failure of the VTI-208 clinical trial to meet its primary or secondary endpoints, in addition to general market conditions, may make it very difficult for us to seek and obtain financing from the capital markets on favorable terms, or at all. If we cannot raise additional capital, we may be required to delay, reduce or eliminate certain aspects of our operations, and could cause us and our independent registered public accounting firm to indicate that there may be substantial doubt about our ability to continue as a going concern.

In order to raise required funds we may choose to enter into one or more collaborations. Such collaborations could require us to give up substantial rights to the ELAD System in the U.S. and/or outside the U.S.

We may choose to enter into one or more collaborations in order to continue the development of the ELAD System. These collaborations could require us to relinquish substantial rights, potentially including the grant of an exclusive license to make, use and sell the ELAD System, to another company.

Risks Related to Being a Public Company

The requirements of being a public company may strain our resources, divert management’s attention and affect our ability to attract and retain executive management and qualified board members.

As a public company, we are subject to the reporting requirements of the Exchange Act, the Sarbanes-Oxley Act, the Dodd-Frank Act, the listing requirements of the NASDAQ Stock Market LLC and other applicable securities rules and regulations. Compliance with these rules and regulations increases our legal and financial compliance costs, makes some activities more difficult, time-consuming or costly and increases demand on our systems and resources, and even more so after we are no longer an “emerging growth company,” as defined in the Jumpstart Our Business Startups Act, or the JOBS Act. The Exchange Act requires, among other things, that we file annual, quarterly and current reports with respect to our business and operating results. The Sarbanes-Oxley Act requires, among other things, that we maintain effective disclosure controls and procedures and internal control over financial reporting. In order to maintain and, if required, improve our disclosure controls and procedures and internal control over financial reporting to meet this standard, significant resources and management oversight are required. As a result, management’s attention may be diverted from other business concerns, which could adversely affect our business and operating results. To assist us in complying with these requirements, we may need to hire more employees in the future or engage outside consultants, which will increase our costs and expenses.

In addition, changing laws, regulations and standards relating to corporate governance and public disclosure are creating uncertainty for public companies, increasing legal and financial compliance costs and making some activities more time consuming. These laws, regulations and standards are subject to varying interpretations, in many cases due to their lack of specificity, and, as a result, their application in practice may evolve over time as new guidance is provided by regulatory and governing bodies. This could result in continuing uncertainty regarding compliance matters and higher costs necessitated by ongoing revisions to disclosure and governance practices. We intend to invest resources to comply with evolving laws, regulations and standards, and this investment may result in increased general and administrative expenses and a diversion of management’s time and attention from development activities to compliance activities. If our efforts to comply with new laws, regulations and standards differ from the activities intended by regulatory or governing bodies due to ambiguities related to their application and practice, regulatory authorities may initiate legal proceedings against us and our business may be adversely affected.

For as long as we remain an “emerging growth company,” we may take advantage of certain exemptions from various reporting requirements that are applicable to public companies that are not “emerging growth companies” including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation and financial statements in our periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote to approve executive compensation and shareholder approval of any golden parachute payments not previously approved. We will take advantage of these reporting exemptions until we are no longer an “emerging growth company.”

We will cease to be an “emerging growth company” upon the earliest of: (1) the beginning of the first fiscal year following the fifth anniversary of our initial public offering, or January 1, 2020, (2) the beginning of the first fiscal year after our annual gross revenue is $1.0 billion or more, (3) the date on which we have, during the previous three-year period, issued more than $1.0 billion in non-convertible debt securities and (4) as of the end of any fiscal year in which the market value of our common stock held by non-affiliates exceeded $700 million as of the end of the second quarter of that fiscal year.

As a public company it is more expensive for us to maintain and obtain director and officer liability insurance, and we may be required to accept reduced coverage or incur substantially higher costs to obtain coverage. These factors may also make it more difficult for us to attract and retain qualified members of our board of directors, particularly to serve on our audit committee and compensation committee, and qualified executive officers.

Under Section 107(b) of the JOBS Act, "emerging growth companies" can delay adopting new or revised accounting standards until such time as those standards apply to private companies. We have irrevocably elected not to avail our company of this exemption from new or revised accounting standards and, therefore, we are subject to the same new or revised accounting standards as other public companies that are not "emerging growth companies."

As a public company, we are obligated to develop and maintain proper and effective internal control over financial reporting. If we do not maintain a proper and effective system of internal control over financial reporting, or if these internal controls are determined not to be designed or operating effectively, it may adversely affect investor confidence in our company and, as a result, the value of our common stock.

We are required, pursuant to Section 404 of the Sarbanes-Oxley Act, to furnish a report by management on, among other things, the effectiveness of our internal control over financial reporting for the 2016 fiscal year. This assessment will need to include disclosure of any material weaknesses identified by our management in our internal control over financial reporting.

We have and will continue to evaluate and test our system of internal control over financial reporting. If, during the evaluation and testing process, we identify one or more material weaknesses in our internal control over financial reporting, we will be unable to assert that our internal controls are effective, which could result in a loss of investor confidence in the accuracy and completeness of our financial reports. This could cause the price of our common stock to decline, and we may be subject to investigation or sanctions by the SEC.

We are required to disclose changes made in our internal control and procedures on a quarterly basis. However, our independent registered public accounting firm will not be required to report on the effectiveness of our internal control over financial reporting pursuant to Section 404 until we are no longer an “emerging growth company” pursuant to the exemptions contained in the JOBS Act. At such time, our independent registered public accounting firm may issue a report that is adverse in the event it is not satisfied that our internal controls over financial reporting are designed and operating effectively to prevent or detect a material misstatement to the financial statements.

If we do not remediate any material weaknesses in our internal control over financial reporting, the accuracy and timeliness of our financial reporting may be adversely affected.

In prior years, we had not maintained an effective control environment to ensure that the design and execution of our controls have consistently resulted in effective review of our financial statements and supervision by appropriate individuals. As a result of these factors, certain misstatements in our annual financial statements for periods prior to becoming a public company were identified and brought to the attention of management by our independent registered public accounting firm for correction. We and our independent registered public accounting firm concluded that these control deficiencies constituted a material weakness in our internal control over financial reporting. A material weakness is a control deficiency, or a combination of control deficiencies, in internal control over financial reporting, indicates that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis.

Efforts to remediate the control deficiencies that led to our existing material weakness have been completed. However, the measures we have taken to date, or any measures we may take in the future, may not be sufficient to avoid potential future material weaknesses. In addition, an independent registered public accounting firm has not performed an evaluation of our internal control over financial reporting in accordance with the provisions of the Sarbanes-Oxley Act because no such evaluation has been required. Had our independent registered public accounting firm performed an evaluation of our internal control over financial reporting in accordance with the provisions of the Sarbanes-Oxley Act, additional significant deficiencies or material weaknesses may have been identified. If we are unable to successfully remediate any significant deficiency or material weakness in our internal control over financial reporting, or identify any additional significant deficiencies or material weaknesses that may exist, the accuracy and timing of our financial reporting may be adversely affected, we may be unable to maintain compliance with securities law requirements regarding timely filing of periodic reports in addition to applicable stock exchange listing requirements, investors may lose confidence in our financial reporting, and our stock price may decline as a result.

Risks Related to our Common Stock

If securities or industry analysts do not continue to publish research or publish unfavorable research about our business, our stock price and trading volume could decline.

The trading market for our common stock will rely in part on the research and reports that equity research analysts publish about us and our business. Although certain equity research analysts currently cover us, we do not have any control of the analysts or the content and opinions included in their reports or whether any such analysts will continue to, or whether new analysts will, cover us for any given period of time. The price of our stock could decline if one or more equity research analysts downgrade our stock or issue other unfavorable commentary or research. If one or more equity research analysts ceases coverage of our company or fails to publish reports on us regularly, demand for our stock could decrease, which in turn could cause our stock price or trading volume to decline.

The market price of our common stock has been, and may continue to be volatile and fluctuate significantly, which could result in substantial losses for investors.

The market price of our common stock has been and is likely to continue to be highly volatile. Since our initial public offering in April 2014 at a price of $12.00 per share, the sale price of stock as reported on The NASDAQ Global Market has ranged from $2.81 to $35.20, through April 30, 2016. Our announcement that the VTI-208 clinical trial failed to meet its primary or secondary endpoints resulted in a significant decline in the market price of our common stock. In addition, as with any public company, some investors hold a short position in our common stock. Such investors have published and distributed information about our company including on current and past clinical trials. Activities by these investors may increase the volatility of the market price of our common stock, and may affect our ability to raise additional funds and to complete our clinical trials and operations.

Our stock price could be subject to wide fluctuations due to many factors, including:


•	clinical data and government approvals relating to the ELAD System;


•	changes in governmental regulations or in the status of our regulatory approvals or applications;


•	disputes or other developments with respect to our intellectual property rights or the intellectual property rights of others;


•	product liability claims or other litigation;


•	sales of large blocks of our common stock, including sales by our executive officers and directors;


•	changes in earnings estimates or recommendations by securities analysts;


•	our ability to meet investors expectations regarding our future operating performance;


•	media exposure of the ELAD System or products of our competitors;


•	volume and timing of sales of the ELAD System;


•	the introduction of new products or product enhancements by us or our competitors;


•	our ability to develop, obtain regulatory clearance or approval for and market new and enhanced products on a timely basis;


•	quarterly variations in our or our competitors’ results of operations;


•	developments in our industry; and


•	general market conditions and other factors, including factors unrelated to our operating performance or the operating performance of our competitors.

In addition, an active and liquid market may not develop or persist and you may not be able to sell your shares quickly or at the recently reported price. These and other factors may make the price of our stock volatile and subject to unexpected fluctuations.

Sale of a substantial number of shares of our common stock by existing stockholders or by us may cause the price of our common stock to decline.

Sales of a substantial number of shares of our common stock into the public market or the perception that these sales might occur could depress the market price of our common stock and could impair our ability to raise adequate capital through the sale of additional equity securities. We are unable to predict the effect that sales may have on the prevailing market price of our common stock.

In May 2015, we filed a shelf registration statement that permits: (i) the offering, issuance and sale by us of up to a maximum aggregate offering price of $200.0 million of common stock, preferred stock, warrants, debt securities, and/or units in one or more offerings and in any combination; (ii) sales of up to 2.5 million shares of common stock by certain selling stockholders; and (iii) the offering, issuance and sale by us of up to a maximum aggregate offering price of $75.0 million of our common stock that may be issued and sold under an “at-the-market” sales agreement with Cantor Fitzgerald & Co., or the ATM. In October 2015, we completed a follow-on public offering raising gross proceeds of $34.5 million from the sale of 6,272,727 shares of our common stock. Through April 2016, we raised gross proceeds of $6.9 million pursuant to the ATM leaving $158.6 million available under the shelf registration statement of which $68.1 million may be offered, issued and sold under the ATM as of April 30, 2016.

In addition, we have filed registration statements on Form S-8 registering a total of 4,452,521 shares of common stock subject to options or reserved for future issuance under our 2012 Stock Option Plan and 2014 Equity Incentive Plan. Shares registered under these registration statements are available for sale in the public market subject to vesting arrangements, the exercise of such options and, in the case of our affiliates, the restrictions of Rule 144. As of March 31, 2016, options to purchase 2,771,815 shares of our common stock were exercisable.

Certain of our existing stockholders are also entitled, under contracts providing for registration rights, to require us to register shares of our common stock owned by them for public sale in the U.S. Any additional sales of securities by these stockholders, or the expectation that such sales may occur, could have a material adverse effect on the trading price of our common stock and make it more difficult for investors to sell shares of our common stock.

To the extent we raise additional capital by selling and issuing common stock, convertible securities or other equity securities, it may result in material dilution to our existing stockholders and new investors could gain rights superior to our existing stockholders. Sales by us or by our current stockholders also could cause the price of our common stock to fall and make it more difficult for you to sell shares of our common stock.

Our directors, officers and principal stockholders have significant voting power and may take actions that may not be in the best interests of our other stockholders.

Our officers, directors and principal stockholders and their affiliates collectively control approximately 25.1% of our outstanding common stock, and in particular, one stockholder and his affiliates control approximately 23.0% of our outstanding common stock as of March 31, 2016. As a result, these stockholders, if they act together, will be able to exert substantial influence over the management and affairs of our company and most matters requiring stockholder approval, including the election of directors. This concentration of ownership may have the effect of delaying or preventing a change in control and might adversely affect the market price of our common stock. This concentration of ownership may not be in the best interests of our other stockholders.

We have broad discretion in the use of proceeds from our public offerings for working capital and general corporate purposes.

The net proceeds of our public offerings are being allocated to fund the continuing clinical development of the ELAD System and the remainder for working capital and other general corporate purposes. Our management has broad discretion over the use and investment of the net proceeds of our public offerings within those categories, and accordingly, investors will need to rely upon the judgment of our management with respect to the use of proceeds.

Anti-takeover provisions in our amended and restated certificate of incorporation, amended and restated bylaws, and Fourth Amended and Restated Investors’ Rights Agreement, as well as Delaware law, could discourage a takeover.

Our amended and restated certificate of incorporation, bylaws, Fourth Amended and Restated Investors’ Rights Agreement, and Delaware law, contain provisions that might enable our management to resist a takeover, and might make it more difficult for an investor to acquire a substantial block of our common stock. These provisions:


•	authorize our board of directors to issue, without further action by our stockholders, up to 20,000,000 shares of undesignated preferred stock;


•	require that any action to be taken by our stockholders be effected at a duly called annual or special meeting and not by written consent;


•	specify that special meetings of our stockholders can be called only by a supermajority (75%) vote of our directors then in office;


•	specify that our board of directors may amend or repeal our bylaws only pursuant to a supermajority (75%) vote of our directors then in office;


•	specify that our stockholders may amend or repeal our bylaws only pursuant to a supermajority (75% and majority of the minority, if applicable) vote of the outstanding shares of our capital stock;


•	require in general the approval of a supermajority (75% and majority of the minority, if applicable) vote of our outstanding shares of capital stock to amend or repeal certain provisions of our certificate of incorporation;


•	require the approval of a supermajority (75% and majority of the minority, if applicable) vote of our outstanding shares of capital stock to approve the sale or liquidation of the company;


•	establish an advance notice procedure for stockholder approvals to be brought before an annual meeting of our stockholders, including proposed nominations of persons for election to our board of directors;


•	provide that directors may be removed only for cause by a supermajority (75%) vote of our outstanding shares of capital stock;


•	provide that vacancies on our board of directors may be filled only by a majority of directors then in office, even though less than a quorum;


•	provide that in general the number of directors on our board may only be fixed from time to time by a supermajority (75%) vote of our directors then in office;


•	establish that our board of directors is divided into three classes, Class I, Class II and Class III, with each class serving staggered terms; and


•	provide that certain stockholders affiliated with Muneer A. Satter, referred to as the Satter Investors, have rights to nominate up to a specific percentage of our directors (currently 30%) based on the Satter Investors’ ownership percentage in our Company.

These provisions might discourage, delay or prevent a change in control of our company or a change in our management. The existence of these provisions could adversely affect the voting power of holders of common stock and limit the price that investors might be willing to pay in the future for shares of our common stock.

Our certificate of incorporation also contains a provision that provides us with protections similar to Section 203 of the Delaware General Corporation Law and will prevent us from engaging in a business combination with a person who acquires at least 15% of our common stock for a period of three years from the date such person acquired such common stock, except for certain of our current stockholders, including Mr. Satter and entities affiliated with him, and, in certain instances, persons who purchase common stock from certain of our current stockholders, and unless board or stockholder approval is obtained prior to the acquisitions. These anti-takeover provisions and other provisions under Delaware law could discourage, delay or prevent a transaction involving a change in control of our company, even if doing so would benefit our stockholders. These provisions could also discourage proxy contests and make it more difficult for you and other stockholders to elect or remove directors of your choosing and to cause us to take other corporate actions you desire.

We have not paid dividends in the past and do not expect to pay dividends in the future, and any return on investment may be limited to the value of our stock.

We have never paid cash dividends on our common stock and do not anticipate paying cash dividends on our common stock in the foreseeable future. The payment of dividends on our common stock will depend on our earnings, financial condition and other business and economic factors affecting us at such time as our board of directors may consider relevant. If we do not pay dividends, our stock may be less valuable because a positive return on your investment will only occur if our stock price appreciates.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Use of Proceeds

Our initial public offering was effected through a registration statement on Form S-1 (File No. 333-191711), which was declared effective by the Securities and Exchange Commission, or SEC, on April 16, 2014. Prior to topline results from our VTI-208 clinical trial in August 2015, there were no material changes in our planned use of the net proceeds from our initial public offering as described in our final prospectus filed with the SEC pursuant to Rule 424(b) under the Securities Act of 1933, or the Securities Act, and other periodic reports previously filed with the SEC. However, based on the failure of our VTI-208 clinical trial to reach either its primary or secondary endpoints and the discontinuation of our VTI-210 and VTI-212 clinical trials, we currently expect the remaining proceeds from our initial public offering to be used for the VTL-308 clinical trial of our ELAD System, for working capital and for other corporate purposes. The amount and timing of our actual expenditures depend on numerous factors, including the ongoing status of and results from clinical trials, as well as any unforeseen cash needs.

Item 6. Exhibits



Exhibit Number	Exhibit Title

31.1	Certification of Principal Executive Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2	Certification of Principal Financial Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1*	Certification of Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2*	Certification of Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS	XBRL Instance Document

101.SCH	XBRL Taxonomy Extension Schema Document

101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF	XBRL Taxonomy Extension Definition Linkbase Database

101.LAB	XBRL Taxonomy Extension Label Linkbase Document

101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document




*	In accordance with Item 601(b)(32)(ii) of Regulation S-K and SEC Release No. 33-8238 and 34-47986, Final Rule: Management’s Reports on Internal Control Over Financial Reporting and Certification of Disclosure in Exchange Act Periodic Reports, the certifications furnished in Exhibits 32.1 and 32.2 hereto are deemed to accompany this Form 10-Q and will not be deemed “filed” for purposes of Section 18 of the Exchange Act. Such certifications will not be deemed to be incorporated by reference into any filings under the Securities Act or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Date: May 9, 2016



	VITAL THERAPIES, INC.

	By:	/s/ Michael V. Swanson
		Michael V. Swanson
		Chief Financial Officer
		(Principal Financial and Accounting Officer and Duly Authorized Officer)

EX-31.1 2 vtl-033116xexhibit311.htm EXHIBIT 31.1 Exhibit

Exhibit 31.1

CERTIFICATIONS

I, Terence E. Winters, Ph.D., certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Vital Therapies, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.



Date: May 9, 2016	By:	/s/ Terence E. Winters, Ph.D.
		Terence E. Winters, Ph.D.
		Chief Executive Officer
		(Principal Executive Officer)

EX-31.2 3 vtl-033116xexhibit312.htm EXHIBIT 31.2 Exhibit

Exhibit 31.2

CERTIFICATIONS

I, Michael V. Swanson, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Vital Therapies, Inc.;

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.



Date: May 9, 2016	By:	/s/ Michael V. Swanson
		Michael V. Swanson
		Chief Financial Officer
		(Principal Financial and Accounting Officer)

EX-32.1 4 vtl-033116xexhibit321.htm EXHIBIT 32.1 Exhibit

Exhibit 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q of Vital Therapies, Inc. (the “Company”) for the period ended March 31, 2016 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, Terence E. Winters, Ph.D., Chief Executive Officer of the Company, hereby certifies, pursuant to 18 U.S.C. Section 1350, that to his knowledge:

(1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.



Date: May 9, 2016	By:	/s/ Terence E. Winters, Ph.D.
		Terence E. Winters, Ph.D.
		Chief Executive Officer
		(Principal Executive Officer)

EX-32.2 5 vtl-033116xexhibit322.htm EXHIBIT 32.2 Exhibit

Exhibit 32.2

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q of Vital Therapies, Inc. (the “Company”) for the period ended March 31, 2016 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, Michael V. Swanson, Chief Financial Officer of the Company, hereby certifies, pursuant to 18 U.S.C. Section 1350, that to his knowledge:

(1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.



Date: May 9, 2016	By:	/s/ Michael V. Swanson
		Michael V. Swanson
		Chief Financial Officer
		(Principal Financial and Accounting Officer)

EX-101.INS 6 vtl-20160331.xml XBRL INSTANCE DOCUMENT 0001280776 2016-01-01 2016-03-31 0001280776 2016-04-30 0001280776 2015-12-31 0001280776 2016-03-31 0001280776 2015-01-01 2015-03-31 0001280776 2015-03-31 0001280776 2014-12-31 0001280776 vtl:EarlyExerciseOfStockOptionsMember 2015-03-31 0001280776 us-gaap:MinimumMember 2016-01-01 2016-03-31 0001280776 us-gaap:MaximumMember 2016-01-01 2016-03-31 0001280776 us-gaap:WarrantMember 2015-01-01 2015-03-31 0001280776 us-gaap:WarrantMember 2016-01-01 2016-03-31 0001280776 us-gaap:StockOptionMember 2015-01-01 2015-03-31 0001280776 us-gaap:StockOptionMember 2016-01-01 2016-03-31 0001280776 us-gaap:LeaseholdImprovementsMember 2016-03-31 0001280776 us-gaap:LeaseholdImprovementsMember 2015-12-31 0001280776 us-gaap:MachineryAndEquipmentMember 2015-12-31 0001280776 us-gaap:ComputerEquipmentMember 2016-03-31 0001280776 us-gaap:ConstructionInProgressMember 2015-12-31 0001280776 us-gaap:MachineryAndEquipmentMember 2016-03-31 0001280776 us-gaap:FurnitureAndFixturesMember 2016-03-31 0001280776 us-gaap:ConstructionInProgressMember 2016-03-31 0001280776 us-gaap:FurnitureAndFixturesMember 2015-12-31 0001280776 us-gaap:ComputerEquipmentMember 2015-12-31 0001280776 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:MoneyMarketFundsMember 2015-12-31 0001280776 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:MoneyMarketFundsMember 2015-12-31 0001280776 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:MoneyMarketFundsMember 2015-12-31 0001280776 us-gaap:FairValueMeasurementsRecurringMember us-gaap:MoneyMarketFundsMember 2015-12-31 0001280776 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:MoneyMarketFundsMember 2016-03-31 0001280776 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:MoneyMarketFundsMember 2016-03-31 0001280776 us-gaap:FairValueMeasurementsRecurringMember us-gaap:MoneyMarketFundsMember 2016-03-31 0001280776 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:MoneyMarketFundsMember 2016-03-31 0001280776 us-gaap:FairValueMeasurementsRecurringMember 2015-12-31 0001280776 us-gaap:FairValueMeasurementsRecurringMember 2016-03-31 0001280776 vtl:SeriesCWarrantsMember 2016-03-31 0001280776 vtl:SeriesDWarrantsMember 2016-03-31 0001280776 2015-10-01 2015-10-31 0001280776 us-gaap:WeightedAverageMember 2016-03-31 0001280776 2015-10-31 0001280776 2015-05-31 0001280776 us-gaap:OverAllotmentOptionMember 2015-10-01 2015-10-31 0001280776 vtl:SeriesBWarrantsMember 2016-01-01 2016-03-31 0001280776 us-gaap:EmployeeStockOptionMember 2016-01-01 2016-03-31 0001280776 vtl:TwoThousandAndFourteenEquityIncentivePlanMember 2016-03-31 0001280776 vtl:NonemployeeMember 2016-03-31 0001280776 vtl:TwoThousandTwelveStockOptionPlanMember 2016-01-01 2016-03-31 0001280776 vtl:TwoThousandAndFourteenEquityIncentivePlanMember 2016-01-01 2016-03-31 0001280776 vtl:NonemployeeMember 2016-01-01 2016-03-31 0001280776 vtl:TwoThousandTwelveStockOptionPlanMember 2016-03-31 0001280776 us-gaap:EmployeeStockOptionMember vtl:TwoThousandAndFourteenEquityIncentivePlanMember 2016-01-01 2016-03-31 0001280776 us-gaap:GeneralAndAdministrativeExpenseMember vtl:NonemployeeMember 2015-01-01 2015-03-31 0001280776 us-gaap:GeneralAndAdministrativeExpenseMember vtl:EmployeeMember 2015-01-01 2015-03-31 0001280776 us-gaap:GeneralAndAdministrativeExpenseMember vtl:NonemployeeMember 2016-01-01 2016-03-31 0001280776 us-gaap:ResearchAndDevelopmentExpenseMember vtl:EmployeeMember 2016-01-01 2016-03-31 0001280776 us-gaap:ResearchAndDevelopmentExpenseMember vtl:EmployeeMember 2015-01-01 2015-03-31 0001280776 vtl:EmployeeMember 2015-01-01 2015-03-31 0001280776 vtl:NonemployeeMember 2015-01-01 2015-03-31 0001280776 vtl:EmployeeMember 2016-01-01 2016-03-31 0001280776 us-gaap:ResearchAndDevelopmentExpenseMember vtl:NonemployeeMember 2015-01-01 2015-03-31 0001280776 us-gaap:GeneralAndAdministrativeExpenseMember vtl:EmployeeMember 2016-01-01 2016-03-31 0001280776 us-gaap:ResearchAndDevelopmentExpenseMember vtl:NonemployeeMember 2016-01-01 2016-03-31 0001280776 us-gaap:MinimumMember vtl:NonemployeeMember 2016-01-01 2016-03-31 0001280776 us-gaap:MaximumMember vtl:NonemployeeMember 2016-01-01 2016-03-31 0001280776 vtl:NonemployeeMember 2015-03-31 0001280776 vtl:EmployeeMember 2016-03-31 0001280776 us-gaap:MinimumMember vtl:NonemployeeMember 2015-01-01 2015-03-31 0001280776 us-gaap:MinimumMember vtl:EmployeeMember 2015-03-31 0001280776 us-gaap:MaximumMember vtl:NonemployeeMember 2015-01-01 2015-03-31 0001280776 us-gaap:MaximumMember vtl:EmployeeMember 2015-03-31 0001280776 us-gaap:EmployeeStockOptionMember vtl:TwoThousandTwelveStockOptionPlanMember 2016-01-01 2016-03-31 0001280776 us-gaap:SubsequentEventMember 2016-04-01 2016-04-30 0001280776 us-gaap:SubsequentEventMember 2016-04-30 0001280776 us-gaap:WeightedAverageMember us-gaap:SubsequentEventMember 2016-04-30 iso4217:USD xbrli:shares iso4217:USD xbrli:pure xbrli:shares vtl:Segment false --12-31 Q1 2016 2016-03-31 10-Q 0001280776 31244415 Accelerated Filer VITAL THERAPIES INC VTL

1221000

885000

5271000

3788000

8060000

8499000

80000

285098000

290409000

3233013

250646

3733711

250539

89081000

82920000

85088000

79239000

80078000

75638000

934000

102238000

88257000

83416000

77876000

-13981000

-5540000

147.91

92.99

250646

250539

9919

240620

4329736

0.0001

130000000

30473083

30980181

30473083

30980181

3000

-14757000

-9589000

140000

143000

101000

56000

294000

494000

-0.62

-0.31

1000

-1000

2165000

1330000

5500000

581000

P2Y1M2D

P2Y1M6D

3064000

2799000

111000

-361000

-80000

-1476000

-38000

-40000

-162000

-18000

-59000

-213000

10000

60000

89081000

82920000

6655000

4816000

101000

56000

139000

4327000

-615000

90000

-13506000

-9956000

-14758000

-9589000

59000

67000

14817000

9656000

-14817000

-9656000

225000

217000

431000

333000

184000

253000

1000

163000

143000

49000

7000

30000

280000

45000

75000

674000

125000

0.0001

20000000

1139000

1044000

32100000

2300000

4325000

4300000

2000

139000

32000

11869000

129000

124000

135000

4441000

7040000

11927000

113000

200000

113000

4441000

7060000

3809000

3428000

P5Y

P3Y

11753000

6857000

533000

319000

-202856000

-212444000

803000

327000

8000

251000

217000

578000

225000

531000

12000

392000

63000

923000

998000

75000

P4Y

0.992

0.771

0.706

0.849

0.608

0.769

0.017

0.019

0.004

0.014

0.018

0.002

0.006

345486

2771815

7.64

4896

16.74

30185

17.87

6.04

8998083

3716520

3733711

7.76

8761671

3644575

7.73

3.92

8.97

26.13

19.75

25.01

8.97

9.07

P10Y

P5Y10M24D

P4Y

P3M18D

P6Y

P5Y6M

P3M18D

5812571

P6Y9M11D

19265

P7Y5M12D

P7Y4M28D

11512

8.95

5.50

9.17

6272727

818181

264234

499000

8098

34500000

4500000

82325000

78048000

23972599

30563088

2675000 2125000 P3M 107 0 65000 0 161000000 200.0 165500000 158600000.0 70500000 75000000 75000000 68100000.0 2500000 26000 23000 23000 0 1200000 74970 0 0.03 2100000 73000 134000

<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Basis of Presentation and Consolidation</font></div><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles, or GAAP, and the rules and regulations of the SEC related to a quarterly report on Form 10-Q. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to those rules and regulations. The condensed consolidated balance sheet as of </font><font style="font-family:inherit;font-size:10pt;">December 31, 2015</font><font style="font-family:inherit;font-size:10pt;"> included in this report has been derived from the audited consolidated financial statements included in our Annual Report on Form 10-K. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual audited consolidated financial statements and, in the opinion of management, reflect all adjustments that are necessary for a fair statement of the financial position, results of operations and cash flows for the periods presented. All such adjustments are of a normal and recurring nature.</font></div><div style="line-height:120%;padding-top:16px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The unaudited interim condensed consolidated financial statements include the accounts of Vital Therapies, Inc. and its wholly-owned subsidiaries located in the United Kingdom (currently inactive) and China. All intercompany accounts and transactions have been eliminated in consolidation. We manage our operations as a single reportable segment for the purposes of assessing performance and making operating decisions.</font></div></div>

<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Cash and Cash Equivalents</font></div><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Cash and cash equivalents consist of cash and highly-liquid investments with original maturities of </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> months or less when acquired and are stated at cost, which approximates fair market value.</font></div></div>

<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Restricted Cash</font></div><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Restricted cash relates to amounts reserved for various clinical trial obligations and lease arrangements.</font></div></div>

<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Comprehensive Loss</font></div><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Comprehensive loss is defined as the change in equity during a period from transactions and other events and circumstances from non-owner sources. Accumulated other comprehensive income has been reflected as a separate component of stockholders’ equity in the accompanying condensed consolidated balance sheets.</font></div></div>

<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Stock Compensation Plans</font></div><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Equity Incentive Plans</font></div><div style="line-height:120%;padding-top:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Our 2014 Equity Incentive Plan, or the 2014 Plan, became effective in April 2014 and replaced our 2012 Stock Option Plan, or the 2012 Plan, with respect to future awards. The 2014 Plan provides for the grant of stock options, restricted stock, restricted stock units, stock appreciation rights, performance awards and performance units to employees, directors, and consultants. </font></div><div style="line-height:120%;padding-top:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Shares available for grant under the 2014 Plan included any shares remaining available or becoming available in the future under the 2012 Plan due to cancellation or forfeiture. In addition, the 2014 Plan provides for annual increases in the number of shares available for issuance thereunder beginning upon its effective date in April 2014, and on each annual anniversary, equal to the lower of:</font></div><div style="line-height:120%;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;"> </font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:72px;"><font style="font-family:inherit;font-size:10pt;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,200,000</font><font style="font-family:inherit;font-size:10pt;"> shares of our common stock;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:72px;"><font style="font-family:inherit;font-size:10pt;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3%</font><font style="font-family:inherit;font-size:10pt;"> of the outstanding shares of our common stock on the second-to-the-last day prior to each anniversary date of the effectiveness date of our IPO; or</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:72px;"><font style="font-family:inherit;font-size:10pt;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">an amount as our board of directors may determine.</font></div></td></tr></table><div style="line-height:120%;padding-top:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Shares available for grant under the 2014 Plan totaled </font><font style="font-family:inherit;font-size:10pt;">345,486</font><font style="font-family:inherit;font-size:10pt;"> shares as of </font><font style="font-family:inherit;font-size:10pt;">March 31, 2016</font><font style="font-family:inherit;font-size:10pt;">.</font></div><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Option grants under the 2014 and 2012 Plans generally vest over </font><font style="font-family:inherit;font-size:10pt;">four</font><font style="font-family:inherit;font-size:10pt;"> years except for performance-based stock options. Our performance-based stock options will fully vest and become exercisable only on achievement of the performance condition while the participant is a continuing service provider. Options generally expire </font><font style="font-family:inherit;font-size:10pt;">ten years</font><font style="font-family:inherit;font-size:10pt;"> from the grant date (or earlier in accordance with the terms of the Plans and the related stock option agreement).</font></div><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Options granted under our 2012 Plan are exercisable immediately, subject to a repurchase right that lapses as the option vests. Through March 31, 2016, options for the purchase of </font><font style="font-family:inherit;font-size:10pt;">74,970</font><font style="font-family:inherit;font-size:10pt;"> shares of our common stock have been exercised prior to vesting, all of which were vested and not subject to repurchase as of </font><font style="font-family:inherit;font-size:10pt;">March 31, 2016</font><font style="font-family:inherit;font-size:10pt;">. During the </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">March 31, 2016</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;">11,512</font><font style="font-family:inherit;font-size:10pt;"> of these shares vested resulting in a decrease in the repurchase liability of </font><font style="font-family:inherit;font-size:10pt;">$23,000</font><font style="font-family:inherit;font-size:10pt;">. We have not repurchased any shares related to these early exercises, and there was </font><font style="font-family:inherit;font-size:10pt;">no</font><font style="font-family:inherit;font-size:10pt;"> repurchase liability as of </font><font style="font-family:inherit;font-size:10pt;">March 31, 2016</font><font style="font-family:inherit;font-size:10pt;">.</font></div><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table summarizes stock option activity:</font><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="13" rowspan="1"></td></tr><tr><td style="width:49%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Options</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Weighted-<br clear="none"/>Average<br clear="none"/>Exercise<br clear="none"/>Price</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Weighted-<br clear="none"/>Average<br clear="none"/>Remaining<br clear="none"/>Contractual<br clear="none"/>Term (Years)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Aggregate<br clear="none"/>Intrinsic<br clear="none"/>Value</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Outstanding as of January 1, 2016</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,716,520</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">7.76</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Granted</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">30,185</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">8.97</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Exercised</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(8,098</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3.92</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Forfeited or expired</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(4,896</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">16.74</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Outstanding as of March 31, 2016</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,733,711</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">7.76</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">7.45</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">8,998,083</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Options vested and expected to vest as of March 31, 2016</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,644,575</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">7.73</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">7.41</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">8,761,671</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Options exercisable as of March 31, 2016</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,771,815</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">7.64</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">6.78</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5,812,571</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-top:24px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Stock-Based Compensation Expense</font></div><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The weighted-average grant date fair value of stock options granted during the </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">March 31, 2016</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2015</font><font style="font-family:inherit;font-size:10pt;"> was </font><font style="font-family:inherit;font-size:10pt;">$6.04</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$17.87</font><font style="font-family:inherit;font-size:10pt;">, respectively. The following are the ranges of underlying assumptions used in the BSM option pricing model to determine the fair value of stock options granted to employee and to non-employees:</font></div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="4" rowspan="1"></td></tr><tr><td style="width:63%;" rowspan="1" colspan="1"></td><td style="width:18%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:18%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Three Months Ended March 31,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2016</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2015</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Employees:</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Risk-free interest rate</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1.7%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1.8% - 1.9%</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Expected dividend yield</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0%</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Expected volatility</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">77.1%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">92.2%</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Expected term of options (years)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">6.0</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5.9</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Fair value of common stock</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$8.97</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$19.75 - $26.13</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Non-employees:</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Risk-free interest rate</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.6% - 1.4%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.2% - 0.4%</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Expected dividend yield</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0%</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Expected volatility</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">76.9% - 84.9%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">60.8% - 70.6%</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Expected term of options (years)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.8 - 5.5</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.3 - 1.8</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Fair value of common stock</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$9.07</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$25.01</font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-top:16px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total stock-based compensation expense for all stock awards recognized in our condensed consolidated statements of operations is as follows (in thousands):</font></div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td style="width:75%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"> </font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Three Months<br clear="none"/> Ended March 31,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2016</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2015</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Employees:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Research and development</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">392</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">251</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">General and administrative</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">531</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">327</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">923</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">578</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Non-employees:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Research and development</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">63</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">217</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">General and administrative</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">12</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">8</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">75</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">225</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-top:16px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As of </font><font style="font-family:inherit;font-size:10pt;">March 31, 2016</font><font style="font-family:inherit;font-size:10pt;">, there was </font><font style="font-family:inherit;font-size:10pt;">$5.5 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$581,000</font><font style="font-family:inherit;font-size:10pt;"> of total compensation cost related to unvested employee and non-employee stock option awards, respectively, not yet recognized. The fair value of the non-employee stock options is re-measured at each reporting date and, accordingly, the expense to be recognized will change, primarily with changes in the market value of our common stock. Stock-based compensation expense for employee and non-employee stock option awards is expected to be recognized over a remaining weighted-average vesting period of </font><font style="font-family:inherit;font-size:10pt;">2.09</font><font style="font-family:inherit;font-size:10pt;"> years and </font><font style="font-family:inherit;font-size:10pt;">2.10</font><font style="font-family:inherit;font-size:10pt;"> years, respectively.</font></div></div>

<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Net Loss Per Share</font></div><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Basic net loss per share attributable to common stockholders is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding for the period, without consideration for common stock equivalents. Excluded from the weighted-average number of shares outstanding as of </font><font style="font-family:inherit;font-size:10pt;">March 31, 2015</font><font style="font-family:inherit;font-size:10pt;"> are shares that have been issued upon the early exercise of stock options and are subject to future vesting, which was a total of </font><font style="font-family:inherit;font-size:10pt;">19,265</font><font style="font-family:inherit;font-size:10pt;"> shares. As of </font><font style="font-family:inherit;font-size:10pt;">March 31, 2016</font><font style="font-family:inherit;font-size:10pt;">, all exercised stock options were fully vested. Diluted net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding for the period determined using the treasury-stock method. Common stock equivalents are comprised of options outstanding under our stock option plan and warrants for the purchase of common stock. For all periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding due to our net loss position.</font></div></div>

<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Fair Value of Financial Instruments</font></div><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Fair value is defined as the price that would be received to sell an asset or be paid to transfer a liability in an orderly transaction between market participants on the measurement date. Accounting guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value:</font></div><div style="line-height:120%;padding-top:16px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Level 1—Quoted prices in active markets for identical assets or liabilities. Our Level 1 assets consisted of money market funds for the periods presented. We had no Level 1 liabilities for any period presented.</font></div><div style="line-height:120%;padding-top:16px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Level 2—Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets with insufficient volume or infrequent transactions (less active markets), or model-derived valuations in which all significant inputs are observable or can be derived principally from or corroborated with observable market data for substantially the full term of the assets or liabilities. We had no Level 2 assets or liabilities for any period presented.</font></div><div style="line-height:120%;padding-top:16px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Level 3—Unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of assets or liabilities. We had no Level 3 assets or liabilities for any period presented.</font></div><div style="line-height:120%;padding-top:16px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Any transfers into and out of levels within the fair value hierarchy will be recognized at the end of the reporting period in which the actual event or change in circumstances that caused the transfer occurs.</font></div><div style="line-height:120%;padding-top:16px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The carrying value of cash and cash equivalents, restricted cash, other current assets and prepaid expenses, accounts payable, and accrued expenses approximates fair value due to the short period of time to maturity.</font></div></div>

<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Foreign Currency Translation and Transactions</font></div><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The functional currency of each of our subsidiaries in the United Kingdom (currently inactive) and China is the local currency. Assets and liabilities of the subsidiaries are translated at the rate of exchange at the balance sheet date. Expenses are translated at the average rate of exchange rates in effect during the reporting period. Gains and losses resulting from foreign currency translation are included in accumulated other comprehensive income in the accompanying condensed consolidated balance sheets. Gains and losses resulting from foreign currency transactions are included in the condensed consolidated statements of operations, which to date have not been significant.</font></div></div>

<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Impairment of Long-Lived Assets</font></div><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Long-lived assets consist primarily of property and equipment. An impairment loss is recorded if and when events and circumstances indicate that assets might be impaired and the undiscounted cash flows estimated to be generated by those assets are less than the carrying amount of those assets. While our current and historical operating losses and negative cash flows are indicators of impairment, we believe that our expected future cash flows to be received support the carrying value of our long-lived assets and, accordingly, have not recognized any impairment losses through </font><font style="font-family:inherit;font-size:10pt;">March 31, 2016</font><font style="font-family:inherit;font-size:10pt;">.</font></div></div>

<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Income Taxes</font></div><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We account for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the condensed consolidated financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date.</font></div><div style="line-height:120%;padding-top:16px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We recognize net deferred tax assets to the extent we believe these assets are more likely than not to be realized. In making such a determination, management considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. If management determines that we would be able to realize our deferred tax assets in the future in excess of their net recorded amount, management would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. As of </font><font style="font-family:inherit;font-size:10pt;">March 31, 2016</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December 31, 2015</font><font style="font-family:inherit;font-size:10pt;">, we maintained a full valuation allowance against our entire balance of deferred tax assets.</font></div><div style="line-height:120%;padding-top:16px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We record uncertain tax positions in accordance with Accounting Standards Codification, or ASC, 740 on the basis of a two-step process whereby (1) management determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, management recognizes the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. We recognize interest and penalties related to unrecognized tax benefits, if any, within income tax expense, and any accrued interest and penalties are included within the related tax liability line.</font></div></div>

<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Leases</font></div><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We lease all of our office space and enter into various other operating lease agreements in conducting our business. At the inception of each lease, we evaluate the lease agreement to determine whether the lease is an operating or capital lease. Some of our lease agreements may contain renewal options, tenant improvement allowances, rent holidays or rent escalation clauses. When such items are included in a lease agreement, we record a deferred rent asset or liability equal to the difference between the rent expense and future minimum lease payments due. The rent expense related to operating leases is recognized on a straight-line basis in the statements of operations over the term of each lease. In cases where our lessor grants us leasehold improvement allowances that reduce our rent expense, we capitalize the improvements as incurred and recognize deferred rent, which is amortized over the shorter of the lease term or the expected useful life of the improvements.</font></div></div>

<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Recently Issued Accounting Standards</font></div><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In August 2014, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, No. 2014-15, “</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern,</font><font style="font-family:inherit;font-size:10pt;">” or ASU 2014-15. ASU 2014-15 requires management to assess, at each annual and interim reporting period, the entity’s ability to continue as a going concern. The amendments in ASU 2014-15 do not have any application to an entity’s financial statements, but only to disclosure in the related notes. We adopted ASU 2014-15 beginning with the first quarter of fiscal year 2016.</font></div><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In February 2016, the FASB issued ASU No. 2016-02, "</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Leases,</font><font style="font-family:inherit;font-size:10pt;">" or ASU 2016-02. ASU 2016-02 will require that lease arrangements longer than 12 months result in an entity recognizing an asset and liability equal to the present value of the lease payments in the statement of financial position. ASU 2016-02 is effective for annual periods beginning after December 15, 2018, and interim periods therein. This standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. Early adoption of ASU 2016-02 as of its issuance is permitted. We expect to adopt ASU-2016-02 in 2019. Substantially all of our currently existing leases expire prior to 2019 unless extended.</font></div><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In March 2016, the FASB issued ASU No. 2016-09, "</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Compensation-Stock Compensation: Improvements to Employee Share-Based Payment Accounting,</font><font style="font-family:inherit;font-size:10pt;">" or ASU 2016-09. ASU 2016-09 </font><font style="font-family:inherit;font-size:10pt;color:#252525;">will change how companies account for certain aspects of share-based payments to employees</font><font style="font-family:inherit;font-size:10pt;">. </font><font style="font-family:inherit;font-size:10pt;color:#252525;">The amendments in this update cover such areas as the recognition of excess tax benefits and deficiencies, the classification of those excess tax benefits on the statement of cash flows, an accounting policy election for forfeitures, the amount an employer can withhold to cover income taxes and still qualify for equity classification and the classification of those taxes paid on the statement of cash flows. </font><font style="font-family:inherit;font-size:10pt;">The guidance will be effective for annual periods beginning after December 15, 2016, and interim periods therein. Early adoption of ASU 2016-09 as of its issuance is permitted. </font><font style="font-family:inherit;font-size:10pt;color:#252525;">This guidance may be applied either prospectively, retrospectively or using a modified retrospective transition method, depending on the area covered in this update. </font><font style="font-family:inherit;font-size:10pt;">We are currently evaluating the impact that adopting ASU 2016-09 will have on our condensed consolidated financial statements.</font></div></div>

<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Property and Equipment Depreciation</font></div><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Property and equipment are recorded at cost and depreciated using the straight-line method over the estimated useful lives of the assets (generally </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> to </font><font style="font-family:inherit;font-size:10pt;">five</font><font style="font-family:inherit;font-size:10pt;"> years). Leasehold improvements are stated at cost and depreciated on a straight-line basis over the lesser of the remaining term of the related lease or the estimated useful lives of the assets. Construction in progress is not depreciated until the underlying asset is available to be placed in service. Repairs and maintenance costs are charged to expense as incurred.</font></div></div>

<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Property and equipment, leasehold improvements, and related accumulated depreciation and amortization were as follows (in thousands):</font></div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td style="width:74%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">March 31, <br clear="none"/>2016</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">December 31, <br clear="none"/>2015</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Manufacturing, clinical and laboratory equipment</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">7,060</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">7,040</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Leasehold improvements</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4,441</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4,441</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Office furniture and equipment</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">113</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">135</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Computer equipment and software</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">113</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">129</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Construction in progress</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">200</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">124</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">11,927</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">11,869</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Less: accumulated depreciation and amortization</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(8,499</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(8,060</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,428</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,809</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div>

<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Research and Development</font></div><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Research and development costs consist primarily of employee-related expenses, costs of contractors, clinical trial sites and contract research organizations engaged in the development of the ELAD System, costs related to our investigation of the mechanism of action of the ELAD System, expenses associated with obtaining regulatory approvals, and the cost of acquiring and manufacturing clinical trial materials. All research and development costs are expensed as incurred.</font></div></div>

<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Accrued expenses consist of (in thousands):</font></div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td style="width:73%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">March 31, <br clear="none"/>2016</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">December 31, <br clear="none"/>2015</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Accrued clinical and related costs</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,125</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,675</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Accrued compensation and related taxes</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,330</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,165</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Accrued other</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">333</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">431</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,788</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5,271</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div>

<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:16px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Potentially dilutive securities not included in the calculation of diluted net loss per share attributable to common stockholders because to do so would be anti-dilutive are as follows:</font></div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="6" rowspan="1"></td></tr><tr><td style="width:73%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"> </font></div></td><td colspan="5" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">As of March 31,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2016</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2015</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Options to purchase common stock</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,733,711</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,233,013</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Warrants to purchase common stock</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">250,539</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">250,646</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div>

<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Shares reserved for future issuance at </font><font style="font-family:inherit;font-size:10pt;">March 31, 2016</font><font style="font-family:inherit;font-size:10pt;"> are as follows:</font></div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3" rowspan="1"></td></tr><tr><td style="width:87%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Number of</font></div><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Shares</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Common stock options outstanding</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,733,711</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Common stock options available for future grant</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">345,486</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Common stock warrants</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">250,539</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total common shares reserved for future issuance</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4,329,736</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div>

<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:16px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total stock-based compensation expense for all stock awards recognized in our condensed consolidated statements of operations is as follows (in thousands):</font></div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td style="width:75%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"> </font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Three Months<br clear="none"/> Ended March 31,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2016</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2015</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Employees:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Research and development</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">392</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">251</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">General and administrative</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">531</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">327</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">923</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">578</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Non-employees:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Research and development</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">63</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">217</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">General and administrative</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">12</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">8</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">75</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">225</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div>

<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following fair value hierarchy tables present information about each major category of our financial assets and liabilities measured at fair value on a recurring basis (in thousands):</font></div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="16" rowspan="1"></td></tr><tr><td style="width:49%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"> </font></div></td><td colspan="15" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Fair Value Measurement at March 31, 2016</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Fair Value</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Level 1</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Level 2</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Level 3</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Assets</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:top;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Money market funds</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">75,638</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">75,638</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">—</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">—</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"> </font></div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="16" rowspan="1"></td></tr><tr><td style="width:49%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"> </font></div></td><td colspan="15" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Fair Value Measurement at December 31, 2015</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Fair Value</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Level 1</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Level 2</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Level 3</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Assets</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:top;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Money market funds</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">80,078</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">80,078</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">—</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">—</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div>

<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table summarizes stock option activity:</font><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="13" rowspan="1"></td></tr><tr><td style="width:49%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Options</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Weighted-<br clear="none"/>Average<br clear="none"/>Exercise<br clear="none"/>Price</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Weighted-<br clear="none"/>Average<br clear="none"/>Remaining<br clear="none"/>Contractual<br clear="none"/>Term (Years)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Aggregate<br clear="none"/>Intrinsic<br clear="none"/>Value</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Outstanding as of January 1, 2016</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,716,520</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">7.76</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Granted</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">30,185</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">8.97</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Exercised</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(8,098</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3.92</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Forfeited or expired</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(4,896</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">16.74</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Outstanding as of March 31, 2016</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,733,711</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">7.76</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">7.45</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">8,998,083</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Options vested and expected to vest as of March 31, 2016</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,644,575</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">7.73</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">7.41</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">8,761,671</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Options exercisable as of March 31, 2016</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,771,815</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">7.64</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">6.78</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5,812,571</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div>

<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following are the ranges of underlying assumptions used in the BSM option pricing model to determine the fair value of stock options granted to employee and to non-employees:</font></div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="4" rowspan="1"></td></tr><tr><td style="width:63%;" rowspan="1" colspan="1"></td><td style="width:18%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:18%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Three Months Ended March 31,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2016</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2015</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Employees:</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Risk-free interest rate</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1.7%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1.8% - 1.9%</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Expected dividend yield</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0%</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Expected volatility</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">77.1%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">92.2%</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Expected term of options (years)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">6.0</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5.9</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Fair value of common stock</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$8.97</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$19.75 - $26.13</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Non-employees:</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Risk-free interest rate</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.6% - 1.4%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.2% - 0.4%</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Expected dividend yield</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0%</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Expected volatility</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">76.9% - 84.9%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">60.8% - 70.6%</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Expected term of options (years)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.8 - 5.5</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.3 - 1.8</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Fair value of common stock</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$9.07</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$25.01</font></div></td></tr></table></div></div></div>

<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table summarizes the outstanding warrants as of March 31, 2016:</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="9" rowspan="1"></td></tr><tr><td style="width:56%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:3%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:3%;" rowspan="1" colspan="1"></td><td style="width:14%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Warrants Outstanding</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Exercise Price</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Expiration Date</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Series C</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">9,919</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">147.91</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">11/20/2016</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Series D</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">240,620</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">92.99</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">9/25/2019</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total warrants outstanding</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">250,539</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr></table></div></div></div>

<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Stock-Based Compensation</font></div><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We measure and recognize compensation expense for all stock-based payments made to employees and directors based on estimated fair value at the date of grant, net of an estimated forfeiture rate, and to consultants based on estimated fair value. Currently, our stock-based awards consist only of stock options; however, future grants under our equity compensation plan may also consist of shares of restricted stock, restricted stock units, stock appreciation rights, performance awards and performance units. We estimate the fair value of stock options granted using the Black-Scholes-Merton, or BSM, option pricing model, which requires the use of estimates.</font></div><div style="line-height:120%;padding-top:16px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We recognize stock-based compensation cost for employees and directors on a straight-line basis over the requisite service period of the award. For performance-based stock options, we record share-based compensation expense only when the performance-based milestone is deemed probable of achievement. We utilize both quantitative and qualitative criteria to judge whether milestones are probable of achievement.</font></div><div style="line-height:120%;padding-top:16px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Stock-based compensation expense is recognized only for those awards that are ultimately expected to vest. We estimate forfeitures based on an analysis of our historical employee turnover and will continue to evaluate the appropriateness of the forfeiture rate based on actual forfeiture experience, analysis of employee turnover and other factors. We will revise the forfeiture estimate, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Changes in forfeiture estimates, which have not been material to date, impact compensation cost in the period in which the change in estimate occurs.</font></div><div style="line-height:120%;padding-top:16px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The fair value of options granted to consultants is estimated using the BSM option pricing model and is re-measured at each reporting date with changes in fair value recognized as expense in the condensed consolidated statements of operations.</font></div><div style="line-height:120%;padding-top:16px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The BSM option pricing model requires the input of highly subjective assumptions, including the risk-free interest rate, the expected dividend yield of our common stock, the expected volatility of the price of our common stock, and the expected term of the option. These estimates involve inherent uncertainties and the application of management’s judgment. If factors change and different assumptions are used, our stock-based compensation expense could be materially different in the future. These assumptions are estimated as follows:</font></div><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Risk-free Interest Rate</font></div><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We base the risk-free interest rate assumption on zero-coupon U.S. treasury instruments appropriate for the expected term of the stock option grants.</font></div><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Expected Dividend Yield</font></div><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We base the expected dividend yield assumption on the fact that we have never paid cash dividends and have no present intention to pay cash dividends. Consequently, we used an expected dividend yield of </font><font style="font-family:inherit;font-size:10pt;">zero</font><font style="font-family:inherit;font-size:10pt;">.</font></div><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Expected Volatility</font></div><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The expected stock price volatility for our common stock is estimated based on volatilities of a peer group of similar publicly-traded, biotechnology companies by taking the average historic price volatility for the peers for a period equivalent to the expected term of the stock option grants. We do not use our average historic price volatility as we have only been a publicly-traded company since April 2014.</font></div><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Expected Term</font></div><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The expected term represents the period of time that options are expected to be outstanding. As we do not have sufficient historical experience for determining the expected term of the stock option awards granted we have determined the expected life assumption using either the simplified method, which is an average of the contractual term of the option and its ordinary vesting period, or the comparable average expected term utilizing those companies in the peer group as noted above.</font></div><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Common Stock Valuation</font></div><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Due to the absence of a public market trading our common stock prior to the completion of our initial public offering, or IPO, in April 2014, it was necessary for us to estimate the fair value of the common stock underlying our stock-based awards when performing fair value calculations using the BSM option pricing model. The fair value of the common stock underlying our stock-based awards was assessed by our board of directors. All options to purchase shares of our common stock have been granted with an exercise price per share no less than the fair value per share of our common stock underlying those options on the date of grant.</font></div><div style="line-height:120%;padding-top:16px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In the absence of a public trading market for our common stock, we determined the estimated fair value of our common stock using methodologies, approaches and assumptions consistent with the American Institute of Certified Public Accountants Audit and Accounting Practice Aid Series: </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Valuation of Privately Held Company Equity Securities Issued as Compensation</font><font style="font-family:inherit;font-size:10pt;">. Subsequent to our IPO, the fair value of our common stock has been based on the grant date closing market price of our common stock.</font></div></div>

<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Summary of Significant Accounting Policies</font></div><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with GAAP requires us to make certain estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates and assumptions.</font></div><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Cash and Cash Equivalents</font></div><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Cash and cash equivalents consist of cash and highly-liquid investments with original maturities of </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> months or less when acquired and are stated at cost, which approximates fair market value.</font></div><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Restricted Cash</font></div><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Restricted cash relates to amounts reserved for various clinical trial obligations and lease arrangements.</font></div><div style="line-height:120%;padding-top:8px;text-indent:65px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Fair Value of Financial Instruments</font></div><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Fair value is defined as the price that would be received to sell an asset or be paid to transfer a liability in an orderly transaction between market participants on the measurement date. Accounting guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value:</font></div><div style="line-height:120%;padding-top:16px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Level 1—Quoted prices in active markets for identical assets or liabilities. Our Level 1 assets consisted of money market funds for the periods presented. We had no Level 1 liabilities for any period presented.</font></div><div style="line-height:120%;padding-top:16px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Level 2—Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets with insufficient volume or infrequent transactions (less active markets), or model-derived valuations in which all significant inputs are observable or can be derived principally from or corroborated with observable market data for substantially the full term of the assets or liabilities. We had no Level 2 assets or liabilities for any period presented.</font></div><div style="line-height:120%;padding-top:16px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Level 3—Unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of assets or liabilities. We had no Level 3 assets or liabilities for any period presented.</font></div><div style="line-height:120%;padding-top:16px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Any transfers into and out of levels within the fair value hierarchy will be recognized at the end of the reporting period in which the actual event or change in circumstances that caused the transfer occurs.</font></div><div style="line-height:120%;padding-top:16px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The carrying value of cash and cash equivalents, restricted cash, other current assets and prepaid expenses, accounts payable, and accrued expenses approximates fair value due to the short period of time to maturity.</font></div><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Property and Equipment Depreciation</font></div><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Property and equipment are recorded at cost and depreciated using the straight-line method over the estimated useful lives of the assets (generally </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> to </font><font style="font-family:inherit;font-size:10pt;">five</font><font style="font-family:inherit;font-size:10pt;"> years). Leasehold improvements are stated at cost and depreciated on a straight-line basis over the lesser of the remaining term of the related lease or the estimated useful lives of the assets. Construction in progress is not depreciated until the underlying asset is available to be placed in service. Repairs and maintenance costs are charged to expense as incurred.</font></div><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Impairment of Long-Lived Assets</font></div><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Long-lived assets consist primarily of property and equipment. An impairment loss is recorded if and when events and circumstances indicate that assets might be impaired and the undiscounted cash flows estimated to be generated by those assets are less than the carrying amount of those assets. While our current and historical operating losses and negative cash flows are indicators of impairment, we believe that our expected future cash flows to be received support the carrying value of our long-lived assets and, accordingly, have not recognized any impairment losses through </font><font style="font-family:inherit;font-size:10pt;">March 31, 2016</font><font style="font-family:inherit;font-size:10pt;">.</font></div><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Research and Development</font></div><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Research and development costs consist primarily of employee-related expenses, costs of contractors, clinical trial sites and contract research organizations engaged in the development of the ELAD System, costs related to our investigation of the mechanism of action of the ELAD System, expenses associated with obtaining regulatory approvals, and the cost of acquiring and manufacturing clinical trial materials. All research and development costs are expensed as incurred.</font></div><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Stock-Based Compensation</font></div><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We measure and recognize compensation expense for all stock-based payments made to employees and directors based on estimated fair value at the date of grant, net of an estimated forfeiture rate, and to consultants based on estimated fair value. Currently, our stock-based awards consist only of stock options; however, future grants under our equity compensation plan may also consist of shares of restricted stock, restricted stock units, stock appreciation rights, performance awards and performance units. We estimate the fair value of stock options granted using the Black-Scholes-Merton, or BSM, option pricing model, which requires the use of estimates.</font></div><div style="line-height:120%;padding-top:16px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We recognize stock-based compensation cost for employees and directors on a straight-line basis over the requisite service period of the award. For performance-based stock options, we record share-based compensation expense only when the performance-based milestone is deemed probable of achievement. We utilize both quantitative and qualitative criteria to judge whether milestones are probable of achievement.</font></div><div style="line-height:120%;padding-top:16px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Stock-based compensation expense is recognized only for those awards that are ultimately expected to vest. We estimate forfeitures based on an analysis of our historical employee turnover and will continue to evaluate the appropriateness of the forfeiture rate based on actual forfeiture experience, analysis of employee turnover and other factors. We will revise the forfeiture estimate, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Changes in forfeiture estimates, which have not been material to date, impact compensation cost in the period in which the change in estimate occurs.</font></div><div style="line-height:120%;padding-top:16px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The fair value of options granted to consultants is estimated using the BSM option pricing model and is re-measured at each reporting date with changes in fair value recognized as expense in the condensed consolidated statements of operations.</font></div><div style="line-height:120%;padding-top:16px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The BSM option pricing model requires the input of highly subjective assumptions, including the risk-free interest rate, the expected dividend yield of our common stock, the expected volatility of the price of our common stock, and the expected term of the option. These estimates involve inherent uncertainties and the application of management’s judgment. If factors change and different assumptions are used, our stock-based compensation expense could be materially different in the future. These assumptions are estimated as follows:</font></div><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Risk-free Interest Rate</font></div><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We base the risk-free interest rate assumption on zero-coupon U.S. treasury instruments appropriate for the expected term of the stock option grants.</font></div><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Expected Dividend Yield</font></div><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We base the expected dividend yield assumption on the fact that we have never paid cash dividends and have no present intention to pay cash dividends. Consequently, we used an expected dividend yield of </font><font style="font-family:inherit;font-size:10pt;">zero</font><font style="font-family:inherit;font-size:10pt;">.</font></div><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Expected Volatility</font></div><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The expected stock price volatility for our common stock is estimated based on volatilities of a peer group of similar publicly-traded, biotechnology companies by taking the average historic price volatility for the peers for a period equivalent to the expected term of the stock option grants. We do not use our average historic price volatility as we have only been a publicly-traded company since April 2014.</font></div><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Expected Term</font></div><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The expected term represents the period of time that options are expected to be outstanding. As we do not have sufficient historical experience for determining the expected term of the stock option awards granted we have determined the expected life assumption using either the simplified method, which is an average of the contractual term of the option and its ordinary vesting period, or the comparable average expected term utilizing those companies in the peer group as noted above.</font></div><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Common Stock Valuation</font></div><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Due to the absence of a public market trading our common stock prior to the completion of our initial public offering, or IPO, in April 2014, it was necessary for us to estimate the fair value of the common stock underlying our stock-based awards when performing fair value calculations using the BSM option pricing model. The fair value of the common stock underlying our stock-based awards was assessed by our board of directors. All options to purchase shares of our common stock have been granted with an exercise price per share no less than the fair value per share of our common stock underlying those options on the date of grant.</font></div><div style="line-height:120%;padding-top:16px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In the absence of a public trading market for our common stock, we determined the estimated fair value of our common stock using methodologies, approaches and assumptions consistent with the American Institute of Certified Public Accountants Audit and Accounting Practice Aid Series: </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Valuation of Privately Held Company Equity Securities Issued as Compensation</font><font style="font-family:inherit;font-size:10pt;">. Subsequent to our IPO, the fair value of our common stock has been based on the grant date closing market price of our common stock.</font></div><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Leases</font></div><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We lease all of our office space and enter into various other operating lease agreements in conducting our business. At the inception of each lease, we evaluate the lease agreement to determine whether the lease is an operating or capital lease. Some of our lease agreements may contain renewal options, tenant improvement allowances, rent holidays or rent escalation clauses. When such items are included in a lease agreement, we record a deferred rent asset or liability equal to the difference between the rent expense and future minimum lease payments due. The rent expense related to operating leases is recognized on a straight-line basis in the statements of operations over the term of each lease. In cases where our lessor grants us leasehold improvement allowances that reduce our rent expense, we capitalize the improvements as incurred and recognize deferred rent, which is amortized over the shorter of the lease term or the expected useful life of the improvements.</font></div><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Comprehensive Loss</font></div><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Comprehensive loss is defined as the change in equity during a period from transactions and other events and circumstances from non-owner sources. Accumulated other comprehensive income has been reflected as a separate component of stockholders’ equity in the accompanying condensed consolidated balance sheets.</font></div><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Foreign Currency Translation and Transactions</font></div><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The functional currency of each of our subsidiaries in the United Kingdom (currently inactive) and China is the local currency. Assets and liabilities of the subsidiaries are translated at the rate of exchange at the balance sheet date. Expenses are translated at the average rate of exchange rates in effect during the reporting period. Gains and losses resulting from foreign currency translation are included in accumulated other comprehensive income in the accompanying condensed consolidated balance sheets. Gains and losses resulting from foreign currency transactions are included in the condensed consolidated statements of operations, which to date have not been significant.</font></div><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Income Taxes</font></div><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We account for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the condensed consolidated financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date.</font></div><div style="line-height:120%;padding-top:16px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We recognize net deferred tax assets to the extent we believe these assets are more likely than not to be realized. In making such a determination, management considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. If management determines that we would be able to realize our deferred tax assets in the future in excess of their net recorded amount, management would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. As of </font><font style="font-family:inherit;font-size:10pt;">March 31, 2016</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December 31, 2015</font><font style="font-family:inherit;font-size:10pt;">, we maintained a full valuation allowance against our entire balance of deferred tax assets.</font></div><div style="line-height:120%;padding-top:16px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We record uncertain tax positions in accordance with Accounting Standards Codification, or ASC, 740 on the basis of a two-step process whereby (1) management determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, management recognizes the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. We recognize interest and penalties related to unrecognized tax benefits, if any, within income tax expense, and any accrued interest and penalties are included within the related tax liability line.</font></div><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Net Loss Per Share</font></div><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Basic net loss per share attributable to common stockholders is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding for the period, without consideration for common stock equivalents. Excluded from the weighted-average number of shares outstanding as of </font><font style="font-family:inherit;font-size:10pt;">March 31, 2015</font><font style="font-family:inherit;font-size:10pt;"> are shares that have been issued upon the early exercise of stock options and are subject to future vesting, which was a total of </font><font style="font-family:inherit;font-size:10pt;">19,265</font><font style="font-family:inherit;font-size:10pt;"> shares. As of </font><font style="font-family:inherit;font-size:10pt;">March 31, 2016</font><font style="font-family:inherit;font-size:10pt;">, all exercised stock options were fully vested. Diluted net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding for the period determined using the treasury-stock method. Common stock equivalents are comprised of options outstanding under our stock option plan and warrants for the purchase of common stock. For all periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding due to our net loss position.</font></div><div style="line-height:120%;padding-top:16px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Potentially dilutive securities not included in the calculation of diluted net loss per share attributable to common stockholders because to do so would be anti-dilutive are as follows:</font></div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="6" rowspan="1"></td></tr><tr><td style="width:73%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"> </font></div></td><td colspan="5" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">As of March 31,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2016</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2015</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Options to purchase common stock</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,733,711</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,233,013</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Warrants to purchase common stock</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">250,539</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">250,646</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Recently Issued Accounting Standards</font></div><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In August 2014, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, No. 2014-15, “</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern,</font><font style="font-family:inherit;font-size:10pt;">” or ASU 2014-15. ASU 2014-15 requires management to assess, at each annual and interim reporting period, the entity’s ability to continue as a going concern. The amendments in ASU 2014-15 do not have any application to an entity’s financial statements, but only to disclosure in the related notes. We adopted ASU 2014-15 beginning with the first quarter of fiscal year 2016.</font></div><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In February 2016, the FASB issued ASU No. 2016-02, "</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Leases,</font><font style="font-family:inherit;font-size:10pt;">" or ASU 2016-02. ASU 2016-02 will require that lease arrangements longer than 12 months result in an entity recognizing an asset and liability equal to the present value of the lease payments in the statement of financial position. ASU 2016-02 is effective for annual periods beginning after December 15, 2018, and interim periods therein. This standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. Early adoption of ASU 2016-02 as of its issuance is permitted. We expect to adopt ASU-2016-02 in 2019. Substantially all of our currently existing leases expire prior to 2019 unless extended.</font></div><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In March 2016, the FASB issued ASU No. 2016-09, "</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Compensation-Stock Compensation: Improvements to Employee Share-Based Payment Accounting,</font><font style="font-family:inherit;font-size:10pt;">" or ASU 2016-09. ASU 2016-09 </font><font style="font-family:inherit;font-size:10pt;color:#252525;">will change how companies account for certain aspects of share-based payments to employees</font><font style="font-family:inherit;font-size:10pt;">. </font><font style="font-family:inherit;font-size:10pt;color:#252525;">The amendments in this update cover such areas as the recognition of excess tax benefits and deficiencies, the classification of those excess tax benefits on the statement of cash flows, an accounting policy election for forfeitures, the amount an employer can withhold to cover income taxes and still qualify for equity classification and the classification of those taxes paid on the statement of cash flows. </font><font style="font-family:inherit;font-size:10pt;">The guidance will be effective for annual periods beginning after December 15, 2016, and interim periods therein. Early adoption of ASU 2016-09 as of its issuance is permitted. </font><font style="font-family:inherit;font-size:10pt;color:#252525;">This guidance may be applied either prospectively, retrospectively or using a modified retrospective transition method, depending on the area covered in this update. </font><font style="font-family:inherit;font-size:10pt;">We are currently evaluating the impact that adopting ASU 2016-09 will have on our condensed consolidated financial statements.</font></div></div>

<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:174%;padding-top:16px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Subsequent Event</font></div><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In April 2016, we sold an additional </font><font style="font-family:inherit;font-size:10pt;">264,234</font><font style="font-family:inherit;font-size:10pt;"> shares of our common stock at a weighted average price of </font><font style="font-family:inherit;font-size:10pt;">$9.17</font><font style="font-family:inherit;font-size:10pt;"> per share under the ATM, leaving </font><font style="font-family:inherit;font-size:10pt;">$158.6 million</font><font style="font-family:inherit;font-size:10pt;"> available under the shelf registration statement, </font><font style="font-family:inherit;font-size:10pt;">$68.1 million</font><font style="font-family:inherit;font-size:10pt;"> of which may be offered, issued and sold at a future date under the ATM. Estimated net proceeds to us from the ATM offerings in April 2016 were </font><font style="font-family:inherit;font-size:10pt;">$2.3 million</font><font style="font-family:inherit;font-size:10pt;">, after deducting underwriter commissions of </font><font style="font-family:inherit;font-size:10pt;">$73,000</font><font style="font-family:inherit;font-size:10pt;"> and estimated offering expenses of </font><font style="font-family:inherit;font-size:10pt;">$45,000</font><font style="font-family:inherit;font-size:10pt;">.</font></div></div>

<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Other Financial Information</font></div><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Property and Equipment</font></div><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Property and equipment, leasehold improvements, and related accumulated depreciation and amortization were as follows (in thousands):</font></div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td style="width:74%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">March 31, <br clear="none"/>2016</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">December 31, <br clear="none"/>2015</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Manufacturing, clinical and laboratory equipment</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">7,060</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">7,040</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Leasehold improvements</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4,441</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4,441</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Office furniture and equipment</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">113</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">135</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Computer equipment and software</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">113</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">129</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Construction in progress</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">200</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">124</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">11,927</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">11,869</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Less: accumulated depreciation and amortization</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(8,499</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(8,060</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,428</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,809</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-top:16px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Depreciation expense was </font><font style="font-family:inherit;font-size:10pt;">$494,000</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$294,000</font><font style="font-family:inherit;font-size:10pt;"> for the three months ended </font><font style="font-family:inherit;font-size:10pt;">March 31, 2016</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2015</font><font style="font-family:inherit;font-size:10pt;">, respectively.</font></div><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Accrued Expenses</font></div><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Accrued expenses consist of (in thousands):</font></div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td style="width:73%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">March 31, <br clear="none"/>2016</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">December 31, <br clear="none"/>2015</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Accrued clinical and related costs</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,125</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,675</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Accrued compensation and related taxes</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,330</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,165</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Accrued other</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">333</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">431</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,788</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5,271</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div>

<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with GAAP requires us to make certain estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates and assumptions.</font></div></div>

<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Unaudited Interim Financial Information</font></div><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The results for the </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">March 31, 2016</font><font style="font-family:inherit;font-size:10pt;"> are not necessarily indicative of results to be expected for the year ending </font><font style="font-family:inherit;font-size:10pt;">December 31, 2016</font><font style="font-family:inherit;font-size:10pt;"> or any other future interim period or year. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended </font><font style="font-family:inherit;font-size:10pt;">December 31, 2015</font><font style="font-family:inherit;font-size:10pt;">, included in our Annual Report on Form 10-K filed with the Securities and Exchange Commission, or SEC, on March 8, 2016.</font></div></div>

EX-101.SCH 7 vtl-20160331.xsd XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 2104100 - Disclosure - Commitments and Contingencies link:presentationLink link:calculationLink link:definitionLink 2404401 - Disclosure - Commitments and Contingencies - Additional Information (Detail) link:presentationLink link:calculationLink link:definitionLink 2107100 - Disclosure - Common Stock and Stock Warrants link:presentationLink link:calculationLink link:definitionLink 2407402 - Disclosure - Common Stock and Stock Warrants- Additional Information (Detail) link:presentationLink link:calculationLink link:definitionLink 2407403 - Disclosure - Common Stock and Stock Warrants - Shares Reserved for Future Issuance (Detail) link:presentationLink link:calculationLink link:definitionLink 2307301 - Disclosure - Common Stock and Stock Warrants (Tables) link:presentationLink link:calculationLink link:definitionLink 2407404 - Disclosure - Common Stock and Stock Warrants - Warrants (Details) link:presentationLink link:calculationLink link:definitionLink 1001000 - Statement - Condensed Consolidated Balance Sheets (Unaudited) link:presentationLink link:calculationLink link:definitionLink 1001501 - Statement - Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 1004000 - Statement - Condensed Consolidated Statement of Cash Flows (Unaudited) link:presentationLink link:calculationLink link:definitionLink 1003000 - Statement - Condensed Consolidated Statements of Comprehensive Loss (Unaudited) link:presentationLink link:calculationLink link:definitionLink 1002000 - Statement - Condensed Consolidated Statements of Operations (Unaudited) link:presentationLink link:calculationLink link:definitionLink 2101100 - Disclosure - Description of Business and Basis of Financial Statements link:presentationLink link:calculationLink link:definitionLink 2401402 - Disclosure - Description of Business and Basis of Financial Statements - Additional Information (Detail) link:presentationLink link:calculationLink link:definitionLink 2201201 - Disclosure - Description of Business and Basis of Financial Statements (Policies) link:presentationLink link:calculationLink link:definitionLink 0001000 - Document - Document and Entity Information link:presentationLink link:calculationLink link:definitionLink 2105100 - Disclosure - Fair Value link:presentationLink link:calculationLink link:definitionLink 2405403 - Disclosure - Fair Value - Additional Information (Detail) link:presentationLink link:calculationLink link:definitionLink 2405402 - Disclosure - Fair Value - Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) link:presentationLink link:calculationLink link:definitionLink 2305301 - Disclosure - Fair Value (Tables) link:presentationLink link:calculationLink link:definitionLink 2103100 - Disclosure - Other Financial Information link:presentationLink link:calculationLink link:definitionLink 2403403 - Disclosure - Other Financial Information - Additional Information (Detail) link:presentationLink link:calculationLink link:definitionLink 2403404 - Disclosure - Other Financial Information - Schedule of Accrued Expenses (Detail) link:presentationLink link:calculationLink link:definitionLink 2403402 - Disclosure - Other Financial Information - Schedule of Property and Equipment, Leasehold Improvements, and Related Accumulated Depreciation and Amortization (Detail) link:presentationLink link:calculationLink link:definitionLink 2303301 - Disclosure - Other Financial Information (Tables) link:presentationLink link:calculationLink link:definitionLink 2108100 - Disclosure - Stock Compensation Plans link:presentationLink link:calculationLink link:definitionLink 2408402 - Disclosure - Stock Compensation Plans - Additional Information (Detail) link:presentationLink link:calculationLink link:definitionLink 2408404 - Disclosure - Stock Compensation Plans - Ranges of Underlying Assumptions Used in BSM Option Pricing Model to Determine Fair Value of Stock Options Granted to Employees and Nonemployees (Detail) link:presentationLink link:calculationLink link:definitionLink 2408405 - Disclosure - Stock Compensation Plans - Schedule of Stock-based Compensation Expense for Stock Awards Recognized (Detail) link:presentationLink link:calculationLink link:definitionLink 2408403 - Disclosure - Stock Compensation Plans - Summary of Stock Option Activity (Detail) link:presentationLink link:calculationLink link:definitionLink 2308301 - Disclosure - Stock Compensation Plans (Tables) link:presentationLink link:calculationLink link:definitionLink 2110100 - Disclosure - Subsequent Event link:presentationLink link:calculationLink link:definitionLink 2410401 - Disclosure - Subsequent Event (Details) link:presentationLink link:calculationLink link:definitionLink 2102100 - Disclosure - Summary of Significant Accounting Policies link:presentationLink link:calculationLink link:definitionLink 2402402 - Disclosure - Summary of Significant Accounting Policies - Additional Information (Detail) link:presentationLink link:calculationLink link:definitionLink 2402403 - Disclosure - Summary of Significant Accounting Policies - Schedule of Potentially Dilutive Securities Not Included in Calculation of Diluted Net Loss per Share (Detail) link:presentationLink link:calculationLink link:definitionLink 2302301 - Disclosure - Summary of Significant Accounting Policies (Tables) link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 8 vtl-20160331_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE DOCUMENT EX-101.DEF 9 vtl-20160331_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE DOCUMENT EX-101.LAB 10 vtl-20160331_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT Disclosure of Compensation Related Costs, Share-based Payments [Abstract] Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table] Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table] Income Statement Location [Axis] Income Statement Location [Axis] Income Statement Location [Domain] Income Statement Location [Domain] Research and Development [Member] Research and Development Expense [Member] General and Administrative [Member] General and Administrative Expense [Member] Exercise Price Range [Axis] Exercise Price Range [Axis] Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Domain] Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Domain] Employees [Member] Employee [Member] Employee [Member] Non-Employees [Member] Non Employee [Member] Non Employee [Member] Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] Stock-based compensation expense Share-based Compensation Schedule of Share-based Compensation Arrangements by Share-based Payment Award [Table] Schedule of Share-based Compensation Arrangements by Share-based Payment Award [Table] Plan Name [Axis] Plan Name [Axis] Plan Name [Domain] Plan Name [Domain] 2014 Plan [Member] Two Thousand And Fourteen Equity Incentive Plan [Member] Two Thousand And Fourteen Equity Incentive Plan [Member] 2012 Plan [Member] Two Thousand Twelve Stock Option Plan [Member] Two Thousand Twelve Stock Option Plan [Member] Award Type [Axis] Award Type [Axis] Equity Award [Domain] Equity Award [Domain] Stock Option [Member] Employee Stock Option [Member] Share-based Compensation Arrangement by Share-based Payment Award [Line Items] Share-based Compensation Arrangement by Share-based Payment Award [Line Items] Shares of common stock for annual increase in shares available for issuance Share Based Compensation Annual Increase In Number Of Shares Share Based Compensation Annual Increase In Number Of Shares Percentage of outstanding shares of common stock for annual increase in shares available for issuance Share Based Compensation Arrangement By Share Based Payment Award Percentage Increase In Outstanding Shares Share Based Compensation Arrangement By Share Based Payment Award Percentage Increase In Outstanding Shares Shares available for grant Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant Option vesting under Equity Incentive Plans, term Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period Expiration period from grant date Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period Common stock exercised Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Exercised Prior To Vesting, Number Of Shares Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Exercised Prior To Vesting, Number Of Shares Common stock options vested in the period Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares Release of repurchase liability for shares vested Release Of Repurchase Liability For Stock Options Shares Vested During Period Release of repurchase liability for stock options shares vested during period. Stock option repurchase liability Repurchase Liability For Early Exercise Of Stock Options Repurchase Liability For Early Exercise Of Stock Options Weighted-average grant date fair value of stock options granted (usd per share) Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value Compensation cost related to unvested employee stock option awards Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized Remaining weighted-average vesting period Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Exercised Prior To Vesting, Number Of Shares Repurchased Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Exercised Prior To Vesting, Number Of Shares Repurchased Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Exercised Prior To Vesting, Number Of Shares Repurchased Range [Axis] Range [Axis] Range [Domain] Range [Domain] Minimum [Member] Minimum [Member] Maximum [Member] Maximum [Member] Risk-free interest rate Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate Risk-free interest rate, minimum Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum Risk-free interest rate, maximum Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum Expected dividend yield Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate Expected volatility Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate Expected volatility, minimum Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Minimum Expected volatility, maximum Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Maximum Expected term of options Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term Fair value of common stock (usd per share) Share Price Document And Entity Information [Abstract] Document And Entity Information [Abstract] Document Type Document Type Amendment Flag Amendment Flag Document Period End Date Document Period End Date Document Fiscal Year Focus Document Fiscal Year Focus Document Fiscal Period Focus Document Fiscal Period Focus Trading Symbol Trading Symbol Entity Registrant Name Entity Registrant Name Entity Central Index Key Entity Central Index Key Current Fiscal Year End Date Current Fiscal Year End Date Entity Filer Category Entity Filer Category Entity Common Stock, Shares Outstanding Entity Common Stock, Shares Outstanding Statement of Financial Position [Abstract] Preferred stock, par value (usd per share) Preferred Stock, Par or Stated Value Per Share Preferred stock, shares authorized Preferred Stock, Shares Authorized Preferred stock, shares issued Preferred Stock, Shares Issued Preferred stock, shares outstanding Preferred Stock, Shares Outstanding Common stock, par value (usd per share) Common Stock, Par or Stated Value Per Share Common stock, shares authorized Common Stock, Shares Authorized Common stock, shares issued Common Stock, Shares, Issued Common stock, shares outstanding Common Stock, Shares, Outstanding Accounting Policies [Abstract] Description of Business and Basis of Financial Statements Business Description and Basis of Presentation [Text Block] Equity [Abstract] Shelf registration, maximum common stock shares authorized Maximum Number Of Common Shares That Can Be Issued By Certain Stockholders Under Shelf Registration Statement Maximum Number Of Common Shares That Can Be Issued By Certain Stockholders Under Shelf Registration Statement At-the-market sales agreement, maximum common stock shares authorized value Maximum Amount Of Common Stock That Can Be Issued Under At-The-Market Sales Agreement Maximum Amount Of Common Stock That Can Be Issued Under At-The-Market Sales Agreement Gross proceeds from additional follow-on public offering Stock Issued During Period, Value, New Issues Shelf registration, maximum aggregate offering price Maximum Aggregate Offering Price of Securities Maximum aggregate offering price of securities. Schedule of Stock by Class [Table] Schedule of Stock by Class [Table] Sale of Stock [Axis] Sale of Stock [Axis] Sale of Stock [Domain] Sale of Stock [Domain] Over-Allotment Option [Member] Over-Allotment Option [Member] Weighted Average [Member] Weighted Average [Member] Class of Stock [Line Items] Class of Stock [Line Items] Shares sold in follow-on public offering Stock Issued During Period, Shares, New Issues Public price (in usd per share) Shares Issued, Price Per Share Proceeds from issuance of common stock, net of issuance costs Proceeds from Issuance of Common Stock Underwriting discounts and commissions Underwriting Discounts And Commissions Expenses In Period Underwriting Discounts And Commissions Expenses In Period Estimated offering expenses Payments of Stock Issuance Costs Summary of Stock Option Activity Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] Ranges of Underlying Assumptions Used in BSM Option Pricing Model to Determine Fair Value of Stock Options Granted to Employees and Nonemployees Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] Schedule of Stock-based Compensation Expense for Stock Awards Recognized Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] Fair Value Disclosures [Abstract] Fair Value Measurements, Recurring and Nonrecurring [Table] Fair Value Measurements, Recurring and Nonrecurring [Table] Measurement Frequency [Axis] Measurement Frequency [Axis] Fair Value, Measurement Frequency [Domain] Fair Value, Measurement Frequency [Domain] Fair Value, Measurements, Recurring [Member] Fair Value, Measurements, Recurring [Member] Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] Liabilities Financial and Nonfinancial Liabilities, Fair Value Disclosure Fair value transfers of assets between levels Fair Value Assets Between Hierarchy Levels Transfers Amount Fair Value Assets Between Hierarchy Levels Transfers Amount Organization, Consolidation and Presentation of Financial Statements [Abstract] Accrued clinical and related costs Accrued Clinical Costs Accrued Clinical Costs Accrued compensation and related taxes Employee-related Liabilities, Current Accrued other Other Accrued Liabilities, Current Total Accrued Liabilities, Current Unaudited Interim Financial Information Unaudited Interim Financial Information Policy [Text Block] Unaudited Interim Financial Information Policy [Text Block] Basis of Presentation and Consolidation Basis of Accounting, Policy [Policy Text Block] Use of Estimates Use of Estimates, Policy [Policy Text Block] Cash and Cash Equivalents Cash and Cash Equivalents, Policy [Policy Text Block] Restricted Cash Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] Fair Value of Financial Instruments Fair Value of Financial Instruments, Policy [Policy Text Block] Property and Equipment Depreciation Property, Plant and Equipment, Policy [Policy Text Block] Impairment of Long-Lived Assets Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] Research and Development Research and Development Expense, Policy [Policy Text Block] Stock-Based Compensation Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] Leases Lease, Policy [Policy Text Block] Comprehensive Loss Comprehensive Income, Policy [Policy Text Block] Foreign Currency Translation and Transactions Foreign Currency Transactions and Translations Policy [Policy Text Block] Income Taxes Income Tax, Policy [Policy Text Block] Net Loss Per Share Earnings Per Share, Policy [Policy Text Block] Recently Issued Accounting Standards New Accounting Pronouncements, Policy [Policy Text Block] Number of reportable segment Number of Reportable Segments Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table] Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table] Antidilutive Securities [Axis] Antidilutive Securities [Axis] Antidilutive Securities, Name [Domain] Antidilutive Securities, Name [Domain] Options to Purchase Common Stock [Member] Equity Option [Member] Warrants to Purchase Common Stock [Member] Warrant [Member] Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] Potentially dilutive securities not included in the calculation of diluted net loss per share Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount Subsequent Events [Abstract] Subsequent Event [Table] Subsequent Event [Table] Subsequent Event Type [Axis] Subsequent Event Type [Axis] Subsequent Event Type [Domain] Subsequent Event Type [Domain] Subsequent Event [Member] Subsequent Event [Member] Subsequent Event [Line Items] Subsequent Event [Line Items] Class of Warrant or Right [Table] Class of Warrant or Right [Table] Class of Warrant or Right [Axis] Class of Warrant or Right [Axis] Class of Warrant or Right [Domain] Class of Warrant or Right [Domain] Series B [Member] Series B Warrants [Member] Series B Warrants [Member] Series C [Member] Series C Warrants [Member] Series C Warrants [Member] Series D [Member] Series D Warrants [Member] Series D Warrants [Member] Class of Warrant or Right [Line Items] Class of Warrant or Right [Line Items] Number of warrants expired in period Class Of Warrant Or Right, Expired In Period Class Of Warrant Or Right, Expired In Period Number of warrants outstanding Class of Warrant or Right, Outstanding Exercise price (usd per share) Class of Warrant or Right, Exercise Price of Warrants or Rights Commitments and Contingencies Disclosure [Abstract] Commitments and Contingencies Commitments and Contingencies Disclosure [Text Block] Total rent, property taxes and routine maintenance expense under operating leases Operating Leases, Rent Expense, Net Current deferred rent Deferred Rent Credit, Current Long-term deferred rent Deferred Rent Credit, Noncurrent Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] Common Stock and Stock Warrants Stockholders' Equity Note Disclosure [Text Block] Fair Value Fair Value Disclosures [Text Block] Other Financial Information Supplemental Balance Sheet Disclosures [Text Block] Schedule of Property and Equipment, Leasehold Improvements, and Related Accumulated Depreciation and Amortization Property, Plant and Equipment [Table Text Block] Schedule of Accrued Expenses Schedule of Accrued Liabilities [Table Text Block] Statement of Cash Flows [Abstract] Cash flows from operating activities: Net Cash Provided by (Used in) Operating Activities, Continuing Operations [Abstract] Net loss Net Income (Loss) Attributable to Parent Adjustments to reconcile net loss to net cash used in operating activities: Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] Depreciation and amortization Depreciation, Depletion and Amortization Stock-based compensation Changes in operating assets and liabilities: Increase (Decrease) in Operating Capital [Abstract] Other current assets and prepaid expenses Increase (Decrease) in Prepaid Expense and Other Assets Accounts payable Increase (Decrease) in Accounts Payable Accrued expenses Increase (Decrease) in Accrued Liabilities Other liabilities Increase (Decrease) in Other Operating Liabilities Net cash used in operating activities Net Cash Provided by (Used in) Operating Activities, Continuing Operations Cash flows from investing activities: Net Cash Provided by (Used in) Investing Activities, Continuing Operations [Abstract] Change in restricted cash Increase (Decrease) in Restricted Cash Proceeds from sale of equipment Proceeds from Sale of Machinery and Equipment Purchases of property and equipment Payments to Acquire Property, Plant, and Equipment Net cash provided by (used in) investing activities Net Cash Provided by (Used in) Investing Activities, Continuing Operations Cash flows from financing activities: Net Cash Provided by (Used in) Financing Activities, Continuing Operations [Abstract] Proceeds from exercise of stock options Proceeds from Stock Options Exercised Deferred financing costs Payments of Financing Costs Net cash provided by financing activities Net Cash Provided by (Used in) Financing Activities, Continuing Operations Effect of exchange rate changes on cash and cash equivalents Effect of Exchange Rate on Cash and Cash Equivalents, Continuing Operations Net change in cash and cash equivalents Cash and Cash Equivalents, Period Increase (Decrease) Cash and cash equivalents, beginning of period Cash and Cash Equivalents, at Carrying Value Cash and cash equivalents, end of period Supplemental disclosure of noncash investing and financing activities: Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] Purchases of property and equipment included in liabilities Capital Expenditures Incurred but Not yet Paid Stock offering costs included in liabilities Common Stock Issuance Costs Included In Liabilities Common Stock Issuance Costs Included In Liabilities Change in stock option early exercise repurchase liability Shares Reserved for Future Issuance Schedule of Common Stock Outstanding Roll Forward [Table Text Block] Summary of Warrants Outstanding Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] Common stock options outstanding Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number Common stock options available for future grant Common stock warrants Total common shares reserved for future issuance Common Stock, Capital Shares Reserved for Future Issuance Property, Plant and Equipment [Table] Property, Plant and Equipment [Table] Property, Plant and Equipment, Type [Axis] Property, Plant and Equipment, Type [Axis] Property, Plant and Equipment, Type [Domain] Property, Plant and Equipment, Type [Domain] Manufacturing and Laboratory Equipment [Member] Machinery and Equipment [Member] EX-101.PRE 11 vtl-20160331_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT XML 12 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2016	Apr. 30, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q1
Trading Symbol	VTL
Entity Registrant Name	VITAL THERAPIES INC
Entity Central Index Key	0001280776
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		31,244,415

XML 13 R2.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 77,876	$ 83,416
Restricted cash	319	533
Other current assets and prepaid expenses	1,044	1,139
Total current assets	79,239	85,088
Property and equipment, net	3,428	3,809
Other assets	253	184
Total assets	82,920	89,081
Current liabilities:
Accounts payable	885	1,221
Accrued expenses	3,788	5,271
Other current liabilities	143	163
Total current liabilities	4,816	6,655
Long-term liabilities	$ 56	$ 101
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.0001 par value; 20,000,000 authorized and no shares issued or outstanding at March 31, 2016 and December 31, 2015	$ 0	$ 0
Common stock, $0.0001 par value; 130,000,000 shares authorized at March 31, 2016 and December 31, 2015; 30,980,181 and 30,473,083 shares issued and outstanding at March 31, 2016 and December 31, 2015, respectively	3	3
Additional paid-in capital	290,409	285,098
Accumulated other comprehensive income	80	80
Accumulated deficit	(212,444)	(202,856)
Total stockholders’ equity	78,048	82,325
Total liabilities and stockholders’ equity	$ 82,920	$ 89,081

XML 14 R3.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Preferred stock, par value (usd per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	20,000,000	20,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (usd per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	130,000,000	130,000,000
Common stock, shares issued	30,980,181	30,473,083
Common stock, shares outstanding	30,980,181	30,473,083

XML 15 R4.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Operating expenses:
Research and development	$ 6,857	$ 11,753
General and administrative	2,799	3,064
Total operating expenses	9,656	14,817
Loss from operations	(9,656)	(14,817)
Other income:
Interest income	60	10
Other income (expense), net	7	49
Total other income	67	59
Net loss	$ (9,589)	$ (14,758)
Net loss per share, basic and diluted (usd per share)	$ (0.31)	$ (0.62)
Weighted-average common shares outstanding, basic and diluted (in shares)	30,563,088	23,972,599

XML 16 R5.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Statement of Comprehensive Income [Abstract]
Net loss	$ (9,589)	$ (14,758)
Other comprehensive income:
Foreign currency translation	0	1
Total comprehensive loss	$ (9,589)	$ (14,757)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

XML 17 R6.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash flows from operating activities:
Net loss	$ (9,589)	$ (14,758)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	494	294
Stock-based compensation	998	803
Changes in operating assets and liabilities:
Other current assets and prepaid expenses	18	162
Accounts payable	(361)	111
Accrued expenses	(1,476)	(80)
Other liabilities	(40)	(38)
Net cash used in operating activities	(9,956)	(13,506)
Cash flows from investing activities:
Change in restricted cash	213	59
Proceeds from sale of equipment	2	0
Purchases of property and equipment	(125)	(674)
Net cash provided by (used in) investing activities	90	(615)
Cash flows from financing activities:
Proceeds from issuance of common stock, net of issuance costs	4,325	0
Proceeds from exercise of stock options	32	139
Deferred financing costs	(30)	0
Net cash provided by financing activities	4,327	139
Effect of exchange rate changes on cash and cash equivalents	(1)	1
Net change in cash and cash equivalents	(5,540)	(13,981)
Cash and cash equivalents, beginning of period	83,416	102,238
Cash and cash equivalents, end of period	77,876	88,257
Supplemental disclosure of noncash investing and financing activities:
Purchases of property and equipment included in liabilities	0	934
Stock offering costs included in liabilities	65	0
Change in stock option early exercise repurchase liability	$ 23	$ 26

XML 18 R7.htm IDEA: XBRL DOCUMENT

Description of Business and Basis of Financial Statements	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Description of Business and Basis of Financial Statements	Description of Business and Basis of Financial Statements Description of Business We are a biotherapeutic company focused on developing a cell-based therapy targeting the treatment of liver failure. Our product candidate, the ELAD^® System, or ELAD, is an extracorporeal human allogeneic cellular liver therapy designed to allow the patient’s own liver to regenerate to a healthy state, or to stabilize the patient until transplant. Since inception, we have devoted essentially all of our efforts to product development, clinical testing and pilot manufacturing and have not recognized revenues from our planned principal operations. In August 2015, we reported that our VTI-208 phase 3 clinical trial of ELAD in alcohol-induced liver decompensation, or AILD, failed to reach its primary or secondary endpoints, although medically pertinent pre-specified subsets based on age and disease severity did show trends toward efficacy. Considering the results of the VTI-208 clinical trial and in an effort to focus our personnel and financial resources, we also discontinued our VTI-210 and VTI-212 clinical trials. We have begun to open sites for our new phase 3 clinical trial of ELAD, known as VTL-308, in severe acute alcoholic hepatitis based on our analysis of the results of the VTI-208 clinical trial. Our business, operating results, financial condition and growth prospects are subject to significant risks and uncertainties including the failure of our clinical trials to meet their endpoints, failure to obtain regulatory approval to commercialize ELAD and failure to secure additional funding to complete the clinical testing, development and commercialization of ELAD. Unaudited Interim Financial Information The results for the three months ended March 31, 2016 are not necessarily indicative of results to be expected for the year ending December 31, 2016 or any other future interim period or year. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2015, included in our Annual Report on Form 10-K filed with the Securities and Exchange Commission, or SEC, on March 8, 2016. Basis of Presentation and Consolidation The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles, or GAAP, and the rules and regulations of the SEC related to a quarterly report on Form 10-Q. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to those rules and regulations. The condensed consolidated balance sheet as of December 31, 2015 included in this report has been derived from the audited consolidated financial statements included in our Annual Report on Form 10-K. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual audited consolidated financial statements and, in the opinion of management, reflect all adjustments that are necessary for a fair statement of the financial position, results of operations and cash flows for the periods presented. All such adjustments are of a normal and recurring nature. The unaudited interim condensed consolidated financial statements include the accounts of Vital Therapies, Inc. and its wholly-owned subsidiaries located in the United Kingdom (currently inactive) and China. All intercompany accounts and transactions have been eliminated in consolidation. We manage our operations as a single reportable segment for the purposes of assessing performance and making operating decisions.

XML 19 R8.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2016

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Use of Estimates

Cash and Cash Equivalents

Cash and cash equivalents consist of cash and highly-liquid investments with original maturities of three months or less when acquired and are stated at cost, which approximates fair market value.

Restricted Cash

Restricted cash relates to amounts reserved for various clinical trial obligations and lease arrangements.

Fair Value of Financial Instruments

Property and Equipment Depreciation

Impairment of Long-Lived Assets

Research and Development

Stock-Based Compensation

Risk-free Interest Rate

We base the risk-free interest rate assumption on zero-coupon U.S. treasury instruments appropriate for the expected term of the stock option grants.

Expected Dividend Yield

Expected Volatility

Expected Term

Common Stock Valuation

Leases

Comprehensive Loss

Foreign Currency Translation and Transactions

Income Taxes

Net Loss Per Share

Potentially dilutive securities not included in the calculation of diluted net loss per share attributable to common stockholders because to do so would be anti-dilutive are as follows:



	As of March 31,
	2016	2015
Options to purchase common stock	3,733,711	3,233,013
Warrants to purchase common stock	250,539	250,646

Recently Issued Accounting Standards

XML 20 R9.htm IDEA: XBRL DOCUMENT

Other Financial Information

3 Months Ended

Mar. 31, 2016

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Other Financial Information

Property and Equipment

Property and equipment, leasehold improvements, and related accumulated depreciation and amortization were as follows (in thousands):



	March 31, 2016			December 31, 2015
Manufacturing, clinical and laboratory equipment	$	7,060		$	7,040
Leasehold improvements	4,441			4,441
Office furniture and equipment	113			135
Computer equipment and software	113			129
Construction in progress	200			124
	11,927			11,869
Less: accumulated depreciation and amortization	(8,499		)	(8,060		)
Total	$	3,428		$	3,809

Depreciation expense was $494,000 and $294,000 for the three months ended March 31, 2016 and 2015, respectively.

Accrued Expenses

Accrued expenses consist of (in thousands):



	March 31, 2016		December 31, 2015
Accrued clinical and related costs	$	2,125	$	2,675
Accrued compensation and related taxes	1,330		2,165
Accrued other	333		431
Total	$	3,788	$	5,271

XML 21 R10.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Operating Leases We lease office, manufacturing and research and development facilities, and equipment under various non-cancellable operating lease agreements with expiration dates into 2017. Facility leases generally provide for periodic rent increases and many contain escalation clauses and renewal options. Certain leases require us to pay property taxes and routine maintenance. Total rent, property taxes and routine maintenance expense under our operating leases was $217,000 and $225,000 for the three months ended March 31, 2016 and 2015, respectively. We recognize rent expense for our facility operating leases on a straight-line basis. We account for the difference between the minimum lease payments and the straight-line amount as deferred rent. Current and long-term deferred rent totaled $143,000 and $56,000 at March 31, 2016, and $140,000 and $101,000 at December 31, 2015, respectively. Legal Proceedings Securities Litigation On December 2, 2015, a putative securities class action complaint was filed in the U.S. District Court for the Southern District of California, captioned Patrick A. Griggs v. Vital Therapies, Inc., et al., No. 3:15-cv-02700-JLS-NLS. On December 30, 2015, a substantially similar complaint was filed in the same court, captioned Alicia Beach Halverstadt v. Vital Therapies, Inc., et al., No. 3:15-cv-02951-JLS-NLS. The complaints name as defendants Vital Therapies, Inc., Terry Winters, and Michael V. Swanson for allegedly misrepresenting material facts and/or misleading investors about the interconnection between our three clinical trials, the independent significance of each clinical trial, and the potential effects of the failure of one of the clinical trials on the others. The complaints are filed on behalf of all persons who purchased or otherwise acquired Vital Therapies stock between April 17, 2014 through August 21, 2015, inclusive. The complaints allege violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. The complaints seek unspecified damages, costs and attorneys’ fees, and equitable/injunctive or other relief. On February 1, 2016, putative shareholders and class members Kaktrale Austin, Sumesh Kumar, and Nelson Than moved for appointment as lead plaintiff and approval of choice of counsel. Kaktrale Austin and Sumesh Kumar also moved to consolidate the complaints into a single action. Sumesh Kumar and Nelson Than withdrew their motions for appointment as lead plaintiff on February 23, 2016, and March 3, 2016, respectively. On May 2, 2016, the court entered an order granting plaintiff Kaktrale Austin’s motion for consolidation and appointing plaintiff Kaktrale as lead plaintiff and his counsel as lead counsel. The consolidated action is captioned In re Vital Therapies, Inc. Securities Litigation, No. 15-CV-2700 JLS (NLS). The court also set a deadline of June 1, 2016 for lead plaintiff to file an amended complaint and ordered Vital Therapies, Inc. and Messrs. Winters and Swanson to respond to the amended complaint within thirty days of its filing. We intend to defend the securities lawsuit vigorously. Based on information available to us at present, we cannot reasonably estimate a range of loss for this action. Accordingly, we have not accrued any liability associated with this action. We are expensing legal costs associated with defending this litigation as the costs are incurred. Other Matters Our industry is characterized by frequent claims and litigation, including claims regarding patent and other intellectual property rights as well as product liability. As a result, in the future, we may be involved in various legal proceedings from time to time. Other than the securities litigation described above, we believe that there are no other currently pending matters that, if determined adversely to us, would have a material effect on our business, financial condition or results of operations.

XML 22 R11.htm IDEA: XBRL DOCUMENT

Fair Value

3 Months Ended

Mar. 31, 2016

Fair Value Disclosures [Abstract]

Fair Value

The following fair value hierarchy tables present information about each major category of our financial assets and liabilities measured at fair value on a recurring basis (in thousands):



	Fair Value Measurement at March 31, 2016
	Fair Value		Level 1		Level 2		Level 3
Assets
Money market funds	$	75,638	$	75,638	$	—	$	—



	Fair Value Measurement at December 31, 2015
	Fair Value		Level 1		Level 2		Level 3
Assets
Money market funds	$	80,078	$	80,078	$	—	$	—

There were no liabilities measured at fair value on a recurring basis as of March 31, 2016 or as of December 31, 2015.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

XML 23 R12.htm IDEA: XBRL DOCUMENT

Common Stock and Stock Warrants

3 Months Ended

Mar. 31, 2016

Equity [Abstract]

Common Stock and Stock Warrants

Shelf Registration Statement

Stock Reserved for Future Issuance

Shares reserved for future issuance at March 31, 2016 are as follows:



	Number of Shares
Common stock options outstanding	3,733,711
Common stock options available for future grant	345,486
Common stock warrants	250,539
Total common shares reserved for future issuance	4,329,736

Stock Warrants

The following table summarizes the outstanding warrants as of March 31, 2016:



	Warrants Outstanding	Exercise Price		Expiration Date
Series C	9,919	$	147.91	11/20/2016
Series D	240,620	$	92.99	9/25/2019
Total warrants outstanding	250,539

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(d),(e))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB TOPIC 4.E)
-URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74512-122707

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.29-31)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 4
-Subparagraph (SAB TOPIC 4.C)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section E

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section C

+ Details

XML 24 R13.htm IDEA: XBRL DOCUMENT

Stock Compensation Plans

3 Months Ended

Mar. 31, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock Compensation Plans

Equity Incentive Plans


•	1,200,000 shares of our common stock;


•	3% of the outstanding shares of our common stock on the second-to-the-last day prior to each anniversary date of the effectiveness date of our IPO; or


•	an amount as our board of directors may determine.

Shares available for grant under the 2014 Plan totaled 345,486 shares as of March 31, 2016.

The following table summarizes stock option activity:



	Options		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value
Outstanding as of January 1, 2016	3,716,520		$	7.76
Granted	30,185		$	8.97
Exercised	(8,098	)	$	3.92
Forfeited or expired	(4,896	)	$	16.74
Outstanding as of March 31, 2016	3,733,711		$	7.76	7.45	$	8,998,083
Options vested and expected to vest as of March 31, 2016	3,644,575		$	7.73	7.41	$	8,761,671
Options exercisable as of March 31, 2016	2,771,815		$	7.64	6.78	$	5,812,571

Stock-Based Compensation Expense



	Three Months Ended March 31,
	2016	2015
Employees:
Risk-free interest rate	1.7%	1.8% - 1.9%
Expected dividend yield	0%	0%
Expected volatility	77.1%	92.2%
Expected term of options (years)	6.0	5.9
Fair value of common stock	$8.97	$19.75 - $26.13
Non-employees:
Risk-free interest rate	0.6% - 1.4%	0.2% - 0.4%
Expected dividend yield	0%	0%
Expected volatility	76.9% - 84.9%	60.8% - 70.6%
Expected term of options (years)	0.8 - 5.5	0.3 - 1.8
Fair value of common stock	$9.07	$25.01

Total stock-based compensation expense for all stock awards recognized in our condensed consolidated statements of operations is as follows (in thousands):



	Three Months Ended March 31,
	2016		2015
Employees:
Research and development	$	392	$	251
General and administrative	531		327
Total	$	923	$	578
Non-employees:
Research and development	$	63	$	217
General and administrative	12		8
Total	$	75	$	225

XML 25 R14.htm IDEA: XBRL DOCUMENT

Subsequent Event	3 Months Ended
Subsequent Event	Mar. 31, 2016
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event In April 2016, we sold an additional 264,234 shares of our common stock at a weighted average price of $9.17 per share under the ATM, leaving $158.6 million available under the shelf registration statement, $68.1 million of which may be offered, issued and sold at a future date under the ATM. Estimated net proceeds to us from the ATM offerings in April 2016 were $2.3 million, after deducting underwriter commissions of $73,000 and estimated offering expenses of $45,000.

XML 26 R15.htm IDEA: XBRL DOCUMENT

Description of Business and Basis of Financial Statements (Policies)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Unaudited Interim Financial Information	Unaudited Interim Financial Information The results for the three months ended March 31, 2016 are not necessarily indicative of results to be expected for the year ending December 31, 2016 or any other future interim period or year. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2015, included in our Annual Report on Form 10-K filed with the Securities and Exchange Commission, or SEC, on March 8, 2016.
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles, or GAAP, and the rules and regulations of the SEC related to a quarterly report on Form 10-Q. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to those rules and regulations. The condensed consolidated balance sheet as of December 31, 2015 included in this report has been derived from the audited consolidated financial statements included in our Annual Report on Form 10-K. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual audited consolidated financial statements and, in the opinion of management, reflect all adjustments that are necessary for a fair statement of the financial position, results of operations and cash flows for the periods presented. All such adjustments are of a normal and recurring nature. The unaudited interim condensed consolidated financial statements include the accounts of Vital Therapies, Inc. and its wholly-owned subsidiaries located in the United Kingdom (currently inactive) and China. All intercompany accounts and transactions have been eliminated in consolidation. We manage our operations as a single reportable segment for the purposes of assessing performance and making operating decisions.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires us to make certain estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates and assumptions.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consist of cash and highly-liquid investments with original maturities of three months or less when acquired and are stated at cost, which approximates fair market value.
Restricted Cash	Restricted Cash Restricted cash relates to amounts reserved for various clinical trial obligations and lease arrangements.
Fair Value of Financial Instruments	Fair Value of Financial Instruments Fair value is defined as the price that would be received to sell an asset or be paid to transfer a liability in an orderly transaction between market participants on the measurement date. Accounting guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: Level 1—Quoted prices in active markets for identical assets or liabilities. Our Level 1 assets consisted of money market funds for the periods presented. We had no Level 1 liabilities for any period presented. Level 2—Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets with insufficient volume or infrequent transactions (less active markets), or model-derived valuations in which all significant inputs are observable or can be derived principally from or corroborated with observable market data for substantially the full term of the assets or liabilities. We had no Level 2 assets or liabilities for any period presented. Level 3—Unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of assets or liabilities. We had no Level 3 assets or liabilities for any period presented. Any transfers into and out of levels within the fair value hierarchy will be recognized at the end of the reporting period in which the actual event or change in circumstances that caused the transfer occurs. The carrying value of cash and cash equivalents, restricted cash, other current assets and prepaid expenses, accounts payable, and accrued expenses approximates fair value due to the short period of time to maturity.
Property and Equipment Depreciation	Property and Equipment Depreciation Property and equipment are recorded at cost and depreciated using the straight-line method over the estimated useful lives of the assets (generally three to five years). Leasehold improvements are stated at cost and depreciated on a straight-line basis over the lesser of the remaining term of the related lease or the estimated useful lives of the assets. Construction in progress is not depreciated until the underlying asset is available to be placed in service. Repairs and maintenance costs are charged to expense as incurred.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets Long-lived assets consist primarily of property and equipment. An impairment loss is recorded if and when events and circumstances indicate that assets might be impaired and the undiscounted cash flows estimated to be generated by those assets are less than the carrying amount of those assets. While our current and historical operating losses and negative cash flows are indicators of impairment, we believe that our expected future cash flows to be received support the carrying value of our long-lived assets and, accordingly, have not recognized any impairment losses through March 31, 2016.
Research and Development	Research and Development Research and development costs consist primarily of employee-related expenses, costs of contractors, clinical trial sites and contract research organizations engaged in the development of the ELAD System, costs related to our investigation of the mechanism of action of the ELAD System, expenses associated with obtaining regulatory approvals, and the cost of acquiring and manufacturing clinical trial materials. All research and development costs are expensed as incurred.
Stock-Based Compensation	Stock-Based Compensation We measure and recognize compensation expense for all stock-based payments made to employees and directors based on estimated fair value at the date of grant, net of an estimated forfeiture rate, and to consultants based on estimated fair value. Currently, our stock-based awards consist only of stock options; however, future grants under our equity compensation plan may also consist of shares of restricted stock, restricted stock units, stock appreciation rights, performance awards and performance units. We estimate the fair value of stock options granted using the Black-Scholes-Merton, or BSM, option pricing model, which requires the use of estimates. We recognize stock-based compensation cost for employees and directors on a straight-line basis over the requisite service period of the award. For performance-based stock options, we record share-based compensation expense only when the performance-based milestone is deemed probable of achievement. We utilize both quantitative and qualitative criteria to judge whether milestones are probable of achievement. Stock-based compensation expense is recognized only for those awards that are ultimately expected to vest. We estimate forfeitures based on an analysis of our historical employee turnover and will continue to evaluate the appropriateness of the forfeiture rate based on actual forfeiture experience, analysis of employee turnover and other factors. We will revise the forfeiture estimate, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Changes in forfeiture estimates, which have not been material to date, impact compensation cost in the period in which the change in estimate occurs. The fair value of options granted to consultants is estimated using the BSM option pricing model and is re-measured at each reporting date with changes in fair value recognized as expense in the condensed consolidated statements of operations. The BSM option pricing model requires the input of highly subjective assumptions, including the risk-free interest rate, the expected dividend yield of our common stock, the expected volatility of the price of our common stock, and the expected term of the option. These estimates involve inherent uncertainties and the application of management’s judgment. If factors change and different assumptions are used, our stock-based compensation expense could be materially different in the future. These assumptions are estimated as follows: Risk-free Interest Rate We base the risk-free interest rate assumption on zero-coupon U.S. treasury instruments appropriate for the expected term of the stock option grants. Expected Dividend Yield We base the expected dividend yield assumption on the fact that we have never paid cash dividends and have no present intention to pay cash dividends. Consequently, we used an expected dividend yield of zero. Expected Volatility The expected stock price volatility for our common stock is estimated based on volatilities of a peer group of similar publicly-traded, biotechnology companies by taking the average historic price volatility for the peers for a period equivalent to the expected term of the stock option grants. We do not use our average historic price volatility as we have only been a publicly-traded company since April 2014. Expected Term The expected term represents the period of time that options are expected to be outstanding. As we do not have sufficient historical experience for determining the expected term of the stock option awards granted we have determined the expected life assumption using either the simplified method, which is an average of the contractual term of the option and its ordinary vesting period, or the comparable average expected term utilizing those companies in the peer group as noted above. Common Stock Valuation Due to the absence of a public market trading our common stock prior to the completion of our initial public offering, or IPO, in April 2014, it was necessary for us to estimate the fair value of the common stock underlying our stock-based awards when performing fair value calculations using the BSM option pricing model. The fair value of the common stock underlying our stock-based awards was assessed by our board of directors. All options to purchase shares of our common stock have been granted with an exercise price per share no less than the fair value per share of our common stock underlying those options on the date of grant. In the absence of a public trading market for our common stock, we determined the estimated fair value of our common stock using methodologies, approaches and assumptions consistent with the American Institute of Certified Public Accountants Audit and Accounting Practice Aid Series: Valuation of Privately Held Company Equity Securities Issued as Compensation. Subsequent to our IPO, the fair value of our common stock has been based on the grant date closing market price of our common stock.
Leases	Leases We lease all of our office space and enter into various other operating lease agreements in conducting our business. At the inception of each lease, we evaluate the lease agreement to determine whether the lease is an operating or capital lease. Some of our lease agreements may contain renewal options, tenant improvement allowances, rent holidays or rent escalation clauses. When such items are included in a lease agreement, we record a deferred rent asset or liability equal to the difference between the rent expense and future minimum lease payments due. The rent expense related to operating leases is recognized on a straight-line basis in the statements of operations over the term of each lease. In cases where our lessor grants us leasehold improvement allowances that reduce our rent expense, we capitalize the improvements as incurred and recognize deferred rent, which is amortized over the shorter of the lease term or the expected useful life of the improvements.
Comprehensive Loss	Comprehensive Loss Comprehensive loss is defined as the change in equity during a period from transactions and other events and circumstances from non-owner sources. Accumulated other comprehensive income has been reflected as a separate component of stockholders’ equity in the accompanying condensed consolidated balance sheets.
Foreign Currency Translation and Transactions	Foreign Currency Translation and Transactions The functional currency of each of our subsidiaries in the United Kingdom (currently inactive) and China is the local currency. Assets and liabilities of the subsidiaries are translated at the rate of exchange at the balance sheet date. Expenses are translated at the average rate of exchange rates in effect during the reporting period. Gains and losses resulting from foreign currency translation are included in accumulated other comprehensive income in the accompanying condensed consolidated balance sheets. Gains and losses resulting from foreign currency transactions are included in the condensed consolidated statements of operations, which to date have not been significant.
Income Taxes	Income Taxes We account for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the condensed consolidated financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. We recognize net deferred tax assets to the extent we believe these assets are more likely than not to be realized. In making such a determination, management considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. If management determines that we would be able to realize our deferred tax assets in the future in excess of their net recorded amount, management would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. As of March 31, 2016 and December 31, 2015, we maintained a full valuation allowance against our entire balance of deferred tax assets. We record uncertain tax positions in accordance with Accounting Standards Codification, or ASC, 740 on the basis of a two-step process whereby (1) management determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, management recognizes the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. We recognize interest and penalties related to unrecognized tax benefits, if any, within income tax expense, and any accrued interest and penalties are included within the related tax liability line.
Net Loss Per Share	Net Loss Per Share Basic net loss per share attributable to common stockholders is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding for the period, without consideration for common stock equivalents. Excluded from the weighted-average number of shares outstanding as of March 31, 2015 are shares that have been issued upon the early exercise of stock options and are subject to future vesting, which was a total of 19,265 shares. As of March 31, 2016, all exercised stock options were fully vested. Diluted net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding for the period determined using the treasury-stock method. Common stock equivalents are comprised of options outstanding under our stock option plan and warrants for the purchase of common stock. For all periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding due to our net loss position.
Recently Issued Accounting Standards	Recently Issued Accounting Standards In August 2014, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, No. 2014-15, “Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” or ASU 2014-15. ASU 2014-15 requires management to assess, at each annual and interim reporting period, the entity’s ability to continue as a going concern. The amendments in ASU 2014-15 do not have any application to an entity’s financial statements, but only to disclosure in the related notes. We adopted ASU 2014-15 beginning with the first quarter of fiscal year 2016. In February 2016, the FASB issued ASU No. 2016-02, "Leases," or ASU 2016-02. ASU 2016-02 will require that lease arrangements longer than 12 months result in an entity recognizing an asset and liability equal to the present value of the lease payments in the statement of financial position. ASU 2016-02 is effective for annual periods beginning after December 15, 2018, and interim periods therein. This standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. Early adoption of ASU 2016-02 as of its issuance is permitted. We expect to adopt ASU-2016-02 in 2019. Substantially all of our currently existing leases expire prior to 2019 unless extended. In March 2016, the FASB issued ASU No. 2016-09, "Compensation-Stock Compensation: Improvements to Employee Share-Based Payment Accounting," or ASU 2016-09. ASU 2016-09 will change how companies account for certain aspects of share-based payments to employees. The amendments in this update cover such areas as the recognition of excess tax benefits and deficiencies, the classification of those excess tax benefits on the statement of cash flows, an accounting policy election for forfeitures, the amount an employer can withhold to cover income taxes and still qualify for equity classification and the classification of those taxes paid on the statement of cash flows. The guidance will be effective for annual periods beginning after December 15, 2016, and interim periods therein. Early adoption of ASU 2016-09 as of its issuance is permitted. This guidance may be applied either prospectively, retrospectively or using a modified retrospective transition method, depending on the area covered in this update. We are currently evaluating the impact that adopting ASU 2016-09 will have on our condensed consolidated financial statements.

XML 27 R16.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2016

Accounting Policies [Abstract]

Schedule of Potentially Dilutive Securities Not Included in Calculation of Diluted Net Loss per Share

Potentially dilutive securities not included in the calculation of diluted net loss per share attributable to common stockholders because to do so would be anti-dilutive are as follows:



	As of March 31,
	2016	2015
Options to purchase common stock	3,733,711	3,233,013
Warrants to purchase common stock	250,539	250,646

XML 28 R17.htm IDEA: XBRL DOCUMENT

Other Financial Information (Tables)

3 Months Ended

Mar. 31, 2016

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Property and Equipment, Leasehold Improvements, and Related Accumulated Depreciation and Amortization

Property and equipment, leasehold improvements, and related accumulated depreciation and amortization were as follows (in thousands):



	March 31, 2016			December 31, 2015
Manufacturing, clinical and laboratory equipment	$	7,060		$	7,040
Leasehold improvements	4,441			4,441
Office furniture and equipment	113			135
Computer equipment and software	113			129
Construction in progress	200			124
	11,927			11,869
Less: accumulated depreciation and amortization	(8,499		)	(8,060		)
Total	$	3,428		$	3,809

Schedule of Accrued Expenses

Accrued expenses consist of (in thousands):



	March 31, 2016		December 31, 2015
Accrued clinical and related costs	$	2,125	$	2,675
Accrued compensation and related taxes	1,330		2,165
Accrued other	333		431
Total	$	3,788	$	5,271

XML 29 R18.htm IDEA: XBRL DOCUMENT

Fair Value (Tables)

3 Months Ended

Mar. 31, 2016

Fair Value Disclosures [Abstract]

Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

The following fair value hierarchy tables present information about each major category of our financial assets and liabilities measured at fair value on a recurring basis (in thousands):



	Fair Value Measurement at March 31, 2016
	Fair Value		Level 1		Level 2		Level 3
Assets
Money market funds	$	75,638	$	75,638	$	—	$	—



	Fair Value Measurement at December 31, 2015
	Fair Value		Level 1		Level 2		Level 3
Assets
Money market funds	$	80,078	$	80,078	$	—	$	—

XML 30 R19.htm IDEA: XBRL DOCUMENT

Common Stock and Stock Warrants (Tables)

3 Months Ended

Mar. 31, 2016

Equity [Abstract]

Shares Reserved for Future Issuance

Shares reserved for future issuance at March 31, 2016 are as follows:



	Number of Shares
Common stock options outstanding	3,733,711
Common stock options available for future grant	345,486
Common stock warrants	250,539
Total common shares reserved for future issuance	4,329,736

Summary of Warrants Outstanding

The following table summarizes the outstanding warrants as of March 31, 2016:



	Warrants Outstanding	Exercise Price		Expiration Date
Series C	9,919	$	147.91	11/20/2016
Series D	240,620	$	92.99	9/25/2019
Total warrants outstanding	250,539

- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

+ References + Details

XML 31 R20.htm IDEA: XBRL DOCUMENT

Stock Compensation Plans (Tables)

3 Months Ended

Mar. 31, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Summary of Stock Option Activity

The following table summarizes stock option activity:



	Options		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value
Outstanding as of January 1, 2016	3,716,520		$	7.76
Granted	30,185		$	8.97
Exercised	(8,098	)	$	3.92
Forfeited or expired	(4,896	)	$	16.74
Outstanding as of March 31, 2016	3,733,711		$	7.76	7.45	$	8,998,083
Options vested and expected to vest as of March 31, 2016	3,644,575		$	7.73	7.41	$	8,761,671
Options exercisable as of March 31, 2016	2,771,815		$	7.64	6.78	$	5,812,571

Ranges of Underlying Assumptions Used in BSM Option Pricing Model to Determine Fair Value of Stock Options Granted to Employees and Nonemployees

The following are the ranges of underlying assumptions used in the BSM option pricing model to determine the fair value of stock options granted to employee and to non-employees:



	Three Months Ended March 31,
	2016	2015
Employees:
Risk-free interest rate	1.7%	1.8% - 1.9%
Expected dividend yield	0%	0%
Expected volatility	77.1%	92.2%
Expected term of options (years)	6.0	5.9
Fair value of common stock	$8.97	$19.75 - $26.13
Non-employees:
Risk-free interest rate	0.6% - 1.4%	0.2% - 0.4%
Expected dividend yield	0%	0%
Expected volatility	76.9% - 84.9%	60.8% - 70.6%
Expected term of options (years)	0.8 - 5.5	0.3 - 1.8
Fair value of common stock	$9.07	$25.01

Schedule of Stock-based Compensation Expense for Stock Awards Recognized

Total stock-based compensation expense for all stock awards recognized in our condensed consolidated statements of operations is as follows (in thousands):



	Three Months Ended March 31,
	2016		2015
Employees:
Research and development	$	392	$	251
General and administrative	531		327
Total	$	923	$	578
Non-employees:
Research and development	$	63	$	217
General and administrative	12		8
Total	$	75	$	225

XML 32 R21.htm IDEA: XBRL DOCUMENT

Description of Business and Basis of Financial Statements - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2016 Segment
Accounting Policies [Abstract]
Number of reportable segment	1

XML 33 R22.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Accounting Policies [Abstract]
Cash equivalents, highly-liquid investments maturity	3 months
Property, Plant and Equipment [Line Items]
Impairment losses	$ 0
Expected dividend yield	0.00%
Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	3 years
Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years
Early Exercise of Stock Options [Member]
Class of Stock [Line Items]
Shares issued upon early exercise of stock options and are subject to future vesting		19,265

XML 34 R23.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies - Schedule of Potentially Dilutive Securities Not Included in Calculation of Diluted Net Loss per Share (Detail) - shares	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Options to Purchase Common Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities not included in the calculation of diluted net loss per share	3,733,711	3,233,013
Warrants to Purchase Common Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities not included in the calculation of diluted net loss per share	250,539	250,646

XML 35 R24.htm IDEA: XBRL DOCUMENT

Other Financial Information - Schedule of Property and Equipment, Leasehold Improvements, and Related Accumulated Depreciation and Amortization (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 11,927	$ 11,869
Less: accumulated depreciation and amortization	(8,499)	(8,060)
Property and equipment, net	3,428	3,809
Manufacturing and Laboratory Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	7,060	7,040
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	4,441	4,441
Office Furniture and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	113	135
Computer Equipment and Software [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	113	129
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 200	$ 124

XML 36 R25.htm IDEA: XBRL DOCUMENT

Other Financial Information - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Depreciation and amortization expense	$ 494	$ 294

XML 37 R26.htm IDEA: XBRL DOCUMENT

Other Financial Information - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued clinical and related costs	$ 2,125	$ 2,675
Accrued compensation and related taxes	1,330	2,165
Accrued other	333	431
Total	$ 3,788	$ 5,271

XML 38 R27.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Total rent, property taxes and routine maintenance expense under operating leases	$ 217	$ 225
Current deferred rent	143		$ 140
Long-term deferred rent	$ 56		$ 101

XML 39 R28.htm IDEA: XBRL DOCUMENT

Fair Value - Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - Fair Value, Measurements, Recurring [Member] - Money Market Funds [Member] - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Assets
Assets	$ 75,638	$ 80,078
Level 1 [Member]
Assets
Assets	75,638	80,078
Level 2 [Member]
Assets
Assets	0	0
Level 3 [Member]
Assets
Assets	$ 0	$ 0

XML 40 R29.htm IDEA: XBRL DOCUMENT

Fair Value - Additional Information (Detail) - USD ($)	3 Months Ended
Fair Value - Additional Information (Detail) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value transfers of assets between levels	$ 0
Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	$ 0	$ 0

XML 41 R30.htm IDEA: XBRL DOCUMENT

Common Stock and Stock Warrants- Additional Information (Detail) - USD ($)	1 Months Ended	3 Months Ended
	Oct. 31, 2015	Mar. 31, 2016	Mar. 31, 2015	May. 31, 2015
Equity [Abstract]
Shelf registration, maximum common stock shares authorized				2,500,000
At-the-market sales agreement, maximum common stock shares authorized value	$ 75,000,000	$ 70,500,000		$ 75,000,000
Gross proceeds from additional follow-on public offering	34,500,000	4,500,000
Shelf registration, maximum aggregate offering price	$ 165,500,000	$ 161,000,000		$ 200.0
Class of Stock [Line Items]
Shares sold in follow-on public offering	6,272,727	499,000
Public price (in usd per share)	$ 5.50
Proceeds from issuance of common stock, net of issuance costs	$ 32,100,000	$ 4,325,000	$ 0
Underwriting discounts and commissions	2,100,000	134,000
Estimated offering expenses	$ 280,000	$ 75,000
Weighted Average [Member]
Class of Stock [Line Items]
Public price (in usd per share)		$ 8.95
Over-Allotment Option [Member]
Class of Stock [Line Items]
Shares sold in follow-on public offering	818,181

XML 42 R31.htm IDEA: XBRL DOCUMENT

Common Stock and Stock Warrants - Shares Reserved for Future Issuance (Detail) - shares	Mar. 31, 2016	Dec. 31, 2015
Equity [Abstract]
Common stock options outstanding	3,733,711	3,716,520
Common stock options available for future grant	345,486
Common stock warrants	250,539	250,646
Total common shares reserved for future issuance	4,329,736

XML 43 R32.htm IDEA: XBRL DOCUMENT

Common Stock and Stock Warrants - Warrants (Details) - $ / shares	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Class of Warrant or Right [Line Items]
Number of warrants outstanding	250,539	250,646
Series B [Member]
Class of Warrant or Right [Line Items]
Number of warrants expired in period	107
Series C [Member]
Class of Warrant or Right [Line Items]
Number of warrants outstanding	9,919
Exercise price (usd per share)	$ 147.91
Series D [Member]
Class of Warrant or Right [Line Items]
Number of warrants outstanding	240,620
Exercise price (usd per share)	$ 92.99

XML 44 R33.htm IDEA: XBRL DOCUMENT

Stock Compensation Plans - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant	345,486
Release of repurchase liability for shares vested	$ 23,000	$ 26,000
Weighted-average grant date fair value of stock options granted (usd per share)	$ 6.04	$ 17.87
Compensation cost related to unvested employee stock option awards	$ 5,500,000
Remaining weighted-average vesting period	2 years 1 month 2 days
Non-Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost related to unvested employee stock option awards	$ 581,000
Remaining weighted-average vesting period	2 years 1 month 6 days
Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period from grant date	10 years
2014 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock for annual increase in shares available for issuance	1,200,000
Percentage of outstanding shares of common stock for annual increase in shares available for issuance	3.00%
Shares available for grant	345,486
2014 Plan [Member] \| Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option vesting under Equity Incentive Plans, term	4 years
2012 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock exercised	74,970
Common stock options vested in the period	11,512
Release of repurchase liability for shares vested	$ 23,000
Stock option repurchase liability	$ 0
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Exercised Prior To Vesting, Number Of Shares Repurchased	0
2012 Plan [Member] \| Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option vesting under Equity Incentive Plans, term	4 years

XML 45 R34.htm IDEA: XBRL DOCUMENT

Stock Compensation Plans - Summary of Stock Option Activity (Detail)	3 Months Ended
	Mar. 31, 2016 USD ($) $ / shares shares
Options
Outstanding, Beginning balance (in shares) \| shares	3,716,520
Granted (in shares) \| shares	30,185
Exercised (in shares) \| shares	(8,098)
Forfeited or expired (in shares) \| shares	(4,896)
Outstanding, Ending balance (in shares) \| shares	3,733,711
Options vested and expected to vest, Ending balance (in shares) \| shares	3,644,575
Options exercisable, Ending balance (in shares) \| shares	2,771,815
Weighted- Average Exercise Price
Outstanding, Beginning balance (usd per share) \| $ / shares	$ 7.76
Granted (usd per share) \| $ / shares	8.97
Exercised (usd per share) \| $ / shares	3.92
Forfeited or expired (usd per share) \| $ / shares	16.74
Outstanding, Ending balance (usd per share) \| $ / shares	7.76
Options vested and expected to vest, Weighted-Average Exercise Price, Ending balance (usd per share) \| $ / shares	7.73
Options exercisable, Weighted-Average Exercise Price, Ending balance (usd per share) \| $ / shares	$ 7.64
Outstanding, Weighted-Average Remaining Contractual Term (Years), Ending balance	7 years 5 months 12 days
Options vested and expected to vest , Weighted-Average Remaining Contractual Term (Years), Ending balance	7 years 4 months 28 days
Options exercisable, Weighted-Average Remaining Contractual Term (Years), Ending balance	6 years 9 months 11 days
Outstanding, Aggregate Intrinsic Value, Ending balance \| $	$ 8,998,083
Options vested and expected to vest , Aggregate Intrinsic Value, Ending balance \| $	8,761,671
Options exercisable, Aggregate Intrinsic Value, Ending balance \| $	$ 5,812,571

XML 46 R35.htm IDEA: XBRL DOCUMENT

Stock Compensation Plans - Ranges of Underlying Assumptions Used in BSM Option Pricing Model to Determine Fair Value of Stock Options Granted to Employees and Nonemployees (Detail) - $ / shares	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	1.70%
Risk-free interest rate, minimum		1.80%
Risk-free interest rate, maximum		1.90%
Expected dividend yield	0.00%	0.00%
Expected volatility	77.10%	99.20%
Expected term of options	6 years	5 years 10 months 24 days
Fair value of common stock (usd per share)	$ 8.97
Employees [Member] \| Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of common stock (usd per share)		$ 19.75
Employees [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of common stock (usd per share)		$ 26.13
Non-Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate, minimum	0.60%	0.20%
Risk-free interest rate, maximum	1.40%	0.40%
Expected dividend yield	0.00%	0.00%
Expected volatility, minimum	76.90%	60.80%
Expected volatility, maximum	84.90%	70.60%
Fair value of common stock (usd per share)	$ 9.07	$ 25.01
Non-Employees [Member] \| Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term of options	3 months 18 days	3 months 18 days
Non-Employees [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term of options	5 years 6 months	4 years

XML 47 R36.htm IDEA: XBRL DOCUMENT

Stock Compensation Plans - Schedule of Stock-based Compensation Expense for Stock Awards Recognized (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 998	$ 803
Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	923	578
Non-Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	75	225
Research and Development [Member] \| Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	392	251
Research and Development [Member] \| Non-Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	63	217
General and Administrative [Member] \| Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	531	327
General and Administrative [Member] \| Non-Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 12	$ 8

XML 48 R37.htm IDEA: XBRL DOCUMENT

Subsequent Event (Details) - USD ($)	1 Months Ended		3 Months Ended
Subsequent Event (Details) - USD ($)	Apr. 30, 2016	Oct. 31, 2015	Mar. 31, 2016	Mar. 31, 2015	May. 31, 2015
Subsequent Event [Line Items]
Shares sold in follow-on public offering		6,272,727	499,000
Public price (in usd per share)		$ 5.50
Shelf registration, maximum aggregate offering price		$ 165,500,000	$ 161,000,000		$ 200.0
At-the-market sales agreement, maximum common stock shares authorized value		75,000,000	70,500,000		$ 75,000,000
Proceeds from issuance of common stock, net of issuance costs		32,100,000	4,325,000	$ 0
Underwriting discounts and commissions		2,100,000	134,000
Estimated offering expenses		$ 280,000	$ 75,000
Weighted Average [Member]
Subsequent Event [Line Items]
Public price (in usd per share)			$ 8.95
Subsequent Event [Member]
Subsequent Event [Line Items]
Shares sold in follow-on public offering	264,234
Shelf registration, maximum aggregate offering price	$ 158,600,000.0
At-the-market sales agreement, maximum common stock shares authorized value	68,100,000.0
Proceeds from issuance of common stock, net of issuance costs	2,300,000
Underwriting discounts and commissions	73,000
Estimated offering expenses	$ 45,000
Subsequent Event [Member] \| Weighted Average [Member]
Subsequent Event [Line Items]
Public price (in usd per share)	$ 9.17

EXCEL 49 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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�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how.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.4.0.3 * */ var Show = {}; Show.LastAR = null, Show.hideAR = function(){ Show.LastAR.style.display = 'none'; }; Show.showAR = function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }; Show.toggleNext = function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }; XML 51 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 53 FilingSummary.xml IDEA: XBRL DOCUMENT 3.4.0.3 html 73 173 1 false 28 0 false 5 false false R1.htm 0001000 - Document - Document and Entity Information Sheet http://vitaltherapies.com/role/DocumentAndEntityInformation Document and Entity Information Cover 1 false false R2.htm 1001000 - Statement - Condensed Consolidated Balance Sheets (Unaudited) Sheet http://vitaltherapies.com/role/CondensedConsolidatedBalanceSheetsUnaudited Condensed Consolidated Balance Sheets (Unaudited) Statements 2 false false R3.htm 1001501 - Statement - Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) Sheet http://vitaltherapies.com/role/CondensedConsolidatedBalanceSheetsUnauditedParenthetical Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) Statements 3 false false R4.htm 1002000 - Statement - Condensed Consolidated Statements of Operations (Unaudited) Sheet http://vitaltherapies.com/role/CondensedConsolidatedStatementsOfOperationsUnaudited Condensed Consolidated Statements of Operations (Unaudited) Statements 4 false false R5.htm 1003000 - Statement - Condensed Consolidated Statements of Comprehensive Loss (Unaudited) Sheet http://vitaltherapies.com/role/CondensedConsolidatedStatementsOfComprehensiveLossUnaudited Condensed Consolidated Statements of Comprehensive Loss (Unaudited) Statements 5 false false R6.htm 1004000 - Statement - Condensed Consolidated Statement of Cash Flows (Unaudited) Sheet http://vitaltherapies.com/role/CondensedConsolidatedStatementOfCashFlowsUnaudited Condensed Consolidated Statement of Cash Flows (Unaudited) Statements 6 false false R7.htm 2101100 - Disclosure - Description of Business and Basis of Financial Statements Sheet http://vitaltherapies.com/role/DescriptionOfBusinessAndBasisOfFinancialStatements Description of Business and Basis of Financial Statements Notes 7 false false R8.htm 2102100 - Disclosure - Summary of Significant Accounting Policies Sheet http://vitaltherapies.com/role/SummaryOfSignificantAccountingPolicies Summary of Significant Accounting Policies Notes 8 false false R9.htm 2103100 - Disclosure - Other Financial Information Sheet http://vitaltherapies.com/role/OtherFinancialInformation Other Financial Information Notes 9 false false R10.htm 2104100 - Disclosure - Commitments and Contingencies Sheet http://vitaltherapies.com/role/CommitmentsAndContingencies Commitments and Contingencies Notes 10 false false R11.htm 2105100 - Disclosure - Fair Value Sheet http://vitaltherapies.com/role/FairValue Fair Value Notes 11 false false R12.htm 2107100 - Disclosure - Common Stock and Stock Warrants Sheet http://vitaltherapies.com/role/CommonStockAndStockWarrants Common Stock and Stock Warrants Notes 12 false false R13.htm 2108100 - Disclosure - Stock Compensation Plans Sheet http://vitaltherapies.com/role/StockCompensationPlans Stock Compensation Plans Notes 13 false false R14.htm 2110100 - Disclosure - Subsequent Event Sheet http://vitaltherapies.com/role/SubsequentEvent Subsequent Event Notes 14 false false R15.htm 2201201 - Disclosure - Description of Business and Basis of Financial Statements (Policies) Sheet http://vitaltherapies.com/role/DescriptionOfBusinessAndBasisOfFinancialStatementsPolicies Description of Business and Basis of Financial Statements (Policies) Policies http://vitaltherapies.com/role/SummaryOfSignificantAccountingPolicies 15 false false R16.htm 2302301 - Disclosure - Summary of Significant Accounting Policies (Tables) Sheet http://vitaltherapies.com/role/SummaryOfSignificantAccountingPoliciesTables Summary of Significant Accounting Policies (Tables) Tables http://vitaltherapies.com/role/SummaryOfSignificantAccountingPolicies 16 false false R17.htm 2303301 - Disclosure - Other Financial Information (Tables) Sheet http://vitaltherapies.com/role/OtherFinancialInformationTables Other Financial Information (Tables) Tables http://vitaltherapies.com/role/OtherFinancialInformation 17 false false R18.htm 2305301 - Disclosure - Fair Value (Tables) Sheet http://vitaltherapies.com/role/FairValueTables Fair Value (Tables) Tables http://vitaltherapies.com/role/FairValue 18 false false R19.htm 2307301 - Disclosure - Common Stock and Stock Warrants (Tables) Sheet http://vitaltherapies.com/role/CommonStockAndStockWarrantsTables Common Stock and Stock Warrants (Tables) Tables http://vitaltherapies.com/role/CommonStockAndStockWarrants 19 false false R20.htm 2308301 - Disclosure - Stock Compensation Plans (Tables) Sheet http://vitaltherapies.com/role/StockCompensationPlansTables Stock Compensation Plans (Tables) Tables http://vitaltherapies.com/role/StockCompensationPlans 20 false false R21.htm 2401402 - Disclosure - Description of Business and Basis of Financial Statements - Additional Information (Detail) Sheet http://vitaltherapies.com/role/DescriptionOfBusinessAndBasisOfFinancialStatementsAdditionalInformationDetail Description of Business and Basis of Financial Statements - Additional Information (Detail) Details 21 false false R22.htm 2402402 - Disclosure - Summary of Significant Accounting Policies - Additional Information (Detail) Sheet http://vitaltherapies.com/role/SummaryOfSignificantAccountingPoliciesAdditionalInformationDetail Summary of Significant Accounting Policies - Additional Information (Detail) Details 22 false false R23.htm 2402403 - Disclosure - Summary of Significant Accounting Policies - Schedule of Potentially Dilutive Securities Not Included in Calculation of Diluted Net Loss per Share (Detail) Sheet http://vitaltherapies.com/role/SummaryOfSignificantAccountingPoliciesScheduleOfPotentiallyDilutiveSecuritiesNotIncludedInCalculationOfDilutedNetLossPerShareDetail Summary of Significant Accounting Policies - Schedule of Potentially Dilutive Securities Not Included in Calculation of Diluted Net Loss per Share (Detail) Details 23 false false R24.htm 2403402 - Disclosure - Other Financial Information - Schedule of Property and Equipment, Leasehold Improvements, and Related Accumulated Depreciation and Amortization (Detail) Sheet http://vitaltherapies.com/role/OtherFinancialInformationScheduleOfPropertyAndEquipmentLeaseholdImprovementsAndRelatedAccumulatedDepreciationAndAmortizationDetail Other Financial Information - Schedule of Property and Equipment, Leasehold Improvements, and Related Accumulated Depreciation and Amortization (Detail) Details 24 false false R25.htm 2403403 - Disclosure - Other Financial Information - Additional Information (Detail) Sheet http://vitaltherapies.com/role/OtherFinancialInformationAdditionalInformationDetail Other Financial Information - Additional Information (Detail) Details 25 false false R26.htm 2403404 - Disclosure - Other Financial Information - Schedule of Accrued Expenses (Detail) Sheet http://vitaltherapies.com/role/OtherFinancialInformationScheduleOfAccruedExpensesDetail Other Financial Information - Schedule of Accrued Expenses (Detail) Details 26 false false R27.htm 2404401 - Disclosure - Commitments and Contingencies - Additional Information (Detail) Sheet http://vitaltherapies.com/role/CommitmentsAndContingenciesAdditionalInformationDetail Commitments and Contingencies - Additional Information (Detail) Details 27 false false R28.htm 2405402 - Disclosure - Fair Value - Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) Sheet http://vitaltherapies.com/role/FairValueScheduleOfFinancialAssetsAndLiabilitiesMeasuredAtFairValueOnRecurringBasisDetail Fair Value - Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) Details 28 false false R29.htm 2405403 - Disclosure - Fair Value - Additional Information (Detail) Sheet http://vitaltherapies.com/role/FairValueAdditionalInformationDetail Fair Value - Additional Information (Detail) Details 29 false false R30.htm 2407402 - Disclosure - Common Stock and Stock Warrants- Additional Information (Detail) Sheet http://vitaltherapies.com/role/CommonStockAndStockWarrantsAdditionalInformationDetail Common Stock and Stock Warrants- Additional Information (Detail) Details 30 false false R31.htm 2407403 - Disclosure - Common Stock and Stock Warrants - Shares Reserved for Future Issuance (Detail) Sheet http://vitaltherapies.com/role/CommonStockAndStockWarrantsSharesReservedForFutureIssuanceDetail Common Stock and Stock Warrants - Shares Reserved for Future Issuance (Detail) Details 31 false false R32.htm 2407404 - Disclosure - Common Stock and Stock Warrants - Warrants (Details) Sheet http://vitaltherapies.com/role/CommonStockAndStockWarrantsWarrantsDetails Common Stock and Stock Warrants - Warrants (Details) Details 32 false false R33.htm 2408402 - Disclosure - Stock Compensation Plans - Additional Information (Detail) Sheet http://vitaltherapies.com/role/StockCompensationPlansAdditionalInformationDetail Stock Compensation Plans - Additional Information (Detail) Details 33 false false R34.htm 2408403 - Disclosure - Stock Compensation Plans - Summary of Stock Option Activity (Detail) Sheet http://vitaltherapies.com/role/StockCompensationPlansSummaryOfStockOptionActivityDetail Stock Compensation Plans - Summary of Stock Option Activity (Detail) Details 34 false false R35.htm 2408404 - Disclosure - Stock Compensation Plans - Ranges of Underlying Assumptions Used in BSM Option Pricing Model to Determine Fair Value of Stock Options Granted to Employees and Nonemployees (Detail) Sheet http://vitaltherapies.com/role/StockCompensationPlansRangesOfUnderlyingAssumptionsUsedInBsmOptionPricingModelToDetermineFairValueOfStockOptionsGrantedToEmployeesAndNonemployeesDetail Stock Compensation Plans - Ranges of Underlying Assumptions Used in BSM Option Pricing Model to Determine Fair Value of Stock Options Granted to Employees and Nonemployees (Detail) Details 35 false false R36.htm 2408405 - Disclosure - Stock Compensation Plans - Schedule of Stock-based Compensation Expense for Stock Awards Recognized (Detail) Sheet http://vitaltherapies.com/role/StockCompensationPlansScheduleOfStockBasedCompensationExpenseForStockAwardsRecognizedDetail Stock Compensation Plans - Schedule of Stock-based Compensation Expense for Stock Awards Recognized (Detail) Details 36 false false R37.htm 2410401 - Disclosure - Subsequent Event (Details) Sheet http://vitaltherapies.com/role/SubsequentEventDetails Subsequent Event (Details) Details http://vitaltherapies.com/role/SubsequentEvent 37 false false All Reports Book All Reports vtl-20160331.xml vtl-20160331.xsd vtl-20160331_cal.xml vtl-20160331_def.xml vtl-20160331_lab.xml vtl-20160331_pre.xml true true ZIP 55 0001628280-16-015949-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001628280-16-015949-xbrl.zip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�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