Fair Value (Tables)

6 Months Ended

Jun. 30, 2017

Summary of Assets Measured at Fair Value on Recurring Basis

The following are the major categories of assets measured at fair value on a recurring basis as of June 30, 2017 and December 31, 2016, using quoted prices in active markets for identical assets (Level 1); significant other observable inputs (Level 2); and significant unobservable inputs (Level 3):

	June 30, 2017
	(In thousands)
	(unaudited)
Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets measured at fair value
Cash and cash equivalents	$	29,741	$	—	$	—	$	29,741
Restricted cash		6,419		—		—		6,419
Total Assets measured at fair value	$	36,160	$	—	$	—	$	36,160
Liabilities measured at fair value
Contingent consideration	$	—	$	—	$	18,026	$	18,026
Warrant liabilities		—		—		11,041	$	11,041
Total liabilities measured at fair value	$	—	$	—	$	29,067	$	29,067

	December 31, 2016
	(In thousands)
Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets measured at fair value
Cash and cash equivalents	$	24,165	$	—	$	—	$	24,165
Restricted cash		10,425		—		—		10,425
Total Assets measured at fair value	$	34,590	$	—	$	—	$	34,590
Liabilities measured at fair value
Contingent consideration	$	—	$	—	$	22,800	$	22,800
Total liabilities measured at fair value	$	—	$	—	$	22,800	$	22,800

Quantitative Information about Inputs and Valuation Methodologies Used for Fair Value Measurements of Contingent Consideration Classified in Level 3

The following table presents quantitative information about the inputs and valuation methodologies used for the Company’s fair value measurements of Contingent consideration classified in Level 3 as of December 31, 2016 and June 30, 2017:

Valuation

Methodology

Significant

Unobservable Input

Weighted Average

(range, if

applicable)

Contingent consideration

Probability weighted

income approach

Milestone dates

2016 to 2017

Discount rate

Probability of occurrence

7.5% to 9.0%

100%

Change in Fair Value for All Assets and Liabilities Using Unobservable Level 3 Inputs As Determined By Level 3 Inputs

The following table summarizes the change in fair value, as determined by Level 3 inputs, for all assets and liabilities using unobservable Level 3 inputs for the six months ended June 30, 2017:

	Fair Value Measurement at Reporting Date (Level 3)
	(In thousands)
	(unaudited)
	Common stock warrants		Contingent consideration
Balance at December 31, 2016	$	—	$	22,800
Issuance of common stock in exchange for contingent consideration		—		(5,227	)
Issuance of warrants		8,715		—
Change in fair value		2,326		453
Balance at June 30, 2017		11,041		18,026
Current portion		—		6,918
Long-term portion		11,041		11,108
Balance at June 30, 2017	$	11,041	$	18,026