XML 51 R33.htm IDEA: XBRL DOCUMENT v3.8.0.1
Fair Value (Tables)
12 Months Ended
Dec. 31, 2017
Fair Value Disclosures [Abstract]  
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 December 31, 2017 and 2016, using quoted prices in active markets for identical assets (Level 1); significant other observable inputs (Level 2); and significant unobservable inputs (Level 3):

 

 

 

December 31, 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

 

$

91,217

 

 

$

 

 

$

 

 

$

91,217

 

Restricted cash

 

 

6,389

 

 

 

 

 

 

 

 

 

6,389

 

Total Assets measured at fair value

 

$

97,606

 

 

$

 

 

$

 

 

$

97,606

 

Liabilities measured at fair value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contingent consideration

 

$

 

 

$

 

 

$

12,418

 

 

$

12,418

 

Warrant liabilities

 

 

 

 

 

 

 

$

14,090

 

 

$

14,090

 

Total liabilities measured at fair value

 

$

 

 

$

 

 

$

26,508

 

 

$

26,508

 

 

 

 

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 Classified in Level 3

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

 

 

 

Valuation

Methodology

 

Significant

Unobservable Input

 

Weighted Average

(range, if

applicable)

Contingent  consideration

 

Probability weighted

income approach

 

Milestone dates

 

2018 to 2020

 

 

 

 

Discount rate

Probability of occurrence

 

7.5% to 12%

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 years ended December 31, 2017, 2016 and 2015:

 

 

 

Fair Value

Measurement at

Reporting Date

(Level 3)

 

 

 

(In thousands)

 

 

 

Common stock

 

 

Contingent

 

 

 

warrants

 

 

consideration

 

Balance at December 31, 2014

 

$

 

 

$

 

Additions for contingent consideration

 

 

 

 

 

23,900

 

Change in fair value

 

 

 

 

 

(400

)

Balance at December 31, 2015

 

 

 

 

 

23,500

 

Payment for contingent consideration

 

 

 

 

 

(1,182

)

Change in fair value

 

 

 

 

 

482

 

Balance at December 31, 2016

 

 

 

 

 

22,800

 

Issuance of common stock in exchange for contingent consideration

 

 

 

 

 

(5,227

)

Issuance of warrants

 

 

8,715

 

 

 

 

Payment for contingent consideration

 

 

 

 

 

(7,181

)

Exercise of warrants

 

 

(78,359

)

 

 

 

Change in fair value

 

 

83,734

 

 

 

2,026

 

Balance at December 31, 2017

 

 

14,090

 

 

$

12,418

 

Current portion

 

 

 

 

 

719

 

Long-term portion

 

 

14,090

 

 

 

11,699

 

Balance at December 31, 2017

 

$

14,090

 

 

$

12,418