| Schedule of liabilities measured at fair value on a recurring basis |
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Fair Value Measurements Using
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|
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Balance as of
December 31,
2013
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|
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
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Significant
Other
Observable
Inputs
(Level 2)
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Significant
Unobservable
Inputs
(Level 3)
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Liabilities:
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Senior convertible note derivative
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|
$
|
5,056,502
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|
$
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—
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|
$
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—
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|
$
|
5,056,502
|
|
|
Bridge loan warrants
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|
1,338,071
|
|
—
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—
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|
1,338,071
|
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Consulting warrant
|
|
1,228,616
|
|
—
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—
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1,228,616
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Financing warrant
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709,397
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—
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—
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709,397
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Total
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|
$
|
8,332,586
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|
$
|
—
|
|
$
|
—
|
|
$
|
8,332,586
|
|
|
| Schedule of reconciliation of all liabilities measured at fair value using Level 3 significant unobservable inputs |
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Warrant
Liabilities(1)
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|
Senior
Convertible
Note Derivative
Liability(2)
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Balance at January 1, 2013
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$
|
—
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|
$
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—
|
|
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Issuance of warrant and derivative liabilities
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1,806,701
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|
2,005,015
|
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Change in fair value
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|
1,469,383
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|
3,051,487
|
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|
Balance at December 31, 2013
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|
$
|
3,276,084
|
|
$
|
5,056,502
|
|
|
Issuance of warrant and derivative liabilities
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|
—
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—
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Change in fair value
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|
382,327
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|
1,633,272
|
|
|
Write-off due to conversion and IPO
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|
(3,658,411
|
)
|
(6,689,774
|
)
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Balance at December 31, 2014
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|
$
|
—
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$
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—
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(1)
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The change in the fair value of the warrants was recorded as a reduction to other income in the consolidated statement of operations of $1.5 million and $382,327 for the period June 17, 2013 to December 31, 2013 and the year ended December 31, 2014, respectively. Due to the expiration of the redemption and put option features included in the Bridge Warrants, Consulting Warrant and Financing Warrant as of the IPO Date, these warrant liabilities were recorded as an increase of $3.7 million to additional paid-in capital in the consolidated balance sheet as of December 31, 2014.
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(2)
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The change in the fair value of the senior convertible note derivative liability was recorded as a reduction to other income (expense) in the consolidated statement of operations of $3.0 million for the period from June 17, 2013 to December 31, 2013. The extinguishment of the senior convertible note derivative liability was recorded as an increase of $5.5 million to additional paid-in capital and a gain of $1.6 million to other income in the consolidated statement of operations for the year ended December 31, 2014.
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