Fair Value Measurements (Tables)
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6 Months Ended |
Jun. 30, 2016 |
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| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
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| Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis |
The following tables classify into the fair value hierarchy financial instruments measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets as of June 30, 2016 and December 31, 2015: | | | Fair Value Measurement as of June 30, 2016 | | | ($ in thousands) | | Level 1 | | Level 2 | | Level 3 | | Total | | | Assets | | | | | | | | | | | | | | | Long-term investments, at fair value | | $ | - | | $ | - | | $ | 766 | | $ | 766 | | | | | | | | | | | | | | | | | | Liabilities | | | | | | | | | | | | | | | Contingently issuable warrants | | $ | - | | $ | - | | $ | 203 | | $ | 203 | | | Warrant liabilities | | | | | | | | | 99 | | | 99 | | | Helocyte convertible note, at fair value | | | - | | | - | | | 1,000 | | | 1,000 | | | | | Fair Value Measurement as of December 31, 2015 | | | ($ in thousands) | | Level 1 | | Level 2 | | Level 3 | | Total | | | Assets | | | | | | | | | | | | | | | Long-term investments, at fair value | | $ | - | | $ | - | | $ | 2,485 | | $ | 2,485 | | | | | | | | | | | | | | | | | | Liabilities | | | | | | | | | | | | | | | Derivative warrant liability | | $ | - | | $ | - | | $ | 114 | | $ | 114 | |
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| Schedule of changes in fair value of financial instruments |
The table below provides a rollforward of the changes in fair value of Level 3 financial instruments for the six months ended June 30, 2016 and 2015: | ($ in thousands) | | Investment in
Origo | | Investment
in
laser device | | Contingently
Issuable
Warrants | | Helocyte
Convertible
Note, at fair
value | | Warrant
liabilities | | Total | | | Balance at December 31, 2015 | | $ | 2,235 | | $ | 250 | | $ | 114 | | $ | - | | $ | - | | $ | 2,599 | | | Additions during the period | | | - | | | - | | | - | | | 1,000 | | | 99 | | | 1,099 | | | Change in fair value of investments | | | (1,719) | | | - | | | - | | | - | | | | | | (1,719) | | | Fair value adjustment of Contingently Issuable Warrants | | | - | | | - | | | 89 | | | - | | | - | | | 89 | | | Balance at June 30, 2016 | | $ | 516 | | $ | 250 | | $ | 203 | | $ | 1,000 | | $ | 99 | | $ | 2,068 | | | ($ in thousands) | | Investment in
Origo | | Investment in
laser device | | Contingently
Issuable
Warrants | | Helocyte
Convertible
Note, at fair
value | | Total | | | Balance at December 31, 2014 | | $ | 3,910 | | $ | 250 | | $ | - | | $ | - | | $ | 4,160 | | | Change in fair value of investments | | | 1,407 | | | - | | | - | | | - | | | 1,407 | | | Fair value adjustment of Contingently Issuable Warrants | | | - | | | - | | | - | | | - | | | - | | | Balance at June 30, 2015 | | $ | 5,317 | | $ | 250 | | $ | - | | $ | - | | $ | 5,567 | |
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| Avenue [Member] |
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| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
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| Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques |
The fair value of Avenue’s Contingently Issuable Warrants was determined by applying management’s estimate of the probability of issuance of the Contingently Issuable Warrants together with an option pricing model, with the following key assumptions: | | | June 30,
2016 | | | Risk-free interest rate | | | 1.78 | % | | Expected dividend yield | | | - | % | | Expected term in years | | | 9.59 | | | Expected volatility | | | 83.00 | % | | Probability of issuance of the warrant | | | 45.00 | % |
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| Helocyte [Member] | Convertible Debt [Member] |
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| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
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| Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques |
At June 30, 2016, the fair value equaled the proceeds received. A summary of the weighted average (in aggregate) significant unobservable inputs (Level 3 inputs) used in measuring the convertible debt that is categorized within Level 3 of the fair value hierarchy for the three and six months ended June 30, 2016 is as follows: | | | June 30,
2016 | | | Risk-free interest rate | | | 1.01 | % | | Expected dividend yield | | | - | % | | Expected term in years | | | 1.50 | | | Expected volatility | | | 72.00 | % | | Probability of conversion | | | 31.88 | % | |
| Helocyte [Member] | Warrant [Member] |
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| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
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| Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques |
A summary of the weighted average (in aggregate) significant unobservable inputs (level 3 inputs) used in measuring the Company’s warrant liabilities that are categorized within Level 3 of the fair value hierarchy for the three and six months ended June 30, 2016 is as follows: | | | June 30,
2016 | | | Risk-free interest rate | | | 1.01 | % | | Expected dividend yield | | | - | % | | Expected term in years | | | 5.00 | | | Expected volatility | | | 89.20 | % | | Strike price | | $ | 0.43 | | |