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--12-31
Q2
2016
2016-06-30
10-Q
0001157601
137804736
Yes
Smaller Reporting Company
33
10
SYNTA PHARMACEUTICALS CORP
6863000
1202000
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1450000
41000
202000
37000
5000
82000
1000
1000
100000000
1
600000
2000000
4000000
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36
0.36
2411000
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139000
65000
54000
18000
0.64
P3M
P3M
P1Y
P1Y
2
1
<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;">
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;font-weight:bold;">(6) Other Accrued Liabilities</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;text-indent:27.5pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Other accrued liabilities as of June 30, 2016 and December 31, 2015 consisted of the following (in thousands):</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 93.00%;margin-left:0pt;">
<tr>
<td valign="bottom" style="width:67.86%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-size:8pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-weight:bold;font-size:8pt;">June 30,</font><br /><font style="display:inline;font-weight:bold;font-size:8pt;">2016</font></p>
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-weight:bold;font-size:8pt;">December 31,</font><br /><font style="display:inline;font-weight:bold;font-size:8pt;">2015</font></p>
</td>
<td valign="bottom" style="width:01.08%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:67.86%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.08%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:67.86%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Compensation and benefits</font></p>
</td>
<td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.20%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">$</font></p>
</td>
<td valign="bottom" style="width:11.66%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>714
</td>
<td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.20%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">$</font></p>
</td>
<td valign="bottom" style="width:11.66%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,072
</td>
<td valign="bottom" style="width:01.08%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:67.86%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Professional fees</font></p>
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>607
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>867
</td>
<td valign="bottom" style="width:01.08%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:67.86%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Other</font></p>
</td>
<td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>129
</td>
<td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,037
</td>
<td valign="bottom" style="width:01.08%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:67.86%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.08%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
</tr>
<tr>
<td valign="top" style="width:67.86%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.20%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">$</font></p>
</td>
<td valign="bottom" style="width:11.66%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,450
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.20%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">$</font></p>
</td>
<td valign="bottom" style="width:11.66%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,976
</td>
<td valign="bottom" style="width:01.08%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:67.86%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:11.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:11.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.08%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
</tr>
</table></div>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p></div><div style="margin-left:0%;margin-right:0%;">
<p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div>
0.03
12700000
19
P10D
<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;">
<p style="margin:0pt;text-indent:27.5pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Other accrued liabilities as of June 30, 2016 and December 31, 2015 consisted of the following (in thousands):</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 93.00%;margin-left:0pt;">
<tr>
<td valign="bottom" style="width:67.86%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-size:8pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-weight:bold;font-size:8pt;">June 30,</font><br /><font style="display:inline;font-weight:bold;font-size:8pt;">2016</font></p>
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-weight:bold;font-size:8pt;">December 31,</font><br /><font style="display:inline;font-weight:bold;font-size:8pt;">2015</font></p>
</td>
<td valign="bottom" style="width:01.08%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:67.86%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.08%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:67.86%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Compensation and benefits</font></p>
</td>
<td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.20%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">$</font></p>
</td>
<td valign="bottom" style="width:11.66%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>714
</td>
<td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.20%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">$</font></p>
</td>
<td valign="bottom" style="width:11.66%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,072
</td>
<td valign="bottom" style="width:01.08%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:67.86%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Professional fees</font></p>
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>607
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>867
</td>
<td valign="bottom" style="width:01.08%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:67.86%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Other</font></p>
</td>
<td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>129
</td>
<td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,037
</td>
<td valign="bottom" style="width:01.08%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:67.86%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.08%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
</tr>
<tr>
<td valign="top" style="width:67.86%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.20%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">$</font></p>
</td>
<td valign="bottom" style="width:11.66%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,450
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.20%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">$</font></p>
</td>
<td valign="bottom" style="width:11.66%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,976
</td>
<td valign="bottom" style="width:01.08%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:67.86%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:11.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:11.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.08%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
</tr>
</table></div>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p></div><div style="margin-left:0%;margin-right:0%;">
<p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div>
<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;">
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Stock-based compensation expense during the three months and six months ended June 30, 2016 and 2015 was as follows (in thousands):</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
<tr>
<td valign="bottom" style="width:41.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-size:8pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="5" valign="bottom" style="width:26.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-weight:bold;font-size:8pt;">Three Months</font><br /><font style="display:inline;font-weight:bold;font-size:8pt;">Ended June 30,</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="5" valign="bottom" style="width:26.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-weight:bold;font-size:8pt;">Six Months</font><br /><font style="display:inline;font-weight:bold;font-size:8pt;">Ended June 30,</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:41.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-size:8pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-weight:bold;font-size:8pt;">2016</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-weight:bold;font-size:8pt;">2015</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-weight:bold;font-size:8pt;">2016</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-weight:bold;font-size:8pt;">2015</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Stock-based compensation expense by type of award:</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:41.00%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Employee stock options</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>426
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,045
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>752
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,552
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Restricted stock</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>119
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(202
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">)</font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>241
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
</tr>
<tr>
<td valign="top" style="width:41.00%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Total stock-based compensation expense</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>545
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>843
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>993
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,553
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:41.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
</tr>
<tr>
<td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:41.00%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Effect of stock-based compensation expense by line item:</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Research and development</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>884
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(37
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">)</font></p>
</td>
<td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,865
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:41.00%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">General and administrative</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>535
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(41
</td>
<td valign="bottom" style="width:02.50%;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">)</font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,030
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>688
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:41.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
</tr>
<tr>
<td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Total stock-based compensation expense included in net loss</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>545
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>843
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>993
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,553
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
</tr>
</table></div>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p></div><div style="margin-left:0%;margin-right:0%;">
<p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div>
1299000
680000
867000
607000
4000
81000
756633000
757626000
2553000
2552000
688000
1865000
1000
843000
1045000
884000
993000
752000
1030000
241000
545000
426000
535000
10000
119000
9565682
375000
5277864
375000
5000000
68195000
44938000
67775000
44835000
31604000
31608000
32178000
32259000
5000
82000
1000
1000
31608000
32259000
253900000
<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;">
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;font-weight:bold;">(10) </font><font style="display:inline;font-weight:bold;font-style:italic;">Merger Agreement</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;text-indent:27.5pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">On April 13, 2016, the Company and Madrigal entered into an Agreement and Plan of Merger and Reorganization to complete the Proposed Merger. Under the terms of the Proposed Merger, the Company will acquire all outstanding shares of Madrigal in exchange for approximately 253.9 million newly issued shares of the Company’s common stock. Immediately following the effective time of the Proposed Merger, the Company anticipates that the stockholders of the Company as of immediately prior to the Proposed Merger will own approximately 36% of the combined company and the former Madrigal stockholders will own approximately 64% of the combined company. The Proposed Merger has been approved by the boards of directors of both companies and the stockholders of Madrigal and is expected to close in the third quarter of 2016, subject to customary closing conditions, including the approval of the Company’s stockholders and the Company having a minimum net cash amount of $28.5 million.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;text-indent:27.5pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">At the effective time of the Proposed Merger, (i) the officers of the Company will include Dr. Paul A. Friedman, a former director of the Company, who will be Chief Executive Officer and Chairman of the combined company, Rebecca Taub, M.D., a current executive officer of Madrigal who will be the Chief Medical Officer, Executive Vice President, Research & Development, of the combined company (Dr. Taub is the spouse of Dr. Friedman), and Marc Schneebaum, the current Chief Financial Officer of Synta, who will be the Chief Financial Officer of the combined company, and (ii) the initial size of the Board of Directors of the Company shall be seven (7) and the initial directors shall be Paul A. Friedman, M.D., who shall be Chairman; Fred Craves, Ph.D., who shall be the lead director; Rebecca Taub, M.D.; Kenneth Bate; David Milligan, Ph.D.; Keith Gollust; and one (1) additional individual to be designated following the closing of the Proposed Merger. The resignations from Synta’s board of directors of each of Chen Schor, Donald W. Kufe, M.D., William S. Reardon, C.P.A., Scott Morenstein, Robert N. Wilson and Bruce Kovner will be effective as of the effective time of the Proposed Merger.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;text-indent:27.5pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">The Proposed Merger is intended to create a company focused on the development of novel small-molecule drugs addressing major unmet needs in cardiovascular-metabolic diseases and non-alcoholic steatohepatitis (NASH). Madrigal’s lead compound, MGL-3196, is a Phase 2-ready once-daily, oral, liver-directed selective thyroid hormone receptor-ß (THR-ß) agonist for the treatment of NASH and heterozygous and homozygous familial hypercholesterolemia (HeFH, HoFH).</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;text-indent:27.5pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">The Company continues to conduct limited activities with respect to ganetespib and the drug candidates from its Hsp90 inhibitor drug candidate (“HDC”) program, including its lead HDC candidate, STA-12-8666.</font>
</p></div><div style="margin-left:0%;margin-right:0%;">
<p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div>
43000
22000
46024000
32003000
34966000
10756000
34966000
34966000
27473000
27473000
7493000
7493000
10756000
10756000
10756000
10756000
<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;">
<p style="margin:0pt 0pt 0pt 12.1pt;text-indent: -12.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;font-weight:bold;">Cash and Cash Equivalents</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;text-indent:27.5pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">The Company considers all highly liquid investments with original maturities of three months or less at the date of purchase and an investment in a money market fund to be cash equivalents. Changes in the level of cash and cash equivalents may be affected by changes in investment portfolio maturities, as well as actual cash disbursements to fund operations.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;text-indent:27.5pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">The primary objective of the Company’s investment activities is to preserve its capital for the purpose of funding operations and the Company does not enter into investments for trading or speculative purposes. The Company’s cash is deposited in a highly rated financial institution in the United States. The Company invests in money market funds and high-grade, short-term commercial paper and corporate bonds, which management believes are subject to minimal credit and market risk. Declines in interest rates, however, would reduce future investment income.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p></div><div style="margin-left:0%;margin-right:0%;">
<p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div>
<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;">
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;font-weight:bold;">(3) Cash, Cash Equivalents and Marketable Securities</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;text-indent:27.5pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">A summary of cash, cash equivalents and available-for-sale marketable securities held by the Company as of June 30, 2016 and December 31, 2015 was as follows in thousands (see Note 2):</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
<tr>
<td valign="bottom" style="width:41.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-size:8pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="11" valign="bottom" style="width:55.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-weight:bold;font-size:8pt;">June 30, 2016</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:41.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-size:8pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-weight:bold;font-size:8pt;">Cost</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-weight:bold;font-size:8pt;">Unrealized</font><br /><font style="display:inline;font-weight:bold;font-size:8pt;">gains</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-weight:bold;font-size:8pt;">Unrealized</font><br /><font style="display:inline;font-weight:bold;font-size:8pt;">losses</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-weight:bold;font-size:8pt;">Fair</font><br /><font style="display:inline;font-weight:bold;font-size:8pt;">Value</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:41.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-size:8pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="11" valign="bottom" style="width:55.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-weight:bold;font-size:8pt;">(in thousands)</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Cash and cash equivalents:</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:41.00%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Cash and money market funds (Level 1)</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,756
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,756
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Corporate debt securities due within 3 months of date of purchase (Level 2)</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">—</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
</tr>
<tr>
<td valign="top" style="width:41.00%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Total cash and cash equivalents</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,756
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,756
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Marketable securities:</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:41.00%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Corporate debt securities due within 1 year of date of purchase (Level 2)</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>32,178
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>82
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1
</td>
<td valign="bottom" style="width:02.50%;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">)</font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>32,259
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:41.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
</tr>
<tr>
<td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Total cash, cash equivalents and marketable securities</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>42,934
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>82
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">)</font></p>
</td>
<td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>43,015
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:41.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="11" valign="bottom" style="width:55.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:41.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-size:8pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="11" valign="bottom" style="width:55.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-weight:bold;font-size:8pt;">December 31, 2015</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:41.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td colspan="11" valign="bottom" style="width:55.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:41.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-size:8pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-weight:bold;font-size:8pt;">Cost</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-weight:bold;font-size:8pt;">Unrealized</font><br /><font style="display:inline;font-weight:bold;font-size:8pt;">gains</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-weight:bold;font-size:8pt;">Unrealized</font><br /><font style="display:inline;font-weight:bold;font-size:8pt;">losses</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-weight:bold;font-size:8pt;">Fair</font><br /><font style="display:inline;font-weight:bold;font-size:8pt;">Value</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:41.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:41.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-size:8pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="11" valign="bottom" style="width:55.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-weight:bold;font-size:8pt;">(in thousands)</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Cash and cash equivalents:</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:41.00%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Cash and money market funds (Level 1)</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>27,473
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>27,473
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Corporate debt securities due within 3 months of date of purchase (Level 2)</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,493
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,493
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
</tr>
<tr>
<td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
</tr>
<tr>
<td valign="top" style="width:41.00%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Total cash and cash equivalents</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>34,966
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>34,966
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Marketable securities:</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:41.00%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Corporate debt securities due within 1 year of date of purchase (Level 2)</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>31,604
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1
</td>
<td valign="bottom" style="width:02.50%;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">)</font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>31,608
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:41.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
</tr>
<tr>
<td valign="top" style="width:41.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
</tr>
<tr>
<td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Total cash, cash equivalents and marketable securities</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>66,570
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">)</font></p>
</td>
<td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>66,574
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:10.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:10.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:10.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:10.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
</tr>
<tr>
<td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
</tr>
</table></div>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p></div><div style="margin-left:0%;margin-right:0%;">
<p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div>
66570000
66574000
43000000
42934000
43015000
28500000
28500000
<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;">
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;font-weight:bold;">(7) Co-Development and License Agreements</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt 0pt 0pt 15.4pt;text-indent: -15.4pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;font-weight:bold;font-style:italic;">Co-Development Agreement</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;text-indent:27.5pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">In July 2011, the Company entered into a co-development agreement with a clinical research organization (CRO) for the conduct of certain company-sponsored clinical trials. Under the co-development agreement, this CRO was performing clinical research services under a reduced fee structure in exchange for a share of licensing payments and commercial revenues, if any, resulting from the product under development up to a specified maximum payment, which is defined as a multiple of the fee reduction realized. Research and development expenses were being recognized based on the reduced fee structure and expected payments will be recorded in the future if and when payment is probable. The maximum amount of the service fee discount was realized in the year ended December 31, 2013.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt 0pt 0pt 15.4pt;text-indent: -15.4pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;font-weight:bold;font-style:italic;">License Arrangement</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">In May 2014, the Company entered into a license arrangement for its CRACM program, including two lead candidates and the associated intellectual property portfolio, with PRCL Research Inc. (PRCL), a company funded by TVM Life Science Venture VII and the Fonds de Solidarité des Travailleurs du Québec, based in Montreal, Canada. PRCL plans to develop one of the two lead candidates licensed from the Company to proof-of-concept. Synta was granted a minority interest in PRCL in exchange for its contribution of know-how and intellectual property and also holds a seat on PRCL’s Board of Directors. Synta will not be required to provide any research funding or capital contributions to PRCL. Synta will be reimbursed by PRCL for any ongoing intellectual property management costs in connection with the contributed intellectual property and may conduct preclinical research activities which would be reimbursed by PRCL. If and when proof-of-concept is reached with either drug candidate, Eli Lilly and Company, which is an investor in TVM, will manage the development program through one of its divisions and will have an option to acquire PRCL or its assets at the then fair value.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;font-weight:bold;font-style:italic;">Elesclomol (Mitochondria-Targeting Agent)</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;text-indent:27.5pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">In January 2016, the Company entered into an asset purchase agreement with another party to further develop its drug candidate, elesclomol. The Company will no longer be performing research activities on this drug candidate and, as part of the arrangement, the Company will receive a minority interest and Board representation in the other party, payments based on achievement of certain development milestones and product royalties upon commercialization.</font>
</p></div><div style="margin-left:0%;margin-right:0%;">
<p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div>
0.0001
0.0001
200000000
200000000
137788584
137804736
137788584
137804736
14000
14000
-40517000
-19812000
-9826000
-3302000
<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;">
<p style="margin:0pt 0pt 0pt 12.1pt;text-indent: -12.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;font-weight:bold;">Comprehensive Loss</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;text-indent:27.5pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Comprehensive loss is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. Changes in unrealized gains and losses on marketable securities represent the only difference between the Company’s net loss and comprehensive loss.</font>
</p></div><div style="margin-left:0%;margin-right:0%;">
<p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div>
<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;">
<p style="margin:0pt 0pt 0pt 12.1pt;text-indent: -12.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;font-weight:bold;">Principles of Consolidation</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;text-indent:27.5pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">The condensed consolidated financial statements include the financial statements of the Company and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.</font>
</p></div><div style="margin-left:0%;margin-right:0%;">
<p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div>
<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;">
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;font-weight:bold;">(8) Term Loans</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt 0pt 0pt 12.1pt;text-indent: -12.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;font-weight:bold;font-style:italic;">General Electric Capital Corporation</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;text-indent:27.5pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">In March 2013, the Company amended its loan and security agreement entered into in September 2010 with General Electric Capital Corporation (GECC) and another lender (the GECC Term Loan) and obtained $12.9 million in additional loan funding and, as a result, increased the principal balance to $22.5 million at March 31, 2013. This amendment was accounted for as a loan modification. Interest on the borrowings under the GECC Term Loan remained at the annual rate of 9.75%. On June 1, 2016, in accordance with the GECC Term Loan, the Company paid the final $750,000 principal payment and the $788,000 exit fee, and has no remaining obligations under the GECC Term Loan.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;text-indent:27.5pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">The Company paid various transaction fees and expenses in connection with the GECC Term Loan, which were deferred and were being amortized as interest expense over the remaining term of the GECC Term Loan. In addition, the exit fee of $788,000 payable at the time of the final principal payment was being accreted and expensed as interest over the remaining term of the GECC Term Loan. In the three months ended June 30, 2016 and 2015, the Company recognized GECC Term Loan interest expense of $37,000 and $306,000, respectively, of which $18,000 and $65,000, respectively, was in connection with these transaction and exit fees and expenses in each of the periods. In the six months ended June 30, 2016 and 2015, the Company recognized GECC Term Loan interest expense of $148,000 and $668,000, respectively, of which $54,000 and $139,000, respectively, was in connection with these transaction and exit fees and expenses. The Company did not issue any warrants in connection with the GECC Term Loan.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;text-indent:27.5pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">The GECC Term Loan was secured by substantially all of the Company’s assets, except its intellectual property. The Company granted GECC a springing security interest in its intellectual property in the event the Company was not in compliance with certain cash usage covenants, as defined therein. The GECC Term Loan contained restrictive covenants, including the requirement for the Company to receive the prior written consent of GECC to enter into loans, other than up to $4.0 million of equipment financing, restrictions on the declaration or payment of dividends, restrictions on acquisitions, and customary default provisions that include material adverse events, as defined therein.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt 0pt 0pt 12.1pt;text-indent: -12.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;font-weight:bold;font-style:italic;">Oxford Finance Corporation</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;text-indent:27.5pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">In December 2012, the Company entered into an amended loan and security agreement with Oxford Finance Corporation (Oxford) and received $0.6 million in additional equipment financing that was payable in 36 equal monthly payments of principal plus accrued interest on the outstanding balance (collectively, the Oxford Term Loan). Interest on the borrowings under the Oxford Term Loan accrued at an annual rate of 13.35%. As of June 30, 2016, in accordance with the Oxford Term Loan, a $10,000 principal payment remained outstanding, which was paid on July 1, 2016.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;text-indent:27.5pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">The Company recognized approximately $1,000 and $11,000 in interest expense in the three months ended June 30, 2016 and 2015, respectively, and $6,000 and $24,000 in interest expense in the six months ended June 30, 2016 and 2015, respectively, related to the outstanding principal under the Oxford Term Loan.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;text-indent:30pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">In addition to the interest payable under the Oxford Term Loan, the Company paid approximately $108,000 of administrative and legal fees and expenses in connection with the Oxford Term Loan. These expenses were deferred and were being amortized as interest expense over the term of the Oxford Term Loan. The Company did not issue any warrants in connection with the Oxford Term Loan.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;text-indent:27.5pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">The Oxford Term Loan was secured by certain laboratory and office equipment, furniture and fixtures. In connection with the Oxford Term Loan, Oxford and GECC entered into a Lien Subordination Agreement, whereby GECC granted Oxford a first priority perfected security interest in the loan collateral. The Oxford Term Loan contained restrictive covenants, including the requirement for the Company to receive the prior written consent of Oxford to enter into acquisitions in which the Company incurred more than $2.0 million of related indebtedness, and customary default provisions that include material adverse events, as defined therein.</font>
</p></div><div style="margin-left:0%;margin-right:0%;">
<p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div>
750000
0.0975
0.1335
108000
337000
142000
<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;">
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;font-weight:bold;">(5) Stock-Based Compensation</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;text-indent:27.5pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">In June 2015, upon obtaining stockholder approval at its annual shareholder meeting, the Company implemented its new 2015 Stock Plan and reserved 8,741,000 shares of common stock for future issuance. The 2015 Stock Plan replaced the 2006 Stock Plan which was terminated upon adoption of the 2015 Stock Plan. Shares of common stock reserved for outstanding awards under the 2006 Stock Plan that lapse or are canceled will be added back to the share reserve available for future awards under the 2015 Stock Plan. The 2015 Stock Plan provides for the grant of incentive stock options, non-statutory stock options, restricted stock and other stock-based compensation awards to employees, officers, directors and consultants of the Company. The administration of the 2015 Stock Plan is under the general supervision of the compensation committee of the board of directors. The exercise price of the stock options is determined by the compensation committee of the board of directors, provided that incentive stock options are granted with an exercise price not less than fair market value of the common stock on the date of grant and expire no later than ten years from the date the option is granted. Options generally vest over four years. As of June 30, 2016, the Company had options outstanding to purchase 5,277,864 shares of its common stock, which includes options outstanding under its 2001 Stock Plan and 2006 Stock Plan that were terminated in March 2006 and June 2015, respectively. As of June 30, 2016, 12,695,764 shares were available for future issuance.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36.3pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">The following table summarizes stock option activity during the six months ended June 30, 2016:</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 93.00%;margin-left:0pt;">
<tr>
<td valign="bottom" style="width:65.72%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-size:8pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:13.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-weight:bold;font-size:8pt;">Shares</font></p>
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-weight:bold;font-size:8pt;">Weighted average</font><br /><font style="display:inline;font-weight:bold;font-size:8pt;">exercise price</font></p>
</td>
<td valign="bottom" style="width:01.08%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:65.72%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Outstanding at January 1, 2016</font></p>
</td>
<td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:13.92%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,127,257
</td>
<td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.20%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">$</font></p>
</td>
<td valign="bottom" style="width:12.72%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4.56
</td>
<td valign="bottom" style="width:01.08%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:65.72%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Options granted</font></p>
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:13.92%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">—</font></p>
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.92%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">—</font></p>
</td>
<td valign="bottom" style="width:01.08%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:65.72%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Options exercised</font></p>
</td>
<td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:13.92%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">—</font></p>
</td>
<td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.92%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">—</font></p>
</td>
<td valign="bottom" style="width:01.08%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:65.72%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Options cancelled</font></p>
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:13.92%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,849,393
</td>
<td valign="bottom" style="width:02.68%;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">)</font></p>
</td>
<td colspan="2" valign="bottom" style="width:13.92%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5.99
</td>
<td valign="bottom" style="width:01.08%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:65.72%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:13.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:13.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.08%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
</tr>
<tr>
<td valign="top" style="width:65.72%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Outstanding at June 30, 2016</font></p>
</td>
<td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:13.92%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,277,864
</td>
<td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.20%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">$</font></p>
</td>
<td valign="bottom" style="width:12.72%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3.25
</td>
<td valign="bottom" style="width:01.08%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:65.72%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:13.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:12.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.08%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
</tr>
<tr>
<td valign="top" style="width:65.72%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Exercisable at June 30, 2016</font></p>
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:13.92%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,129,955
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.20%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">$</font></p>
</td>
<td valign="bottom" style="width:12.70%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4.80
</td>
<td valign="bottom" style="width:01.08%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
</table></div>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;text-indent:20.9pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">The total cash received by the Company as a result of stock option exercises was $0 in each of the six months ended June 30, 2016 and 2015. The weighted-average grant date fair values of options granted during the six months ended June 30, 2016 and 2015 were $0 and $1.91, respectively.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt 0pt 0pt 12.1pt;text-indent: -12.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;font-weight:bold;">Non-Vested (“Restricted”) Stock Awards With Service Conditions</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;font-weight:bold;font-style:italic;">Restricted Common Stock</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36.3pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">The Company’s share-based compensation plan provides for awards of restricted shares of common stock to employees, officers, directors and consultants to the Company. Restricted stock awards are subject to forfeiture if employment or service terminates during the prescribed retention period. Restricted shares vest over the service period. The total fair value of restricted stock that vested in the six months ended June, 2016 and 2015 was $17,000 and $41,000, respectively.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36.3pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">The following table summarizes unvested restricted share activity during the six months ended June 30, 2016:</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 93.00%;margin-left:0pt;">
<tr>
<td valign="bottom" style="width:65.72%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-size:8pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:13.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-weight:bold;font-size:8pt;">Shares</font></p>
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-weight:bold;font-size:8pt;">Weighted</font><br /><font style="display:inline;font-weight:bold;font-size:8pt;">average</font><br /><font style="display:inline;font-weight:bold;font-size:8pt;">grant date</font><br /><font style="display:inline;font-weight:bold;font-size:8pt;">fair value</font></p>
</td>
<td valign="bottom" style="width:01.08%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:65.72%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Outstanding at January 1, 2016</font></p>
</td>
<td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:13.92%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>426,706
</td>
<td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.20%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">$</font></p>
</td>
<td valign="bottom" style="width:12.72%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2.61
</td>
<td valign="bottom" style="width:01.08%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:65.72%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Vested</font></p>
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:13.92%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(67,858
</td>
<td valign="bottom" style="width:02.68%;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">)</font></p>
</td>
<td colspan="2" valign="bottom" style="width:13.92%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1.71
</td>
<td valign="bottom" style="width:01.08%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:65.72%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Granted</font></p>
</td>
<td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:13.92%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17,857
</td>
<td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.92%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.35
</td>
<td valign="bottom" style="width:01.08%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:65.72%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Forfeited</font></p>
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:13.92%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,705
</td>
<td valign="bottom" style="width:02.68%;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">)</font></p>
</td>
<td colspan="2" valign="bottom" style="width:13.92%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2.20
</td>
<td valign="bottom" style="width:01.08%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:65.72%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:13.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:13.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.08%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
</tr>
<tr>
<td valign="top" style="width:65.72%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Outstanding at June 30, 2016</font></p>
</td>
<td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:13.92%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>375,000
</td>
<td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.20%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">$</font></p>
</td>
<td valign="bottom" style="width:12.70%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2.67
</td>
<td valign="bottom" style="width:01.08%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:65.72%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:13.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:12.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.08%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
</tr>
</table></div>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;font-weight:bold;font-style:italic;">Restricted Stock Units</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;text-indent:27.5pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">In December 2015, in connection with the Company’s review of its strategy and the exploration of strategic alternatives, the Compensation Committee approved the grant of five million milestone-based restricted stock units (RSU’s), effective on January 4, 2016, to certain executive officers and non-executive employees. The restricted stock units only vest if the executive officer or non-executive employee is employed by the Company at the closing of a defined Transaction that occurs on or prior to December 31, 2016, or if such person is terminated prior to that date by the Company other than for cause. The grant was intended to further align the interests of the Company’s executive team with its stockholders by providing equity participation in a strategic transaction and to promote maximizing stockholder value in such a transaction. If completed, the Proposed Merger with Madrigal would be a covered Transaction. The Company will not recognize stock compensation in connection with these restricted stock units until the closing of the Proposed Merger with Madrigal Pharmaceuticals, Inc. (see Note 10), which is expected to occur in the third quarter of 2016, subject to customary closing conditions, including the approval of the Company’s stockholders and the Company having a minimum net cash amount of $28.5 million.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt 0pt 0pt 12.1pt;text-indent: -12.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;font-weight:bold;">Stock-Based Compensation Expense</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;text-indent:29.7pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">For the three months and six months ended June 30, 2016 and 2015, the fair value of each employee stock option award was estimated on the date of grant based on the fair value method using the Black-Scholes option pricing valuation model with the following weighted average assumptions:</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
<tr>
<td valign="bottom" style="width:41.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-size:8pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="3" valign="bottom" style="width:26.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-weight:bold;font-size:8pt;">Three Months</font><br /><font style="display:inline;font-weight:bold;font-size:8pt;">Ended June 30,</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="3" valign="bottom" style="width:26.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-weight:bold;font-size:8pt;">Six Months</font><br /><font style="display:inline;font-weight:bold;font-size:8pt;">Ended June 30,</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:41.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-size:8pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-weight:bold;font-size:8pt;">2016</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-weight:bold;font-size:8pt;">2015</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-weight:bold;font-size:8pt;">2016</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-weight:bold;font-size:8pt;">2015</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Risk-free interest rate</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">%</font></p>
</td>
<td valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1.89
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">%</font></p>
</td>
<td valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">%</font></p>
</td>
<td valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1.81
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">%</font></p>
</td>
</tr>
<tr>
<td valign="top" style="width:41.00%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Expected life in years</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6.23
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6.24
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Volatility</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">%</font></p>
</td>
<td valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>99
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">%</font></p>
</td>
<td valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">%</font></p>
</td>
<td valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>101
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">%</font></p>
</td>
</tr>
<tr>
<td valign="top" style="width:41.00%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Expected dividend yield</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">—</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
</table></div>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Stock-based compensation expense during the three months and six months ended June 30, 2016 and 2015 was as follows (in thousands):</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
<tr>
<td valign="bottom" style="width:41.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-size:8pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="5" valign="bottom" style="width:26.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-weight:bold;font-size:8pt;">Three Months</font><br /><font style="display:inline;font-weight:bold;font-size:8pt;">Ended June 30,</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="5" valign="bottom" style="width:26.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-weight:bold;font-size:8pt;">Six Months</font><br /><font style="display:inline;font-weight:bold;font-size:8pt;">Ended June 30,</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:41.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-size:8pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-weight:bold;font-size:8pt;">2016</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-weight:bold;font-size:8pt;">2015</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-weight:bold;font-size:8pt;">2016</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-weight:bold;font-size:8pt;">2015</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Stock-based compensation expense by type of award:</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:41.00%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Employee stock options</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>426
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,045
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>752
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,552
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Restricted stock</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>119
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(202
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">)</font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>241
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
</tr>
<tr>
<td valign="top" style="width:41.00%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Total stock-based compensation expense</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>545
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>843
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>993
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,553
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:41.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
</tr>
<tr>
<td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:41.00%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Effect of stock-based compensation expense by line item:</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Research and development</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>884
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(37
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">)</font></p>
</td>
<td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,865
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:41.00%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">General and administrative</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>535
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(41
</td>
<td valign="bottom" style="width:02.50%;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">)</font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,030
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>688
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:41.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
</tr>
<tr>
<td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Total stock-based compensation expense included in net loss</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>545
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>843
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>993
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,553
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
</tr>
</table></div>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;text-indent:31.9pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Unrecognized stock-based compensation expense as of June 30, 2016 was as follows (dollars in thousands):</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 93.00%;margin-left:0pt;">
<tr>
<td valign="bottom" style="width:67.86%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-size:8pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-weight:bold;font-size:8pt;">Unrecognized</font><br /><font style="display:inline;font-weight:bold;font-size:8pt;">stock</font><br /><font style="display:inline;font-weight:bold;font-size:8pt;">compensation</font><br /><font style="display:inline;font-weight:bold;font-size:8pt;">expense</font></p>
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-weight:bold;font-size:8pt;">Weighted</font><br /><font style="display:inline;font-weight:bold;font-size:8pt;">average</font><br /><font style="display:inline;font-weight:bold;font-size:8pt;">remaining</font><br /><font style="display:inline;font-weight:bold;font-size:8pt;">period</font><br /><font style="display:inline;font-weight:bold;font-size:8pt;">(in years)</font></p>
</td>
<td valign="bottom" style="width:01.08%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:67.86%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Employee stock options</font></p>
</td>
<td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.20%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">$</font></p>
</td>
<td valign="bottom" style="width:11.66%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,926
</td>
<td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:12.86%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2.78
</td>
<td valign="bottom" style="width:01.08%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:67.86%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Restricted stock</font></p>
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>655
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:12.86%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1.64
</td>
<td valign="bottom" style="width:01.08%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:67.86%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Restricted stock units</font></p>
</td>
<td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,650
</td>
<td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:12.86%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.50
</td>
<td valign="bottom" style="width:01.08%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:67.86%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:12.86%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.08%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
</tr>
<tr>
<td valign="top" style="width:67.86%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 20.2pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Total</font></p>
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.20%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">$</font></p>
</td>
<td valign="bottom" style="width:11.66%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,231
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:12.86%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2.05
</td>
<td valign="bottom" style="width:01.08%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:67.86%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:11.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:12.86%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.08%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
</tr>
</table></div>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p></div><div style="margin-left:0%;margin-right:0%;">
<p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div>
-0.34
-0.15
-0.07
-0.02
<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;">
<p style="margin:0pt 0pt 0pt 12.1pt;text-indent: -12.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;font-weight:bold;">Basic and Diluted Loss Per Common Share</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;text-indent:27.5pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Basic net loss per share is computed using the weighted average number of common shares outstanding during the period, excluding restricted stock that has been issued but is not yet vested. Diluted net loss per common share is computed using the weighted average number of common shares outstanding and the weighted average dilutive potential common shares outstanding using the treasury stock method. However, for the three months and six months ended June 30, 2016 and 2015, diluted net loss per share is the same as basic net loss per share as the inclusion of weighted average shares of unvested restricted common stock and common stock issuable upon the exercise of stock options would be anti-dilutive.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">The following table summarizes outstanding securities not included in the computation of diluted net loss per common share as their inclusion would be anti-dilutive:</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 93.00%;margin-left:0pt;">
<tr>
<td valign="bottom" style="width:67.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-size:8pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="3" valign="bottom" style="width:28.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-weight:bold;font-size:8pt;">June 30,</font></p>
</td>
<td valign="bottom" style="width:01.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:67.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-size:8pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-weight:bold;font-size:8pt;">2016</font></p>
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-weight:bold;font-size:8pt;">2015</font></p>
</td>
<td valign="bottom" style="width:01.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:67.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Common stock options</font></p>
</td>
<td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:12.86%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,277,864
</td>
<td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:12.86%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,565,682
</td>
<td valign="bottom" style="width:01.06%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:67.88%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Unvested restricted common stock</font></p>
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:12.86%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>375,000
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:12.86%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>375,000
</td>
<td valign="bottom" style="width:01.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:67.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Unvested restricted stock units</font></p>
</td>
<td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:12.86%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,000,000
</td>
<td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:12.86%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">—</font></p>
</td>
<td valign="bottom" style="width:01.06%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
</table></div>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p></div><div style="margin-left:0%;margin-right:0%;">
<p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div>
3072000
714000
0
0
6231000
3926000
655000
1650000
P2Y18D
P2Y9M11D
P1Y7M21D
P6M
<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;">
<p style="margin:0pt 0pt 0pt 12.1pt;text-indent: -12.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;font-weight:bold;">Fair Value of Financial Instruments</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;text-indent:27.5pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">The carrying amounts of the Company’s financial instruments, which include cash equivalents, marketable securities and term loan obligations, approximate their fair values. The fair value of the Company’s financial instruments reflects the amounts that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy has the following three levels:</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Level 1—quoted prices in active markets for identical assets and liabilities.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Level 2—observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Level 3—unobservable inputs that reflect the Company’s own assumptions about the assumptions market participants would use in pricing the asset or liability.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;text-indent:27.5pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Financial assets and liabilities are classified in their entirety within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The Company measures the fair value of its marketable securities by taking into consideration valuations obtained from third-party pricing sources. The pricing services utilize industry standard valuation models, including both income and market based approaches, for which all significant inputs are observable, either directly or indirectly, to estimate fair value. These inputs include reported trades of and broker-dealer quotes on the same or similar securities, issuer credit spreads, benchmark securities and other observable inputs. As of June 30, 2016, the Company’s financial assets valued based on Level 1 inputs consisted of cash and cash equivalents in a money market fund and its financial assets valued based on Level 2 inputs consisted of high-grade corporate bonds and commercial paper. During the three months and six months ended June 30, 2016 and 2015, the Company did not have any transfers of financials assets between Levels 1 and 2. As of June 30, 2016, the Company did not have any financial liabilities that were recorded at fair value on the balance sheet. The disclosed fair value of the Company’s term loan obligations is determined using current applicable rates for similar instruments as of the balance sheet date. The carrying value of the Company’s term loan obligations approximates fair value as the Company’s interest rate yield is near current market rate yields. The disclosed fair value of the Company’s term loan obligations is based on Level 3 inputs.</font>
</p></div><div style="margin-left:0%;margin-right:0%;">
<p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div>
91000
91000
7277000
3127000
6632000
3592000
-121000
-619000
-648000
-3526000
-27000
557000
619000
668000
24000
306000
11000
148000
6000
37000
1000
-671000
-296000
-58000
19000
592000
923000
17788000
3364000
68195000
44938000
17788000
3364000
10000
<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;">
<p style="margin:0pt 0pt 0pt 12.1pt;text-indent: -12.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;font-weight:bold;">Marketable Securities</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;text-indent:27.5pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Marketable securities consist of investments in high-grade corporate obligations, and government and government agency obligations that are classified as available-for-sale. Since these securities are available to fund current operations they are classified as current assets on the consolidated balance sheets.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;text-indent:27.5pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">The Company adjusts the cost of available-for-sale debt securities for amortization of premiums and accretion of discounts to maturity. The Company includes such amortization and accretion as a component of interest expense, net. Realized gains and losses and declines in value, if any, that the Company judges to be other-than-temporary on available-for-sale securities are reported as a component of interest expense, net. To determine whether an other-than-temporary impairment exists, the Company considers whether it intends to sell the debt security and, if the Company does not intend to sell the debt security, it considers available evidence to assess whether it is more likely than not that it will be required to sell the security before the recovery of its amortized cost basis. During the three months and six months ended June 30, 2016 and 2015, the Company determined it did not have any securities that were other-than-temporarily impaired.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;text-indent:27.5pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Marketable securities are stated at fair value, including accrued interest, with their unrealized gains and losses included as a component of accumulated other comprehensive income or loss, which is a separate component of stockholders’ equity. The fair value of these securities is based on quoted prices and observable inputs on a recurring basis. Realized gains and losses are determined on the specific identification method. During the three months and six months ended June 30, 2016 and 2015, the Company did not have any realized gains or losses on marketable securities.</font>
</p></div><div style="margin-left:0%;margin-right:0%;">
<p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div>
<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;">
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;font-weight:bold;">(1) Nature of Business</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;text-indent:27.5pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Synta Pharmaceuticals Corp. (the Company) was incorporated in March 2000 and commenced operations in July 2001. The Company has historically focused on the research, development and commercialization of novel oncology medicines that have the potential to change the lives of cancer patients.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36.3pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">The Company is subject to risks common to emerging companies in the drug development and pharmaceutical industry including, but not limited to, uncertainty of product development and commercialization, lack of marketing and sales history, dependence on key personnel, uncertainty of market acceptance of products and product reimbursement, product liability, uncertain protection of proprietary technology, potential inability to raise additional financing and compliance with the U.S. Food and Drug Administration and other government regulations.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36.3pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">In October 2015, the Company announced the decision to terminate for futility the Phase 3 GALAXY-2 trial of its novel heat shock protein 90 (Hsp90) inhibitor, ganetespib, and docetaxel in the second-line treatment of patients with advanced non-small cell lung adenocarcinoma, and initiated a comprehensive review of its strategy. In November 2015, the Company committed to a restructuring that consisted primarily of a workforce reduction of 45 positions, to a total of 33 positions, to better align its workforce to its revised operating plan.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36.3pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">As announced in March 2016, in order to conserve cash while the Company continues to evaluate business alternatives to maximize value for stockholders, the Company committed to an additional restructuring in February 2016 that consisted primarily of a workforce reduction of 23 positions, including 19 research and development positions, to a total of 10 remaining positions. In connection with this restructuring, the Company discontinued a substantial portion of its research and development activities and no longer anticipates expending material resources on any of its drug candidates.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36.3pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">On April 13, 2016, the Company and Madrigal Pharmaceuticals, Inc. (Madrigal) entered into an Agreement and Plan of Merger and Reorganization pursuant to which Saffron Merger Sub Inc., a wholly owned subsidiary of the Company, will merge with and into Madrigal, with Madrigal surviving as a wholly owned subsidiary of the Company (the Proposed Merger) (See Note 10).</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36.3pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">There is no guarantee that the Proposed Merger will be completed. The Company cannot predict whether and to what extent it may continue drug development activities, if at all, if the Proposed Merger is not completed and what its future cash needs may be for any such activities. The Company expects its $43 million in cash, cash equivalents and marketable securities as of June 30, 2016, along with significantly lower operating expenses following the termination of the GALAXY-2 trial, subsequent restructurings in the fourth quarter of 2015 and the first quarter of 2016, and the discontinuation of a substantial portion of the Company’s research and development activities will be sufficient to fund operations for at least the next twelve months. This estimate assumes no additional funding from new partnership agreements, equity financings or further sales under the Company’s at-the-market-issuance sales agreement (ATM) with Cowen and Co. LLC (Cowen) (see Note 4).</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36.3pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">The Company does not expect to raise any additional funds prior to the completion of the Proposed Merger. However, if the Proposed Merger is not completed the Company may require significant additional funds earlier than it currently expects in order to continue drug development activities and to continue to fund its operations. There can be no assurances, however, that additional funding will be available on favorable terms, or at all.</font>
</p></div><div style="margin-left:0%;margin-right:0%;">
<p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div>
-14021000
-24210000
37186000
-4618000
-14702000
-308000
-36505000
-19284000
-40507000
-19800000
-9903000
-3379000
<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;">
<p style="margin:0pt 0pt 0pt 12.1pt;text-indent: -12.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;font-weight:bold;">Recent Accounting Pronouncements</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36.3pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">In May 2014, the FASB issued ASU No. 2014-09, —</font><font style="display:inline;font-style:italic;">Revenue from Contracts with Customers</font><font style="display:inline;"> (Topic 606), which amends the guidance for accounting for revenue from contracts with customers. This ASU supersedes the revenue recognition requirements in ASC Topic 605, and creates a new Topic 606,</font><font style="display:inline;font-style:italic;"> Revenue from Contracts with Customers</font><font style="display:inline;"> . This guidance was originally effective for fiscal years beginning after December 15, 2016, with early adoption not permitted. Two adoption methods are permitted: retrospectively to all prior reporting periods presented, with certain practical expedients permitted; or retrospectively with the cumulative effect of initially adopting the ASU recognized at the date of initial application. The FASB approved a one year deferral of the effective date of this standard to annual periods beginning after December 15, 2017, along with an option to permit companies to early adopt the standard for annual periods beginning after December 15, 2016. The Company has not yet determined the date it plans to adopt ASU No. 2014-09, which adoption method it will utilize, or the effect that the adoption of this guidance will have on its consolidated financial statements.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36.3pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">In June 2014, the FASB issued ASU No. 2014-12, —</font><font style="display:inline;font-style:italic;">Compensation—Stock Compensation (Topic 718), Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period</font><font style="display:inline;"> . ASU No. 2014-12 requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. The amendments in this update apply prospectively to all share-based payment awards that are granted or modified on or after the effective date, or retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the consolidated financial statements, and to all new or modified awards thereafter. ASU No. 2014-12 is effective for annual periods and interim periods within those annual periods, beginning after December 15, 2015. The Company adopted ASU No. 2014-12 effective January 1, 2016 and is applying this standard to account for restricted stock units granted to certain executive officers and non-executive employees (See Note 5).</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36.3pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">In August 2014, the FASB issued ASU No. 2014-15, —</font><font style="display:inline;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="display:inline;">. This ASU is intended to define management’s responsibility to evaluate whether there is substantial doubt about an organization’s ability to continue as a going concern within one year of the date of issuance of the entity’s financial statements and to provide related footnote disclosures. This guidance is effective for fiscal years ending after December 15, 2016, with early application permitted. If this standard had been adopted as of June 30, 2016, the Company believes that it would have concluded there was not substantial doubt about its ability to continue as a going concern. However, the Company faces risks and uncertainties, as further described in Note 1, Nature of Business¸ that would have been considered in this analysis. The adoption of this guidance may have an effect on the Company’s disclosures in future periods.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36.3pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">In February 2016, the FASB issued ASU No. 2016-02, </font><font style="display:inline;font-style:italic;">Leases (Topic 842)</font><font style="display:inline;">. The new standard requires that all lessees recognize the assets and liabilities that arise from leases on the balance sheet and disclose qualitative and quantitative information about its leasing arrangements. The new standard will be effective for the Company on January 1, 2019. The Company is currently evaluating the potential impact that this standard may have on its consolidated financial statements.</font>
</p>
<p style="margin:0pt;text-indent:36.3pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36.3pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">In March 2016, the FASB issued ASU No. 2016-09, </font><font style="display:inline;font-style:italic;">Compensation — Stock Compensation</font><font style="display:inline;">, which amends ASC Topic 718, </font><font style="display:inline;font-style:italic;">Compensation — Stock Compensation. </font><font style="display:inline;">The new standard identifies areas for simplification involving several aspects of accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, an option to recognize gross stock compensation expense with actual forfeitures recognized as they occur, as well as certain classifications on the statement of cash flows. The amendments are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted. An entity that elects early adoption must adopt all of the amendments in the same period. The Company is currently evaluating the potential impact that ASU 2016-09 may have on the Company’s financial position or results of operations.</font>
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<p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div>
39836000
19504000
9936000
3489000
-39836000
-19504000
-9936000
-3489000
<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;">
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;font-weight:bold;">(2) Summary of Significant Accounting Policies</font>
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<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;text-indent:18.7pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">The accompanying condensed consolidated financial statements are unaudited, have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments necessary to present fairly the Company’s financial position as of June 30, 2016, the consolidated results of operations and comprehensive loss for the three months and six months ended June 30, 2016 and 2015, and the consolidated cash flows for the six months ended June 30, 2016 and 2015. The preparation of financial statements in conformity with accounting principles generally accepted in the United States (GAAP) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from these estimates. The results of operations for the three months and six months ended June 30, 2016 are not necessarily indicative of the results to be expected for the year ending December 31, 2016 or for any other interim period or any other future year. For more complete financial information, these condensed financial statements, and the notes hereto, should be read in conjunction with the audited financial statements for the year ended December 31, 2015 included in the Company’s Annual Report on Form 10-K.</font>
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<font style="display:inline;"> </font>
</p>
<p style="margin:0pt 0pt 0pt 12.1pt;text-indent: -12.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;font-weight:bold;">Principles of Consolidation</font>
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<font style="display:inline;"> </font>
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<p style="margin:0pt;text-indent:27.5pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">The condensed consolidated financial statements include the financial statements of the Company and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.</font>
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<font style="display:inline;"> </font>
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<p style="margin:0pt 0pt 0pt 12.1pt;text-indent: -12.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;font-weight:bold;">Use of Estimates</font>
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<font style="display:inline;"> </font>
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<p style="margin:0pt;text-indent:36.3pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Significant items subject to such estimates and assumptions include contract research accruals, recoverability of long-lived assets and measurement of stock-based compensation. The Company bases its estimates on historical experience and various other assumptions that management believes to be reasonable under the circumstances. Changes in estimates are recorded in the period in which they become known. Actual results could differ from those estimates. During the second quarter of 2016, the Company recorded a net reduction in accrued contract research costs of approximately $0.9 million, principally as a result of the termination of the GALAXY-2 trial.</font>
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<font style="display:inline;"> </font>
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<p style="margin:0pt 0pt 0pt 12.1pt;text-indent: -12.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;font-weight:bold;">Cash and Cash Equivalents</font>
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<font style="display:inline;"> </font>
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<p style="margin:0pt;text-indent:27.5pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">The Company considers all highly liquid investments with original maturities of three months or less at the date of purchase and an investment in a money market fund to be cash equivalents. Changes in the level of cash and cash equivalents may be affected by changes in investment portfolio maturities, as well as actual cash disbursements to fund operations.</font>
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<font style="display:inline;"> </font>
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<p style="margin:0pt;text-indent:27.5pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">The primary objective of the Company’s investment activities is to preserve its capital for the purpose of funding operations and the Company does not enter into investments for trading or speculative purposes. The Company’s cash is deposited in a highly rated financial institution in the United States. The Company invests in money market funds and high-grade, short-term commercial paper and corporate bonds, which management believes are subject to minimal credit and market risk. Declines in interest rates, however, would reduce future investment income.</font>
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<font style="display:inline;"> </font>
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<p style="margin:0pt 0pt 0pt 12.1pt;text-indent: -12.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;font-weight:bold;">Marketable Securities</font>
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<font style="display:inline;"> </font>
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<p style="margin:0pt;text-indent:27.5pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Marketable securities consist of investments in high-grade corporate obligations, and government and government agency obligations that are classified as available-for-sale. Since these securities are available to fund current operations they are classified as current assets on the consolidated balance sheets.</font>
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<font style="display:inline;"> </font>
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<p style="margin:0pt;text-indent:27.5pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">The Company adjusts the cost of available-for-sale debt securities for amortization of premiums and accretion of discounts to maturity. The Company includes such amortization and accretion as a component of interest expense, net. Realized gains and losses and declines in value, if any, that the Company judges to be other-than-temporary on available-for-sale securities are reported as a component of interest expense, net. To determine whether an other-than-temporary impairment exists, the Company considers whether it intends to sell the debt security and, if the Company does not intend to sell the debt security, it considers available evidence to assess whether it is more likely than not that it will be required to sell the security before the recovery of its amortized cost basis. During the three months and six months ended June 30, 2016 and 2015, the Company determined it did not have any securities that were other-than-temporarily impaired.</font>
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<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
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<p style="margin:0pt;text-indent:27.5pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Marketable securities are stated at fair value, including accrued interest, with their unrealized gains and losses included as a component of accumulated other comprehensive income or loss, which is a separate component of stockholders’ equity. The fair value of these securities is based on quoted prices and observable inputs on a recurring basis. Realized gains and losses are determined on the specific identification method. During the three months and six months ended June 30, 2016 and 2015, the Company did not have any realized gains or losses on marketable securities.</font>
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<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
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<p style="margin:0pt 0pt 0pt 12.1pt;text-indent: -12.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;font-weight:bold;">Fair Value of Financial Instruments</font>
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<font style="display:inline;"> </font>
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<p style="margin:0pt;text-indent:27.5pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">The carrying amounts of the Company’s financial instruments, which include cash equivalents, marketable securities and term loan obligations, approximate their fair values. The fair value of the Company’s financial instruments reflects the amounts that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy has the following three levels:</font>
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<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
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<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Level 1—quoted prices in active markets for identical assets and liabilities.</font>
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<font style="display:inline;"> </font>
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<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Level 2—observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active.</font>
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<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
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<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Level 3—unobservable inputs that reflect the Company’s own assumptions about the assumptions market participants would use in pricing the asset or liability.</font>
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<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;text-indent:27.5pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Financial assets and liabilities are classified in their entirety within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The Company measures the fair value of its marketable securities by taking into consideration valuations obtained from third-party pricing sources. The pricing services utilize industry standard valuation models, including both income and market based approaches, for which all significant inputs are observable, either directly or indirectly, to estimate fair value. These inputs include reported trades of and broker-dealer quotes on the same or similar securities, issuer credit spreads, benchmark securities and other observable inputs. As of June 30, 2016, the Company’s financial assets valued based on Level 1 inputs consisted of cash and cash equivalents in a money market fund and its financial assets valued based on Level 2 inputs consisted of high-grade corporate bonds and commercial paper. During the three months and six months ended June 30, 2016 and 2015, the Company did not have any transfers of financials assets between Levels 1 and 2. As of June 30, 2016, the Company did not have any financial liabilities that were recorded at fair value on the balance sheet. The disclosed fair value of the Company’s term loan obligations is determined using current applicable rates for similar instruments as of the balance sheet date. The carrying value of the Company’s term loan obligations approximates fair value as the Company’s interest rate yield is near current market rate yields. The disclosed fair value of the Company’s term loan obligations is based on Level 3 inputs.</font>
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<font style="display:inline;"> </font>
</p>
<p style="margin:0pt 0pt 0pt 12.1pt;text-indent: -12.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;font-weight:bold;">Revenue Recognition</font>
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<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
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<p style="margin:0pt 0pt 0pt 12.1pt;text-indent: -12.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;font-weight:bold;font-style:italic;">Collaboration and License Agreements</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;text-indent:27.5pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">The Company’s principal source of revenue to date has been its former collaboration and license agreements, which included upfront license payments, development milestones, reimbursement of research and development costs, potential profit sharing payments, commercial and sales-based milestones and royalties. The accounting for collaboration and license agreements requires subjective analysis and requires management to make estimates and assumptions about whether deliverables within multiple-element arrangements are separable from the other aspects of the contractual arrangement into separate units of accounting and to determine the arrangement consideration to be allocated to each unit of accounting.</font>
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<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;text-indent:27.5pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">For multiple-element arrangements entered into or materially modified after January 1, 2011, the Company follows the provisions of Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) No. 2009-13—</font><font style="display:inline;font-style:italic;"> Multiple-deliverable Revenue Arrangements</font><font style="display:inline;"> (ASU No. 2009-13). ASU No. 2009-13 amended certain provisions of Accounting Standards Codification (ASC) Topic 605—</font><font style="display:inline;font-style:italic;"> Revenue Recognition</font><font style="display:inline;"> . This standard addresses the determination of the unit(s) of accounting for multiple-element arrangements and how an arrangement’s consideration should be allocated to each unit of accounting.</font>
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<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;text-indent:27.5pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Pursuant to this standard, each required deliverable is evaluated to determine if it qualifies as a separate unit of accounting. For the Company this determination includes an assessment as to whether the deliverable has “stand-alone value” to the customer separate from the undelivered elements. The arrangement’s consideration is then allocated to each separate unit of accounting based on the relative selling price of each deliverable. The estimated selling price of each deliverable is determined using the following hierarchy of values: (i) vendor-specific objective evidence of fair value, (ii) third-party evidence of selling price, or (iii) the Company’s best estimate of the selling price (BESP). The BESP reflects the Company’s best estimate of what the selling price would be if the deliverable was regularly sold by it on a stand-alone basis. The Company expects, in general, to use BESP for allocating consideration to each deliverable in future collaboration agreements. In general, the consideration allocated to each unit of accounting is then recognized as the related goods or services are delivered limited to the consideration not contingent upon future deliverables. The Company did not recognize any revenue related to collaboration and license agreements during the three months and six months ended June 30, 2016 and 2015.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;text-indent:27.5pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">The Company accounts for development milestones under collaboration and license agreements pursuant to ASU No. 2010-17</font><font style="display:inline;font-style:italic;"> Milestone Method of Revenue Recognition</font><font style="display:inline;"> (ASU No. 2010-17). ASU No. 2010-17 codified a method of revenue recognition that has been common practice. Under this method, contingent consideration from research and development activities that is earned upon the achievement of a substantive milestone is recognized in its entirety in the period in which the milestone is achieved. At the inception of each arrangement that includes milestone payments, the Company evaluates whether each milestone is substantive. This evaluation includes an assessment of whether (a) the consideration is commensurate with either (1) the entity’s performance to achieve the milestone, or (2) the enhancement of the value of the delivered item(s) as a result of a specific outcome resulting from the entity’s performance to achieve the milestone, (b) the consideration relates solely to past performance and (c) the consideration is reasonable relative to all of the deliverables and payment terms within the arrangement. The Company evaluates factors such as the scientific, clinical, regulatory, commercial and other risks that must be overcome to achieve the respective milestone, the level of effort and investment required and whether the milestone consideration is reasonable relative to all deliverables and payment terms in the arrangement in making this assessment. The Company does not have any ongoing collaboration and license agreements under which milestones may be achieved.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;text-indent:27.5pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Royalty revenues are based upon a percentage of net sales. Royalties from the sales of products will be recorded on the accrual basis when results are reliably measurable, collectability is reasonably assured and all other revenue recognition criteria are met. Commercial and sales-based milestones, which are based upon the achievement of certain agreed-upon sales thresholds, will be recognized in the period in which the respective sales threshold is achieved and collectability is reasonably assured. The Company does not have any ongoing collaboration and license agreements under which royalties or commercial and sales-based milestones may be achieved.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;font-weight:bold;">Stock-Based Compensation</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;text-indent:27.5pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">The Company recognizes stock-based compensation expense based on the grant date fair value of stock options granted to employees, officers and directors. The Company uses the Black-Scholes option pricing model to determine the grant date fair value as management believes it is the most appropriate valuation method for its option grants. The Black-Scholes model requires inputs for risk-free interest rate, dividend yield, volatility and expected lives of the options. Expected volatility is based upon the weighted average historical volatility data of the Company’s common stock. The risk-free rate for periods within the expected life of the option is based on the U.S. Treasury yield curve in effect at the time of the grant. The expected lives for options granted represent the period of time that options granted are expected to be outstanding. The Company uses the simplified method for determining the expected lives of options. The Company estimates the forfeiture rate based on historical data. This analysis is re-evaluated at least annually and the forfeiture rate is adjusted as necessary.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;text-indent:27.5pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">For awards with graded vesting, the Company recognizes compensation costs based on the grant date fair value of awards on a straight-line basis over the requisite service period, which is generally the vesting period.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;text-indent:27.5pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Certain of the employee stock options granted by the Company are structured to qualify as incentive stock options (ISOs). Under current tax regulations, the Company does not receive a tax deduction for the issuance, exercise or disposition of ISOs if the employee meets certain holding requirements. If the employee does not meet the holding requirements, a disqualifying disposition occurs, at which time the Company may receive a tax deduction. The Company does not record tax benefits related to ISOs unless and until a disqualifying disposition is reported. In the event of a disqualifying disposition, the entire tax benefit is recorded as a reduction of income tax expense. The Company has not recognized any income tax benefit for its share-based compensation arrangements due to the fact that the Company does not believe it is more likely than not it will realize the related deferred tax assets.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt 0pt 0pt 12.1pt;text-indent: -12.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;font-weight:bold;">Comprehensive Loss</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;text-indent:27.5pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Comprehensive loss is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. Changes in unrealized gains and losses on marketable securities represent the only difference between the Company’s net loss and comprehensive loss.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt 0pt 0pt 12.1pt;text-indent: -12.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;font-weight:bold;">Segment Reporting</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;text-indent:27.5pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Operating segments are determined based on the way management organizes its business for making operating decisions and assessing performance. The Company has a single operating segment, which is the discovery, development and commercialization of drug products.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt 0pt 0pt 12.1pt;text-indent: -12.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;font-weight:bold;">Basic and Diluted Loss Per Common Share</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;text-indent:27.5pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Basic net loss per share is computed using the weighted average number of common shares outstanding during the period, excluding restricted stock that has been issued but is not yet vested. Diluted net loss per common share is computed using the weighted average number of common shares outstanding and the weighted average dilutive potential common shares outstanding using the treasury stock method. However, for the three months and six months ended June 30, 2016 and 2015, diluted net loss per share is the same as basic net loss per share as the inclusion of weighted average shares of unvested restricted common stock and common stock issuable upon the exercise of stock options would be anti-dilutive.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">The following table summarizes outstanding securities not included in the computation of diluted net loss per common share as their inclusion would be anti-dilutive:</font>
</p>
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<font style="display:inline;"> </font>
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<font style="display:inline;font-weight:bold;font-size:8pt;">June 30,</font></p>
</td>
<td valign="bottom" style="width:01.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:67.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-size:8pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-weight:bold;font-size:8pt;">2016</font></p>
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-weight:bold;font-size:8pt;">2015</font></p>
</td>
<td valign="bottom" style="width:01.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:67.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Common stock options</font></p>
</td>
<td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:12.86%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,277,864
</td>
<td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:12.86%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,565,682
</td>
<td valign="bottom" style="width:01.06%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:67.88%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Unvested restricted common stock</font></p>
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:12.86%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>375,000
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:12.86%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>375,000
</td>
<td valign="bottom" style="width:01.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:67.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Unvested restricted stock units</font></p>
</td>
<td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:12.86%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,000,000
</td>
<td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:12.86%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">—</font></p>
</td>
<td valign="bottom" style="width:01.06%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
</table></div>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt 0pt 0pt 12.1pt;text-indent: -12.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;font-weight:bold;">Recent Accounting Pronouncements</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36.3pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">In May 2014, the FASB issued ASU No. 2014-09, —</font><font style="display:inline;font-style:italic;">Revenue from Contracts with Customers</font><font style="display:inline;"> (Topic 606), which amends the guidance for accounting for revenue from contracts with customers. This ASU supersedes the revenue recognition requirements in ASC Topic 605, and creates a new Topic 606,</font><font style="display:inline;font-style:italic;"> Revenue from Contracts with Customers</font><font style="display:inline;"> . This guidance was originally effective for fiscal years beginning after December 15, 2016, with early adoption not permitted. Two adoption methods are permitted: retrospectively to all prior reporting periods presented, with certain practical expedients permitted; or retrospectively with the cumulative effect of initially adopting the ASU recognized at the date of initial application. The FASB approved a one year deferral of the effective date of this standard to annual periods beginning after December 15, 2017, along with an option to permit companies to early adopt the standard for annual periods beginning after December 15, 2016. The Company has not yet determined the date it plans to adopt ASU No. 2014-09, which adoption method it will utilize, or the effect that the adoption of this guidance will have on its consolidated financial statements.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36.3pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">In June 2014, the FASB issued ASU No. 2014-12, —</font><font style="display:inline;font-style:italic;">Compensation—Stock Compensation (Topic 718), Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period</font><font style="display:inline;"> . ASU No. 2014-12 requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. The amendments in this update apply prospectively to all share-based payment awards that are granted or modified on or after the effective date, or retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the consolidated financial statements, and to all new or modified awards thereafter. ASU No. 2014-12 is effective for annual periods and interim periods within those annual periods, beginning after December 15, 2015. The Company adopted ASU No. 2014-12 effective January 1, 2016 and is applying this standard to account for restricted stock units granted to certain executive officers and non-executive employees (See Note 5).</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36.3pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">In August 2014, the FASB issued ASU No. 2014-15, —</font><font style="display:inline;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="display:inline;">. This ASU is intended to define management’s responsibility to evaluate whether there is substantial doubt about an organization’s ability to continue as a going concern within one year of the date of issuance of the entity’s financial statements and to provide related footnote disclosures. This guidance is effective for fiscal years ending after December 15, 2016, with early application permitted. If this standard had been adopted as of June 30, 2016, the Company believes that it would have concluded there was not substantial doubt about its ability to continue as a going concern. However, the Company faces risks and uncertainties, as further described in Note 1, Nature of Business¸ that would have been considered in this analysis. The adoption of this guidance may have an effect on the Company’s disclosures in future periods.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36.3pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">In February 2016, the FASB issued ASU No. 2016-02, </font><font style="display:inline;font-style:italic;">Leases (Topic 842)</font><font style="display:inline;">. The new standard requires that all lessees recognize the assets and liabilities that arise from leases on the balance sheet and disclose qualitative and quantitative information about its leasing arrangements. The new standard will be effective for the Company on January 1, 2019. The Company is currently evaluating the potential impact that this standard may have on its consolidated financial statements.</font>
</p>
<p style="margin:0pt;text-indent:36.3pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36.3pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">In March 2016, the FASB issued ASU No. 2016-09, </font><font style="display:inline;font-style:italic;">Compensation — Stock Compensation</font><font style="display:inline;">, which amends ASC Topic 718, </font><font style="display:inline;font-style:italic;">Compensation — Stock Compensation. </font><font style="display:inline;">The new standard identifies areas for simplification involving several aspects of accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, an option to recognize gross stock compensation expense with actual forfeitures recognized as they occur, as well as certain classifications on the statement of cash flows. The amendments are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted. An entity that elects early adoption must adopt all of the amendments in the same period. The Company is currently evaluating the potential impact that ASU 2016-09 may have on the Company’s financial position or results of operations.</font>
</p></div><div style="margin-left:0%;margin-right:0%;">
<p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div>
1037000
129000
-10000
-12000
77000
77000
1300000
2600000
600000
1200000
1500000
800000
100000
78923000
41399000
27000
0.0001
0.0001
5000000
5000000
0
0
0
0
1201000
1820000
29110000
12900000
64248000
40825000
266000
420000
103000
20000
21000
4604000
4597000
32559000
16377000
3304000
-103000
<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;">
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;font-weight:bold;">(9) Restructurings — November 2015 and February 2016</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;text-indent:27.5pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">In October 2015, the Company announced its decision to terminate for futility its Phase 3 GALAXY-2 trial of ganetespib and docetaxel in the second-line treatment of patients with advanced non-small cell lung adenocarcinoma. Based on a review of a pre-planned interim analysis, the study’s Independent Data Monitoring Committee concluded that the addition of ganetespib to docetaxel is unlikely to demonstrate a statistically significant improvement in the primary endpoint of overall survival compared to docetaxel alone.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;text-indent:27.5pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">In November 2015, following the termination of the GALAXY-2 trial, the Company committed to a restructuring that consisted primarily of a workforce reduction of 45 positions, to a total of 33 positions, to better align its workforce to its revised operating plan. The restructuring was substantially completed during the fourth quarter of 2015. Cash payments in connection with the workforce reduction, comprised principally of severance, unused vacation payments, benefits continuation costs and outplacement services, were approximately $2.6 million of which approximately $1.3 million, $1.2 million and $0.1 million was paid during the fourth quarter of 2015, the first quarter of 2016 and the second quarter of 2016, respectively. As of June 30, 2016, there were no remaining restructuring-related payments.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;text-indent:27.5pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">In February 2016, in order to conserve cash while the Company continues to evaluate its strategies to maximize value for stockholders, the Company committed to an additional restructuring that consisted primarily of a workforce reduction of 23 positions, including 19 research and development positions, to a total of 10 positions. In connection with this restructuring, the Company discontinued a substantial portion of its research and development activities. The restructuring was completed in the first quarter of 2016. Cash payments in connection with the workforce reduction, comprised principally of severance, unused vacation payments, benefits continuation costs and outplacement services, were approximately $1.5 million of which approximately $0.6 million and $0.8 million was paid during the first and second quarters of 2016, respectively. As of June 30, 2016, approximately $0.1 million was accrued in remaining restructuring-related payments that are expected to be paid in the third quarter of 2016.</font>
</p></div><div style="margin-left:0%;margin-right:0%;">
<p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div>
45
23
100000
0
-706244000
-716147000
<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;">
<p style="margin:0pt 0pt 0pt 12.1pt;text-indent: -12.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;font-weight:bold;">Revenue Recognition</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt 0pt 0pt 12.1pt;text-indent: -12.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;font-weight:bold;font-style:italic;">Collaboration and License Agreements</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;text-indent:27.5pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">The Company’s principal source of revenue to date has been its former collaboration and license agreements, which included upfront license payments, development milestones, reimbursement of research and development costs, potential profit sharing payments, commercial and sales-based milestones and royalties. The accounting for collaboration and license agreements requires subjective analysis and requires management to make estimates and assumptions about whether deliverables within multiple-element arrangements are separable from the other aspects of the contractual arrangement into separate units of accounting and to determine the arrangement consideration to be allocated to each unit of accounting.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;text-indent:27.5pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">For multiple-element arrangements entered into or materially modified after January 1, 2011, the Company follows the provisions of Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) No. 2009-13—</font><font style="display:inline;font-style:italic;"> Multiple-deliverable Revenue Arrangements</font><font style="display:inline;"> (ASU No. 2009-13). ASU No. 2009-13 amended certain provisions of Accounting Standards Codification (ASC) Topic 605—</font><font style="display:inline;font-style:italic;"> Revenue Recognition</font><font style="display:inline;"> . This standard addresses the determination of the unit(s) of accounting for multiple-element arrangements and how an arrangement’s consideration should be allocated to each unit of accounting.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;text-indent:27.5pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Pursuant to this standard, each required deliverable is evaluated to determine if it qualifies as a separate unit of accounting. For the Company this determination includes an assessment as to whether the deliverable has “stand-alone value” to the customer separate from the undelivered elements. The arrangement’s consideration is then allocated to each separate unit of accounting based on the relative selling price of each deliverable. The estimated selling price of each deliverable is determined using the following hierarchy of values: (i) vendor-specific objective evidence of fair value, (ii) third-party evidence of selling price, or (iii) the Company’s best estimate of the selling price (BESP). The BESP reflects the Company’s best estimate of what the selling price would be if the deliverable was regularly sold by it on a stand-alone basis. The Company expects, in general, to use BESP for allocating consideration to each deliverable in future collaboration agreements. In general, the consideration allocated to each unit of accounting is then recognized as the related goods or services are delivered limited to the consideration not contingent upon future deliverables. The Company did not recognize any revenue related to collaboration and license agreements during the three months and six months ended June 30, 2016 and 2015.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;text-indent:27.5pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">The Company accounts for development milestones under collaboration and license agreements pursuant to ASU No. 2010-17</font><font style="display:inline;font-style:italic;"> Milestone Method of Revenue Recognition</font><font style="display:inline;"> (ASU No. 2010-17). ASU No. 2010-17 codified a method of revenue recognition that has been common practice. Under this method, contingent consideration from research and development activities that is earned upon the achievement of a substantive milestone is recognized in its entirety in the period in which the milestone is achieved. At the inception of each arrangement that includes milestone payments, the Company evaluates whether each milestone is substantive. This evaluation includes an assessment of whether (a) the consideration is commensurate with either (1) the entity’s performance to achieve the milestone, or (2) the enhancement of the value of the delivered item(s) as a result of a specific outcome resulting from the entity’s performance to achieve the milestone, (b) the consideration relates solely to past performance and (c) the consideration is reasonable relative to all of the deliverables and payment terms within the arrangement. The Company evaluates factors such as the scientific, clinical, regulatory, commercial and other risks that must be overcome to achieve the respective milestone, the level of effort and investment required and whether the milestone consideration is reasonable relative to all deliverables and payment terms in the arrangement in making this assessment. The Company does not have any ongoing collaboration and license agreements under which milestones may be achieved.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;text-indent:27.5pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Royalty revenues are based upon a percentage of net sales. Royalties from the sales of products will be recorded on the accrual basis when results are reliably measurable, collectability is reasonably assured and all other revenue recognition criteria are met. Commercial and sales-based milestones, which are based upon the achievement of certain agreed-upon sales thresholds, will be recognized in the period in which the respective sales threshold is achieved and collectability is reasonably assured. The Company does not have any ongoing collaboration and license agreements under which royalties or commercial and sales-based milestones may be achieved.</font>
</p></div><div style="margin-left:0%;margin-right:0%;">
<p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div>
<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;">
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 95.40%;margin-left:0pt;">
<tr>
<td valign="bottom" style="width:65.52%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-size:8pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.60%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="3" valign="bottom" style="width:30.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-weight:bold;font-size:8pt;">June 30,</font></p>
</td>
<td valign="bottom" style="width:00.96%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:65.52%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-weight:bold;font-size:8pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.60%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:13.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-weight:bold;font-size:8pt;">2016</font></p>
</td>
<td valign="bottom" style="width:04.54%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-weight:bold;font-size:8pt;"> </font></p>
</td>
<td valign="bottom" style="width:12.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-weight:bold;font-size:8pt;">2015</font></p>
</td>
<td valign="bottom" style="width:00.96%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:65.52%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Common stock options</font></p>
</td>
<td valign="bottom" style="width:02.60%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:13.82%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,277,864
</td>
<td valign="bottom" style="width:04.54%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:12.56%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,565,682
</td>
<td valign="bottom" style="width:00.96%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:65.52%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Unvested restricted common stock</font></p>
</td>
<td valign="bottom" style="width:02.60%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:13.82%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>375,000
</td>
<td valign="bottom" style="width:04.54%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:12.56%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>375,000
</td>
<td valign="bottom" style="width:00.96%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:65.52%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Unvested restricted stock units</font></p>
</td>
<td valign="bottom" style="width:02.60%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:13.82%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,000,000
</td>
<td valign="bottom" style="width:04.54%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:12.56%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">—</font></p>
</td>
<td valign="bottom" style="width:00.96%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
</table></div>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p></div><div style="margin-left:0%;margin-right:0%;">
<p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div>
<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;">
<p style="margin:0pt;text-indent:27.5pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">A summary of cash, cash equivalents and available-for-sale marketable securities held by the Company as of June 30, 2016 and December 31, 2015 was as follows in thousands (see Note 2):</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
<tr>
<td valign="bottom" style="width:41.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-size:8pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="11" valign="bottom" style="width:55.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-weight:bold;font-size:8pt;">June 30, 2016</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:41.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-size:8pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-weight:bold;font-size:8pt;">Cost</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-weight:bold;font-size:8pt;">Unrealized</font><br /><font style="display:inline;font-weight:bold;font-size:8pt;">gains</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-weight:bold;font-size:8pt;">Unrealized</font><br /><font style="display:inline;font-weight:bold;font-size:8pt;">losses</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-weight:bold;font-size:8pt;">Fair</font><br /><font style="display:inline;font-weight:bold;font-size:8pt;">Value</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:41.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-size:8pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="11" valign="bottom" style="width:55.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-weight:bold;font-size:8pt;">(in thousands)</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Cash and cash equivalents:</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:41.00%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Cash and money market funds (Level 1)</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,756
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,756
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Corporate debt securities due within 3 months of date of purchase (Level 2)</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">—</font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
</tr>
<tr>
<td valign="top" style="width:41.00%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Total cash and cash equivalents</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,756
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,756
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Marketable securities:</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:41.00%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Corporate debt securities due within 1 year of date of purchase (Level 2)</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>32,178
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>82
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1
</td>
<td valign="bottom" style="width:02.50%;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">)</font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>32,259
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:41.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
</tr>
<tr>
<td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Total cash, cash equivalents and marketable securities</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>42,934
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>82
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">)</font></p>
</td>
<td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>43,015
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:41.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="11" valign="bottom" style="width:55.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:41.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-size:8pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="11" valign="bottom" style="width:55.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-weight:bold;font-size:8pt;">December 31, 2015</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:41.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td colspan="11" valign="bottom" style="width:55.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:41.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-size:8pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-weight:bold;font-size:8pt;">Cost</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-weight:bold;font-size:8pt;">Unrealized</font><br /><font style="display:inline;font-weight:bold;font-size:8pt;">gains</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-weight:bold;font-size:8pt;">Unrealized</font><br /><font style="display:inline;font-weight:bold;font-size:8pt;">losses</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-weight:bold;font-size:8pt;">Fair</font><br /><font style="display:inline;font-weight:bold;font-size:8pt;">Value</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:41.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:41.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-size:8pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="11" valign="bottom" style="width:55.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-weight:bold;font-size:8pt;">(in thousands)</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Cash and cash equivalents:</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:41.00%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Cash and money market funds (Level 1)</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>27,473
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>27,473
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Corporate debt securities due within 3 months of date of purchase (Level 2)</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,493
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,493
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
</tr>
<tr>
<td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
</tr>
<tr>
<td valign="top" style="width:41.00%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Total cash and cash equivalents</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>34,966
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>34,966
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Marketable securities:</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:41.00%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Corporate debt securities due within 1 year of date of purchase (Level 2)</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>31,604
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1
</td>
<td valign="bottom" style="width:02.50%;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">)</font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>31,608
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:41.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
</tr>
<tr>
<td valign="top" style="width:41.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
</tr>
<tr>
<td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Total cash, cash equivalents and marketable securities</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>66,570
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">)</font></p>
</td>
<td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>66,574
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:10.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:10.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:10.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:10.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
</tr>
<tr>
<td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
</tr>
</table></div>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p></div><div style="margin-left:0%;margin-right:0%;">
<p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div>
<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;">
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 93.00%;margin-left:0pt;">
<tr>
<td valign="bottom" style="width:65.72%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-size:8pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:13.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-weight:bold;font-size:8pt;">Shares</font></p>
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-weight:bold;font-size:8pt;">Weighted</font><br /><font style="display:inline;font-weight:bold;font-size:8pt;">average</font><br /><font style="display:inline;font-weight:bold;font-size:8pt;">grant date</font><br /><font style="display:inline;font-weight:bold;font-size:8pt;">fair value</font></p>
</td>
<td valign="bottom" style="width:01.08%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:65.72%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Outstanding at January 1, 2016</font></p>
</td>
<td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:13.92%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>426,706
</td>
<td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.20%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">$</font></p>
</td>
<td valign="bottom" style="width:12.72%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2.61
</td>
<td valign="bottom" style="width:01.08%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:65.72%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Vested</font></p>
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:13.92%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(67,858
</td>
<td valign="bottom" style="width:02.68%;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">)</font></p>
</td>
<td colspan="2" valign="bottom" style="width:13.92%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1.71
</td>
<td valign="bottom" style="width:01.08%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:65.72%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Granted</font></p>
</td>
<td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:13.92%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17,857
</td>
<td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.92%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.35
</td>
<td valign="bottom" style="width:01.08%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:65.72%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Forfeited</font></p>
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:13.92%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,705
</td>
<td valign="bottom" style="width:02.68%;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">)</font></p>
</td>
<td colspan="2" valign="bottom" style="width:13.92%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2.20
</td>
<td valign="bottom" style="width:01.08%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:65.72%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:13.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:13.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.08%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
</tr>
<tr>
<td valign="top" style="width:65.72%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Outstanding at June 30, 2016</font></p>
</td>
<td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:13.92%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>375,000
</td>
<td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.20%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">$</font></p>
</td>
<td valign="bottom" style="width:12.70%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2.67
</td>
<td valign="bottom" style="width:01.08%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:65.72%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:13.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:12.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.08%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
</tr>
</table></div>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p></div><div style="margin-left:0%;margin-right:0%;">
<p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div>
<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;">
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 93.14%;margin-left:0pt;">
<tr>
<td valign="bottom" style="width:65.62%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-size:8pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.64%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:15.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-weight:bold;font-size:8pt;">Shares</font></p>
</td>
<td valign="bottom" style="width:00.90%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-weight:bold;font-size:8pt;">Weighted average</font><br /><font style="display:inline;font-weight:bold;font-size:8pt;">exercise price</font></p>
</td>
<td valign="bottom" style="width:01.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:65.62%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Outstanding at January 1, 2016</font></p>
</td>
<td valign="bottom" style="width:02.64%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:15.82%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,127,257
</td>
<td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.22%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">$</font></p>
</td>
<td valign="bottom" style="width:12.74%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4.56
</td>
<td valign="bottom" style="width:01.06%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:65.62%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Options granted</font></p>
</td>
<td valign="bottom" style="width:02.64%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:15.82%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">—</font></p>
</td>
<td valign="bottom" style="width:00.90%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.94%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">—</font></p>
</td>
<td valign="bottom" style="width:01.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:65.62%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Options exercised</font></p>
</td>
<td valign="bottom" style="width:02.64%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:15.82%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">—</font></p>
</td>
<td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:13.94%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">—</font></p>
</td>
<td valign="bottom" style="width:01.06%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:65.62%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Options cancelled</font></p>
</td>
<td valign="bottom" style="width:02.64%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:15.82%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,849,393
</td>
<td valign="bottom" style="width:00.90%;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">)</font></p>
</td>
<td colspan="2" valign="bottom" style="width:13.94%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5.99
</td>
<td valign="bottom" style="width:01.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:65.62%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.64%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:15.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:00.90%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:13.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
</tr>
<tr>
<td valign="top" style="width:65.62%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Outstanding at June 30, 2016</font></p>
</td>
<td valign="bottom" style="width:02.64%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:15.82%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,277,864
</td>
<td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.22%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">$</font></p>
</td>
<td valign="bottom" style="width:12.74%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3.25
</td>
<td valign="bottom" style="width:01.06%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:65.62%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.64%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:15.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:12.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.06%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
</tr>
<tr>
<td valign="top" style="width:65.62%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Exercisable at June 30, 2016</font></p>
</td>
<td valign="bottom" style="width:02.64%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:15.82%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,129,955
</td>
<td valign="bottom" style="width:00.90%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.22%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">$</font></p>
</td>
<td valign="bottom" style="width:12.74%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4.80
</td>
<td valign="bottom" style="width:01.06%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
</table></div>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p></div><div style="margin-left:0%;margin-right:0%;">
<p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div>
<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;">
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
<tr>
<td valign="bottom" style="width:41.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-size:8pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="3" valign="bottom" style="width:26.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-weight:bold;font-size:8pt;">Three Months</font><br /><font style="display:inline;font-weight:bold;font-size:8pt;">Ended June 30,</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="3" valign="bottom" style="width:26.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-weight:bold;font-size:8pt;">Six Months</font><br /><font style="display:inline;font-weight:bold;font-size:8pt;">Ended June 30,</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:41.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-size:8pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-weight:bold;font-size:8pt;">2016</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-weight:bold;font-size:8pt;">2015</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-weight:bold;font-size:8pt;">2016</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-weight:bold;font-size:8pt;">2015</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Risk-free interest rate</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">%</font></p>
</td>
<td valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1.89
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">%</font></p>
</td>
<td valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">%</font></p>
</td>
<td valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1.81
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">%</font></p>
</td>
</tr>
<tr>
<td valign="top" style="width:41.00%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Expected life in years</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6.23
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6.24
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Volatility</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">%</font></p>
</td>
<td valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>99
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">%</font></p>
</td>
<td valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">%</font></p>
</td>
<td valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>101
</td>
<td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">%</font></p>
</td>
</tr>
<tr>
<td valign="top" style="width:41.00%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Expected dividend yield</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">—</font></p>
</td>
<td valign="bottom" style="width:01.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
</table></div>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p></div><div style="margin-left:0%;margin-right:0%;">
<p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div>
<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;">
<p style="margin:0pt;text-indent:31.9pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Unrecognized stock-based compensation expense as of June 30, 2016 was as follows (dollars in thousands):</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 93.00%;margin-left:0pt;">
<tr>
<td valign="bottom" style="width:67.86%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-size:8pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-weight:bold;font-size:8pt;">Unrecognized</font><br /><font style="display:inline;font-weight:bold;font-size:8pt;">stock</font><br /><font style="display:inline;font-weight:bold;font-size:8pt;">compensation</font><br /><font style="display:inline;font-weight:bold;font-size:8pt;">expense</font></p>
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;">
<font style="display:inline;font-weight:bold;font-size:8pt;">Weighted</font><br /><font style="display:inline;font-weight:bold;font-size:8pt;">average</font><br /><font style="display:inline;font-weight:bold;font-size:8pt;">remaining</font><br /><font style="display:inline;font-weight:bold;font-size:8pt;">period</font><br /><font style="display:inline;font-weight:bold;font-size:8pt;">(in years)</font></p>
</td>
<td valign="bottom" style="width:01.08%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:67.86%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Employee stock options</font></p>
</td>
<td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.20%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">$</font></p>
</td>
<td valign="bottom" style="width:11.66%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,926
</td>
<td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:12.86%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2.78
</td>
<td valign="bottom" style="width:01.08%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:67.86%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Restricted stock</font></p>
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>655
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:12.86%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1.64
</td>
<td valign="bottom" style="width:01.08%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:67.86%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Restricted stock units</font></p>
</td>
<td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,650
</td>
<td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:12.86%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.50
</td>
<td valign="bottom" style="width:01.08%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:67.86%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:12.86%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.08%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
</tr>
<tr>
<td valign="top" style="width:67.86%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 20.2pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Total</font></p>
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.20%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">$</font></p>
</td>
<td valign="bottom" style="width:11.66%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,231
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:12.86%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2.05
</td>
<td valign="bottom" style="width:01.08%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:67.86%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:11.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:12.86%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.08%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;">
<font style="display:inline;font-size:1pt;"> </font></p>
</td>
</tr>
</table></div>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p></div><div style="margin-left:0%;margin-right:0%;">
<p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div>
22500000
4607000
10000
<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;">
<p style="margin:0pt 0pt 0pt 12.1pt;text-indent: -12.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;font-weight:bold;">Segment Reporting</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;text-indent:27.5pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Operating segments are determined based on the way management organizes its business for making operating decisions and assessing performance. The Company has a single operating segment, which is the discovery, development and commercialization of drug products.</font>
</p></div><div style="margin-left:0%;margin-right:0%;">
<p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div>
2553000
993000
P4Y
1705
2.20
5000000
17857
0.35
426706
375000
2.61
2.67
67858
41000
17000
1.71
P10Y
P6Y2M27D
P6Y2M23D
1.01
0.99
0.0181
0.0189
8741000
12695764
2129955
4.80
4849393
1.91
0.00
10127257
5277864
4.56
3.25
5.99
<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;">
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;font-weight:bold;">Stock-Based Compensation</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;text-indent:27.5pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">The Company recognizes stock-based compensation expense based on the grant date fair value of stock options granted to employees, officers and directors. The Company uses the Black-Scholes option pricing model to determine the grant date fair value as management believes it is the most appropriate valuation method for its option grants. The Black-Scholes model requires inputs for risk-free interest rate, dividend yield, volatility and expected lives of the options. Expected volatility is based upon the weighted average historical volatility data of the Company’s common stock. The risk-free rate for periods within the expected life of the option is based on the U.S. Treasury yield curve in effect at the time of the grant. The expected lives for options granted represent the period of time that options granted are expected to be outstanding. The Company uses the simplified method for determining the expected lives of options. The Company estimates the forfeiture rate based on historical data. This analysis is re-evaluated at least annually and the forfeiture rate is adjusted as necessary.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;text-indent:27.5pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">For awards with graded vesting, the Company recognizes compensation costs based on the grant date fair value of awards on a straight-line basis over the requisite service period, which is generally the vesting period.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;text-indent:27.5pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Certain of the employee stock options granted by the Company are structured to qualify as incentive stock options (ISOs). Under current tax regulations, the Company does not receive a tax deduction for the issuance, exercise or disposition of ISOs if the employee meets certain holding requirements. If the employee does not meet the holding requirements, a disqualifying disposition occurs, at which time the Company may receive a tax deduction. The Company does not record tax benefits related to ISOs unless and until a disqualifying disposition is reported. In the event of a disqualifying disposition, the entire tax benefit is recorded as a reduction of income tax expense. The Company has not recognized any income tax benefit for its share-based compensation arrangements due to the fact that the Company does not believe it is more likely than not it will realize the related deferred tax assets.</font>
</p></div><div style="margin-left:0%;margin-right:0%;">
<p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div>
50407000
41574000
<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;">
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;font-weight:bold;">(4) Stockholders’ Equity</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt 0pt 0pt 15.4pt;text-indent: -15.4pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;font-weight:bold;">Common Stock</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36.3pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">Each common stockholder is entitled to one vote for each share of common stock held. The common stock will vote together with all other classes and series of stock of the Company as a single class on all actions to be taken by the Company’s stockholders. Each share of common stock is entitled to receive dividends, as and when declared by the Company’s board of directors.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36.3pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">The Company has never declared cash dividends on its common stock and does not expect to do so in the foreseeable future.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;font-weight:bold;font-style:italic;">At-The-Market Issuance Sales Agreement</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;text-indent:27.5pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">In October 2015, the Company entered into an at-the-market issuance sales agreement (October 2015 Sales Agreement), with Cowen and Company, LLC (Cowen), pursuant to which the Company may issue and sell shares of its common stock, having an aggregate offering price of up to $100 million, from time to time, at the Company’s option, through Cowen as its sales agent. Sales of common stock through Cowen may be made by any method that is deemed an “at-the-market” offering as defined in Rule 415 promulgated under the Securities Act of 1933, as amended, including by means of ordinary brokers’ transactions at market prices, in block transactions or as otherwise agreed by the Company and Cowen. Subject to the terms and conditions of the Sales Agreement, Cowen will use commercially reasonable efforts consistent with its normal trading and sales practices to sell the common stock based upon the Company’s instructions (including any price, time or size limits or other customary parameters or conditions the Company may impose). The Company is not obligated to make any sales of its common stock under the Sales Agreement. Any shares sold will be sold pursuant to an effective shelf registration statement on Form S-3 (file no. 333-206135). The Company will pay Cowen a commission of up to 3% of the gross proceeds. The October 2015 Sales Agreement may be terminated by the Company at any time upon 10 days’ notice. No shares have been sold to-date under the October 2015 Sales Agreement.</font>
</p></div><div style="margin-left:0%;margin-right:0%;">
<p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div>
0
<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;">
<p style="margin:0pt 0pt 0pt 12.1pt;text-indent: -12.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;font-weight:bold;">Use of Estimates</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;text-indent:36.3pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Significant items subject to such estimates and assumptions include contract research accruals, recoverability of long-lived assets and measurement of stock-based compensation. The Company bases its estimates on historical experience and various other assumptions that management believes to be reasonable under the circumstances. Changes in estimates are recorded in the period in which they become known. Actual results could differ from those estimates. During the second quarter of 2016, the Company recorded a net reduction in accrued contract research costs of approximately $0.9 million, principally as a result of the termination of the GALAXY-2 trial.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
<font style="display:inline;"> </font>
</p></div><div style="margin-left:0%;margin-right:0%;">
<p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div>
120402163
132295909
137379542
137397015