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via issuances of convertible promissory notes, designated as “the September 14, 2011 Notes”, “the September 16, 2011 Notes”, and “the March 1, 2016 Notes”, respectively (collectively “the Notes”).  The Notes accrued interest at 8% per annum, compounded monthly, and were collateralized by all assets of the Company.   Effective April 13, 2016, in connection with execution of the Merger Agreement, the Notes were amended and restated, primarily to provide for mandatory conversion upon completion of the Merger.  On that same date, the lenders collectively waived all accrued and unpaid interest under all of the convertible notes. The total accrued and waived interest amounted to $13,680,000. The lenders also agreed that no additional interest on these notes would be accrued through the date on which the Merger was consummated or terminated. Also on April 13, 2016, the Company reduced the convertible notes payable by the waived accrued interest less $2,456,000 of accrued interest for the period April 14, 2016 through the maturity date of December 31, 2016, as required under Troubled Debt Restructuring accounting guidance. The net waived interest of $11,224,000 was recorded as an increase in Additional Paid in Capital (“APIC”) at the time of the amendment, as the notes were held by related parties. The remaining $2,456,000 of accrued interest was recorded as an increase in APIC upon conversion at the Merger.   During the period March 1, 2016 through the Merger, the lenders provided convertible promissory note financing of $8,500,000 in cash. Additionally, on April 13, 2016, one of the lenders exchanged $500,000 of Advances Payable for an equal amount of convertible promissory notes. <div /></div> </div> 1.00 5000 13680000 2456000 11224000 P3M P1Y P3M P1Y 0.1593 970000 <div> <div>   Patents   Costs to secure and defend patents are expensed as incurred and are classified as general and administrative expense in the Company’s statements of operations. <div /></div> </div> 0.03 500000 10000000 90400000 P10D <div> <div>   Stock-based compensation expense during the three months ended March 31, 2017 and 2016 was as follows (in thousands):   <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 88.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:66.10%;padding:0pt;">   </td> <td valign="bottom" style="width:02.82%;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:29.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Three Months Ended March 31, </td> <td valign="bottom" style="width:01.14%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:66.10%;padding:0pt;">   </td> <td valign="bottom" style="width:02.82%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2017 </td> <td valign="bottom" style="width:02.82%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2016 </td> <td valign="bottom" style="width:01.14%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:66.10%;background-color: #CCEEFF;padding:0pt;"> Stock-based compensation expense by type of award: </td> <td valign="bottom" style="width:02.82%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.56%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.82%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.56%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.14%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:66.10%;padding:0pt;"> Stock options </td> <td valign="bottom" style="width:02.82%;padding:0pt;">   </td> <td valign="bottom" style="width:01.26%;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.30%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>454 </td> <td valign="bottom" style="width:02.82%;padding:0pt;">   </td> <td valign="bottom" style="width:01.26%;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.30%;padding:0pt;"> — </td> <td valign="bottom" style="width:01.14%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:66.10%;background-color: #CCEEFF;padding:0pt;"> Restricted stock </td> <td valign="bottom" style="width:02.82%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.56%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>148 </td> <td valign="bottom" style="width:02.82%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.56%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:01.14%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:66.10%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.82%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.56%;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;">   </td> <td valign="bottom" style="width:02.82%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.56%;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;">   </td> <td valign="bottom" style="width:01.14%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:66.10%;padding:0pt;"> Total stock-based compensation expense </td> <td valign="bottom" style="width:02.82%;padding:0pt;">   </td> <td valign="bottom" style="width:01.26%;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.30%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>602 </td> <td valign="bottom" style="width:02.82%;padding:0pt;">   </td> <td valign="bottom" style="width:01.26%;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.30%;padding:0pt;"> — </td> <td valign="bottom" style="width:01.14%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:66.10%;padding:0pt;">   </td> <td valign="bottom" style="width:02.82%;padding:0pt;">   </td> <td valign="bottom" style="width:01.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:12.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.82%;padding:0pt;">   </td> <td valign="bottom" style="width:01.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:12.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.14%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:66.10%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.82%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.56%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.82%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.56%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.14%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:66.10%;padding:0pt;"> Effect of stock-based compensation expense by line item: </td> <td valign="bottom" style="width:02.82%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.56%;padding:0pt;">   </td> <td valign="bottom" style="width:02.82%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.56%;padding:0pt;">   </td> <td valign="bottom" style="width:01.14%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:66.10%;background-color: #CCEEFF;padding:0pt;"> Research and development </td> <td valign="bottom" style="width:02.82%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.26%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.30%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>138 </td> <td valign="bottom" style="width:02.82%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.26%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.30%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:01.14%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:66.10%;padding:0pt;"> General and administrative </td> <td valign="bottom" style="width:02.82%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.56%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>464 </td> <td valign="bottom" style="width:02.82%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.56%;padding:0pt;"> — </td> <td valign="bottom" style="width:01.14%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:66.10%;padding:0pt;">   </td> <td valign="bottom" style="width:02.82%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.82%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.14%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:66.10%;background-color: #CCEEFF;padding:0pt;"> Total stock-based compensation expense included in net loss </td> <td valign="bottom" style="width:02.82%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.26%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.30%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>602 </td> <td valign="bottom" style="width:02.82%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.26%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.28%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:01.14%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:66.10%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.82%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.26%;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;">   </td> <td valign="bottom" style="width:12.30%;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;">   </td> <td valign="bottom" style="width:02.82%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.26%;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;">   </td> <td valign="bottom" style="width:12.28%;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;">   </td> <td valign="bottom" style="width:01.14%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> </table></div>   <div /></div> </div>

762000

2780000

4038000

3126000

25000

64000

111691000

115692000

602

454

464

138

148

560598

925011

157262

41210000

40357000

41207000

40352000

21355000

31912000

25000

64000

21330000

31848000

21355000

31912000

0.64

306000

618000

19145000

8215000

19145000

5651000

13494000

8215000

1911000

6304000

<div> <div>   5.              Cash, Cash Equivalents and Marketable Securities   A summary of cash, cash equivalents and available-for-sale marketable securities held by the Company as of March 31, 2017 and December 31, 2016 is as follows (in thousands):   <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 96.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:51.38%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="11" valign="bottom" style="width:45.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> March 31, 2017 </td> <td valign="bottom" style="width:01.04%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:51.38%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;padding:0pt;"> Unrealized </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;padding:0pt;"> Unrealized </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;padding:0pt;"> Fair </td> <td valign="bottom" style="width:01.04%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:51.38%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Cost </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> gains </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> losses </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> value </td> <td valign="bottom" style="width:01.04%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:51.38%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;padding:0pt;">   </td> <td valign="bottom" style="width:01.04%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:51.38%;background-color: #CCEEFF;padding:0pt;"> Cash and cash equivalents: </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.04%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:51.38%;padding:0pt;"> Cash (Level 1) </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.16%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,911 </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.16%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.16%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.16%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,911 </td> <td valign="bottom" style="width:01.04%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:51.38%;background-color: #CCEEFF;padding:0pt;"> Money market funds (Level 1) </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,304 </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,304 </td> <td valign="bottom" style="width:01.04%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:51.38%;padding:0pt;"> Corporate debt securities due within 3 months of date of purchase (Level 2) </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;padding:0pt;"> — </td> <td valign="bottom" style="width:01.04%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:51.38%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.04%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:51.38%;background-color: #CCEEFF;padding:0pt;"> Total cash and cash equivalents </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,215 </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,215 </td> <td valign="bottom" style="width:01.04%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:51.38%;padding:0pt;"> Marketable securities: </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;padding:0pt;">   </td> <td valign="bottom" style="width:01.04%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:51.38%;background-color: #CCEEFF;padding:0pt;"> Corporate debt securities due within 1 year of date of purchase (Level 2) </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>31,848 </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>64 </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>31,912 </td> <td valign="bottom" style="width:01.04%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:51.38%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;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;">   </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;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;">   </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;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;">   </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;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;">   </td> <td valign="bottom" style="width:01.04%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:51.38%;padding:0pt;"> Total cash, cash equivalents and marketable securities </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.16%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>40,063 </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.16%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>64 </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.16%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.16%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>40,127 </td> <td valign="bottom" style="width:01.04%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:51.38%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:08.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:08.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:08.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:08.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.04%;padding:0pt;">   </td> </tr> </table></div>   <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 96.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:51.40%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="11" valign="bottom" style="width:45.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> December 31, 2016 </td> <td valign="bottom" style="width:01.02%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:51.40%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;padding:0pt;"> Unrealized </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;padding:0pt;"> Unrealized </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;padding:0pt;"> Fair </td> <td valign="bottom" style="width:01.02%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:51.40%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Cost </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> gains </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> losses </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> value </td> <td valign="bottom" style="width:01.02%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:51.40%;background-color: #CCEEFF;padding:0pt;"> Cash and cash equivalents: </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:51.40%;padding:0pt;"> Cash (Level 1) </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.16%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,651 </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.16%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.16%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.16%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,651 </td> <td valign="bottom" style="width:01.02%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:51.40%;background-color: #CCEEFF;padding:0pt;"> Money market funds (Level 1) </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13,494 </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13,494 </td> <td valign="bottom" style="width:01.02%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:51.40%;padding:0pt;"> Corporate debt securities due within 3 months of date of purchase (Level 2) </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;padding:0pt;"> — </td> <td valign="bottom" style="width:01.02%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:51.40%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:51.40%;background-color: #CCEEFF;padding:0pt;"> Total cash and cash equivalents </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>19,145 </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>19,145 </td> <td valign="bottom" style="width:01.02%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:51.40%;padding:0pt;"> Marketable securities: </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:51.40%;background-color: #CCEEFF;padding:0pt;"> Corporate debt securities due within 1 year of date of purchase (Level 2) </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>21,330 </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>25 </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>21,355 </td> <td valign="bottom" style="width:01.02%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:51.40%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;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;">   </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;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;">   </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;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;">   </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;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;">   </td> <td valign="bottom" style="width:01.02%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:51.40%;padding:0pt;"> Total cash, cash equivalents and marketable securities </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.16%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>40,475 </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.16%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>25 </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.16%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.16%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>40,500 </td> <td valign="bottom" style="width:01.02%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:51.40%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:08.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:08.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:08.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:08.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;padding:0pt;">   </td> </tr> </table></div>   <div /></div> </div>

40475000

40500000

40063000

40127000

0.0001

200000000

7300000

11951866

12167405

11300000

11951866

12167405

1000

-1713000

-5960000

<div> <div>   8.               Stock-based Compensation   In June 2015, upon obtaining stockholder approval at its annual shareholder meeting, the Company implemented its new 2015 Stock Plan. 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. As of March 31, 2017, the Company had options outstanding to purchase 925,011 shares of its common stock, which includes options outstanding under its 2006 Stock Plan that was terminated in June 2015. As of March 31, 2017, 510,261 shares were available for future issuance.   The following table summarizes stock option activity during the three months ended March 31, 2017:   <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 84.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:64.54%;padding:0pt;">   </td> <td valign="bottom" style="width:02.96%;padding:0pt;">   </td> <td valign="bottom" style="width:14.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Shares </td> <td valign="bottom" style="width:02.96%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Weighted average exercise price </td> <td valign="bottom" style="width:01.18%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:64.54%;background-color: #CCEEFF;padding:0pt;"> Outstanding at January 1, 2017 </td> <td valign="bottom" style="width:02.96%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:14.18%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>784,011 </td> <td valign="bottom" style="width:02.96%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.84%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10.70 </td> <td valign="bottom" style="width:01.18%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:64.54%;padding:0pt;"> Options granted </td> <td valign="bottom" style="width:02.96%;padding:0pt;">   </td> <td valign="bottom" style="width:14.18%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>141,000 </td> <td valign="bottom" style="width:02.96%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.18%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15.80 </td> <td valign="bottom" style="width:01.18%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:64.54%;background-color: #CCEEFF;padding:0pt;"> Options exercised </td> <td valign="bottom" style="width:02.96%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:14.18%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.96%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.18%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:01.18%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:64.54%;padding:0pt;"> Options cancelled </td> <td valign="bottom" style="width:02.96%;padding:0pt;">   </td> <td valign="bottom" style="width:14.18%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.96%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.18%;padding:0pt;"> — </td> <td valign="bottom" style="width:01.18%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:64.54%;padding:0pt;">   </td> <td valign="bottom" style="width:02.96%;padding:0pt;">   </td> <td valign="bottom" style="width:14.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.96%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:14.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.18%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:64.54%;background-color: #CCEEFF;padding:0pt;"> Outstanding at March 31, 2017 </td> <td valign="bottom" style="width:02.96%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:14.18%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>925,011 </td> <td valign="bottom" style="width:02.96%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.84%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11.48 </td> <td valign="bottom" style="width:01.18%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:64.54%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.96%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:14.18%;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;">   </td> <td valign="bottom" style="width:02.96%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;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;">   </td> <td valign="bottom" style="width:12.84%;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;">   </td> <td valign="bottom" style="width:01.18%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:64.54%;padding:0pt;"> Exercisable at March 31, 2017 </td> <td valign="bottom" style="width:02.96%;padding:0pt;">   </td> <td valign="bottom" style="width:14.18%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>149,882 </td> <td valign="bottom" style="width:02.96%;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.84%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12.78 </td> <td valign="bottom" style="width:01.18%;padding:0pt;">   </td> </tr> </table></div>   The total cash received by the Company as a result of stock option exercises was $0 in each of the three months ended March 31, 2017 and 2016. The weighted-average grant date fair values, based on the Black-Scholes option model, of options granted during the three months ended March 31, 2017 was $12.69.   Restricted Common Stock   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.  There were 157,262 unvested restricted shares outstanding at a weighted average grant date fair value of $10.06 at March 31, 2017 and December 31, 2016.   Stock-Based Compensation Expense   Stock-based compensation expense during the three months ended March 31, 2017 and 2016 was as follows (in thousands):   <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 88.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:66.10%;padding:0pt;">   </td> <td valign="bottom" style="width:02.82%;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:29.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Three Months Ended March 31, </td> <td valign="bottom" style="width:01.14%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:66.10%;padding:0pt;">   </td> <td valign="bottom" style="width:02.82%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2017 </td> <td valign="bottom" style="width:02.82%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2016 </td> <td valign="bottom" style="width:01.14%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:66.10%;background-color: #CCEEFF;padding:0pt;"> Stock-based compensation expense by type of award: </td> <td valign="bottom" style="width:02.82%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.56%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.82%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.56%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.14%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:66.10%;padding:0pt;"> Stock options </td> <td valign="bottom" style="width:02.82%;padding:0pt;">   </td> <td valign="bottom" style="width:01.26%;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.30%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>454 </td> <td valign="bottom" style="width:02.82%;padding:0pt;">   </td> <td valign="bottom" style="width:01.26%;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.30%;padding:0pt;"> — </td> <td valign="bottom" style="width:01.14%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:66.10%;background-color: #CCEEFF;padding:0pt;"> Restricted stock </td> <td valign="bottom" style="width:02.82%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.56%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>148 </td> <td valign="bottom" style="width:02.82%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.56%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:01.14%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:66.10%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.82%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.56%;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;">   </td> <td valign="bottom" style="width:02.82%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.56%;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;">   </td> <td valign="bottom" style="width:01.14%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:66.10%;padding:0pt;"> Total stock-based compensation expense </td> <td valign="bottom" style="width:02.82%;padding:0pt;">   </td> <td valign="bottom" style="width:01.26%;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.30%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>602 </td> <td valign="bottom" style="width:02.82%;padding:0pt;">   </td> <td valign="bottom" style="width:01.26%;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.30%;padding:0pt;"> — </td> <td valign="bottom" style="width:01.14%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:66.10%;padding:0pt;">   </td> <td valign="bottom" style="width:02.82%;padding:0pt;">   </td> <td valign="bottom" style="width:01.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:12.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.82%;padding:0pt;">   </td> <td valign="bottom" style="width:01.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:12.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.14%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:66.10%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.82%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.56%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.82%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.56%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.14%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:66.10%;padding:0pt;"> Effect of stock-based compensation expense by line item: </td> <td valign="bottom" style="width:02.82%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.56%;padding:0pt;">   </td> <td valign="bottom" style="width:02.82%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.56%;padding:0pt;">   </td> <td valign="bottom" style="width:01.14%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:66.10%;background-color: #CCEEFF;padding:0pt;"> Research and development </td> <td valign="bottom" style="width:02.82%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.26%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.30%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>138 </td> <td valign="bottom" style="width:02.82%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.26%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.30%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:01.14%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:66.10%;padding:0pt;"> General and administrative </td> <td valign="bottom" style="width:02.82%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.56%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>464 </td> <td valign="bottom" style="width:02.82%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.56%;padding:0pt;"> — </td> <td valign="bottom" style="width:01.14%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:66.10%;padding:0pt;">   </td> <td valign="bottom" style="width:02.82%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.82%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.14%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:66.10%;background-color: #CCEEFF;padding:0pt;"> Total stock-based compensation expense included in net loss </td> <td valign="bottom" style="width:02.82%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.26%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.30%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>602 </td> <td valign="bottom" style="width:02.82%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.26%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.28%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:01.14%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:66.10%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.82%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.26%;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;">   </td> <td valign="bottom" style="width:12.30%;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;">   </td> <td valign="bottom" style="width:02.82%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.26%;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;">   </td> <td valign="bottom" style="width:12.28%;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;">   </td> <td valign="bottom" style="width:01.14%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> </table></div>   Unrecognized stock-based compensation expense as of March 31, 2017 was as follows (in thousands):   <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 88.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:66.10%;padding:0pt;">   </td> <td valign="bottom" style="width:02.82%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Unrecognized stock compensation expense </td> <td valign="bottom" style="width:02.82%;padding:0pt;">   </td> <td valign="bottom" style="width:13.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Weighted average remaining period (in years) </td> <td valign="bottom" style="width:01.14%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:66.10%;background-color: #CCEEFF;padding:0pt;"> Stock options </td> <td valign="bottom" style="width:02.82%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.26%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.30%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,783 </td> <td valign="bottom" style="width:02.82%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:13.56%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2.83 </td> <td valign="bottom" style="width:01.14%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:66.10%;padding:0pt;"> Restricted stock </td> <td valign="bottom" style="width:02.82%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.56%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,210 </td> <td valign="bottom" style="width:02.82%;padding:0pt;">   </td> <td valign="bottom" style="width:13.56%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2.21 </td> <td valign="bottom" style="width:01.14%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:66.10%;padding:0pt;">   </td> <td valign="bottom" style="width:02.82%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.82%;padding:0pt;">   </td> <td valign="bottom" style="width:13.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.14%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:66.10%;background-color: #CCEEFF;padding:0pt;"> Total </td> <td valign="bottom" style="width:02.82%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.26%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.28%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,993 </td> <td valign="bottom" style="width:02.82%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:13.56%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2.72 </td> <td valign="bottom" style="width:01.14%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:66.10%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.82%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.26%;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;">   </td> <td valign="bottom" style="width:12.28%;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;">   </td> <td valign="bottom" style="width:02.82%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:13.56%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.14%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> </table></div>   <div /></div> </div>

-9.72

-0.50

6993

5783

1210

P2Y8M19D

P2Y9M29D

P2Y2M16D

222000

1695000

368000

2018000

-7000

28000

-912000

103000

-520000

975000

76000

4800000

5906000

41210000

40357000

4800000

5906000

312000

-10930000

750000

3399000

-10558000

-438000

-3771000

-1713000

-5999000

738000

6075000

-738000

-6075000

<div> <div>   1.              Organization, Business and Basis of Presentation   Organization and Business   Madrigal Pharmaceuticals, Inc. (the “Company” or “Madrigal”) is a clinical-stage pharmaceutical company developing novel, high-quality, small-molecule drugs addressing major unmet needs in cardiovascular and metabolic diseases.  The Company’s lead compound, MGL-3196, is being advanced for non-alcoholic steatohepatitis (“NASH”), a liver disease that commonly affects people with metabolic diseases such as obesity and diabetes, and indications in dyslipidemia, particularly genetic dyslipidemias such as familial hypercholesterolemia (“FH”), including both homozygous and heterozygous forms of the disease. The Company initiated a Phase 2 study of MGL-3196 in NASH in October 2016.  In February 2017, the Company initiated a Phase 2 study of MGL-3196 in patients with Heterozygous Familial Hypercholesterolemia (“HeFH”).   Madrigal was originally incorporated as a private company (“Private Madrigal”) on August 19, 2011 and commenced operations in September 2011.  On July 22, 2016, Private Madrigal completed a reverse merger (the “Merger”) into Synta Pharmaceuticals Corp. (“Synta”) (see Note 3). Upon the consummation of the Merger, the historical financial statements of Private Madrigal became the Company’s historical financial statements. Accordingly, the historical financial statements of Private Madrigal are included in the comparative prior periods.  The Company, or Madrigal, as used in the accompanying notes to the unaudited condensed consolidated financial statements, refers to Private Madrigal prior to the completion of the Merger and Public Madrigal subsequent to the completion of the Merger.   Basis of Presentation   Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) have been condensed or omitted. Accordingly, the unaudited condensed consolidated financial statements do not include all information and footnotes required by GAAP for complete annual financial statements. However, we believe that the disclosures included in these financial statements are adequate to make the information presented not misleading. The unaudited condensed financial statements, in the opinion of management, reflect all adjustments, which include normal recurring adjustments, necessary for a fair statement of such interim results. The interim results are not necessarily indicative of the results that we will have for the full year ended December 31, 2017 or any subsequent period. These unaudited condensed financial statements should be read in conjunction with the audited consolidated financial statements and the notes to those statements for the year ended December 31, 2016. <div /></div> </div>

39000

22119000

2000

0.0001

5000000

707000

225000

9400000

3399000

3400000

11563000

750000

8500000

3000

5000

41000

0.08

516000

4380000

-75307000

-81306000

<div> <div>   A summary of cash, cash equivalents and available-for-sale marketable securities held by the Company as of March 31, 2017 and December 31, 2016 is as follows (in thousands):   <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 96.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:51.38%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="11" valign="bottom" style="width:45.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> March 31, 2017 </td> <td valign="bottom" style="width:01.04%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:51.38%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;padding:0pt;"> Unrealized </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;padding:0pt;"> Unrealized </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;padding:0pt;"> Fair </td> <td valign="bottom" style="width:01.04%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:51.38%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Cost </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> gains </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> losses </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> value </td> <td valign="bottom" style="width:01.04%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:51.38%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;padding:0pt;">   </td> <td valign="bottom" style="width:01.04%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:51.38%;background-color: #CCEEFF;padding:0pt;"> Cash and cash equivalents: </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.04%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:51.38%;padding:0pt;"> Cash (Level 1) </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.16%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,911 </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.16%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.16%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.16%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,911 </td> <td valign="bottom" style="width:01.04%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:51.38%;background-color: #CCEEFF;padding:0pt;"> Money market funds (Level 1) </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,304 </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,304 </td> <td valign="bottom" style="width:01.04%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:51.38%;padding:0pt;"> Corporate debt securities due within 3 months of date of purchase (Level 2) </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;padding:0pt;"> — </td> <td valign="bottom" style="width:01.04%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:51.38%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.04%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:51.38%;background-color: #CCEEFF;padding:0pt;"> Total cash and cash equivalents </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,215 </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,215 </td> <td valign="bottom" style="width:01.04%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:51.38%;padding:0pt;"> Marketable securities: </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;padding:0pt;">   </td> <td valign="bottom" style="width:01.04%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:51.38%;background-color: #CCEEFF;padding:0pt;"> Corporate debt securities due within 1 year of date of purchase (Level 2) </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>31,848 </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>64 </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>31,912 </td> <td valign="bottom" style="width:01.04%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:51.38%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;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;">   </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;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;">   </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;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;">   </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;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;">   </td> <td valign="bottom" style="width:01.04%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:51.38%;padding:0pt;"> Total cash, cash equivalents and marketable securities </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.16%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>40,063 </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.16%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>64 </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.16%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.16%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>40,127 </td> <td valign="bottom" style="width:01.04%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:51.38%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:08.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:08.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:08.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:08.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.04%;padding:0pt;">   </td> </tr> </table></div>   <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 96.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:51.40%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="11" valign="bottom" style="width:45.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> December 31, 2016 </td> <td valign="bottom" style="width:01.02%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:51.40%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;padding:0pt;"> Unrealized </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;padding:0pt;"> Unrealized </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;padding:0pt;"> Fair </td> <td valign="bottom" style="width:01.02%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:51.40%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Cost </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> gains </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> losses </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> value </td> <td valign="bottom" style="width:01.02%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:51.40%;background-color: #CCEEFF;padding:0pt;"> Cash and cash equivalents: </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:51.40%;padding:0pt;"> Cash (Level 1) </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.16%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,651 </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.16%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.16%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.16%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,651 </td> <td valign="bottom" style="width:01.02%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:51.40%;background-color: #CCEEFF;padding:0pt;"> Money market funds (Level 1) </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13,494 </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13,494 </td> <td valign="bottom" style="width:01.02%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:51.40%;padding:0pt;"> Corporate debt securities due within 3 months of date of purchase (Level 2) </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;padding:0pt;"> — </td> <td valign="bottom" style="width:01.02%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:51.40%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:51.40%;background-color: #CCEEFF;padding:0pt;"> Total cash and cash equivalents </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>19,145 </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>19,145 </td> <td valign="bottom" style="width:01.02%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:51.40%;padding:0pt;"> Marketable securities: </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:51.40%;background-color: #CCEEFF;padding:0pt;"> Corporate debt securities due within 1 year of date of purchase (Level 2) </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>21,330 </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>25 </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>21,355 </td> <td valign="bottom" style="width:01.02%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:51.40%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;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;">   </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;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;">   </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;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;">   </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:09.32%;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;">   </td> <td valign="bottom" style="width:01.02%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:51.40%;padding:0pt;"> Total cash, cash equivalents and marketable securities </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.16%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>40,475 </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.16%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>25 </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.16%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.16%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>40,500 </td> <td valign="bottom" style="width:01.02%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:51.40%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:08.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:08.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:08.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:08.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;padding:0pt;">   </td> </tr> </table></div>   <div /></div> </div>

602000

157262

10.06

P10Y

510261

149882

12.78

141000

12.69

784011

925011

10.70

11.48

15.80

36410000

34451000

0.02857

597256

215539

9600000

3500000

176158

11955739