0001454789 us-gaap:OverAllotmentOptionMember 2015-06-01 2015-06-30 0001454789 2015-06-30 2015-06-30 0001454789 us-gaap:IPOMember 2015-06-30 0001454789 catb:AnnualIncreaseMember catb:StockIncentivePlan2015Member 2016-01-01 2016-03-31 0001454789 2015-01-01 2015-12-31 0001454789 us-gaap:EmployeeStockOptionMember 2015-01-01 2015-03-31 0001454789 catb:StockIncentivePlan2015Member us-gaap:CommonStockMember 2016-03-31 0001454789 catb:AnnualIncreaseMember catb:StockIncentivePlan2015Member 2016-03-31 0001454789 catb:StockIncentivePlan2015Member us-gaap:CommonStockMember 2015-06-30 0001454789 catb:AnnualIncreaseMember catb:StockIncentivePlan2015Member us-gaap:CommonStockMember 2016-01-01 2016-01-01 0001454789 catb:AnnualIncreaseMember catb:StockIncentivePlan2015Member us-gaap:CommonStockMember 2015-06-01 2015-06-30 0001454789 catb:SeriesConvertibleBpreferredStockMember 2015-03-13 2015-03-13 0001454789 catb:TermLoanB2015Member 2015-03-31 2015-03-31 0001454789 catb:TermLoanA2014Member 2014-08-27 2014-08-27 0001454789 catb:SeriesConvertibleBpreferredStockMember 2015-03-13 0001454789 catb:AccountingStandardsUpdate201503Member catb:NotesPayableNoncurrentMember catb:ProformaAdjustmentMember 2016-03-31 0001454789 catb:AccountingStandardsUpdate201503Member catb:NotesPayableMember catb:ProformaAdjustmentMember 2016-03-31 0001454789 us-gaap:RevolvingCreditFacilityMember 2015-03-31 0001454789 catb:TermLoanOtherThanAndBMember 2015-03-31 0001454789 catb:TermLoanA2014Member 2015-03-31 0001454789 us-gaap:RevolvingCreditFacilityMember 2015-01-01 2015-09-30 0001454789 2010-11-01 2010-11-30 0001454789 2011-12-01 2011-12-31 0001454789 us-gaap:RevolvingCreditFacilityMember 2015-01-01 2015-03-31 0001454789 us-gaap:EmployeeStockOptionMember 2016-03-31 0001454789 us-gaap:EmployeeStockOptionMember 2016-01-01 2016-03-31 0001454789 catb:AccountingStandardsUpdate201503Member us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember catb:ProformaAdjustmentMember 2016-03-31 0001454789 catb:WarrantsPreferredStock2015Member 2016-03-31 0001454789 catb:WarrantsPreferredStock2014Member 2016-03-31 0001454789 us-gaap:RevolvingCreditFacilityMember 2016-01-01 2016-03-31 0001454789 us-gaap:PreferredStockMember us-gaap:IPOMember 2015-06-01 2015-06-30 0001454789 us-gaap:EmployeeStockOptionMember 2016-03-31 0001454789 catb:StockIncentivePlan2015Member 2016-03-31 0001454789 catb:StockIncentivePlan2008Member 2016-03-31 0001454789 catb:EmployeeStockPurchasePlan2015Member 2016-03-31 0001454789 catb:CommonStockWarrantsMember 2016-03-31 0001454789 us-gaap:EmployeeStockOptionMember 2015-12-31 0001454789 catb:EmployeeStockPurchasePlan2015Member 2015-12-31 0001454789 catb:CommonStockWarrantsMember 2015-12-31 0001454789 catb:CommonStockWarrantsMember us-gaap:IPOMember 2015-06-30 0001454789 catb:TermLoanB2015Member catb:WarrantsPreferredStock2015Member 2016-03-31 0001454789 catb:TermLoanA2014Member catb:WarrantsPreferredStock2014Member 2016-03-31 0001454789 us-gaap:FairValueMeasurementsRecurringMember us-gaap:MoneyMarketFundsMember 2016-03-31 0001454789 us-gaap:FairValueInputsLevel1Member us-gaap:MoneyMarketFundsMember 2016-03-31 0001454789 us-gaap:FairValueMeasurementsRecurringMember us-gaap:MoneyMarketFundsMember 2015-12-31 0001454789 us-gaap:FairValueInputsLevel1Member us-gaap:MoneyMarketFundsMember 2015-12-31 0001454789 2014-12-31 0001454789 us-gaap:FairValueMeasurementsRecurringMember us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember 2016-03-31 0001454789 us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateDebtSecuritiesMember 2016-03-31 0001454789 us-gaap:FairValueInputsLevel2Member us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember 2016-03-31 0001454789 us-gaap:FairValueInputsLevel2Member us-gaap:CorporateDebtSecuritiesMember 2016-03-31 0001454789 us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember 2016-03-31 0001454789 us-gaap:CorporateDebtSecuritiesMember 2016-03-31 0001454789 us-gaap:FairValueMeasurementsRecurringMember 2016-03-31 0001454789 us-gaap:FairValueInputsLevel2Member 2016-03-31 0001454789 us-gaap:FairValueInputsLevel1Member 2016-03-31 0001454789 us-gaap:FairValueMeasurementsRecurringMember 2015-12-31 0001454789 us-gaap:FairValueInputsLevel1Member 2015-12-31 0001454789 us-gaap:EmployeeStockOptionMember 2016-01-01 2016-03-31 0001454789 catb:CommonStockWarrantsMember 2016-01-01 2016-03-31 0001454789 us-gaap:EmployeeStockOptionMember 2015-01-01 2015-03-31 0001454789 us-gaap:ConvertiblePreferredStockMember 2015-01-01 2015-03-31 0001454789 catb:PreferredStockWarrantsMember 2015-01-01 2015-03-31 0001454789 catb:CommonStockWarrantsMember 2015-01-01 2015-03-31 0001454789 us-gaap:ResearchAndDevelopmentExpenseMember 2016-01-01 2016-03-31 0001454789 us-gaap:GeneralAndAdministrativeExpenseMember 2016-01-01 2016-03-31 0001454789 us-gaap:ResearchAndDevelopmentExpenseMember 2015-01-01 2015-03-31 0001454789 us-gaap:GeneralAndAdministrativeExpenseMember 2015-01-01 2015-03-31 0001454789 2016-05-01 0001454789 us-gaap:IPOMember 2015-06-01 2015-06-30 0001454789 2015-12-31 0001454789 us-gaap:RevolvingCreditFacilityMember us-gaap:MinimumMember 2016-03-31 0001454789 us-gaap:RevolvingCreditFacilityMember us-gaap:MaximumMember 2016-03-31 0001454789 us-gaap:RevolvingCreditFacilityMember 2016-03-31 0001454789 2015-01-01 2015-03-31 0001454789 2016-01-01 2016-03-31 0001454789 us-gaap:WarrantMember 2016-01-01 2016-03-31 0001454789 2016-03-31 0001454789 2015-03-31 iso4217:USD xbrli:shares catb:item xbrli:shares xbrli:pure iso4217:USD 1261000 1306000 P7Y <div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;">   9.Common Stock Reserved for Future Issuance   The Company has reserved for future issuance the following shares of Common Stock: <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 64.00%;margin-left:97.2pt;"> <tr> <td valign="bottom" style="width:56.26%;padding:0pt;">   </td> <td valign="bottom" style="width:03.90%;padding:0pt;">   </td> <td valign="bottom" style="width:17.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> March 31, 2016 </td> <td valign="bottom" style="width:03.90%;padding:0pt;">   </td> <td valign="bottom" style="width:17.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> December 31, 2015 </td> <td valign="bottom" style="width:01.56%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:56.26%;background-color: #CCEEFF;padding:0pt;"> Warrants for the purchase of Common Stock </td> <td valign="bottom" style="width:03.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:17.18%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>36,084  </td> <td valign="bottom" style="width:03.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:17.18%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>59,405  </td> <td valign="bottom" style="width:01.56%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:56.26%;padding:0pt;"> Options to purchase Common Stock </td> <td valign="bottom" style="width:03.90%;padding:0pt;">   </td> <td valign="bottom" style="width:17.18%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,141,868  </td> <td valign="bottom" style="width:03.90%;padding:0pt;">   </td> <td valign="bottom" style="width:17.18%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,557,456  </td> <td valign="bottom" style="width:01.56%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:56.26%;background-color: #CCEEFF;padding:0pt;"> Employee Stock Purchase Plan </td> <td valign="bottom" style="width:03.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:17.18%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>335,484  </td> <td valign="bottom" style="width:03.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:17.18%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>182,352  </td> <td valign="bottom" style="width:01.56%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:56.26%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:17.18%;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:03.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:17.18%;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:01.56%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:56.26%;padding:0pt;"> Total </td> <td valign="bottom" style="width:03.90%;padding:0pt;">   </td> <td valign="bottom" style="width:17.18%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,513,436  </td> <td valign="bottom" style="width:03.90%;padding:0pt;">   </td> <td valign="bottom" style="width:17.18%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,799,213  </td> <td valign="bottom" style="width:01.56%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:56.26%;padding:0pt;">   </td> <td valign="bottom" style="width:03.90%;padding:0pt;">   </td> <td valign="bottom" style="width:17.18%;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:03.90%;padding:0pt;">   </td> <td valign="bottom" style="width:17.18%;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:01.56%;padding:0pt;">   </td> </tr> </table></div>   </div><div style="margin-left:0%;margin-right:0%;"> </div><div style="margin-left:0%;margin-right:0%;"></div> </div> -226000 475000 -9000 -13000 0.0348 0.0300 0.0100 5720000 4917000 1 487000 51000 87000 <div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;">   Estimated future principal payments at March 31, 2016 are as follows (in thousands):   <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 60.00%;margin-left:108pt;"> <tr> <td valign="bottom" style="width:74.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Year Ending December 31, </td> <td valign="bottom" style="width:04.16%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:20.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Amount </td> <td valign="bottom" style="width:01.66%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:74.16%;background-color: #CCEEFF;padding:0pt;"> Remainder 2016 </td> <td valign="bottom" style="width:04.16%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.88%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:18.12%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,500 </td> <td valign="bottom" style="width:01.66%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:74.16%;padding:0pt;"> 2017 </td> <td valign="bottom" style="width:04.16%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:20.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,333 </td> <td valign="bottom" style="width:01.66%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:74.16%;background-color: #CCEEFF;padding:0pt;"> 2018 </td> <td valign="bottom" style="width:04.16%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:20.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,500 </td> <td valign="bottom" style="width:01.66%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:74.16%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:04.16%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:20.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.66%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:74.16%;padding:0pt;"> Total </td> <td valign="bottom" style="width:04.16%;padding:0pt;">   </td> <td valign="bottom" style="width:01.88%;padding:0pt;"> $ </td> <td valign="bottom" style="width:18.12%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,333 </td> <td valign="bottom" style="width:01.66%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:74.16%;background-color: #CCEEFF;padding:0pt;"> Less: discount for warrants and costs paid to lender </td> <td valign="bottom" style="width:04.16%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:20.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(226 </td> <td valign="bottom" style="width:01.66%;background-color: #CCEEFF;"> ) </td> </tr> <tr> <td valign="top" style="width:74.16%;padding:0pt;"> Less: current portion </td> <td valign="bottom" style="width:04.16%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:20.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,190 </td> <td valign="bottom" style="width:01.66%;"> ) </td> </tr> <tr> <td valign="top" style="width:74.16%;padding:0pt;">   </td> <td valign="bottom" style="width:04.16%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:20.00%;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:01.66%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:74.16%;background-color: #CCEEFF;padding:0pt;"> Note payable, net of current portion and discount </td> <td valign="bottom" style="width:04.16%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.88%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:18.12%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,917 </td> <td valign="bottom" style="width:01.66%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:74.16%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:04.16%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:18.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.66%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> </table></div>   </div><div style="margin-left:0%;margin-right:0%;"> </div><div style="margin-left:0%;margin-right:0%;"></div> </div> <div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;">   <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 64.00%;margin-left:97.2pt;"> <tr> <td valign="bottom" style="width:56.26%;padding:0pt;">   </td> <td valign="bottom" style="width:03.90%;padding:0pt;">   </td> <td valign="bottom" style="width:17.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> March 31, 2016 </td> <td valign="bottom" style="width:03.90%;padding:0pt;">   </td> <td valign="bottom" style="width:17.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> December 31, 2015 </td> <td valign="bottom" style="width:01.56%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:56.26%;background-color: #CCEEFF;padding:0pt;"> Warrants for the purchase of Common Stock </td> <td valign="bottom" style="width:03.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:17.18%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>36,084  </td> <td valign="bottom" style="width:03.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:17.18%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>59,405  </td> <td valign="bottom" style="width:01.56%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:56.26%;padding:0pt;"> Options to purchase Common Stock </td> <td valign="bottom" style="width:03.90%;padding:0pt;">   </td> <td valign="bottom" style="width:17.18%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,141,868  </td> <td valign="bottom" style="width:03.90%;padding:0pt;">   </td> <td valign="bottom" style="width:17.18%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,557,456  </td> <td valign="bottom" style="width:01.56%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:56.26%;background-color: #CCEEFF;padding:0pt;"> Employee Stock Purchase Plan </td> <td valign="bottom" style="width:03.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:17.18%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>335,484  </td> <td valign="bottom" style="width:03.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:17.18%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>182,352  </td> <td valign="bottom" style="width:01.56%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:56.26%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:17.18%;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:03.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:17.18%;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:01.56%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:56.26%;padding:0pt;"> Total </td> <td valign="bottom" style="width:03.90%;padding:0pt;">   </td> <td valign="bottom" style="width:17.18%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,513,436  </td> <td valign="bottom" style="width:03.90%;padding:0pt;">   </td> <td valign="bottom" style="width:17.18%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,799,213  </td> <td valign="bottom" style="width:01.56%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:56.26%;padding:0pt;">   </td> <td valign="bottom" style="width:03.90%;padding:0pt;">   </td> <td valign="bottom" style="width:17.18%;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:03.90%;padding:0pt;">   </td> <td valign="bottom" style="width:17.18%;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:01.56%;padding:0pt;">   </td> </tr> </table></div>   </div><div style="margin-left:0%;margin-right:0%;"> </div><div style="margin-left:0%;margin-right:0%;"></div> </div> 7300000 0 0 107000 false --12-31 Q1 2016 2016-03-31 10-Q 0001454789 15374213 Yes Non-accelerated Filer CATABASIS PHARMACEUTICALS INC

1328000

1626000

38000

3278000

2615000

181000

73000

14000

158488000

159123000

301000

133000

168000

548000

376000

172000

38000

79000

10477174

34839

24566

9029551

1388218

2233114

36084

2197030

64169000

54269000

63552000

53386000

62004000

15539000

35909000

51448000

14000

28758000

23134000

5624000

23134000

5624000

23134000

5624000

16000.00

14000.00

2000.00

28744000

23122000

5622000

6100000

28758000

68000

14668000

24303000

62780000

62004000

23818000

15539000

7151000

15539000

7151000

9635000

-38962000

0.9503

24566

157844

2799213

59405

182352

2557456

3513436

36084

335484

1383236

1758632

3141868

0.001

150000000

15313297

15361988

15313297

15361988

15000

-6500000

-9404000

315688

0.112

0.050

0.0749

100000

32000

26000

13000

52000

92000

-13.14

-0.61

1181000

567000

P2Y9M18D

5600000

<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;">   Below is a summary of assets measured at fair value on a recurring basis (in thousands): <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 86.00%;margin-left:36pt;"> <tr> <td valign="bottom" style="width:41.10%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="11" valign="bottom" style="width:54.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> As of March 31, 2016 </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:41.10%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Quoted Prices in Active Markets (Level 1) </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Significant Observable Inputs (Level 2) </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Significant Unobservable Inputs (Level 3) </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Total </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.10%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.52%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.54%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.54%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.60%;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.10%;background-color: #CCEEFF;padding:0pt;"> Assets: </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.52%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.54%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.54%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.60%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.10%;padding:0pt;"> Cash and cash equivalents: </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.52%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.54%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.54%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.60%;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.10%;background-color: #CCEEFF;padding:0pt;"> Money market funds </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.24%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,539  </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.24%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.24%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.30%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,539  </td> <td valign="bottom" style="width:01.16%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.10%;padding:0pt;"> U.S. government-sponsored securities </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.52%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.54%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,151  </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.54%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.60%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,151  </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.10%;background-color: #CCEEFF;padding:0pt;"> Available-for-sale securities: </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.52%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.54%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.54%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.60%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.10%;padding:0pt;"> Corporate debt securities </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.52%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.54%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>23,134  </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.54%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.60%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>23,134  </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.10%;background-color: #CCEEFF;padding:0pt;"> U.S. government-sponsored securities </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.52%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.54%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,624  </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.54%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.60%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,624  </td> <td valign="bottom" style="width:01.16%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.10%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.52%;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:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.54%;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:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.54%;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:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.60%;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:01.16%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.10%;padding:0pt;"> Total assets </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.24%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,539  </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.24%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>35,909  </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.24%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.30%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>51,448  </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.10%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;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:10.24%;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:02.88%;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;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:10.24%;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:02.88%;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;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:10.24%;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:02.88%;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;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:10.30%;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:01.16%;padding:0pt;">   </td> </tr> </table></div>   <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 86.00%;margin-left:36pt;"> <tr> <td valign="bottom" style="width:41.10%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="11" valign="bottom" style="width:54.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> As of December 31, 2015 </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:41.10%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Quoted Prices in Active Markets (Level 1) </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Significant Observable Inputs (Level 2) </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Significant Unobservable Inputs (Level 3) </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Total </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.10%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.52%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.54%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.54%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.60%;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.10%;background-color: #CCEEFF;padding:0pt;"> Assets: </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.52%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.54%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.54%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.60%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.10%;padding:0pt;"> Money market funds </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.24%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>62,004  </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.24%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.24%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.30%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>62,004  </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.10%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;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:10.24%;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:02.88%;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;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:10.24%;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:02.88%;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;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:10.24%;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:02.88%;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;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:10.30%;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:01.16%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.10%;background-color: #CCEEFF;padding:0pt;"> Total assets </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.24%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>62,004  </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.24%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.24%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.30%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>62,004  </td> <td valign="bottom" style="width:01.16%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.10%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;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:10.24%;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:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;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:10.24%;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:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;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:10.24%;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:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;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:10.30%;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:01.16%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> </table></div>   </div><div style="margin-left:0%;margin-right:0%;"> </div><div style="margin-left:0%;margin-right:0%;"></div> </div>

<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;">   3.Financial Instruments   The tables below present information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2016 and December 31, 2015 and indicate the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value. In general, fair values determined by Level 1 inputs utilize observable inputs such as quoted prices in active markets for identical assets or liabilities. Fair values determined by Level 2 inputs utilize data points that are either directly or indirectly observable, such as quoted prices, interest rates and yield curves. Fair values determined by Level 3 inputs utilize unobservable data points in which there is little or no market data, which require the Company to develop its own assumptions for the asset or liability. There were no transfers between fair value measurement levels during the three-month period ended March 31, 2016 or 2015.   The Company’s investment portfolio includes mainly fixed income securities that do not always trade on a daily basis. As a result, the pricing services used by the Company apply other available information as applicable through processes such as benchmark yields, benchmarking of like securities, sector groupings and matrix pricing to prepare valuations. In addition, model processes are used to assess interest rate impact and develop prepayment scenarios. These models take into consideration relevant credit information, perceived market movements, sector news and economic events. The inputs into these models may include benchmark yields, reported trades, broker-dealer quotes, issuer spreads and other relevant data. The Company validates the prices provided by its third party pricing services by obtaining market values from other pricing sources and analyzing pricing data in certain instances. The Company determines the fair value of available-for-sale securities (Note 4) using Level 2 inputs. Below is a summary of assets measured at fair value on a recurring basis (in thousands):   <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 86.00%;margin-left:36pt;"> <tr> <td valign="bottom" style="width:41.10%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="11" valign="bottom" style="width:54.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> As of March 31, 2016 </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:41.10%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Quoted Prices in Active Markets (Level 1) </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Significant Observable Inputs (Level 2) </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Significant Unobservable Inputs (Level 3) </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Total </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.10%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.52%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.54%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.54%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.60%;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.10%;background-color: #CCEEFF;padding:0pt;"> Assets: </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.52%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.54%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.54%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.60%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.10%;padding:0pt;"> Cash and cash equivalents: </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.52%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.54%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.54%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.60%;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.10%;background-color: #CCEEFF;padding:0pt;"> Money market funds </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.24%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,539  </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.24%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.24%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.30%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,539  </td> <td valign="bottom" style="width:01.16%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.10%;padding:0pt;"> U.S. government-sponsored securities </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.52%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.54%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,151  </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.54%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.60%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,151  </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.10%;background-color: #CCEEFF;padding:0pt;"> Available-for-sale securities: </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.52%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.54%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.54%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.60%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.10%;padding:0pt;"> Corporate debt securities </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.52%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.54%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>23,134  </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.54%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.60%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>23,134  </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.10%;background-color: #CCEEFF;padding:0pt;"> U.S. government-sponsored securities </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.52%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.54%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,624  </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.54%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.60%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,624  </td> <td valign="bottom" style="width:01.16%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.10%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.52%;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:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.54%;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:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.54%;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:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.60%;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:01.16%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.10%;padding:0pt;"> Total assets </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.24%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,539  </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.24%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>35,909  </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.24%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.30%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>51,448  </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.10%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;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:10.24%;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:02.88%;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;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:10.24%;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:02.88%;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;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:10.24%;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:02.88%;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;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:10.30%;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:01.16%;padding:0pt;">   </td> </tr> </table></div>   <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 86.00%;margin-left:36pt;"> <tr> <td valign="bottom" style="width:41.10%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="11" valign="bottom" style="width:54.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> As of December 31, 2015 </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:41.10%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Quoted Prices in Active Markets (Level 1) </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Significant Observable Inputs (Level 2) </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Significant Unobservable Inputs (Level 3) </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Total </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.10%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.52%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.54%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.54%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.60%;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.10%;background-color: #CCEEFF;padding:0pt;"> Assets: </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.52%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.54%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.54%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.60%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.10%;padding:0pt;"> Money market funds </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.24%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>62,004  </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.24%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.24%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.30%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>62,004  </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.10%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;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:10.24%;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:02.88%;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;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:10.24%;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:02.88%;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;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:10.24%;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:02.88%;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;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:10.30%;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:01.16%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.10%;background-color: #CCEEFF;padding:0pt;"> Total assets </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.24%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>62,004  </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.24%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.24%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.30%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>62,004  </td> <td valign="bottom" style="width:01.16%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.10%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;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:10.24%;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:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;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:10.24%;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:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;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:10.24%;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:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;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:10.30%;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:01.16%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> </table></div>   At March 31, 2016 and December 31, 2015, the Company’s cash equivalents consisted principally of money market funds, which approximated their fair value due to their short-term nature.   At March 31, 2016 and December 31, 2015, the carrying value of the Company’s debt approximated fair value, which was determined using Level 3 inputs, including a quoted interest rate.   </div><div style="margin-left:0%;margin-right:0%;"> </div><div style="margin-left:0%;margin-right:0%;"></div> </div>

1744000

2770000

-79000

230000

-837000

-663000

-2000

194000

38000

149000

243000

100000

200000

94000

163000

53000

P5Y

13676000

12545000

64169000

54269000

7779000

7431000

10000000

5000000

20000000

25000000

250000000

8333000

-3190000

2500000

3333000

2500000

16888000

-746000

-25000

-29069000

-7228000

-9147000

-6500000

-9418000

-140000

-212000

3173000

3190000

6360000

9206000

-6360000

-9206000

1170000

467000

703000

200000

655000

669000

22000

14000

151000

184000

9000

-22000

7000

32111000

25000

290000

0.001

56026590

5000000

13062965

772000

810000

61700000

5000000

12331000

12300000

3332000

3300000

504000

770000

833000

4616000

6436000

113000

-108010000

-117428000

301000

548000

364705

153132

182352

25942

1068287

1297334

944838

1695000

870918

3.97

P6Y8M16D

200000

100000

12550

7.29

514145

6.93

2.96

4267000

2070000

1723554

2197030

6.66

6.22

P7Y11M1D

P8Y2M12D

2013343

6.09

P8Y1M2D

600000

2025000

500000

0.01

0.04

2.21

4.57

0.9503

12.00

<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;">   2.Summary of Significant Accounting Policies   Basis of Presentation and Principles of Consolidation   The accompanying financial statements and the related disclosures are unaudited and have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) and include all adjustments necessary, all of which are of a normal and recurring nature, for the fair presentation of the Company’s financial position for the periods presented.   The unaudited interim condensed consolidated financial statements of the Company included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from this report, as is permitted by such rules and regulations. Accordingly, these condensed financial statements should be read in conjunction with the financial statements as of and for the year ended December 31, 2015 and notes thereto, included in the Company’s annual report on Form 10-K filed with the SEC on March 15, 2016.   The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited financial statements. In the opinion of the Company’s management, the accompanying unaudited interim condensed consolidated financial statements contain all adjustments which are necessary to fairly present the Company’s financial position as of March 31, 2016, the results of its operations for the three months ended March 31, 2016 and 2015 and its cash flows for the three months ended March 31, 2016 and 2015. Such adjustments are of a normal and recurring nature. The results for the three months ended March 31, 2016 are not necessarily indicative of the results for the year ending December 31, 2016, or for any future period.   The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, Catabasis Securities Corporation.  All intercompany balances and transactions have been eliminated in consolidation. These condensed consolidated financial statements have been prepared in accordance with U.S. GAAP and include all adjustments necessary for the fair presentation of the Company’s financial position for the periods presented.   Use of Estimates   The preparation of the Company’s condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ from such estimates.   Prior to completion of the IPO, the Company utilized significant estimates and assumptions in determining the fair value of its Common Stock. The board of directors determined the estimated fair value of the Common Stock based on a number of objective and subjective factors, including external market conditions affecting the biotechnology industry sector and the prices at which the Company sold shares of Preferred Stock, the achievement of research and development milestones, the superior rights and preferences of securities senior to the Common Stock at the time and the likelihood of achieving a liquidity event, such as an initial public offering or sale of the Company.   The Company utilized various valuation methodologies in accordance with the framework of the American Institute of Certified Public Accountants (“AICPA”), Audit and Accounting Practice Aid Series: Valuation of Privately Held Company Equity Securities Issued as Compensation (“AICPA Practice Aid”), to estimate the fair value of its Common Stock. The methodologies included the Option Pricing Method utilizing the Back-solve Method (a form of the market approach defined in the AICPA Practice Aid) and the Probability-Weighted Expected Return Method based upon the probability of occurrence of certain future liquidity events such as an initial public offering or sale of the Company. Each valuation methodology included estimates and assumptions that required the Company’s judgment. Significant changes to the key assumptions used in the valuations could result in different fair values of the Common Stock at each valuation date.   The Company utilizes certain estimates to record expenses relating to research and development contracts. These contract estimates, which are primarily related to the length of service of each contract, are determined by the Company based on input from internal project management, as well as from third-party service providers.   Stock-Based Compensation   The Company accounts for its stock-based compensation awards in accordance with Accounting Standards Codification (“ASC”) Topic 718, Compensation—Stock Compensation (“ASC 718”). ASC 718 requires all share-based payments to employees, including grants of employee stock options, to be recognized in the statements of operations based on their grant date fair values. For stock options granted to employees and to members of the board of directors for their services on the board of directors, the Company estimates the grant date fair value of each option award using the Black-Scholes option-pricing model. The use of the Black-Scholes option-pricing model requires management to make assumptions with respect to the expected term of the option, the expected volatility of the Common Stock consistent with the expected life of the option, risk-free interest rates and expected dividend yields of the Common Stock.   For awards subject to service-based vesting conditions, the Company recognizes stock-based compensation expense, net of estimated forfeitures, equal to the grant date fair value of stock options on a straight-line basis over the requisite service period.   Share-based payments issued to non-employees are recorded at their fair values, and are periodically revalued as the equity instruments vest and are recognized as expense over the related service period in accordance with the provisions of ASC Topic 505, Equity. For equity instruments granted to non-employees, the Company recognizes stock-based compensation expense on a straight-line basis.   During the three months ended March 31, 2016 and 2015, the Company recorded stock-based compensation expense for employee and non-employee stock options, which was allocated as follows in the statements of operations (in thousands):   <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 53.00%;margin-left:126pt;"> <tr> <td valign="bottom" style="width:43.76%;padding:0pt;">   </td> <td valign="bottom" style="width:04.68%;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:49.68%;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:01.88%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:43.76%;padding:0pt;">   </td> <td valign="bottom" style="width:04.68%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:22.50%;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:04.68%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:22.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2015 </td> <td valign="bottom" style="width:01.88%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:43.76%;padding:0pt;">   </td> <td valign="bottom" style="width:04.68%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:22.50%;padding:0pt;">   </td> <td valign="bottom" style="width:04.68%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:22.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.88%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:43.76%;background-color: #CCEEFF;padding:0pt;"> Research and development </td> <td valign="bottom" style="width:04.68%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:20.38%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>172  </td> <td valign="bottom" style="width:04.68%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:20.38%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>168  </td> <td valign="bottom" style="width:01.88%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:43.76%;padding:0pt;"> General and administrative </td> <td valign="bottom" style="width:04.68%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:22.50%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>376  </td> <td valign="bottom" style="width:04.68%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:22.50%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>133  </td> <td valign="bottom" style="width:01.88%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:43.76%;padding:0pt;">   </td> <td valign="bottom" style="width:04.68%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:22.50%;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:04.68%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:22.50%;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:01.88%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:43.76%;background-color: #CCEEFF;padding:0pt;"> Total </td> <td valign="bottom" style="width:04.68%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:20.38%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>548  </td> <td valign="bottom" style="width:04.68%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:20.36%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>301  </td> <td valign="bottom" style="width:01.88%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:43.76%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:04.68%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:20.38%;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:04.68%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:20.36%;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:01.88%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> </table></div>   Net Loss Per Share   Basic net loss per share is calculated by dividing net loss by the weighted average shares outstanding during the period, without consideration for Common Stock equivalents. Diluted net loss per share is calculated by adjusting weighted average shares outstanding for the dilutive effect of Common Stock equivalents outstanding for the period, determined using the treasury-stock method. For purposes of the Company’s dilutive net loss per share calculation, Preferred Stock, stock options, warrants to purchase Common Stock and warrants to purchase Preferred Stock were considered to be Common Stock equivalents but were excluded from the calculation of diluted net loss per share, as their effect would be anti-dilutive; therefore, basic and diluted net loss per share were the same for all periods presented.   The following Common Stock equivalents were excluded from the calculation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect:   <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 60.00%;margin-left:108pt;"> <tr> <td valign="bottom" style="width:50.00%;padding:0pt;">   </td> <td valign="bottom" style="width:04.16%;padding:0pt;">   </td> <td colspan="3" valign="bottom" style="width:44.16%;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:01.66%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:50.00%;padding:0pt;">   </td> <td valign="bottom" style="width:04.16%;padding:0pt;">   </td> <td valign="bottom" style="width:20.00%;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:04.16%;padding:0pt;">   </td> <td valign="bottom" style="width:20.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2015 </td> <td valign="bottom" style="width:01.66%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:50.00%;background-color: #CCEEFF;padding:0pt;"> Convertible preferred stock </td> <td valign="bottom" style="width:04.16%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:20.00%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:04.16%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:20.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,029,551  </td> <td valign="bottom" style="width:01.66%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:50.00%;padding:0pt;"> Stock options </td> <td valign="bottom" style="width:04.16%;padding:0pt;">   </td> <td valign="bottom" style="width:20.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,197,030  </td> <td valign="bottom" style="width:04.16%;padding:0pt;">   </td> <td valign="bottom" style="width:20.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,388,218  </td> <td valign="bottom" style="width:01.66%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:50.00%;background-color: #CCEEFF;padding:0pt;"> Common stock warrants </td> <td valign="bottom" style="width:04.16%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:20.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>36,084  </td> <td valign="bottom" style="width:04.16%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:20.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>34,839  </td> <td valign="bottom" style="width:01.66%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:50.00%;padding:0pt;"> Preferred stock warrants </td> <td valign="bottom" style="width:04.16%;padding:0pt;">   </td> <td valign="bottom" style="width:20.00%;padding:0pt;"> — </td> <td valign="bottom" style="width:04.16%;padding:0pt;">   </td> <td valign="bottom" style="width:20.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>24,566  </td> <td valign="bottom" style="width:01.66%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:50.00%;padding:0pt;">   </td> <td valign="bottom" style="width:04.16%;padding:0pt;">   </td> <td valign="bottom" style="width:20.00%;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:04.16%;padding:0pt;">   </td> <td valign="bottom" style="width:20.00%;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:01.66%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:50.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:04.16%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:20.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,233,114  </td> <td valign="bottom" style="width:04.16%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:20.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,477,174  </td> <td valign="bottom" style="width:01.66%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:50.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:04.16%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:20.00%;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:04.16%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:20.00%;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:01.66%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> </table></div>   Deferred Financing Costs   On April 7, 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-03, Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”). ASU 2015-03 requires debt issuance costs to be presented in an entity’s balance sheet as a direct deduction from the associated debt liability. The standard is retrospectively effective for annual reporting periods beginning after December 15, 2015.   The Company adopted the standard in the three months ended March 31, 2016, which resulted in a balance sheet reclassification of issuance costs in connection with its notes payable of approximately $32 thousand recorded in prepaid expenses and other current assets and approximately $22 thousand recorded in other assets to a reduction in current portion of notes payable, net of discount and in notes payable, net of current portion and discount, respectively. The Company’s adoption of this standard did not have any impact on its results of operations or cash flows for the three months ended March 31, 2016.   Recent Accounting Pronouncements   From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies and adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its financial position or results of operations upon adoption.   In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements — Going Concern (“ASU 2014-15”), which is effective for annual periods ending after December 15, 2016.  Early adoption is permitted.  ASU 2014-15 provides new guidance on (1) management’s responsibility in evaluating whether or not there is substantial doubt about a company’s ability to continue as a going concern within one year from the date the financial statements are issued each reporting period and (2) related financial statement disclosures.  The Company has not yet adopted the guidance prescribed by ASU 2014-15. If this standard had been adopted as of March 31, 2016, the Company believes that it would have concluded there was not substantial doubt about its ability to continue as a going concern.  However, the Company faces certain risks and uncertainties, as further described in Note 1. Organization and Operations that could have affected this analysis. The Company will continue to evaluate the potential impact that ASU 2014-15 may have on its consolidated financial statements.   In February 2016, the FASB issued ASU 2016-02, Leases.  This standard amends the existing guidance to require lessees to present most leases on their balance sheets but recognize corresponding expenses on their statements of operations.  It is effective for annual reporting periods beginning after December 15, 2018, but early adoption is permitted.  The Company is currently evaluating the impact that this standard will have on its consolidated financial statements.   In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting.  This standard amends the existing guidance in an attempt to simplify several aspects of accounting for employee share-based payment transactions.  It is effective for annual reporting periods beginning after December 15, 2016, but early adoption is permitted.  The Company is currently evaluating the impact that this standard will have on its consolidated financial statements.   Summary of Significant Accounting Policies   The Company’s significant accounting policies are described in Note 2, “Summary of Significant Accounting Policies,” in the 2015 Annual Report on Form 10-K, and there were no significant changes to such policies in the quarter ended March 31, 2016.   </div><div style="margin-left:0%;margin-right:0%;"> </div><div style="margin-left:0%;margin-right:0%;"></div> </div>

50493000

41724000

9029549

5750000

750000

28119

100000

494590

15335516