Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2014

A summary of quantitative information with respect to the valuation methodology and significant unobservable inputs used for the Company’s warrant liabilities that are categorized within Level 3 of the fair value hierarchy as of September 30, 2014 and December 31, 2013 is as follows:


	September 30, 2014			December 31, 2013
Stock Price	$	1.72		$	6.40
Risk-free Rate (5-year U.S. Treasury Yield)		1.76	%		1.75	%
Volatility (Annual)		93.46	%		93.43	%
Time to Maturity (Years)		4.35-4.58			5.33

Schedule of Derivative Warrant Liabilities

Derivative warrant liabilities consist of the following:


	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Beginning balance at January 1, 2014	$	3,017,142
Issuance of warrants in February 2014		5,584,865
Changes in estimated fair value		(7,150,886	)

Ending balance at September 30, 2014	$	1,451,121