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Fair Value of Financial Instruments (Tables)
 3 Months Ended 12 Months Ended
Mar. 31, 2015
Dec. 31, 2014
Fair Value Disclosures [Abstract]    
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following fair value hierarchy table presents information about each major category of the Company’s financial assets and liabilities measured at fair value on a recurring basis as of March  31, 2015 and December 31, 2014 (in thousands):
 
 
 
Fair value measurement at reporting date using:
 
 
 
Quoted prices in
active markets for
identical assets
(Level 1)
 
Significant other
observable
inputs
(Level 2)
 
Significant
unobservable
inputs
(Level 3)
 
Total
 
At March 31, 2015:
 
 
 
 
 
 
 
 
 
 
 
 
 
Warrant liability
 
$
-
 
$
-
 
$
6,377
 
$
6,377
 
 
 
 
Fair value measurement at reporting date using:
 
 
 
Quoted prices in
active markets for
identical assets
(Level 1)
 
Significant other
observable 
inputs 
(Level 2)
 
Significant 
unobservable 
inputs 
(Level 3)
 
Total
 
At December 31, 2014:
 
 
 
 
 
 
 
 
 
 
 
 
 
Warrant liability
 
$
-
 
$
-
 
$
7,386
 
$
7,386
 
The following fair value hierarchy table presents information about each major category of the Company’s financial assets and liability measured at fair value on a recurring basis as of December 31, 2014 and 2013 (in thousands).
 
 
 
Fair value measurement at reporting date using:
 
 
 
Quoted prices in
active markets
for
 identical assets 
(Level 1)
 
Significant other
 observable
 inputs 
(Level 2)
 
Significant 
unobservable
 inputs
 (Level 3)
 
Total
 
At December 31, 2014:
 
 
 
 
 
 
 
 
 
 
 
 
 
Warrant liability
 
$
-
 
$
-
 
$
7,386
 
$
7,386
 
 
 
 
Fair value measurement at reporting date using:
 
 
 
Quoted prices in
  active markets
 for 
identical assets
 (Level 1)
 
Significant other
 observable 
inputs
 (Level 2)
 
Significant 
unobservable 
inputs
 (Level 3)
 
Total
 
At December 31, 2013:
 
 
 
 
 
 
 
 
 
 
 
 
 
Warrant liability
 
$
-
 
$
-
 
$
3,109
 
$
3,109
 
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation  
The Company has issued warrants to purchase common stock that are measured at fair value on a recurring basis using unobservable inputs or available market data in a binomial options pricing model to support the fair value (Level 3). A reconciliation of the warrant liability is as follows (in thousands):
 
 
 
2007 Warrants
 
Balance at January 1, 2013
 
$
8,129
 
Decrease in fair value of warrant liability
 
 
(5,020)
 
Balance at December 31, 2013
 
$
3,109
 
Increase in fair value of warrant liability
 
 
4,277
 
Balance at December 31, 2014
 
$
7,386
 
Fair Value Inputs, Liabilities, Quantitative Information
The following table summarizes the calculated aggregate fair values of the warrants, along with the assumptions utilized in each calculation:
 
 
 
March 31,
 
 
December 31,
 
 
 
2015
 
 
2014
 
Calculated aggregate value
 
$
6,377
 
 
$
7,386
 
Weighted average exercise price
 
$
0.30
 
 
$
0.30
 
Closing price per share of common stock
 
$
0.60
 
 
$
0.79
 
Volatility
 
 
138
%
 
 
165.6
%
Weighted average remaining expected life (years)
 
 
4.7
 
 
 
5.0
 
Risk-free interest rate
 
 
1.4
%
 
 
1.8
%
Dividend yield
 
 
-
 
 
 
-
 
The following table summarizes the calculated aggregate fair values of the warrants, along with the assumptions utilized in each calculation:
 
 
 
2014
 
 
2013
 
Calculated aggregate value
 
$
7,386
 
 
$
3,109
 
Weighted average exercise price
 
$
0.30
 
 
$
0.40
 
Closing price per share of common stock
 
$
0.79
 
 
$
0.42
 
Volatility
 
 
165.6
%
 
 
103.5
%
Weighted average remaining expected life (years)
 
 
5.2
 
 
 
5.0
 
Risk-free interest rate
 
 
1.8
%
 
 
1.6
%
Dividend yield
 
 
-
 
 
 
-