Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2012

Fair Value Measurements [Abstract]

Assets measured at fair value on recurring basis

The following tables present our money market funds; included in cash and cash equivalents; and auction rate securities measured at fair value on a recurring basis as of December 31, 2012 and 2011, classified by valuation hierarchy:

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PROGENICS PHARMACEUTICALS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ¾ continued

(amounts in thousands, except per share amounts or as otherwise noted)

			Fair Value Measurements at December 31, 2012
	Balance at December 31, 2012		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Money market funds	$	56,224	$	56,224	$	-	$	-
Auction rate securities		3,240		-		-		3,240
Total	$	59,464	$	56,224	$	-	$	3,240

			Fair Value Measurements at December 31, 2011
	Balance at December 31, 2011		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Money market funds	$	64,068	$	64,068	$	-	$	-
Auction rate securities		3,332		-		-		3,332
Total	$	67,400	$	64,068	$	-	$	3,332

Summary of activities in financial instruments with Level 3 inputs

For our financial instruments with significant Level 3 inputs (all of which are auction rate securities), the following table summarizes the activities for 2012 and 2011:

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PROGENICS PHARMACEUTICALS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ¾ continued

(amounts in thousands, except per share amounts or as otherwise noted)

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Description	2012			2011
Balance at beginning of period	$	3,332		$	3,608
Transfers into Level 3		-			-
Total realized/unrealized gains (losses)
Included in net income (loss)		-			-
Included in comprehensive income (loss)		8			24
Settlements		(100	)		(300	)
Balance at end of period	$	3,240		$	3,332
Total amount of unrealized gains (losses) for the period included in other comprehensive loss attributable to the change in fair market value of related assets still held at the reporting date	$	-		$	-

Schedule of amortized cost basis, the aggregate fair value and gross unrealized holdings

The following tables summarize the amortized cost basis, the aggregate fair value and gross unrealized holding gains and losses at December 31, 2012 and 2011:

	Amortized		Fair		Unrealized Holding
2012:	Cost Basis		Value		Gains		(Losses)			Net
Maturities greater than ten years:
Auction rate securities	$	2,500	$	2,300	$	-	$	(200	)	$	(200	)
Investments without stated maturity dates:
Auction rate securities		1,000		940		-		(60	)		(60	)
	$	3,500	$	3,240	$	-	$	(260	)	$	(260	)

	Amortized		Fair		Unrealized Holding
2011:	Cost Basis		Value		Gains		(Losses)			Net
Maturities greater than ten years:
Auction rate securities	$	2,600	$	2,392	$	-	$	(208	)	$	(208	)
Investments without stated maturity dates:
Auction rate securities		1,000		940		-		(60	)		(60	)
	$	3,600	$	3,332	$	-	$	(268	)	$	(268	)

Schedule of gross unrealized losses and fair value of our marketable securities

The following table shows the gross unrealized losses and fair value of our auction rate securities with unrealized losses that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2012 and 2011.

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PROGENICS PHARMACEUTICALS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ¾ continued

(amounts in thousands, except per share amounts or as otherwise noted)

2012:	Less than 12 Months				12 Months or Greater					Total
Description of Securities	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
Auction rate securities	$	-	$	-	$	3,240	$	(260	)	$	3,240	$	(260	)
Total	$	-	$	-	$	3,240	$	(260	)	$	3,240	$	(260	)

2011:	Less than 12 Months				12 Months or Greater					Total
Description of Securities	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
Auction rate securities	$	-	$	-	$	3,332	$	(268	)	$	3,332	$	(268	)
Total	$	-	$	-	$	3,332	$	(268	)	$	3,332	$	(268	)