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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2014

The fair value of the warrants at June 30, 2014 was determined by using an option pricing model with the following assumptions:

	2013 Warrants		2012 Warrants
Expected volatility		94.18%		111.35%
Risk-free interest rates		1.34%		0.11%
Expected life (in years)		4.33		0.92

Assets and liabilities measured at fair value on a recurring basis

The table below presents the Company’s assets and liabilities measured at fair value on a recurring basis as of June 30, 2014, aggregated by the level in the fair value hierarchy within which those measurements fall.

	Assets and Liabilities Measured at Fair Value on a Recurring Basis
(in thousands)	Level 1			Level 2			Level 3			Balance at June 30, 2014
Assets
Money market funds		$	1,945		$	—		$	—		$	1,945
Liabilities
Warrant liability		$	—		$	—		$	1,075		$	1,075

Fair value measurements using significant unobservable inputs

The table below presents the activity within Level 3 of the fair value hierarchy for the six months ended June 30, 2014:

Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
(in thousands)	Warrant Liability
Beginning balance as of December 31, 2013	$	2,310
Total change in the fair value of the liability included in earnings, including warrant expirations		(1,092	)
Fair value of warrants exercised		(143	)
Ending balance as of June 30, 2014	$	1,075

- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

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