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Significant Accounting Policies (Tables)
6 Months Ended
Jun. 30, 2012
Liability Measured at Fair Value on a Recurring Basis

The following table presents information about the Company’s liability as of June 30, 2012 and December 31, 2011 that is measured at fair value on a recurring basis and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value:

 

     June 30, 2012  
In thousands    Total      Level 1      Level 2      Level 3  

Asset:

           

Cash equivalents

   $ 37,000       $        37,000       $ —         $ —     
  

 

 

    

 

 

    

 

 

    

 

 

 
  

 

 

    

 

 

    

 

 

    

 

 

 

Liability:

           

Warrant derivative liability

   $      120,214       $ —         $             —         $      120,214   
  

 

 

    

 

 

    

 

 

    

 

 

 
  

 

 

    

 

 

    

 

 

    

 

 

 

 

     December 31, 2011  
In thousands    Total      Level 1      Level 2      Level 3  

Asset:

           

Cash equivalents

   $ 39,000       $        39,000       $             —         $ —     
  

 

 

    

 

 

    

 

 

    

 

 

 
  

 

 

    

 

 

    

 

 

    

 

 

 

Liability:

           

Warrant derivative liability

   $      123,125       $ —         $ —         $      123,125   
  

 

 

    

 

 

    

 

 

    

 

 

 
Change in Fair Value of Warrant Derivative Liabilities

The change in the fair value of the warrant derivative liability is as follows (in thousands):

 

     Three months
ended June 30
     Six months
ended June 30
 
  

 

 

    

 

 

 

Balance at March 31, 2011 & December 31, 2010, respectively

    $ 174,819           $ 230,069      

 

Loss on change in fair value of derivative liability

     185,359            160,017      

Compensation expense for change in fair value of warrants issued to former employees

     5,035            4,356      

Transfers to equity

     (79,229)           (108,458)     
  

 

 

    

 

 

 

 

Balance at June 30, 2011

    $ 285,984           $ 285,984      
  

 

 

    

 

 

 

 

     Three months
ended June 30
     Six months
ended June 30
 
  

 

 

    

 

 

 

Balance at March 31, 2012 & December 31, 2011, respectively

    $ 191,387           $ 123,125      

 

Loss on change in fair value of derivative liability

     18,930            85,139      

Compensation expense for change in fair value of warrants issued to former employees

     1,858            4,232      

Transfers to equity

     (91,961)            (92,282)      
  

 

 

    

 

 

 

 

Balance at June 30, 2012

    $ 120,214           $ 120,214