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Facility financing agreement (Tables)
3 Months Ended
Mar. 31, 2014
Components and Activity of Facility Agreement

The components and activity from initial recording of the facility financing agreement recorded through March 31, 2014 consist of the following (in thousands):

 

     March 31,
2014
 

2019 notes

  

Initial principal amount

   $ 120,000   

Principal converted to equity

     (92,500

Debt discount-net of amortization

     (1,546

Unaccreted debt issuance expense

     (83
  

 

 

 

Net carrying amount of facility financing agreement

   $ 25,871   
  

 

 

 

Milestone Rights

  

Initial milestone rights fair value

   $ 16,276   

Debt discount-net of amortization

     (51

Unaccreted debt issuance expense

     (61

Less current portion of milestone rights included in other current liabilities

     (3,151
  

 

 

 

Net carrying amount included in other liabilities

   $ 13,013   
  

 

 

 

Commitment Asset

  

Initial commitment asset fair value

   $ 13,393   

Tranche B commitment asset fair value

   $ 2,921   

Less Tranche 2 portion of commitment asset

     (3,656

Less Tranche 3 portion of commitment asset

     (4,580
  

 

 

 

Commitment asset value included in other assets

   $ 8,078   
  

 

 

 
Accretion of Debt Issuance Cost and Debt Discount

Accretion of debt issuance cost and debt discount in connection with the Facility financing agreement during the three months ended March 31, 2014 are as follows (in thousands):

 

     Three months ended
March 31, 2014
 

Accretion expense- debt issuance cost

   $ 282   

Accretion expense- debt discount

   $ 6,367