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Financial Instruments
 12 Months Ended
Dec. 31, 2012
Financial Instruments [Abstract]  
Financial Instruments

(4) Financial Instruments

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). Inputs used to measure fair value are classified into the following hierarchy:

 

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Level 1—Unadjusted quoted prices in active markets for identical assets or liabilities

 

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Level 2—Unadjusted quoted prices in active markets for similar assets or liabilities; unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active; or inputs other than quoted prices that are observable for the asset or liability

 

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Level 3—Unobservable inputs for the asset or liability

The Company’s financial assets include $2.8 million at December 31, 2012 and $5.9 million at December 31, 2011, in money market funds, classified as cash equivalents, which are measured at fair value based on Level 1 inputs on a recurring basis. There were no transfers between any fair value hierarchy levels in 2012 or 2011.

Fair Value of Other Financial Instruments

The carrying amount of other financial instruments, including cash and accounts payable, approximated fair value due to their short maturities. As of December 31, 2012 and 2011, the Company did not have any debt outstanding.