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Fair Value on Financial Instruments
 3 Months Ended
Mar. 31, 2013
Fair Value on Financial Instruments

Note 2. Fair Value on Financial Instruments

The fair values of certain of the Company’s financial assets and liabilities were determined using the following inputs at March 31, 2013 (in thousands):

 

     Total      Quoted
Prices in
Active
Markets for
Identical
Assets
(Level 1)		      Significant
Other
Observable
Inputs
(Level 2)		      Significant
Unobservable
Inputs
(Level 3)		  

Money market funds (1)

    $ 53,569       $  53,569       $  —        $ —     
  

 

 

     

 

 

     

 

 

     

 

 

  

Total financial assets

    $ 53,569       $ 53,569       $  —        $ —     
  

 

 

     

 

 

     

 

 

     

 

 

  

Warrant liability

    $ 10,976       $ —        $  —        $  10,976   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total financial liabilities

    $ 10,976       $ —         $ —         $ 10,976   
  

 

 

     

 

 

     

 

 

     

 

 

  

 

(1) Included in cash and cash equivalents on the Company’s condensed consolidated balance sheets.

 

The fair values of certain of the Company’s financial assets and liabilities were determined using the following inputs at December 31, 2012 (in thousands):

 

     Total      Quoted
Prices in
Active
Markets for
Identical
Assets
(Level 1)		      Significant
Other
Observable
Inputs
(Level 2)		      Significant
Unobservable
Inputs
(Level 3)		  

Money market funds (1)

    $ 10,268       $ 10,268       $ 0       $ 0   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total financial assets

    $ 10,268       $ 10,268       $ 0       $ 0   
  

 

 

     

 

 

     

 

 

     

 

 

  

Warrant liability

    $ 5,903       $ 0       $ 0       $ 5,903   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total financial liabilities

    $ 5,903       $ 0       $ 0       $ 5,903   
  

 

 

     

 

 

     

 

 

     

 

 

  

 

(1) Included in cash and cash equivalents on the Company’s condensed consolidated balance sheets.

A reconciliation of the beginning and ending balances for warrant liability using significant unobservable inputs (Level 3) from December 31, 2012 to March 31, 2013 was as follows (in thousands):

 

Balance at December 31, 2012

    $ 5,903   

Increase in fair value of warrants

      5,073   
  

 

 

  

Balance at March 31, 2013

    $ 10,976   
  

 

 

  

See Note 1 and 10 in the Notes to Condensed Consolidated Financial Statements for further information regarding the Company’s valuation techniques and unobservable inputs for warrant liability using significant unobservable inputs (Level 3).

The Company did not have any transfers among fair value measurement levels during the three months ended March 31, 2013.