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Fair Value on Financial Instruments | 6 Months Ended
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Jun. 30, 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 June 30, 2013 (in thousands):
|  |  |  |  | Quoted Prices in Active Markets for Identical Assets |  |  | Significant Other Observable Inputs |  |  | Significant Unobservable Inputs |
|  | Total |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |
Money market funds (1) |  | $ | 46,500 |  |  | $ | 46,500 |  |  | $ | 0 |  |  | $ | 0 |
Total financial assets |  | $ | 46,500 |  |  | $ | 46,500 |  |  | $ | 0 |  |  | $ | 0 |
Warrant liability |  | $ | 10,290 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 10,290 |
Total financial liabilities |  | $ | 10,290 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 10,290 |
(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):
|  |  |  |  | Quoted Prices in Active Markets for Identical Assets |  |  | Significant Other Observable Inputs |  |  | Significant Unobservable Inputs |
|  | Total |  |  | (Level 1) |  |  | (Level 2) |  |  | (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 June 30, 2013, was as follows (in thousands):
Balance at December 31, 2012 |  | $ | 5,903 |
Increase in fair value of warrants |  |  | 4,387 |
Settlement of warrants exercised |  |  | 0 |
Balance at June 30, 2013 |  | $ | 10,290 |
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 six months ended June 30, 2013.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=28364263&loc=d3e13537-108611 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=28364263&loc=d3e13433-108611 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 28 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19207-110258 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 16 -URI http://asc.fasb.org/extlink&oid=28364263&loc=d3e13504-108611 + Details
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