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Warrants (Tables) | 9 Months Ended
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Sep. 30, 2014
Warrants and Rights Note Disclosure [Abstract] |
Schedule of Warrant Activity | The following is a summary of warrant activity for the six months ended September 30, 2014 (in thousands):
| September 2013 Warrants |  | December 2012 Warrants |  | April 2011 Warrants |  | March 2011 Warrants |  | March 2010 Warrants |  | August 2009 Warrants |  | Consultant and Oxford Warrants |  | Total
Outstanding, January 1, 2014 | 6,442 |  |  | 4,917 |  |  | 1,158 |  |  | 176 |  |  | 290 |  |  | 978 |  |  | 889 |  |  | 14,850 |
Granted | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 300 |  |  | 300 |
Exercised | (2,469 | ) |  | (1,886 | ) |  | (543 | ) |  | — |  |  | (265 | ) |  | (62 | ) |  | (469 | ) |  | (5,694 | )
Outstanding, September 30, 2014 | 3,973 |  |  | 3,031 |  |  | 615 |  |  | 176 |  |  | 25 |  |  | — |  |  | 720 |  |  | 8,540 |
Expiration | September 2018 |  | December 2017 |  | April 2017 |  | March 2016 |  | March 2016 |  | August 2014 |  | Varies 2014-2020 |  |
Fair Value of Warrants is Estimated Using Black-Scholes Option Pricing Model | The fair value of the warrants is estimated using an appropriate pricing model with the following inputs:
| As of September 30, 2014
| September 2013 Warrants |  | December 2012 Warrants |  | April 2011 Warrants |  | March 2011 Warrants |  | March 2010 Warrants
Strike price | $ | 2.50 |  |  | $ | 1.90 |  |  | $ | 0.65 |  |  | $ | 0.65 |  |  | $ | 2.15 |
Expected term (years) | 3.97 |  |  | 3.23 |  |  | 2.56 |  |  | 1.43 |  |  | 1.49 |
Volatility % | 74.39 | % |  | 76.97 | % |  | 78.24 | % |  | 79.41 | % |  | 79.03 | %
Risk-free rate % | 1.41 | % |  | 1.15 | % |  | 0.85 | % |  | 0.32 | % |  | 0.35 | %
| As of December 31, 2013
| September 2013 Warrants |  | December 2012 Warrants |  | April 2011 Warrants |  | March 2011 Warrants |  | March 2010 Warrants |  | August 2009 Warrants
Strike price | $ | 2.50 |  |  | $ | 1.90 |  |  | $ | 0.65 |  |  | $ | 0.65 |  |  | $ | 2.15 |  |  | $ | 4.50 |
Expected term (years) | 4.72 |  |  | 3.98 |  |  | 3.31 |  |  | 2.18 |  |  | 2.24 |  |  | 0.59 |
Volatility % | 71.97 | % |  | 71.38 | % |  | 71.71 | % |  | 73.45 | % |  | 73.36 | % |  | 66.85 | %
Risk-free rate % | 1.61 | % |  | 1.25 | % |  | 0.93 | % |  | 0.45 | % |  | 0.47 | % |  | 0.11 | %
Changes in Fair Value of Warrant Liability | The changes in fair value of the warrant liability for the nine months ended September 30, 2014 were as follows (in thousands):
| September 2013 Warrants |  | December 2012 Warrants |  | April 2011 Warrants |  | March 2011 Warrants |  | March 2010 Warrants |  | August 2009 Warrants |  | Total
Warrant liability, January 1, 2014 | $ | 22,950 |  |  | $ | 18,060 |  |  | $ | 5,069 |  |  | $ | 763 |  |  | $ | 945 |  |  | $ | 1,178 |  |  | $ | 48,965 |
Fair value of warrants exercised | (12,713 | ) |  | (10,086 | ) |  | (2,906 | ) |  | — |  |  | (1,159 | ) |  | (162 | ) |  | (27,026 | )
Change in fair value of warrants | (6,066 | ) |  | (4,605 | ) |  | (1,214 | ) |  | (505 | ) |  | 232 |  |  | (1,016 | ) |  | (13,174 | )
Warrant liability, September 30, 2014 | $ | 4,171 |  |  | $ | 3,369 |  |  | $ | 949 |  |  | $ | 258 |  |  | $ | 18 |  |  | $ | — |  |  | $ | 8,765 |

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