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Loan Payable (Tables)

3 Months Ended

Mar. 31, 2014

Summary of Changes in Carrying Value of Loan Payable

The following table is a summary of the changes in the carrying value of our loan payable for the three months ended March 31, 2014:

		Silicon Valley Bank Loan				CIRM Loan				Total
Carrying value of loan payable at 12/31/2013 (current and non-current)		$	9,088,980			$	3,820,264			$	12,909,244
Loan proceeds			—				3,820,264			$	3,820,264
Repayment of principal			(944,339	)			—				(944,339	)
Accretion of discount			58,750				—				58,750
Carrying value of loan payable at 3/31/2014 (current and non-current)		$	8,203,391			$	7,640,528			$	15,843,919
Carrying value of loan payable, current portion		$	3,747,236			$	—			$	3,747,236
Carrying value of loan payable, non-current portion			4,456,155				7,640,528				12,096,683
Total loan payable at 03/31/2014		$	8,203,391			$	7,640,528			$	15,843,919

Silicon Valley Bank Loan Agreement Warrant [Member]

Assumptions Used for Black-Scholes Option Pricing Model

We estimated the fair value of the warrant to be approximately $388,000 using the Black-Scholes option pricing model with the following assumptions:

Expected life (years)			10
Risk-free interest rate			1.9	%
Expected volatility			88.1	%
Expected dividend yield			0	%

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- Definition

Tabular disclosure of the inputs and valuation techniques used to measure fair value, and a discussion of changes in valuation techniques and related inputs, if any, applied during the period to each separate class of assets, liabilities, and financial instruments classified in shareholders' equity that are measured on a recurring and/or nonrecurring basis.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (bbb)

-URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19207-110258

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- Definition

Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation.

+ References

No definition available.

+ Details

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