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Loan Payable (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2014:

		Silicon Valley Bank Loan				CIRM Loan				Total
Carrying value of loan payable at June 30, 2014 (current and non-current)		$	7,299,007			$	7,640,528			$	14,939,535
Loan proceeds			—				1,955,279				1,955,279
Repayment of principal			(970,830	)			—				(970,830	)
Accretion of discount			44,560				—				44,560
Carrying value of loan payable at September 30, 2014 (current and non-current)		$	6,372,737			$	9,595,807			$	15,968,544
Carrying value of loan payable, current portion		$	3,919,286			$	—			$	3,919,286
Carrying value of loan payable, non-current portion			2,453,451				9,595,807				12,049,258
Total loan payable at September 30, 2014		$	6,372,737			$	9,595,807			$	15,968,544

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=36462937&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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