Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2015

Assets and Liabilities Measured at Fair Value

The following table provides a summary of the recognized assets and liabilities that we measure at fair value on a recurring basis:

	Balance as of March 31, 2015		Basis of Fair Value Measurements
	Balance as of March 31, 2015		Level 1		Level 2		Level 3
Assets:
Cash equivalents	$	6,144,000	$	6,144,000	$	—	$	—
Liabilities:
Warrant liability	$	25,237,000	$	—	$	—	$	25,237,000

	Balance as of December 31, 2014		Basis of Fair Value Measurements
	Balance as of December 31, 2014		Level 1		Level 2		Level 3
Assets:
Cash equivalents	$	8,144,000	$	8,144,000	$	—	$	—
Liabilities:
Warrant liability	$	9,793,000	$	—	$	—	$	9,793,000

Summary of Change in Level 3 Warrant Liablility

The following table summarizes the change in our Level 3 warrant liability value:

Warrant liability	Three months ended March 31, 2015

Beginning balance	$	9,793,000
Change in fair value		15,444,000
Ending balance	$	25,237,000

- Definition

Tabular disclosure of the fair value measurement of financial instruments classified in shareholders' equity using significant unobservable inputs (level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of level 3 (for example, transfers due to changes in the observability of significant inputs) by class of equity.

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