Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2014

Summary of Financial Assets and Liabilities Subject to Fair Value Measurements on Recurring Basis

The following table summarizes the conclusions reached as of March 31, 2014 and December 31, 2013:


	Balance as of March 31, 2014		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Derivative liability — Series C-1 warrants	$	—	$	—	$	—	$	—
Derivative liability — common stock warrants		9,998		—		—		9,998

Total derivative liability	$	9,998	$	—	$	—	$	9,998


	Balance as of December 31, 2013		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Derivative liability — Series C-1 warrants	$	37	$	—	$	—	$	37
Derivative liability — common stock warrants		12,200					$	12,200

Total derivative liability	$	12,237	$	—	$	—	$	12,237

Summary of Reconciliation of Beginning and Ending Balances for Liabilities Measured at Fair Value on Recurring Basis

A reconciliation of the beginning and ending balances for liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) is as follows:


	Three months ended March 31, 2014
Beginning balance, December 31, 2013	$	12,237
Issuance of warrants		544
Excess of fair value of warrants over proceeds		362
Adjustment to fair value		(3,145	)

Ending balance, March 31, 2014	$	9,998

- Definition

Tabular disclosure of the fair value measurement of liabilities 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 liability.

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