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Fair Value (Tables)

12 Months Ended

Dec. 31, 2014

Schedule of financial assets and liabilities measured on a recurring basis

The fair value of the Company’s financial assets and liabilities that are measured on a recurring basis were determined using the following inputs as of December 31, 2013 (in $000s):

		Level 1				Level 2				Level 3				Total

ASSETS
Cash equivalents		$	26,476			$	—			$	—			$	26,476
Financial instrument associated with stock purchase agreement			—				397				—				397
Total assets		$	26,476			$	397			$	—			$	26,873

LIABILITIES
Other liabilities measured at fair value:
Scottish Enterprise agreement			—				—				20				20
Other liabilities measured at fair value			—				—				20				20
Total liabilities		$	—			$	—			$	20			$	20

The fair value of the Company’s financial assets and liabilities that are measured on a recurring basis were determined using the following inputs as of December 31, 2014 (in $000s):

		Level 1				Level 2				Level 3				Total
ASSETS
Cash equivalents		$	18,319			$	—			$	—			$	18,319
Financial instrument associated with stock purchase agreement			—				51				—				51
Total assets		$	18,319			$	51			$	—			$	18,370

Schedule of reconciliation of the beginning and ending balance of Level 3 inputs

The following table reconciles the beginning and ending balances of Level 3 inputs for the year ended December 31, 2014 (in $000s):

		Level 3
Balance as of December 31, 2013			20
Change in valuation of Scottish Enterprise agreement			(20	)
Balance as of December 31, 2014			—

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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