Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

v2.4.1.9
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2015
Fair Value Disclosures [Abstract]  
Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table presents information about our assets and liabilities that are measured at fair value on a recurring basis, and indicates the fair value hierarchy of the valuation techniques we utilized to determine such fair value (in thousands):

 

March 31, 2015

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash

 

$

11,225

 

 

$

—

 

 

$

—

 

 

$

11,225

 

Money market securities

 

 

14,053

 

 

 

—

 

 

 

—

 

 

 

14,053

 

Restricted cash (Note 7)

 

 

190

 

 

 

—

 

 

 

—

 

 

 

190

 

Corporate bonds and commercial paper

 

 

—

 

 

 

15,091

 

 

 

—

 

 

 

15,091

 

Total assets

 

$

25,468

 

 

$

15,091

 

 

$

—

 

 

$

40,559

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Warrants

 

$

—

 

 

$

—

 

 

$

2,537

 

 

$

2,537

 

 
Summary of Changes in Fair Value of Level 3 Financial Liabilities

The following table presents the changes in fair value of our total Level 3 financial liabilities for the three months ended March 31, 2015.  During the three months ended March 31, 2015, we did not issue any common stock warrants that were classified as liabilities (in thousands):

 

 

 

Liability at

 

 

 

 

 

 

Unrealized

 

 

Liability at

 

 

 

December 31,

 

 

Issuance of

 

 

Gain on

 

 

March 31,

 

 

 

2014

 

 

Warrants

 

 

warrants

 

 

2015

 

Warrant liability

 

$

3,002

 

 

$

-

 

 

$

(465

)

 

$

2,537

 

 
Summary of Cash, Cash Equivalents and Marketable Securities

Cash, cash equivalents and marketable securities consist of the following (in thousands):

 

 

 

 

 

 

 

Gross

 

 

Gross

 

 

 

 

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Estimated

 

March 31, 2015

 

Cost

 

 

Gains

 

 

Losses

 

 

Fair Value

 

Cash

 

$

11,225

 

 

$

—

 

 

$

—

 

 

$

11,225

 

Money market securities

 

 

14,053

 

 

 

—

 

 

 

—

 

 

 

14,053

 

Total cash and cash equivalents

 

$

25,278

 

 

$

—

 

 

$

—

 

 

$

25,278

 

Money market securities (restricted cash)

 

 

190

 

 

 

—

 

 

 

—

 

 

 

190

 

Total restricted cash

 

$

190

 

 

$

—

 

 

$

—

 

 

$

190

 

Corporate bonds and commercial paper

 

 

15,096

 

 

 

2

 

 

 

(7

)

 

 

15,091

 

Total short-term investments

 

$

15,096

 

 

$

2

 

 

$

(7

)

 

$

15,091