Annual report pursuant to Section 13 and 15(d)

Fair Value Measurements (Tables)

v2.4.1.9
Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2014
Fair Value Disclosures [Abstract]  
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 year ended December 31, 2014. During the twelve months ended December 31, 2014 we issued 3.5 million common stock warrants that were classified as liabilities (in thousands):

 

 

 

Liability at

 

 

 

 

 

 

Unrealized

 

 

Liability at

 

 

 

December 31,

 

 

Issuance of

 

 

Gain on

 

 

December 31,

 

 

 

2013

 

 

Warrants

 

 

warrants

 

 

2014

 

Warrant liability

 

$

214

 

 

$

6,529

 

 

$

(3,741

)

 

$

3,002

 

 

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):

 

December 31, 2014

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash

 

$

16,481

 

 

$

 

 

$

 

 

$

16,481

 

Money market securities

 

 

11,416

 

 

 

 

 

 

 

 

 

11,416

 

Restricted cash (Note 15)

 

 

251

 

 

 

 

 

 

 

 

 

251

 

Corporate bonds and commercial paper

 

 

 

 

 

19,160

 

 

 

 

 

 

19,160

 

Total assets

 

$

28,148

 

 

$

19,160

 

 

$

 

 

$

47,308

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Warrants

 

$

 

 

$

 

 

$

3,002

 

 

$

3,002

 

 

December 31, 2013

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash

 

$

10,575

 

 

$

 

 

$

 

 

$

10,575

 

Money market securities

 

 

4,018

 

 

 

 

 

 

 

 

 

4,018

 

Restricted Cash

 

 

314

 

 

 

 

 

 

 

 

 

314

 

Corporate bonds and commercial paper

 

 

 

 

 

24,629

 

 

 

 

 

 

24,629

 

Total assets

 

$

14,907

 

 

$

24,629

 

 

$

 

 

$

39,536

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Warrants

 

$

 

 

$

 

 

$

214

 

 

$

214

 

 

Summary of Cash and Cash Equivalents and Short Term Investments

Cash and cash equivalents and short term investments (in thousands):

 

 

 

 

 

 

 

Gross

 

 

Gross

 

 

 

 

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Estimated

 

December 31, 2014

 

Cost

 

 

Gains

 

 

Losses

 

 

Fair Value

 

Cash

 

$

16,481

 

 

$

 

 

$

 

 

$

16,481

 

Money market securities

 

 

11,416

 

 

 

 

 

 

 

 

 

11,416

 

Total cash and cash equivalents

 

$

27,897

 

 

$

 

 

$

 

 

$

27,897

 

Money market securities (restricted cash)

 

 

251

 

 

 

 

 

 

 

 

 

251

 

Total restricted cash

 

$

251

 

 

$

 

 

$

 

 

$

251

 

Corporate bonds and commercial paper

 

 

19,179

 

 

 

1

 

 

 

(20

)

 

 

19,160

 

Total short-term investments

 

$

19,179

 

 

$

1

 

 

$

(20

)

 

$

19,160

 

 

 

 

 

 

 

 

Gross

 

 

Gross

 

 

 

 

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Estimated

 

December 31, 2013

 

Cost

 

 

Gains

 

 

Losses

 

 

Fair Value

 

Cash

 

$

10,575

 

 

$

 

 

$

 

 

$

10,575

 

Money market securities

 

 

4,018

 

 

 

 

 

 

 

 

 

4,018

 

Total cash and cash equivalents

 

$

14,593

 

 

$

 

 

$

 

 

$

14,593

 

Money market securities (restricted cash)

 

 

314

 

 

 

 

 

 

 

 

 

314

 

Total restricted cash

 

$

314

 

 

$

 

 

$

 

 

$

314

 

Corporate bonds and commercial paper

 

 

24,627

 

 

 

3

 

 

 

(1

)

 

 

24,629

 

Total short-term investments

 

$

24,627

 

 

$

3

 

 

$

(1

)

 

$

24,629