Recurring Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2014

Summary of Quantitative Information with Respect to Valuation Methodology and Significant Unobservable Inputs Used for Company's Warrant Liabilities

A summary of quantitative information with respect to valuation methodology and significant unobservable inputs used for the Company’s warrant liabilities that are categorized within Level 3 of the fair value hierarchy as of December 31, 2014 and December 31, 2013 is as follows:

Black-Scholes Warrant Pricing	December 31, 2014			December 31, 2013

Stock Price	$	1.20		$	6.40
Risk-free Rate (5-year U.S. Treasury Yield)		1.65	%		1.75	%
Volatility (Annual)		72.90-88.10	%		93.43	%
Time to Maturity (Years)		4.10-4.33			5.33

Estimated Fair Values of Liabilities Measured on Recurring Basis

At December 31, 2014 and December 31, 2013, the estimated fair values of the liabilities measured on a recurring basis are as follows:

	Fair Value Measurements at December 31, 2014
	Balance at December 31, 2014		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Warrant derivative liabilities	$	499	$	—	$	—	$	499

Total	$	499	$	—	$	—	$	499

	Fair Value Measurements at December 31, 2013
	Balance at December 31, 2013		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Warrant derivative liabilities	$	3,017	$	—	$	—	$	3,017

Total	$	3,017	$	—	$	—	$	3,017

Liabilities Measured at Estimated Fair Value Using Unobservable Inputs

The following tables present the activity for liabilities measured at estimated fair value using unobservable inputs for the years ended December 31, 2014 and 2013:

	Fair Value
	Measurements Using
	Significant
	Unobservable Inputs
	(Level 3)
	Warrant Derivative
	Liabilities
Beginning Balance at January 1, 2013	$	-
Issuance of warrants classified as derivative liabilities		3,373
Changes in estimated fair value		296
Reclassification of derivative liability to additional paid-in capital		(652)
Ending balance at December 31, 2013	$	3,017
Issuance of warrants classified as derivative liabilities		5,585
Changes in estimated fair value		(8,103)
Ending balance at December 31, 2014	$	499

- Definition

Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

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- 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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