Fair Value of Financial Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2015

Fair Value Disclosures [Abstract]

Financial liabilities measured at fair value on a recurring basis

The following table presents the Company’s assets and liabilities that are measured at fair value at September 30, 2015 and December 31, 2014 (in thousands):

	Fair value measured at September 30, 2015
	Total carrying value at September 30,		Quoted prices in  active markets		Significant other  observable inputs		Significant  unobservable inputs
	2015		(Level 1)		(Level 2)		(Level 3)
Assets
Marketable securities - mutual funds	$	775	$	775	$	-	$	-
Liabilities
Fair value of warrant liabilities	$	1,759	$	-	$	-	$	1,759
	Fair value measured at December 31, 2014
	Total carrying value at December 31,		Quoted prices in  active markets		Significant other observable inputs		Significant  unobservable inputs
	2014		(Level 1)		(Level 2)		(Level 3)
Assets
Marketable securities - mutual funds	$	3,500	$	3,500	$	-	$	-

Significant assumptions used in the valuations

A summary of quantitative information with respect to the valuation methodology and significant unobservable inputs used for the Company’s warrant liabilities that are categorized within Level 3 of the fair value hierarchy at the date of issuance and as of September 30, 2015 is as follows:

Date of valuation	July 21, 2015			September 30,2015
Risk-free interest rate		1.69	%	1.37%
Expected volatility		100.00	%	100.00%
Expected life (in years)		5.5		5.3
Expected dividend yield		-		-

Changes in the fair value of the Company's Level 3 inputs

The following table sets forth a summary of the changes in the fair value of the Company’s Level 3 financial liabilities that are measured at fair value on a recurring basis as of September 30, 2015 (in thousands):

Beginning balance at January 1, 2015	$	-
Recognition of warrant liabilities		985
Fair value adjustment of warrant liabilities		774
Ending balance at September 30, 2015	$	1,759