Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2015

Derivative Financial Instruments

Schedule of range of assumptions used to determine the fair value of the warrants

	Nine Months Ended September 30, 2015		Nine Months Ended September 30, 2014
Fair value of Synergy common stock	$	5.30	$	2.79
Expected warrant term	0.01-2.4 years		0.75-3.4 years
Risk-free interest rate	0.00%-0.78%		0.08%-1.25%
Expected volatility	80%		52%-60%
Dividend yield	—		—

Schedule of changes in derivative financial instruments and associated liability balance

Date	Description	Warrants		Derivative Instrument Liability (in thousands)
12/31/2014	Balance of derivative financial instruments liability	858,469		$	172
3/31/2015	Change in fair value of warrants during the quarter	—		268
6/30/2015	Change in fair value of warrants during the quarter	—		1,541
6/30/2015	Expiration of warrants	(324,000	)	—
9/30/2015	Change in fair value of warrants during the quarter	—		(1,445		)
9/30/2015	Exercise of warrants	(30,000	)	—
9/30/2015	Expiration of warrants	(2,469	)	(3		)
9/30/2015	Balance of derivative financial instruments liability	502,000		$	533

Schedule of liabilities that are measured and recognized at fair value on a recurring basis

($ in thousands)

Description	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of December 31, 2014		Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of September 30, 2015
Derivative liabilities related to Warrants	$	—	$	—	$	172	$	172	$	—	$	—	$	533	$	533

Summary of changes in the fair value of Level 3 liabilities

The following table sets forth a summary of changes in the fair value of the Company’s Level 3 liabilities for the nine months ended September 30, 2015:

($ in thousands)

Description	Balance at December 31, 2014		(Gain) or loss recognized in earning from Change in Fair Value		Expiration of warrants			Balance as of September 30, 2015
Derivative liabilities related to Warrants	$	172	$	364	$	(3	)	$	533