Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2013

Schedule of fair value of the financial assets and liabilities

The following tables show the fair value of the Company’s financial assets and liabilities that are required to be measured at fair value, in thousands:

			Fair Value Measurements at
			March 31, 2013
			(unaudited)
					Significant
	Total Carrying		Quoted Prices		Other		Significant
	Value at		in Active		Observable		Unobservable
	March 31,		Markets		Inputs		Inputs
	2013		(Level 1)		(Level 2)		(Level 3)
Assets:
Cash and cash equivalents	$	18,909	$	15,903	$	3,006	$	—
Marketable securities	50,983		—		50,983		—
Marketable securities - restricted (Other Assets)	308		—		308		—
Total assets at fair value	$	70,200	$	15,903	$	54,297	$	—
Liabilities:
Warrant liability	$	172	$	—	$	—	$	172

			Fair Value Measurements at
			December 31, 2012
					Significant
	Total Carrying		Quoted Prices		Other		Significant
	Value at		in Active		Observable		Unobservable
	December 31,		Markets		Inputs		Inputs
	2012		(Level 1)		(Level 2)		(Level 3)
Assets:
Cash and cash equivalents	$	40,302	$	31,561	$	8,741	$	—
Marketable securities	48,206		—		48,206		—
Marketable securities - restricted (Other Assets)	279		—		279		—
Total assets at fair value	$	88,787	$	31,561	$	57,226	$	—
Liabilities:
Warrant liability	$	251	$	—	$	—	$	251

Schedule of assumptions used to calculate fair value of stock warrant liability using Monte-Carlo simulation on a Black-Scholes model

Exercise Price		$4 - $5 per share
Volatility		70%
Stock Price as of March 31, 2013		$5.62 per share
Term		7.6 - 8.7 years
Dividend Yield		0.0%
Risk-Free Rate		1.4% - 1.6%

Schedule of the entity's common stock warrant liability

The following table presents information about the Company’s common stock warrant liability as of March 31, 2013 and December 31, 2012 that is included in the Other Non-Current Liabilities line of the Consolidated Balance sheets, in thousands:

	Three Months Ended
	March 31, 2013
	(unaudited)

Balance at December 31, 2012	$	251
Changes in fair value of warrants included in earnings	(79		)

Balance at March 31, 2013	$	172

Schedule of unrestricted marketable securities

Unrestricted marketable securities held by the Company were as follows, in thousands:

At March 31, 2013:

Available for Sale	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Corporate debt securities	$	51,072	$	0	$	(89	)	$	50,983

At December 31, 2012:

Available for Sale	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Corporate debt securities	$	48,259	$	1	$	(54	)	$	48,206

- Definition

Tabular disclosure of assets, 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 and/or nonrecurring 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).

+ References+ Details

- 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.

+ References+ Details