Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2015

Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block]

The following table summarizes the calculated aggregate fair values, along with the assumptions utilized in each calculation:



($ in thousands)	March 31, 2015			December 31, 2014
Calculated aggregate value	$	12,949		$	11,286
Weighted average exercise price per share	$	7.08		$	7.08
Closing price per share of common stock	$	4.51		$	2.59
Volatility	78.5		%	67.6		%
Weighted average remaining expected life	2 years, 4 months			2 years, 7 months
Risk-free interest rate	0.63		%	0.86		%
Dividend yield	—			—

Company's Financial Assets and Liability Measured at Fair Value on a Recurring Basis

The following fair value hierarchy table presents information about each major category of the Company’s financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2015 and December 31, 2014:

Note 6. Fair Value Measurements (continued)



	Fair value measurement using
($ in thousands)	Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Balance at March 31, 2015
Assets:
Cash and cash equivalents	$	33,301	$	—	$	—	$	33,301
Liabilities:
Warrant liability	$	—	$	—	$	12,949	$	12,949



	Fair value measurement using
($ in thousands)	Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Balance at December 31, 2014
Assets:
Cash and cash equivalents	$	37,495	$	—	$	—	$	37,495
Liabilities:
Warrant liability	$	—	$	—	$	11,286	$	11,286

Reconciliation of Warrant Liability Measured at Fair Value on Recurring Basis

The reconciliation of the warrant liability measured at fair value on a recurring basis using unobservable inputs (Level 3) was as follows:



	Warrant
($ in thousands)	Liability
Balance at December 31, 2014	$	11,286
Exercise of warrants	—
Change in fair value of warrant liability	1,663
Balance at March 31, 2015	$	12,949

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

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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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