Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2015

Fair value measurements by level for assets and liabilities measured at fair value on a recurring basis

The following table summarizes fair value measurements by level at September 30, 2015 for assets and liabilities measured at fair value on a recurring basis:

(In thousands)	Level I		Level II		Level III			Total
Cash equivalents	$	55,045	$	—	$	—		$	55,045
Short-term investments		15,022		—		—			15,022
Warrant liabilities		—		—		(1,051	)		(1,051	)

The following table summarizes fair value measurements by level at December 31, 2014 for assets and liabilities measured at fair value on a recurring basis:

(In thousands)	Level I		Level II		Level III			Total
Cash equivalents	$	31,159	$	—	$	—		$	31,159
Short-term investments		45,622		—		—			45,622
Warrant liability		—		—		(5,131	)		(5,131	)

Changes in carrying amounts of the warrant liability

The changes in carrying amounts of the warrant liability for the period ended September 30, 2015 was as follows:

(In thousands)	2015
Beginning balance	5,131
Net changes in valuation	(4,080)
Ending balance	1,051