Fair Value (Tables)

3 Months Ended

Mar. 31, 2015

Fair Value Hierarchy for Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

the following table represents the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2015 and December 31, 2014:


March 31, 2015 (unaudited)	Level 2		Level 3		Total
	(In thousands)		(In thousands)		(In thousands)
Derivative Instruments	$	13,861	$	42,522	$	56,382

December 31, 2014	Level 2		Level 3		Total
	(In thousands)		(In thousands)		(In thousands)
Derivative Instruments	$	5,506	$	24,414	$	29,920

Schedule of Changes in Fair Value of Level 3 Financial Instruments

The following table summarizes the changes in fair value of the Company’s Level 3 financial instruments for the periods ended March 31, 2015 and December 31, 2014.


	March 31, 2015 (unaudited)		December 31, 2014
Beginning Balance	$	24,414	$	11,587
Derivative liability of embedded conversion feature of the Bridge Notes		—		221
Derivative liability of embedded conversion feature of the Reimbursement Notes		—		47
Derivative liability of the embedded conversion feature of the Convertible Notes		—		2,272
Change in fair value		18,108		10,287

Ending Balance	$	42,522		24,414

- 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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