Fair Value (Tables)

12 Months Ended

Dec. 31, 2015

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

In accordance with FASB ASC 820, Fair Value Measurements and Disclosures, the following table represents the Company’s fair value hierarchy for its financial liabilities measured at fair value on a recurring basis as of December 31, 2015 and 2014:


December 31, 2015	Level 2		Level 3		Total
	(in thousands)		(in thousands)		(in thousands)
Derivative instruments	$	12,343	$	35,623	$	47,966


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 years ended December 31, 2015 and 2014:


	Year Ended December 31,
	2015		2014
Beginning Balance	$	24,414	$	11,587
Derivative liability of embedded conversion feature of the Bridge Notes		377		221
Derivative liability of embedded conversion feature of the Reimbursement Notes		105		47
Derivative liability of embedded conversion feature of the Convertible Notes		3,648		2,272
Change in fair value		7,079		10,287

Ending Balance	$	35,623	$	24,414