As a result of the fair value adjustment of the warrant liabilities, we recorded a non-cash loss on an increase in the fair value of $3.3 million and $0.9 million for the three months ended March 31, 2015 and 2014, respectively, in our Condensed Statements of Operations and Comprehensive Income (Loss). See Note 7, “Warrant Liability” for further discussion on the calculation of the fair value of the warrant liability.

 

(in thousands)		Warrant liability
Total warrant liability at December 31, 2014		$	5,578
Adjustment to record warrants at fair value			3,279
Total warrant liability at March 31, 2015		$	8,857