Marketable Securities and Fair Value (Tables)
|
9 Months Ended |
Sep. 30, 2015 |
|---|
| Fair Value Disclosures [Abstract] |
|
| Financial Assets at Fair Value on Recurring Basis |
The following table sets forth the Company’s financial assets (cash equivalents and marketable securities) at fair value on a recurring basis as of September 30, 2015 and December 31, 2014:
|
|
Fair Value as of September 30, 2015
|
|
|
Basis of Fair Value Measurements
|
|
|
(in thousands)
|
|
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Money market funds
|
$
|
4,867
|
|
|
$
|
4,867
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Certificates of deposit
|
|
841
|
|
|
|
—
|
|
|
|
841
|
|
|
|
—
|
|
|
Corporate debt securities
|
|
18,128
|
|
|
|
—
|
|
|
|
18,128
|
|
|
|
—
|
|
|
Government securities
|
|
17,253
|
|
|
|
—
|
|
|
|
17,253
|
|
|
|
—
|
|
|
Municipal securities
|
|
1,933
|
|
|
|
—
|
|
|
|
1,933
|
|
|
|
—
|
|
|
Commercial paper
|
|
13,392
|
|
|
|
—
|
|
|
|
13,392
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total cash equivalents and marketable securities
|
$
|
56,414
|
|
|
$
|
4,867
|
|
|
$
|
51,547
|
|
|
$
|
—
|
|
|
|
Fair Value as of December 31, 2014
|
|
|
Basis of Fair Value Measurements
|
|
|
(in thousands)
|
|
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Money market funds
|
$
|
3,369
|
|
|
$
|
3,369
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Certificates of deposit
|
|
2,505
|
|
|
|
—
|
|
|
|
2,505
|
|
|
|
—
|
|
|
Corporate debt securities
|
|
28,081
|
|
|
|
—
|
|
|
|
28,081
|
|
|
|
—
|
|
|
Government securities
|
|
19,123
|
|
|
|
—
|
|
|
|
19,123
|
|
|
|
—
|
|
|
Commercial paper
|
|
5,499
|
|
|
|
—
|
|
|
|
5,499
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total cash equivalents and marketable securities
|
$
|
58,577
|
|
|
$
|
3,369
|
|
|
$
|
55,208
|
|
|
$
|
—
|
|
|
| Summary of Company's Available-for-Sale Securities |
The Company invests in highly-liquid, investment-grade securities. The following is a summary of the Company’s available-for-sale securities at September 30, 2015 and December 31, 2014:
|
As of September 30, 2015 (in thousands):
|
Cost Basis
|
|
|
Unrealized
Gain
|
|
|
Unrealized
Loss
|
|
|
Fair
Value
|
|
|
Money market funds
|
$
|
4,867
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4,867
|
|
|
Certificates of deposit
|
|
841
|
|
|
|
—
|
|
|
|
—
|
|
|
|
841
|
|
|
Corporate debt securities
|
|
18,136
|
|
|
|
2
|
|
|
|
(10
|
)
|
|
|
18,128
|
|
|
U.S. Government securities
|
|
17,249
|
|
|
|
4
|
|
|
|
—
|
|
|
|
17,253
|
|
|
Municipal securities
|
|
1,932
|
|
|
|
1
|
|
|
|
—
|
|
|
|
1,933
|
|
|
Commercial paper
|
|
13,392
|
|
|
|
—
|
|
|
|
—
|
|
|
|
13,392
|
|
|
|
|
56,417
|
|
|
|
7
|
|
|
|
(10
|
)
|
|
|
56,414
|
|
|
Less cash equivalents
|
|
13,709
|
|
|
|
—
|
|
|
|
—
|
|
|
|
13,709
|
|
|
Total marketable securities
|
$
|
42,708
|
|
|
$
|
7
|
|
|
$
|
(10
|
)
|
|
$
|
42,705
|
|
|
As of December 31, 2014 (in thousands):
|
Cost Basis
|
|
|
Unrealized
Gain
|
|
|
Unrealized
Loss
|
|
|
Fair
Value
|
|
|
Money market funds
|
$
|
3,369
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3,369
|
|
|
Certificates of deposit
|
|
2,505
|
|
|
|
—
|
|
|
|
—
|
|
|
|
2,505
|
|
|
Corporate debt securities
|
|
28,094
|
|
|
|
1
|
|
|
|
(14
|
)
|
|
|
28,081
|
|
|
U.S. Government securities
|
|
19,123
|
|
|
|
3
|
|
|
|
(3
|
)
|
|
|
19,123
|
|
|
Commercial paper
|
|
5,499
|
|
|
|
—
|
|
|
|
—
|
|
|
|
5,499
|
|
|
|
|
58,590
|
|
|
|
4
|
|
|
|
(17
|
)
|
|
|
58,577
|
|
|
Less cash equivalents
|
|
8,368
|
|
|
|
—
|
|
|
|
—
|
|
|
|
8,368
|
|
|
Total marketable securities
|
$
|
50,222
|
|
|
$
|
4
|
|
|
$
|
(17
|
)
|
|
$
|
50,209
|
|
|
| Marketable Securities with Unrealized Losses |
The following table provides the breakdown of the marketable securities with unrealized losses at September 30, 2015 (in thousands):
|
|
In loss position for less
than twelve months
|
|
|
As of September 30, 2015 (in thousands):
|
Fair
Value
|
|
|
Unrealized
Loss
|
|
|
Corporate debt securities
|
|
11,234
|
|
|
|
(10
|
)
|
|