Fair Value Measurements and Marketable Securities (Tables)
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12 Months Ended |
Dec. 31, 2015 |
Fair Value Disclosures [Abstract] |
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Financial Assets at Fair Value on Recurring Basis |
The following table sets forth the Company’s financial assets (cash equivalents and available-for-sale marketable securities) at fair value on a recurring basis as of December 31, 2015 and 2014:
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Fair Value as of
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December 31,
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Basis of Fair Value Measurements
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(in thousands)
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2015
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|
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Level 1
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Level 2
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|
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Level 3
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|
Money market funds
|
|
$
|
5,421
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|
|
$
|
5,421
|
|
|
$
|
—
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|
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$
|
—
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|
Certificates of deposit
|
|
|
696
|
|
|
|
—
|
|
|
|
696
|
|
|
|
—
|
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Corporate debt securities
|
|
|
12,571
|
|
|
|
—
|
|
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12,571
|
|
|
|
—
|
|
Government securities
|
|
|
21,769
|
|
|
|
—
|
|
|
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21,769
|
|
|
|
—
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Municipal securities
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1,908
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|
|
|
—
|
|
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1,908
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|
|
|
—
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Commercial paper
|
|
|
6,145
|
|
|
|
—
|
|
|
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6,145
|
|
|
|
—
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Total cash equivalents and marketable securities
|
|
$
|
48,510
|
|
|
$
|
5,421
|
|
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$
|
43,089
|
|
|
$
|
—
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|
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Fair Value as of
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|
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|
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|
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|
|
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December 31,
|
|
|
Basis of Fair Value Measurements
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(in thousands)
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|
2014
|
|
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Level 1
|
|
|
Level 2
|
|
|
Level 3
|
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Money market funds
|
|
$
|
3,369
|
|
|
$
|
3,369
|
|
|
$
|
—
|
|
|
$
|
—
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Certificates of deposit
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|
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2,505
|
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|
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—
|
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2,505
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|
|
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—
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Corporate debt securities
|
|
|
28,081
|
|
|
|
—
|
|
|
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28,081
|
|
|
|
—
|
|
Government securities
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|
|
19,123
|
|
|
|
—
|
|
|
|
19,123
|
|
|
|
—
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Commercial paper
|
|
|
5,499
|
|
|
|
—
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|
|
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5,499
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|
|
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—
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Total cash equivalents and marketable securities
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|
$
|
58,577
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$
|
3,369
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$
|
55,208
|
|
|
$
|
—
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|
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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 December 31, 2015 and 2014:
As of December 31, 2015 (in thousands):
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Cost Basis
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|
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Unrealized
Gain
|
|
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Unrealized
Loss
|
|
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Fair
Value
|
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Money market funds
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|
$
|
5,421
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5,421
|
|
Certificates of deposit
|
|
|
696
|
|
|
|
—
|
|
|
|
—
|
|
|
|
696
|
|
Corporate debt securities
|
|
|
12,578
|
|
|
|
1
|
|
|
|
(8
|
)
|
|
|
12,571
|
|
Municipal securities
|
|
|
1,908
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1,908
|
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Government securities
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|
|
21,783
|
|
|
|
—
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|
|
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(14
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)
|
|
|
21,769
|
|
Commercial paper
|
|
|
6,145
|
|
|
|
—
|
|
|
|
—
|
|
|
|
6,145
|
|
|
|
|
48,531
|
|
|
|
1
|
|
|
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(22
|
)
|
|
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48,510
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Less cash equivalents
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(9,419
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)
|
|
|
—
|
|
|
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—
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|
|
|
(9,419
|
)
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Total marketable securities
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$
|
39,112
|
|
|
$
|
1
|
|
|
$
|
(22
|
)
|
|
$
|
39,091
|
|
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
|
|
Government securities
|
|
|
19,123
|
|
|
|
3
|
|
|
|
(3
|
)
|
|
|
19,123
|
|
Commercial paper
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|
|
5,499
|
|
|
|
—
|
|
|
|
—
|
|
|
|
5,499
|
|
|
|
|
58,590
|
|
|
|
4
|
|
|
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(17
|
)
|
|
|
58,577
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Less cash equivalents
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|
|
(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 December 31, 2015 (in thousands):
As of December 31, 2015 (in thousands):
|
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In loss position for less
than twelve months
|
|
|
|
Fair
Value
|
|
|
Unrealized
Loss
|
|
Government securities
|
|
$
|
16,730
|
|
|
$
|
(14
|
)
|
Corporate debt securities
|
|
|
10,260
|
|
|
|
(8
|
)
|
Total marketable securities
|
|
$
|
26,990
|
|
|
$
|
(22
|
)
|
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