Marketable Securities and Fair Value (Tables)
|
3 Months Ended |
Mar. 31, 2016 |
|---|
| 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 March 31, 2016 and December 31, 2015:
|
|
Fair Value as of March 31, 2016
|
|
|
Basis of Fair Value Measurements
|
|
|
(in thousands)
|
|
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Money market funds
|
$
|
3,543
|
|
|
$
|
3,543
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Certificates of deposit
|
|
100
|
|
|
|
—
|
|
|
|
100
|
|
|
|
—
|
|
|
Corporate debt securities
|
|
5,166
|
|
|
|
—
|
|
|
|
5,166
|
|
|
|
—
|
|
|
Government securities
|
|
17,846
|
|
|
|
—
|
|
|
|
17,846
|
|
|
|
—
|
|
|
Commercial paper
|
|
11,239
|
|
|
|
—
|
|
|
|
11,239
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total cash equivalents and marketable securities
|
$
|
37,894
|
|
|
$
|
3,543
|
|
|
$
|
34,351
|
|
|
$
|
—
|
|
|
|
Fair Value as of December 31, 2015
|
|
|
Basis of Fair Value Measurements
|
|
|
(in thousands)
|
|
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Money market funds
|
$
|
5,421
|
|
|
$
|
5,421
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Certificates of deposit
|
|
696
|
|
|
|
—
|
|
|
|
696
|
|
|
|
—
|
|
|
Corporate debt securities
|
|
12,571
|
|
|
|
—
|
|
|
|
12,571
|
|
|
|
—
|
|
|
Government securities
|
|
21,769
|
|
|
|
—
|
|
|
|
21,769
|
|
|
|
—
|
|
|
Municipal securities
|
|
1,908
|
|
|
|
—
|
|
|
|
1,908
|
|
|
|
—
|
|
|
Commercial paper
|
|
6,145
|
|
|
|
—
|
|
|
|
6,145
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total cash equivalents and marketable securities
|
$
|
48,510
|
|
|
$
|
5,421
|
|
|
$
|
43,089
|
|
|
$
|
—
|
|
|
| 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 March 31, 2016 and December 31, 2015:
|
As of March 31, 2016 (in thousands):
|
Cost Basis
|
|
|
Unrealized
Gain
|
|
|
Unrealized
Loss
|
|
|
Fair
Value
|
|
|
Money market funds
|
$
|
3,543
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3,543
|
|
|
Certificates of deposit
|
|
100
|
|
|
|
—
|
|
|
|
—
|
|
|
|
100
|
|
|
Corporate debt securities
|
|
5,167
|
|
|
|
—
|
|
|
|
(1
|
)
|
|
|
5,166
|
|
|
U.S. Government securities
|
|
17,844
|
|
|
|
5
|
|
|
|
(3
|
)
|
|
|
17,846
|
|
|
Commercial paper
|
|
11,239
|
|
|
|
—
|
|
|
|
—
|
|
|
|
11,239
|
|
|
|
|
37,893
|
|
|
|
5
|
|
|
|
(4
|
)
|
|
|
37,894
|
|
|
Less cash equivalents
|
|
11,139
|
|
|
|
—
|
|
|
|
—
|
|
|
|
11,139
|
|
|
Total marketable securities
|
$
|
26,754
|
|
|
$
|
5
|
|
|
$
|
(4
|
)
|
|
$
|
26,755
|
|
|
As of December 31, 2015 (in thousands):
|
Cost Basis
|
|
|
Unrealized
Gain
|
|
|
Unrealized
Loss
|
|
|
Fair
Value
|
|
|
Money market funds
|
$
|
5,421
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5,421
|
|
|
Certificates of deposit
|
|
696
|
|
|
|
—
|
|
|
|
—
|
|
|
|
696
|
|
|
Corporate debt securities
|
|
12,578
|
|
|
|
1
|
|
|
|
(8
|
)
|
|
|
12,571
|
|
|
Municipal securities
|
|
1,908
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1,908
|
|
|
U.S. Government securities
|
|
21,783
|
|
|
|
—
|
|
|
|
(14
|
)
|
|
|
21,769
|
|
|
Commercial paper
|
|
6,145
|
|
|
|
—
|
|
|
|
—
|
|
|
|
6,145
|
|
|
|
|
48,531
|
|
|
|
1
|
|
|
|
(22
|
)
|
|
|
48,510
|
|
|
Less cash equivalents
|
|
9,419
|
|
|
|
—
|
|
|
|
—
|
|
|
|
9,419
|
|
|
Total marketable securities
|
$
|
39,112
|
|
|
$
|
1
|
|
|
$
|
(22
|
)
|
|
$
|
39,091
|
|
|
| Marketable Securities with Unrealized Losses |
The following table provides the breakdown of the marketable securities with unrealized losses at March 31, 2016 (in thousands):
|
|
In loss position for less
than twelve months
|
|
|
As of March 31, 2016 (in thousands):
|
Fair
Value
|
|
|
Unrealized
Loss
|
|
|
Corporate debt securities
|
$
|
3,115
|
|
|
$
|
(1
|
)
|
|
U.S. government securities
|
|
8,525
|
|
|
|
(3
|
)
|
|
Total marketable securities
|
$
|
11,640
|
|
|
$
|
(4
|
)
|
|