Marketable Securities and Fair Value (Tables)
|
9 Months Ended |
Sep. 30, 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 September 30, 2016 and December 31, 2015:
|
|
Fair Value as of September 30, 2016
|
|
|
Basis of Fair Value Measurements
|
|
|
(in thousands)
|
|
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Money market funds
|
$
|
2,841
|
|
|
$
|
2,841
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Certificates of deposit
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Corporate debt securities
|
|
3,261
|
|
|
|
—
|
|
|
|
3,261
|
|
|
|
—
|
|
|
Government securities
|
|
5,302
|
|
|
|
—
|
|
|
|
5,302
|
|
|
|
—
|
|
|
Commercial paper
|
|
16,487
|
|
|
|
—
|
|
|
|
16,487
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total cash equivalents and marketable securities
|
$
|
27,891
|
|
|
$
|
2,841
|
|
|
$
|
25,050
|
|
|
$
|
—
|
|
|
|
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 September 30, 2016 and December 31, 2015:
|
As of September 30, 2016 (in thousands):
|
Cost Basis
|
|
|
Unrealized
Gain
|
|
|
Unrealized
Loss
|
|
|
Fair
Value
|
|
|
Money market funds
|
$
|
2,841
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,841
|
|
|
Certificates of deposit
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Corporate debt securities
|
|
3,263
|
|
|
|
—
|
|
|
|
(2
|
)
|
|
|
3,261
|
|
|
U.S. Government securities
|
|
5,298
|
|
|
|
4
|
|
|
|
—
|
|
|
|
5,302
|
|
|
Commercial paper
|
|
16,487
|
|
|
|
—
|
|
|
|
—
|
|
|
|
16,487
|
|
|
|
|
27,889
|
|
|
|
4
|
|
|
|
(2
|
)
|
|
|
27,891
|
|
|
Less cash equivalents
|
|
14,936
|
|
|
|
—
|
|
|
|
—
|
|
|
|
14,936
|
|
|
Total marketable securities
|
$
|
12,953
|
|
|
$
|
4
|
|
|
$
|
(2
|
)
|
|
$
|
12,955
|
|
|
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 September 30, 2016 (in thousands):
|
|
In loss position for less
than twelve months
|
|
|
As of September 30, 2016 (in thousands):
|
Fair
Value
|
|
|
Unrealized
Loss
|
|
|
Corporate debt securities
|
$
|
3,008
|
|
|
$
|
(2
|
)
|
|