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Fair value of financial instruments and marketable securities (Tables)
 9 Months Ended
Sep. 30, 2016
Fair Value Disclosures [Abstract]  
Schedule of financial assets and liabilities that are required to be measured at fair value on a recurring basis
The following represents the fair value using the hierarchy described above for the Company’s financial assets and liabilities that are required to be measured at fair value on a recurring basis as of September 30, 2016 and December 31, 2015:
 
 
 
September 30, 2016
 
 
Total
 
Quoted prices
in active
markets for
identical assets
(level 1)
 
Significant
other
observable
inputs
(level 2)
 
Significant
unobservable
inputs
(level 3)
Marketable securities
 
$
198,052

 
$
—

 
$
198,052

 
$
—

Warrant liability
 
$
4

 
$
—

 
$
—

 
$
4

Stock appreciation rights liability
 
$
838

 
$
—

 
$
—

 
$
838

 
 
December 31, 2015
 
 
Total
 
Quoted prices
in active
markets for
identical assets
(level 1)
 
Significant
other
observable
inputs
(level 2)
 
Significant
unobservable
inputs
(level 3)
Marketable securities
 
$
280,903

 
$
—

 
$
280,903

 
$
—

Warrant Liability
 
$
48

 
$
—

 
$
—

 
$
48

Stock appreciation rights liability
 
$
—

 
$
—

 
$
—

 
$
—
Summary of marketable securities accounted for as available-for-sale securities
The following is a summary of marketable securities accounted for as available-for-sale securities at September 30, 2016 and December 31, 2015:
 
 
September 30, 2016
 
 
Amortized
Cost
 
Gross Unrealized
 
Fair
Value
 
 
 
Gains
 
Losses
 
Commercial paper
 
$
17,935

 
$
53

 
$
—

 
$
17,988

Corporate debt securities
 
166,119

 
110

 
(109
)
 
166,120

Government obligations
 
13,936

 
8

 
—

 
13,944

 
 
$
197,990

 
$
171

 
$
(109
)
 
$
198,052

 
 
 
December 31, 2015
 
 
Amortized
Cost
 
Gross Unrealized
 
Fair
Value
 
 
 
Gains
 
Losses
 
Commercial paper
 
$
26,877

 
$
80

 
$
—

 
$
26,957

Corporate debt securities
 
226,959

 
—

 
(640
)
 
226,319

Government obligations
 
27,656

 
3

 
(32
)
 
27,627

 
 
$
281,492

 
$
83

 
$
(672
)
 
$
280,903
Schedule of marketable securities on the balance sheet
Marketable securities on the balance sheet at September 30, 2016 and December 31, 2015 mature as follows:
 
 
September 30, 2016
 
 
Less Than
12 Months
 
More Than
12 Months
Commercial paper
 
$
17,988

 
$
—

Corporate debt securities
 
132,009

 
34,111

Government obligations
 
13,944

 
—

Total Marketable securities
 
$
163,941

 
$
34,111

 
 
December 31, 2015
 
 
Less Than
12 Months
 
More Than
12 Months
Commercial paper
 
$
26,957

 
$
—

Corporate debt securities
 
140,831

 
85,488

Government obligations
 
18,994

 
8,633

Total Marketable securities
 
$
186,782

 
$
94,121
Summary of changes in the fair value of the Company's Level 3 valuation for warrant liability and SARs liability
The table presented below is a summary of changes in the fair value of the Company’s Level 3 valuations for the warrant liability and SARs liability for the period ended September 30, 2016:
 
 
Level 3 liabilities
 
 
Warrants
 
SARs
Beginning balance as of December 31, 2015
 
$
48

 
$
—

Change in fair value
 
(44
)
 
838

Ending balance as of September 30, 2016
 
$
4

 
$
838