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Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2017
Fair Value Disclosures [Abstract]  
Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following tables present the fair value hierarchy for assets and liabilities measured at fair value on a recurring basis as of December 31, 2017 and 2016 (in thousands):

 

 

 

December 31, 2017

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds(1)

 

$

14,334

 

 

$

 

 

$

 

 

$

14,334

 

U.S. government agency securities(3)

 

 

16,471

 

 

$

 

 

$

 

 

 

16,471

 

Restricted cash (money market funds)(2)

 

 

5,333

 

 

 

 

 

 

 

 

 

5,333

 

Agency securities(3)

 

 

 

 

 

1,500

 

 

 

 

 

 

1,500

 

Total financial assets

 

$

36,138

 

 

$

1,500

 

 

$

 

 

$

37,638

 

 

(1)

Included in cash and cash equivalents on accompanying consolidated balance sheets.

(2)

$5.2 million of restricted cash in the Indenture serves as full collateral for the redeemable convertible notes and $0.1 million of restricted cash serves as collateral for the Company’s corporate credit card and deposit for its facility lease.

(3)

Included in short-term investments on accompanying consolidated balance sheets and are classified as available-for-sale securities.  

 

 

 

December 31, 2016

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds(1)

 

$

10,156

 

 

$

 

 

$

 

 

$

10,156

 

U.S. government agency securities(3)

 

 

6,800

 

 

 

 

 

 

 

 

 

6,800

 

Restricted cash (money market funds)(2)

 

 

19,593

 

 

 

 

 

 

 

 

 

19,593

 

Total financial assets

 

$

36,549

 

 

$

 

 

$

 

 

$

36,549

 

 

(1)

Included in cash and cash equivalents on accompanying consolidated balance sheets.

(2)

$19.4 million of restricted cash in the Indenture serves as full collateral for the redeemable convertible notes and $0.1 million of restricted cash serves as collateral for the Company’s corporate credit card and deposit for its facility lease.

(3)

Included in short-term investments on accompanying consolidated balance sheets and are classified as available-for-sale securities.