Marketable Securities and Fair Value (Tables)
|
6 Months Ended |
Jun. 30, 2015 |
|---|
| 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 June 30, 2015 and December 31, 2014:
|
|
Fair Value as of June 30, 2015 |
|
|
Basis of Fair Value Measurements |
|
|
(in thousands) |
|
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Money market funds |
$ |
6,024 |
|
|
$ |
6,024 |
|
|
$ |
— |
|
|
$ |
— |
|
|
Certificates of deposit |
|
356 |
|
|
|
— |
|
|
|
356 |
|
|
|
— |
|
|
Corporate debt securities |
|
27,833 |
|
|
|
— |
|
|
|
27,833 |
|
|
|
— |
|
|
Government securities |
|
21,709 |
|
|
|
— |
|
|
|
21,709 |
|
|
|
— |
|
|
Municipal securities |
|
1,956 |
|
|
|
— |
|
|
|
1,956 |
|
|
|
— |
|
|
Commercial paper |
|
8,880 |
|
|
|
— |
|
|
|
8,880 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total cash equivalents and marketable securities |
$ |
66,758 |
|
|
$ |
6,024 |
|
|
$ |
60,734 |
|
|
$ |
— |
|
|
|
Fair Value as of December 31, 2014 |
|
|
Basis of Fair Value Measurements |
|
|
(in thousands) |
|
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Money market funds |
$ |
3,369 |
|
|
$ |
3,369 |
|
|
$ |
— |
|
|
$ |
— |
|
|
Certificates of deposit |
|
2,505 |
|
|
|
— |
|
|
|
2,505 |
|
|
|
— |
|
|
Corporate debt securities |
|
28,081 |
|
|
|
— |
|
|
|
28,081 |
|
|
|
— |
|
|
Government securities |
|
19,123 |
|
|
|
— |
|
|
|
19,123 |
|
|
|
— |
|
|
Commercial paper |
|
5,499 |
|
|
|
— |
|
|
|
5,499 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total cash equivalents and marketable securities |
$ |
58,577 |
|
|
$ |
3,369 |
|
|
$ |
55,208 |
|
|
$ |
— |
|
|
| 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 June 30, 2015 and December 31, 2014:
|
As of June 30, 2015 (in thousands): |
Cost Basis |
|
|
Unrealized
Gain |
|
|
Unrealized
Loss |
|
|
Fair
Value |
|
|
Money market funds |
$ |
6,024 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
6,024 |
|
|
Certificates of deposit |
|
356 |
|
|
|
— |
|
|
|
— |
|
|
|
356 |
|
|
Corporate debt securities |
|
27,853 |
|
|
|
1 |
|
|
|
(21 |
) |
|
|
27,833 |
|
|
U.S. Government securities |
|
21,708 |
|
|
|
2 |
|
|
|
(1 |
) |
|
|
21,709 |
|
|
Municipal securities |
|
1,955 |
|
|
|
1 |
|
|
|
— |
|
|
|
1,956 |
|
|
Commercial paper |
|
8,880 |
|
|
|
— |
|
|
|
— |
|
|
|
8,880 |
|
|
|
|
66,776 |
|
|
|
4 |
|
|
|
(22 |
) |
|
|
66,758 |
|
|
Less cash equivalents |
|
10,308 |
|
|
|
— |
|
|
|
— |
|
|
|
10,308 |
|
|
Total marketable securities |
$ |
56,468 |
|
|
$ |
4 |
|
|
$ |
(22 |
) |
|
$ |
56,450 |
|
|
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 |
|
|
U.S. Government securities |
|
19,123 |
|
|
|
3 |
|
|
|
(3 |
) |
|
|
19,123 |
|
|
Commercial paper |
|
5,499 |
|
|
|
— |
|
|
|
— |
|
|
|
5,499 |
|
|
|
|
58,590 |
|
|
|
4 |
|
|
|
(17 |
) |
|
|
58,577 |
|
|
Less cash equivalents |
|
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 June 30, 2015 (in thousands):
|
|
In loss position for less
than twelve months |
|
|
As of June 30, 2015 (in thousands): |
Fair
Value |
|
|
Unrealized
Loss |
|
|
U.S. Government securities |
$ |
6,484 |
|
|
$ |
(1 |
) |
|
Corporate debt securities |
|
24,225 |
|
|
|
(21 |
) |
|
Total marketable securities |
$ |
30,709 |
|
|
$ |
(22 |
) |
|