Marketable Securities and Fair Value (Tables)
|
9 Months Ended |
Sep. 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 September 30, 2015 and December 31, 2014:
|
Fair Value as of September 30, 2015 |
|
|
Basis of Fair Value Measurements |
|
(in thousands) |
|
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
Money market funds |
$ |
4,867 |
|
|
$ |
4,867 |
|
|
$ |
— |
|
|
$ |
— |
|
Certificates of deposit |
|
841 |
|
|
|
— |
|
|
|
841 |
|
|
|
— |
|
Corporate debt securities |
|
18,128 |
|
|
|
— |
|
|
|
18,128 |
|
|
|
— |
|
Government securities |
|
17,253 |
|
|
|
— |
|
|
|
17,253 |
|
|
|
— |
|
Municipal securities |
|
1,933 |
|
|
|
— |
|
|
|
1,933 |
|
|
|
— |
|
Commercial paper |
|
13,392 |
|
|
|
— |
|
|
|
13,392 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total cash equivalents and marketable securities |
$ |
56,414 |
|
|
$ |
4,867 |
|
|
$ |
51,547 |
|
|
$ |
— |
|
|
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 September 30, 2015 and December 31, 2014:
As of September 30, 2015 (in thousands): |
Cost Basis |
|
|
Unrealized
Gain |
|
|
Unrealized
Loss |
|
|
Fair
Value |
|
Money market funds |
$ |
4,867 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
4,867 |
|
Certificates of deposit |
|
841 |
|
|
|
— |
|
|
|
— |
|
|
|
841 |
|
Corporate debt securities |
|
18,136 |
|
|
|
2 |
|
|
|
(10 |
) |
|
|
18,128 |
|
U.S. Government securities |
|
17,249 |
|
|
|
4 |
|
|
|
— |
|
|
|
17,253 |
|
Municipal securities |
|
1,932 |
|
|
|
1 |
|
|
|
— |
|
|
|
1,933 |
|
Commercial paper |
|
13,392 |
|
|
|
— |
|
|
|
— |
|
|
|
13,392 |
|
|
|
56,417 |
|
|
|
7 |
|
|
|
(10 |
) |
|
|
56,414 |
|
Less cash equivalents |
|
13,709 |
|
|
|
— |
|
|
|
— |
|
|
|
13,709 |
|
Total marketable securities |
$ |
42,708 |
|
|
$ |
7 |
|
|
$ |
(10 |
) |
|
$ |
42,705 |
|
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 September 30, 2015 (in thousands):
|
In loss position for less
than twelve months |
|
As of September 30, 2015 (in thousands): |
Fair
Value |
|
|
Unrealized
Loss |
|
Corporate debt securities |
|
11,234 |
|
|
|
(10 |
) |
|