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Summary of Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2016
Accounting Policies [Abstract]  
Schedule of Financial Assets That Have Been Measured at Fair Value

The following table presents information about the Company’s financial assets that have been measured at fair value at December 31, 2016 and indicates the fair value hierarchy of the valuation inputs utilized to determine such fair value (in thousands):

 

Description

   Total      Quoted Prices
in Active
Markets
(Level 1)
     Significant
Other
Observable
Inputs
(Level 2)
     Significant
Unobservable
Inputs
(Level 3)
 

Financial assets

           

Cash equivalents:

           

Money market funds

   $ 37,916      $ 37,916      $ —      $ —  

Investments:

           

Current:

           

Corporate debt securities

     52,722        —        52,722        —  

Commercial paper

     24,668        —        24,668        —  

U.S. government and agency securities

     2,499        —        2,499        —  

Non-current:

           

Corporate debt securities (one to two year maturity)

     43,435        —        43,435        —  

U.S. government securities

     1,999        —        1,999        —  
  

 

 

    

 

 

    

 

 

    

 

 

 
   $ 163,239      $ 37,916      $ 125,323      $ —  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

The following table presents information about the Company’s financial assets that have been measured at fair value at December 31, 2015 and indicates the fair value hierarchy of the valuation inputs utilized to determine such fair value (in thousands):

 

Description

  Total     Quoted Prices
in Active
Markets
(Level 1)
    Significant
Other
Observable
Inputs
(Level 2)
    Significant
Unobservable
Inputs
(Level 3)
 

Financial assets

       

Cash equivalents:

       

Money market funds

  $ 49,172     $ 49,172     $ —     $ —  

Investments:

       

Current:

       

Corporate debt securities

    86,447       —       86,447       —  

Commercial paper

    29,828       —       29,828       —  

U.S. government and agency securities

    1,000       —       1,000       —  

Non-current:

       

Corporate debt securities (one to two year maturity)

    33,878       —       33,878       —  
 

 

 

   

 

 

   

 

 

   

 

 

 
  $ 200,325     $ 49,172     $ 151,153     $ —  
 

 

 

   

 

 

   

 

 

   

 

 

 
Schedule of Potentially Dilutive Securities Were Excluded From The Calculation of Diluted Net Loss Per Share Due to Their Anti-Dilutive Effect

The following potentially dilutive securities were excluded from the calculation of diluted net loss per share due to their anti-dilutive effect at December 31, 2016, 2015 and 2014 (in common stock equivalent shares):

 

     December 31,  
     2016      2015      2014  

Outstanding stock options

     5,574,179        4,443,317        3,012,923  

Unvested restricted stock

     —        —        11,410  

Unvested restricted stock units

     214,300        508,800        —