Fair value (Tables)

3 Months Ended

Mar. 31, 2014

Schedule of assets and liabilities that are measured at fair value on a recurring basis

The following tables provide our assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2014 and December 31, 2013 (in thousands):

Description	Balance as of March 31, 2014		Level 1		Level 2		Level 3
Assets:
Cash and money market funds	$	56,134	$	56,134	$	—	$	—
Corporate obligations (including commercial paper)	33,331		—		33,331		—
Total assets	$	89,465	$	56,134	$	33,331	$	—
Liabilities:
Technology access fee due to Intrexon	$	2,270	$	—	$	—	$	2,270
Total liabilities	$	2,270	$	—	$	—	$	2,270

Description	Balance as of December 31, 2013		Level 1		Level 2		Level 3
Assets:
Cash and money market funds	$	18,078	$	18,078	$	—	$	—
Corporate obligations (including commercial paper)	26,349		—		26,349		—
Total assets	$	44,427	$	18,078	$	26,349	$	—
Liabilities:
Technology access fee due to Intrexon	$	2,186	$	—	$	—	$	2,186
Total liabilities	$	2,186	$	—	$	—	$	2,186

Schedule of changes in the fair value of the level 3 technology access fee due to Intrexon

Changes in the fair value of the Level 3 technology access fee due to Intrexon for the three months ended March 31, 2014 were as follows (in thousands):

	Technology access fee
Balance at December 31, 2013	$	2,186
Fair value adjustment(1)	84
Balance at March 31, 2014	$	2,270

(1) Fair value adjustments consist of interest expense recorded for the three months ended March 31, 2014.

- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

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