v3.3.1.900

Fair Value Measurements (Tables) | 12 Months Ended
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Dec. 31, 2015
Summary of financial assets and liabilities measured on recurring basis |
|  | December 31, 2015 |  | December 31, 2014 |
|  | Level I |  | Level II |  | Level III |  | Total |  | Level I |  | Level II |  | Level III |  | Total |
|  | (in thousands) |
Financial Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market deposits |  | $ | 5,966 |  | $ | — |  | $ | — |  | $ | 5,966 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |
U.S. Treasury securities |  |  | 103,813 |  |  | — |  |  | — |  |  | 103,813 |  |  | — |  |  | — |  |  | — |  |  | — |
U.S. agency securities |  |  | — |  |  | 78,853 |  |  | — |  |  | 78,853 |  |  | — |  |  | — |  |  | — |  |  | — |
Municipal securities |  |  | — |  |  | 18,920 |  |  | — |  |  | 18,920 |  |  |  |  |  |  |  |  |  |  |  |  |
Total financial assets |  | $ | 109,779 |  | $ | 97,773 |  | $ | — |  | $ | 207,552 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |
Current Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Warrants |  | $ | — |  | $ | — |  | $ | 3,649 |  | $ | 3,649 |  | $ | — |  | $ | — |  | $ | 2,232 |  | $ | 2,232 |
Long-term Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Senior secured term loan |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 20,964 |  | $ | 20,964 |
Total financial liabilities |  | $ | — |  | $ | — |  | $ | 3,649 |  | $ | 3,649 |  | $ | — |  | $ | — |  | $ | 23,196 |  | $ | 23,196 |
Summary of quantitative information about inputs and valuation methodologies |
|  |  |  |  |  |  |  |  | Weighted Average |
|  |  |  |  |  |  |  |  | Interest on |
|  | Fair Value at |  |  |  | Significant |  | Discount Rate |
|  | December 31, 2015 |  | Valuation Methodology |  | Unobservable Input |  | (range, if applicable) |
|  | (in thousands) |  |  |  |  |  | (in thousands) |
—Warrants |  | $ | 3,649 |  | Black-Scholes Option Pricing Model |  | Volatility |  |  |  |  |  | 79.6 | %
Warrants |
Rollforward of fair value determined by Level 3 inputs |
|  | Warrants |
|  | 2015 |  | 2014 |
|  | (in thousands) |
Beginning balance |  | $ | 2,232 |  | $ | 568 |
Warrants exercised |  |  | (240) |  |  | — |
Change in fair value |  |  | 1,657 |  |  | 1,664 |
Ending balance |  | $ | 3,649 |  | $ | 2,232 |
Long-term Debt |
Rollforward of fair value determined by Level 3 inputs |
|  | Term Loan |
|  | 2015 |  | 2014 |
|  | (in thousands) |
Beginning balance |  | $ | 20,964 |  | $ | 21,082 |
Change in fair value recognized in non-operating expense |  |  | (964) |  |  | (118) |
Loan payment |  |  | (20,000) |  |  | — |
Ending balance |  | $ | — |  | $ | 20,964 |

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- Definition Tabular disclosure of the inputs and valuation techniques used to measure fair value, and a discussion of changes in valuation techniques and related inputs, if any, applied during the period to each separate class of assets, liabilities, and financial instruments classified in shareholders' equity that are measured on a recurring and/or nonrecurring basis. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 + Details
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- 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19279-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19190-110258 + Details
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