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Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2017
Fair Value Disclosures [Abstract] |
Schedule of Fair Value of Financial Assets Measured on a Recurring Basis | The amounts presented exclude cash, but include investments classified as cash equivalents (in thousands):
| March 31, 2017
| Level 1 |  | Level 2 |  | Total
Money market funds | $ | 44,641 |  |  | $ | — |  |  | $ | 44,641 |
Commercial paper | — |  |  | 193,968 |  |  | 193,968 |
Corporate bonds | — |  |  | 175,061 |  |  | 175,061 |
U.S. Treasury and government sponsored enterprises | — |  |  | 43,286 |  |  | 43,286 |
Total financial assets | $ | 44,641 |  |  | $ | 412,315 |  |  | $ | 456,956 |
| December 31, 2016
| Level 1 |  | Level 2 |  | Total
Money market funds | $ | 71,457 |  |  | $ | — |  |  | $ | 71,457 |
Commercial paper | — |  |  | 165,375 |  |  | 165,375 |
Corporate bonds | — |  |  | 152,407 |  |  | 152,407 |
U.S. Treasury and government sponsored enterprises | — |  |  | 70,727 |  |  | 70,727 |
Total financial assets | $ | 71,457 |  |  | $ | 388,509 |  |  | $ | 459,966 |
Schedule of Estimated Fair Value of Outstanding Debt | The estimated fair value of our financial instruments that are carried at amortized cost is as follows (in thousands):
| March 31, 2017 |  | December 31, 2016
| Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
Deerfield Notes | $ | 113,349 |  |  | $ | 121,895 |  |  | $ | 109,122 |  |  | $ | 121,220 |
Term loan payable | $ | — |  |  | $ | — |  |  | $ | 80,000 |  |  | $ | 79,784 |

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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class 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 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 Reference 2: 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=66048111&loc=d3e19190-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class 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). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset. + 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=66048111&loc=d3e19190-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 + Details
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