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Fair value of financial instruments and investments (Tables)

12 Months Ended

Dec. 31, 2015

Fair value of financial instruments and investments

Schedule of financial assets and liabilities that are required to be measured at fair value on a recurring basis

		December 31, 2015
		Total			Quoted prices in active markets for identical assets (level 1)			Significant other observable inputs (level 2)			Significant unobservable inputs (level 3)
Marketable securities		$	280,903		$	—		$	280,903		$	—
Warrant liability			48			—			—			48

		December 31, 2014
		Total			Quoted prices in active markets for identical assets (level 1)			Significant other observable inputs (level 2)			Significant unobservable inputs (level 3)
Marketable securities		$	265,493		$	—		$	265,493		$	—
Warrant Liability			188			—			—			188

Summary of marketable securities accounted for as available-for-sale securities

December 31, 2015

Gross Unrealized

Amortized Cost

Fair Value

Gains

Losses

Commercial paper

$

26,877

$

80

$

—

$

26,957

Corporate debt securities

226,959

—

(640

)

226,319

Government obligations

27,656

3

(32

)

27,627

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

281,492

$

83

$

(672

)

$

280,903

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2014

Gross Unrealized

Amortized Cost

Fair Value

Gains

Losses

Corporate debt securities

$

230,379

$

80

$

(428

)

$

230,031

Government obligations

35,501

7

(46

)

35,462

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

265,880

$

87

$

(474

)

$

265,493

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Schedule of marketable securities on the balance sheet

		December 31, 2015
		Less Than 12 Months			More Than 12 Months
Commercial paper		$	26,957		$	—
Corporate debt securities			140,831			85,488
Government obligations			18,994			8,633
​	​	​	​	​	​	​	​
Total Marketable securities		$	186,782		$	94,121
​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​

		December 31, 2014
		Less Than 12 Months			More Than 12 Months
Corporate debt securities		$	157,758		$	72,273
Government obligations			6,003			29,459
​	​	​	​	​	​	​	​
Total Marketable securities		$	163,761		$	101,732
​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​

Summary of changes in the fair value of the Company's Level 3 valuation for warrant liability

		Level 3 assets
Beginning balance as of January 1, 2014		$	58
Change in fair value of warrant liability			130
​	​	​	​	​
Ending balance as of December 31, 2014		$	188
Change in fair value of warrant liability			(140	)
​	​	​	​	​
Ending balance as of December 31, 2015		$	48
​	​	​	​	​
​	​	​	​	​

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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

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-Publisher FASB
-Name Accounting Standards Codification
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Tabular disclosure of marketable securities. This may consist of investments in certain debt and equity securities, short-term investments and other assets.

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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).

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