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FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended
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Sep. 30, 2013
FAIR VALUE MEASUREMENTS |
Schedule of cash equivalents, restricted cash and marketable securities by security type | Cash equivalents, restricted cash and marketable securities by security type at September 30, 2013 were as follows:
|  |  |  | Gross |  | Gross |  |  |
|  | Amortized |  | Unrealized |  | Unrealized |  | Estimated |
|  | Cost |  | Gains |  | Losses |  | Fair Value |
|  | (In thousands) |
Included in cash and cash equivalents: |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 5,997 |  | $ | — |  | $ | — |  | $ | 5,997 |
Restricted cash: |  |  |  |  |  |  |  |  |
Certificates of deposit |  | $ | 795 |  | $ | — |  | $ | — |  | $ | 795 |
Marketable securities (due in less than 1 year): |  |  |  |  |  |  |  |  |
Government-sponsored enterprise securities |  | $ | 7,319 |  | $ | 1 |  | $ | — |  | $ | 7,320 |
Commercial paper |  | 15,741 |  | 9 |  | — |  | 15,750 |
Corporate notes |  | 33,569 |  | — |  | (22 | ) | 33,547 |
|  | $ | 56,629 |  | $ | 10 |  | $ | (22 | ) | $ | 56,617 |
Cash equivalents, restricted cash and marketable securities by security type at December 31, 2012 were as follows:
|  |  |  | Gross |  | Gross |  |  |
|  | Amortized |  | Unrealized |  | Unrealized |  | Estimated |
|  | Cost |  | Gains |  | Losses |  | Fair Value |
|  | (In thousands) |
Included in cash and cash equivalents: |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 15,660 |  | $ | — |  | $ | — |  | $ | 15,660 |
Corporate notes |  | 3,136 |  | — |  | (1 | ) | 3,135 |
|  | $ | 18,796 |  | $ | — |  | $ | (1 | ) | $ | 18,795 |
Restricted cash: |  |  |  |  |  |  |  |  |
Certificates of deposit |  | $ | 794 |  | $ | — |  | $ | — |  | $ | 794 |
Marketable securities (due in less than 1 year): |  |  |  |  |  |  |  |  |
Government-sponsored enterprise securities |  | $ | 8,618 |  | $ | 5 |  | $ | — |  | $ | 8,623 |
Commercial paper |  | 20,623 |  | 21 |  | — |  | 20,644 |
Corporate notes |  | 44,190 |  | 22 |  | (7 | ) | 44,205 |
|  | $ | 73,431 |  | $ | 48 |  | $ | (7 | ) | $ | 73,472
Schedule of marketable securities with unrealized losses |
|  | Less Than 12 Months |  | 12 Months or Greater |  | Total |
|  |  |  | Gross |  |  |  | Gross |  |  |  | Gross |
|  | Estimated |  | Unrealized |  | Estimated |  | Unrealized |  | Estimated |  | Unrealized |
|  | Fair Value |  | Losses |  | Fair Value |  | Losses |  | Fair Value |  | Losses |
|  | (In thousands) |
As of September 30, 2013: |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate notes (due in less than 1 year) |  | $ | 31,654 |  | $ | (22 | ) | $ | — |  | $ | — |  | $ | 31,654 |  | $ | (22 | )
As of December 31, 2012: |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate notes (due in less than 1 year) |  | $ | 27,045 |  | $ | (8 | ) | $ | — |  | $ | — |  | $ | 27,045 |  | $ | (8 | )
Schedule of non-employee options to purchase common stock considered as derivatives and classified as current liabilities |
|  |  |  |  |  |  |  | At September 30, 2013 |  | At December 31, 2012 |
|  |  |  |  |  |  |  | Number |  | Fair |  | Number |  | Fair |
Issuance |  | Exercise |  | Exercisable |  | Expiration |  | of |  | Value |  | of |  | Value |
Date |  | Price |  | Date |  | Date |  | Shares |  | (In thousands) |  | Shares |  | (In thousands) |
March 2005 |  | $ | 6.39 |  | January 2007 |  | March 2015 |  | 284,600 |  | $ | 258 |  | 284,600 |  | $ | 51
Schedule of assumptions used to estimate the fair value of derivatives |
|  | September 30, 2013 |  | December 31, 2012 |
Dividend yield |  | None |  | None |
Expected volatility |  | 0.955 |  | 0.828 |
Risk-free interest rate |  | 0.33% |  | 0.25% |
Expected term |  | 2 yrs |  | 2 yrs
Schedule of financial instruments measured at fair value on recurring basis | The following table presents information about our financial instruments that are measured at fair value on a recurring basis as of September 30, 2013 and indicates the fair value category assigned.
|  | Fair Value Measurements at Reporting Date Using |
|  | Quoted Prices in |  | Significant |  |  |  |  |
|  | Active Markets |  | Other |  | Significant |  |  |
|  | for Identical |  | Observable |  | Unobservable |  |  |
|  | Assets / Liabilities |  | Inputs |  | Inputs |  |  |
(In thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total |
Assets |  |  |  |  |  |  |  |  |
Money market funds (1) |  | $ | 5,997 |  | $ | — |  | $ | — |  | $ | 5,997 |
Government-sponsored enterprise securities (2) |  | — |  | 7,320 |  | — |  | 7,320 |
Commercial paper (2) |  | — |  | 15,750 |  | — |  | 15,750 |
Corporate notes (2) |  | — |  | 33,547 |  | — |  | 33,547 |
Total |  | $ | 5,997 |  | $ | 56,617 |  | $ | — |  | $ | 62,614 |
Liabilities |  |  |  |  |  |  |  |  |
Derivatives (3) |  | $ | — |  | $ | — |  | $ | 258 |  | $ | 258 |
(1) Included in cash and cash equivalents on our condensed consolidated balance sheets. (2) Included in current marketable securities on our condensed consolidated balance sheets. (3) Included in fair value of derivatives on our condensed consolidated balance sheets.
Schedule of rollforward of the balance sheet amounts for financial instruments in Level 3 category |
|  |  |  | Fair Value Measurements Using Significant Unobservable Inputs (Level 3) |
|  |  |  | Three Months Ended September 30, 2013 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | Change in |
|  |  |  |  |  |  |  |  |  |  |  |  |  | Unrealized Loss |
|  |  |  | Total |  |  |  |  |  |  |  |  |  | Related to |
|  |  |  | Unrealized |  |  |  |  |  | Transfers |  |  |  | Financial |
|  | Fair Value at |  | Loss |  | Purchases |  |  |  | In and/or |  | Fair Value at |  | Instruments |
|  | June 30, |  | Included in |  | and |  | Sales and |  | Out of |  | September 30, |  | Held at |
(In thousands) |  | 2013 |  | Earnings (1) |  | Issuances |  | Settlements |  | Level 3 |  | 2013 |  | September 30, 2013 (1) |
Derivative liabilities |  | $ | 50 |  | $ | 208 |  | $ | — |  | $ | — |  | $ | — |  | $ | 258 |  | $ | 208 |
|  |  |  | Fair Value Measurements Using Significant Unobservable Inputs (Level 3) |
|  |  |  | Nine Months Ended September 30, 2013 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | Change in |
|  |  |  |  |  |  |  |  |  |  |  |  |  | Unrealized Loss |
|  |  |  | Total |  |  |  |  |  |  |  |  |  | Related to |
|  |  |  | Unrealized |  |  |  |  |  | Transfers |  |  |  | Financial |
|  | Fair Value at |  | Loss |  | Purchases |  |  |  | In and/or |  | Fair Value at |  | Instruments |
|  | December 31, |  | Included in |  | and |  | Sales and |  | Out of |  | September 30, |  | Held at |
(In thousands) |  | 2012 |  | Earnings (1) |  | Issuances |  | Settlements |  | Level 3 |  | 2013 |  | September 30, 2013 (1) |
Derivative liabilities |  | $ | 51 |  | $ | 207 |  | $ | — |  | $ | — |  | $ | — |  | $ | 258 |  | $ | 207 |
(1) Reported as unrealized loss on derivatives in our condensed consolidated statements of operations.

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