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FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended
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Sep. 30, 2014
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, 2014 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 |  | $ | 5,445 |  | $ | — |  | $ | — |  | $ | 5,445 |
Restricted cash: |  |  |  |  |  |  |  |  |
Certificate of deposit |  | $ | 265 |  | $ | — |  | $ | — |  | $ | 265 |
Marketable securities: |  |  |  |  |  |  |  |  |
Government-sponsored enterprise securities (due in less than 1 year) |  | $ | 1,909 |  | $ | 1 |  | $ | (1 | ) | $ | 1,909 |
Government-sponsored enterprise securities (due in 1 to 2 years) |  | 3,751 |  | — |  | (3 | ) | 3,748 |
Commercial paper (due in less than 1 year) |  | 12,981 |  | 18 |  | — |  | 12,999 |
Corporate notes (due in less than 1 year) |  | 103,927 |  | 4 |  | (38 | ) | 103,893 |
Corporate notes (due in 1 to 2 years) |  | 12,070 |  | 1 |  | (18 | ) | 12,053 |
|  | $ | 134,638 |  | $ | 24 |  | $ | (60 | ) | $ | 134,602 |
Cash equivalents, restricted cash and marketable securities by security type at December 31, 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 |  | $ | 8,079 |  | $ | — |  | $ | — |  | $ | 8,079 |
Corporate notes |  | 2,206 |  | — |  | — |  | 2,206 |
|  | $ | 10,285 |  | $ | — |  | $ | — |  | $ | 10,285 |
Restricted cash: |  |  |  |  |  |  |  |  |
Certificates of deposit |  | $ | 795 |  | $ | — |  | $ | — |  | $ | 795 |
Marketable securities: |  |  |  |  |  |  |  |  |
Government-sponsored enterprise securities (due in less than 1 year) |  | $ | 7,369 |  | $ | 1 |  | $ | (1 | ) | $ | 7,369 |
Commercial paper (due in less than 1 year) |  | 5,496 |  | 3 |  | — |  | 5,499 |
Corporate notes (due in less than 1 year) |  | 39,383 |  | 1 |  | (18 | ) | 39,366 |
|  | $ | 52,248 |  | $ | 5 |  | $ | (19 | ) | $ | 52,234 |
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, 2014: |  |  |  |  |  |  |  |  |  |  |  |  |
Government-sponsored enterprise securities (due in less than 1 year) |  | $ | 401 |  | $ | (1 | ) | $ | — |  | $ | — |  | $ | 401 |  | $ | (1 | )
Government-sponsored enterprise securities (due in 1 to 2 years) |  | 3,748 |  | (3 | ) | — |  | — |  | 3,748 |  | (3 | )
Corporate notes (due in less than 1 year) |  | 77,087 |  | (38 | ) | — |  | — |  | 77,087 |  | (38 | )
Corporate notes (due in 1 to 2 years) |  | 11,222 |  | (18 | ) | — |  | — |  | 11,222 |  | (18 | )
|  | $ | 92,458 |  | $ | (60 | ) | $ | — |  | $ | — |  | $ | 92,458 |  | $ | (60 | )
|  | 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 |
As of December 31, 2013: |  |  |  |  |  |  |  |  |  |  |  |  |
Government-sponsored enterprise securities (due in less than 1 year) |  | $ | 3,947 |  | $ | (1 | ) | $ | — |  | $ | — |  | $ | 3,947 |  | $ | (1 | )
Corporate notes (due in less than 1 year) |  | 37,060 |  | (18 | ) | — |  | — |  | 37,060 |  | (18 | )
|  | $ | 41,007 |  | $ | (19 | ) | $ | — |  | $ | — |  | $ | 41,007 |  | $ | (19 | )
Schedule of non-employee options to purchase common stock considered as derivatives and classified as current liabilities |
|  |  |  |  |  |  |  | September 30, 2014 |  | December 31, 2013 |
Issuance |  | Exercise |  | Exercisable |  | Expiration |  | Number |  | Fair Value |  | Number |  | Fair Value |
Date |  | Price |  | Date |  | Date |  | of Shares |  | (In thousands) |  | of Shares |  | (In thousands) |
March 2005 |  | $ | 6.39 |  | January 2007 |  | March 2015 |  | 284,600 |  | $ | 1 |  | 284,600 |  | $ | 367 |
Schedule of assumptions used to estimate the fair value of derivatives |
|  | September 30, 2014 |  | December 31, 2013 |
Dividend yield |  | 0% |  | 0% |
Expected volatility |  | 0.635 |  | 0.844 |
Risk-free interest rate |  | 0.03% |  | 0.13% |
Expected term |  | 0.5 yr |  | 1 yr |
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, 2014 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) |  | $ | 5,445 |  | $ | — |  | $ | — |  | $ | 5,445 |
Government-sponsored enterprise securities (2)(3) |  | — |  | 5,657 |  | — |  | 5,657 |
Commercial paper (2) |  | — |  | 12,999 |  | — |  | 12,999 |
Corporate notes (2)(3) |  | — |  | 115,946 |  | — |  | 115,946 |
Total |  | $ | 5,445 |  | $ | 134,602 |  | $ | — |  | $ | 140,047 |
Liabilities |  |  |  |  |  |  |  |  |
Derivatives (4) |  | $ | — |  | $ | — |  | $ | 1 |  | $ | 1 |
The following table presents information about our financial instruments that are measured at fair value on a recurring basis as of December 31, 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) |  | $ | 8,079 |  | $ | — |  | $ | — |  | $ | 8,079 |
Government-sponsored enterprise securities (2) |  | — |  | 7,369 |  | — |  | 7,369 |
Commercial paper (2) |  | — |  | 5,499 |  | — |  | 5,499 |
Corporate notes (1)(2) |  | — |  | 41,572 |  | — |  | 41,572 |
Total |  | $ | 8,079 |  | $ | 54,440 |  | $ | — |  | $ | 62,519 |
Liabilities |  |  |  |  |  |  |  |  |
Derivatives (4) |  | $ | — |  | $ | — |  | $ | 367 |  | $ | 367 |
| (1) |  | Included in cash and cash equivalents on our condensed balance sheets.
| (2) |  | Included in current portion of marketable securities on our condensed balance sheets.
| (3) |  | Included in noncurrent portion of marketable securities on our condensed balance sheets.
| (4) |  | Included in fair value of derivatives on our condensed 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, 2014 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | Change in |
|  |  |  |  |  |  |  |  |  |  |  |  |  | Unrealized Gain |
|  |  |  | Total |  |  |  |  |  |  |  |  |  | Related to |
|  |  |  | Unrealized |  |  |  |  |  | Transfers |  |  |  | Financial |
|  | Fair Value at |  | Gain |  | Purchases |  |  |  | In and/or |  | Fair Value at |  | Instruments |
|  | June 30, |  | Included in |  | and |  | Sales and |  | Out of |  | September 30, |  | Held at |
(In thousands) |  | 2014 |  | Earnings (1) |  | Issuances |  | Settlements |  | Level 3 |  | 2014 |  | September 30, 2014 (1) |
Derivative liabilities |  | $ | 290 |  | $ | (289 | ) | $ | — |  | $ | — |  | $ | — |  | $ | 1 |  | $ | (289 | )
|  |  |  | Fair Value Measurements Using Significant Unobservable Inputs (Level 3) |
|  |  |  | Nine Months Ended September 30, 2014 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | Change in |
|  |  |  |  |  |  |  |  |  |  |  |  |  | Unrealized Gain |
|  |  |  | Total |  |  |  |  |  |  |  |  |  | Related to |
|  |  |  | Unrealized |  |  |  |  |  | Transfers |  |  |  | Financial |
|  | Fair Value at |  | Gain |  | Purchases |  |  |  | In and/or |  | Fair Value at |  | Instruments |
|  | December 31, |  | Included in |  | and |  | Sales and |  | Out of |  | September 30, |  | Held at |
(In thousands) |  | 2013 |  | Earnings (1) |  | Issuances |  | Settlements |  | Level 3 |  | 2014 |  | September 30, 2014 (1) |
Derivative liabilities |  | $ | 367 |  | $ | (366 | ) | $ | — |  | $ | — |  | $ | — |  | $ | 1 |  | $ | (366 | )
| (1) |  | Reported as unrealized gain on derivatives on our condensed statements of operations.

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