XML 57 R23.htm IDEA: XBRL DOCUMENT v3.2.0.727
Fair Value of Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2015
Fair Values of Financial Assets and Liabilities

The fair values of the Company’s financial assets and liabilities were determined using the following inputs at June 30, 2015 (in thousands):

 

     Total      Quoted
Prices in
Active
Markets for
Identical
Assets
(Level 1)		      Significant
Other
Observable
Inputs
(Level 2)		      Significant
Unobservable
Inputs
(Level 3)		  

Money market funds (1)

    $ 18,588       $ 18,588       $ —         $ —     

Corporate debt securities (2)

      13,850         —           13,850         —     

United States government agency securities (2)

      62,004         —           62,004         —     

Aduro equity securities (3)

      12,032         12,032         —           —     
  

 

 

     

 

 

     

 

 

     

 

 

  

Total financial assets

    $ 106,474       $ 30,620       $ 75,854       $ —     
  

 

 

     

 

 

     

 

 

     

 

 

  

Warrant liability (4)

    $ 3,978       $ —         $ —         $ 3,978   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total financial liabilities

    $ 3,978       $ —         $ —         $ 3,978   
  

 

 

     

 

 

     

 

 

     

 

 

  

 

(1) Included in cash and cash equivalents on the Company’s unaudited condensed consolidated balance sheets.
(2) Included in short-term investments on the Company’s unaudited condensed consolidated balance sheets.
(3) Included in investment in Aduro Biotech, Inc. on the Company’s unaudited condensed consolidated balance sheets.
(4) Included in current liabilities on the Company’s unaudited condensed consolidated balance sheets.

 

The fair values of the Company’s financial assets and liabilities were determined using the following inputs at December 31, 2014 (in thousands):

 

     Total      Quoted
Prices in
Active
Markets for
Identical
Assets
(Level 1)		      Significant
Other
Observable
Inputs
(Level 2)		      Significant
Unobservable
Inputs
(Level 3)		  

Money market funds (1)

    $ 3,912       $ 3,912       $ —         $ —     

Corporate debt securities (2)

      26,088         —           26,088         —     

United States government agency securities (2)

      3,426         —           3,426         —     
  

 

 

     

 

 

     

 

 

     

 

 

  

Total financial assets

    $ 33,426       $ 3,912       $ 29,514       $ —     
  

 

 

     

 

 

     

 

 

     

 

 

  

Warrant liability (3)

    $ 10,485       $ —         $ —         $ 10,485   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total financial liabilities

    $ 10,485       $ —         $ —         $ 10,485   
  

 

 

     

 

 

     

 

 

     

 

 

  

 

(1) Included in cash and cash equivalents on the Company’s consolidated balance sheets.
(2) Included in short-term investments on the Company’s consolidated balance sheets, except for approximately $1.0 million of corporate debt securities that are included in cash and cash equivalents on the Company’s consolidated balance sheets.
(3) Included in current liabilities on the Company’s consolidated balance sheets.
Reconciliation of Fair Value Measurement on Liabilities Using Significant Unobservable Inputs

A reconciliation of the beginning and ending balances for warrant liability using significant unobservable inputs (Level 3) from December 31, 2014 to June 30, 2015, was as follows (in thousands):

 

Balance at December 31, 2014

    $  10,485   

Decrease in fair value of warrants

      (3,589 ) 

Settlement of warrants exercised

      (2,918 ) 
  

 

 

  

Balance at June 30, 2015

    $ 3,978