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Fair Value Measurements | 12 Months Ended
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Dec. 31, 2014
Fair Value Measurements |
Fair Value Measurements | 4. Fair Value Measurements The fair value of our financial assets and liabilities reflects our estimate of amounts that we would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of our assets and liabilities, we seek to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (our assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value our assets and liabilities:
• | Level 1 — quoted prices (unadjusted) in active markets for identical assets or liabilities.
• | Level 2 — quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument.
• | Level 3 — unobservable inputs based on our assumptions used to measure assets and liabilities at fair value.
For fixed income securities, we reference pricing data supplied by our custodial agent and nationally known pricing vendors, using a variety of daily data sources, largely readily-available market data and broker quotes. The prices provided by third party pricing services are validated by reviewing their pricing methods and obtaining market values from other pricing sources. After completing these validation procedures, we did not adjust or override any fair value measurements provided by the pricing services as of December 31, 2014 and December 31, 2013. We review investments for other-than-temporary impairment whenever the fair value of an investment is less than the amortized cost and evidence indicates that an investment's carrying amount is not recoverable within a reasonable period of time. To determine whether an impairment is other-than-temporary, we consider the intent to sell, or whether it is more likely than not that we will be required to sell, the investment before recovery of the investment's amortized cost basis. Evidence considered in this assessment includes reasons for the impairment, compliance with our investment policy, the severity and the duration of the impairment and changes in value subsequent to year end. As of December 31, 2014 and December 31, 2013, there were no investments with a fair value that was significantly lower than the amortized cost basis or any investments that had been in an unrealized loss position for a significant period. The following tables provide the Company's assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2014 and December 31, 2013 (in thousands).
Description |  | Balance as of December 31, 2014 |  | Level 1 |  | Level 2 |  | Level 3 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and money market funds |  | $ | 6,414 |  | $ | 6,414 |  | $ | — |  | $ | — |
Corporate debt securities (including commercial paper) |  |  | 53,817 |  |  | — |  |  | 53,817 |  |  | — |
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Total assets |  | $ | 60,231 |  | $ | 6,414 |  | $ | 53,817 |  | $ | — |
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Description |  | Balance as of December 31, 2013 |  | Level 1 |  | Level 2 |  | Level 3 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and money market funds |  | $ | 18,078 |  | $ | 18,078 |  | $ | — |  | $ | — |
Corporate debt securities (including commercial paper) |  |  | 26,349 |  |  | — |  |  | 26,349 |  |  | — |
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Total assets |  | $ | 44,427 |  | $ | 18,078 |  | $ | 26,349 |  | $ | — |
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Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |
Technology access fee due to Intrexon |  | $ | 2,186 |  | $ | — |  | $ | — |  | $ | 2,186 |
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Total liabilities |  | $ | 2,186 |  | $ | — |  | $ | — |  | $ | 2,186 |
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Changes in the fair value of the Level 3 technology access fee due to Intrexon for the years ended December 31, 2014 and December 31, 2013 were as follows:
|  | Technology access fee |
|  | (in thousands) |
Balance at December 31, 2012 |  | $ | — |
Collaboration with Intrexon |  |  | 2,174 |
Fair value adjustment(1) |  |  | 12 |
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Balance at December 31, 2013 |  | $ | 2,186 |
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Fair value adjustment(1) |  |  | 314 |
Payments(2) |  | $ | (2,500 | )
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Balance at December 31, 2014 |  | $ | — |
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(1) | Fair value adjustments consist of interest recorded.
(2) | The full $2.5 million was paid in December 2014.
There have been no changes to the valuation methods during the years ended December 31, 2014 and 2013. There were no transfers of assets or liabilities between Level 1 and Level 2 during the years ended December 31, 2014 and 2013. We had no short-term investments that were classified as Level 3 during the years ended December 31, 2014 and 2013. Cash and cash equivalents, prepaid expenses, accounts payable and accrued expenses are carried at amounts that approximate fair value due to their short-term maturities.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=28364263&loc=d3e13537-108611 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=28364263&loc=d3e13433-108611 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 28 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19207-110258 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 16 -URI http://asc.fasb.org/extlink&oid=28364263&loc=d3e13504-108611 + Details
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