Fair Value Measurements

9 Months Ended

Sep. 30, 2016

The following table sets forth the Company’s assets that are measured at fair value on a recurring basis as of September 30, 2016 and December 31, 2015 (in thousands):



	Total		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
September 30, 2016
Assets:
Cash and Cash Equivalents
Money market funds	$	23,805	$	23,805	$	—	$	—
US government agency securities and treasuries	$	1,353	—		1,353
Corporate debt securities	1,800		—		1,800		—
Total cash and cash equivalents	26,958		23,805		3,153		—
Marketable securities
U.S. government agency securities and treasuries	24,617		—		24,617		—
Corporate debt securities	14,683		—		14,683		—
Total marketable securities	39,300		—		39,300		—
U.S. government agency securities and treasuries, long-term	400		—		400		—
Restricted cash	2,431		2,431		—		—
Total assets	$	69,089	$	26,236	$	42,853	$	—

December 31, 2015
Assets:
Money Market Funds	89,713		89,713		—		—
Total Assets	$	89,713	$	89,713	$	—	$	—

Cash and cash equivalents

The Company considers all highly liquid securities with original final maturities of three months or less from the date of purchase to be cash equivalents. As of September 30, 2016 and December 31, 2015, cash and cash equivalents are comprised of money market accounts, U.S. government agency securities and corporate debt securities.

Marketable securities

The cost of available-for-sale securities is adjusted for amortization of premiums and accretion of discounts to maturity. At September 30, 2016 and December 31, 2015, the balance in the Company’s accumulated other comprehensive loss was composed solely of activity related to the Company’s available-for-sale marketable securities. The Company has not realized material gains or losses on sales of available-for-sale investment securities during any of the periods presented.

As of September 30, 2016, available for sale securities of approximately $22.9 million were in an unrealized loss position of $15,000. The Company has the intent and ability to hold such securities until recovery. The Company determined that there were no material changes in the credit risk of the above investments. The Company did not hold any investments with an other-than-temporary impairment as of September 30, 2016 and December 31, 2015.

- 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 + Details