Significant Accounting Policies (Tables)
|
12 Months Ended |
Dec. 31, 2016 |
|---|
| Accounting Policies [Abstract] |
|
| Schedule of Investments in Marketable Securities |
Investments in marketable securities presented within current assets on the consolidated balance sheet as of December 31, 2016 consisted of the following:
|
|
|
Amortized
Cost |
|
|
Gross
Unrealized
Gains |
|
|
Gross
Unrealized
Losses |
|
|
Fair Value |
|
|
Marketable securities |
|
(in thousands) |
|
|
U.S. Treasury bonds |
|
$ |
29,742 |
|
|
$ |
— |
|
|
$ |
(17 |
) |
|
$ |
29,725 |
|
|
Corporate Bonds |
|
|
25,522 |
|
|
|
— |
|
|
|
(21 |
) |
|
|
25,501 |
|
|
Commercial paper |
|
|
15,554 |
|
|
|
— |
|
|
|
— |
|
|
|
15,554 |
|
|
Asset-backed securities |
|
|
12,353 |
|
|
|
— |
|
|
|
(3 |
) |
|
|
12,350 |
|
|
|
|
$ |
83,171 |
|
|
$ |
— |
|
|
$ |
(41 |
) |
|
$ |
83,130 |
|
|
| Summary of Amortized Cost and Fair Values of Marketable Securities, by Remaining Contractual Maturity |
The amortized cost and fair values of marketable securities, by remaining contractual maturity, were as follows:
|
|
|
December 31, 2016 |
|
|
|
|
Amortized
Cost |
|
|
Fair Value |
|
|
|
|
(in thousands) |
|
|
Due in 1 year or less |
|
$ |
49,371 |
|
|
$ |
49,363 |
|
|
Due after 1 year through 4 years |
|
|
33,800 |
|
|
|
33,767 |
|
|
|
|
$ |
83,171 |
|
|
$ |
83,130 |
|
|
| Schedule of Estimated Useful Lives of Property and Equipment |
The estimated useful lives of the Company’s property and equipment are as follows:
|
|
|
Useful Lives |
|
Machinery and equipment |
|
3-5 years |
|
Purchased software |
|
3-5 years |
|
Furniture and fixtures |
|
5 years |
|
Leasehold improvements |
|
Lesser of
7 years or
lease term |
|
| Schedule of Estimated Useful Lives of Finite-Lived Intangible Assets |
The estimated useful lives of the Company’s finite-lived intangible assets are as follows:
|
|
|
Useful Lives |
|
Trade name |
|
1-10 years |
|
Developed technology |
|
6-8 years |
|
Non-compete agreements |
|
2-5 years |
|
Customer relationships |
|
8-10 years |
|
| Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis |
The following table summarizes the Company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2016 and 2015, by level, within the fair value hierarchy. Financial assets and financial liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement (in thousands):
|
|
|
December 31, 2016 |
|
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
|
Cash equivalents |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money market funds |
|
$ |
18,936 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
18,936 |
|
|
Marketable securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury bonds |
|
|
29,725 |
|
|
|
— |
|
|
|
— |
|
|
|
29,725 |
|
|
Corporate bonds |
|
|
— |
|
|
|
25,501 |
|
|
|
— |
|
|
|
25,501 |
|
|
Commercial paper |
|
|
— |
|
|
|
15,554 |
|
|
|
— |
|
|
|
15,554 |
|
|
Asset-backed securities |
|
|
— |
|
|
|
12,349 |
|
|
|
— |
|
|
|
12,349 |
|
|
Total assets |
|
$ |
48,661 |
|
|
$ |
53,404 |
|
|
$ |
— |
|
|
$ |
102,065 |
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock warrant liability |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
11,380 |
|
|
$ |
11,380 |
|
|
Contingent consideration |
|
|
— |
|
|
|
— |
|
|
|
5,238 |
|
|
|
5,238 |
|
|
Total liabilities |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
16,618 |
|
|
$ |
16,618 |
|
|
|
|
December 31, 2015 |
|
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
|
Cash equivalents |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money market funds |
|
$ |
15,990 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
15,990 |
|
|
Total assets |
|
|
15,990 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
15,990 |
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock warrant liability |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
5,500 |
|
|
$ |
5,500 |
|
|
Contingent consideration |
|
|
— |
|
|
|
— |
|
|
|
4,867 |
|
|
|
4,867 |
|
|
Total liabilities |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
10,367 |
|
|
$ |
10,367 |
|
|
| Summary of Changes in Common Stock Warrant Liability and Contingent Consideration Liability |
The following table summarizes the changes in the common stock warrant liability and contingent consideration liability (in thousands):
|
|
|
Contingent |
|
|
Common Stock |
|
|
|
|
Consideration |
|
|
Warrant Liability |
|
|
Fair value as of December 31, 2013 |
|
$ |
5,607 |
|
|
$ |
1,380 |
|
|
Change in fair value |
|
|
(781 |
) |
|
|
3,700 |
|
|
Fair value as of December 31, 2014 |
|
|
4,826 |
|
|
|
5,080 |
|
|
Change in fair value |
|
|
41 |
|
|
|
420 |
|
|
Fair value as of December 31, 2015 |
|
|
4,867 |
|
|
|
5,500 |
|
|
Change in fair value |
|
|
371 |
|
|
|
5,880 |
|
|
Fair value as of December 31, 2016 |
|
$ |
5,238 |
|
|
$ |
11,380 |
|
|
| Schedule of Weighted Average Assumptions |
The following information represents the weighted average of the assumptions used in Black-Scholes option-pricing model:
|
|
|
Year ended December 31, |
|
|
|
|
2016 |
|
|
2015 |
|
|
2014 |
|
|
Expected term (years) |
|
|
6.3 |
|
|
|
6.3 |
|
|
6.2 |
|
|
Expected volatility |
|
|
47.5 |
% |
|
|
49.6 |
% |
|
|
54.0 |
% |
|
Risk free interest rate |
|
|
1.4 |
% |
|
|
1.7 |
% |
|
|
1.9 |
% |
|
Expected dividends |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
| Schedule of Potentially Dilutive Shares Excluded From Calculation of Diluted Net Loss Per Share Attributable to Common Stockholders |
As of December 31, 2016 and 2015, the following potentially dilutive shares have been excluded from the calculation of diluted net loss per share attributable to common stockholders because they are anti-dilutive:
|
|
|
December 31, |
|
|
|
|
2016 |
|
|
2015 |
|
|
Options to purchase common stock |
|
|
6,556,986 |
|
|
|
5,904,376 |
|
|
Common stock warrants |
|
|
499,999 |
|
|
|
499,999 |
|
|
Total shares excluded from net loss per share |
|
|
7,056,985 |
|
|
|
6,404,375 |
|
|