Fair Value Measurements (Tables)
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12 Months Ended |
Dec. 31, 2016 |
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| Fair Value Measurements |
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| Schedule of fair value of assets and liabilities recorded at fair value on a recurring basis, by level within fair value hierarchy |
The following tables present information as of December 31, 2016 and 2015 about the Company's assets that are measured at fair value on a recurring basis and indicate the level of the fair value hierarchy the Company utilized to determine such fair values (in thousands):
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December 31, 2016
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Fair Value Measured Using
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Total
Balance
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(Level 1)
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(Level 2)
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(Level 3)
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Assets
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Cash equivalents
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$
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2,999
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$
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—
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$
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—
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$
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2,999
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Marketable securities
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|
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129,846
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—
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—
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129,846
|
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$
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132,845
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$
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—
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$
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—
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$
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132,845
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December 31, 2015
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Fair Value Measured Using
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Total
Balance
|
|
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(Level 1)
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(Level 2)
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(Level 3)
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Assets
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|
|
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Cash equivalents
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$
|
3,245
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$
|
—
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$
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—
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$
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3,245
|
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Marketable securities
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|
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90,281
|
|
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—
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|
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—
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90,281
|
|
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|
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|
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$
|
93,526
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$
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—
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$
|
—
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$
|
93,526
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| Summary of changes in fair value of the Level 3 financial instruments measured on a recurring basis |
The following table presents the issuances, changes in fair value, exercise and reclassification of the Company's Level 3 financial instrument which is measured at fair value on a recurring basis (in thousands):
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Convertible
Preferred Stock
Call Option
Liability
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Balance as of December 31, 2014
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$
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2,600
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|
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Change in fair value of convertible preferred stock liability through date of Series A second tranche issuance
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17,600
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Recognition of fair value upon issuance of second tranche Series A convertible preferred stock
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(20,200
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)
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Balance as of December 31, 2015
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$
|
—
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| Schedule of fair value of available for sale marketable securities |
As of December 31, 2016 and 2015, the fair value of available for sale marketable securities by type of security were as follows (in thousands):
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December 31, 2016
|
|
|
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Amortized
Cost
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Gross
Unrealized
Gains
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Gross
Unrealized
Losses
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Fair
Value
|
|
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U.S. Treasury securities
|
|
$
|
129,885
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|
$
|
—
|
|
$
|
(39
|
)
|
$
|
129,846
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December 31, 2015
|
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Amortized
Cost
|
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Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Fair
Value
|
|
|
U.S. Treasury securities
|
|
$
|
90,326
|
|
$
|
—
|
|
$
|
(45
|
)
|
$
|
90,281
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