|
Fair Value Measurements and Marketable Securities (Tables)
|
3 Months Ended |
|
Mar. 31, 2015
|
| Fair Value Disclosures [Abstract] |
|
| Financial Assets at Fair Value on Recurring Basis |
The following table sets forth the Company’s financial assets (cash equivalents and marketable securities) at fair value on a recurring basis as of March 31, 2015 and December 31, 2014:
|
|
Fair Value as of March 31, 2015 |
|
|
Basis of Fair Value Measurements |
|
|
(in thousands) |
|
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Money market funds |
$ |
10,366 |
|
|
$ |
10,366 |
|
|
$ |
— |
|
|
$ |
— |
|
|
Certificates of deposit |
|
1,475 |
|
|
|
— |
|
|
|
1,475 |
|
|
|
— |
|
|
Corporate debt securities |
|
31,935 |
|
|
|
— |
|
|
|
31,935 |
|
|
|
— |
|
|
Government securities |
|
24,021 |
|
|
|
— |
|
|
|
24,021 |
|
|
|
— |
|
|
Commercial paper |
|
14,240 |
|
|
|
— |
|
|
|
14,240 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total cash equivalents and marketable securities |
$ |
82,037 |
|
|
$ |
10,366 |
|
|
$ |
71,671 |
|
|
$ |
— |
|
|
|
Fair Value as of December 31, 2014 |
|
|
Basis of Fair Value Measurements |
|
|
(in thousands) |
|
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Money market funds |
$ |
3,369 |
|
|
$ |
3,369 |
|
|
$ |
— |
|
|
$ |
— |
|
|
Certificates of deposit |
|
2,505 |
|
|
|
— |
|
|
|
2,505 |
|
|
|
— |
|
|
Corporate debt securities |
|
28,081 |
|
|
|
— |
|
|
|
28,081 |
|
|
|
— |
|
|
Government securities |
|
19,123 |
|
|
|
— |
|
|
|
19,123 |
|
|
|
— |
|
|
Commercial paper |
|
5,499 |
|
|
|
— |
|
|
|
5,499 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total cash equivalents and marketable securities |
$ |
58,577 |
|
|
$ |
3,369 |
|
|
$ |
55,208 |
|
|
$ |
— |
|
|
| Summary of Company's Available-for-Sale Securities |
The Company invests in highly-liquid, investment-grade securities. The following is a summary of the Company’s available-for-sale securities at March 31, 2015 and December 31, 2014:
|
As of March 31, 2015 (in thousands): |
Cost Basis |
|
|
Unrealized
Gain |
|
|
Unrealized
Loss |
|
|
Fair
Value |
|
|
Money market funds |
$ |
10,366 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
10,366 |
|
|
Certificates of deposit |
|
1,475 |
|
|
|
— |
|
|
|
— |
|
|
|
1,475 |
|
|
Corporate debt securities |
|
31,950 |
|
|
|
4 |
|
|
|
(19 |
) |
|
|
31,935 |
|
|
U.S. Government securities |
|
24,021 |
|
|
|
2 |
|
|
|
(2 |
) |
|
|
24,021 |
|
|
Commercial paper |
|
14,240 |
|
|
|
— |
|
|
|
— |
|
|
|
14,240 |
|
|
|
|
82,052 |
|
|
|
6 |
|
|
|
(21 |
) |
|
|
82,037 |
|
|
Less cash equivalents |
|
20,014 |
|
|
|
— |
|
|
|
— |
|
|
|
20,014 |
|
|
Total marketable securities |
$ |
62,038 |
|
|
$ |
6 |
|
|
$ |
(21 |
) |
|
$ |
62,023 |
|
|
As of December 31, 2014 (in thousands): |
Cost Basis |
|
|
Unrealized
Gain |
|
|
Unrealized
Loss |
|
|
Fair
Value |
|
|
Money market funds |
$ |
3,369 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
3,369 |
|
|
Certificates of deposit |
|
2,505 |
|
|
|
— |
|
|
|
— |
|
|
|
2,505 |
|
|
Corporate debt securities |
|
28,094 |
|
|
|
1 |
|
|
|
(14 |
) |
|
|
28,081 |
|
|
U.S. Government securities |
|
19,123 |
|
|
|
3 |
|
|
|
(3 |
) |
|
|
19,123 |
|
|
Commercial paper |
|
5,499 |
|
|
|
— |
|
|
|
— |
|
|
|
5,499 |
|
|
|
|
58,590 |
|
|
|
4 |
|
|
|
(17 |
) |
|
|
58,577 |
|
|
Less cash equivalents |
|
8,368 |
|
|
|
— |
|
|
|
— |
|
|
|
8,368 |
|
|
Total marketable securities |
$ |
50,222 |
|
|
$ |
4 |
|
|
$ |
(17 |
) |
|
$ |
50,209 |
|
|
| Marketable Securities with Unrealized Losses |
The following table provides the breakdown of the marketable securities with unrealized losses at March 31, 2015 (in thousands):
|
|
In loss position for less
than twelve months |
|
|
As of March 31, 2015 (in thousands): |
Fair
Value |
|
|
Unrealized
Loss |
|
|
U.S. Government securities |
$ |
12,170 |
|
|
$ |
(2 |
) |
|
Corporate debt securities |
|
22,011 |
|
|
|
(19 |
) |
|
Total marketable securities |
$ |
34,181 |
|
|
$ |
(21 |
) |
|