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Fair Value on Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2015
Fair Values of Financial Assets and Liabilities

The fair values of the Company’s financial assets and liabilities were determined using the following inputs at December 31, 2015 (in thousands):

 

     Balance sheet classification    Total      Quoted
Prices in
Active
Markets for
Identical
Assets
(Level 1)		      Significant
Other
Observable
Inputs
(Level 2)		      Significant
Unobservable
Inputs
(Level 3)		  

Money market funds

    Cash and cash equivalents    $ 59,302       $ 59,302       $ —       $ —   

Corporate debt securities

    Short-term investments      25,698         —         25,698         —   

Marketable equity securities

    Marketable equity securities      11,163         11,163         —         —   
     

 

 

     

 

 

     

 

 

     

 

 

  

Total financial assets

       $ 96,163       $ 70,465       $ 25,698       $ —   
     

 

 

     

 

 

     

 

 

     

 

 

  

 

The fair values of the Company’s financial assets and liabilities were determined using the following inputs at December 31, 2014 (in thousands):

 

    Balance sheet classification   Total     Quoted
Prices in
Active
Markets for
Identical
Assets
(Level 1)		     Significant
Other
Observable
Inputs
(Level 2)		     Significant
Unobservable
Inputs
(Level 3)		  

Money market funds

   Cash and cash equivalents   $ 3,912      $ 3,912      $ —      $ —   

Corporate debt securities

   Short-term investments     26,088        —        26,088        —   

United States government agency securities

   Short-term investments     3,426        —        3,426        —   
   

 

 

    

 

 

    

 

 

    

 

 

  

Total financial assets

     $ 33,426      $ 3,912      $ 29,514      $ —   
   

 

 

    

 

 

    

 

 

    

 

 

  

Warrant liability

   Warrant liability   $ 10,485      $ —      $ —      $ 10,485   
   

 

 

    

 

 

    

 

 

    

 

 

  

Total financial liabilities

     $ 10,485      $ —      $ —      $ 10,485   
   

 

 

    

 

 

    

 

 

    

 

 

  
Reconciliation of Fair Value Measurement on Liabilities Using Significant Unobservable Inputs

A reconciliation of the beginning and ending balances for the warrant liability using significant unobservable inputs (Level 3) from December 31, 2013 to December 31, 2015, was as follows (in thousands):

 

Balance at December 31, 2013

    $ 20,390   

Decrease in fair value of warrants

      (7,708 ) 

Settlement of warrants exercised

      (2,197 ) 
  

 

 

  

Balance at December 31, 2014

      10,485   

Decrease in fair value of warrants

      (3,566 ) 

Settlement of warrants exercised

      (6,919 ) 
  

 

 

  

Balance at December 31, 2015

    $ —