Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2016

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

2. Fair Value of Financial Instruments

The Company measures and reports its cash equivalents and investments at fair value. The carrying amounts for cash equivalents and investments approximate their fair values. The following tables set forth the fair value of the Company’s cash equivalents and investments by level within the fair value hierarchy (in thousands):

	As of  December 31, 2016
	Fair Value		Level I		Level II		Level III
Assets:
Money market funds	$	2,669	$	2,669	$	—	$	—
Corporate debt securities and commercial paper		22,030		—		22,030		—
Total assets measured at fair value	$	24,699	$	2,669	$	22,030	$	—

	As of December 31, 2015
	Fair Value		Level I		Level II		Level III
Assets:
Money market funds	$	98	$	98	$	—	$	—
Corporate debt securities and commercial paper		23,656		—		23,656		—
Total assets measured at fair value	$	23,754	$	98	$	23,656	$	—

Investments are classified as “available-for-sale” and are carried at fair value based on quoted markets or other readily available market information. The Company's investment policy requires investments to have a less than twenty four month maturity term and a minimum credit rating of A-. Unrealized gains and losses, net of taxes, are included in accumulated other comprehensive income (loss). Gains and losses are determined using the specific identification method.  Cash, cash equivalents, and investments consisted of the following as of December 31, 2016 (in thousands):  

	As of  December 31, 2016
	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value
Assets:
Cash	$	3,090	$	—	$	—		$	3,090
Money market funds		2,669		—		—			2,669
Corporate debt securities and commercial    paper		22,062		—		(32	)		22,030
Total cash, cash equivalents and investments	$	27,821	$	—	$	(32	)	$	27,789

As of December 31, 2015 the Company had $24,000 of unrealized losses.