Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2015

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following tables and disclosure present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2015 and December 31, 2014 and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value (in thousands):

	As of September 30, 2015
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	67,493	$	—	$	—	$	67,493
Total	$	67,493	$	—	$	—	$	67,493

	As of December 31, 2014
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	4,800	$	—	$	—	$	4,800
Total	$	4,800	$	—	$	—	$	4,800
Liabilities
Preferred stock warrant liabilities	$	—	$	—	$	2,460	$	2,460
Total	$	—	$	—	$	2,460	$	2,460

Reconciliation of Liabilities Measured at Fair Value Using Level 3 Significant Unobservable Inputs

The following table provides a reconciliation of liabilities measured at fair value using Level 3 significant unobservable inputs (in thousands) for the nine months ended September 30, 2015 and the year ended December 31, 2014:

	Nine Months Ended September 30, 2015			Year Ended December 31, 2014
Balance, beginning of period	$	2,460		$	2,773
Issuance of preferred stock warrants		—			868
Reclassification of stock award liability from equity upon modification		—			399
Reclassification of stock award liability to equity upon expiration		—			(292	)
Change in fair value of stock award liability		—			(107	)
Reclassification of preferred stock warrant liability to equity upon conversion to common stock		(521	)		—
Change in fair value of preferred stock warrant liabilities ⁽¹⁾		(1,939	)		(1,181	)
Balance, end of period	$	—		$	2,460

(1)	Changes in fair value of the preferred stock warrant liabilities are recorded in other income (expense), net on the accompanying Statements of Operations and Comprehensive Loss.