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Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2015
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis

Assets and liabilities measured at fair value on a recurring basis are as follows (in thousands):

 

 

 

 

 

 

 

Fair Value Measurements Using

 

 

 

 

 

 

 

Quoted Prices in

Active Markets

for Identical

Assets

(Level 1)

 

 

Significant

Other

Observable

Inputs

(Level 2)

 

 

Significant

Unobservable

Inputs

(Level 3)

 

As of December 31, 2015:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

53,025

 

 

$

53,025

 

 

$

 

 

$

 

Short-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

 

2,996

 

 

 

 

 

 

2,996

 

 

 

 

Corporate debt securities

 

 

39,514

 

 

 

 

 

 

39,514

 

 

 

 

Sub-total short-term investments

 

 

42,510

 

 

 

 

 

 

42,510

 

 

 

 

Long-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United States Treasury securities

 

 

1,999

 

 

 

1,999

 

 

 

 

 

 

 

Asset-backed securities

 

 

10,912

 

 

 

 

 

 

10,912

 

 

 

 

Corporate debt securities

 

 

16,903

 

 

 

 

 

 

16,903

 

 

 

 

Sub-total long-term investments

 

 

29,814

 

 

 

1,999

 

 

 

27,815

 

 

 

 

Total assets measured at fair value

 

$

125,349

 

 

$

55,024

 

 

$

70,325

 

 

$

 

As of December 31, 2014:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

13,899

 

 

$

13,899

 

 

$

 

 

$

 

Short-term investments - Corporate debt securities

 

 

1,954

 

 

 

 

 

 

1,954

 

 

 

 

Total assets measured at fair value

 

$

15,853

 

 

$

13,899

 

 

$

1,954

 

 

$

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock warrant liabilities

 

$

319

 

 

$

 

 

$

 

 

$

319

 

 

Schedule of Available-for-sale Investments

As of December 31, 2015 and 2014, available-for-sale investments are detailed as follows (in thousands):

 

 

 

December 31, 2015

 

 

 

Gross

Amortized

Cost

 

 

Gross

Unrealized

Gains

 

 

Gross

Unrealized

Losses

 

 

Market Value

 

Short-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

$

2,996

 

 

$

 

 

$

 

 

$

2,996

 

Corporate debt securities

 

 

39,575

 

 

 

 

 

 

(61

)

 

 

39,514

 

 

 

$

42,571

 

 

$

 

 

$

(61

)

 

$

42,510

 

Long-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United States Treasury securities

 

$

2,006

 

 

$

 

 

$

(7

)

 

$

1,999

 

Asset-backed securities

 

 

10,928

 

 

 

 

 

 

(16

)

 

 

10,912

 

Corporate debt securities

 

 

16,990

 

 

 

 

 

 

(87

)

 

 

16,903

 

 

 

$

29,924

 

 

$

 

 

$

(110

)

 

$

29,814

 

 

 

 

 

December 31, 2014

 

 

 

Gross

Amortized

Cost

 

 

Gross

Unrealized

Gains

 

 

Gross

Unrealized

Losses

 

 

Market Value

 

Short-term:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt securities

 

$

1,954

 

 

$

 

 

$

 

 

$

1,954

 

 

Schedule of Available-for-sale Investments in Unrealized Loss Position

Available-for-sale investments that are in an unrealized loss position as of December 31, 2015 are as follows (in thousands):

 

 

 

Estimated

Fair

Value

 

 

Gross

Unrealized

Losses

 

United States Treasury securities

 

$

1,999

 

 

$

(7

)

Asset-backed securities

 

 

10,912

 

 

 

(16

)

Corporate debt securities

 

 

56,416

 

 

 

(148

)

 

 

$

69,327

 

 

$

(171

)

 

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

The following table provides a reconciliation of all liabilities measured at fair value using Level 3 significant unobservable inputs (in thousands):

 

 

 

Warrant

Liabilities

 

Balance as of December 31, 2014

 

$

319

 

Change in fair value

 

 

(29

)

Balance as of May 5, 2015

 

$

290

 

Reclassification to additional paid-in capital as of IPO on

   May 6, 2015

 

 

(290

)

Balance as of December 31, 2015

 

$