Cash, Cash Equivalents and Available-for-sale Securities

9 Months Ended

Sep. 30, 2016

Cash, Cash Equivalents, and Short-term Investments [Abstract]

Cash, Cash Equivalents and Available-for-sale Securities

Cash, Cash Equivalents and Available-for-sale Securities

All highly liquid investments with maturities of three months or less at the date of purchase are classified as cash equivalents. As of September 30, 2016 and December 31, 2015, the amount of cash and cash equivalents was $109.1 million and $61.7 million, respectively and consists of checking accounts and short-term U.S. Treasury money market mutual funds. Checking accounts are held at U.S. commercial banks, and balances were in excess of the FDIC insurance limit.

The Company had no available-for-sale securities as of September 30, 2016 and $50.1 million of available-for-sale securities as of December 31, 2015. Management determines the appropriate classification of its investments at the time of purchase and reevaluates the available-for-sale designations as of each balance sheet date.