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Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2017
Fair Value Disclosures [Abstract]  
Summary of Company's Money Market Funds and Marketable Securities

The following tables summarize the Company’s money market funds and marketable securities as of June 30, 2017 and December 31, 2016:

 

 

 

June 30, 2017

 

 

 

Total

 

 

Quoted

Prices in

Active

Markets

(Level 1)

 

 

Significant

Other

Observable

Inputs

(Level 2)

 

 

Significant

Unobservable

Inputs

(Level 3)

 

 

 

(in thousands)

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

133,450

 

 

$

133,450

 

 

$

—

 

 

$

—

 

Total cash equivalents

 

 

133,450

 

 

 

133,450

 

 

 

—

 

 

 

—

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government securities

 

 

75,959

 

 

 

—

 

 

 

75,959

 

 

 

—

 

U.S. corporate bonds

 

 

30,812

 

 

 

—

 

 

 

30,812

 

 

 

—

 

International corporate bonds

 

 

6,000

 

 

 

—

 

 

 

6,000

 

 

 

—

 

U.S. commercial paper

 

 

27,222

 

 

 

—

 

 

 

27,222

 

 

 

—

 

International commercial paper

 

 

12,485

 

 

 

—

 

 

 

12,485

 

 

 

—

 

Total marketable securities

 

 

152,478

 

 

 

—

 

 

 

152,478

 

 

 

—

 

Total cash equivalents and marketable securities

 

$

285,928

 

 

$

133,450

 

 

$

152,478

 

 

$

—

 

 

 

 

December 31, 2016

 

 

 

Total

 

 

Quoted

Prices in

Active

Markets

(Level 1)

 

 

Significant

Other

Observable

Inputs

(Level 2)

 

 

Significant

Unobservable

Inputs

(Level 3)

 

 

 

(in thousands)

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

168,517

 

 

$

168,517

 

 

$

—

 

 

$

—

 

Total cash equivalents

 

 

168,517

 

 

 

168,517

 

 

 

—

 

 

 

—

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government securities

 

 

100,031

 

 

 

—

 

 

 

100,031

 

 

 

—

 

U.S. corporate bonds

 

 

58,452

 

 

 

—

 

 

 

58,452

 

 

 

—

 

International corporate bonds

 

 

24,190

 

 

 

—

 

 

 

24,190

 

 

 

—

 

U.S. commercial paper

 

 

30,351

 

 

 

—

 

 

 

30,351

 

 

 

—

 

International commercial paper

 

 

15,938

 

 

 

—

 

 

 

15,938

 

 

 

—

 

Total marketable securities

 

 

228,962

 

 

 

—

 

 

 

228,962

 

 

 

—

 

Total cash equivalents and marketable securities

 

$

397,479

 

 

$

168,517

 

 

$

228,962

 

 

$

—

 

 

Summary of Gross Unrealized Gains and Losses of Marketable Securities

The following tables summarize the gross unrealized gains and losses of the Company’s marketable securities as of June 30, 2017 and December 31, 2016:

 

 

 

June 30, 2017

 

 

 

Amortized Cost

 

 

Gross Unrealized

Gains

 

 

Gross Unrealized

Losses

 

 

Fair Value

 

 

 

(in thousands)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government securities

 

$

76,015

 

 

$

—

 

 

$

(56

)

 

$

75,959

 

U.S. corporate bonds

 

 

30,823

 

 

 

—

 

 

 

(11

)

 

 

30,812

 

International corporate bonds

 

 

6,000

 

 

 

—

 

 

 

—

 

 

 

6,000

 

U.S. commercial paper

 

 

27,222

 

 

 

—

 

 

 

—

 

 

 

27,222

 

International commercial paper

 

 

12,485

 

 

 

—

 

 

 

—

 

 

 

12,485

 

 

 

$

152,545

 

 

$

—

 

 

$

(67

)

 

$

152,478

 

 

 

December 31, 2016

 

 

 

Amortized Cost

 

 

Gross Unrealized

Gains

 

 

Gross Unrealized

Losses

 

 

Fair Value

 

 

 

(in thousands)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government securities

 

$

100,055

 

 

$

2

 

 

$

(26

)

 

$

100,031

 

U.S. corporate bonds

 

 

58,508

 

 

 

—

 

 

 

(56

)

 

 

58,452

 

International corporate bonds

 

 

24,212

 

 

 

—

 

 

 

(22

)

 

 

24,190

 

U.S. commercial paper

 

 

30,351

 

 

 

—

 

 

 

—

 

 

 

30,351

 

International commercial paper

 

 

15,938

 

 

 

—

 

 

 

—

 

 

 

15,938

 

 

 

$

229,064

 

 

$

2

 

 

$

(104

)

 

$

228,962