Fair Value of Financial Assets and Liabilities

12 Months Ended

Dec. 31, 2015

Fair Value Disclosures [Abstract]

Fair Value of Financial Assets and Liabilities

3. Fair Value of Financial Assets and Liabilities

The following tables present information about the Company’s assets and liabilities as of December 31, 2015 and 2014 that are measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values:

	Fair Value Measurements as of December 31, 2015 Using:
	Level 1		Level 2		Level 3		Total
Assets:
Cash Equivalents	$	—	$	23,125	$	—	$	23,125
Repurchase Agreements		—		20,000		—		20,000
Investments:
Commercial Paper		—		64,820		—		64,820
Corporate Bonds		—		46,490		—		46,490
Government Securities		—		15,819		—		15,819
Treasury Bonds		—		4,020		—		4,020
	$		$	174,274	$		$	174,274

	Fair Value Measurements as of December 31, 2014 Using:
	Level 1		Level 2		Level 3		Total
Liabilities:
Liability for preferred stock warrant	$	—	$	—	$	1,582	$	1,582
	$	—	$	—	$	1,582	$	1,582

As of December 31, 2015, the Company’s cash equivalents consisted of money market funds, corporate bonds, commercial paper, government securities and repurchase agreements with original maturities of less than 90 days from the date of purchase and were valued based on Level 2 inputs. Repurchase agreements are agreements with banks to repurchase notes that are collateralized by U.S. government securities.

The fair value of the Company’s investments, which consisted of corporate bonds, commercial paper and government securities as of December 31, 2015, were determined using Level 2 inputs. During the years ended December 31, 2015 and 2014, there were no transfers between Level 1, Level 2 and Level 3.

The liability for the preferred stock warrant in the amount of $1,582 in the table above as of December 31, 2014 is comprised of the value of a warrant for the purchase of Series A-2 convertible preferred stock and is based on significant inputs not observable in the market, which represents a Level 3 measurement within the fair value hierarchy. There were no other assets or liabilities measured at a fair value on a recurring basis at December 31, 2015 or December 31, 2014.

In connection with the automatic conversion of the Company’s convertible preferred stock, which occurred upon the listing of the Company’s common stock on the NASDAQ on June, 26, 2015, the preferred stock warrant become a warrant to purchase common stock and the liability was remeasured at fair value and reclassified to additional paid-in-capital. The fair value of the preferred stock warrant liability at the time was tied to the initial offering price of $18.00 per share of common stock.