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EXCEL - IDEA: XBRL DOCUMENT - KERYX BIOPHARMACEUTICALS INCFinancial_Report.xls
10-Q - QUARTERLY REPORT - KERYX BIOPHARMACEUTICALS INCv318892_10q.htm
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EX-31.1 - EXHIBIT 31.1 - KERYX BIOPHARMACEUTICALS INCv318892_ex31-1.htm
EX-32.1 - EXHIBIT 32.1 - KERYX BIOPHARMACEUTICALS INCv318892_ex32-1.htm
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EX-32.2 - EXHIBIT 32.2 - KERYX BIOPHARMACEUTICALS INCv318892_ex32-2.htm
v2.4.0.6
FAIR VALUE MEASUREMENTS
6 Months Ended
Jun. 30, 2012
FAIR VALUE MEASUREMENTS

NOTE 2 – FAIR VALUE MEASUREMENTS

 

We measure certain financial assets and liabilities at fair value on a recurring basis in the financial statements. The hierarchy ranks the quality and reliability of inputs, or assumptions, used in the determination of fair value and requires financial assets and liabilities carried at fair value to be classified and disclosed in one of the following three categories:

 

· Level 1 – quoted prices in active markets for identical assets and liabilities;

 

· Level 2 – inputs other than Level 1 quoted prices that are directly or indirectly observable; and

 

· Level 3 – unobservable inputs that are not corroborated by market data.

 

We review investment securities for impairment and to determine the classification of the impairment as temporary or other-than-temporary. Losses are recognized in our consolidated statement of operations when a decline in fair value is determined to be other-than-temporary. We review our investments on an ongoing basis for indications of possible impairment. Once identified, the determination of whether the impairment is temporary or other-than-temporary requires significant judgment.

  

The following table provides the fair value measurements of applicable financial assets as of June 30, 2012:

 

    Financial assets at fair value
as of June 30, 2012
 
(in thousands)   Level 1     Level 2     Level 3  
                   
Money market funds (1)   $ 13,331     $     $  
Obligations of domestic governmental agencies (held-to-maturity) (2)     6,012              
                         
Total   $ 19,343     $     $  

 

(1) Included in cash and cash equivalents on our consolidated balance sheet. The carrying amount of money market funds is a reasonable estimate of fair value.
(2) Amortized cost approximates fair value.