Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value

Assets and liabilities measured at fair value on a recurring basis consist of the following as of March 31, 2020 (in thousands):

			Fair Value Measurements at Reporting Date Using
	March 31, 2020		Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Money market funds	$	39,236	$	39,236	$	—	$	—
Marketable securities:
Corporate debt securities	34,359		—		34,359		—
Tax-exempt municipal securities	23,473		—		23,473		—
Variable rate demand notes	5,600		—		5,600		—
Total assets at fair value on a recurring basis	$	102,668	$	39,236	$	63,432	$	—
Liabilities:
Deferred payments	$	2,731	$	—	$	—	$	2,731

Assets and liabilities measured at fair value on a recurring basis consist of the following as of December 31, 2019 (in thousands):

			Fair Value Measurements at Reporting Date Using
	December 31, 2019		Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Money market funds	$	30,693	$	30,693	$	—	$	—
Marketable securities:
Corporate debt securities	42,709		—		42,709		—
Tax-exempt municipal securities	23,198		—		23,198		—
Variable rate demand notes	5,600		—		5,600		—
Total assets at fair value on a recurring basis	$	102,200	$	30,693	$	71,507	$	—
Liabilities:
Deferred payments	$	3,257	$	—	$	—	$	3,257

Schedule of Changes in Fair Value of Level 3 Liability

Changes in the fair value of the Company’s Level 3 liabilities during the three months ended March 31, 2019 and 2020 are as follows (in thousands):

	As of March 31,
	2019			2020
Balance as of the beginning of period	$	4,120		$	3,257
Amounts paid	(751		)	(808		)
Other adjustments to fair value	762			282
Balance at end of period	$	4,131		$	2,731