Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2016

Fair Value, Assets Measured on Recurring Basis

The table below sets forth a summary of financial instruments that are measured at fair value on a recurring basis at March 31, 2016:



	Total		Fair Value Measurements at Reporting Date Using
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)

	(in thousands)
Money market funds	$	25,725	$	25,725	$	—	$	—
Corporate debt securities	$	6,397	$	6,397	$	—	$	—
U.S. Treasury, government and agency debt securities	$	23,984	$	23,984	$	—	$	—

The table below sets forth a summary of financial instruments that are measured at fair value on a recurring basis at December 31, 2015:



	Total		Fair Value Measurements at Reporting Date Using
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)

	(in thousands)
Money market funds	$	19,257	$	19,257	$	—	$	—
Corporate debt securities	$	12,786	$	12,786	$	—	$	—
U.S. Treasury, government and agency debt securities	$	23,946	$	23,946	$	—	$	—

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The Company’s contingent consideration liability was recorded at fair value and was determined to be a Level 3 fair value item. The change in the fair value of the contingent consideration liability is summarized below:



	Three Month Roll Forward
	March 31, 2016		March 31, 2015

	(in thousands)
Beginning balance	$	—	$	11,448
Change in fair value of contingent consideration liability recorded in general and administrative expense	—		138
Ending balance	$	—	$	11,586