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Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2016
Fair Value Disclosures [Abstract]  
Fair Value of Financial Assets

Financial assets subject to fair value measurements on a recurring basis and the level of inputs used in such measurements are as follows:

 

 

 

December 31, 2016

 

 

 

Fair Value Measurements Using

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

 

(in thousands)

 

Money market funds

 

$

26,439

 

 

$

26,439

 

 

$

—

 

 

$

—

 

Commercial paper

 

 

29,428

 

 

 

—

 

 

 

29,428

 

 

 

—

 

Corporate securities

 

 

19,578

 

 

 

—

 

 

 

19,578

 

 

 

—

 

Agency discount instruments

 

 

2,998

 

 

 

—

 

 

 

2,998

 

 

 

—

 

U.S. government agency securities

 

 

22,015

 

 

 

—

 

 

 

22,015

 

 

 

—

 

Total financial assets

 

$

100,458

 

 

$

26,439

 

 

$

74,019

 

 

$

—

 

 

 

 

December 31, 2015

 

 

 

Fair Value Measurements Using

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

 

(in thousands)

 

Money market funds

 

$

19,787

 

 

$

19,787

 

 

$

—

 

 

$

—

 

Commercial paper

 

 

3,996

 

 

 

—

 

 

 

3,996

 

 

 

—

 

Corporate debt securities

 

 

16,540

 

 

 

—

 

 

 

16,540

 

 

 

—

 

U.S. government agency securities

 

 

4,014

 

 

 

—

 

 

 

4,014

 

 

 

—

 

Total financial assets

 

$

44,337

 

 

$

19,787

 

 

$

24,550

 

 

$

—

 

 

Fair Value of Financial Liabilities

The following tables set forth the fair value of the Company’s financial liabilities as of December 31, 2016 and 2015:

 

 

 

December 31, 2016

 

 

 

Fair Value Measurements Using

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

 

(in thousands)

 

Contingent acquisition consideration payable

 

$

4,380

 

 

$

—

 

 

$

—

 

 

$

4,380

 

Asset retirement obligation

 

 

709

 

 

 

—

 

 

 

—

 

 

 

709

 

Total financial liabilities

 

$

5,089

 

 

$

—

 

 

$

—

 

 

$

5,089

 

 

 

 

December 31, 2015

 

 

 

Fair Value Measurements Using

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

 

(in thousands)

 

Contingent acquisition consideration payable

 

$

4,278

 

 

$

—

 

 

$

—

 

 

$

4,278

 

Asset retirement obligation

 

 

136

 

 

 

—

 

 

 

—

 

 

 

136

 

Total financial liabilities

 

$

4,414

 

 

$

—

 

 

$

—

 

 

$

4,414

 

 

Summary of Contingent Acquisition Consideration Payable Recorded as Non-Current Liabilities in Accompanying Consolidated Balance Sheets

The following is a summary of the contingent acquisition consideration payable, recorded as a non-current liability in the accompanying consolidated balance sheets:

 

 

Amount

 

 

 

(in thousands)

 

Balance, December 31, 2015

 

$

4,278

 

Change in fair value of contingent acquisition

   consideration payable

 

 

102

 

Balance, December 31, 2016

 

$

4,380

 

 

Asset Retirement Obligation Included in Facilities Lease Obligations in Accompanying Consolidated Balance Sheets

The asset retirement obligation is included in facilities lease obligations in the accompanying consolidated balance sheets.

 

 

 

Amount

 

 

 

(in thousands)

 

Balance, December 31, 2015

 

$

136

 

Asset retirement obligation accretion expense

 

 

106

 

Addition of asset retirement obligation payable

 

 

467

 

Balance, December 31, 2016

 

$

709