Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2017

Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables sets forth the fair value of the Company’s financial assets and liabilities at fair value on a recurring basis based on the three-tier fair value hierarchy (in thousands):

	March 31, 2017
	Level 1		Level 2		Level 3		Total
Financial Assets
Money market funds	$	3,781	$	—	$	—	$	3,781
Reverse repurchase agreements		—		10,250		—		10,250
US government and agency securities		—		41,067		—		41,067
Total financial assets	$	3,781	$	51,317	$	—	$	55,098

	December 31, 2016
	Level 1		Level 2		Level 3		Total
Financial Assets
Money market funds	$	4,584	$	—	$	—	$	4,584
Reverse repurchase agreements		—		39,250		—		39,250
US government and agency securities		—		15,754		—		15,754
Total financial assets	$	4,584	$	55,004	$	—	$	59,588