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Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2018
Fair Value Disclosures [Abstract]  
Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table summarizes the Company's financial assets and liabilities measured at fair value on a recurring basis at December 31, 2018 and 2017 by level within the fair value hierarchy. Financial assets and financial liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement:

 

 

 

At December 31, 2018

 

 

 

Quoted

 

 

Significant

 

 

 

 

 

 

 

 

 

 

 

Prices in

 

 

Other

 

 

Significant

 

 

 

 

 

 

 

Active

 

 

Observable

 

 

Unobservable

 

 

 

 

 

 

 

Markets

 

 

Inputs

 

 

Inputs

 

 

Total Fair

 

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

 

Value

 

 

 

(in thousands)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

47,258

 

 

 

 

 

 

 

 

$

47,258

 

U.S. treasury securities

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government and agency securities

 

 

 

 

 

2,272

 

 

 

 

 

 

2,272

 

Short-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. treasury securities

 

 

 

 

 

38,809

 

 

 

 

 

 

38,809

 

U.S. government and agency securities

 

 

 

 

 

6,732

 

 

 

 

 

 

6,732

 

Total financial assets

 

$

47,258

 

 

$

47,813

 

 

$

 

 

$

95,071

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contingent consideration

 

 

 

 

 

 

 

 

 

 

 

 

Total financial liabilities

 

$

 

 

$

 

 

$

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2017

 

 

 

Quoted

 

 

Significant

 

 

 

 

 

 

 

 

 

 

 

Prices in

 

 

Other

 

 

Significant

 

 

 

 

 

 

 

Active

 

 

Observable

 

 

Unobservable

 

 

 

 

 

 

 

Markets

 

 

Inputs

 

 

Inputs

 

 

Total Fair

 

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

 

Value

 

 

 

(in thousands)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

35,521

 

 

 

 

 

 

 

 

$

35,521

 

U.S. treasury securities

 

 

 

 

 

11,974

 

 

 

 

 

 

 

11,974

 

U.S. government and agency securities

 

 

 

 

 

50,352

 

 

 

 

 

 

50,352

 

Short-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. treasury securities

 

 

 

 

 

12,972

 

 

 

 

 

 

12,972

 

U.S. government and agency securities

 

 

 

 

 

29,936

 

 

 

 

 

 

29,936

 

Total financial assets

 

$

35,521

 

 

$

105,234

 

 

$

 

 

$

140,755

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contingent consideration

 

 

 

 

 

 

 

 

682

 

 

 

682

 

Total financial liabilities

 

$

 

 

$

 

 

$

682

 

 

$

682

 

Summary of Changes in Level 3 Financial Instruments

The following table summarizes the changes in Level 3 financial instruments (in thousands).

 

 

 

Amount

 

Fair value at December 31, 2016

 

$

388

 

Foreign currency translation

 

 

44

 

Contingent consideration from IDV acquisition

 

 

5,020

 

Change in fair value of contingent consideration

   obligation from IDV acquisition

 

 

(1,020

)

Payments made during the year from

   IDV acquisition

 

 

(3,750

)

Fair value at December 31, 2017

 

$

682

 

Foreign currency translation

 

 

(1

)

Contingent consideration from IDV acquisition

 

 

 

Change in fair value of contingent consideration

   obligation from IDV acquisition

 

 

(250

)

Payments made during the year from IDV

   acquisition

 

 

(431

)

Fair value at December 31, 2018

 

$