Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2017

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Financial Instruments

The fair value of these instruments was as follows (in thousands):

	As of June 30, 2017
	Fair Value		Level 1		Level 2		Level 3
Assets
Money market funds	$	50,358	$	50,358	$	—	$	—
U.S. treasury securities	95,960		95,960		—		—
U.S. government agency obligations	15,892		—		15,892		—
Total assets measured at fair value	$	162,210	$	146,318	$	15,892	$	—
Liabilities
Derivative liability associated with the Medicis settlement	$	2,189	$	—	$	—	$	2,189
Total liabilities measured at fair value	$	2,189	$	—	$	—	$	2,189

	As of December 31, 2016
	Fair Value		Level 1		Level 2		Level 3
Assets
Money market funds	$	60,639	$	60,639	$	—	$	—
U.S. treasury securities	81,079		81,079		—		—
U.S. government agency obligations	40,947		—		40,947		—
Total assets measured at fair value	$	182,665	$	141,718	$	40,947	$	—
Liabilities
Derivative liabilities associated with the Medicis settlement	$	2,022	$	—	$	—	$	2,022
Total liabilities measured at fair value	$	2,022	$	—	$	—	$	2,022

Summary of Changes in Fair Value of Financial Instruments

The following table sets forth a summary of the changes in the fair value of the Company’s Level 3 financial instruments as follows (in thousands):

	Derivative Liability Associated with the Medicis Settlement
Fair value as of December 31, 2016	$	2,022
Change in fair value	167
Fair value as of June 30, 2017	$	2,189