Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2016

Fair Value Disclosures [Abstract]

Summary of Financial Assets Measured at Fair Value

The Company’s financial assets measured at fair value consisted of the following as of September 30, 2016

	September 30, 2016
(in thousands)	Level 1		Level 2		Level 3		Total
Financial Assets:
Money market funds	$	5,210	$	—	$	—	$	5,210
Corporate bonds		—		37,864		—		37,864
US government and agency debt securities		—		11,921		—		11,921
Total assets	$	5,210	$	49,785	$	—	$	54,995

Summary of Reconciliation of Liabilities Measured at Fair Value Using Significant Unobservable Inputs (Level 3)

The following table is a reconciliation of the beginning and ending balance of the liabilities (contingent consideration) measured at fair value using significant unobservable inputs (Level 3) during the nine months ended September 30, 2016. The royalty agreement associated with HepaGam expired on June 30, 2016, and no future royalty payments are expected on sales after that date. The remaining liability is due to accrued but unpaid royalties.

(in thousands)
Balance at December 31, 2015	$	444
Expense included in earnings		19
Settlements		(280	)
Balance at September 30, 2016	$	183