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Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2021
Fair Value Disclosures [Abstract]  
Assets and Liabilities Measured at Fair Value on Recurring Basis
Assets and liabilities measured at fair value on a recurring basis included the following as of September 30, 2021 (in thousands):
 
     Using         
     Quoted Prices
in Active
Markets
(Level 1)		      Significant
Other
Observable
Inputs
(Level 2)		     
Significant
Unobservable
Inputs
(Level
 
3)
      Total Fair
Value as of
September 30, 2021		  
                             
Cash equivalents:
                                    
Money market funds
    $ 89,254      $ —        $ —        $ 89,254  
Short-term investments:
                                    
U.S. Treasury Obligations
      50,217        —          —          50,217  
Long-term investment:
                                    
Failed Auction Security
      —          —          2,598        2,598  
Assets and liabilities measured at fair value on a recurring basis included the following as of December 31, 2020 (in thousands):
 
 
  
Using
 
  
 
 
 
  
Significant
 
  
 
 
 
  
Quoted Prices
in Active
Markets
(Level 1)
 
  
Other
Observable
Inputs
(Level 2)
 
  
Significant
Unobservable
Inputs
(Level 3)
 
  
Total Fair
Value as of
December 31, 2020
 
                             
Cash equivalents:
                                    
Money market funds
    $ 69,493      $ —        $ —        $ 69,493  
U.S. Treasury Obligations
      19,998        —          —          19,998  
Short-term investments:
                                    
U.S. Treasury Obligations
      50,166        —          —          50,166  
Long-term investment:
                                    
Failed Auction Security
      —          —          2,517        2,517  
Liabilities:
                                    
Contingent consideration obligations
      —          —          (227 )       (227 ) 
Quantitative Information about Level 3 Fair Value Measurements
Quantitative information about Level 3 fair value measurements as of September 30, 2021 is as follows (dollars in thousands):
 
 
  
Fair Value
 
  
Valuation
Technique
  
Unobservable
Input
  
Weighted
Average
        
 
      
 
  
Failed Auction Security
    $ 2,598  
 
 Discounted cash flow  
 		 Cumulative probability of earning the maximum rate until maturity
 
 0.15%
          
 
     Cumulative probability of principal return prior to maturity
 
 94.71%
          
 
     Cumulative probability of default
 
 5.14%
          
 
     Liquidity risk premium
 
 5.00%
          
 
     Recovery rate in default
 
 40.00%
 
Change in Estimated Fair Values Calculated for Investment Valued on Recurring Basis Utilizing Level 3 Inputs
 
The change in the estimated fair value calculated for the investment valued on a recurring basis utilizing Level 3 inputs (i.e., the Failed Auction Security) for the nine months ended September 30, 2021 was as follows (in thousands):
 
Balance at the beginning of the period
    $ 2,517
Credit gain on available-for-sale security included in Other income (expense), net
      3
Gain included in Other comprehensive income
      78
    
 
 
Balance at the end of the period
    $ 2,598