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Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2018
Fair Value Measurements |
Summary of Fair Value Measurements of Company's Financial Assets and Liabilities | The following table sets forth the fair value of the Company’s financial assets and liabilities measured on a recurring basis by level within the fair value hierarchy (in thousands):
|  | September 30, 2018
|  | Total |  | Level 1 |  | Level 2 |  | Level 3
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 66,235 |  | $ | 66,235 |  | $ | — |  | $ | —
U.S. treasury securities |  |  | 7,957 |  |  | 7,957 |  |  | — |  |  | —
Corporate bonds |  |  | 36,439 |  |  | — |  |  | 36,439 |  |  | —
Commercial paper |  |  | 65,105 |  |  | — |  |  | 65,105 |  |  | —
Asset-backed securities |  |  | 7,883 |  |  | — |  |  | 7,883 |  |  | —
Total |  | $ | 183,619 |  | $ | 74,192 |  | $ | 109,427 |  | $ | —
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Derivative liability for exit fee |  | $ | 556 |  | $ | — |  | $ | — |  | $ | 556
Foreign currency derivative contracts |  |  | 46 |  | $ | — |  | $ | 46 |  | $ | —
Total |  | $ | 602 |  | $ | — |  | $ | 46 |  | $ | 556
|  | December 31, 2017
|  | Total |  | Level 1 |  | Level 2 |  | Level 3
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 68,651 |  | $ | 68,651 |  | $ | — |  | $ | —
U.S. treasury securities |  |  | 3,993 |  |  | 3,993 |  |  | — |  |  | —
Corporate bonds |  |  | 26,827 |  |  | — |  |  | 26,827 |  |  | —
Commercial paper |  |  | 20,420 |  |  | — |  |  | 20,420 |  |  | —
Asset-backed securities |  |  | 8,203 |  |  | — |  |  | 8,203 |  |  | —
Total |  | $ | 128,094 |  | $ | 72,644 |  | $ | 55,450 |  | $ | —
Summary of changes in the fair value of recurring measurements | Changes in the fair value of recurring measurements included in Level 3 of the fair value hierarchy are presented as changes in derivative liabilities for Exit Fee in the Company's condensed consolidated statements of operations and were as follows for the nine months ended September 30, 2018 (in thousands):
|  | Estimated Fair Value
|  | of Derivative Liability
Balance of Level 3 Liabilities at December 31, 2017 |  | $ | —
Initial estimated fair value of derivative liability for exit fee |  |  | 546
Balance of Level 3 Liabilities at June 30, 2018 |  |  | 546
Change in estimated fair value of derivative liability for exit fee |  |  | 10
Balance of Level 3 Liabilities at September 30, 2018 |  | $ | 556

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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19279-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19190-110258 + Details
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