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Fair Value Measurements (Tables)

9 Months Ended

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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- References

No definition available.

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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

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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

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