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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2020

Fair Value Disclosures [Abstract]

Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis and Level of Inputs used in such Measurements

The following tables show the Company’s financial assets and liabilities measured at fair value on a recurring basis and the level of inputs used in such measurements as of June 30, 2020 and December 31, 2019 (in thousands):

		As of June 30, 2020
		Adjusted Cost				Unrealized Gains				Unrealized Losses				Fair Value				Fair Value Level
Assets
Cash and cash equivalents:
Cash		$	1,757			$	—			$	—			$	1,757
Money market funds			20,285				—				—				20,285			Level 1
Commercial paper			3,000				—				—				3,000			Level 2
Total cash and cash equivalents			25,042				—				—				25,042
Short-term investments:
Commercial paper			13,828				40				—				13,868			Level 2
Corporate debt securities			3,911				15				—				3,926			Level 2
U.S. agency securities			61,326				76				(6	)			61,396			Level 2
Asset-backed securities			1,000				1				—				1,001			Level 2
Total short-term investments			80,065				132				(6	)			80,191
Total assets measured at fair value		$	105,107			$	132			$	(6	)		$	105,233

		As of December 31, 2019
		Adjusted Cost				Unrealized Gains				Unrealized Losses				Fair Value				Fair Value Level
Assets
Cash and cash equivalents:
Cash		$	1,271			$	—			$	—			$	1,271
Money market funds			12,495				—				—				12,495			Level 1
Commercial paper			41,281				—				(1	)			41,280			Level 2
Total cash and cash equivalents			55,047				—				(1	)			55,046
Short-term investments:
Commercial paper			17,898				—				(6	)			17,892			Level 2
U.S. government securities			4,011				—				—				4,011			Level 2
Corporate debt securities			13,953				1				(6	)			13,948			Level 2
U.S. agency securities			32,776				20				(2	)			32,794			Level 2
Asset-backed securities			4,598				—				—				4,598			Level 2
Total short-term investments			73,236				21				(14	)			73,243
Total assets measured at fair value		$	128,283			$	21			$	(15	)		$	128,289

Schedule of Risk-free Interest Rate Based on U.S. Treasury Yield Curve Over Expected Term of Warrants

The risk-free interest rate was based on the U.S. Treasury yield curve over the expected term of the warrants.

		Period Ended
		June 24, 2019
Expected term (in years)		5.01 - 5.26
Volatility		57.20% - 57.24%
Risk-free interest rate		1.75%
Dividend yield		–%

Summary of Changes in Fair Value of Level 3 Financial Instruments

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

		Warrant Liability
Balance — December 31, 2018		$	683
Change in fair value			1,403
Reclassification of warrant liability to additional paid-in capital on conversion			(2,086	)
Balance — June 30, 2019		$	—

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- Definition

Schedule of changes in fair value of level 3 Financial instruments.

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Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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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/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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