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Fair Value Measurement and Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2018

Fair Value Disclosures [Abstract]

Schedule of Carrying Amounts and Fair Values of Financial Instruments

The following tables set forth the carrying amounts and fair values of the Company’s financial instruments as of September 30, 2018 and December 31, 2017 (in thousands):

		September 30, 2018
										Fair Value Measurement Based on
		Carrying Amount				Fair Value				Quoted Prices In Active Markets (Level 1)				Significant other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Assets
Money market funds (cash equivalents)		$	86,605			$	86,605			$	86,605			$	-			$	-

		December 31, 2017
										Fair Value Measurement Based on
		Carrying Amount				Fair Value				Quoted Prices In Active Markets (Level 1)				Significant other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Assets
Money market funds (cash equivalents)		$	11,149			$	11,149			$	11,149			$	-			$	-
Liabilities
Convertible preferred stock warrant liability		$	478			$	478			$	-			$	-			$	478

Summary of Fair Value Inputs and Assumptions

The fair value of the convertible preferred stock warrant liability was estimated using the Black-Scholes option pricing model and the following inputs and assumptions as of July 2, 2018 and December 31, 2017:

		July 2, 2018								December 31, 2017
		Series E				Series F				Series E				Series F
Estimated fair value of convertible preferred stock		$	26.41			$	26.41			$	9.57			$	11.01
Exercise price		$	19.55			$	9.73			$	19.55			$	9.73
Remaining term (in years)		4.5				2.6 - 6.5				5.0				3.1 - 7.0
Risk-free interest rate		2.7%				2.6% - 2.8%				2.2%				2.0% - 2.3%
Expected volatility		43%				43%				43%				43% - 44%
Dividend yield		0%				0%				0%				0%

Summary of Changes in Instruments Measured on Recurring Basis

The following table presents the changes in Level 3 instruments measured on a recurring basis for the nine months ended September 30, 2018 (in thousands):

Balance at December 31, 2017		$	478
Change in fair value			1,396
Reclassification to additional paid in capital			(1,874	)
Balance at September 30, 2018		$	-

X

- Definition

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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258

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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258

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-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 3
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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19190-110258

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