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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands):

		December 31, 2020
		Level 1				Level 2				Level 3				Total
Current assets:
Cash equivalents:
Money market funds		$	15,677			$	—			$	—			$	15,677
Corporate debt securities			—				2,500				—				2,500
Commercial paper			—				13,499				—				13,499
Total cash equivalents			15,677				15,999				—				31,676
Short-term investments:
Corporate debt securities			—				11,588				—				11,588
Commercial paper			—				50,027				—				50,027
Total short-term investments			—				61,615				—				61,615
Total assets measured at fair value		$	15,677			$	77,614			$	—			$	93,291

		December 31, 2019
		Level 1				Level 2				Level 3				Total
Current assets:
Cash equivalents:
Money market funds		$	12,859			$	—			$	—			$	12,859
Corporate debt securities			—				500				—				500
Total cash equivalents			12,859				500				—				13,359
Short-term investments:
Government agency bonds			—				2,750				—				2,750
Corporate debt securities			—				11,349				—				11,349
Commercial paper			—				5,987				—				5,987
Total short-term investments			—				20,086				—				20,086
Total assets measured at fair value		$	12,859			$	20,586			$	—			$	33,445
Current liabilities:
Preferred stock tranche obligation		$	—			$	—			$	2,158			$	2,158
Total liabilities measured at fair value		$	—			$	—			$	2,158			$	2,158

Summary of Company's Financial Assets Measured at Fair Value

The following tables present information as to cost, unrealized gains and losses and fair value determination of the Company’s financial assets measured at fair value on a recurring basis (in thousands):

		December 31, 2020
		Amortized Cost				Unrealized Gains				Unrealized Losses				Aggregate Fair Value
Current assets:
Cash equivalents:
Money market funds		$	15,677			$	—			$	—			$	15,677
Corporate debt securities			2,502				—				(2	)			2,500
Commercial paper			13,498				1				—				13,499
Total cash equivalents			31,677				1				(2	)			31,676
Short-term investments:
Corporate debt securities			11,588				1				(1	)			11,588
Commercial paper			50,030				2				(5	)			50,027
Total short-term investments			61,618				3				(6	)			61,615
Total assets measured at fair value		$	93,295			$	4			$	(8	)		$	93,291

		December 31, 2019
		Amortized Cost				Unrealized Gains				Unrealized Losses				Aggregate Fair Value
Current assets:
Cash equivalents:
Money market funds		$	12,859			$	—			$	—			$	12,859
Corporate debt securities			500				—				—				500
Total cash equivalents			13,359				—				—				13,359
Short-term investments:
Government agency bonds			2,750				—				—				2,750
Corporate debt securities			11,348				2				(1	)			11,349
Commercial paper			5,985				2				—				5,987
Total short-term investments			20,083				4				(1	)			20,086
Total assets measured at fair value		$	33,442			$	4			$	(1	)		$	33,445

Summary of Reconciliation of Level 3 Liabilities Measured at Fair Value

The following table provides a reconciliation of Level 3 liabilities measured at fair value on a recurring basis using significant unobservable inputs (in thousands):

		Amount
Fair value as of December 31, 2019		$	2,158
Change in fair value and expiration of the    preferred stock tranche obligation			(2,158	)
Balance as of December 31, 2020		$	—

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- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class 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 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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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
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-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19279-110258

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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

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

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