Marketable Securities and Fair Value Measurements (Tables)
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12 Months Ended |
Dec. 31, 2019 |
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| Fair Value Disclosures [Abstract] |
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| Financial Assets at Fair Value on Recurring Basis |
The following table sets forth the Company’s financial assets (cash equivalents and available-for-sale marketable securities) at fair value on a recurring basis as of December 31, 2019 and 2018:
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Fair Value as of
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December 31,
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Basis of Fair Value Measurements
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(in thousands)
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2019
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Level 1
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Level 2
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Level 3
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Money market funds
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$
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79,970
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$
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79,970
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$
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—
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$
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—
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Commercial paper
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20,436
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—
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20,436
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—
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United States Treasury Bills
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16,738
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—
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16,738
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—
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United States government-related debt securities
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7,010
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—
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7,010
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—
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Corporate bonds
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1,351
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—
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1,351
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—
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Total
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$
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125,505
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$
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79,970
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$
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45,535
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$
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—
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Amounts included in:
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Cash and cash equivalents
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$
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84,362
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Marketable securities, current
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39,633
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Marketable securities, non-current
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1,510
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Total
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$
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125,505
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Fair Value as of
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December 31,
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Basis of Fair Value Measurements
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(in thousands)
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2018
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Level 1
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Level 2
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Level 3
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Money market funds
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$
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82,843
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$
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82,843
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$
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—
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$
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—
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Commercial paper
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12,825
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—
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12,825
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—
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Total
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$
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95,668
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$
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82,843
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$
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12,825
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$
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—
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Amounts included in:
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Cash and cash equivalents
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85,434
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Marketable securities, current
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10,234
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Total
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$
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95,668
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| Summary of Company's Available-for-Sale Securities |
The Company invests in highly-liquid, investment-grade securities. The following is a summary of the Company’s available-for-sale securities at December 31, 2019 and 2018:
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As of December 31, 2019 (in thousands):
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Cost Basis
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Unrealized
Gain
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Unrealized
Loss
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Fair
Value
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Cash equivalents - money market funds, commercial paper
and corporate bonds
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$
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84,361
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$
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1
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$
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—
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$
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84,362
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Marketable securities, current - commercial paper,
Treasury bills and corporate bonds
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39,616
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17
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—
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39,633
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Marketable securities, non-current - Treasury bills
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1,510
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—
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—
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1,510
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As of December 31, 2018 (in thousands):
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Cost Basis
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|
|
Unrealized
Gain
|
|
|
Unrealized
Loss
|
|
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Fair
Value
|
|
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Cash equivalents - money market funds
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|
$
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85,434
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$
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—
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$
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—
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$
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85,434
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Marketable securities, current - commercial paper
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10,234
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—
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—
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10,234
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| Summary of Contractual Maturities of Available-for-Sale-Investment |
The following summarized the contractual maturities of the Company’s available-for-sale investment at December 31, 2019:
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Cost Basis
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Fair
Value
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Due in one year or less
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$
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123,977
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$
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123,995
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Due after one year through five years
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1,510
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1,510
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Total
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$
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125,487
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$
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125,505
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| Financial Liabilities at Fair Value on Recurring Basis |
The following table sets forth the Company’s financial liabilities measured at fair value on a recurring basis as of the date indicated below:
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Fair Value as of
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|
December 31,
|
|
|
Basis of Fair Value Measurements
|
|
|
(in thousands)
|
|
2019
|
|
|
Level 1
|
|
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Level 2
|
|
|
Level 3
|
|
|
2017 Common stock warrants
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
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Fair Value as of
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December 31,
|
|
|
Basis of Fair Value Measurements
|
|
|
(in thousands)
|
|
2018
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
2017 Common stock warrants
|
|
$
|
3
|
|
|
$
|
—
|
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|
$
|
—
|
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|
$
|
3
|
|
|
| Summary of Fair Value of Warrants |
The fair value of these warrants on December 31, 2019 and 2018 was determined using a Black-Scholes model with the following key level 3 inputs:
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December 31,
2019
|
|
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December 31,
2018
|
|
|
Risk-free interest rate
|
|
|
1.6
|
%
|
|
|
2.6
|
%
|
|
Expected life (in years)
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0.1
|
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|
1.1
|
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Dividend yield
|
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|
—
|
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—
|
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Volatility
|
|
|
86
|
%
|
|
|
77
|
%
|
|
Stock price at valuation date
|
|
$
|
13.99
|
|
|
$
|
4.04
|
|
|