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Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2019
Fair Value Disclosures [Abstract]  
Fair Value of Financial Assets and Liabilities Measured on Recurring Basis
The following table sets forth the fair value of our financial assets and liabilities (excluding restricted cash) allocated into Level 1 and Level 2 that were measured on a recurring basis (in thousands):
 
 
 
September 30, 2019
 
December 31, 2018
 
Fair Value
Hierarchy
 
Amortized
Cost
 
Unrealized
Gain
 
Unrealized
(Loss)
 
Estimated
Fair
Value
 
Amortized
Cost
 
Unrealized
Gain
 
Unrealized
(Loss)
 
Estimated
Fair
Value
Money market funds
Level 1
 
$
88,619

 
$
—

 
$
—

 
$
88,619

 
$
19,500

 
$
—

 
$
—

 
$
19,500

Corporate notes and commercial paper
Level 2
 
228,354

 
2

 
(8
)
 
228,348

 
166,363

 
1

 
(205
)
 
166,159

U.S. Treasury bills and government agency securities
Level 2
 
98,432

 
10

 
(7
)
 
98,435

 
110,270

 
1

 
(81
)
 
110,190

 
 
 
$
415,405

 
$
12

 
$
(15
)
 
$
415,402

 
$
296,133

 
$
2

 
$
(286
)
 
$
295,849

Classified as:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash equivalents
 
 
 
 
 
 
 
 
$
242,860

 
 
 
 
 
 
 
$
117,836

Short-term investments
 
 
 
 
 
 
 
 
172,542

 
 
 
 
 
 
 
178,013

Total cash equivalents and investments
 
 
 
 
 
 
 
 
$
415,402

 
 
 
 
 
 
 
$
295,849

 
Summary of Changes in Estimated Fair Value The following table sets forth a summary of the changes in the estimated fair value of our embedded derivative liabilities and Lonza award during the nine-month period ended September 30, 2019 (in thousands):
 
Embedded derivative liabilities
 
Lonza award
 
Total
Balance as of December 31, 2018
$
2,497

 
$
9,201

 
$
11,698

Net change in the fair value
(3,447
)
 
5,824

 
2,377

Addition of derivative related to 2019 Secured Term Loan
2,372

 
—

 
2,372

Settlement of Lonza award
—

 
(15,025
)
 
(15,025
)
Balance as of September 30, 2019
$
1,422

 
$
—

 
$
1,422