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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 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):
 
 
 
December 31, 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
 
$
23,826

 
$
—

 
$
—

 
$
23,826

 
$
19,500

 
$
—

 
$
—

 
$
19,500

Corporate notes and commercial paper
Level 2
 
284,410

 
9

 
(20
)
 
284,399

 
166,363

 
1

 
(205
)
 
166,159

U.S. Treasury bills and government agency securities
Level 2
 
96,196

 
48

 
(1
)
 
96,243

 
110,270

 
1

 
(81
)
 
110,190

 
 
 
$
404,432

 
$
57

 
$
(21
)
 
$
404,468

 
$
296,133

 
$
2

 
$
(286
)
 
$
295,849

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2019
 
December 31, 2018
Classified as:
 
 
Amortized
Cost
 
Unrealized
Gain
 
Unrealized
(Loss)
 
Estimated
Fair
Value
 
Amortized
Cost
 
Unrealized
Gain
 
Unrealized
(Loss)
 
Estimated
Fair
Value
Cash equivalents
 
 
$
153,453

 
$
—

 
$
—

 
$
153,453

 
$
117,837

 
$
1

 
$
(2
)
 
$
117,836

Short-term investments
 
 
214,029

 
35

 
(10
)
 
214,054

 
178,296

 
1

 
(284
)
 
178,013

Long-term investments
 
 
36,950

 
22

 
(11
)
 
36,961

 
—

 
—

 
—

 
—

 
 
 
$
404,432

 
$
57

 
$
(21
)
 
$
404,468

 
$
296,133

 
$
2

 
$
(286
)
 
$
295,849

 
Summary of Changes in Estimated Fair Value of Embedded Derivative Liabilities Measured on Recurring Basis 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 year ended December 31, 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
(2,931
)
 
5,824

 
2,893

Addition of derivative related to 2019 Secured Term Loan
4,300

 
—

 
4,300

Settlement of Lonza award
—

 
(15,025
)
 
(15,025
)
Balance as of December 31, 2019
$
3,866

 
$
—

 
$
3,866