Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Schedule of Fair Value Assets And Liabilities Measured On Recurring Basis

The following table sets forth the fair value of the Company’s financial assets measured on a recurring basis by level within the fair value hierarchy:

	September 30, 2020
	Level 1		Level 2		Level 3		Total
	(in thousands)
Financial Assets
Money market funds	$	106,277	$	—	$	—	$	106,277
Restricted money market funds		300		—		—		300
Total financial assets	$	106,577	$	—	$	—	$	106,577

	December 31, 2019
	Level 1		Level 2		Level 3		Total
	(in thousands)
Financial Assets
Money market funds	$	146,240	$	—	$	—	$	146,240
Restricted money market funds		300		—		—		300
Total financial assets	$	146,540	$	—	$	—	$	146,540
Financial Liabilities
Warrant liabilities	$	—	$	—	$	45,935	$	45,935
Securities issuance obligation		—		—		10,485	$	10,485
Total financial liabilities	$	—	$	—	$	56,420	$	56,420

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The Company remeasured the fair value of the warrant liabilities at the time of reclassification to equity using the following assumptions:

	Series A Warrant			Series B Warrant
Expected term (in years)		5.0			2.1
Expected volatility		43	%		88	%
Risk-free interest rate		1.57	%		1.53	%
Expected dividend yield		—	%		—	%

The warrant issuance obligation was remeasured using the following assumptions:

	Warrant Issuance Obligation
Expected term (in years)		5.0
Expected volatility		43	%
Risk-free interest rate		1.57	%
Expected dividend yield	— %

Schedule of Financial Liabilities Fair Value of Recurring Basis Using Unobservable Inputs

The following table provides a summary of changes in the estimated fair values of the Company’s Level 3 financial liabilities:  

	Series A Warrant Liability			Series B Warrant Liability			Warrant Issuance Obligation			Common Stock Issuance Obligation			Total
	(in thousands)
Balance, December 31, 2019	$	32,616		$	13,319		$	3,036		$	7,449		$	56,420
Changes in fair value		11,597			4,643			152			1,333			17,725
Settlement of financial liabilities by    securities issuance		—			—			(3,188	)		(8,782	)		(11,970	)
Reclassification to equity		(44,213	)		(17,962	)		—			—			(62,175	)
Balance, September 30, 2020	$	—		$	—		$	—		$	—		$	—