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Fair Value Measurement (Tables)
12 Months Ended
Dec. 31, 2019
Fair Value Disclosures [Abstract]  
Fair Value Measurements, Recurring and Nonrecurring
The following tables present the Company’s fair value hierarchy for those assets and liabilities measured at fair value as of December 31, 2019 and 2018 (in thousands):
 
 
Total as of December 31, 2019
 
Level 1
 
Level 2
 
Level 3
 
 

 
 
 
 
 
 
Assets
 
 
 
 
 
 
 
 
Cash and cash equivalents:
 
 
 
 
 
 
 
 
     Cash and money market funds
 
$
19,519

 
$
19,519

 
$

 
$

 
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
     U.S. government securities
 
32,175

 
32,175

 

 

     Corporate securities
 
22,164

 

 
22,164

 

     Commercial paper
 
14,922

 

 
14,922

 

        Total investments
 
$
69,261

 
$
32,175

 
$
37,086

 
$

 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
Warrant liabilities
 
$
150

 
$

 
$

 
$
150

 
 
Total as of December 31, 2018
 
Level 1
 
Level 2
 
Level 3
Assets
 
 
 
 
 
 
 
 
Cash and cash equivalents:
 
 
 
 
 
 
 
 
     Cash and money market funds
 
$
45,716

 
$
45,716

 
$

 
$

 
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
     U.S. government securities
 
38,737

 
38,737

 

 

     Corporate securities
 
15,066

 

 
15,066

 

     Agency securities
 
11,931

 

 
11,931

 

     Commercial paper
 
1,183

 
1,183

 

 

        Total investments
 
$
66,917

 
$
39,920

 
$
26,997

 
$

 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
Warrant liabilities
 
$
860

 
$

 
$

 
$
860

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
The Company has determined that the warrant liabilities' fair values are Level 3 items within the fair value hierarchy. The following table presents the changes in the warrant liabilities (in thousands):
 
 
Balance at December 31, 2018
$
860

Exercise of warrants
(18
)
Change in fair value of warrants
(692
)
Balance at December 31, 2019
$
150