Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2019

Fair Value Disclosures [Abstract]

Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis

There were no transfers between Level 1 and Level 2 of the fair value measurement hierarchy during the nine months ended September 30, 2019 and the year ended December 31, 2018. Assets measured at fair value on a recurring basis as of September 30, 2019, were as follows (in thousands):

	September 30, 2019
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	13,951	$	—	$	—	$	13,951
Corporate debt securities		—		5,006		—		5,006
Government treasury bills		—		—		—		—
Total assets	$	13,951	$	5,006	$	—	$	18,957

Assets and liabilities measured at fair value on a recurring basis as of December 31, 2018, were as follows (in thousands):

	December 31, 2018
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	32,458	$	—	$	—	$	32,458
Corporate debt securities		—		31,973		—		31,973
U.S. Treasury bills		26,657		—		—		26,657
Total assets	$	59,115	$	31,973	$	—	$	91,088
Liabilities:
Contingent liability		—		—		20		20
Total liabilities	$	—	$	—	$	20	$	20

Summary of Changes in Fair Value Adjustments for Liabilities

The following table sets forth a summary of the change in fair value adjustments for liabilities that are required to be marked-to-market. The change in fair value of the contingent liability was recognized in general and administrative expense in the consolidated statements of operations. The following balance is measured at fair value on a recurring basis using significant unobservable inputs (Level 3) (in thousands):

	Change in
	Fair Value
	Adjustments
Balance at January 1, 2019	$	20
Change in fair value of contingent liability		(20	)
Balance at September 30, 2019	$	—