Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2019

Summary of Fair Value Measurements of Company's Financial Assets and Liabilities

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


	September 30, 2019
	Total		Level 1		Level 2		Level 3
Assets:
Money market funds	$	89,078	$	89,078	$	—	$	—
Corporate bonds		3,325		—		3,325		—
Commercial paper		6,236		—		6,236		—
Asset-backed securities		1,309		—		1,309		—
Total	$	99,948	$	89,078	$	10,870	$	—

Liabilities:
Derivative liability for exit fee	$	779	$	—	$	—	$	779
Total	$	779	$	—	$	—	$	779


	December 31, 2018
	Total		Level 1		Level 2		Level 3
Assets:
Money market funds	$	73,238	$	73,238	$	—	$	—
U.S. treasury securities		3,996		3,996		—		—
Corporate bonds		34,590		—		34,590		—
Commercial paper		43,154		—		43,154		—
Asset-backed securities		9,378		—		9,378		—
Total	$	164,356	$	77,234	$	87,122	$	—

Liabilities:
Derivative liability for exit fee	$	533	$	—	$	—	$	533
Foreign currency derivative contracts		52	$	—	$	52	$	—
Total	$	585	$	—	$	52	$	533

Summary of Changes in the Fair Value of Recurring Measurements

Changes in the fair value of recurring measurements included in Level 3 of the fair value hierarchy are presented as other income (expense), net, in the Company's condensed consolidated statements of operations and were as follows for the three and nine months ended September 30, 2019 (in thousands):


	Estimated Fair Value
	of Derivative Liability
Balance of Level 3 Liabilities at December 31, 2018	$	533
Change in estimated fair value of derivative liability for exit fee		246
Balance of Level 3 Liabilities at September 30, 2019	$	779