Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 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):


	December 31, 2019
	Total Fair Value		Level 1		Level 2		Level 3
Assets:
Money market funds	$	147,208	$	147,208	$	—	$	—
Corporate bonds		33,134		—		33,134		—
Commercial paper		56,041		—		56,041		—
Asset-backed securities		8,005		—		8,005		—
Total	$	244,388	$	147,208	$	97,180	$	—

Liabilities:
Derivative liability for Exit Fee	$	969	$	—	$	—	$	969
Total	$	969	$	—	$	—	$	969


	December 31, 2018
	Total Fair Value		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 statements of operations and were as follows for the year ended December 31, 2019 (in thousands):


	Estimated Fair Value
	of Derivative Liability
Balance of Level 3 Liabilities at December 31, 2017	$	—
Initial estimated fair value of derivative liability for Exit Fee in May 2018		546
Change in estimated fair value of derivative liability for Exit Fee		(13)
Balance of Level 3 Liabilities at December 31, 2018		533
Change in estimated fair value of derivative liability for Exit Fee		436
Balance of Level 3 Liabilities at December 31, 2019	$	969