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FAIR VALUE MEASUREMENTS AND FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2019

Financial Assets and Liabilities Measured on a Recurring Basis

The following tables set forth the value of the Company's financial assets remeasured on a recurring basis based on the three-tier fair value hierarchy by significant investment category as of December 31, 2019 and 2018.


	December 31, 2019
									Reported as:
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cash and Cash Equivalents		Short-term Investments		Long-term investments
Cash	$	1,393	$	—	$	—	$	1,393	$	1,393	$	—	$	—
Level 1:
Money market fund	17,181		—		—		17,181		17,181		—		—
Level 2:
U.S. government agency securities	40,741		6		(14)		40,733		—		19,990		20,743
Commercial paper	108,248		107		(2)		108,353		—		108,353		—
Corporate debt securities	185,569		205		(20)		185,754		—		159,517		26,237
Asset-backed securities	1,561		3		—		1,564		—		1,564		—
Subtotal	336,119		321		(36)		336,404		—		289,424		46,980
Total assets measured at fair value	$	354,693	$	321	$	(36)	$	354,978	$	18,574	$	289,424	$	46,980


	December 31, 2018
									Reported as:
(in thousands)	Amortized cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cash and Cash Equivalents		Short-term Investments		Long-term investments
Cash	$	3,021	$	—	$	—	$	3,021	$	3,021	$	—	$	—
Level 1:
Money market fund	33,154		—		—		33,154		33,154		—		—

Level 2:
Commercial paper	68,467		—		(63)		68,404		997		67,407		—
Corporate debt securities	89,038		4		(63)		88,979		—		86,692		2,287
Asset-backed securities	49,838		3		(34)		49,807		—		49,807		—
Subtotal	207,343		7		(160)		207,190		997		203,906		2,287
Total assets measured at fair value	$	243,518	$	7	$	(160)	$	243,365	$	37,172	$	203,906	$	2,287

Amortized Cost, Unrealized Holding Gains or Losses, and Fair Value of Marketable Securities

The following table summarizes the Company's available-for-sale investments that were in a continuous unrealized loss position but were not deemed to be other-than-temporarily impaired, as of December 31, 2019 and 2018.


	December 31, 2019						December 31, 2018

(in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. government agency securities	$	24,235	$	(14)	$	—	$	—
Commercial paper	5,426		(2)		67,407		(63)
Corporate debt securities	38,668		(20)		85,699		(63)
Asset-backed securities	—		—		36,730		(34)
Total	$	68,329	$	(36)	$	189,836	$	(160)

Contractual Maturities of Cash Equivalents (Excluding Money Market Funds)

The following table summarizes the maturities of the Company’s cash equivalents (excluding money market funds) and available-for-sale investments, as of December 31, 2019.


(in thousands)	Amortized Cost		Fair Value
Mature in less than one year	$	289,156	$	289,424
Mature in one to five years	46,963		46,980
Total	$	336,119	$	336,404

Reconciliation of Liabilities Using Level 3 Unobservable Inputs

The following table presents a reconciliation of financial liabilities measured at fair value on a recurring basis using Level 3 unobservable inputs for the years ended December 31, 2019 and 2018.


	2019		2018
(in thousands)	Compound Derivative Liability		Compound Derivative Liability		Warrant Liability
Fair value at beginning of year	$	161	$	—	$	106
Additions	—		654		156
Change in fair value	816		(493)		305
Reclassification to equity	—		—		(194)
Issuance of convertible preferred stock on exercise of warrant	—		—		(373)
Fair value at end of year	$	977	$	161	$	—

Significant Unobservable Inputs Related to Level 3 Assets and Liabilities

The following table presents information about significant unobservable inputs related to the Company's Level 3 financial liabilities as of December 31, 2019.

December 31, 2019

(in thousands)

Fair Value

Valuation Technique

Significant Unobservable Input

Input

Compound derivative liability

$977

Discounted cash flow

Discount rate

10.7

Probability of the occurrence of certain events

20.0