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Fair Value (Tables)
 9 Months Ended
Sep. 30, 2020
Schedule of Fair Value of Cash Equivalents, Short-term Investments and Long-term Investments

The following table reflects the Company’s financial asset balances measured on a recurring basis as of September 30, 2020 (in thousands):

 

 

 

Level

 

Amortized

Cost

 

 

Unrealized

Gains

 

 

Unrealized

Losses

 

 

Fair

Value

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market fund

 

1

 

$

66,596

 

 

 

—

 

 

 

—

 

 

$

66,596

 

Commercial paper

 

2

 

 

70,392

 

 

 

—

 

 

 

(3

)

 

 

70,389

 

U.S. government debt and agency securities

 

2

 

 

835

 

 

 

—

 

 

 

—

 

 

 

835

 

U.S. treasury bills

 

2

 

 

14,999

 

 

 

—

 

 

 

—

 

 

 

14,999

 

Total cash equivalents

 

 

 

$

152,822

 

 

$

—

 

 

$

(3

)

 

$

152,819

 

Short-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

2

 

 

30,393

 

 

 

2

 

 

 

(1

)

 

 

30,394

 

U.S. government debt and agency securities

 

2

 

 

29,220

 

 

 

7

 

 

 

—

 

 

 

29,227

 

Corporate bonds

 

2

 

 

926

 

 

 

—

 

 

 

—

 

 

 

926

 

Total short-term investments

 

 

 

$

60,539

 

 

$

9

 

 

$

(1

)

 

$

60,547

 

Long-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government debt and agency securities

 

2

 

 

32,634

 

 

 

11

 

 

 

(9

)

 

 

32,636

 

U. S. treasury bills

 

2

 

 

1,020

 

 

 

—

 

 

 

—

 

 

 

1,020

 

Total long-term investments

 

 

 

$

33,654

 

 

$

11

 

 

$

(9

)

 

$

33,656

 

 
Grant Liability  
Schedule of Fair Value Liabilities, Activity

 

The following table presents the activity for the grant liability for the nine months ended September 30, 2020 and year ended December 31, 2019 (in thousands):

 

 

 

Nine Months Ended September 30, 2020

 

 

Year Ended December 31, 2019

 

Fair value at beginning of period

 

$

1,036

 

 

$

936

 

Change in fair value of grant liability

 

 

464

 

 

 

100

 

Fair value at end of period

 

$

1,500

 

 

$

1,036

 
Derivative Liability  
Schedule of Fair Value Liabilities, Activity

The following table presents the activity for the derivative liability for the nine months ended September 30, 2020 and year ended December 31, 2019 (in thousands):

 

 

 

Nine Months Ended September 30, 2020

 

 

Year Ended December 31, 2019

 

Fair value at beginning of period

 

$

999

 

 

$

539

 

Derivative liability recorded upon issuance of

   convertible notes

 

 

774

 

 

 

389

 

Change in fair value of derivative liability

 

 

132

 

 

 

71

 

Derivative liability settled upon conversion of

   convertible notes

 

 

(1,905

)

 

 

—

 

Fair value at end of period

 

$

—

 

 

$

999

 
Convertible Preferred Stock Warrant Liability  
Schedule of Fair Value Liabilities, Activity

The following table presents the activity for the convertible preferred stock warrant liability for the nine months ended September 30, 2020 (in thousands):

 

 

 

Nine Months Ended September 30, 2020

 

Fair value at beginning of period

 

$

—

 

Recognition of convertible preferred stock warrant liability

 

 

364

 

Change in fair value

 

 

641

 

Settlement upon IPO

 

 

(1,005

)

Fair value at end of period

 

$

—