Fair Value Measurements and Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Schedule of Inputs Used for Level 3 Liability

Below are inputs used for the Level 3 liability as of December 31, 2019:

	December 31, 2019
	Redeemable Convertible Preferred Stock Warrant
Value of Series C Redeemable Preferred Stock Per Share	$	6.82
Risk-Free Rate		1.90	%
Volatility		73.5	%
Term in Years	8.42

Schedule of Financial Instruments Measured at Fair Value on Recurring Basis

The following tables set forth our financial instruments measured at fair value on a recurring basis by level within the fair value hierarchy at September 30, 2020 and December 31, 2019:

	September 30, 2020
	Total		Level 1		Level 2		Level 3
	(In thousands)
Assets:
Money market funds (1)	$	392,272	$	392,272	$	—	$	—

	December 31, 2019
	Total Fair Value		Level 1		Level 2		Level 3
	(In thousands)
Assets:
Money market funds (1)	$	48,168	$	48,168	$	—	$	—
Liabilities:
Redeemable convertible preferred stock warrant liability	$	450	$	—	$	—	$	450

(1) Included within cash and cash equivalents on the condensed balance sheet.

Summary of Changes in Estimated Fair Value of Level 3 Financial Instruments

The following table provides a summary of changes in the estimated fair value of our Level 3 financial instrument, which was written off upon our IPO in June 2020. No new warrant liabilities were issued during the three months ended September 30, 2020:

	Warrant Liability
	(in thousands)
Balance — December 31, 2019	$	450
Change in fair value		179
Balance — March 31, 2020		629
Warrant liability write-off upon IPO		(629	)
Balance — June 30, 2020	$	—