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Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2018
Fair Value Disclosures [Abstract]  
Schedule of Assets Measured at Fair Value on Recurring Basis

Assets measured at fair value on a recurring basis were as follows:

 

Description

 

December 31, 2018

 

 

Quoted Prices (Unadjusted) in Active Markets

for Identical

Assets

(Level 1)

 

 

Significant Other

Observable

Inputs

(Level 2)

 

 

Significant

Unobservable

Inputs

(Level 3)

 

 

 

(in thousands)

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market mutual funds

 

$

31,740

 

 

$

31,740

 

 

$

 

 

$

 

Commercial paper

 

 

5,974

 

 

 

 

 

 

5,974

 

 

 

 

U.S. Treasury securities

 

 

35

 

 

 

35

 

 

 

 

 

 

 

Total cash equivalents

 

$

37,749

 

 

$

31,775

 

 

$

5,974

 

 

$

 

Short-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset-backed securities

 

$

19,520

 

 

$

 

 

$

19,520

 

 

$

 

Commercial paper

 

 

72,597

 

 

 

 

 

 

72,597

 

 

 

 

Corporate debt securities

 

 

54,461

 

 

 

 

 

 

54,461

 

 

 

 

U.S. Treasury securities

 

 

29,939

 

 

 

 

 

 

29,939

 

 

 

 

Total short-term investments

 

$

176,517

 

 

$

 

 

$

176,517

 

 

$

 

Total financial assets

 

$

214,266

 

 

$

31,775

 

 

$

182,491

 

 

$

 

 

Description

 

December 31, 2017

 

 

Quoted Prices (Unadjusted) in Active Markets

for Identical

Assets

(Level 1)

 

 

Significant Other

Observable

Inputs

(Level 2)

 

 

Significant

Unobservable

Inputs

(Level 3)

 

 

 

(in thousands)

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market mutual funds

 

$

44,182

 

 

$

44,182

 

 

$

 

 

$

 

Total cash equivalents

 

$

44,182

 

 

$

44,182

 

 

$

 

 

$

 

Short-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset-backed securities

 

$

7,422

 

 

$

 

 

$

7,422

 

 

$

 

Commercial paper

 

 

34,882

 

 

 

 

 

 

34,882

 

 

 

 

Corporate debt securities

 

 

26,856

 

 

 

 

 

 

26,856

 

 

 

 

U.S. Treasury securities

 

 

8,924

 

 

 

 

 

 

8,924

 

 

 

 

Total short-term investments

 

$

78,084

 

 

$

 

 

$

78,084

 

 

$

 

Total financial assets

 

$

122,266

 

 

$

44,182

 

 

$

78,084

 

 

$

 

Schedule of Reconciliation of Changes in the Fair Value of Financial Instruments

The reconciliations of changes in the fair value of financial instruments based on Level 3 inputs for the year ended December 31, 2017 consisted of:

 

(in thousands)

 

 

 

 

Fair value as of January 1, 2017

 

$

4,247

 

Change in fair value of convertible preferred

   stock tranche liability

 

 

876

 

Reduction in tranche liability due to preferred

   stock issuance

 

 

(5,123

)

Fair value as of December 31, 2017

 

$