Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2020

Fair Value Disclosures [Abstract]

Summary of Financial Assets and Liabilities are Measured at Fair Value on Recurring Basis

The following tables present information about the Company’s financial assets and liabilities that are measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands):

	Fair Value Measurements as of June 30, 2020:
	Quoted
	Prices
	in Active		Significant
	Markets for		Other		Significant
	Identical		Observable		Unobservable
	Assets		Inputs		Inputs
	(Level 1)		(Level 2)		(Level 3)		Fair Value
Assets
Cash equivalents - money market funds	$	62,104	$	—	$	—	$	62,104
Restricted cash		—		263		—		263
Total assets	$	62,104	$	263	$	—	$	62,367
Liabilities
Derivative liability related to loan	$	—	$	—	$	—	$	—
Total liabilities	$	—	$	—	$	—	$	—
	Fair Value Measurements as of December 31, 2019:
	Quoted
	Prices
	in Active		Significant
	Markets for		Other		Significant
	Identical		Observable		Unobservable
	Assets		Inputs		Inputs
	(Level 1)		(Level 2)		(Level 3)		Fair Value
Assets
Cash equivalents – money market funds	$	22,784	$	—	$	—	$	22,784
Restricted cash		—		263		—		263
Total assets	$	22,784	$	263	$	—	$	23,047
Liabilities
Derivative liability related to loan	$	—	$	—	$	494	$	494
Total liabilities	$	—	$	—	$	494	$	494

Schedule of Aggregate Fair Values of Derivative Liability

The following table provides a roll forward of the aggregate fair values of the Company’s derivative liability (in thousands):

	Derivative Liability
Balance at December 31, 2019	$	494
Change in fair value		556
Payment of success fee		(1,050	)
Balance at June 30, 2020	$	0