Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2019

Fair Value Measurements

The following table represents the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis (in thousands):


	Fair Value at December 31, 2019						Fair Value at December 31, 2018
Assets	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Money market funds(1)	$	42,960	$	―	$	—	$	39,168	$	—	$	—
Asset-backed securities(2)		―		20,000		―		―		19,997		―
Corporate debt securities(3)		―		—		―		―		26,219		―
Total cash equivalents and marketable securities	$	42,960	$	20,000	$	—	$	39,168	$	46,216	$	—
Liabilities
Convertible notes payable	$	―	$	125,811	$	—	$	—	$	197,935	$	—

(1)

Classified as cash and cash equivalents as of December 31, 2019 and 2018, respectively (see Note 3).

(2)

Includes $20,000 and $15,000 classified as cash and cash equivalents as of December 31, 2019 and 2018, respectively, on the consolidated balance sheets.

(3)

Includes $9,236 classified as cash and cash equivalents as of December 31, 2018 on the consolidated balance sheets.