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Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2020
Fair Value Disclosures [Abstract]  
Assets measured at fair value on recurring basis
The following tables summarize assets and liabilities recognized or disclosed at fair value on a recurring basis as of June 30, 2020 and December 31, 2019 (in thousands):

June 30, 2020
Level 1Level 2Level 3Total
Assets:
Cash equivalents:
U.S. Treasuries$—  $11,300  $—  $11,300  
Money market funds61,840  —  —  61,840  
Certificate of deposits—  10,900  —  10,900  
Commercial paper—  29,143  —  29,143  
Marketable securities:
U.S. Treasuries—  55,680  —  55,680  
Commercial paper—  94,567  —  94,567  
U.S. Government-sponsored enterprises debt securities—  6,213  —  6,213  
Corporate debt securities—  54,174  —  54,174  
Certificate of deposits—  42,744  —  42,744  
Total assets(1)
$61,840  $304,721  $—  $366,561  
Liabilities:
Common stock warrant liabilities$—  $—  $36  $36  
Contingent consideration liabilities—  —  53,100  53,100  
Total liabilities$—  $—  $53,136  $53,136  
December 31, 2019
Level 1Level 2Level 3Total
Assets:
Cash equivalents:
Money market funds$11,527  $—  $—  $11,527  
Commercial paper—  7,485  —  $7,485  
Marketable securities:
Commercial paper—  73,366  —  73,366  
Corporate debt securities—  74,417  —  74,417  
Certificate of deposits—  41,302  —  41,302  
Total assets(1)
$11,527  $196,570  $—  $208,097  
Liabilities:
Common stock warrant liabilities$—  $—  $198  $198  
Contingent consideration liabilities—  —  63,800  63,800  
Total liabilities$—  $—  $63,998  $63,998  
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(1)Fair value is determined by taking into consideration valuations obtained from third-party pricing services. The third-party pricing services utilize industry standard valuation models, for which all significant inputs are observable, either directly or indirectly, to estimate fair value. These inputs include reported trades of and broker/dealer quotes on the same or similar securities; issuer credit spreads; benchmark securities; and other observable inputs.
Liabilities measured at fair value on recurring basis
The following tables summarize assets and liabilities recognized or disclosed at fair value on a recurring basis as of June 30, 2020 and December 31, 2019 (in thousands):

June 30, 2020
Level 1Level 2Level 3Total
Assets:
Cash equivalents:
U.S. Treasuries$—  $11,300  $—  $11,300  
Money market funds61,840  —  —  61,840  
Certificate of deposits—  10,900  —  10,900  
Commercial paper—  29,143  —  29,143  
Marketable securities:
U.S. Treasuries—  55,680  —  55,680  
Commercial paper—  94,567  —  94,567  
U.S. Government-sponsored enterprises debt securities—  6,213  —  6,213  
Corporate debt securities—  54,174  —  54,174  
Certificate of deposits—  42,744  —  42,744  
Total assets(1)
$61,840  $304,721  $—  $366,561  
Liabilities:
Common stock warrant liabilities$—  $—  $36  $36  
Contingent consideration liabilities—  —  53,100  53,100  
Total liabilities$—  $—  $53,136  $53,136  
December 31, 2019
Level 1Level 2Level 3Total
Assets:
Cash equivalents:
Money market funds$11,527  $—  $—  $11,527  
Commercial paper—  7,485  —  $7,485  
Marketable securities:
Commercial paper—  73,366  —  73,366  
Corporate debt securities—  74,417  —  74,417  
Certificate of deposits—  41,302  —  41,302  
Total assets(1)
$11,527  $196,570  $—  $208,097  
Liabilities:
Common stock warrant liabilities$—  $—  $198  $198  
Contingent consideration liabilities—  —  63,800  63,800  
Total liabilities$—  $—  $63,998  $63,998  
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(1)Fair value is determined by taking into consideration valuations obtained from third-party pricing services. The third-party pricing services utilize industry standard valuation models, for which all significant inputs are observable, either directly or indirectly, to estimate fair value. These inputs include reported trades of and broker/dealer quotes on the same or similar securities; issuer credit spreads; benchmark securities; and other observable inputs.
Reconciliation of liabilities measured at fair value using significant unobservable inputs (Level 3)
The following table provides a reconciliation of our contingent consideration liability measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and six months ended June 30, 2020 and 2019 (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2020201920202019
Balance at beginning of period$55,900  $71,200  $63,800  $78,200  
Change in fair value12,200  (700) 4,300  2,300  
Transfers out of Level 3 fair value hierarchy(1)
(15,000) —  (15,000) —  
Settlements—  —  —  (10,000) 
Balance at end of period$53,100  $70,500  $53,100  $70,500  
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(1)For the three and six months ended June 30, 2020, a $15.0 million regulatory milestone payment associated with the FDA’s approval of Fintepla was achieved and such consideration payable was no longer contingent. As of June 30, 2020, the amount has been reclassified from contingent consideration liability to accrued and other current liabilities which was subsequently paid in July 2020.
Significant inputs used in fair value measurement The following table summarizes the significant unobservable inputs used in the fair value measurement of our contingent consideration liabilities as of June 30, 2020.
Fair Value
as of
June 30, 2020
(in thousands)		Valuation TechniqueUnobservable InputRange
Weighted
Average(1)
$53,100Discounted cash flowDiscount rate
4.5% — 12.7%
6.8%
Probability of payment
0% — 94.3%
94.3%
Projected year of payment2021 — 20302022
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(1)Unobservable inputs were weighted by the relative fair value of the contingent consideration liability. For projected year of payment, the amount represents the median of the inputs and is not a weighted average.