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Fair Value of Financial Assets and Liabilities (Tables)
9 Months Ended
Sep. 30, 2018
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables present information about the Company’s financial assets and liabilities 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 September 30, 2018 using:

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

17,340

 

 

$

 

 

$

 

 

$

17,340

 

Short-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government-sponsored enterprise securities

 

 

 

 

 

5,233

 

 

 

 

 

 

5,233

 

U.S. treasury securities

 

 

 

 

 

21,459

 

 

 

 

 

 

21,459

 

 

 

$

17,340

 

 

$

26,692

 

 

$

 

 

$

44,032

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative liability

 

$

 

 

$

 

 

$

3

 

 

$

3

 

 

 

$

 

 

$

 

 

$

3

 

 

$

3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value Measurements as of December 31, 2017 using:

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

13,871

 

 

$

 

 

$

 

 

$

13,871

 

U.S. government-sponsored enterprise

   securities

 

 

 

 

 

8,960

 

 

 

 

 

 

8,960

 

U.S. treasury securities

 

 

 

 

 

3,497

 

 

 

 

 

 

3,497

 

Short-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government-sponsored enterprise securities

 

 

 

 

 

9,816

 

 

 

 

 

 

9,816

 

U.S. treasury securities

 

 

 

 

 

34,922

 

 

 

 

 

 

34,922

 

 

 

$

13,871

 

 

$

57,195

 

 

$

 

 

$

71,066

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative liability

 

$

 

 

$

 

 

$

25

 

 

$

25

 

 

 

$

 

 

$

 

 

$

25

 

 

$

25

 

 

Summary of Changes in Values of Derivative Liability

Changes in the values of the derivative liability are summarized below (in thousands):

 

 

 

Derivative

 

 

 

Liability

 

Fair value at December 31, 2017

 

$

25

 

Change in fair value

 

 

(22

)

Fair value at September 30, 2018

 

$

3