Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Schedule of Assets Measured or Disclosed at Fair Value on Recurring Basis

Assets measured or disclosed at fair value on a recurring basis as of September 30, 2020 and December 31, 2019 are summarized below:

	Fair Value Measurements Using
	Level 1		Level 2		Level 3		Total
	(in thousands)
September 30, 2020
Assets:
Cash and cash equivalents	$	169,286	$	—	$	—	$	169,286
U.S. government debt securities	—		99,969		—		99,969
	$	169,286	$	99,969	$	—	$	269,255
Liabilities:
Derivative liability	$	—	$	—	$	1,990	$	1,990
	$	—	$	—	$	1,990	$	1,990

	Fair Value Measurements Using
	Level 1		Level 2		Level 3		Total
	(in thousands)
December 31, 2019
Assets:
Cash and cash equivalents	$	147,449	$	—	$	—	$	147,449
Certificates of deposit	—		245		—		245
	$	147,449	$	245	$	—	$	147,694
Liabilities:
Derivative liability	$	—	$	—	$	1,650	$	1,650
	$	—	$	—	$	1,650	$	1,650

Schedule of Fair Value Derivative Liability

The following table provides a roll-forward of the fair value of the derivative liability (in thousands):

Balance at December 31, 2019	$	1,650
Change in fair value of derivative liability, recorded as other expense	90
Balance at March 31, 2020	$	1,740
Change in fair value of derivative liability, recorded as other expense	150
Balance at June 30, 2020	$	1,890
Change in fair value of derivative liability, recorded as other expense	$	100
Balance at September 30, 2020	$	1,990