Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis and Level of Inputs used in such Measurements

The following tables show the Company’s financial assets and liabilities measured at fair value on a recurring basis and the level of inputs used in such measurements as of September 30, 2020 and December 31, 2019 (in thousands):

	As of September 30, 2020
	Adjusted Cost		Unrealized Gains		Unrealized Losses			Fair Value		Fair Value Level
Assets
Cash and cash equivalents:
Cash	$	2,494	$	—	$	—		$	2,494
Money market funds		102,532		—		—			102,532	Level 1
Commercial paper		26,520		—		(1	)		26,519	Level 2
U.S. agency securities		1,700		—		—			1,700	Level 2
Total cash and cash equivalents		133,246		—		(1	)		133,245
Short-term investments:
Commercial paper		3,899		—		—			3,899	Level 2
Corporate debt securities		7,972		9		—			7,981	Level 2
U.S. agency securities		60,895		47		(4	)		60,938	Level 2
Total short-term investments		72,766		56		(4	)		72,818
Total assets measured at fair value	$	206,012	$	56	$	(5	)	$	206,063

	As of December 31, 2019
	Adjusted Cost		Unrealized Gains		Unrealized Losses			Fair Value		Fair Value Level
Assets
Cash and cash equivalents:
Cash	$	1,271	$	—	$	—		$	1,271
Money market funds		12,495		—		—			12,495	Level 1
Commercial paper		41,281		—		(1	)		41,280	Level 2
Total cash and cash equivalents		55,047		—		(1	)		55,046
Short-term investments:
Commercial paper		17,898		—		(6	)		17,892	Level 2
U.S. government securities		4,011		—		—			4,011	Level 2
Corporate debt securities		13,953		1		(6	)		13,948	Level 2
U.S. agency securities		32,776		20		(2	)		32,794	Level 2
Asset-backed securities		4,598		—		—			4,598	Level 2
Total short-term investments		73,236		21		(14	)		73,243
Total assets measured at fair value	$	128,283	$	21	$	(15	)	$	128,289

Schedule of Risk-free Interest Rate Based on U.S. Treasury Yield Curve Over Expected Term of Warrants

The risk-free interest rate was based on the U.S. Treasury yield curve over the expected term of the warrants.

	Period Ended
	June 24, 2019
Expected term (in years)	5.01 - 5.26
Volatility	57.20% - 57.24%
Risk-free interest rate	1.75%
Dividend yield	–%

Summary of Changes in Fair Value of Level 3 Financial Instruments

The following table sets forth a summary of the changes in the fair value of the Company’s Level 3 financial instruments (in thousands):

	Warrant Liability
Balance — December 31, 2018	$	683
Change in fair value		1,403
Reclassification of warrant liability to additional paid-in capital on conversion		(2,086	)
Balance — September 30, 2019	$	—