Fair Value Measurements

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

The following table presents the Company’s assets and liabilities that are measured at fair value on a recurring basis (amounts in thousands):

	December 31, 2019
	(Level 1)		(Level 2)		(Level 3)
Assets
Money market funds (included in cash and cash equivalents)	$	59,382	$	—	$	—
Marketable securities - U.S. government agency	$	—	$	—	$	—
Marketable securities - Corporate debt securities	$	—	$	—	$	—

	December 31, 2018
	(Level 1)		(Level 2)		(Level 3)
Assets
Money market funds (included in cash and cash equivalents)	$	25,145	$	—	$	—
Marketable securities - U.S. government agency	$	—	$	2,994	$	—
Marketable securities - Corporate debt securities	$	—	$	1,391	$	—

The fair value of the Company's marketable securities is estimated using observable market-based inputs such as quoted prices, interest rates and yield curves or Level 2 inputs.

The Company’s preferred stock warrants were classified as liabilities, recorded at fair value and subject to re-measurement at each balance sheet date until they were converted into common stock warrants in connection with the completion of the Merger. The common stock warrants are equity classified as of the Merger date and are no longer subject to remeasurement.

The reconciliation of the preferred stock warrant liability measured at fair value, until the reclassification into equity at the time of the Merger, on a recurring basis using significant unobservable inputs (Level 3) was as follows (amounts in thousands):

	Preferred stock warrant liability
Balance at January 1, 2018	$	139
Additions	(40)
Change in fair value	(99)
Balance at December 31, 2018	$	—

The Series A and Series B preferred stock warrant liabilities were estimated using an option pricing model. The significant assumptions used in valuing the warrants include expected term, expected volatility, risk-free interest rate and expected dividend yield. As of Merger date, immediately prior to reclassifying the warrants to equity, the significant weighted-average assumptions were as follows:

	Year ended December 31,
	2018
Expected term (in years)	1.75
Expected volatility	71	%
Risk free rate	2.58	%
Dividend yield	—	%