Annual report pursuant to Section 13 and 15(d)

Fair Value Measurements

v3.20.1
Fair Value Measurements
12 Months Ended
Dec. 31, 2019
Fair Value Disclosures [Abstract]  
Fair Value Measurements

3. Fair Value Measurements

As of December 31, 2019 and 2018, the Company had money market funds, which were valued by the Company based on quoted market prices, which represent a Level 1 measurement within the fair value hierarchy.

The following tables present information about the Company’s financial assets measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values:

 

 

 

December 31, 2019

 

 

 

Total

 

 

Quoted Prices in Active Markets for Identical Assets (Level 1)

 

 

Significant Other Observable Inputs (Level 2)

 

 

Significant Unobservable Inputs (Level 3)

 

Financial assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

136,204

 

 

$

136,204

 

 

$

 

 

$

 

Total

 

$

136,204

 

 

$

136,204

 

 

$

 

 

$

 

 

 

 

December 31, 2018

 

 

 

Total

 

 

Quoted Prices in Active Markets for Identical Assets (Level 1)

 

 

Significant Other Observable Inputs (Level 2)

 

 

Significant Unobservable Inputs (Level 3)

 

Financial assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

33,017

 

 

$

33,017

 

 

$

 

 

$

 

Total

 

$

33,017

 

 

$

33,017

 

 

$

 

 

$

 

The following table presents a roll-forward of the aggregate fair values of the Company’s convertible notes (Note 6) for which fair value is determined by Level 3 inputs:

 

Balance—January 1, 2018

 

$

 

Initial fair value

 

 

12,535

 

Fair value adjustments

 

 

6,244

 

Conversion into convertible preferred stock

 

 

(18,779

)

Balance—December 31, 2018

 

$

 

 

There were no transfers among Level categories in the periods presented.

The carrying value of cash, cash equivalents, accounts payable and accrued expenses that are reported on the balance sheets approximate their fair value due to the short-term nature of these assets and liabilities.