| Financial Assets at Fair Value on Recurring Basis |
The following table sets forth the Company’s financial assets (cash equivalents and marketable securities) at fair value on a recurring basis as of June 30, 2019 and December 31, 2018 (in thousands):
|
|
|
|
|
|
Basis of Fair Value Measurements
|
|
|
|
Fair Value as of June 30, 2019
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Money market funds
|
$
|
14,443
|
|
|
$
|
14,443
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Commercial paper
|
|
32,787
|
|
|
|
—
|
|
|
|
32,787
|
|
|
|
—
|
|
|
United States Treasury Bills
|
|
13,991
|
|
|
|
—
|
|
|
|
13,991
|
|
|
|
—
|
|
|
United States government-related debt securities
|
|
5,502
|
|
|
|
|
|
|
|
5,502
|
|
|
|
|
|
|
Corporate bonds
|
|
4,747
|
|
|
|
—
|
|
|
|
4,747
|
|
|
|
|
|
|
Total
|
$
|
71,470
|
|
|
$
|
14,443
|
|
|
$
|
57,027
|
|
|
$
|
—
|
|
|
Amounts included in:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
$
|
15,941
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketable securities, current
|
|
55,529
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total cash equivalents and marketable securities
|
$
|
71,470
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basis of Fair Value Measurements
|
|
|
|
Fair Value as of December 31, 2018
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Money market funds
|
$
|
82,843
|
|
|
$
|
82,843
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Commercial paper
|
|
12,825
|
|
|
|
—
|
|
|
|
12,825
|
|
|
|
—
|
|
|
Total
|
$
|
95,668
|
|
|
$
|
82,843
|
|
|
$
|
12,825
|
|
|
$
|
—
|
|
|
Amounts included in:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
$
|
85,434
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketable securities, current
|
|
10,234
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total cash equivalents and marketable securities
|
$
|
95,668
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Summary of Company's Available-for-Sale Securities |
The Company invests in highly-liquid, investment-grade securities. The following is a summary of the Company’s available-for-sale securities at June 30, 2019 and December 31, 2018 (in thousands):
|
As of June 30, 2019
|
Cost Basis
|
|
|
Unrealized
Gain
|
|
|
Unrealized
Loss
|
|
|
Fair
Value
|
|
|
Maturity
Dates
|
|
Cash equivalents - money market funds, commercial paper and corporate bonds
|
$
|
15,941
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
15,941
|
|
|
7/2019-9/2019
|
|
Marketable securities, current - commercial paper, Treasury bills and corporate bonds
|
$
|
55,504
|
|
|
$
|
25
|
|
|
$
|
—
|
|
|
$
|
55,529
|
|
|
10/2019-6/2020
|
|
As of December 31, 2018
|
Cost Basis
|
|
|
Unrealized
Gain
|
|
|
Unrealized
Loss
|
|
|
Fair
Value
|
|
|
Maturity
Dates
|
|
Cash equivalents - money market funds and commercial paper
|
$
|
85,434
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
85,434
|
|
|
|
|
Marketable securities, current - commercial paper
|
$
|
10,234
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
10,234
|
|
|
1/2019 - 9/2019
|
|