| 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 (in thousands):
|
|
|
|
|
|
Basis of Fair Value Measurements
|
|
|
|
June 30, 2020
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Money market funds
|
$
|
22,505
|
|
|
$
|
22,505
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Commercial paper
|
|
30,752
|
|
|
|
—
|
|
|
|
30,752
|
|
|
|
—
|
|
|
United States Treasury Bills
|
|
26,079
|
|
|
|
—
|
|
|
|
26,079
|
|
|
|
—
|
|
|
United States government-related debt securities
|
|
7,523
|
|
|
|
—
|
|
|
|
7,523
|
|
|
|
—
|
|
|
Corporate bonds
|
|
1,006
|
|
|
|
—
|
|
|
|
1,006
|
|
|
|
—
|
|
|
Total
|
$
|
87,865
|
|
|
$
|
22,505
|
|
|
$
|
65,360
|
|
|
$
|
—
|
|
|
Amounts included in:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
$
|
24,504
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketable securities, current
|
|
63,361
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketable securities, non-current
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total cash equivalents and marketable securities
|
$
|
87,865
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basis of Fair Value Measurements
|
|
|
|
December 31, 2019
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Money market funds
|
$
|
79,970
|
|
|
$
|
79,970
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Commercial paper
|
|
20,436
|
|
|
|
—
|
|
|
|
20,436
|
|
|
|
—
|
|
|
United States Treasury Bills
|
|
16,738
|
|
|
|
—
|
|
|
|
16,738
|
|
|
|
—
|
|
|
United States government-related debt securities
|
|
7,010
|
|
|
|
—
|
|
|
|
7,010
|
|
|
|
—
|
|
|
Corporate bonds
|
|
1,351
|
|
|
|
—
|
|
|
|
1,351
|
|
|
|
—
|
|
|
Total
|
$
|
125,505
|
|
|
$
|
79,970
|
|
|
$
|
45,535
|
|
|
$
|
—
|
|
|
Amounts included in:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
$
|
84,362
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketable securities, current
|
|
39,633
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketable securities, non-current
|
|
1,510
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total cash equivalents and marketable securities
|
$
|
125,505
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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 (in thousands):
|
|
June 30, 2020
|
|
|
|
Cost Basis
|
|
|
Unrealized
Gain
|
|
|
Unrealized
Loss
|
|
|
Fair
Value
|
|
|
Cash equivalents - money market funds, commercial
paper and corporate bonds
|
$
|
24,505
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
24,505
|
|
|
Marketable securities, current - commercial paper,
Treasury bills and corporate bonds
|
|
63,188
|
|
|
|
172
|
|
|
|
|
|
|
|
63,360
|
|
|
Marketable securities, non-current - Treasury bills
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
December 31, 2019
|
|
|
|
Cost Basis
|
|
|
Unrealized
Gain
|
|
|
Unrealized
Loss
|
|
|
Fair
Value
|
|
|
Cash equivalents - money market funds, commercial
paper and corporate bonds
|
$
|
84,361
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
84,362
|
|
|
Marketable securities, current - commercial paper,
Treasury bills and corporate bonds
|
|
39,616
|
|
|
|
17
|
|
|
|
—
|
|
|
|
39,633
|
|
|
Marketable securities, non-current - Treasury bills
|
|
1,510
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1,510
|
|
|
| Summary of Contractual Maturities of Available-for-Sale-Investment |
The following summarized the contractual maturities of the Company’s available-for-sale investments:
|
|
|
June 30, 2020
|
|
|
|
|
Cost Basis
|
|
|
Fair
Value
|
|
|
Due in one year or less
|
|
$
|
87,693
|
|
|
$
|
87,865
|
|
|
Due after one year through five years
|
|
|
—
|
|
|
|
—
|
|
|
Total
|
|
$
|
87,693
|
|
|
$
|
87,865
|
|
|
|
|
December 31, 2019
|
|
|
|
|
Cost Basis
|
|
|
Fair
Value
|
|
|
Due in one year or less
|
|
$
|
123,977
|
|
|
$
|
123,995
|
|
|
Due after one year through five years
|
|
|
1,510
|
|
|
|
1,510
|
|
|
Total
|
|
$
|
125,487
|
|
|
$
|
125,505
|
|
|