Marketable Securities and Fair Value Measurements (Tables)
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9 Months Ended |
Sep. 30, 2020 |
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| Fair Value Disclosures [Abstract] |
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| 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):
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Basis of Fair Value Measurements
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September 30, 2020
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Level 1
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Level 2
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Level 3
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Money market funds
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$
|
27,080
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|
$
|
27,080
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|
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$
|
—
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|
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$
|
—
|
|
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Commercial paper
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43,911
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|
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|
—
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43,911
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|
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—
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|
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United States Treasury Bills
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|
36,881
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|
|
|
—
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|
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36,881
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|
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—
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United States government-related debt securities
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6,021
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—
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6,021
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|
|
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—
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Corporate bonds
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1,003
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|
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—
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1,003
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|
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—
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Total
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$
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114,896
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$
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27,080
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|
$
|
87,816
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|
$
|
—
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Amounts included in:
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Cash and cash equivalents
|
$
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30,080
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Marketable securities, current
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82,816
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Marketable securities, non-current
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2,000
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|
|
|
|
|
|
|
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Total cash equivalents and marketable securities
|
$
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114,896
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|
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|
|
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Basis of Fair Value Measurements
|
|
|
|
December 31, 2019
|
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|
Level 1
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|
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Level 2
|
|
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Level 3
|
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Money market funds
|
$
|
79,970
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|
|
$
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79,970
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|
|
$
|
—
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|
|
$
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—
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Commercial paper
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20,436
|
|
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—
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20,436
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|
|
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—
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United States Treasury Bills
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|
16,738
|
|
|
|
—
|
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16,738
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—
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United States government-related debt securities
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7,010
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|
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—
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7,010
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—
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Corporate bonds
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1,351
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—
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1,351
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—
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Total
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$
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125,505
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$
|
79,970
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|
|
$
|
45,535
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|
$
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—
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Amounts included in:
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Cash and cash equivalents
|
$
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84,362
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|
|
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|
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Marketable securities, current
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39,633
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|
|
|
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Marketable securities, non-current
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1,510
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|
|
|
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|
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|
|
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Total cash equivalents and marketable securities
|
$
|
125,505
|
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| 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):
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September 30, 2020
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Cost Basis
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Unrealized
Gain
|
|
|
Unrealized
Loss
|
|
|
Fair
Value
|
|
|
Cash equivalents - money market funds, commercial
paper and corporate bonds
|
$
|
30,080
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
30,080
|
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|
Marketable securities, current - commercial paper,
Treasury bills and corporate bonds
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|
82,743
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|
|
|
75
|
|
|
|
(2
|
)
|
|
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82,816
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|
Marketable securities, non-current - Treasury bills
|
$
|
2,000
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,000
|
|
|
|
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 summarizes the contractual maturities of the Company’s available-for-sale investments:
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|
|
September 30, 2020
|
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|
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Cost Basis
|
|
|
Fair
Value
|
|
|
Due in one year or less
|
|
$
|
112,823
|
|
|
$
|
112,896
|
|
|
Due after one year through five years
|
|
|
2,000
|
|
|
|
2,000
|
|
|
Total
|
|
$
|
114,823
|
|
|
$
|
114,896
|
|
|
|
|
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
|
|
|