| Marketable Securities and Fair Value Measurements |
NOTE 4—MARKETABLE SECURITIES AND FAIR VALUE MEASUREMENTS
The following table sets forth the Company’s financial assets (cash equivalents and available-for-sale marketable securities) at fair value on a recurring basis as of December 31, 2020 and 2019:
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Basis of Fair Value Measurements
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December 31, 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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$
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23,794
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$
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23,794
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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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42,863
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—
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42,863
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—
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United States Treasury Bills
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21,794
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—
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21,794
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—
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United States government-related debt securities
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4,009
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—
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4,009
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—
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Total
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$
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92,460
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$
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23,794
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$
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68,666
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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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$
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23,793
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Marketable securities, current
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68,667
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Total cash equivalents and marketable securities
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$
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92,460
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Basis of Fair Value Measurements
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December 31, 2019
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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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$
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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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—
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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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United States Treasury Bills
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16,738
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—
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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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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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$
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79,970
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$
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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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$
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84,362
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Marketable securities, current
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39,633
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Marketable securities, non-current
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1,510
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Total cash equivalents and marketable securities
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$
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125,505
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The Company invests in highly-liquid, investment-grade securities. The following is a summary of the Company’s available-for-sale securities at December 31, 2020 and 2019:
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December 31, 2020
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Cost Basis
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Unrealized
Gain
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Unrealized
Loss
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Fair
Value
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Cash equivalents - money market funds, commercial
paper and corporate bonds
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$
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23,793
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$
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—
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$
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—
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$
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23,793
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Marketable securities, current - commercial paper,
Treasury bills and corporate bonds
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68,650
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19
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(2
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)
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68,667
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December 31, 2019
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Cost Basis
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Unrealized
Gain
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Unrealized
Loss
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Fair
Value
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Cash equivalents - money market funds, commercial
paper and corporate bonds
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$
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84,361
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$
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1
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$
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—
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$
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84,362
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Marketable securities, current - commercial paper,
Treasury bills and corporate bonds
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39,616
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17
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—
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39,633
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Marketable securities, non-current - Treasury bills
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1,510
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—
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—
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1,510
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The following summarized the contractual maturities of the Company’s available-for-sale investments at December 31, 2020 2019:
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December 31, 2020
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Cost Basis
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Fair
Value
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Due in one year or less
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$
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92,443
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$
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92,460
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Due after one year through five years
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—
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—
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Total
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$
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92,443
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$
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92,460
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December 31, 2019
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Cost Basis
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Fair
Value
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Due in one year or less
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$
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123,977
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$
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123,995
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Due after one year through five years
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1,510
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1,510
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Total
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$
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125,487
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$
|
125,505
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The Company received no proceeds and $1.3 million of proceeds from the sale of available-for-sale securities for the years ended December 31, 2020 and 2019, respectively, with an immaterial realized gain for the year ended December 31, 2019. The basis on which the cost of the security sold was determined is specific identification.
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