| Marketable Securities and Fair Value Measurements |
NOTE 5 —MARKETABLE SECURITIES AND FAIR VALUE MEASUREMENTS
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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March 31, 2021
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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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87,936
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|
$
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87,936
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|
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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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|
105,831
|
|
|
|
—
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|
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105,831
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|
|
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—
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United States Treasury Bills
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8,026
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|
|
|
—
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|
8,026
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|
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—
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United States government-related debt securities
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2,005
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—
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2,005
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|
|
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—
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Cash
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1,749
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1,749
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|
|
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—
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|
|
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—
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Total
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$
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205,547
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|
|
$
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89,685
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|
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$
|
115,862
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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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96,934
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|
|
|
|
|
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Marketable securities, current
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103,498
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|
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|
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Marketable securities, non, current
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5,115
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|
|
|
|
|
|
|
|
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|
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Total cash equivalents and marketable securities
|
$
|
205,547
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Basis of Fair Value Measurements
|
|
|
|
December 31, 2020
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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
|
$
|
23,794
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|
|
$
|
23,794
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|
|
$
|
—
|
|
|
$
|
—
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Commercial paper
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|
42,863
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|
|
|
—
|
|
|
|
42,863
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|
|
|
—
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|
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United States Treasury Bills
|
|
21,794
|
|
|
|
—
|
|
|
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21,794
|
|
|
|
—
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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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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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23,793
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Marketable securities, current
|
$
|
68,667
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|
|
|
|
|
|
|
|
|
|
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Total cash equivalents and marketable securities
|
$
|
92,460
|
|
|
|
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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 for-sale securities (in thousands):
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March 31, 2021
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Cost Basis
|
|
|
Unrealized
Gain
|
|
|
Unrealized
Loss
|
|
|
Fair
Value
|
|
|
Cash equivalents - money market funds, commercial
paper and corporate bonds
|
$
|
96,934
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
96,934
|
|
|
Marketable securities, current - commercial paper,
Treasury bills and corporate bonds
|
|
103,498
|
|
|
|
6
|
|
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|
(6
|
)
|
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|
103,498
|
|
|
Marketable securities, non-current - Treasury bills
|
$
|
5,115
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5,115
|
|
|
|
December 31, 2020
|
|
|
|
Cost Basis
|
|
|
Unrealized
Gain
|
|
|
Unrealized
Loss
|
|
|
Fair
Value
|
|
|
Cash equivalents - money market funds, commercial
paper and corporate bonds
|
$
|
23,793
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
23,793
|
|
|
Marketable securities, current - commercial paper,
Treasury bills and corporate bonds
|
|
68,650
|
|
|
|
19
|
|
|
|
(2
|
)
|
|
|
68,667
|
|
The following summarized the contractual maturities of the Company’s available-for-sale investments:
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March 31, 2021
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|
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Cost Basis
|
|
|
Fair
Value
|
|
|
Due in one year or less
|
|
$
|
200,432
|
|
|
$
|
200,432
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|
|
Due after one year through five years
|
|
|
5,115
|
|
|
|
5,115
|
|
|
Total
|
|
$
|
205,547
|
|
|
$
|
205,547
|
|
|
|
|
December 31, 2020
|
|
|
|
|
Cost Basis
|
|
|
Fair
Value
|
|
|
Due in one year or less
|
|
$
|
92,443
|
|
|
$
|
92,460
|
|
|
Due after one year through five years
|
|
|
—
|
|
|
|
—
|
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Total
|
|
$
|
92,443
|
|
|
$
|
92,460
|
|
The Company received no proceeds from the sale of available-for-sale securities for the three months ended March 31, 2021 and March 31, 2020, respectively, and no realized gain for the three months ended March 31, 2021.
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