| 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, 2021
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Money market funds
|
$
|
41,997
|
|
|
$
|
41,997
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Commercial paper
|
|
144,286
|
|
|
|
—
|
|
|
|
144,286
|
|
|
|
—
|
|
|
United States Treasury Bills
|
|
5,503
|
|
|
|
—
|
|
|
|
5,503
|
|
|
|
—
|
|
|
United States government-related debt securities
|
|
2,000
|
|
|
|
—
|
|
|
|
2,000
|
|
|
|
—
|
|
|
Corporate Bonds
|
|
5,795
|
|
|
|
—
|
|
|
|
5,795
|
|
|
|
—
|
|
|
Total
|
$
|
199,581
|
|
|
$
|
41,997
|
|
|
$
|
157,584
|
|
|
$
|
—
|
|
|
Amounts included in:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
$
|
41,997
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketable securities, current
|
|
154,512
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketable securities, non, current
|
|
3,072
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total cash equivalents and marketable securities
|
$
|
199,581
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basis of Fair Value Measurements
|
|
|
|
December 31, 2020
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Money market funds
|
$
|
23,794
|
|
|
$
|
23,794
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Commercial paper
|
|
42,863
|
|
|
|
—
|
|
|
|
42,863
|
|
|
|
—
|
|
|
United States Treasury Bills
|
|
21,794
|
|
|
|
—
|
|
|
|
21,794
|
|
|
|
—
|
|
|
United States government-related debt securities
|
|
4,009
|
|
|
|
—
|
|
|
|
4,009
|
|
|
|
—
|
|
|
Total
|
$
|
92,460
|
|
|
$
|
23,794
|
|
|
$
|
68,666
|
|
|
$
|
—
|
|
|
Amounts included in:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
$
|
23,793
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketable securities, current
|
|
68,667
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total cash equivalents and marketable securities
|
$
|
92,460
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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 for-sale securities (in thousands):
|
|
June 30, 2021
|
|
|
|
Cost Basis
|
|
|
Unrealized
Gain
|
|
|
Unrealized
Loss
|
|
|
Fair
Value
|
|
|
Cash equivalents - money market funds, commercial
paper and corporate bonds
|
$
|
41,997
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
41,997
|
|
|
Marketable securities, current - commercial paper,
Treasury bills and corporate bonds
|
|
154,503
|
|
|
|
10
|
|
|
|
(1
|
)
|
|
|
154,512
|
|
|
Marketable securities, non-current - Treasury bills
|
$
|
3,073
|
|
|
$
|
—
|
|
|
$
|
(1
|
)
|
|
$
|
3,072
|
|
|
|
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
|
|
|
| Summary of Contractual Maturities of Available-for-Sale-Investments |
The following summarized the contractual maturities of the Company’s available-for-sale investments (in thousands):
|
|
|
June 30, 2021
|
|
|
|
|
Cost Basis
|
|
|
Fair
Value
|
|
|
Due in one year or less
|
|
$
|
196,500
|
|
|
$
|
196,509
|
|
|
Due after one year through five years
|
|
|
3,073
|
|
|
|
3,072
|
|
|
Total
|
|
$
|
199,573
|
|
|
$
|
199,581
|
|
|
|
|
December 31, 2020
|
|
|
|
|
Cost Basis
|
|
|
Fair
Value
|
|
|
Due in one year or less
|
|
$
|
92,443
|
|
|
$
|
92,460
|
|
|
Due after one year through five years
|
|
|
—
|
|
|
|
—
|
|
|
Total
|
|
$
|
92,443
|
|
|
$
|
92,460
|
|
|