| 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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September 30, 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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25,807
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$
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25,807
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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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134,001
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—
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134,001
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—
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United States Treasury Bills
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8,014
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—
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8,014
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—
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Corporate Bonds
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5,781
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|
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—
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5,781
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—
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Total
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$
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173,603
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$
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25,807
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$
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147,796
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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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25,807
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Marketable securities, current
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141,783
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Marketable securities, non, current
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6,013
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Total cash equivalents and marketable securities
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$
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173,603
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|
|
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|
|
|
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|
|
|
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|
|
|
|
|
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Basis of Fair Value Measurements
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|
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December 31, 2020
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Level 1
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|
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Level 2
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|
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Level 3
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Money market funds
|
$
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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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—
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42,863
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|
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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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—
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21,794
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|
|
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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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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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September 30, 2021
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Cost Basis
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Unrealized
Gain
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|
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Unrealized
Loss
|
|
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Fair
Value
|
|
|
Cash equivalents - money market funds, commercial
paper and corporate bonds
|
$
|
25,807
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
25,807
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Marketable securities, current - commercial paper,
Treasury bills and corporate bonds
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141,780
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8
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(5
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)
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141,783
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Marketable securities, non-current - Treasury bills
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$
|
6,017
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|
|
$
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—
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$
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(4
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)
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$
|
6,013
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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
|
$
|
23,793
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|
|
$
|
—
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|
|
$
|
—
|
|
|
$
|
23,793
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|
Marketable securities, current - commercial paper,
Treasury bills and corporate bonds
|
$
|
68,650
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|
|
$
|
19
|
|
|
$
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(2
|
)
|
|
$
|
68,667
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The following summarized the contractual maturities of the Company’s available-for-sale investments (in thousands):
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September 30, 2021
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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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|
$
|
167,587
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$
|
167,590
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Due after one year through five years
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6,017
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|
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6,013
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Total
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$
|
173,604
|
|
|
$
|
173,603
|
|
|
|
|
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
|
|
$
|
92,443
|
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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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$
|
92,443
|
|
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$
|
92,460
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The Company received no proceeds from the sale of available-for-sale securities for the nine months ended September 30, 2021 and September 30, 2020, respectively, and no realized gain for the nine months ended September 30, 2021 and September 30, 2020.
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