Marketable Securities and Fair Value Measurements (Tables)
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9 Months Ended |
Sep. 30, 2021 |
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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, 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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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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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
|
$
|
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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| 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):
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September 30, 2021
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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
|
$
|
25,807
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|
$
|
—
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|
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$
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—
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$
|
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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$
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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
|
|
|
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
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$
|
68,650
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|
$
|
19
|
|
|
$
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(2
|
)
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|
$
|
68,667
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|
| 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):
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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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|
$
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167,587
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$
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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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6,013
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Total
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$
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173,604
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$
|
173,603
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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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|
$
|
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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