Annual report pursuant to Section 13 and 15(d)

Marketable Securities and Fair Value Measurements

v3.20.4
Marketable Securities and Fair Value Measurements
12 Months Ended
Dec. 31, 2020
Fair Value Disclosures [Abstract]  
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:

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basis of Fair Value Measurements

 

 

December 31, 2019

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Money market funds

$

79,970

 

 

$

79,970

 

 

$

 

 

$

 

Commercial paper

 

20,436

 

 

 

 

 

 

20,436

 

 

 

 

United States Treasury Bills

 

16,738

 

 

 

 

 

 

16,738

 

 

 

 

United States government-related debt securities

 

7,010

 

 

 

 

 

 

7,010

 

 

 

 

Corporate bonds

 

1,351

 

 

 

 

 

 

1,351

 

 

 

 

Total

$

125,505

 

 

$

79,970

 

 

$

45,535

 

 

$

 

Amounts included in:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

84,362

 

 

 

 

 

 

 

 

 

 

 

 

 

Marketable securities, current

 

39,633

 

 

 

 

 

 

 

 

 

 

 

 

 

Marketable securities, non-current

 

1,510

 

 

 

 

 

 

 

 

 

 

 

 

 

Total cash equivalents and marketable securities

$

125,505

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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:

 

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

 

 

 

 

December 31, 2019

 

 

Cost Basis

 

 

Unrealized

Gain

 

 

Unrealized

Loss

 

 

Fair

Value

 

Cash equivalents - money market funds, commercial

   paper and corporate bonds

$

84,361

 

 

$

1

 

 

$

 

 

$

84,362

 

Marketable securities, current - commercial paper,

   Treasury bills and corporate bonds

 

39,616

 

 

 

17

 

 

 

 

 

 

39,633

 

Marketable securities, non-current - Treasury bills

 

1,510

 

 

 

 

 

 

 

 

 

1,510

 

 

 

The following summarized the contractual maturities of the Company’s available-for-sale investments at December 31, 2020 2019:

 

 

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

 

 

 

 

 

December 31, 2019

 

 

 

Cost Basis

 

 

Fair

Value

 

Due in one year or less

 

$

123,977

 

 

$

123,995

 

Due after one year through five years

 

 

1,510

 

 

 

1,510

 

Total

 

$

125,487

 

 

$

125,505

 

 

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.