Quarterly report pursuant to Section 13 or 15(d)

Marketable Securities and Fair Value Measurements (Tables)

v3.19.3
Marketable Securities and Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2019
Fair Value Disclosures [Abstract]  
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

 

 

September 30, 2019

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Money market funds

$

14,261

 

 

$

14,261

 

 

$

—

 

 

$

—

 

Commercial paper

 

19,841

 

 

 

—

 

 

 

19,841

 

 

 

—

 

United States Treasury Bills

 

7,246

 

 

 

—

 

 

 

7,246

 

 

 

—

 

United States government-related debt securities

 

7,006

 

 

 

 

 

 

 

7,006

 

 

 

 

 

Corporate bonds

 

2,951

 

 

 

—

 

 

 

2,951

 

 

 

 

 

Total

$

51,305

 

 

$

14,261

 

 

$

37,044

 

 

$

—

 

Amounts included in:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

15,158

 

 

 

 

 

 

 

 

 

 

 

 

 

Marketable securities, current

 

36,147

 

 

 

 

 

 

 

 

 

 

 

 

 

Total cash equivalents and marketable securities

$

51,305

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basis of Fair Value Measurements

 

 

December 31, 2018

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Money market funds

$

82,843

 

 

$

82,843

 

 

$

—

 

 

$

—

 

Commercial paper

 

12,825

 

 

 

—

 

 

 

12,825

 

 

 

—

 

Total

$

95,668

 

 

$

82,843

 

 

$

12,825

 

 

$

—

 

Amounts included in:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

85,434

 

 

 

 

 

 

 

 

 

 

 

 

 

Marketable securities, current

 

10,234

 

 

 

 

 

 

 

 

 

 

 

 

 

Total cash equivalents and marketable securities

$

95,668

 

 

 

 

 

 

 

 

 

 

 

 

 
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 (in thousands):

 

 

September 30, 2019

 

Cost Basis

 

 

Unrealized

Gain

 

 

Unrealized

Loss

 

 

Fair

Value

 

 

Maturity

Dates

Cash equivalents - money market funds, commercial paper and corporate bonds

$

15,158

 

 

$

—

 

 

$

—

 

 

$

15,158

 

 

9/2019 - 11/2019

Marketable securities, current - commercial paper, Treasury bills and corporate bonds

$

36,127

 

 

$

20

 

 

$

—

 

 

$

36,147

 

 

10/2019 - 7/2020

 

 

December 31, 2018

 

Cost Basis

 

 

Unrealized

Gain

 

 

Unrealized

Loss

 

 

Fair

Value

 

 

Maturity

Dates

Cash equivalents - money market funds and commercial paper

$

85,434

 

 

$

—

 

 

$

—

 

 

$

85,434

 

 

 

Marketable securities, current - commercial paper

$

10,234

 

 

$

—

 

 

$

—

 

 

$

10,234

 

 

1/2019 - 9/2019

 
Financial Liabilities at Fair Value on Recurring Basis

The following table sets forth the Company’s financial liabilities measured at fair value on a recurring basis at the date indicated below:

 

 

 

 

 

 

Basis of Fair Value Measurements

 

 

September 30, 2019

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

2017 Warrants

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

 

 

 

 

 

Basis of Fair Value Measurements

 

 

December 31, 2018

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

2017 Warrants

$

3

 

 

$

—

 

 

$

—

 

 

$

3