Available-for-sale Securities and Fair Value on Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

Summary of Available-for-Sale Securities

The following is a summary of available-for-sale securities at March 31, 2020 (in thousands):

	March 31, 2020
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss			Allowance for Credit Loss		Fair Value
Money market funds	$	10,733	$	—	$	—		$	—	$	10,733
United States government agency securities		22,591		274		—			—		22,865
Corporate debt securities		76,958		90		(487	)		—		76,561
Total available-for-sale securities	$	110,282	$	364	$	(487	)	$	—	$	110,159

The following is a summary of available-for-sale securities at December 31, 2019 (in thousands):

	December 31, 2019
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss		Fair Value
Money market funds	$	8,860	$	—	$	—	$	8,860
United States government agency securities		15,545		16		—		15,561
Corporate debt securities		35,073		98		—		35,171
Total available-for-sale securities	$	59,478	$	114	$	—	$	59,592

Available-for-Sale Debt Securities by Original Contractual Maturity

Available-for-sale securities at March 31, 2020 and December 31, 2019, consisted of the following by contractual maturity (in thousands):

	March 31, 2020				December 31, 2019
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
One year or less	$	54,471	$	54,565	$	43,822	$	43,907
Greater than one year and less than five years		55,811		55,594		15,656		15,685
Total available-for-sale securities	$	110,282	$	110,159	$	59,478	$	59,592

Available-for-Sale Marketable Securities in Unrealized Position

The following table shows all available-for-sale marketable securities in an unrealized loss position for which an allowance for credit losses has not been recognized and the related gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position (in thousands):

	March 31, 2020
	Less than 12 Months				12 Months or Greater				Total
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Corporate debt securities	$	55,318	$	487	$	—	$	—	$	55,318	$	487

Fair Values of Financial Assets and Liabilities

The fair values of the Company’s financial assets and liabilities were determined using the following inputs at March 31, 2020 (in thousands):

	Balance sheet			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	classification	Total		(Level 1)		(Level 2)		(Level 3)
Money market funds	Cash and cash equivalents	$	10,733	$	10,733	$	—	$	—
United States government agency securities	Short-term investments		22,865		—		22,865		—
Corporate debt securities	Short-term investments		76,561		—		76,561		—
Total financial assets		$	110,159	$	10,733	$	99,426	$	—

The fair values of the Company’s financial assets and liabilities were determined using the following inputs at December 31, 2019 (in thousands):

	Balance sheet			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	classification	Total		(Level 1)		(Level 2)		(Level 3)
Money market funds	Cash and cash equivalents	$	8,860	$	8,860	$	—	$	—
United States government agency securities	Short-term investments		15,561		—		15,561		—
Corporate debt securities	Short-term investments		35,171		—		35,171		—
Total financial assets		$	59,592	$	8,860	$	50,732	$	—