FAIR VALUE DISCLOSURES (Tables)

12 Months Ended

Dec. 31, 2018

Schedule of financial instruments measured at fair value on recurring basis

Financial instruments measured at fair value on a recurring basis as of December 31, 2018 and December 31, 2017 are listed in the tables below (in thousands):



	December 31, 2018						Total
	Fair value measurements using
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
U.S. Treasury securities	$	—	$	13,930	$	—	$	13,930
Money market funds	81,425		—		—		81,425
Total assets at fair value	$	81,425	$	13,930	$	—	$	95,355

The above table excludes $29.6 million of cash held in banks.



	December 31, 2017						Total
	Fair value measurements using
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
U.S. Treasury securities	$	—	$	21,916	$	—	$	21,916
Money market funds	1,117		—		—		1,117
Total assets at fair value	$	1,117	$	21,916	$	—	$	23,033

The above table excludes $23.5 million of cash held in banks.

Schedule of Short-term investments

Short-term Investments



	December 31, 2018
	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses			Fair Value
	(in thousands)
U.S. Treasury securities	$	13,936	$	—	$	(6	)	$	13,930
Total	$	13,936	$	—	$	(6	)	$	13,930



	December 31, 2017
	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses			Fair Value
	(in thousands)
U.S. Treasury securities	$	21,939	$	—	$	(23	)	$	21,916
Total	$	21,939	$	—	$	(23	)	$	21,916