Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2019

Assets and Liabilities Measured at Fair Value on a Recurring Basis

There were no transfers in or out of Level 1 or 2 during the periods presented. The following tables present the fair value hierarchy for assets and liabilities measured at fair value on a recurring basis as of September 30, 2019 and December 31, 2018 (in thousands):

	September 30, 2019
	Level 1		Level 2		Level 3		Total
Financial assets:
Money market funds⁽¹⁾	$	21,752	$	—	$	—	$	21,752
U.S. government agency securities⁽²⁾		48,453		—		—		48,453
Federal agency securities⁽²⁾		—		13,479		—		13,479
Total financial assets	$	70,205	$	13,479	$	—	$	83,684

(1)	Included in cash and cash equivalents on the accompanying condensed consolidated balance sheets.

(2)	Included in short-term investments on the accompanying condensed consolidated balance sheets and are classified as available-for-sale securities.

	December 31, 2018
	Level 1		Level 2		Level 3		Total
Financial assets:
Money market funds⁽¹⁾	$	29,090	$	—	$	—	$	29,090
Federal agency securities⁽¹⁾		—		999		—		999
U.S. Treasury securities⁽²⁾		74,139						74,139
Federal agency securities⁽²⁾				14,775		—		14,775
Restricted cash (money market funds)		50		—		—		50
Total financial assets	$	103,279	$	15,774	$	—	$	119,053

(1)	Included in cash and cash equivalents on the accompanying condensed consolidated balance sheets.

(2)	Included in short-term investments on the accompanying condensed consolidated balance sheets and are classified as available-for-sale securities.