Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2021

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following tables present the fair value hierarchy for assets and liabilities measured at fair value on a recurring basis as of March 31, 2021 and December 31, 2020 (in thousands):

	March 31, 2021
	Level 1		Level 2		Level 3		Total
Financial assets:
Money market funds⁽¹⁾	$	83,044	$	—	$	—	$	83,044
U.S. government agency securities⁽²⁾		16,807		—		—		16,807
Federal agency securities⁽²⁾		—		7,149		—		7,149
Total financial assets	$	99,851	$	7,149	$	—	$	107,000

	December 31, 2020
	Level 1		Level 2		Level 3		Total
Financial assets:
Money market funds⁽¹⁾	$	30,360	$	—	$	—	$	30,360
U.S. government agency securities⁽²⁾		37,837		—		—		37,837
Federal agency securities⁽²⁾		—		13,700		—		13,700
Total financial assets	$	68,197	$	13,700	$	—	$	81,897

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

)

Included in short-term investments on the accompanying condensed consolidated balance sheets and classified as available-for-sale debt securities. $2.5 million of U.S. government agency securities as of December 31, 2020 are included in long-term investments on the accompanying condensed consolidated balance sheets due to the maturity being more than 12 months.