NOTE

—INVESTMENT SECURITIES

The following tables summarize cash, cash equivalents and marketable securities (in thousands):

	December 31,
	2017		2016
Cash and cash equivalents:
Cash	$	14,058	$	6,672
Cash equivalents:
Money market funds		126		6,053
Commercial paper		—		1,050
Total cash and cash equivalents		14,184		13,775

Marketable securities:
U.S. government notes		11,870		8,398
U.S. government agencies		—		3,916
Municipal securities		200		1,325
Commercial paper		1,833		12,299
Corporate debt securities		7,825		14,361
Total marketable securities		21,728		40,299

Total cash, cash equivalents and marketable securities	$	35,912	$	54,074

The following table summarizes

unrealized gains and losses related to the Company’s marketable investments (in thousands):

December 31, 2017	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
Cash and cash equivalents	$	14,184	$	—	$	—		$	14,184

Marketable investments
U.S. government notes		11,885		—		(15	)		11,870
U.S. government agencies		—		—		—			—
Municipal securities		201		—		(1	)		200
Commercial paper		1,836		—		(3	)		1,833
Corporate debt securities		7,838		2		(15	)		7,825
Total marketable securities		21,760		2		(34	)		21,728

Total cash, cash equivalents and marketable securities	$	35,944	$	2	$	(34	)	$	35,912

December 31, 201 6	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
Cash and cash equivalents	$	13,775	$	—	$	—		$	13,775

Marketable investments
U.S. government notes		8,403		4		(9	)		8,398
U.S. government agencies		3,918		—		(2	)		3,916
Municipal securities		1,325		—		—			1,325
Commercial paper		12,299		2		(2	)		12,299
Corporate debt securities		14,366		3		(8	)		14,361
Total marketable securities		40,311		9		(21	)		40,299

Total cash, cash equivalents and marketable securities	$	54,086	$	9	$	(21	)	$	54,074

investments were in a continuous unrealized loss position for longer than

months as of

December 31,

201

and

2016

The

following table summarizes the estimated fair value of the Company’s marketable investments classified by the contractual maturity date of the security as of

December 31, 2017 (

in thousands):

	Amount
Due in less than one year (fiscal year 201 8)	$	19,109
Due in 1 to 3 years (fiscal year 2019)		2,619
Total marketable securities	$	21,728

Fair Value Measurements

The following table summarizes financial assets measured and recognized at fair value on a recurring basis and classified

under the appropriate level of the fair value hierarchy as described above (in thousands):

December 31, 2017	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	126	$	—	$	—	$	126
Commercial paper		—		—		—		—
Short term marketable investments:
Available-for-sale securities		—		21,728		—		21,728
Total assets at fair value	$	126	$	21,728	$	—	$	21,854

December 31, 2016	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	6,053	$	—	$	—	$	6,053
Commercial paper		—		1,050		—		1,050
Short term marketable investments:
Available-for-sale securities		—		40,299		—		40,299
Total assets at fair value	$	6,053	$	41,349	$	—	$	47,402

The Company

’s Level

financial assets are money market funds with fair values that are based on quoted market prices. The Company’s Level

investments include U.S. government-backed securities and corporate securities that are valued based upon observable inputs that

may

include benchmark yields, reported trades, broker/dealer quotes, issuer spreads,

two

-sided markets, benchmark securities, bids, offers and reference data including market research publications. The average remaining maturity of the Company’s Level

investments as of

December 31, 2017

is less than

months and all of these investments are rated by S&P and Moody’s at A or better. The Company recognizes transfers between levels of the fair value hierarchy as of the end of the reporting period. There were

transfers within the hierarchy during the years ended

December 31, 2017

2016.