Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2019

Fair Value of Financial Instruments [Abstract]

Fair Value of Financial Instruments

4. Fair Value of Financial Instruments

Items measured at fair value on a recurring basis are the Company’s investments. The following table sets forth the Company’s financial instruments that were measured at fair value on a recurring basis by level within the fair value hierarchy:

	Fair Value Measurements as of September 30, 2019 Using:
	Level 1		Level 2		Level 3		Total
Assets:
Money market mutual funds (included in cash and cash equivalents)	$	45,496	$	-	$	-	$	45,496
United States Treasury securities (included in cash and cash equivalents)		9,985		-		-		9,985
		55,481		-		-		55,481
United States Treasury securities		102,133		-		-		102,133
Government Bonds		-		13,991		-		13,991
Corporate Bonds		-		26,242		-		26,242
Municipal Bonds		-		9,000		-		9,000
Investments		102,133		49,233		-		151,366
	$	157,614	$	49,233	$	-	$	206,847

	Fair Value Measurements as of December 31, 2018 Using:
	Level 1		Level 2		Level 3		Total
Assets:
Money market mutual funds (included in cash and cash equivalents)	$	30,552	$	-	$	-	$	30,552
United States Treasury securities		101,777		-		-		101,777
Investments		101,777		-		-		101,777
	$	132,329	$	-	$	-	$	132,329

The Company classifies its money market mutual funds and U.S. Treasury securities as Level 1 assets under the fair value hierarchy, as these assets have been valued using quoted market prices in active markets without any valuation adjustment. The company classifies its Government, Corporate and Municipal Bonds as Level 2 assets as these assets are not traded in an active market and have been valued through a third-party pricing service.

The fair value of the 2021 Convertible Notes as of September 30, 2019 was $44.1 million.