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Fair Value of Financial Instruments
 3 Months Ended
Mar. 31, 2021
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
March 31, 2021 Using:
  
 
  
Level 1
    
Level 2
    
Level 3
    
Total
  
Assets:
                        
Cash and cash equivalents:
                        
Money market mutual funds
  
$
235,899
    
$
-
    
$
-
    
$
235,899
  
     
235,899
      
-
      
-
      
235,899
  
 
                                
Investments:
                                
United States Treasury securities
    
107,566
      
-
      
-
      
107,566
  
Corporate Bonds
    
-
      
100,247
      
-
      
100,247
  
Municipal Bonds
    
-
      
6,000
      
-
      
6,000
  
     
107,566
      
106,247
      
-
      
213,813
  
 
                                
 
  
$
343,465
    
$
106,247
    
$
-
    
$
449,712
  

 
Fair Value Measurements as of
December 31, 2020 Using:
  
 
  
Level 1
    
Level 2
    
Level 3
    
Total
  
Assets:
                        
Cash and cash equivalents:
                        
Money market mutual funds
  
$
193,312
    
$
-
    
$
-
    
$
193,312
  
United States Treasury securities
    
62,497
      
-
      
-
      
62,497
  
Corporate Bonds
    
-
      
501
      
-
      
501
  
Agency Bonds
    
-
      
8,015
      
-
      
8,015
  
 
    
255,809
      
8,516
      
-
      
264,325
  
 
                                
Investments:
                                
United States Treasury securities
    
112,328
      
-
      
-
      
112,328
  
Corporate Bonds
    
-
      
63,710
      
-
      
63,710
  
Municipal Bonds
    
-
      
6,000
      
-
      
6,000
  
Agency Bonds
    
-
      
3,583
      
-
      
3,583
  
     
112,328
      
73,293
      
-
      
185,621
  
 
                                
 
  
$
368,137
    
$
81,809
    
$
-
    
$
449,946
  


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, Municipal and Agency 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 based on quoted prices for similar assets.


The fair value of the 2021 Convertible Notes and the 2022 Convertible Notes as of March 31, 2021 was $8.1 million and $53.1 million, respectively (see Note 7).