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Fair Value of Financial Instruments
 6 Months Ended
Jun. 30, 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
June 30, 2021 Using:
  
 
  
Level 1
    
Level 2
    
Level 3
    
Total
  
Assets:
                        
Cash and cash equivalents:
                        
Money market mutual funds
  
$
221,680
    
$
-
    
$
-
    
$
221,680
  
     
221,680
      
-
      
-
      
221,680
  
 
                                
Investments:
                                
United States Treasury securities
    
74,468
      
-
      
-
      
74,468
  
Corporate Bonds
    
-
      
72,435
      
-
      
72,435
  
Municipal Bonds
    
-
      
6,000
      
-
      
6,000
  
Agency Bonds
    
-
      
9,319
      
-
      
9,319
  
     
74,468
      
87,754
      
-
      
162,222
  
 
                                
 
  
$
296,148
    
$
87,754
    
$
-
    
$
383,902
  

 
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 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 2022 Convertible Notes as of June 30, 2021 was $7.5 million and $0, respectively (see Note 7).


The fair value of the 2021 Convertible Notes and 2022 Convertible Notes as of December 31, 2020 was $9.5 million and $65.6 million, respectively (see Note 7).