Investments and Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2020

The Company’s marketable investments have been classified and accounted for as available-for-sale. The Company’s marketable investments as of March 31, 2020 and December 31, 2019 were as follows (in thousands):



	March 31, 2020
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Certificates of deposit	$	161	$	—	$	—	$	161
U.S. treasury	48,502		393		—		48,895
U.S. agency securities	98,955		597		—		99,552
Commercial paper	12,553		—		—		12,553
Municipal bonds	6,357		35		—		6,392
Corporate bonds	2,880		3		(3)		2,880
Total	$	169,408	$	1,028	$	(3)	$	170,433



	December 31, 2019
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Certificates of deposit	$	161	$	1	$	—	$	162
U.S. treasury	31,933		8		(1)		31,940
U.S. agency securities	177,629		110		(9)		177,730
Commercial paper	15,240		—		—		15,240
Municipal bonds	3,014		1		—		3,015
Corporate bonds	13,876		10		—		13,886
Total	$	241,853	$	130	$	(10)	$	241,973

Schedule of Gross Unrealized Losses and Fair Value of Marketable Investments

The following table presents the gross unrealized losses and the fair value for those marketable investments that were in an unrealized loss position for less than 12 months as of March 31, 2020 and December 31, 2019 (in thousands):


	March 31, 2020						December 31, 2019

	Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value
U.S. treasury	$	—	$	—	$	(1)	$	12,926
U.S. agency securities	—		—		(9)		36,322
Corporate bonds	(3)		1,260		—		251
Total	$	(3)	$	1,260	$	(10)	$	49,499

Schedule of Assets Carried at Fair Value

The following tables set forth the Company’s assets measured at fair value by level within the fair value hierarchy (in thousands):



	March 31, 2020
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents
Money market funds	$	41,038	$	—	$	—	$	41,038
U.S. treasury	21,499		—		—		21,499

Municipal bonds	—		15,867		—		15,867
Corporate bonds	—		250		—		250
Total cash equivalents	$	62,537	$	16,117	$	—	$	78,654
Marketable investments
Certificates of deposit	$	—	$	161	$	—	$	161
U.S. treasury	48,895		—		—		48,895
U.S. agency securities	—		99,552		—		99,552
Commercial paper	—		12,553		—		12,553
Municipal bonds	—		6,392		—		6,392
Corporate bonds	—		2,880		—		2,880
Total marketable investments	$	48,895	$	121,538	$	—	$	170,433



	December 31, 2019
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents
Money market funds	$	2,179	$	—	$	—	$	2,179


Commercial paper	—		2,697		—		2,697
Total cash equivalents	$	2,179	$	2,697	$	—	$	4,876
Marketable investments
Certificates of deposit	$	—	$	162	$	—	$	162
U.S. treasury	31,940		—		—		31,940
U.S. agency securities	—		177,730		—		177,730
Commercial paper	—		15,240		—		15,240
Municipal bonds	—		3,015		—		3,015
Corporate bonds	—		13,886		—		13,886
Total marketable investments	$	31,940	$	210,033	$	—	$	241,973