Fair Value of Financial Assets

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Fair Value of Financial Assets

3. Fair Value of Financial Assets

The following tables present information about the Company’s assets that are measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values:

	Fair Value Measurements as of September 30, 2020 using:
	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	3,362	$	—	$	—	$	3,362
Government sponsored enterprises		—		500		—		500
Corporate notes		—		1,000		—		1,000
Commercial paper		—		1,500		—		1,500
Investments:
Treasury bills		—		2,749		—		2,749
Agency bonds		—		3,522		—		3,522
	$	3,362	$	9,271	$	—	$	12,633

	Fair Value Measurements as of December 31, 2019 using:
	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	4,208	$	—	$	—	$	4,208
Investments:
Corporate notes		—		5,491		—		5,491
Commercial paper		—		7,476		—		7,476
	$	4,208	$	12,967	$	—	$	17,175

As of September 30, 2020 and December 31, 2019, the Company’s cash equivalents and investments were valued based on Level 1 and Level 2 inputs. In determining the fair value of its corporate notes and commercial paper at each date presented above, the Company relied on quoted prices for similar securities in active markets or using other inputs that are observable or can be corroborated by observable market data. The Company’s cash equivalents have original maturities of less than 90 days from the date of purchase. All available-for-sale investments have contractual maturities of less than one year. During the nine months ended September 30, 2020 and the year ended December 31, 2019, there were no transfers in and out of Level 3.