Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2019

Summary of financial instruments measured at fair value on a recurring basis

The following table summarizes the financial instruments measured at fair value on a recurring basis in the Company’s accompanying condensed consolidated balance sheets as of September 30, 2019 and December 31, 2018 (in thousands):



	As of September 30, 2019
	Level 1		Level 2		Level 3		Total
Assets
Cash and cash equivalents:
Cash	$	42,616	$	—	$	—	$	42,616
Money market funds (1)	46,309		—		—		46,309
Total	$	88,925	$	—	$	—	$	88,925
Marketable Securities
Domestic corporate debt securities (2)	$	—	$	47,289	$	—	$	47,289
Domestic corporate commercial paper (2)	—		16,949		—		16,949
Agency bonds (2)	—		15,013		—		15,013
Total	$	—	$	79,251	$	—	$	79,251



	As of December 31, 2018
	Level 1		Level 2		Level 3		Total
Assets
Cash and cash equivalents:
Cash	$	20,448	$	—	$	—	$	20,448
Money market funds (1)	38,873		—		—		38,873
Total	$	59,321	$	—	$	—	$	59,321
Marketable Securities
Domestic corporate debt securities (2)	$	—	$	132,356	$	—	$	132,356
Agency bonds (2)	—		44,784		—		44,784
Total	$	—	$	177,140	$	—	$	177,140

(1) Fair value is based upon quoted market prices.

(2) Fair value is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets. Inputs are obtained from various sources, including market participants, dealers and brokers.