Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2019

Summary of financial assets and liabilities 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 accompanying consolidated balance sheets as of December 31, 2019 and December 31, 2018 (in thousands):



	As of December 31, 2019
	Level 1		Level 2		Level 3		Total
Assets
Cash and cash equivalents:
Cash	$	34,726	$	—	$	—	$	34,726
Money market funds (1)	35,160		—		—		35,160
Domestic corporate commercial paper (2)	—		—		—		—
Total	$	69,886	$	—	$	—	$	69,886
Marketable Securities
Domestic corporate debt securities (2)	$	—	$	41,229	$	—	$	41,229
Domestic corporate commercial paper (2)	—		24,905		—		24,905
Agency bonds (2)			12,389				12,389
US treasury bonds (2)	—		12,492		—		12,492
Total	$	—	$	91,015	$	—	$	91,015



	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
Domestic corporate commercial paper (2)	—		—		—		—
Total	$	59,321	$	—	$	—	$	59,321
Marketable securities:
Domestic corporate debt securities (2)	$	—	$	132,356	$	—	$	132,356
Domestic corporate commercial paper (2)	—		—		—		—
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.