Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2020

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 March 31, 2020 and December 31, 2019 (in thousands):



	As of March 31, 2020
	Level 1		Level 2		Level 3		Total
Assets
Cash and cash equivalents:
Cash	$	21,949	$	—	$	—	$	21,949
Money market funds (1)	18,774		—		—		18,774
Total	$	40,723	$	—	$	—	$	40,723
Marketable Securities
Domestic corporate debt securities (2)	$	—	$	67,477	$	—	$	67,477
Domestic corporate commercial paper (2)	—		17,361		—		17,361
Agency bonds (2)	$	—	$	12,419	$	—	$	12,419
Total	$	—	$	97,257	$	—	$	97,257



	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
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

(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.