The following table presents fair value of the Company’s cash, cash equivalents, and marketable securities as of March 31, 2020 and December 31, 2019 (in thousands):


	March 31, 2020
	Adjusted		Unrealized		Unrealized				Cash and Cash		Restricted		Marketable
	Cost		Gains		Losses		Fair Value		Equivalents		Cash		Securities
Cash	$	8,980	$	—	$	—	$	8,980	$	7,670	$	1,310	$	—
Level 1 (1):
Money market funds		17,420		—		—		17,420		17,420		—		—
U.S. treasury securities		3,000		—		—		3,000		3,000		—
Subtotal		20,420		—		—		20,420		20,420		—		—
Level 2 (2):
U.S. government agency securities		—		—		—		—				—		—
Total	$	29,400	$	—	$	—	$	29,400	$	28,090	$	1,310	$	—


	December 31, 2019
	Adjusted		Unrealized		Unrealized				Cash and Cash		Restricted		Marketable
	Cost		Gains		Losses		Fair Value		Equivalents		Cash		Securities
Cash	$	9,302	$	—	$	—	$	9,302	$	7,993	$	1,309	$	—
Level 1 (1):
Money market funds		18,306		—		—		18,306		18,306		—		—
U.S. treasury securities		5,996		—		—		5,996		2,496		—		3,500
Subtotal		24,302		—		—		24,302		20,802		—		3,500
Level 2 (2):
U.S. government agency securities		3,510		—		—		3,510		3,510		—		—
Total	$	37,114	$	—	$	—	$	37,114	$	32,305	$	1,309	$	3,500

(1)

The fair value of Level 1 securities is estimated based on quoted prices in active markets for identical assets or liabilities.

(2)

The fair value of Level 2 securities is estimated based on observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.