Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2019

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

2. Fair Value of Financial Instruments

The estimated fair values of the Company’s financial instruments, which include cash equivalents, accounts receivable, accounts payable and other accrued liabilities, approximate their carrying values due to the short-term nature of these instruments. The Company’s marketable securities are classified as held-to-maturity and are reported at amortized cost, which approximates fair value.

The Company’s fair value hierarchy for its cash equivalents and marketable securities was as follows:

June 30, 2019	Level 1		Level 2		Level 3		Total
Money market securities	$	6,547	$	—	$	—	$	6,547
Commercial paper		—		39,262		—		39,262
Federal agency notes		—		2,002		—		2,002
Corporate notes		—		1,644		—		1,644
Total	$	6,547	$	42,908	$	—	$	49,455

December 31, 2018	Level 1		Level 2		Level 3		Total
Money market securities	$	1,472	$	—	$	—	$	1,472
Commercial paper		—		28,343		—		28,343
Corporate notes		—		12,106		—		12,106
Total	$	1,472	$	40,449	$	—	$	41,921

The fair value maturities of the Company’s cash equivalents and marketable securities as of June 30, 2019 are as follows:

	Maturities by Period
	Total		Lessthan 1 year		1-5 years		5 - 10 years		More than 10 years
Cash equivalents and marketable securities	$	49,455	$	49,455	$	—	$	—	$	—

The Company considers all highly liquid marketable securities with original maturities of 90 days or less at the date of acquisition to be cash equivalents. Cash equivalents include commercial paper and money market funds totaling $32,663 and $25,543 at June 30, 2019 and December 31, 2018, respectively. Cash equivalents are carried at either cost or amortized cost depending on the type of security, which approximates fair value.