Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2020

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:

March 31, 2020	Level 1		Level 2		Level 3		Total
Money market securities	$	5,016	$	—	$	—	$	5,016
Commercial paper		—		20,066		—		20,066
Corporate notes		—		5,043		—		5,043
Total	$	5,016	$	25,109	$	—	$	30,125

December 31, 2019	Level 1		Level 2		Level 3		Total
Money market securities	$	746	$	—	$	—	$	746
Commercial paper		—		25,481		—		25,481
Corporate notes		—		5,773		—		5,773
U.S. treasuries		—		4,040		—		4,040
Total	$	746	$	35,294	$	—	$	36,040

The fair value maturities of the Company’s cash equivalents and marketable securities as of March 31, 2020, 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	$	30,125	$	30,125	$	—	$	—	$	—

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 money market funds and commercial paper totaling $9,805 and $10,436 at March 31, 2020, and December 31, 2019, respectively. Cash equivalents are carried at either cost or amortized cost, depending on the type of security, which approximates fair value.