Investments and Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2020

Schedule of Cash, Cash Equivalents, and Marketable Securities

Our total cash, cash equivalents and marketable securities consisted of the following:



	As of March 31,		As of December 31,
	2020		2019
	(in thousands)
Cash and cash equivalents:
Cash	$	8,503	$	11,623
Money market funds	13,998		2,020
Commercial paper	—		2,499
Total cash and cash equivalents	$	22,501	$	16,142
Marketable securities:
Corporate notes and bonds	$	9,024	$	17,470
Commercial paper	2,498		5,481
U.S. Treasury securities	68,713		78,160
Asset-backed securities	13,849		13,856
Total marketable securities	$	94,084	$	114,967

Schedule of Available-For-Sale Investments

The following table summarizes adjusted cost, gross unrealized gains and losses, and fair value related to available-for-sale securities classified as marketable securities on the accompanying Condensed Consolidated Balance Sheets as of March 31, 2020 and December 31, 2019:



	As of March 31, 2020
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss			Fair Value
	(in thousands)
Corporate notes and bonds	$	9,051	$	—	$	(27	)	$	9,024
Commercial paper	2,498		—		—			2,498
U.S. Treasury securities	68,106		607		—			68,713
Asset-backed securities	13,854		—		(5		)	13,849
Total available-for-sale investments	$	93,509	$	607	$	(32	)	$	94,084

	As of December 31, 2019
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss			Fair Value
	(in thousands)
Corporate notes and bonds	$	17,462	$	9	$	(1	)	$	17,470
Commercial paper	5,481		—		—			5,481
U.S. Treasury securities	78,075		85		—			78,160
Asset-backed securities	13,852		4		—			13,856
Total available-for-sale investments	$	114,870	$	98	$	(1	)	$	114,967

Financial Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis

Financial assets and liabilities measured and recorded at fair value on a recurring basis consisted of the following types of instruments:



	As of March 31, 2020
	Level 1		Level 2		Level 3		Total
	(in thousands)
Cash equivalents:
Money market funds	$	13,998	$	—	$	—	$	13,998
Total cash equivalents	13,998		—		—		13,998
Marketable securities:
Corporate notes and bonds	—		9,024		—		9,024
Commercial paper	—		2,498		—		2,498
U.S. Treasury securities	—		68,713		—		68,713
Asset-backed securities	—		13,849		—		13,849
Total marketable securities	—		94,084		—		94,084
Restricted cash:
Money market funds	70,087		—		—		70,087
Total restricted cash	70,087		—		—		70,087
Total financial assets	$	84,085	$	94,084	$	—	$	178,169



	As of December 31, 2019
	Level 1		Level 2		Level 3		Total
	(in thousands)
Cash equivalents:
Money market funds	$	2,020	$	—	$	—	$	2,020
U.S. Treasury securities	—		2,499		—		2,499
Total cash equivalents	2,020		2,499		—		4,519
Marketable securities:
Corporate notes and bonds	—		17,470		—		17,470
Commercial paper	—		5,481		—		5,481
U.S. Treasury securities	—		78,160		—		78,160
Asset-backed securities	—		13,856		—		13,856
Total marketable securities	—		114,967		—		114,967
Restricted cash:
Money market funds	70,087		—		—		70,087
Total restricted cash	70,087		—		—		70,087
Total financial assets	$	72,107	$	117,466	$	—	$	189,573