Fair Value Measurements

12 Months Ended

Dec. 31, 2020

Fair Value Measurements

Fair Value Measurements

4.   Fair Value Measurements

The Company's financial assets and liabilities carried at fair value are comprised of investment assets that include money market and investments, and a liability for common stock warrants.  

The fair value accounting guidance requires that assets and liabilities be carried at fair value and classified in one of the following three categories:

Level I: Quoted prices in active markets for identical assets and liabilities that the Company has the ability to access.

Level II: Observable market-based inputs or unobservable inputs that are corroborated by market data, such as quoted prices, interest rates, and yield curves.

Level III: Inputs that are unobservable data points that are not corroborated by market data.

This hierarchy requires the Company to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value.

Assets and Liabilities That Are Measured at Fair Value on a Recurring Basis

The following table represents the fair value hierarchy for the Company’s financial assets and financial liabilities measured at fair value on a recurring basis:

	December 31, 2020								December 31, 2019
	Level I		Level II		Level III		Total		Level I		Level II		Level III		Total
	(in thousands)
Financial Assets:
Money market deposits	$	28,990		—	$	—	$	28,990	$	22,477	$	—	$	—	$	22,477
U.S. Treasury securities		597,744		—		—		597,744		293,157		—		—		293,157
Corporate bonds and notes		—		12,328		—		12,328		—		—		—		—
Municipal securities		—		78,534		—		78,534		—		85,908		—		85,908
Total financial assets	$	626,734	$	90,862	$	—	$	717,596	$	315,634	$	85,908	$	—	$	401,542

During the year ended December 31, 2020, the Company did not make any transfers between Level I and Level II assets.