Investments In Marketable Securities

9 Months Ended

Sep. 30, 2019

Note 3—Investments in Marketable Securities

Investments in marketable securities consisted of the following as of September 30, 2019 and December 31, 2018 (in thousands):

	September 30, 2019
	Amortized		Gross Unrealized		Gross Unrealized			Fair
	Cost		Gains		Losses			Value
U.S. treasury securities	$	10,981	$	7	$	—		$	10,988
Commercial paper		35,545		8	$	(1	)		35,552
Asset-backed securities		13,925		13		—			13,938
Total marketable securities	$	60,451	$	28	$	(1	)	$	60,478

	December 31, 2018
	Amortized		Gross Unrealized		Gross Unrealized			Fair
	Cost		Gains		Losses			Value
U.S. treasury securities	$	17,028	$	—	$	(2	)	$	17,026
Commercial paper		48,623		5		(4	)		48,624
Asset-backed securities		13,904		—		(16	)		13,888
Total marketable securities	$	79,555	$	5	$	(22	)	$	79,538

There were no marketable securities with a maturity of greater than one year for either period presented. Unrealized gains and losses on marketable debt securities are recorded as a separate component of accumulated other comprehensive gain (loss) included in stockholders’ equity.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Financial assets and liabilities carried at fair value are classified and disclosed in one of the following three categories:

Level 1 — Quoted market prices in active markets for identical assets or liabilities.

Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The following tables presents fair value of the Company’s marketable securities (in thousands):

	Fair Value Measurement as of September 30, 2019
	Level 1		Level 2		Level 3		Total
Assets
U.S. treasury securities	$	10,988	$	—	$	—	$	10,988
Commercial paper		—		35,552		—		35,552
Asset-backed securities		—		13,938		—		13,938
Total assets	$	10,988	$	49,490	$	—	$	60,478

	Fair Value Measurement as of December 31, 2018
	Level 1		Level 2		Level 3		Total
Assets
U.S. treasury securities	$	17,026	$	—	$	—	$	17,026
Commercial paper		—		48,624		—		48,624
Asset-backed securities		—		13,888		—		13,888
Total assets	$	17,026	$	62,512	$	—	$	79,538