Fair Value of Financial Assets

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Fair Value of Financial Assets

4. Fair Value of Financial Assets

The following tables present information about the Company’s financial assets that are measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values:

	Fair Value Measurements as of December 31, 2019 using:
	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	30,490	$	—	$	—	$	30,490
U.S. government agency bonds		—	$	2,500		—	$	2,500
Marketable securities:
U.S. Treasury notes		—		42,868		—	$	42,868
U.S. government agency bonds		—		15,538		—	$	15,538
	$	30,490	$	60,906	$	—	$	91,396

	Fair Value Measurements as of December 31, 2018 using:
	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	77,737	$	—	$	—	$	77,737
Marketable securities:
U.S. Treasury notes		—		62,842		—		62,842
U.S. government agency bonds		—		2,885		—		2,885
Corporate bonds		—		10,196		—		10,196
	$	77,737	$	75,923	$	—	$	153,660

As of December 31, 2019 and 2018, the Company’s cash equivalents were invested in money market funds and were valued based on Level 1 inputs. As of December 31, 2019 the Company’s marketable securities consisted of U.S. Treasury notes and U.S. government agency bonds and were valued based on Level 2 inputs. As of December 31, 2018, the Company’s marketable securities consisted of U.S. Treasury notes, U.S. government agency bonds and corporate bonds and were valued based on Level 2 inputs. In determining the fair value of its U.S. Treasury notes, U.S. government agency bonds and corporate bonds, the Company relied on quoted prices for similar securities in active markets or other inputs that are observable or can be corroborated by observable market data. During the years ended December 31, 2019 and 2018, there were no transfers between Level 1, Level 2 and Level 3.