Fair Value of Financial Assets and Liabilities

3 Months Ended

Mar. 31, 2020

Fair Value of Financial Assets and Liabilities

Fair Value of Financial Assets and Liabilities

3. Fair Value of Financial Assets and Liabilities

The following tables summarize the assets and liabilities measured at fair value on a recurring basis at March 31, 2020 and December 31, 2019 (in thousands):

	Fair Value Measurements at March 31, 2020
	Total		Level 1		Level 2		Level 3
Assets:
Money market funds, included in cash and cash equivalents	$	79,259	$	79,259	$	—	$	—
U.S. Treasury obligations, included in cash and cash equivalents		12,994		12,994		—		—
Marketable securities:
U.S. Treasury obligations		65,214		65,214		—		—
Total assets	$	157,467	$	157,467	$	—	$	—

	Fair Value Measurements at December 31, 2019
	Total		Level 1		Level 2		Level 3
Assets:
Money market funds, included in cash and cash equivalents	$	34,896	$	34,896	$	—	$	—
Marketable securities:
U.S. Treasury obligations		121,140		121,140		—		—
Total assets	$	156,036	$	156,036	$	—	$	—

Cash and cash equivalents and marketable securities include investments in money market funds and U.S. government securities that are valued using quoted market prices. Accordingly, money market funds and government funds are categorized as Level 1 as of March 31, 2020 and December 31, 2019. There were no transfers of assets between fair value measurement levels during the three months ended March 31, 2020 or 2019.

The carrying amounts reflected in the balance sheets for accounts receivable, prepaid expenses and other current assets, accounts payable, and accrued expenses approximate their fair values at March 31, 2020 and December 31, 2019, due to their short-term nature.