Financial Instruments

12 Months Ended

Dec. 31, 2020

4. Financial Instruments

Financial Assets

The following tables summarize the estimated fair value of the Company’s financial assets measured on a recurring basis as of the dates indicated (in thousands):

Gross

Valuation

Amortized

Unrealized

Estimated Fair

December 31, 2020

Input Level

Cost

Gains

Losses

Value

Money market funds - classified as cash equivalents

Level 1

19,504

—

19,504

					Gross		Gross
	Valuation	Amortized			Unrealized		Unrealized		Estimated Fair
December 31, 2019	Input Level	Cost			Gains		Losses		Value
Money market funds	Level 1	$	3,495		$	—	$	—	$	3,495
U.S. Treasury securities	Level 1		1,594			1		—		1,595
Repurchase agreements	Level 2		5,000			—		—		5,000
U.S. corporate debt obligations	Level 2		5,155			—		—		5,155
U.S. commercial paper	Level 2		11,412			—		—		11,412
Total available-for-sale securities			26,656			1		—		26,657
Less amounts classified as cash equivalents			(10,293	)		—		—		(10,293	)
Amounts classified as marketable securities		$	16,363		$	1	$	—	$	16,364

There were no available-for-sale securities in an unrealized loss position as of December 31, 2020 and 2019.

There were no realized gains or losses on the available-for-sale securities in the years ended December 31, 2020 and 2019. There were no sales of available-for-sale debt securities in the years ended December 31, 2020 and 2019. Available-for-sale marketable securities at December 31, 2019 had remaining contractual maturities of one year or less.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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