Fair Value of Financial Instruments |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments |
Fair Values of Assets Measured on a Recurring Basis The Company did not have any fair value measurements on a recurring basis as of March 31, 2020. The following table summarizes the Company’s assets that required fair value measurements on a recurring basis as of December 31, 2019 and their respective input levels based on the fair value hierarchy (in thousands):
Marketable Securities. When there are fair values determined by Level 1 inputs, which utilize quoted prices in active markets for identical assets, the level of judgment required to estimate fair value is relatively low. Fair values determined by Level 2 inputs, which utilize data points that are observable such as quoted prices, interest rates and yield curves, require the exercise of judgment and use of estimates, that if changed, could significantly affect the Company’s financial position and results of operations. Investments in corporate debt securities, commercial paper and asset-backed securities are valued using Level 2 inputs. Level 2 securities are initially valued at the transaction price and subsequently valued and reported utilizing inputs other than quoted prices that are observable either directly or indirectly, such as quotes from third-party pricing vendors. There were no transfers in or out of Level 1 or Level 2 investments during the three months ended March 31, 2020 or 2019. At March 31, 2020 and December 31, 2019, the Company had investments in money market funds of $4.2 million and $6.3 million, respectively, that were measured at fair value using the net asset value per share (or its equivalent) that have not been classified in the fair value hierarchy. The funds were invested primarily in U.S. government securities. Fair Values of Other Financial Instruments The carrying amounts of certain of the Company’s financial instruments, including accounts payable, approximate fair value due to their short-term nature. The Company’s notes payable recorded on the balance sheet as of March 31, 2020 of $5.0 million were recorded at fair value as the notes payable were paid off in full on April 10, 2020. |