Fair Value of Financial Assets

12 Months Ended

Dec. 31, 2018

Fair Value Disclosures [Abstract]

Fair Value of Financial Assets

3. Fair Value of Financial Assets

The following tables present information about the Company’s 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, 2018 using:
	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	6,041	$	—	$	—	$	6,041
Corporate notes		—		998		—		998
Commercial paper		—		2,495		—		2,495
Investments:
Corporate notes		—		3,644		—		3,644
Commercial paper		—		6,416		—		6,416
	$	6,041	$	13,553	$	—	$	19,594

	Fair Value Measurements as of December 31, 2017 using:
	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	10,509	$	—	$	—	$	10,509
Investments:
Corporate notes		—		25,710		—		25,710
Commercial paper		—		13,179		—		13,179
	$	10,509	$	38,889	$	—	$	49,398

As of December 31, 2018 and 2017, the Company’s cash equivalents and investments were invested in money market funds, corporate notes and commercial paper and were valued based on Level 1 and Level 2 inputs. In determining the fair value of its corporate notes and commercial paper at each date presented above, the Company relied on quoted prices for similar securities in active markets or using other inputs that are observable or can be corroborated by observable market data. The Company’s cash equivalents have original maturities of less than 90 days from the date of purchase. All available-for-sale investments have contractual maturities of less than one year. During the years ended December 31, 2018 and 2017, there were no transfers between Level 1, Level 2 and Level 3.