Fair Value Measurements

9 Months Ended

Sep. 30, 2021

The following table sets forth the fair value of the Company’s financial assets and liabilities measured on a recurring basis by level within the fair value hierarchy (in thousands):


	September 30, 2021
	Level I		Level II		Level III		Total
Financial Assets
Money market funds	$	65,128	$	—	$	—	$	65,128
Certificates of deposit	—		6,502		—		6,502
Cash equivalents	65,128		6,502		—		71,630
Commercial paper	—		47,355		—		47,355
Marketable securities	—		47,355		—		47,355
Total Financial Assets	$	65,128	$	53,857	$	—	$	118,985

	December 31, 2020
	Level I		Level II		Level III		Total
Financial Assets
Money market funds(1)	$	12,462	$	—	$	—	$	12,462
Commercial paper(1)	—		7,199		—		7,199
Cash equivalents	12,462		7,199		—		19,661
U.S. Treasury and government debt securities	—		8,999		—		8,999
Commercial paper	—		10,794		—		10,794
Marketable securities	—		19,793		—		19,793
Total Financial Assets	$	12,462	$	26,992	$	—	$	39,454

_______________

(1)The amounts were previously combined and presented as cash equivalents. Prior periods have been reclassified to conform with current period presentation.

The Company’s financial assets consist of Level I and II assets. The Company had no Level III assets or liabilities for the periods presented. The Company classifies its cash equivalents and marketable securities within Level I or Level II because they are valued using either quoted market prices or inputs other than quoted prices which are directly or indirectly observable in the market, including readily-available pricing sources for the identical underlying security which may not be actively traded. The Company’s fixed income available-for-sale securities consist of high quality, investment grade securities from diverse issuers. The valuation techniques used to measure the fair value of the Company’s marketable securities were derived from non-binding market consensus prices that are corroborated by observable market data and quoted market prices for similar instruments.

- 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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