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Fair Value Measurements
9 Months Ended
Sep. 30, 2019
Fair Value Disclosures [Abstract]  
Fair Value Measurements

3. Fair Value Measurements

The Company measures and reports certain financial instruments as assets and liabilities at fair value on a recurring basis. Financial instruments that are highly liquid with original maturities of three months or less from the date of purchase are included within cash equivalents. Financial instruments that are not highly liquid, or for which their original maturities are greater than three months, are classified as investments in marketable securities. The Company’s financial assets measured at fair value on a recurring basis were as follows (in thousands):

 

 

 

September 30, 2019

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Cash equivalents

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

256,957

 

 

$

 

 

$

 

 

$

256,957

 

U.S. treasuries

 

 

49,935

 

 

 

 

 

 

 

 

 

49,935

 

Total cash equivalents

 

$

306,892

 

 

$

 

 

$

 

 

$

306,892

 

Short-term marketable securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. treasuries

 

$

208,199

 

 

$

 

 

$

 

 

$

208,199

 

Total short-term marketable securities

 

$

208,199

 

 

$

 

 

$

 

 

$

208,199

 

Total cash equivalents and short-term marketable

   securities

 

$

515,091

 

 

$

 

 

$

 

 

$

515,091

 

 

 

 

December 31, 2018

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Cash equivalents

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

31,555

 

 

$

 

 

$

 

 

$

31,555

 

Total cash equivalents

 

$

31,555

 

 

$

 

 

$

 

 

$

31,555

 

Short-term marketable securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. treasuries

 

$

145,246

 

 

$

 

 

$

 

 

$

145,246

 

Total short-term marketable securities

 

$

145,246

 

 

$

 

 

$

 

 

$

145,246

 

Total cash equivalents and short-term marketable

   securities

 

$

176,801

 

 

$

 

 

$

 

 

$

176,801

 

The Company evaluates transfers between levels at the end of each reporting period. There were no transfers of assets or liabilities between levels during the three and nine months ended September 30, 2019 and 2018.