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Fair Value Measurements
6 Months Ended
Jun. 30, 2020
Fair Value Disclosures [Abstract]  
Fair Value Measurements

3.

Fair Value Measurements

The following tables present the Company’s fair value hierarchy for its assets and liabilities that are measured at fair value on a recurring basis (in thousands):

 

 

 

Fair Value Measurements as of June 30, 2020 Using:

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

19,885

 

 

$

 

 

$

 

 

$

19,885

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds

 

 

 

 

 

2,404

 

 

 

 

 

 

2,404

 

 

 

$

19,885

 

 

$

2,404

 

 

$

 

 

$

22,289

 

 

 

 

Fair Value Measurements as of December 31, 2019 Using:

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

25,510

 

 

$

 

 

$

 

 

$

25,510

 

Commercial paper

 

 

 

 

 

4,243

 

 

 

 

 

 

4,243

 

Corporate bonds

 

 

 

 

 

4,900

 

 

 

 

 

 

4,900

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

$

 

 

$

11,957

 

 

$

 

 

$

11,957

 

Corporate bonds

 

 

 

 

 

17,733

 

 

 

 

 

 

17,733

 

 

 

$

25,510

 

 

$

38,833

 

 

$

 

 

$

64,343

 

 

Money market funds were valued by the Company based on quoted market prices, which represent a Level 1 measurement within the fair value hierarchy. Commercial paper and corporate bonds were valued by the Company using quoted prices in active markets for similar securities, which represent a Level 2 measurement within the fair value hierarchy. There were no transfers between Level 1 or Level 2 during the three and six months ended June 30, 2020 and 2019. 

 

As of June 30, 2020 and December 31, 2019 the Company held a restricted investment of $1,400, which represent a certificate of deposit that is classified as Level 2 in the fair value hierarchy.