Fair Value of Financial Assets

9 Months Ended

Sep. 30, 2019

Fair Value of Financial Assets

3. Fair Value of Financial Assets

As of September 30, 2019, marketable securities by security type consisted of (in thousands):

			Gross		Gross		Estimated
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
United States Treasury Notes (due within one year)	$	65,871	$	75	$	—	$	65,946
Agency Bonds (due within one year)		9,109		8		—		9,117
Total	$	74,980	$	83	$	—	$	75,063

As of December 31, 2018, marketable securities by security type consisted of (in thousands):

			Gross		Gross			Estimated
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
United States Treasury Notes (due within one year)	$	71,944	$	5	$	(9	)	$	71,940
Agency Bonds (due within one year)		12,289		1		(5	)		12,285
Total	$	84,233	$	6	$	(14	)	$	84,225

The following tables present information about the Company’s financial assets measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands):

	Fair Value Measurements at September 30, 2019 Using:
	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	86,180	$	—	$	—	$	86,180
Marketable securities:
United States Treasury Notes		—		65,946		—		65,946
Agency Bonds		—		9,117		—		9,117
Total	$	86,180	$	75,063	$	—	$	161,243

	Fair Value Measurements at December 31, 2018 Using:
	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	45,725	$	—	$	—	$	45,725
United States Treasury Notes		—		12,488		—		12,488
Marketable securities:
United States Treasury Notes		—		71,940		—		71,940
Agency Bonds		—		12,285		—		12,285
Total	$	45,725	$	96,713	$	—	$	142,438

During the three and nine months ended September 30, 2019 and 2018, there were no transfers between Level 1, Level 2 and Level 3.