Fair Value of Financial Assets (Tables)

3 Months Ended

Mar. 31, 2020

Schedule of Marketable Securities by Security Type

As of March 31, 2020, 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)	$	55,110	$	363	$	—	$	55,473
Total	$	55,110	$	363	$	—	$	55,473

As of December 31, 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)	$	78,656	$	25	$	(21	)	$	78,660
Agency Bonds (due within one year)		1,994		4		—			1,998
Total	$	80,650	$	29	$	(21	)	$	80,658

Schedule of Financial Assets Measured at Fair Value on Recurring Basis

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 March 31, 2020 Using:
	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	75,085	$	—	$	—	$	75,085
Marketable securities:
United States Treasury Notes		—		55,473		—		55,473
Total	$	75,085	$	55,473	$	—	$	130,558

	Fair Value Measurements at December 31, 2019 Using:
	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	64,796	$	—	$	—	$	64,796
Marketable securities:
United States Treasury Notes		—		78,660		—		78,660
Agency Bonds		—		1,998		—		1,998
Total	$	64,796	$	80,658	$	—	$	145,454