Fair Value Measurements and Marketable Securities (Tables)

3 Months Ended

Mar. 31, 2020

Summary of Financial Assets and Liabilities Measured at Fair Value Recurring Basis

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

	Fair Value Measurements at March 31, 2020 Using:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	—	$	61,985	$	—	$	61,985
Total cash equivalents		—		61,985		—		61,985
Marketable securities:
U.S. government securities		—		—		—		—
Corporate bonds		—		13,513		—		13,513
Commercial paper		—		10,965		—		10,965
Total marketable securities		—		24,478		—		24,478
Total cash equivalents and marketable securities	$	—	$	86,463	$	—	$	86,463

	Fair Value Measurements at December 31, 2019 Using:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	—	$	26,751	$	—	$	26,751
Total cash equivalents		—		26,751		—		26,751
Marketable securities:
U.S. government securities		—		16,797		—		16,797
Corporate bonds		—		14,060		—		14,060
Commercial paper		—		21,458		—		21,458
Total marketable securities		—		52,315		—		52,315
Total cash equivalents and marketable securities	$	—	$	79,066	$	—	$	79,066

Summary of Gross Unrealized Gains and Losses of Marketable Securities

The following table summarizes the gross unrealized gains and losses of the Company’s marketable securities as of March 31, 2020, and December 31, 2019 (in thousands):

	March 31, 2020
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Assets:
U.S. government securities	$	—	$	—	$	—		$	—
Corporate bonds		13,532		—		(19	)		13,513
Commercial paper		10,965		—		—			10,965
	$	24,497	$	—	$	(19	)	$	24,478

	December 31, 2019
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Assets:
U.S. government securities	$	16,791	$	6	$	—		$	16,797
Corporate bonds		14,050		12		(2	)		14,060
Commercial paper		21,458		—		—			21,458
	$	52,299	$	18	$	(2	)	$	52,315