Fair Value Measurements and Marketable Securities

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements and Marketable Securities

3. Fair Value Measurements and Marketable Securities

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, 2021 Using:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	—	$	73,598	$	—	$	73,598
Total cash equivalents		—		73,598		—		73,598
Marketable securities:
Corporate bonds		—		10,147		—		10,147
Commercial paper		—		28,487		—		28,487
Total marketable securities		—		38,634		—		38,634
Total cash equivalents and marketable securities	$	—	$	112,232	$	—	$	112,232

	Fair Value Measurements at December 31, 2020 Using:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	—	$	73,488	$	—	$	73,488
Commercial paper		—		5,998		—		5,998
Corporate bonds		—		3,006		—		3,006
Total cash equivalents		—		82,492		—		82,492
Marketable securities:
Corporate bonds		—		13,221		—		13,221
Commercial paper		—		28,476		—		28,476
Total marketable securities		—		41,697		—		41,697
Total cash equivalents and marketable securities	$	—	$	124,189	$	—	$	124,189

Excluded from the tables above is cash of $3.4 million and $2.7 million as of March 31, 2021, and December 31, 2020, respectively. During the three months ended March 31, 2021, there were no transfers between Level 1, Level 2 and Level 3 categories.

Marketable Securities

The Company’s marketable securities are classified as Level 2 assets under the fair value hierarchy as these assets were primarily determined from independent pricing sources, which generally derive security prices from recently reported trades for identical or similar securities. The Company evaluated debt securities with unrealized losses for any expected credit losses and determined unrealized losses on these securities were related to non-credit factors. Additionally, the Company currently does not intend to and is not required to sell these investments prior to an anticipated recovery in value.

The following table summarizes the gross unrealized gains and losses of the Company’s marketable securities as of March 31, 2021, and December 31, 2020 (in thousands):

	March 31, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Assets:
Corporate bonds	$	10,150	$	—	$	(3	)	$	10,147
Commercial paper		28,487		—		—			28,487
	$	38,637	$	—	$	(3	)	$	38,634

	December 31, 2020
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Assets:
Corporate bonds	$	13,227	$	—	$	(6	)	$	13,221
Commercial paper		28,476		—		—			28,476
	$	41,703	$	—	$	(6	)	$	41,697

As of March 31, 2021, and December 31, 2020, all of the Company’s marketable securities had remaining contractual maturity dates of one year or less from the respective consolidated balance sheet date.