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Investment Securities and Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Schedule of Available-for-sale Securities

Investment securities classified as available-for-sale consisted of the following at December 31, 2020 and 2019 (in thousands):

			December 31, 2020
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Estimated Fair Value
Agency securities			$	17,104					$	29					$	(1)					$	17,132
Treasury securities			17,847						47						—						17,894
Total available-for-sale investment securities			$	34,951					$	76					$	(1)					$	35,026

			December 31, 2019
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Estimated Fair Value
Corporate bonds			$	9,597					$	18					$	(1)					$	9,614
Agency securities			11,101						17						—						11,118
Treasury securities			14,222						12						(1)						14,233
Total available-for-sale investment securities			$	34,920					$	47					$	(2)					$	34,965

Available-for-sale Investments, by Remaining Contract Maturity

At December 31, 2020 and 2019, the contractual maturities of our investments did not exceed 36 months. The fair values of available-for-sale investments, by remaining contractual maturity, are as follows (in thousands):

			December 31, 2020												December 31, 2019
			Amortized Cost						Estimated Fair Value						Amortized Cost						Estimated Fair Value
Due in one year or less			$	28,197					$	28,256					$	22,846					$	22,876
Due after one year through three years			6,754						6,770						12,074						12,089
Total available-for-sale investment securities			$	34,951					$	35,026					$	34,920					$	34,965

Schedule of Sales and Maturities

During the years ended December 31, 2020 and 2019, we had sales and maturities (which include calls) of investment securities, as follows (in thousands):

			Year Ended December 31, 2020
			Gross Realized Gains						Gross Realized Losses						Gross Proceeds from Sales						Gross Proceeds from Maturities
Corporate bonds			$	6					$	—					$	4,006					$	5,600
Agency securities			25						—						7,878						1,900
Treasury securities			4						(2)						4,827						19,830
			$	35					$	(2)					$	16,711					$	27,330

			Year Ended December 31, 2019
			Gross Realized Gains						Gross Realized Losses						Gross Proceeds from Sales						Gross Proceeds from Maturities
Corporate bonds			$	—					$	(1)					$	2,750					$	11,350
Agency securities			6						—						—						3,625
Treasury securities			—						—						—						685
			$	6					$	(1)					$	2,750					$	15,660

Fair Value, Assets Measured on Recurring Basis

The following tables present our financial assets and liabilities measured at fair value on a recurring basis at December 31, 2020 and 2019, by level within the fair value hierarchy (in thousands):

			December 31, 2020
			Level 1						Level 2						Level 3						Total Fair Value
Cash equivalents:
Money market funds			$	4,749					$	—					$	—					$	4,749
Treasury securities			97,433						—						—						97,433
Available-for-sale investment securities:
Agency securities			—						17,132						—						17,132
Treasury securities			17,894						—						—						17,894
Total			$	120,076					$	17,132					$	—					$	137,208

			December 31, 2019
			Level 1						Level 2						Level 3						Total Fair Value
Cash equivalents:
Money market funds			$	337					$	—					$	—					$	337
Available-for-sale investment securities:
Corporate bonds			—						9,614						—						9,614
Agency securities			—						11,118						—						11,118
Treasury securities			14,233						—						—						14,233
Total			$	14,570					$	20,732					$	—					$	35,302

Fair Value, Liabilities Measured on Recurring Basis

The following tables present our financial assets and liabilities measured at fair value on a recurring basis at December 31, 2020 and 2019, by level within the fair value hierarchy (in thousands):

			December 31, 2020
			Level 1						Level 2						Level 3						Total Fair Value
Cash equivalents:
Money market funds			$	4,749					$	—					$	—					$	4,749
Treasury securities			97,433						—						—						97,433
Available-for-sale investment securities:
Agency securities			—						17,132						—						17,132
Treasury securities			17,894						—						—						17,894
Total			$	120,076					$	17,132					$	—					$	137,208

			December 31, 2019
			Level 1						Level 2						Level 3						Total Fair Value
Cash equivalents:
Money market funds			$	337					$	—					$	—					$	337
Available-for-sale investment securities:
Corporate bonds			—						9,614						—						9,614
Agency securities			—						11,118						—						11,118
Treasury securities			14,233						—						—						14,233
Total			$	14,570					$	20,732					$	—					$	35,302

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Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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