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Fair value of financial assets and liabilities | 3 Months Ended
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Mar. 31, 2021
Fair value of financial assets and liabilities |
Fair value of financial assets and liabilities | 3. Fair value of financial assets and liabilities Certain assets and liabilities of the Company are carried at fair value under GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable:
| · |  | Level 1—Quoted prices in active markets for identical assets or liabilities.
| · |  | Level 2—Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data.
| · |  | Level 3—Unobservable inputs that are supported by little or no market activity that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques.
The following is a summary of our financial assets measured at fair value on a recurring basis as of March 31, 2021 and December 31, 2020:
|  | March 31, 2021
|  | Total |  | Level 1 |  | Level 2 |  | Level 3
Money market funds |  | $ | 162,416 |  | $ | 162,416 |  | $ | — |  | $ | —
Commercial paper |  |  | 33,976 |  |  | — |  |  | 33,976 |  |  | —
Corporate debt securities |  |  | 28,048 |  |  | — |  |  | 28,048 |  |  | —
|  | $ | 224,440 |  | $ | 162,416 |  | $ | 62,024 |  | $ | —
|  | December 31, 2020
|  | Total |  | Level 1 |  | Level 2 |  | Level 3
Money market funds |  | $ | 158,023 |  | $ | 158,023 |  | $ | — |  | $ | —
Commercial paper |  |  | 47,955 |  |  | — |  |  | 47,955 |  |  | —
Corporate debt securities |  |  | 33,190 |  |  | — |  |  | 33,190 |  |  | —
|  | $ | 239,168 |  | $ | 158,023 |  | $ | 81,145 |  | $ | —
Commercial paper and corporate debt securities were valued by the Company using quoted prices in active markets for similar securities, which represent a Level 2 measurement within the fair value hierarchy. The carrying values of the Company’s prepaid expenses and other current assets, accounts payable and accrued expenses approximate their fair values due to the short-term nature of these assets and liabilities. During the three months ended March 31, 2021 and the twelve months ended December 31, 2020, there were no transfers between Level 1, Level 2 and Level 3.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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