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Fair Value Measurements
 6 Months Ended
Jun. 30, 2019
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
We measure certain financial instruments at fair value using a fair value hierarchy. In the hierarchy, assets are classified based on the lowest level inputs used in valuation into the following categories:
•
Level 1 — Quoted prices in active markets for identical assets and liabilities;
•
Level 2 — Observable inputs including quoted market prices for similar assets and liabilities in active markets, quoted prices for identical assets and liabilities in inactive markets, or inputs that are corroborated by observable market data; and
•
Level 3 — Unobservable inputs.
The following tables summarize assets that are measured at fair value on a recurring basis:
 
June 30, 2019
(in thousands)
Level 1
 
Level 2
 
Level 3
 
Total
Cash and cash equivalents
 
 
 
 
 
 
 
Money market funds
$
37,659

 
$
—

 
$
—

 
$
37,659

Commercial paper
—

 
9,094

 
—

 
9,094

 
$
37,659

 
$
9,094

 
$
—

 
$
46,753

 
 
 
 
 
 
 
 
Short-term investments
 
 
 
 
 
 
 
Commercial paper
$
—

 
$
46,220

 
$
—

 
$
46,220

Corporate bonds
—

 
20,256

 
—

 
20,256

U.S. Treasury and agency obligations
—

 
44,825

 
—

 
44,825

 
$
—

 
$
111,301

 
$
—

 
$
111,301

 
December 31, 2018
(in thousands)
Level 1
 
Level 2
 
Level 3
 
Total
Cash and cash equivalents
 
 
 
 
 
 
 
Money market funds
$
38,022

 
$
—

 
$
—

 
$
38,022

 
$
38,022

 
$
—

 
$
—

 
$
38,022

 
 
 
 
 
 
 
 
Short-term investments
 
 
 
 
 
 
 
Commercial paper
$
—

 
$
79,634

 
$
—

 
$
79,634

Corporate bonds
—

 
16,119

 
—

 
16,119

U.S. Treasury and agency obligations
—

 
22,366

 
—

 
22,366

 
$
—

 
$
118,119

 
$
—

 
$
118,119


We did not have any liabilities measured and recorded at fair value at June 30, 2019 or December 31, 2018.