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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2020

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following tables present the fair value hierarchy for assets measured at fair value on a recurring basis as of December 31, 2020 and 2019 (in thousands):

	December 31, 2020
	Level 1		Level 2		Level 3		Total
Financial assets:
Money market funds⁽¹⁾	$	30,360	$	—	$	—	$	30,360
U.S. government agency securities⁽²⁾		37,837		—		—		37,837
Federal agency securities⁽²⁾		—		13,700		—		13,700
Total financial assets	$	68,197	$	13,700	$	—	$	81,897

(1)	Included in cash and cash equivalents on accompanying consolidated balance sheet.

(2)

Included in short-term investments on accompanying consolidated balance sheet and are classified as available-for-sale debt securities. $2.5 million of U.S. government agency securities are included in long-term investments on the accompanying consolidated balance sheets due to the maturity being more than 12 months.

	December 31, 2019
	Level 1		Level 2		Level 3		Total
Financial assets:
Money market funds⁽¹⁾	$	15,369	$	—	$	—	$	15,369
U.S. government agency securities⁽²⁾		51,490		—		—		51,490
Federal agency securities⁽²⁾		—		10,006		—		10,006
Total financial assets	$	66,859	$	10,006	$	—	$	76,865

(1)	Included in cash and cash equivalents on accompanying consolidated balance sheet.

(2)	Included in short-term investments on accompanying consolidated balance sheet and are classified as available-for-sale debt securities.

The carrying amounts of cash, accounts receivable, accounts payable and accrued liabilities approximate their fair values due to the short-term maturity of these instruments.