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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2021

Assets and Liabilities Measured at Fair Value on a Recurring Basis

There were no transfers in or out of Level 1 or 2 during the periods presented. The following tables present the fair value hierarchy for assets and liabilities measured at fair value on a recurring basis as of June 30, 2021 and December 31, 2020 (in thousands):

	June 30, 2021
	Level 1		Level 2		Level 3		Total
Financial assets:
Money market funds⁽¹⁾	$	73,621	$	—	$	—	$	73,621
U.S. government agency securities⁽²⁾		7,779		—		—		7,779
Federal agency securities⁽²⁾		—		5,123		—		5,123
Total financial assets	$	81,400	$	5,123	$	—	$	86,523

(1)	Included in cash and cash equivalents on the accompanying condensed consolidated balance sheets.

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

	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 the accompanying condensed consolidated balance sheets.

(2)

Included in short-term investments on the accompanying condensed consolidated balance sheets and classified as available-for-sale debt securities. $2.5 million of U.S. government agency securities as of December 31, 2020 are included in long-term investments on the accompanying condensed consolidated balance sheets due to the maturity being more than 12 months.