Fair Value of Financial Assets and Liabilities

3 Months Ended

Mar. 31, 2020

Fair Value of Financial Assets and Liabilities

3. Fair Value of Financial Assets and Liabilities

The following tables present information about the Company’s assets and liabilities that are measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values:

	Fair Value Measurements as of March 31, 2020 Using:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents	$	—	$	14,053	$	—	$	14,053
Available-for-sale securities		—		400		—		400
	$	—	$	14,453	$	—	$	14,453

	Fair Value Measurements as of December 31, 2019 Using:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents	$	—	$	50,037	$	—	$	50,037
Available-for-sale securities		—		7,481		—		7,481
	$	—	$	57,518	$	—	$	57,518

As of March 31, 2020 and December 31, 2019, the fair values of the Company’s available-for-sale debt securities were determined using Level 2 inputs. At March 31, 2020, the Company’s portfolio of available-for-sale securities consisted of corporate bond securities. At December 31, 2019, the Company’s portfolio of available-for-sale securities consisted of corporate bond securities and commercial paper. During the three months ended March 31, 2020 and the year ended December 31, 2019, there were no transfers between Level 1, Level 2 and Level 3.

The fair value of the Company’s cash, restricted cash, accounts payable, and accrued expenses and other current liabilities approximate their carrying value due to their short-term maturities.