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Available-for-sale Securities and Fair Value on Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Summary of Available-for-Sale Securities

The following is a summary of available-for-sale securities at September 30, 2020 (in thousands):

		September 30, 2020
		Amortized Cost				Gross Unrealized Gain				Gross Unrealized Loss				Allowance for Credit Loss				Fair Value
Money market funds		$	7,360			$	—			$	—			$	—			$	7,360
United States government agency securities			33,602				127				(2	)			—				33,727
Corporate debt securities			71,665				782				—				—				72,447
Total available-for-sale securities		$	112,627			$	909			$	(2	)		$	—			$	113,534

The following is a summary of available-for-sale securities at December 31, 2019 (in thousands):

		December 31, 2019
		Amortized Cost				Gross Unrealized Gain				Gross Unrealized Loss				Fair Value
Money market funds		$	8,860			$	—			$	—			$	8,860
United States government agency securities			15,545				16				—				15,561
Corporate debt securities			35,073				98				—				35,171
Total available-for-sale securities		$	59,478			$	114			$	—			$	59,592

Available-for-Sale Debt Securities by Original Contractual Maturity

Available-for-sale securities at September 30, 2020 and December 31, 2019, consisted of the following by contractual maturity (in thousands):

		September 30, 2020								December 31, 2019
		Amortized Cost				Fair Value				Amortized Cost				Fair Value
One year or less		$	69,843			$	70,200			$	43,822			$	43,907
Greater than one year and less than five years			42,784				43,334				15,656				15,685
Total available-for-sale securities		$	112,627			$	113,534			$	59,478			$	59,592

Available-for-Sale Marketable Securities in Unrealized Position

The following table shows all available-for-sale marketable securities in an unrealized loss position for which an allowance for credit losses has not been recognized and the related gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position (in thousands):

	September 30, 2020
	Less than 12 Months								12 Months or Greater								Total
	Fair Value				Unrealized Loss				Fair Value				Unrealized Loss				Fair Value				Unrealized Loss
United States government agency securities	$	5,070			$	(2	)		$	—			$	—			$	5,070			$	(2	)

Fair Values of Financial Assets and Liabilities

The fair values of the Company’s financial assets and liabilities were determined using the following inputs at September 30, 2020 (in thousands):

		Balance sheet						Quoted Prices in Active Markets for Identical Assets				Significant Other Observable Inputs				Significant Unobservable Inputs
		classification		Total				(Level 1)				(Level 2)				(Level 3)
Money market funds		Cash and cash equivalents		$	7,360			$	7,360			$	—			$	—
United States government agency securities		Short-term investments			33,727				—				33,727				—
Corporate debt securities		Short-term investments			72,447				—				72,447				—
Total financial assets				$	113,534			$	7,360			$	106,174			$	—

The fair values of the Company’s financial assets and liabilities were determined using the following inputs at December 31, 2019 (in thousands):

		Balance sheet						Quoted Prices in Active Markets for Identical Assets				Significant Other Observable Inputs				Significant Unobservable Inputs
		classification		Total				(Level 1)				(Level 2)				(Level 3)
Money market funds		Cash and cash equivalents		$	8,860			$	8,860			$	—			$	—
United States government agency securities		Short-term investments			15,561				—				15,561				—
Corporate debt securities		Short-term investments			35,171				—				35,171				—
Total financial assets				$	59,592			$	8,860			$	50,732			$	—

X

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

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For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value).

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