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Cash, Cash Equivalents and Short-Term Investments (Tables) | 12 Months Ended
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Dec. 31, 2020
Cash and Cash Equivalents [Abstract] |
Schedule of Cash and Cash Equivalents and Short-Term Investments by Significant Investment Category | The following tables show the Company’s cash and cash equivalents and short-term investments by significant investment category as of December 31 (in thousands):
|  | 2020 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |  |  | Cash and Cash Equivalents |  |  | Short-Term Investments |
Cash |  | $ | 2,779 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,779 |  |  | $ | 2,779 |  |  | $ | — |
Level 1 (1) : |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  |  | 35,394 |  |  |  | — |  |  |  | — |  |  |  | 35,394 |  |  |  | 35,394 |  |  |  | — |
Total |  | $ | 38,173 |  |  | $ | — |  |  | $ | — |  |  | $ | 38,173 |  |  | $ | 38,173 |  |  | $ | — |
|  | 2019 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |  |  | Cash and Cash Equivalents |  |  | Short-Term Investments |
Cash |  | $ | 3,950 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,950 |  |  | $ | 3,950 |  |  | $ | — |
Level 1 (1) : |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  |  | 5,500 |  |  |  | — |  |  |  | — |  |  |  | 5,500 |  |  |  | 5,500 |  |  |  | — |
U.S. treasury securities |  |  | 3,078 |  |  |  | 2 |  |  |  | (1 | ) |  |  | 3,079 |  |  |  | — |  |  |  | 3,079 |
Subtotal |  |  | 8,578 |  |  |  | 2 |  |  |  | (1 | ) |  |  | 8,579 |  |  |  | 5,500 |  |  |  | 3,079 |
Level 2 (2) : |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper |  |  | 8,920 |  |  |  | — |  |  |  | — |  |  |  | 8,920 |  |  |  | 747 |  |  |  | 8,173 |
Corporate debt obligations |  |  | 5,922 |  |  |  | 5 |  |  |  | (1 | ) |  |  | 5,926 |  |  |  | — |  |  |  | 5,926 |
Repurchase agreements |  |  | 3,000 |  |  |  | — |  |  |  | — |  |  |  | 3,000 |  |  |  | 3,000 |  |  |  | — |
Asset-backed securities |  |  | 4,505 |  |  |  | 3 |  |  |  | — |  |  |  | 4,508 |  |  |  | — |  |  |  | 4,508 |
Subtotal |  |  | 22,347 |  |  |  | 8 |  |  |  | (1 | ) |  |  | 22,354 |  |  |  | 3,747 |  |  |  | 18,607 |
Total |  | $ | 34,875 |  |  | $ | 10 |  |  | $ | (2 | ) |  | $ | 34,883 |  |  | $ | 13,197 |  |  | $ | 21,686 |
(1) | Level 1 fair value estimates are based on quoted prices in active markets for identical assets or liabilities.
(2) | Level 2 fair value estimates are based on observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
The Company’s investments were primarily valued based upon one or more valuations reported by its investment accounting and reporting service provider. The investment service provider values the securities using a hierarchical security pricing models that relies primarily on valuations provided by a third-party pricing vendor. Such valuations may be based on trade prices in active markets for identical assets or liabilities (Level 1 inputs) or valuation models using inputs that are observable either directly or indirectly (Level 2 inputs), such as quoted prices for similar assets or liabilities, yield curve, volatility factors, credit spreads, default rates, loss severity, current market and contractual prices for underlying instruments or debt, broker and dealer quotes, as well as other relevant economic measures. The Company performs certain procedures to corroborate the fair value of its holdings, including comparing valuations obtained from its investment service provider with other pricing sources to validate the reasonableness of the valuations.
Schedule of Short-Term Investments | The Company had no short-term investments as of December 31, 2020 . As of December 31, 2019, the Company’s short-term investments in a continuous unrealized loss position for twelve months or less were as follows (in thousands):
Description of securities |  | Estimated fair value |  |  | Unrealized losses |
U.S. treasury securities |  | $ | 1,218 |  |  | $ | (1 | )
Corporate debt obligations |  |  | 1,428 |  |  |  | (1 | )
Asset-backed securities |  |  | 753 |  |  |  | — |
Total |  | $ | 3,399 |  |  | $ | (2 | )

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