Cash, Cash Equivalents and Short-Term Investments (Tables)

12 Months Ended

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

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	)