Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2021

Schedule of Assets Measured at Fair Value on Recurring Basis

The following tables present information about the Company’s financial assets measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands):

	March 31, 2021
	Level 1		Level 2		Level 3		Total
Current assets:
Cash equivalents:
Money market funds	$	9,810		—		—	$	9,810
Total cash equivalents		9,810		—		—		9,810
Short-term investments:
Corporate debt securities		—		9,034		—		9,034
Commercial paper		—		64,044		—		64,044
U.S. Treasury notes		—		2,021		—		2,021
Total short-term investments		—		75,099		—		75,099
Total assets measured at fair value	$	9,810	$	75,099	$	—	$	84,909

	December 31, 2020
	Level 1		Level 2		Level 3		Total
Current assets:
Cash equivalents:
Money market funds	$	15,677	$	—	$	—	$	15,677
Corporate debt securities		—		2,500		—		2,500
Commercial paper		—		13,499		—		13,499
Total cash equivalents		15,677		15,999		—		31,676
Short-term investments:
Corporate debt securities		—		11,588		—		11,588
Commercial paper		—		50,027		—		50,027
Total short-term investments		—		61,615		—		61,615
Total assets measured at fair value	$	15,677	$	77,614	$	—	$	93,291

Summary of Company's Financial Assets Measured at Fair Value

The following tables present information as to cost, unrealized gains and losses and fair value determination of the Company’s financial assets measured at fair value on a recurring basis (in thousands):

	March 31, 2021
	Amortized Cost		Unrealized Gains		Unrealized Losses			Aggregate Fair Value
Current assets:
Cash equivalents:
Money market funds	$	9,810	$	—	$	—		$	9,810
Total cash equivalents		9,810		—		—			9,810
Short-term investments:
Corporate debt securities		9,037		—		(3	)		9,034
Commercial paper		64,041		5		(2	)		64,044
U.S. Treasury notes		2,021		—		—			2,021
Total short-term investments		75,099		5		(5	)		75,099
Total assets measured at fair value	$	84,909	$	5	$	(5	)	$	84,909

	December 31, 2020
	Amortized Cost		Unrealized Gains		Unrealized Losses			Aggregate Fair Value
Current assets:
Cash equivalents:
Money market funds	$	15,677	$	—	$	—		$	15,677
Corporate debt securities		2,502		—		(2	)		2,500
Commercial paper		13,498		1		—			13,499
Total cash equivalents		31,677		1		(2	)		31,676
Short-term investments:
Corporate debt securities		11,588		1		(1	)		11,588
Commercial paper		50,030		2		(5	)		50,027
Total short-term investments		61,618		3		(6	)		61,615
Total assets measured at fair value	$	93,295	$	4	$	(8	)	$	93,291