Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements

v3.20.2
Fair Value Measurements
 9 Months Ended
Sep. 30, 2020
Fair Value Disclosures [Abstract]  
Fair Value Measurements

3. Fair Value Measurements

 

Fair value of financial instruments

 

At September 30, 2020 and December 31, 2019, the Company’s financial instruments included cash and cash equivalents, available-for-sale debt securities, accounts payable and accrued expenses. The carrying amounts for cash and cash equivalents, accounts payable and accrued expenses reported in the Company’s financial statements for these instruments approximate their respective fair values because of the short-term nature of these instruments.

The following tables present financial 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:

 

 

 

September 30, 2020

 

 

 

Total

 

 

Quoted

Prices in

Active Markets

for Identical

Assets (Level 1)

 

 

Significant

Other

Observable

Inputs

(Level 2)

 

 

Significant

Unobservable

Inputs

(Level 3)

 

Financial assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and money market funds

 

$

108,679

 

 

$

108,679

 

 

$

—

 

 

$

—

 

Short-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds

 

 

8,062

 

 

 

—

 

 

 

8,062

 

 

 

—

 

Long-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds

 

 

1,333

 

 

 

—

 

 

 

1,333

 

 

 

—

 

Total

 

$

118,074

 

 

$

108,679

 

 

$

9,395

 

 

$

—

 

 

 

 

 

December 31, 2019

 

 

 

Total

 

 

Quoted

Prices in

Active Markets

for Identical

Assets (Level 1)

 

 

Significant

Other

Observable

Inputs

(Level 2)

 

 

Significant

Unobservable

Inputs

(Level 3)

 

Financial assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and money market funds

 

$

136,204

 

 

$

136,204

 

 

$

—

 

 

$

—

 

Total

 

$

136,204

 

 

$

136,204

 

 

$

—

 

 

$

—

 

The Company’s Level 2 securities are valued using third-party pricing sources. The pricing services utilize industry standard valuation models, including both income and market-based approaches, for which all significant inputs are observable, either directly or indirectly. There were no transfers of assets between the fair value measurement levels during the three and nine months ended September 30, 2020 or 2019.

 

For debt securities classified as available-for-sale investments, the Company records unrealized gains or losses resulting from changes in fair value between measurement dates as a component of other comprehensive income. The Company did not hold any available-for-sale securities as of December 31, 2019.

 

 

 

September 30, 2020

 

 

 

Amortized Cost

 

 

Gross Unrealized Gains

 

 

Gross Unrealized Losses

 

 

Fair value

 

Financial assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and money market funds

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Included in cash and cash equivalents

 

$

108,679

 

 

$

—

 

 

$

—

 

 

$

108,679

 

Corporate bonds - due in one year or less

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Included in short-term investments

 

 

8,051

 

 

 

11

 

 

 

—

 

 

 

8,062

 

Corporate bonds - due between one to two years

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Included in long-term investments

 

 

1,332

 

 

 

1

 

 

 

—

 

 

 

1,333

 

Total

 

$

118,062

 

 

$

12

 

 

$

—

 

 

$

118,074