Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements

v3.21.2
Fair Value Measurements
 9 Months Ended
Sep. 30, 2021
Fair Value Disclosures [Abstract]  
Fair Value Measurements

3. Fair Value Measurements

Fair value of financial instruments

At September 30, 2021 and December 31, 2020, the Company’s financial instruments included cash and cash equivalents, accounts payable and accrued expenses. The carrying amounts 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, 2021

 

 

 

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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

118,260

 

 

$

118,260

 

 

$

—

 

 

$

—

 

Short-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds

 

 

1,000

 

 

 

—

 

 

 

1,000

 

 

 

—

 

Total

 

$

119,260

 

 

$

118,260

 

 

$

1,000

 

 

$

—

 

 

 

 

December 31, 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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

101,429

 

 

$

101,429

 

 

$

—

 

 

$

—

 

Short-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds

 

 

7,233

 

 

 

—

 

 

 

7,233

 

 

 

—

 

Total

 

$

108,662

 

 

$

101,429

 

 

$

7,233

 

 

$

—

 

 

Money market funds are measured at fair value on a recurring basis using quoted prices and are classified as Level 1 inputs. Investments are measured at fair value based on inputs other than quoted prices that are derived from observable market data and are classified as Level 2 inputs. There were no transfers of assets between the fair value measurement levels during the three or nine months ended September 30, 2021 or 2020.

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.

 

 

September 30, 2021

 

 

 

Amortized Cost

 

 

Gross Unrealized Gains

 

 

Gross Unrealized Losses

 

 

Fair value

 

Financial assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Included in cash and cash equivalents

 

$

118,260

 

 

$

—

 

 

$

—

 

 

$

118,260

 

Corporate bonds - due in one year or less

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Included in short-term investments

 

 

1,000

 

 

 

—

 

 

 

—

 

 

 

1,000

 

Total

 

$

119,260

 

 

$

—

 

 

$

—

 

 

$

119,260

 

 

 

 

December 31, 2020

 

 

 

Amortized Cost

 

 

Gross Unrealized Gains

 

 

Gross Unrealized Losses

 

 

Fair value

 

Financial assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Included in cash and cash equivalents

 

$

101,429

 

 

$

—

 

 

$

—

 

 

$

101,429

 

Corporate bonds - due in one year or less

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Included in short-term investments

 

 

7,227

 

 

 

6

 

 

 

—

 

 

 

7,233

 

Total

 

$

108,656

 

 

$

6

 

 

$

—

 

 

$

108,662