| Fair Value of Financial Assets and Liabilities Measured on Recurring Basis |
The following table sets forth the fair value of the Company’s financial assets and liabilities measured on a recurring basis by level within the fair value hierarchy:
|
|
|
September 30, 2020
|
|
|
|
|
Total
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
|
|
(in thousands)
|
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money market funds
|
|
$
|
63,893
|
|
|
$
|
63,893
|
|
|
$
|
–
|
|
|
$
|
–
|
|
|
Commercial paper
|
|
|
40,182
|
|
|
|
–
|
|
|
|
40,182
|
|
|
|
–
|
|
|
Corporate debt securities
|
|
|
42,480
|
|
|
|
–
|
|
|
|
42,480
|
|
|
|
–
|
|
|
Equity securities
|
|
|
78,872
|
|
|
|
–
|
|
|
|
78,872
|
|
|
|
–
|
|
|
Asset-backed securities
|
|
|
8,647
|
|
|
|
–
|
|
|
|
8,647
|
|
|
|
–
|
|
|
U.S. government agency securities
|
|
|
46,681
|
|
|
|
–
|
|
|
|
46,681
|
|
|
|
–
|
|
|
Total
|
|
$
|
280,755
|
|
|
$
|
63,893
|
|
|
$
|
216,862
|
|
|
$
|
–
|
|
The following table sets forth the fair value of the Company’s financial assets and liabilities measured on a recurring basis by
|
|
|
December 31, 2019
|
|
|
|
|
Total
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
|
|
(in thousands)
|
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money market funds
|
|
$
|
3,151
|
|
|
$
|
3,151
|
|
|
$
|
–
|
|
|
$
|
–
|
|
|
Commercial paper
|
|
|
4,952
|
|
|
|
–
|
|
|
|
4,952
|
|
|
|
–
|
|
|
Corporate debt securities
|
|
|
69,499
|
|
|
|
–
|
|
|
|
69,499
|
|
|
|
–
|
|
|
Asset-backed securities
|
|
|
27,055
|
|
|
|
–
|
|
|
|
27,055
|
|
|
|
–
|
|
|
U.S. government agency securities
|
|
|
27,007
|
|
|
|
–
|
|
|
|
27,007
|
|
|
|
–
|
|
|
Total
|
|
$
|
131,664
|
|
|
$
|
3,151
|
|
|
$
|
128,513
|
|
|
$
|
–
|
|
|