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5. Fair Value Measurements
Assets measured at fair value on a recurring basis as of December 31, 2018 and December 31, 2017 were as follows (in thousands):
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Active
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Observable
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Unobservable
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Markets
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Inputs
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Inputs
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Description
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December 31, 2018
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(Level 1)
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(Level 2)
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(Level 3)
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Cash and cash equivalents:
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Cash and money market funds
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$
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34,886
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$
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34,886
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$
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—
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$
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—
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Overnight repurchase agreements
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15,000
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—
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15,000
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—
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Marketable securities:
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U.S. treasury obligations
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49,793
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49,793
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—
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—
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$
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99,679
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$
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84,679
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$
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15,000
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$
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—
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Active
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Observable
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Unobservable
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Markets
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Inputs
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Inputs
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Description
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December 31, 2017
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(Level 1)
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(Level 2)
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(Level 3)
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Cash and cash equivalents:
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Cash and money market funds
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$
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17,205
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$
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17,205
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$
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—
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$
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—
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Overnight repurchase agreements
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15,000
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—
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15,000
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—
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Marketable securities:
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U.S. treasury obligations
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39,844
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39,844
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—
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—
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$
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72,049
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$
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57,049
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$
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15,000
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$
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—
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