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5. Fair Value Measurements
Assets measured at fair value on a recurring basis as of September 30, 2019 and December 31, 2018 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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September 30, 2019
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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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21,364
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$
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21,364
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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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12,000
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—
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12,000
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—
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Marketable securities:
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U.S. treasury obligations
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74,774
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74,774
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—
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—
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$
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108,138
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$
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96,138
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$
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12,000
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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, 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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