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5. Fair Value Measurements
Assets measured at fair value on a recurring basis as of March 31, 2020 and December 31, 2019 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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March 31, 2020
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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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116,873
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$
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116,873
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$
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—
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$
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—
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Marketable securities:
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U.S. treasury obligations
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5,003
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5,003
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—
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—
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$
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121,876
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$
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121,876
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$
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—
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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, 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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29,441
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$
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29,441
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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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49,975
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49,975
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—
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—
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$
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91,416
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$
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79,416
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$
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12,000
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$
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—
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As of March 31, 2020, the fair value of the long-term debt is based on Level 3 inputs and approximated its carrying value due to the proximity of the issuance date to March 31, 2020.
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