Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2020

Fair Value Measurements of Company's Financial Assets

The Company’s financial assets subject to fair value measurements on a recurring basis and the level of inputs used in such measurements were as follows as of June 30, 2020 and December 31, 2019 (in thousands):


	June 30, 2020
Description	Level 1		Level 2		Level 3		Total
Money market fund	$	328,540	$	—	$	—	$	328,540
U.S. treasury securities		—		58,319		—		58,319
Commercial paper		—		50,316		—		50,316
Asset-backed securities		—		15,194		—		15,194
Corporate debt securities		—		47,586		—		47,586
Total assets	$	328,540	$	171,415	$	—	$	499,955

	December 31, 2019
Description	Level 1		Level 2		Level 3		Total
Money market fund	$	30,353	$	—	$	—	$	30,353
U.S. treasury securities		—		40,292		—		40,292
Commercial paper		—		12,429		—		12,429
Asset-backed securities		—		25,486		—		25,486
Corporate debt securities		—		84,826		—		84,826
Total assets	$	30,353	$	163,033	$	—	$	193,386

Summary of Carrying Amount And Estimated Fair Value of Financial Instruments

The carrying amount and estimated fair value of financial instruments not recorded at fair value at June 30, 2020 and December 31, 2019 were as follows (in thousands):

	June 30,				December 31,
	2020				2019
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Long-term debt, net ⁽¹⁾	$	24,252	$	24,985	$	19,786	$	20,253

(1)	Carrying amounts of long-term debt were net of unamortized debt discounts of $748 and $214 as of June 30, 2020 and December 31, 2019, respectively.