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Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2020
Fair Value Disclosures [Abstract]  
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.