Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2021

Summary of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following tables set forth the fair value of financial assets as of March 31, 2021 and December 31, 2020 that were measured at fair value on a recurring basis (in thousands):

	March 31, 2021
	Level 1		Level 2		Level 3		Total
Financial assets
Money market funds	$	151,330	$	—	$	—	$	151,330
U.S. government debt securities		—		559,788		—		559,788
Corporate bonds		—		11,540		—		11,540
Total financial assets	$	151,330	$	571,328	$	—	$	722,658

	December 31, 2020
	Level 1		Level 2		Level 3		Total
Financial assets
Money market funds	$	103,283	$	—	$	—	$	103,283
U.S. government debt securities		—		671,777		—		671,777
Corporate bonds		—		11,581		—		11,581
Total financial assets	$	103,283	$	683,358	$	—	$	786,641