Fair Value Measurement (Tables)

6 Months Ended

Jun. 30, 2020

Summary of Investments Measured and Recognized at Fair Value

The following tables set forth the fair value of the Company’s financial assets, which consist of investments measured and recognized at fair value (in thousands):

		June 30, 2020
	Fair Value Hierarchy Level	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Investments
U.S. Treasury securities	Level 1	$	55,700	$	72	$	—	$	55,772
Corporate bonds	Level 2		33,344		150		—		33,494
Commercial paper	Level 2		18,027		13		—		18,040
U.S. government agency securities	Level 2		63,966		61		—		64,027
Total		$	171,037	$	296	$	—	$	171,333

		December 31, 2019
	Fair Value Hierarchy Level	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Investments
U.S. Treasury securities	Level 1	$	66,244	$	48	$	—		$	66,292
Corporate bonds	Level 2		39,953		3		—			39,956
Commercial paper	Level 2		74,507		—		(9	)		74,498
U.S. government agency securities	Level 2		19,969		1		—			19,970
Total		$	200,673	$	52	$	(9	)	$	200,716

Summary of Contractual Maturities of Investments

The following table presents the contractual maturities of the Company’s investments as of June 30, 2020 and December 31, 2019 (in thousands):

	June 30,		December 31,
	2020		2019
Due in less than one year	$	166,299	$	188,743
Due in more than one year		5,034		11,973
Total	$	171,333	$	200,716