Fair Value Measurements and Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

Summary of Cash Equivalents and Short-term Investments

The following is a summary of the Company’s cash equivalents and short-term investments:

	March 31, 2020
	Amortized Cost Basis		Unrealized Gains		Unrealized Losses		Estimated Fair Value
	(In thousands)
Level 1:
Money market funds	$	18,315	$	—	$	—	$	18,315
Level 2:
U.S. government and agency securities	86,930		78		(3)		87,005
Commercial paper	171,736		9		(121)		171,624
Corporate bonds	9,499		1		—		9,500
Total cash equivalents and short-term investments	286,480		88		(124)		286,444
Less: cash equivalents	(119,540)		15		(15)		(119,540)
Total short-term investments	$	166,940	$	103	$	(139)	$	166,904

	December 31, 2019
	Amortized Cost Basis		Unrealized Gains		Unrealized Losses		Estimated Fair Value
	(In thousands)
Level 1:
Money market funds	$	15,056	$	—	$	—	$	15,056
Level 2:
U.S. government and agency securities	37,974		14		(2)		37,986
Commercial paper	87,983		8		(8)		87,983
Corporate bonds	10,495		6		—		10,501
Total cash equivalents and short-term investments	151,508		28		(10)		151,526
Less: cash equivalents	(51,391)		—		3		(51,388)
Total short-term investments	$	100,117	$	28	$	(7)	$	100,138