Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2020

Table Text Blocks

Schedule of financial instruments measured at fair value

The following table summarizes cash equivalents and marketable securities measured at fair value on a recurring basis as of March 31, 2020 (in thousands):

			Active		Observable		Unobservable
	March 31,		Markets		Inputs		Inputs
Description	2020		(Level 1)		(Level 2)		(Level 3)
Financial Assets
Cash equivalents:
Money market funds	$	341,711	$	341,711	$	—	$	—
U.S. treasury obligations		29,999		29,999		—		—
Investments, available-for-sale:
U.S. government agency securities		100,996		—		100,996		—
U.S. treasury obligations		274,266		274,266		—		—
Total	$	746,972	$	645,976	$	100,996	$	—

The following table summarizes cash equivalents and marketable securities measured at fair value on a recurring basis as of December 31, 2019 (in thousands):

			Active		Observable		Unobservable
	December 31,		Markets		Inputs		Inputs
Description	2019		(Level 1)		(Level 2)		(Level 3)
Financial Assets
Cash equivalents:
Money market funds	$	98,946	$	98,946	$	—	$	—
U.S. treasury obligations		14,992		14,992		—		—
Investments, available-for-sale:
U.S. government agency securities		128,312		—		128,312		—
U.S. treasury obligations		305,710		305,710		—		—
Total	$	547,960	$	419,648	$	128,312	$	—