Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2020

Fair Value Measurements

Summary of fair value of the Company’s financial assets

The following tables set forth the fair value of the Company’s financial assets by level within the fair value hierarchy as of June 30, 2020 and December 31, 2019:

	June 30, 2020
					Significant
			Quoted Prices in		Other
			Active Markets or		Observable		Significant
			Identical Assets		Inputs		Unobservable
(in thousands)	Total		(Level 1)		(Level 2)		(Level 3)
Cash equivalents:
Money market funds	$	9,956	$	9,956	$	—	$	—
Marketable securities:
Agency bonds		24,449		—		24,449		—
Corporate bonds		252,874		—		252,874		—
Commercial paper		6,962		—		6,962
Total	$	294,241	$	9,956	$	284,285	$	—

	December 31, 2019
					Significant
			Quoted Prices in		Other
			Active Markets or		Observable		Significant
			Identical Assets		Inputs		Unobservable
(in thousands)	Total		(Level 1)		(Level 2)		(Level 3)
Cash equivalents:
Money market funds	$	19,341	$	19,341	$	—	$	—
Marketable securities:
U.S. treasury securities		4,991		—		4,991		—
Agency bonds		24,451		—		24,451		—
Corporate bonds		271,072		—		271,072		—
Total	$	319,855	$	19,341	$	300,514	$	—