Investments and Fair Value of Financial Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2020

Investments and Fair Value of Financial Assets and Liabilities

Schedule of investments by security type

Investments by security type consisted of the following (in thousands):

	March 31, 2020
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Credit Losses		Fair Value
U.S. treasury bills and notes (due within one year)	$	94,843	$	529	$	—	$	—	$	95,372
U.S. government agency bonds (due within one year)		1,500		2		—		—		1,502
	$	96,343	$	531	$	—	$	—	$	96,874

	December 31, 2019
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. treasury bills and notes (due within one year)	$	189,816	$	91	$	(20)	$	189,887
U.S. government agency bonds (due within one year)		1,498		4		—		1,502
	$	191,314	$	95	$	(20)	$	191,389

Schedule of financial assets and liabilities measured at fair value on a recurring basis

The following tables present the Company’s fair value hierarchy for its assets and liabilities, which are measured at fair value on a recurring basis (in thousands):

	Fair value measurements at March 31, 2020 using:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	133,017	$	—	$	—	$	133,017
U.S. treasury bills		—		11,500		—		11,500
Investments:
U.S. government agency bonds		—		1,502		—		1,502
U.S. treasury bills and notes		—		95,372		—		95,372
	$	133,017	$	108,374	$	—	$	241,391

	Fair value measurements at December 31, 2019 using:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	91,898	$	—	$	—	$	91,898
Investments:
U.S. government agency bonds		—		1,502		—		1,502
U.S. treasury notes		—		189,887		—		189,887
	$	91,898	$	191,389	$	—	$	283,287