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Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2018
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets Measured on Recurring Basis

The following tables set forth the Company’s financial instruments that were measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):

 

 

 

Fair Value Measurements at June 30, 2018

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

104,286

 

 

$

104,286

 

 

$

—

 

 

$

—

 

Overnight repurchase agreements

 

 

40,000

 

 

 

—

 

 

 

40,000

 

 

 

—

 

U.S. government agency obligations

 

 

46,755

 

 

 

—

 

 

 

46,755

 

 

 

—

 

Corporate securities and commercial paper

 

 

86,449

 

 

 

—

 

 

 

86,449

 

 

 

—

 

 

 

$

277,490

 

 

$

104,286

 

 

$

173,204

 

 

$

—

 

 

 

 

Fair Value Measurements at December 31, 2017

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

66,478

 

 

$

66,478

 

 

$

—

 

 

$

—

 

U.S. government agency obligations

 

 

57,153

 

 

 

—

 

 

 

57,153

 

 

 

—

 

Corporate securities and commercial paper

 

 

52,072

 

 

 

—

 

 

 

52,072

 

 

 

—

 

 

 

$

175,703

 

 

$

66,478

 

 

$

109,225

 

 

$

—

 

 
Schedule of Investments Classified as Available for Sale Securities with Contractual Maturities

Classified as (with contractual maturities):

 

 

 

June 30, 2018

 

 

December 31, 2017

 

Cash and Cash equivalents (due within 90 days)

 

$

169,998

 

 

$

98,426

 

Short-term investments (due within one year)

 

 

95,700

 

 

 

77,277

 

Long-term investments (due between one and two years)

 

 

11,792

 

 

 

—

 

 

 

$

277,490

 

 

$

175,703

 

 
Schedule of Available for Sale Securities at Fair Value Measurements

 

 

 

Fair Value Measurements at June 30, 2018

 

 

 

Amortized

Cost

 

 

Unrealized

Gain

 

 

Unrealized

Loss

 

 

Fair

Value

 

Money market funds

 

$

104,286

 

 

$

—

 

 

$

—

 

 

$

104,286

 

Overnight repurchase agreements

 

 

40,000

 

 

 

 

 

 

 

—

 

 

 

40,000

 

U.S. government agency obligations

 

 

46,779

 

 

 

 

 

 

 

(24

)

 

 

46,755

 

Corporate securities and commercial paper

 

 

86,509

 

 

 

—

 

 

 

(60

)

 

 

86,449

 

 

 

$

277,574

 

 

$

—

 

 

$

(84

)

 

$

277,490

 

 

 

 

Fair Value Measurements at December 31, 2017

 

 

 

Amortized

Cost

 

 

Unrealized

Gain

 

 

Unrealized

Loss

 

 

Fair

Value

 

Money market funds

 

$

66,478

 

 

$

—

 

 

$

—

 

 

$

66,478

 

U.S. government agency obligations

 

 

57,183

 

 

 

—

 

 

 

(30

)

 

 

57,153

 

Corporate securities and commercial paper

 

 

52,084

 

 

 

—

 

 

 

(12

)

 

 

52,072

 

 

 

$

175,745

 

 

$

—

 

 

$

(42

)

 

$

175,703