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Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2020
Fair Value Disclosures [Abstract]  
Schedule of Financial Instruments Measured at Fair Value 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):

 

 

 

June 30, 2020

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Money market funds

 

$

273,190

 

 

$

273,190

 

 

$

-

 

 

$

-

 

U.S. treasury securities

 

 

121,015

 

 

 

-

 

 

 

121,015

 

 

 

-

 

U.S. government agency securities

 

 

14,990

 

 

 

-

 

 

 

14,990

 

 

 

-

 

Corporate securities and commercial paper

 

 

53,278

 

 

 

-

 

 

 

53,278

 

 

 

-

 

Total assets measured at fair value

 

$

462,473

 

 

$

273,190

 

 

$

189,283

 

 

$

-

 

 

 

 

December 31, 2019

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Money market funds

 

$

45,498

 

 

$

45,498

 

 

$

-

 

 

$

-

 

U.S. treasury securities

 

 

74,854

 

 

 

-

 

 

 

74,854

 

 

 

-

 

Corporate securities and commercial paper

 

 

67,918

 

 

 

-

 

 

 

67,918

 

 

 

-

 

Total assets measured at fair value

 

$

188,270

 

 

$

45,498

 

 

$

142,772

 

 

$

-

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

Classified as (with contractual maturities):

 

 

June 30, 2020

 

 

December 31, 2019

 

Cash and cash equivalents

 

$

285,185

 

 

$

57,937

 

Short-term investments (due within one year)

 

 

177,288

 

 

 

130,333

 

Total cash, cash equivalents and investments in marketable securities

 

$

462,473

 

 

$

188,270

 
Schedule of Fair Value and Amortized Cost of Investments in Marketable Securities by Major Security Type . The fair value and amortized cost of investments in marketable securities by major security type as of June 30, 2020 and December 31, 2019 are presented in the tables that follow (in thousands):

 

 

 

Amortized

Cost

 

 

Unrealized

Gain

 

 

Unrealized

Loss

 

 

Fair

Value

 

As of June 30, 2020:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

273,190

 

 

$

-

 

 

$

-

 

 

$

273,190

 

U.S. treasury securities

 

 

120,894

 

 

 

121

 

 

 

-

 

 

 

121,015

 

U.S. government agency securities

 

 

14,991

 

 

 

-

 

 

 

(1

)

 

 

14,990

 

Corporate securities and commercial paper

 

 

53,254

 

 

 

30

 

 

 

(6

)

 

 

53,278

 

Total

 

$

462,329

 

 

$

151

 

 

$

(7

)

 

$

462,473

 

 

 

 

Amortized

Cost

 

 

Unrealized

Gain

 

 

Unrealized

Loss

 

 

Fair

Value

 

As of December 31, 2019:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

45,498

 

 

$

-

 

 

$

-

 

 

$

45,498

 

U.S. treasury securities

 

 

74,801

 

 

 

12

 

 

 

(1

)

 

 

74,812

 

Corporate securities and commercial paper

 

 

67,907

 

 

 

55

 

 

 

(2

)

 

 

67,960

 

Total

 

$

188,206

 

 

$

67

 

 

$

(3

)

 

$

188,270