Fair Value Measurements (Tables)

9 Months Ended

Sep. 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):

	September 30, 2020
	Total		Level 1		Level 2		Level 3
Money market funds	$	181,303	$	181,303	$	-	$	-
U.S. treasury securities		373,476		-		373,476		-
U.S. government agency securities		34,992		-		34,992		-
Corporate securities and commercial paper		195,361		-		195,361		-
Total assets measured at fair value	$	785,132	$	181,303	$	603,829	$	-

	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):

	September 30, 2020		December 31, 2019
Cash and cash equivalents	$	221,849	$	57,937
Short-term investments (due within one year)		560,583		130,333
Long-term investments (due between one and two years)		2,700		-
Total cash, cash equivalents and investments in marketable securities	$	785,132	$	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 September 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 September 30, 2020:
Money market funds	$	181,303	$	-	$	-		$	181,303
U.S. treasury securities		373,423		54		(1	)		373,476
U.S. government agency securities		34,986		6		-			34,992
Corporate securities and commercial paper		195,339		27		(5	)		195,361
Total	$	785,051	$	87	$	(6	)	$	785,132

	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