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Investments
 3 Months Ended 12 Months Ended
Mar. 31, 2021
Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]    
Investments Investments
Debt Securities
The Company’s investments in debt securities consisted of the following as of March 31, 2021 and December 31, 2020 (in thousands):
March 31, 2021
 CostGross
Unrealized
Gains		Gross
Unrealized
Losses		Fair Value
U.S. Treasury$210,739 $29 $(59)$210,709 
Commercial paper272,457 15 (8)272,464 
Corporate bonds61,662 29 (19)61,672 
Asset-backed securities8,047 4 — 8,051 
Total debt securities$552,905 $77 $(86)$552,896 
Included in cash and cash equivalents$166,249 $6 $— $166,255 
Included in marketable securities$386,656 $71 $(86)$386,641 
December 31, 2020
 CostGross
Unrealized
Gains		Gross
Unrealized
Losses		Fair Value
U.S. Treasury$155,339 $14 $(6)$155,347 
U.S. agency and government sponsored securities19,996 — — 19,996 
Commercial paper182,218 6 (4)182,220 
Corporate bonds45,431 21 (2)45,450 
Asset-backed securities7,012 6 — 7,018 
Total debt securities$409,996 $47 $(12)$410,031 
Included in cash and cash equivalents$133,319 $4 $(2)$133,321 
Included in marketable securities$276,677 $43 $(10)$276,710 
The following table presents the gross unrealized losses and the fair value for those debt securities that were in an unrealized loss position for less than 12 months as of March 31, 2021 and December 31, 2020 (in thousands):
March 31, 2021December 31, 2020
Gross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses		Fair Value
U.S. Treasury$(59)$54,992 $(6)$65,298 
Commercial paper(8)46,305 (4)47,629 
Corporate bonds(19)29,713 (2)15,575 
Total$(86)$131,010 $(12)$128,502 
Equity Investments
The Company’s equity investments included in marketable securities as of March 31, 2021 and December 31, 2020 were as follows (in thousands):
March 31, 2021December 31, 2020
Equity investments included in marketable securities$16,950 $— 
Total realized and unrealized gains and losses associated with the Company’s equity investments consisted of the following (in thousands):
Three Months Ended March 31,
20212020
Net realized gains (losses) recognized on equity investments sold$114 $— 
Net unrealized gains (losses) recognized on equity investments held(278)— 
Total net gains (losses) recognized in other income (expense), net$(164)$— 
 Investments
The Company’s investments in debt securities consisted of the following as of December 31, 2020 and 2019 (in thousands):
December 31, 2020
 CostGross
Unrealized
Gains		Gross
Unrealized
Losses		Fair Value
U.S. Treasury$155,339 $14 $(6)$155,347 
U.S. agency and government sponsored securities19,996 — — 19,996 
Commercial paper182,218 6 (4)182,220 
Corporate bonds45,431 21 (2)45,450 
Asset-backed securities7,012 6 — 7,018 
Total debt securities$409,996 $47 $(12)$410,031 
Included in cash and cash equivalents$133,319 $4 $(2)$133,321 
Included in marketable securities$276,677 $43 $(10)$276,710 
December 31, 2019
 CostGross
Unrealized
Gains		Gross
Unrealized
Losses		Fair Value
U.S. Treasury$749 $— $— $749 
U.S. agency and government sponsored securities1,398 — — 1,398 
Commercial paper20,183 1 (1)20,183 
Corporate bonds3,474 — (1)3,473 
Total debt securities$25,804 $1 $(2)$25,803 
Included in cash and cash equivalents$19,144 $1 $(1)$19,144 
Included in marketable securities$6,660 $— $(1)$6,659 
The following table presents the gross unrealized losses and the fair value for those debt securities that were in an unrealized loss position for less than 12 months as of December 31, 2020 and 2019 (in thousands):
December 31, 2020December 31, 2019
Gross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses		Fair Value
U.S. Treasury$(6)$65,298 $— $— 
Commercial paper(4)47,629 (1)13,422 
Corporate bonds(2)15,575 (1)2,872 
Total$(12)$128,502 $(2)$16,294