Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2021

Summary of Fair Value of Financial Instrument

The following tables summarize the fair value of the Company’s financial instruments (in thousands):

			Fair Value Measurements Using
	March 31, 2021		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Cash equivalents:
Money market funds	$	61,564	$	61,564	$	—	$	—
Short-term investments:
Corporate debt securities	$	55,299	$	—	$	55,299		—
Commercial paper		60,462		—		60,462		—
U.S. Government securities		120,894		—		120,894		—
Total short-term investments		236,655		—		236,655		—
Total	$	298,219	$	61,564	$	236,655	$	—

			Fair Value Measurements Using
	December 31, 2020		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Cash equivalents:
Money market funds	$	94,631	$	94,631	$	—	$	—
Short-term investments:
Corporate debt securities	$	48,614	$	—	$	48,614		—
Commercial paper		63,445		—		63,445		—
U.S. Government securities		106,162		—		106,162		—
Total short-term investments		218,221		—		218,221		—
Total	$	312,852	$	94,631	$	218,221	$	—

Short-term investments

Schedule of Short-term Investments

The following tables summarize the Company’s short-term investments accounted for as available-for-sale securities as of March 31, 2021 and December 31, 2020 (in thousands):

		March 31, 2021
	Maturity (in years)	Amortized Cost		Unrealized Losses			Unrealized Gains		Estimated Fair Value
Corporate debt securities	1 year or less	$	55,308	$	(12	)	$	3	$	55,299
Commercial paper	1 year or less		60,462		—			—		60,462
U.S. Government securities	1 year or less		120,851					43		120,894
Total		$	236,621	$	(12	)	$	46	$	236,655

		December 31, 2020
	Maturity (in years)	Amortized Cost		Unrealized Losses			Unrealized Gains		Estimated Fair Value
Corporate debt securities	1 year or less	$	48,616	$	(6	)	$	4	$	48,614
Commercial paper	1 year or less		63,445		—			—		63,445
U.S. Government securities	1 year or less		106,157		(7	)		12	$	106,162
Total		$	218,218	$	(13	)	$	16	$	218,221