Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2021

Accounting Policies [Abstract]

Schedule of Short-term and Long-term Investment Marketable Securities by Security Type

The Company recognized its short-term investment marketable securities by security type at December 31, 2020:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
	(in thousands)
Corporate notes	$	12,780	$	—	$	(3	)	$	12,777
Commercial paper		24,473		—		—			24,473
Asset-backed securities		4,757		1		—			4,758
	$	42,010	$	1	$	(3	)	$	42,008

The Company recognized its short-term investment marketable securities and long-term investment by security type at March 31, 2021:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
	(in thousands)
Short term investments
Corporate notes	$	43,468	$	0	$	(24	)	$	43,444
Commercial paper		94,051		2		—			94,053
Asset-backed securities		9,841		—		(1	)		9,840
Long term investments
Corporate notes		32,146		—		(35	)		32,111
	$	179,506	$	2	$	(60	)	$	179,448

Summary of Fair Value of Financial Assets Measured on Recurring Basis

The following table sets forth the fair value of the Company’s financial assets as of December 31, 2020, allocated into Level 1, Level 2 and Level 3, that was measured on a recurring basis:

	Level 1		Level 2		Level 3		Total
	(in thousands)
Cash and cash equivalents
Cash	$	22,007	$	—	$	—	$	22,007
Money market funds		146,191		—		—		146,191
Short-term investments
Corporate notes		—		12,777		—		12,777
Commercial paper		—		24,473		—		24,473
Asset-backed securities		—		4,758		—		4,758
	$	168,198	$	42,008	$	—	$	210,206

The following table sets forth the fair value of the Company’s financial assets as of March 31, 2021, allocated into Level 1, Level 2 and Level 3, that was measured on a recurring basis:

	Level 1		Level 2		Level 3		Total
	(in thousands)
Cash and cash equivalents
Cash	$	39,021	$	—	$	—	$	39,021
Money market funds		254,516		—		—		254,516
Short-term investments
Corporate notes		—		43,444		—		43,444
Commercial paper		—		94,053		—		94,053
Asset-backed securities		—		9,840		—		9,840
Long-term investments
Corporate notes		—		32,111		—		32,111
	$	293,537	$	179,448	$	—	$	472,985