Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2021:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
	(in thousands)
Short-term investments
Corporate notes	$	79,212	$	—	$	(8	)	$	79,204
Commercial paper		133,807		24		—			133,831
Total short-term investments		213,019		24		(8	)		213,035
Long-term investments
Corporate notes		91,513		—		(112	)		91,401
Asset-backed securities		999		—		(1	)		998
US government notes		27,256		—		(18	)		27,238
Total long-term investments		119,768		—		(131	)		119,637
	$	332,787	$	24	$	(139	)	$	332,672

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
Total cash and cash equivalents		168,198		—		—		168,198
Short-term investments
Corporate notes		—		12,777		—		12,777
Commercial paper		—		24,473		—		24,473
Asset-backed securities		—		4,758		—		4,758
Total short-term investments		—		42,008		—		42,008
	$	168,198	$	42,008	$	—	$	210,206

The following table sets forth the fair value of the Company’s financial assets as of June 30, 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	$	36,226	$	—	$	—	$	36,226
Money market funds		87,444		—		—		87,444
Total cash and cash equivalents		123,670		—		—		123,670
Short-term investments
Corporate notes		—		79,204		—		79,204
Commercial paper		—		133,831		—		133,831
Total short-term investments		—		213,035		—		213,035
Long-term investments
Corporate notes		—		91,401		—		91,401
Asset-backed securities		—		998		—		998
US government notes		—		27,238		—		27,238
Total long-term investments		—		119,637		—		119,637
	$	123,670	$	332,672	$	—	$	456,342