Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2021

Accounting Policies [Abstract]

Schedule of Short-term and Long-term Investments by Security Type

The Company recognized its short-term investments 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
Total investments	$	42,010	$	1	$	(3	)	$	42,008

The Company recognized its short-term and long-term investments by security type at September 30, 2021:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
	(in thousands)
Short-term investments
Corporate notes	$	92,049	$	6	$	—		$	92,055
Commercial paper		136,867		16		—			136,883
US government notes		4,001		—		—			4,001
Total short-term investments		232,917		22		—			232,939
Long-term investments
Corporate notes		100,193		—		(77	)		100,116
Asset-backed securities		999		—		—			999
US government notes		23,218		—		(3	)		23,215
Total long-term investments		124,410		—		(80	)		124,330
Total investments	$	357,327	$	22	$	(80	)	$	357,269

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
Total cash, cash equivalents and investments	$	168,198	$	42,008	$	—	$	210,206

The following table sets forth the fair value of the Company’s financial assets as of September 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	$	49,111	$	—	$	—	$	49,111
Money market funds		38,994		—		—		38,994
Total cash and cash equivalents		88,105		—		—		88,105
Short-term investments
Corporate notes		—		92,055		—		92,055
Commercial paper		—		136,883		—		136,883
US government notes		—		4,001		—		4,001
Total short-term investments		—		232,939		—		232,939
Long-term investments
Corporate notes		—		100,116		—		100,116
Asset-backed securities		—		999		—		999
US government notes		—		23,215		—		23,215
Total long-term investments		—		124,330		—		124,330
Total cash, cash equivalents and investments	$	88,105	$	357,269	$	—	$	445,374