Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value Measurements of Company's Financial Assets

The Company’s financial assets subject to fair value measurements on a recurring basis and the level of inputs used in such measurements were as follows as of September 30, 2020 and December 31, 2019 (in thousands):


	September 30, 2020
Description	Level 1		Level 2		Level 3		Total
Money market fund	$	50,473	$	—	$	—	$	50,473
U.S. treasury securities		—		201,003		—		201,003
Government-sponsored agencies		—		12,497		—		12,497
Commercial paper		—		120,809		—		120,809
Asset-backed securities		—		22,286		—		22,286
Corporate debt securities		—		73,068		—		73,068
Total assets	$	50,473	$	429,663	$	—	$	480,136

	December 31, 2019
Description	Level 1		Level 2		Level 3		Total
Money market fund	$	30,353	$	—	$	—	$	30,353
U.S. treasury securities		—		40,292		—		40,292
Commercial paper		—		12,429		—		12,429
Asset-backed securities		—		25,486		—		25,486
Corporate debt securities		—		84,826		—		84,826
Total assets	$	30,353	$	163,033	$	—	$	193,386

Summary of Carrying Amount And Estimated Fair Value of Financial Instruments

The carrying amount and estimated fair value of financial instruments not recorded at fair value at September 30, 2020 and December 31, 2019 were as follows (in thousands):

	September 30,				December 31,
	2020				2019
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Long-term debt, net ⁽¹⁾	$	24,326	$	25,153	$	19,786	$	20,253

(1)	Carrying amounts of long-term debt were net of unamortized debt discounts of $674 and $214 as of September 30, 2020 and December 31, 2019, respectively.