Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

Summary of Fair Value Assets Measured on Recurring Basis

The following table sets forth the Company’s financial instruments that were measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):

	Fair Value Measurements at March 31, 2020
	Total		Level 1		Level 2		Level 3
Assets
Money market funds	$	130,176	$	130,176	$	—	$	—
U.S. government agency obligations		107,657		—		107,657		—
Corporate securities		121,229		—		121,229		—
Total	$	359,062	$	130,176	$	228,886	$	—
	Fair Value Measurements at December 31, 2019
	Total		Level 1		Level 2		Level 3
Assets
Money market funds	$	100,441	$	100,441	$	—	$	—
U.S. government agency obligations		134,055		—		134,055		—
Corporate securities		194,789		—		194,789		—
Total	$	429,285	$	100,441	$	328,844	$	—

Summary of Fair Value Measurement of Available-for-sale Securities

The following table is a summary of amortized cost, unrealized gain and loss, and fair value of the Company’s marketable securities by contractual maturities (in thousands):

	Fair Value Measurements at March 31, 2020
	Amortized Cost		Unrealized Gain		Unrealized Loss			Fair Value
Cash equivalents (due within 90 days)	$	130,153	$	23	$	—		$	130,176
Short-term investments (due within one year)		218,129		827		(147	)		218,809
Long-term investments (due between one and two years)		10,104		27		(54	)		10,077
Total	$	358,386	$	877	$	(201	)	$	359,062
	Fair Value Measurements at December 31, 2019
	Amortized Cost		Unrealized Gain		Unrealized Loss			Fair Value
Cash equivalents (due within 90 days)	$	100,440	$	1	$	—		$	100,441
Short-term investments (due within one year)		314,181		523		(13	)		314,691
Long-term investments (due between one and two years)		14,110		47		(4	)		14,153
Total	$	428,731	$	571	$	(17	)	$	429,285