Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

Summary of Financial Assets Measured and Recorded at Fair Value on Recurring Basis

The following table presents our financial assets measured and recorded at fair value on a recurring basis using the above input categories:

	As of March 31, 2020
	Level 1		Level 2		Level 3		Total
	(in thousands)
Description:
Assets:
Money market funds	$	185,309	$	—	$	—	$	185,309
Corporate bonds	—		23,579		—		23,579
Commercial paper	—		20,009		—		20,009
Agency bonds	—		3,101		—		3,101
Asset-backed securities	—		2,499		—		2,499
Total assets	$	185,309	$	49,188	$	—	$	234,497

	As of December 31, 2019
	Level 1		Level 2		Level 3		Total
	(in thousands)
Description:
Assets:
Money market funds	$	106,781	$	—	$	—	$	106,781
Corporate bonds	—		60,878		—		60,878
U.S. government agencies	36,979		—		—		36,979
Commercial paper	—		19,966		—		19,966
Agency bonds	—		12,242		—		12,242
Asset-backed securities	—		8,980		—		8,980
Total assets	$	143,760	$	102,066	$	—	$	245,826

Summary of Investments Classified as Available-For-Sale

Our investments, which are all classified as available-for-sale, consisted of the following:

	As of March 31, 2020
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(in thousands)
Description:
Corporate bonds	23,658		22		(101)		23,579
Commercial paper	20,009		—		—		20,009
Agency bonds	3,100		1		—		3,101
Asset-backed securities	2,499		—		—		2,499
Total assets	$	49,266	$	23	$	(101)	$	49,188

	As of December 31, 2019
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(in thousands)
Description:
U.S. government agencies	$	36,880	$	99	$	—	$	36,979
Corporate bonds	60,803		77		(2)		60,878
Commercial paper	19,965		1		—		19,966
Agency bonds	12,198		44		—		12,242
Asset-backed securities	8,986		1		(7)		8,980
Total assets	$	138,832	$	222	$	(9)	$	139,045