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Fair Value Measurements and Fair Value of Financial Instruments (Tables)
3 Months Ended
Mar. 31, 2021
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets Measured on Recurring Basis
The following tables set forth the fair value of the Company’s financial assets that were measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands).
March 31, 2021
Level 1Level 2Level 3Total
Assets:Classification:
Money market funds
Cash and cash equivalents$444,668 $— $— $444,668 
U.S. Treasury securitiesInvestments— 85,379 — 85,379 
Total assets measured at fair value
$444,668 $85,379 $— $530,047 
December 31, 2020
Level 1Level 2Level 3Total
Assets:Classification:
Money market funds
Cash and cash equivalents$333,585 $— $— $333,585 
U.S. Treasury securitiesInvestments— 98,278 — 98,278 
Total assets measured at fair value
$333,585 $98,278 $— $431,863 
Schedule of Debt Securities, Available-for-sale, Unrealized Gain
The following is a summary of the Company’s cash equivalents and investments and the gross unrealized holding gains and losses (in thousands):
March 31, 2021
Amortized Cost BasisUnrealized GainsUnrealized LossesFair Value
Assets:
Money market funds
$444,668 $— $— $444,668 
U.S. Treasury securities85,351 28 — 85,379 
Total$530,019 $28 $— $530,047 
December 31, 2020
Amortized Cost BasisUnrealized GainsUnrealized LossesFair Value
Assets:
Money market funds
$333,585 $— $— $333,585 
U.S. Treasury securities98,223 57 (2)98,278 
Total$431,808 $57 $(2)$431,863