Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Summary of Financial Assets Measured at Fair Value on Recurring Basis

The following table presents the Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy as of March 31, 2021 (in thousands):

		March 31, 2021
	Valuation	Amortized		Unrealized		Unrealized
	Hierarchy	Cost		Gains		Losses			Fair Value
Money market funds	Level 1	$	53,011	$	—	$	—		$	53,011
Commercial paper	Level 2		74,420		—		(6	)		74,414
Agency bonds	Level 2		21,367		14		—			21,381
Corporate debt securities	Level 2		18,794		1		(9	)		18,786
Municipal bonds	Level 2		6,241		2		—			6,243
U.S. government bonds	Level 2		5,554		2		—			5,556
Non-U.S. debt securities	Level 2		2,537		—		—			2,537
Total cash equivalents and available-for-sale securities		$	181,924	$	19	$	(15	)	$	181,928
Classified as:
Cash equivalents									$	60,310
Short-term available-for-sale securities										121,618
Total cash equivalents and available-for-sale securities									$	181,928

The following table presents the Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy as of December 31, 2020 (in thousands):

		December 31, 2020
	Valuation	Amortized		Unrealized		Unrealized
	Hierarchy	Cost		Gains		Losses			Fair Value
Money market funds	Level 1	$	46,134	$	—	$	—		$	46,134
Commercial paper	Level 2		76,605		—		(2	)		76,603
Agency bonds	Level 2		29,654		15		—			29,669
Corporate debt securities	Level 2		11,890		—		(6	)		11,884
U.S. government bonds	Level 2		7,093		—		—			7,093
Municipal bonds	Level 2		5,592		2		(1	)		5,593
U.S. treasury bills	Level 2		4,680		—		—			4,680
Agency discount securities	Level 2		200		—		—			200
Total cash equivalents and available-for-sale securities		$	181,848	$	17	$	(9	)	$	181,856
Classified as:
Cash equivalents									$	75,410
Short-term available-for-sale securities										106,446
Total cash equivalents and available-for-sale securities									$	181,856

Schedule of Contractual Maturities of Available-for-Sale Securities

The following table summarizes the Company’s available-for-sale securities by contractual maturity as of March 31, 2021 (in thousands):

	March 31, 2021
Within one year	$	173,388
After one year through two years		8,540
Total cash equivalents and available-for-sale securities	$	181,928

The following table summarizes the Company’s available-for-sale securities by contractual maturity as of December 31, 2020 (in thousands):

	December 31, 2020
Within one year	$	160,304
After one year through two years		21,552
Total cash equivalents and available-for-sale securities	$	181,856