Fair Value of Financial Assets

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Fair Value of Financial Assets

3. Fair Value of Financial Assets

The following tables present information about the Company’s financial assets measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values:

	Fair Value Measurements as of September 30, 2020:
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents:
Money market funds	$	558,782	$	—	$	—	$	558,782
Investments:
US treasury bills		—		57,172		—		57,172
US agency securities		—		97,012		—		97,012
Total investments		—		154,184		—		154,184
Total	$	558,782	$	154,184	$	—	$	712,966

	Fair Value Measurements as of December 31, 2019:
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents:
Money market funds	$	41,658	$	—	$	—	$	41,658
Investments:
US treasury bills		—		232,604		—		232,604
US agency securities		—		81,258		—		81,258
Total investments		—		313,862		—		313,862
Total	$	41,658	$	313,862	$	—	$	355,520

In determining the fair value of its investments at each date presented above, the Company relied on quoted prices for similar securities in active markets or using other inputs that are observable or can be corroborated by observable market data. The Company did not have any financial assets or liabilities that required Level 3 inputs during any of the periods presented in the accompanying consolidated financial statements.