Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

v3.21.1
Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2021
Fair Value Disclosures [Abstract]  
Fair Value, Assets Measured on Recurring and Nonrecurring Basis
The following tables set forth the amortized cost, gross unrealized gains, gross unrealized losses and fair values of the Company’s marketable securities accounted for as available-for-sale securities as of March 31, 2021 and December 31, 2020.

March 31, 2021
(in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value
Financial Assets:
Short-term marketable securities:
     U.S. Treasury securities $ 51,745  $ $ (43) $ 51,703 
     Commercial paper 22,187  —  —  22,187 
     Asset-backed securities 21,612  —  (15) 21,597 
     Corporate bonds 95,371  —  (148) 95,223 
Total $ 190,915  $ $ (206) $ 190,710 

December 31, 2020
(in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value
Financial Assets:
Short-term marketable securities:
     U.S. Treasury securities $ 21,357  $ $ (18) $ 21,340 
     Commercial paper 14,543  —  —  14,543 
     Asset-backed securities 14,546  —  (8) 14,538 
     Corporate bonds 17,144  —  (19) 17,125 
Total $ 67,590  $ $ (45) $ 67,546 
Investments Classified by Contractual Maturity Date
The following tables set forth the fair value of available-for-sale marketable securities by contractual maturity at March 31, 2021 and December 31, 2020.
March 31, 2021
(in thousands) One Year or Less Over One Year Through Five Years Over Five Years Total
Financial Assets:
Marketable Securities:
     U.S. Treasury securities $ 9,113  $ 42,590  $ —  $ 51,703 
     Commercial paper 22,187  —  —  22,187 
     Asset-backed securities 451  21,146  —  21,597 
     Corporate bonds 23,282  71,941  —  95,223 
Total $ 55,033  $ 135,677  $ —  $ 190,710 

December 31, 2020
(in thousands) One Year or Less Over One Year Through Five Years Over Five Years Total
Financial Assets:
Marketable Securities:
     U.S. Treasury securities $ 6,075  $ 15,265  $ —  $ 21,340 
     Commercial paper 14,543  —  —  14,543 
     Asset-backed securities 560  13,978  —  14,538 
     Corporate bonds 5,863  11,262  —  17,125 
Total $ 27,041  $ 40,505  $ —  $ 67,546 
Fair Value, Assets Measured on Recurring Basis
The following tables set forth the Company’s cash equivalents and marketable securities accounted for as available-for-sale securities that were measured at fair value on a recurring basis based on the fair value hierarchy as of March 31, 2021 and December 31, 2020.
March 31, 2021
(in thousands) Level 1 Level 2 Level 3 Total
Financial Assets:
  Cash equivalents:
     Money market funds $ 570,782  $ —  $ —  $ 570,782 
     Commercial paper —  17,795  —  17,795 
Marketable securities:
     U.S. Treasury securities 51,703  —  —  51,703 
     Commercial paper —  22,187  —  22,187 
     Asset-backed securities —  21,597  —  21,597 
     Corporate bonds —  95,223  —  95,223 
Total $ 622,485  $ 156,802  $ —  $ 779,287 
December 31, 2020
(in thousands) Level 1 Level 2 Level 3 Total
Financial Assets:
  Cash equivalents:
     Money market funds $ 209,141  $ —  $ —  $ 209,141 
     U.S. Treasury securities 1,000  —  —  1,000 
     Commercial paper —  3,999  —  3,999 
Marketable securities:
     U.S. Treasury securities 21,340  —  —  21,340 
     Commercial paper —  14,543  —  14,543 
     Asset-backed securities —  14,538  —  14,538 
     Corporate bonds —  —  17,125  —  17,125 
Total $ 231,481  $ 50,205  $ —  $ 281,686