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Fair Value Measurements and Available for Sale Investments (Tables) | 9 Months Ended
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Sep. 30, 2020
Fair Value Disclosures [Abstract] |
Schedule of Assets and Liabilities that Require Fair Value Measurements on a Recurring Basis | The following table summarizes our assets and liabilities that require fair value measurements on a recurring basis and their respective input levels based on the fair value hierarchy:
| Fair Value Measurements at End of Period Using:
(in thousands) | Fair Value |  | Quoted Market Prices for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
At September 30, 2020 |  |  |  |  |  |  |
Money market funds(1) | $ | 204,678 |  |  | $ | 204,678 |  |  | $ | — |  |  | $ | — |
Mutual funds(1) | 4,833 |  |  | 4,833 |  |  | — |  |  | — |
U.S. Treasury securities(2) | 107,159 |  |  | 107,159 |  |  | — |  |  | — |
Certificates of deposit(2) | 3,713 |  |  | — |  |  | 3,713 |  |  | — |
Agency securities(2) | 15,805 |  |  | — |  |  | 15,805 |  |  | — |
Commercial and corporate obligations(2) | 38,692 |  |  | — |  |  | 38,692 |  |  | — |
At December 31, 2019 |  |  |  |  |  |  |
Money market funds(1) | $ | 162,928 |  |  | $ | 162,928 |  |  | $ | — |  |  | $ | — |
Mutual funds(1) | 7,619 |  |  | 7,619 |  |  | — |  |  | — |
U.S. Treasury securities(2) | 96,434 |  |  | 96,434 |  |  | — |  |  | — |
Certificates of deposit(2) | 5,428 |  |  | — |  |  | 5,428 |  |  | — |
Agency securities(2) | 33,623 |  |  | — |  |  | 33,623 |  |  | — |
Commercial and corporate obligations(2) | 122,030 |  |  | — |  |  | 122,030 |  |  | — |
(1) Included in cash and cash equivalents or restricted cash in the accompanying consolidated balance sheets. (2) Included in short-term or long-term investments in the accompanying consolidated balance sheets depending on the respective maturity date.
Fair Value of Other Financial Instruments | The fair value of our other financial instruments estimated as of September 30, 2020 and December 31, 2019 are presented below:
| September 30, 2020 |  | December 31, 2019
(in thousands) | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
Notes payable | $ | — |  |  | $ | — |  |  | $ | 1,375 |  |  | $ | 1,365 |
Available-for-sale Investments | The aggregate market value, cost basis, and gross unrealized gains and losses of available-for-sale investments by security type, classified in cash equivalents, short-term and long-term investments as of September 30, 2020 are as follows:
(in thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Total Fair Value
Agency securities(1) | $ | 15,790 |  |  | $ | 16 |  |  | $ | (1) |  |  | $ | 15,805 |
Certificates of deposit(2) | 3,696 |  |  | 17 |  |  | — |  |  | 3,713 |
Commercial and corporate obligations(3) | 38,590 |  |  | 105 |  |  | (3) |  |  | 38,692 |
U.S. Treasury securities(4) | 106,826 |  |  | 343 |  |  | (10) |  |  | 107,159 |
Total available-for-sale investments | $ | 164,902 |  |  | $ | 481 |  |  | $ | (14) |  |  | $ | 165,369 |
(1) Of our outstanding agency securities, $0.8 million have maturity dates of less than one year and $15.0 million have a maturity date of between one to two years as of September 30, 2020. (2) Of our outstanding certificates of deposit, $3.0 million have maturity dates of less than one year and $0.7 million have a maturity date of between one to two years as of September 30, 2020. (3) All of our outstanding commercial and corporate obligations have maturity dates of less than one year as of September 30, 2020. (4) Of our outstanding U.S. Treasury securities, $86.7 million have maturity dates of less than one year and $20.4 million have a maturity date of between one to two years as of September 30, 2020.
Schedule of Unrealized Loss and Fair Values in a Loss Position | The following tables present gross unrealized losses and fair values for those investments that were in an unrealized loss position as of September 30, 2020 and December 31, 2019, aggregated by investment category and the length of time that individual securities have been in a continuous loss position:
| September 30, 2020
| Less than 12 Months |  | 12 Months or Greater |  | Total
(in thousands) | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
Agency securities | $ | 9,998 |  |  | $ | (1) |  |  | $ | — |  |  | $ | — |  |  | $ | 9,998 |  |  | $ | (1) |
Commercial and corporate obligations | 4,096 |  |  | (3) |  |  | — |  |  | — |  |  | 4,096 |  |  | (3) |
US Treasury Securities | 25,223 |  |  | (10) |  |  | — |  |  | — |  |  | 25,223 |  |  | (10) |
Total | $ | 39,317 |  |  | $ | (14) |  |  | $ | — |  |  | $ | — |  |  | $ | 39,317 |  |  | $ | (14) |
| December 31, 2019
| Less than 12 Months |  | 12 Months or Greater |  | Total
(in thousands) | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
Commercial and corporate obligations | $ | 5,986 |  |  | $ | (4) |  |  | $ | — |  |  | $ | — |  |  | $ | 5,986 |  |  | $ | (4) |
US Treasury Securities | 17,608 |  |  | (2) |  |  | — |  |  | — |  |  | 17,608 |  |  | (2) |
Total | $ | 23,594 |  |  | $ | (6) |  |  | $ | — |  |  | $ | — |  |  | $ | 23,594 |  |  | $ | (6) |

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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=121572278&loc=d3e13467-108611 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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- Definition For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=121645371&loc=d3e27290-111563 + Details
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