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Fair Value Measurements and Fair Value of Financial Instruments | 9 Months Ended
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Sep. 30, 2021
Fair Value Disclosures [Abstract] |
Fair Value Measurements and Fair Value of Financial Instruments | FAIR VALUE MEASUREMENTS AND FAIR VALUE OF FINANCIAL INSTRUMENTS 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).
|  | September 30, 2021
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: | Classification: |  |  |  |  |  |  |
Money market funds | Cash and cash equivalents | $ | 330,308 |  |  | $ | — |  |  | $ | — |  |  | $ | 330,308 |
U.S. Treasury securities | Investments | — |  |  | 175,202 |  |  | — |  |  | 175,202 |
Total assets measured at fair value |  | $ | 330,308 |  |  | $ | 175,202 |  |  | $ | — |  |  | $ | 505,510 |
|  | December 31, 2020
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: | Classification: |  |  |  |  |  |  |
Money market funds | Cash and cash equivalents | $ | 333,585 |  |  | $ | — |  |  | $ | — |  |  | $ | 333,585 |
U.S. Treasury securities | Investments | — |  |  | 98,278 |  |  | — |  |  | 98,278 |
Total assets measured at fair value |  | $ | 333,585 |  |  | $ | 98,278 |  |  | $ | — |  |  | $ | 431,863 |
There were no financial liabilities measured at fair value. The Company classifies money market funds within Level 1 of the fair value hierarchy because they are valued using quoted market prices. The Company classifies its investments in U.S. Treasury securities (Treasury bills, Treasury notes, and Treasury bonds) as Level 2 instruments and obtains fair value from an independent pricing service, which may use quoted market prices for identical or comparable instruments or model-driven valuations using observable market data or inputs corroborated by observable market data. The carrying amount of the Company’s accounts receivable, other receivables, prepaid expenses and other current assets, accounts payable, and accrued expenses approximate fair value due to their short maturities. The following is a summary of the Company’s cash equivalents and investments and the gross unrealized holding gains and losses (in thousands):
| September 30, 2021
| Amortized Cost Basis |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value
Assets: |  |  |  |  |  |  |
Money market funds | $ | 330,308 |  |  | $ | — |  |  | $ | — |  |  | $ | 330,308 |
U.S. Treasury securities | 175,210 |  |  | 12 |  |  | (20) |  |  | 175,202 |
Total | $ | 505,518 |  |  | $ | 12 |  |  | $ | (20) |  |  | $ | 505,510 |
| December 31, 2020
| Amortized Cost Basis |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value
Assets: |  |  |  |  |  |  |
Money market funds | $ | 333,585 |  |  | $ | — |  |  | $ | — |  |  | $ | 333,585 |
U.S. Treasury securities | 98,223 |  |  | 57 |  |  | (2) |  |  | 98,278 |
Total | $ | 431,808 |  |  | $ | 57 |  |  | $ | (2) |  |  | $ | 431,863 |
As of September 30, 2021 and December 31, 2020, unrealized losses on available-for-sale investments are not attributable to credit risk and are considered to be temporary. The Company believes it is more likely than not that investments in an unrealized loss position will be held until maturity or the recovery of the cost basis of the investment. To date, the Company has not recorded any impairment charges on marketable securities related to other-than-temporary declines in market value.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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