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Fair Value Measurements and Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Summary of Cash Equivalents and Short-term Investments

The following is a summary of the Company’s cash equivalents and short-term investments:


			September 30, 2021
			Amortized Cost Basis						Unrealized Gains						Unrealized Losses						Estimated Fair Value
			(In thousands)
Level 1:
Money market funds			$	27,019					$	—					$	—					$	27,019
Level 2:
U.S. government and agency securities			90,665						8						(25)						90,648
Commercial paper			157,111						10						(5)						157,116
Corporate bonds			51,986						—						(16)						51,970
Total cash equivalents and short-term investments			326,781						18						(46)						326,753
Less: cash equivalents			(27,019)						—						—						(27,019)
Total short-term investments			$	299,762					$	18					$	(46)					$	299,734


			December 31, 2020
			Amortized Cost Basis						Unrealized Gains						Unrealized Losses						Estimated Fair Value
			(In thousands)
Level 1:
Money market funds			$	178					$	—					$	—					$	178
Level 2:
U.S. government and agency securities			328,583						121						(5)						328,699
Commercial paper			97,324						—						(5)						97,319


Total cash equivalents and short-term investments			426,085						121						(10)						426,196
Less: cash equivalents			(58,894)						—						3						(58,891)
Total short-term investments			$	367,191					$	121					$	(7)					$	367,305