Quarterly report pursuant to Section 13 or 15(d)

Cash Equivalents and Marketable Securities

v3.20.2
Cash Equivalents and Marketable Securities
9 Months Ended
Sep. 30, 2020
Cash And Cash Equivalents [Abstract]  
Cash Equivalents and Marketable Securities

4. Cash Equivalents and Marketable Securities

Cash equivalents and marketable securities consisted of the following:

 

 

 

September 30, 2020

 

 

 

Amortized

Cost Basis

 

 

Unrealized

Gains

 

 

Unrealized

(Losses)

 

 

Fair

Value

 

 

 

(in thousands)

 

Money market funds

 

$

63,893

 

 

$

 

 

$

 

 

$

63,893

 

Commercial paper

 

 

40,182

 

 

 

 

 

 

 

 

 

40,182

 

Corporate debt securities

 

 

42,399

 

 

 

81

 

 

 

 

 

 

42,480

 

Asset-based securities

 

 

8,573

 

 

 

74

 

 

 

 

 

 

8,647

 

U.S. government agencies

 

 

46,599

 

 

 

82

 

 

 

 

 

 

46,681

 

Total

 

 

201,646

 

 

 

237

 

 

 

 

 

 

201,883

 

Less amounts classified as cash equivalents

 

 

(63,893

)

 

 

 

 

 

 

 

 

(63,893

)

Total marketable securities

 

$

137,753

 

 

$

237

 

 

$

 

 

$

137,990

 

 

 

 

December 31, 2019

 

 

 

Amortized

Cost Basis

 

 

Unrealized

Gains

 

 

Unrealized

(Losses)

 

 

Fair

Value

 

 

 

(in thousands)

 

Money market funds

 

$

3,151

 

 

$

 

 

$

 

 

$

3,151

 

Commercial paper

 

 

4,952

 

 

 

 

 

 

 

 

 

4,952

 

Corporate debt securities

 

 

69,423

 

 

 

79

 

 

 

(3

)

 

 

69,499

 

Asset-based securities

 

 

27,005

 

 

 

50

 

 

 

 

 

 

27,055

 

U.S. government agencies

 

 

26,968

 

 

 

39

 

 

 

 

 

 

27,007

 

Total

 

 

131,499

 

 

 

168

 

 

 

(3

)

 

 

131,664

 

Less amounts classified as cash equivalents

 

 

(3,151

)

 

 

 

 

 

 

 

 

(3,151

)

Total marketable securities

 

$

128,348

 

 

$

168

 

 

$

(3

)

 

$

128,513

 

 

As of September 30, 2020 and December 31, 2019, zero and $15.6 million, respectively, of marketable securities had maturities of more than one year and are classified as long-term assets.

There were zero and $4.5 million of investments in an unrealized loss position of zero and $3,000 as of September 30, 2020 and December 31, 2019, respectively. During the three and nine months ended September 30, 2020 and 2019, the Company did not record any other-than-temporary impairment charges on its available-for-sale securities. Based upon the Company’s impairment review, the Company determined that the unrealized losses were not attributed to credit risk but were primarily associated with changes in interest rates. Based on the scheduled maturities of the investments, the Company was more likely than not to hold these investments for a period of time sufficient for a recovery of the Company’s cost basis.  As such, the Company concluded that the unrealized losses in the investment securities were not other-than-temporary.