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Investment Securities and Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Schedule of Available-for-sale Securities

Investment securities classified as available-for-sale consisted of the following as of June 30, 2021 and December 31, 2020 (in thousands):

			June 30, 2021
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Estimated Fair Value
Corporate bonds			$	49,442					$	4					$	(7)					$	49,439
Agency securities			11,842						13						(7)						11,848
Treasury securities			53,225						18						(11)						53,232
Total available-for-sale investment securities			$	114,509					$	35					$	(25)					$	114,519

			December 31, 2020
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Estimated Fair Value
Agency securities			$	17,104					$	29					$	(1)					$	17,132
Treasury securities			17,847						47						—						17,894
Total available-for-sale investment securities			$	34,951					$	76					$	(1)					$	35,026

Available-for-sale Investments, by Remaining Contract Maturity

The fair values of available-for-sale investment securities, by remaining contractual maturity, are as follows (in thousands):

			June 30, 2021												December 31, 2020
			Amortized Cost						Estimated Fair Value						Amortized Cost						Estimated Fair Value
Due in one year or less			$	102,950					$	102,978					$	28,197					$	28,256
Due after one year through three years			11,559						11,541						6,754						6,770
Total available-for-sale investment securities			$	114,509					$	114,519					$	34,951					$	35,026

Schedule of Sales, Calls, and Maturities

During the six months ended June 30, 2021 and 2020, we had sales and maturities (which include calls) of investment securities, as follows (in thousands):

			Six Months Ended June 30, 2021
			Gross Realized Gains						Gross Realized Losses						Gross Proceeds from Sales						Gross Proceeds from Maturities
Agency securities			$	—					$	—					$	—					$	5,250
Treasury securities			6						—						42,198						21,500
Total			$	6					$	—					$	42,198					$	26,750

			Six Months Ended June 30, 2020
			Gross Realized Gains						Gross Realized Losses						Gross Proceeds from Sales						Gross Proceeds from Maturities
Corporate bonds			$	5					$	—					$	4,006					$	4,000
Agency securities			24						—						7,878						1,250
Treasury securities			4						—						2,058						2,500
Total			$	33					$	—					$	13,942					$	7,750

Fair Value, Assets Measured on Recurring Basis

The following tables summarize our financial assets measured at fair value on a recurring basis as of June 30, 2021 and December 31, 2020 by level within the fair value hierarchy (in thousands):

			June 30, 2021
			Level 1						Level 2						Level 3						Total Fair Value
Cash equivalents:
Money market funds			$	5,030					$	—					$	—					$	5,030
Treasury securities			9,500						—						—						9,500
Commercial paper			—						3,000						—						3,000
Available-for-sale investment securities:
Corporate bonds			—						49,439						—						49,439
Agency securities			—						11,848						—						11,848
Treasury securities			53,232						—						—						53,232
Total			$	67,762					$	64,287					$	—					$	132,049

			December 31, 2020
			Level 1						Level 2						Level 3						Total Fair Value
Cash equivalents:
Money market funds			$	4,749					$	—					$	—					$	4,749
Treasury securities			97,433						—						—						97,433
Available-for-sale investment securities:
Agency securities			—						17,132						—						17,132
Treasury securities			17,894						—						—						17,894
Total			$	120,076					$	17,132					$	—					$	137,208

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- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class 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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

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Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments.

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Tabular disclosure of the proceeds from sales of available-for-sale securities and the gross realized gains and gross realized losses that have been included in earnings as a result of those sales.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 9
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