6. Cash, Cash Equivalents and Marketable Securities

At June 30, 2016, the Company’s investments included money market funds and short-term marketable securities. At December 31, 2015, the Company’s investments included money market funds, short-term and long-term marketable securities. These marketable securities are classified as available-for-sale. Marketable securities are investments with original maturities of greater than 90 days. Long-term marketable securities are securities with maturities of greater than one year. The average remaining contractual maturity of marketable securities at June 30, 2016 is approximately 3.53 months.

Management reviewed the Company’s investments as of June 30, 2016 and December 31, 2015 and concluded that there are no securities with other than temporary impairments in the investment portfolio. The Company does not intend to sell any investments in an unrealized loss position, and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases.

Investments in marketable securities consisted of the following at June 30, 2016 (in thousands):


	June 30, 2016
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss		Fair Value
Marketable securities:
U.S. Government and agency securities	$	3,927	$	2	$	—	$	3,929
Corporate and other debt securities		5,250		2		—		5,252

Total	$	9,177	$	4	$	—	$	9,181

There were no long-term marketable securities as of June 30, 2016.

At June 30, 2016, the Company’s investments included three securities in unrealized loss positions with a total unrealized loss of less than $1,000 and a total fair market value of approximately $1,302,000. All investments with gross unrealized losses have been in unrealized loss positions for less than 12 months. The unrealized losses were caused primarily by current economic and market conditions. There was no change in the credit risk of the securities. There were no realized gains or losses on the investments for the six months ended June 30, 2016 or the six months ended June 30, 2015.

Investments in marketable securities consisted of the following at December 31, 2015 (in thousands):


	December 31, 2015
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss			Fair Value
Marketable securities:
U.S. Government and agency securities	$	7,029	$	—	$	(6	)	$	7,023
Corporate and other debt securities		10,659		7		(7	)		10,659

		17,688		7		(13	)		17,682
Long-term marketable securities:
U.S. Government and agency securities		838		—		(2	)		836
Corporate and other debt securities		800		—		(3	)		797

		1,638		—		(5	)		1,633

Total	$	19,326	$	7	$	(18	)	$	19,315

The contractual maturities of all money market funds and marketable securities are less than one year as of June 30, 2016.