Marketable Securities

9 Months Ended

Sep. 30, 2020

Investments Debt And Equity Securities [Abstract]

2. Marketable Securities

A summary of the Company’s cash equivalents and marketable securities, which are recorded at fair value (and do not include $125.7 million of cash at September 30, 2020) is shown below (in thousands):

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Cash equivalents:
Money market funds	$	896,690	$	—	$	—		$	896,690
Corporate debt securities		6,505		—		(1	)		6,504
Certificates of deposit		4,012		—		—			4,012
Commercial paper		8,497		—		—			8,497
Total cash equivalents		915,704		—		(1	)		915,703
Marketable securities:
U.S. Treasury securities		39,978		2		—			39,980
Corporate debt securities		182,716		9		(154	)		182,571
Certificates of deposit		9,153		—		—			9,153
Government-sponsored enterprise securities		6,772		—		—			6,772
Commercial paper		86,097		—		—			86,097
Total marketable securities		324,716		11		(154	)		324,573
Total cash equivalents and marketable securities	$	1,240,420	$	11	$	(155	)	$	1,240,276

The amortized cost of all cash equivalents as of December 31, 2019 approximated fair value and the Company did not hold any marketable securities as of December 31, 2019.

As of September 30, 2020, the aggregate fair value of marketable securities that were in an unrealized loss position for less than twelve months was $107.9 million. As of September 30, 2020, no marketable securities were in an unrealized loss position for more than twelve months. The Company has recorded a net unrealized loss of $0.1 million during the three and nine months ended September 30, 2020 related to its debt securities, which is included in comprehensive income (loss) on the condensed consolidated statements of operations and comprehensive loss.

The Company determined that there was no material change in the credit risk of the above investments. As such, an allowance for credit losses was not recognized. As of September 30, 2020, the Company does not intend to sell such securities and it is not more likely than not that the Company will be required to sell the securities before recovery of their amortized cost bases. No available-for-sale debt securities held as of September 30, 2020 had remaining maturities greater than two years.