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Cash Equivalents and Marketable Securities

12 Months Ended

Dec. 31, 2020

Cash Equivalents and Marketable Securities

Cash Equivalents and Marketable Securities

Note 5. Cash Equivalents and Marketable Securities

Cash equivalents and marketable securities consisted of the following (in thousands):


	December 31, 2020
	Amortized		Gross Unrealized
	Cost		Gains		Losses		Fair Value
Money market funds	$	27,481	$	—	$	—	$	27,481
Commercial paper		65,866		—		(3)		65,863
Corporate debt securities		27,592		2		(4)		27,590
U.S. Treasury and agency securities		183,203		10		(3)		183,210
Total cash equivalents and marketable securities	$	304,142	$	12	$	(10)	$	304,144
Classified as:
Cash equivalents							$	113,693
Marketable securities - current								188,451
Marketable securities - noncurrent								2,000
Total cash equivalents and marketable securities							$	304,144


	December 31, 2019
	Amortized		Gross Unrealized
	Cost		Gains		Losses		Fair Value
Money market funds	$	12,964	$	—	$	—	$	12,964
Commercial paper		44,284		2		(4)		44,282
Corporate debt securities		33,653		11		(2)		33,662
U.S. Treasury and agency securities		40,798		14		(2)		40,810
Total cash equivalents and marketable securities	$	131,699	$	27	$	(8)	$	131,718
Classified as:
Cash equivalents							$	31,707
Marketable securities - current								100,011
Total cash equivalents and marketable securities							$	131,718

Marketable securities – current of $188.5 million and $100.0 million held at December 31, 2020 and December 31, 2019, respectively, had contractual maturities of less than one year. Marketable securities – noncurrent of $2.0 million held at December 31, 2020 had contractual maturities of at least one year but less than two years. The Company did not hold any marketable securities – noncurrent at December 31, 2019. The Company has not experienced any material credit losses on its investments. The Company does not intend to sell its securities that are in an unrealized loss position, and it is unlikely that the Company will be required to sell its securities before recovery of their amortized cost basis at maturity. There were no realized gains or realized losses on marketable securities for the periods presented. Factors considered in determining whether a loss is temporary include the length of time and extent to which the fair value has been less than the amortized cost basis and whether the Company intends to sell the security or whether it is more likely than not that the Company would be required to sell the security before recovery of the amortized cost basis.