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Marketable Securities
 12 Months Ended
Dec. 31, 2020
Marketable Securities  
Marketable Securities

4. Marketable Securities

The following table summarizes the Company’s investments as of December 31, 2020 (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Gross

​

​

​

​

​

Amortized

​

Unrealized

​

Estimated

​

    

Cost

    

Gains

    

Losses

    

Fair Value

Marketable securities available-for-sale:

​

​

  

​

​

​

​

​

  

​

​

  

U.S. Treasury obligations

​

$

180,675

​

$

7

​

$

(9)

​

$

180,673

Total available-for-sale securities

​

$

180,675

​

$

7

​

$

(9)

​

$

180,673

​

The following table summarizes the Company’s investments as of December 31, 2019 (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Gross

​

​

​

​

​

Amortized

​

Unrealized

​

Estimated

​

    

Cost

    

Gains

    

Losses

    

Fair Value

Marketable securities available-for-sale:

​

​

​

​

​

​

​

​

​

​

​

​

U.S. Treasury obligations

​

$

121,103

​

$

39

​

$

(2)

​

$

121,140

Total available-for-sale securities

​

$

121,103

​

$

39

​

$

(2)

​

$

121,140

​

The aggregate fair value of marketable securities with unrealized losses was $45.7 million and $19.6 million at December 31, 2020 and 2019, respectively. At December 31, 2020 and 2019, 5 investments and 3 investments, respectively, were in an unrealized loss position. All such investments have been in an unrealized loss position for less than a year and these losses are considered temporary. The Company has the ability and intent to hold these investments until a recovery of their amortized cost, which may be until maturity.