Cash, Cash Equivalents and Investments

6 Months Ended

Jun. 30, 2021

Cash and Cash Equivalents [Abstract]

CASH, CASH EQUIVALENTS AND INVESTMENTS

Securities classified as cash, cash equivalents and investments as of June 30, 2021 and December 31, 2020 are summarized below (in thousands):


	June 30, 2021
			Gross Unrealized
	Amortized Cost		Gains		Losses		Fair Value
Cash and cash equivalents:
Cash	$	845	$	—	$	—	$	845
Money market funds	84,650		—		—		84,650
Commercial paper	1,250		—		—		1,250

Total cash and cash equivalents	86,745		—		—		86,745
Short-term investments
Commercial paper	$	62,719	$	6	$	—	$	62,725
Corporate bonds	16,964		1		(1)		16,964

Asset-backed securities	5,376		—		(1)		5,375

Total short-term investments	85,059		7		(2)		85,064
Total cash equivalents and investments	$	171,804	$	7	$	(2)	$	171,809


	December 31, 2020
			Gross Unrealized
	Amortized Cost		Gains		Losses		Fair Value
Cash and cash equivalents:
Cash	$	781	$	—	$	—	$	781
Money market funds	88,151		—		—		88,151
Commercial paper	2,100		—		—		2,100

Total cash and cash equivalents	91,032		—		—		91,032
Short-term investments
Commercial paper	$	60,631	$	2	$	(4)	$	60,629
Corporate bonds	24,547		3		(6)		24,544
U.S. government-sponsored agency bonds	9,277		2		—		9,279
U.S. treasury notes	1,000		—		—		1,000
Total short-term investments	95,455		7		(10)		95,452
Long-term investments:
Corporate bonds	$	2,115			$	(1)	2,114
Total cash equivalents and investments	$	188,602	$	7	$	(11)	$	188,598

We invest excess cash in marketable securities with high credit ratings. These securities consist primarily of money market funds, commercial paper, corporate bonds, asset-backed securities, and U.S. treasury and agency securities and are classified as “available-for-sale.”

All available-for-sale securities held as of June 30, 2021 had contractual maturities of less than one year. Our available-for-sale securities are subject to a periodic impairment review. We consider a debt security to be impaired when the fair value of that security is less than its carrying cost, in which case we would further evaluate the investment to determine whether the security is other-than-temporarily impaired. When we evaluate an investment for other-than-temporary impairment, we review factors such as the length of time and extent to which fair value has been below cost basis, the financial condition or creditworthiness of the issuer and any changes thereto, intent to sell, and whether it is more likely than not we will be required to sell the investment before the recovery of its cost basis. If an investment is other-than-temporarily impaired, we write the investment down through the statement of operations to its fair value and establishes that value as the new cost basis for the investment. Management has determined that none of our available-for-sale securities were other-than-temporarily impaired in any of the periods presented, and as of June 30, 2021, no investment was in a continuous unrealized loss position for more than one year. As such, we believe that it is more likely than not that investments in a loss position will be held until maturity or a forecasted recovery of fair value.