Investments

3 Months Ended

Mar. 31, 2021

Investments, Debt and Equity Securities [Abstract]

Our investments, which are all classified as available-for-sale, consisted of the following:


	As of March 31, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(in thousands)
Description:
U.S. government agencies	55,388		5		—		55,393
Commercial paper	27,676		—		—		27,676
Corporate bonds	27,648		16		(7)		27,657
Asset-backed securities	2,403		—		—		2,403
Total	$	113,115	$	21	$	(7)	$	113,129


	As of December 31, 2020
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(in thousands)
Description:
U.S. government agencies	$	83,596	$	3	$	(12)	$	83,587
Corporate bonds	24,162		31		(1)		24,192
Commercial paper	34,766		—		—		34,766
Agency bonds	3,998		1		—		3,999
Asset-backed securities	2,419		—		—		2,419
Total	$	148,941	$	35	$	(13)	$	148,963

As of March 31, 2021, our available-for-sale investments had maturities ranging from 1 to 13 months. As of December 31, 2020, our available-for-sale investments had maturities ranging from 1 to 19 months.

For all of our investments for which the amortized cost basis was greater than the fair value at March 31, 2021 and December 31, 2020, we have concluded that there is no plan to sell the security nor is it more likely than not that we would be required to sell the security before its anticipated maturity. In making the determination as to whether the unrealized loss is other-than-temporary, we considered the length of time and extent the investment has been in an unrealized loss position, the financial condition and near-term prospects of the issuers, the issuers’ credit rating and the time to maturity.