Cash, Cash Equivalents, Restricted Cash and Marketable Securities

9 Months Ended

Sep. 30, 2019

Investments Debt And Equity Securities [Abstract]

Cash, Cash Equivalents, Restricted Cash and Marketable Securities

3. Cash, Cash Equivalents, Restricted Cash and Marketable Securities

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheet that sum to the total of the same amounts shown in the condensed consolidated statements of cash flows (in thousands):

	September 30, 2019		December 31, 2018		September 30, 2018		December 31, 2017
Cash and cash equivalents	$	37,297	$	49,348	$	38,712	$	26,584
Restricted cash		619		619		622		629
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows	$	37,916	$	49,967	$	39,334	$	27,213

Restricted cash balances relate to certificates of deposit issued as collateral to certain letters of credit issued as security to our facility leases. See Note 6.

Cash, cash equivalents and marketable securities consist of the following (in thousands):

	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value
September 30, 2019
Cash and cash equivalents:
Cash	$	3,565	$	-	$	-		$	3,565
Money market funds		33,732		-		-			33,732
Total cash and cash equivalents		37,297		-		-			37,297
Marketable securities available-for-sale:
U.S. treasuries		1,495		2		-			1,497
U.S. government agency securities		58,718		23		(22	)		58,719
Corporate debt securities		77,399		42		(8	)		77,433
Total marketable securities available-for-sale		137,612		67		(30	)		137,649
Total cash, cash equivalents and marketable securities	$	174,909	$	67	$	(30	)	$	174,946
December 31, 2018
Cash and cash equivalents:
Cash	$	3,147	$	-	$	-		$	3,147
Money market funds		44,002		-		-			44,002
Corporate debt securities		2,199		-		-			2,199
Total cash and cash equivalents		49,348		-		-			49,348
Marketable securities available-for-sale:
U.S. treasuries		14,732		-		(8	)		14,724
U.S. government agency securities		42,416		-		(44	)		42,372
Corporate debt securities		39,108		-		(16	)		39,092
Total marketable securities available-for-sale		96,256		-		(68	)		96,188
Total cash, cash equivalents and marketable securities	$	145,604	$	-	$	(68	)	$	145,536

The maturities of our marketable securities available-for-sale are as follows (in thousands):

	September 30, 2019
	Amortized Cost		Estimated Fair Value
Mature in one year or less	$	117,130	$	117,178
Mature after one year through two years		20,482		20,471
	$	137,612	$	137,649

There were no realized gains or losses from the sale of marketable securities during the nine months ended September 30, 2019 and 2018.

We have classified our entire investment portfolio as available-for-sale and available for use in current operations and accordingly have classified all investments as short-term. Available-for-sale securities are carried at fair value based on inputs that are observable, either directly or indirectly, such as quoted market prices for similar securities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the securities, with unrealized gains and losses included in accumulated other comprehensive loss in stockholders’ equity. Realized gains and losses and declines in value, if any, judged to be other than temporary on available-for-sale securities are included in interest income or expense. The cost of securities sold is based on the specific identification method. Management assesses whether declines in the fair value of investment securities are other than temporary. In determining whether a decline is other than temporary, management considers the following factors:

•

whether the investment has been in a continuous realized loss position for over 12 months;

•

the duration to maturity of our investments;

•

our intention and ability to hold the investment to maturity and if it is not more likely than not that we will be required to sell the investment before recovery of the amortized cost bases;

•

the credit rating, financial condition and near-term prospects of the issuer; and

•

the type of investments made.

To date, there have been no declines in fair value that have been identified as other than temporary.