Cash, Cash Equivalents, Restricted Cash and Marketable Securities

9 Months Ended

Sep. 30, 2020

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 sheets that sum to the total of the same amounts shown in the condensed consolidated statements of cash flows (in thousands):

	September 30, 2020		December 31, 2019		September 30, 2019		December 31, 2018
Cash and cash equivalents	$	32,688	$	39,884	$	37,297	$	49,348
Restricted cash		226		216		619		619
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows	$	32,914	$	40,100	$	37,916	$	49,967

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, 2020
Cash and cash equivalents:
Cash	$	2,998	$	-	$	-		$	2,998
Money market funds		25,138		-		-			25,138
Corporate debt securities		4,552		-		-			4,552
Total cash and cash equivalents		32,688		-		-			32,688
Marketable securities available-for-sale:
U.S. treasuries		30,622		51		-			30,673
U.S. government agency securities		48,408		11		(2	)		48,417
Corporate debt securities		65,362		22		(1	)		65,383
Total marketable securities available-for-sale		144,392		84		(3	)		144,473
Total cash, cash equivalents and marketable securities	$	177,080	$	84	$	(3	)	$	177,161
December 31, 2019
Cash and cash equivalents:
Cash	$	4,038	$	-	$	-		$	4,038
Money market funds		27,854		-		-			27,854
Corporate debt securities		7,992		-		-			7,992
Total cash and cash equivalents		39,884		-		-			39,884
Marketable securities available-for-sale:
U.S. treasuries		6,511		6		-			6,517
U.S. government agency securities		51,235		50		(12	)		51,273
Corporate debt securities		53,353		28		-			53,381
Total marketable securities available-for-sale		111,099		84		(12	)		111,171
Total cash, cash equivalents and marketable securities	$	150,983	$	84	$	(12	)	$	151,055

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

	September 30, 2020
	Amortized Cost		Estimated Fair Value
Mature in one year or less	$	108,016	$	108,093
Mature after one year through two years		36,376		36,380
	$	144,392	$	144,473

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:

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

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the duration to maturity of our investments;

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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;

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

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the type of investments made.

For both the three and nine months ended September 30, 2020, there were gross realized gains on investments of $0.1 million and no gross realized losses. There were no gross realized gains or losses on investments for the three and nine months ended September 30, 2019. Realized gains are included in interest income in the condensed consolidated statements of operations. All investments with unrealized losses at September 30, 2020 have been in a loss position for less than twelve months. We do not intend to sell the investments that are in an unrealized loss position before recovery of their amortized cost basis. To date, there have been no declines in fair value that have been identified as other than temporary.