Cash, Cash Equivalents, Restricted Cash and Marketable Securities

9 Months Ended

Sep. 30, 2021

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, 2021		December 31, 2020		September 30, 2020		December 31, 2019
Cash and cash equivalents	$	246,351	$	32,073	$	32,688	$	39,884
Restricted cash		224		237		226		216
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows	$	246,575	$	32,310	$	32,914	$	40,100

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 5).

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


	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value
September 30, 2021
Cash and cash equivalents:
Cash	$	4,900	$	-	$	-		$	4,900
Money market funds		241,451		-		-			241,451
Total cash and cash equivalents		246,351		-		-			246,351
Marketable securities available-for-sale:
U.S. treasuries		12,279		2		-			12,281
U.S. government agency securities		36,338		5		-			36,343
Corporate debt securities		119,145		35		-			119,180
Total marketable securities available-for-sale		167,762		42		-			167,804
Total cash, cash equivalents and marketable securities	$	414,113	$	42	$	-		$	414,155
December 31, 2020
Cash and cash equivalents:
Cash	$	7,945	$	-	$	-		$	7,945
Money market funds		23,128		-		-			23,128
Corporate debt securities		1,000		-		-			1,000
Total cash and cash equivalents		32,073		-		-			32,073
Marketable securities available-for-sale:
U.S. treasuries		32,548		31		-			32,579
U.S. government agency securities		40,313		14		(6	)		40,321
Corporate debt securities		60,071		3		(11	)		60,063
Total marketable securities available-for-sale		132,932		48		(17	)		132,963
Total cash, cash equivalents and marketable securities	$	165,005	$	48	$	(17	)	$	165,036

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


	September 30, 2021
	Amortized Cost		Estimated Fair Value
Mature in one year or less	$	167,762	$	167,804
Mature after one year through two years		-		-
	$	167,762	$	167,804

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 unrealized 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.

There were no realized gains or losses from the sale of marketable securities during the three and nine months ended September 30, 2021. 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. All investments with unrealized losses at September 30, 2021 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.