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Marketable Securities
9 Months Ended
Sep. 30, 2020
Investments Debt And Equity Securities [Abstract]  
Marketable Securities

NOTE 7-MARKETABLE SECURITIES

 

The following table summarizes the Company’s marketable securities as of September 30, 2020 (in thousands):

 

 

 

Amortized

Cost Basis

 

 

Unrealized

Gains

 

 

Unrealized

Losses

 

 

Fair Value

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

US government

 

$

42,204

 

 

$

347

 

 

$

 

 

$

42,551

 

Corporate bonds

 

 

36,939

 

 

 

141

 

 

 

 

 

 

37,080

 

Commercial paper

 

 

19,692

 

 

 

4

 

 

 

 

 

 

19,696

 

Money market funds(1)

 

 

3,288

 

 

 

 

 

 

 

 

 

3,288

 

Certificates of deposit

 

 

1,631

 

 

 

 

 

 

 

 

 

1,631

 

 

 

$

103,754

 

 

$

492

 

 

$

 

 

$

104,246

 

 

(1)

Included within cash and cash equivalents on the condensed consolidated balance sheets.

 

The Company classifies its marketable securities as available-for-sale and they consist of all debt securities. The amortized cost basis as of September 30, 2020 includes $0.3 million of accrued interest receivable. As of September 30, 2020, marketable securities were in a net unrealized gain position of $0.5 million. Unrealized gains and losses on available-for-sale debt securities are included as a component of comprehensive loss.  

As of September 30, 2020, the Company did not hold any marketable securities in an unrealized loss position. Per the Company’s general investment strategy, the Company does not intend to sell the investments before maturity. As of September 30, 2020, the Company believes the cost basis for its marketable securities were recoverable in all material aspects and no credit impairments were recognized in the period.

 

The Company’s marketable securities as of September 30, 2020 mature at various dates through February 2022. The fair values of marketable securities by contractual maturity consist of the following (in thousands):

 

 

 

September 30, 2020

 

 

December 31, 2019

 

Maturities within one year

 

$

98,346

 

 

$

114,386

 

Maturities after one year through three years

 

 

5,900

 

 

 

48,556

 

 

 

$

104,246

 

 

$

162,942