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CASH EQUIVALENTS AND MARKETABLE SECURITIES
 6 Months Ended
Jun. 30, 2021
Investments, Debt and Equity Securities [Abstract]  
CASH EQUIVALENTS AND MARKETABLE SECURITIES CASH EQUIVALENTS AND MARKETABLE SECURITIES
The table below summarizes the Company’s cash equivalents and marketable securities (in thousands):
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
(Losses)		Estimated
Fair Value
June 30, 2021
Assets
Cash equivalents:
Money market funds$57,371 $— $— $57,371 
Total57,371 — — 57,371 
Marketable securities:
U.S. government-sponsored entity debt securities160,310 26 — 160,336 
Commercial paper securities143,435 33 (3)143,465 
Corporate debt securities36,942 6 (10)36,938 
Asset-backed securities45,743 12 (13)45,742 
Certificate of deposits22,492 7 — 22,499 
Total408,922 84 (26)408,980 
Total cash equivalents and marketable securities$466,293 $84 $(26)$466,351 
December 31, 2020
Assets
Cash equivalents:
Money market funds$53,165 $— $— $53,165 
Total53,165 — — 53,165 
Marketable securities:
U.S. government-sponsored entity debt securities257,284 19 (5)257,298 
Commercial paper securities213,500 41 (8)213,533 
Corporate debt securities59,575 16 (17)59,574 
Asset-backed securities17,905 10 (7)17,908 
Certificate of deposits12,311 — — 12,311 
Total560,575 86 (37)560,624 
Total cash equivalents and marketable securities$613,740 $86 $(37)$613,789 
The fair value of marketable securities by contractual maturity were as follows (in thousands):
June 30,
2021		December 31,
2020
Maturing in one year or less$359,775 $510,094 
Maturing after one year through five years49,205 50,530 
Total$408,980 $560,624 
The Company manages credit risk associated with its investment portfolio through its investment policy, which limits purchases to high-quality issuers and also limits the amount of its portfolio that can be invested in a single issuer. The Company did not record an allowance for credit losses or other impairment charges related to its marketable securities for the three and six months ended June 30, 2021 and 2020.
The Company had unrealized losses related to its marketable securities for the three and six months ended June 30, 2021 and 2020. These unrealized losses were not attributed to credit risk and were associated with changes in market conditions. The Company periodically reviews the marketable securities for other-than-temporary impairment losses. The Company considers factors such as the duration, the magnitude and the reason for the decline in value, the potential recovery period, creditworthiness of the issuers of the securities and its intent to sell. For marketable securities, it also considers whether (i) it is more likely than not that the Company will be required to sell the debt securities before recovery of their amortized cost basis, and (ii) the amortized cost basis cannot be recovered as a result of credit losses. No significant facts or circumstances have arisen
to indicate that there has been any significant deterioration in the creditworthiness of the issuers of the securities held by the Company. Based on the Company’s review of these securities, including the assessment of the duration and severity of the unrealized losses and the Company’s ability and intent to hold the investments until maturity, there were no other-than-temporary impairments for these marketable securities at either June 30, 2021 or December 31, 2020.