Marketable Securities

9 Months Ended

Sep. 30, 2020

Marketable Securities

Marketable Securities

Note 4 – Marketable Securities

Marketable securities classified as available-for-sale as of September 30, 2020 and December 31, 2019 were comprised of (in thousands):

	September 30, 2020								December 31, 2019
			Gross		Gross						Gross		Gross
	Amortized		Unrealized		Unrealized				Amortized		Unrealized		Unrealized
	Cost		Gains		Losses		Fair Value		Cost		Gains		Losses		Fair Value
Treasury securities	$	40,093	$	2	$	—	$	40,095	$	—	$	—	$	—	$	—
Corporate debt securities		89,104		12		(2)		89,114		—		—		—		—
Agency securities		40,645		6		—		40,651		—		—		—		—
Total	$	169,842	$	20	$	(2)	$	169,860	$	—	$	—	$	—	$	—

The primary objective of the Company's investment policy is the preservation of capital; thus, the Company's investment policy limits investments to certain types of instruments with high-grade credit ratings, places restrictions on maturities and concentrations in certain industries and requires the Company to maintain a certain level of liquidity.