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CASH EQUIVALENTS AND MARKETABLE SECURITIES
 9 Months Ended
Sep. 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
September 30, 2021
Assets
Cash equivalents:
Money market funds$124,592 $— $— $124,592 
Total124,592 — — 124,592 
Marketable securities:
U.S. government-sponsored entity debt securities87,159 12 (4)87,167 
Commercial paper securities98,046 24 (5)98,065 
Corporate debt securities33,697 3 (6)33,694 
Asset-backed securities74,350 7 (31)74,326 
Certificate of deposits48,828 11 (1)48,838 
Total342,080 57 (47)342,090 
Total cash equivalents and marketable securities$466,672 $57 $(47)$466,682 
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):
September 30,
2021		December 31,
2020
Maturing in one year or less$246,460 $510,094 
Maturing after one year through five years95,630 50,530 
Total$342,090 $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 nine months ended September 30, 2021 and 2020.
The Company had unrealized losses related to its marketable securities for the three and nine months ended September 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 its marketable securities for indications of credit 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, the Company determined that no allowance for credit losses related to its marketable securities was required at either September 30, 2021 or December 31, 2020.