Cash, Cash Equivalents and Marketable Securities

9 Months Ended

Sep. 30, 2020

Cash and Cash Equivalents [Abstract]

Cash, Cash Equivalents, and Marketable Securities

Cash, Cash Equivalents and Marketable Securities

The following tables summarize the amortized cost and the estimated fair value of our cash, cash equivalents and marketable securities as of September 30, 2020 and December 31, 2019 (in thousands):

	September 30, 2020
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Current assets:
Cash	$	219,469	$	—	$	—	$	219,469
Cash equivalents:
U.S. Treasuries	13,799		—		—		13,799
Money market funds	39,536		—		—		39,536
Certificate of deposits	3,008		—		—		3,008
Commercial paper	21,648		—		—		21,648
Total cash and cash equivalents	297,460		—		—		297,460
Marketable securities:
U.S. Treasuries	27,894		2		—		27,896
Commercial paper	101,951		—		—		101,951
U.S. Government-sponsored enterprises debt securities	6,200		19		—		6,219
Corporate debt securities	49,980		377		—		50,357
Certificate of deposits	41,284		—		—		41,284
Total marketable securities	227,309		398		—		227,707
Total cash, cash equivalents and marketable securities	$	524,769	$	398	$	—	$	525,167

	December 31, 2019
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Current assets:
Cash	$	43,058	$	—	$	—	$	43,058
Cash equivalents:
Money market funds	11,527		—		—		11,527
Commercial paper	7,485		—		—		7,485
Total cash and cash equivalents	62,070		—		—		62,070
Marketable securities:
Commercial paper	73,366		—		—		73,366
Corporate debt securities	74,038		381		(2)		74,417
Certificate of deposits	41,302		—		—		41,302
Total marketable securities	188,706		381		(2)		189,085
Total cash, cash equivalents and marketable securities	$	250,776	$	381	$	(2)	$	251,155

The following table summarizes the cost and fair value of marketable securities based on stated effective maturities as of September 30, 2020 (in thousands):

	Amortized Cost		Fair Value
Due within one year	$	216,609	$	216,962
Due between one and two years	10,700		10,745
Total	$	227,309	$	227,707

We regularly review our available-for-sale marketable securities in an unrealized loss position and evaluate the current expected credit loss by considering factors such as historical experience, market data, issuer-specific factors, and current economic conditions. As of September 30, 2020, no assessment of expected credit losses was necessary as we did not have any individual security in an unrealized loss position.

Accrued interest receivable on available-for-sale marketable securities are recorded within “Prepaid expenses and other current assets” on our condensed consolidated balance sheets and was $0.6 million and $0.6 million at September 30, 2020 and December 31, 2019, respectively.

See Note 5 for further information regarding the fair value of our financial instruments.