Cash, Cash Equivalents and Marketable Securities

6 Months Ended

Jun. 30, 2021

Cash and Cash Equivalents [Abstract]

Cash, Cash Equivalents and Marketable Securities

Cash, Cash Equivalents and Marketable SecuritiesThe following tables summarize the amortized cost and the estimated fair value of our cash, cash equivalents and marketable securities as of June 30, 2021 and December 31, 2020:

	June 30, 2021
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Current assets:
Cash	$	29,566	$	—	$	—	$	29,566
Cash equivalents:
Money market funds	77,330		—		—		77,330
Commercial paper	28,087		—		—		28,087
Certificate of deposits	4,100		—		—		4,100
Total cash equivalents	109,517		—		—		109,517
Total cash and cash equivalents	139,083		—		—		139,083
Marketable securities:
U.S. Treasuries	21,144		3		—		21,147
Certificate of deposits	166,087		—		—		166,087
Commercial paper	50,355		—		—		50,355
U.S. Government-sponsored enterprises debt securities	6,200		10		(1)		6,209
Corporate debt securities	10,392		9		—		10,401
Total marketable securities	254,178		22		(1)		254,199
Total cash, cash equivalents and marketable securities	$	393,261	$	22	$	(1)	$	393,282

	December 31, 2020
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Current assets:
Cash	$	23,887	$	—	$	—	$	23,887
Cash equivalents:
Money market funds	80,986		—		—		80,986
Commercial paper	61,043		—		—		61,043
Certificate of deposits	1,000		—		—		1,000
Total cash equivalents	143,029		—		—		143,029
Total cash and cash equivalents	166,916		—		—		166,916
Marketable securities:
U.S. Treasuries	43,050		1		(1)		43,050
Commercial paper	210,986		—		—		210,986
Certificate of deposits	44,480		—		—		44,480
U.S. Government-sponsored enterprises debt securities	6,200		17		—		6,217
Corporate debt securities	33,288		172		—		33,460
Total marketable securities	338,004		190		(1)		338,193
Total cash, cash equivalents and marketable securities	$	504,920	$	190	$	(1)	$	505,109

As of June 30, 2021, all marketable securities held have maturity dates within one year or less. 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 June 30, 2021, the aggregate difference between the amortized cost and fair value of each security in an unrealized loss position was de minimis. Since any provision for expected credit losses for a security held is limited to the amount the fair value is less than its amortized cost, no allowance for expected credit loss was deemed necessary at June 30, 2021.

See Note 7 for further information regarding the fair value of our financial instruments.