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Cash Equivalents and Marketable Securities
3 Months Ended
Mar. 31, 2020
Cash And Cash Equivalents [Abstract]  
Cash Equivalents and Marketable Securities

4. Cash Equivalents and Marketable Securities

Cash equivalents and marketable securities consisted of the following:

 

 

 

March 31, 2020

 

 

 

Amortized

Cost Basis

 

 

Unrealized

Gains

 

 

Unrealized

(Losses)

 

 

Fair

Value

 

 

 

(in thousands)

 

Money market funds

 

$

41,473

 

 

$

 

 

$

 

 

$

41,473

 

Commercial paper

 

 

4,977

 

 

 

 

 

 

 

 

 

4,977

 

Corporate debt securities

 

 

49,907

 

 

 

1

 

 

 

(141

)

 

 

49,767

 

Asset-based securities

 

 

22,116

 

 

 

28

 

 

 

(12

)

 

 

22,132

 

U.S. government agencies

 

 

8,989

 

 

 

152

 

 

 

 

 

 

9,141

 

Total

 

 

127,462

 

 

 

181

 

 

 

(153

)

 

 

127,490

 

Less amounts classified as cash equivalents

 

 

(41,473

)

 

 

 

 

 

 

 

 

(41,473

)

Total marketable securities

 

$

85,989

 

 

$

181

 

 

$

(153

)

 

$

86,017

 

 

 

 

December 31, 2019

 

 

 

Amortized

Cost Basis

 

 

Unrealized

Gains

 

 

Unrealized

(Losses)

 

 

Fair

Value

 

 

 

(in thousands)

 

Money market funds

 

$

3,151

 

 

$

 

 

$

 

 

$

3,151

 

Commercial paper

 

 

4,952

 

 

 

 

 

 

 

 

 

4,952

 

Corporate debt securities

 

 

69,423

 

 

 

79

 

 

 

(3

)

 

 

69,499

 

Asset-based securities

 

 

27,005

 

 

 

50

 

 

 

 

 

 

27,055

 

U.S. government agencies

 

 

26,968

 

 

 

39

 

 

 

 

 

 

27,007

 

Total

 

 

131,499

 

 

 

168

 

 

 

(3

)

 

 

131,664

 

Less amounts classified as cash equivalents

 

 

(3,151

)

 

 

 

 

 

 

 

 

(3,151

)

Total marketable securities

 

$

128,348

 

 

$

168

 

 

$

(3

)

 

$

128,513

 

 

As of March 31, 2020 and December 31, 2019, $14.2 million and $15.6 million, respectively, of marketable securities had maturities of more than one year and are classified as long-term assets.

There were $48.5 million and $4.5 million of investments in an unrealized loss position of $153,000 and $3,000 as of March 31, 2020 and December 31, 2019, respectively. During the three months ended March 31, 2020 and 2019 the Company did not record any other-than-temporary impairment charges on its available-for-sale securities. Based upon the Company’s impairment review, the Company determined that the unrealized losses were not attributed to credit risk but were primarily associated with changes in interest rates. Based on the scheduled maturities of the investments, the Company was more likely than not to hold these investments for a period of time sufficient for a recovery of the Company’s cost basis.  As such, the Company concluded that the unrealized losses in the investment securities were not other-than-temporary.