Cash Equivalents and Investments

3 Months Ended

Mar. 31, 2021

Cash Equivalents And Investments [Abstract]

Cash Equivalents and Investments

Cash Equivalents and Investments

The fair value of cash equivalents and available-for-sale investments at March 31, 2021 and December 31, 2020, were as follows (in thousands):

	March 31, 2021
	Amortized Cost		Gross Unrealized				Estimated Fair Value
			Gains		Losses
Money market funds	$	111,827	$	—	$	—	$	111,827
U.S. government securities	70,436		22		—		70,458
Corporate notes	24,498		—		(10)		24,488
Commercial paper	29,965		—		—		29,965
Total cash equivalents and available-for-sale investments	$	236,726	$	22	$	(10)	$	236,738
Classified as:
Cash equivalents							$	111,827
Short-term investments							124,911
Total cash equivalents and available-for-sale investments							$	236,738
	December 31, 2020
	Amortized Cost		Gross Unrealized				Estimated Fair Value
			Gains		Losses
Money market funds	$	59,823	$	—	$	—	$	59,823
U.S. government securities	190,663		16		(2)		190,677
Corporate notes	26,426		2		(5)		26,423
Commercial paper	29,489		—		—		29,489
Total cash equivalents and available-for-sale investments	$	306,401	$	18	$	(7)	$	306,412
Classified as:
Cash equivalents							$	59,823
Short-term investments							246,589
Total cash equivalents and available-for-sale investments							$	306,412

The following table summarizes the fair value of the Company’s cash equivalents, short-term and long-term marketable securities classified by maturity (in thousands):

	March 31, 2021		December 31, 2020
Due within one year	$	236,738	$	306,412
Due after one year through three years	—		—
Total cash equivalents and available-for-sale investments	$	236,738	$	306,412

There were no available-for-sale securities that were in an unrealized loss position for more than twelve months as of March 31, 2021. Unrealized losses as of March 31, 2021, and December 31, 2020, were not material. Available-for-sale securities held as of March 31, 2021 had a weighted average maturity of 86 days. At March 31, 2021, six investments were in an unrealized loss position and no investments have been in an unrealized loss position for more than one year.