Cash Equivalents and Investments |
Cash Equivalents and Investments The fair value of cash equivalents and available-for-sale investments at June 30, 2021 and December 31, 2020, were as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2021 | | Amortized Cost | | Gross Unrealized | | Estimated Fair Value | | | Gains | | Losses | | Money market funds | $ | 104,615 | | | $ | — | | | $ | — | | | $ | 104,615 | | U.S. government securities | 56,188 | | | 10 | | | — | | | 56,198 | | Corporate notes | 31,622 | | | 1 | | | (4) | | | 31,619 | | Commercial paper | 28,975 | | | — | | | — | | | 28,975 | | Total cash equivalents and available-for-sale investments | $ | 221,400 | | | $ | 11 | | | $ | (4) | | | $ | 221,407 | | Classified as: | | | | | | | | Cash equivalents | | | | | | | $ | 104,615 | | Short-term investments | | | | | | | 116,792 | | Total cash equivalents and available-for-sale investments | | | | | | | $ | 221,407 | | | 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): | | | | | | | | | | | | | June 30, 2021 | | December 31, 2020 | Due within one year | $ | 221,407 | | | $ | 306,412 | | Due after one year through three years | — | | | — | | Total cash equivalents and available-for-sale investments | $ | 221,407 | | | $ | 306,412 | |
There were no available-for-sale securities that were in an unrealized loss position for more than twelve months as of June 30, 2021. Unrealized losses as of June 30, 2021, and December 31, 2020, were not material. Available-for-sale securities held as of June 30, 2021 had a weighted average maturity of 66 days. At June 30, 2021, seven investments were in an unrealized loss position and no investments have been in an unrealized loss position for more than one year.
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