Cash Equivalents and Investments

6 Months Ended

Jun. 30, 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 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.