Investments

6 Months Ended

Jun. 30, 2020

Investments

Investments

6. Investments

The following table summarizes the Company’s cash equivalents and short-term investments:

	June 30, 2020
			Gross		Gross		Estimated
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
	(in thousands)
Cash equivalents:
Money market funds	$	287,632	$	—	$	—	$	287,632
Short-term investments:
Commercial paper		2,247		—		—		2,247
Total	$	289,879	$	—	$	—	$	289,879

	December 31, 2019
			Gross		Gross		Estimated
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
	(in thousands)
Cash equivalents:
Money market funds	$	20,970	$	—	$	—	$	20,970
U.S. treasury notes		2,497		—		—		2,497
Commercial paper		4,494		—		—		4,494
Short-term investments:
Certificates of deposit		245		—		—		245
U.S treasury notes		29,155		23		—		29,178
Commercial paper		5,228		—		—		5,228
Total	$	62,589	$	23	$	—	$	62,612

At June 30, 2020, remaining contractual maturities of investments classified as current on the balance sheets were less than 12 months.

During the three and six months ended June 30, 2020, other income, net in the statements of operations includes interest income on investments of $0.1 million and $0.5 million, respectively, and income for the accretion of premiums and discounts on investments of less than $0.1 million and $0.1 million, respectively. During the three and six months ended June 30, 2019, other income, net in the statements of operations includes interest income on investments of $1.0 million and $1.4 million, respectively, and income for the accretion of premiums and discounts on investments of less than $0.1 million and $0.1 million, respectively.

There were no unrealized gains or losses on investments reclassified from accumulated other comprehensive income (loss) to other income in the statements of operations during the three and six months ended June 30, 2020 and 2019.

In the three and six months ended June 30, 2020, there were no allowances for credit losses and all unrealized gains (losses) for available-for-sale securities were recognized in accumulated other comprehensive income. As of June 30, 2020, the Company had no accrued interest receivables.