Marketable Securities

3 Months Ended

Mar. 31, 2021

Investments, Debt and Equity Securities [Abstract]

All of the Company's marketable securities were available-for-sale and were classified based on their maturities. Marketable securities with remaining maturities at the date of purchase of three months or less are classified as cash equivalents. Short-term investments are securities that original maturity or remaining maturity is greater than three months and not more than twelve months. Long-term investments are securities for which the original maturity or remaining maturity is greater than twelve months.

The table below summarizes the marketable securities:


	March 31, 2021
	Amortized Cost		Unrealized Gains		Unrealized Losses		Aggregate Fair Value
	(in thousands)
Money market funds	$	29,402	$	—	$	—	$	29,402

Cash equivalents	29,402		—		—		29,402

U.S. treasury securities	84,758		21		—		84,779
Corporate bonds	12,946		—		(4)		12,942
Commercial paper	49,966		—		—		49,966
Short-term investments	147,670		21		(4)		147,687



Total marketable securities	$	177,072	$	21	$	(4)	$	177,089


	December 31, 2020
	Amortized Cost		Unrealized Gains		Unrealized Losses		Aggregate Fair Value
	(in thousands)
Money market funds	$	45,948	$	—	$	—	$	45,948
Commercial paper	1,400		—		—		1,400
Cash equivalents	47,348		—		—		47,348

U.S. treasury securities	74,779		4		(7)		74,776
Corporate bonds	8,940		4		(6)		8,938
Commercial paper	59,137		—		—		59,137
Short-term investments	142,856		8		(13)		142,851



Total marketable securities	$	190,204	$	8	$	(13)	$	190,199

Unrealized gains and losses on available-for-sale securities are recorded in accumulated other comprehensive income (loss) on the condensed consolidated balance sheets. The Company evaluates its investments to assess whether those in unrealized loss positions are other-than-temporarily impaired. The Company considers impairments to be other-than-temporary if it is related to deterioration in credit risk or if it is likely the Company will sell the securities before the recovery of their cost basis. The Company did not identify any of its marketable securities as other-than-temporarily impaired as of March 31, 2021 or December 31, 2020.