Available for Sale Securities

6 Months Ended

Jun. 30, 2020

Investments, Debt and Equity Securities [Abstract]

Available For Sale Securities

Cash, cash equivalents, and available for sale securities at June 30, 2020 and December 31, 2019 consisted of the following:


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(in thousands)
June 30, 2020
Cash and cash equivalents	$	245,406	$	—	$	—	$	245,406
Available for sale securities:
U.S. government debt securities	$	49,952	$	—	$	(9)	$	49,943
Total available for sale securities	$	49,952	$	—	$	(9)	$	49,943
Total cash, cash equivalents, and available for sale securities	$	295,358	$	—	$	(9)	$	295,349


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(in thousands)
December 31, 2019
Cash and cash equivalents	$	147,449	$	—	$	—	$	147,449
Available for sale securities:
Certificates of deposit	$	245	$	—	$	—	$	245
Total available for sale securities	$	245	$	—	$	—	$	245
Total cash, cash equivalents, and available for sale securities	$	147,694	$	—	$	—	$	147,694

The estimated fair value of the Company’s available for sale securities balance at June 30, 2020, by contractual maturity, was as follows (in thousands):


Due in one year or less	$	49,943
Due after one year	—
Total available for sale securities	$	49,943

There were no realized gains or losses on available for sale securities for the three and six months ended June 30, 2020 and 2019. The following table summarizes the Company’s available for sale securities that were in a continuous unrealized loss position, but were not deemed to be other-than temporarily impaired, as of June 30, 2020:


	Unrealized Loss for Less Than 12 Months						Unrealized Loss for 12 Months or More						Total
	Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value
	(in thousands)
June 30, 2020
Available for sale securities:
U.S. government debt securities	$	(9)	$	49,943	$	—	$	—	$	(9)	$	49,943
Total	$	(9)	$	49,943	$	—	$	—	$	(9)	$	49,943

There were five securities as of June 30, 2020, that were in an unrealized loss position. The contractual terms of these securities do not permit the issuer to settle the securities at a price less than the amortized cost basis of the investment. As of June 30, 2020, the Company does not intend to sell these securities and it was not more likely than not that the Company would be required to sell these securities before the recovery of their amortized cost basis, which may be at maturity. The unrealized loss was determined to be non-credit related and was recognized in other comprehensive loss in the Company's unaudited condensed consolidated statements of operations and comprehensive loss during the three and six months ended June 30, 2020. As such, the Company did not recognize any credit losses during the three and six months ended June 30, 2020. Additionally, the Company did not have any available for sale securities that were in an unrealized loss position as of December 31, 2019.