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Short-Term Investments
9 Months Ended
Sep. 30, 2020
Investments Disclosure [Abstract]  
SHORT-TERM INVESTMENTS

3. SHORT-TERM INVESTMENTS

The Company invests its excess cash in fixed income instruments denominated and payable in U.S. dollars including U.S. treasury securities, commercial paper, corporate debt securities and asset-backed securities in accordance with the Company’s investment policy that primarily seeks to maintain adequate liquidity and preserve capital.

The Company has designated all investments as available-for-sale and therefore such investments are reported at fair value. Unrealized gains or losses on investments are recorded in accumulated other comprehensive income or loss, a component of stockholders’ equity, on the Company’s condensed consolidated balance sheets.

The following table summarizes the Company’s investments, which are included in cash equivalents and short-term investments:

 

As of September 30, 2020

 

Amortized

Cost

 

 

Unrealized

Gains

 

 

Unrealized

Losses

 

 

Fair Value

 

 

 

(in thousands)

 

Money market mutual funds

 

$

177,753

 

 

$

 

 

$

 

 

$

177,753

 

Total

 

$

177,753

 

 

$

 

 

$

 

 

$

177,753

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2019

 

Amortized

Cost

 

 

Unrealized

Gains

 

 

Unrealized

Losses

 

 

Fair Value

 

 

 

(in thousands)

 

Repurchase agreements

 

$

14,000

 

 

$

 

 

$

 

 

$

14,000

 

Asset-backed securities

 

 

14,866

 

 

 

10

 

 

 

 

 

 

14,876

 

Money market mutual funds

 

 

39,524

 

 

 

 

 

 

 

 

 

39,524

 

Commercial paper

 

 

41,259

 

 

 

 

 

 

 

 

 

41,259

 

U.S. Treasury securities

 

 

59,926

 

 

 

45

 

 

 

 

 

 

59,971

 

Corporate debt securities

 

 

92,380

 

 

 

128

 

 

 

 

 

 

92,508

 

Total

 

$

261,955

 

 

$

183

 

 

$

 

 

$

262,138

 

 

The Company utilizes the specific identification method in computing realized gains and losses. The Company had no realized gains and losses on its available-for-sale securities for the three and nine months ended September 30, 2020 and 2019. The contractual maturity dates of all of the Company’s investments are less than one year.