7. Cash, Cash Equivalents and Marketable Securities

At September 30, 2015 and December 31, 2014, the Company’s investments included money market funds as well as short-term and long-term marketable securities. These marketable securities are classified as available-for-sale. Marketable securities are investments with original maturities of greater than 90 days. Long-term marketable securities are securities with maturities of greater than one year. The average remaining contractual maturity of marketable securities at September 30, 2015 is approximately 5.5 months.

Management reviewed the Company’s investments as of September 30, 2015 and December 31, 2014 and concluded that there are no securities with other than temporary impairments in its investment portfolio. The Company does not intend to sell any investments in an unrealized loss position, and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases.

Investments in marketable securities consisted of the following at September 30, 2015 (in thousands):


	September 30, 2015
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss			Fair Value
Marketable securities:
U.S. Government and agency securities	$	11,053	$	4	$	—		$	11,057
Corporate and other debt securities		9,729		5		(1	)		9,733

		20,782		9		(1	)		20,790
Long-term marketable securities:
U.S. Government and agency securities		1,649		2		—			1,651
Corporate and other debt securities		—		—		—			—

		1,649		2		—			1,651

Total	$	22,431	$	11	$	(1	)	$	22,441

At September 30, 2015, the Company’s investments included fourteen securities in unrealized loss positions with a total unrealized loss of approximately $1,000 and a total fair market value of approximately $4,920,000. All investments with gross unrealized losses have been in unrealized loss positions for less than 12 months. The unrealized losses were caused primarily by current economic and market conditions. There was no change in the credit risk of the securities. There were no realized gains or losses on the investments for the nine months ended September 30, 2015 or the nine months ended September 30, 2014.

Investments in marketable securities consisted of the following at December 31, 2014 (in thousands):


	December 31, 2014
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss			Fair Value
Marketable securities:
U.S. Government and agency securities	$	12,716	$	2	$	(2	)	$	12,716
Corporate and other debt securities		10,373		4		(3	)		10,374

		23,089		6		(5	)		23,090
Long-term marketable securities:
U.S. Government and agency securities		1,228		—		—			1,228
Corporate and other debt securities		2,326		—		(4	)		2,322

		3,554		—		(4	)		3,550

Total	$	26,643	$	6	$	(9	)	$	26,640

The contractual maturities of marketable securities at September 30, 2015 were as follows (in thousands):


	Amortized Cost		Fair Value
Due in 1 year or less	$	20,782	$	20,790
Due in 1 to 2 years		1,649		1,651

	$	22,431	$	22,441