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Cash Equivalents and Investments
 6 Months Ended
Jun. 30, 2019
Investments, Debt and Equity Securities [Abstract]  
Cash Equivalents and Investments
Cash Equivalents and Investments

Marketable debt securities are classified as available-for-sale and carried at fair value in the accompanying consolidated balance sheets on a settlement date basis. The following tables summarize the gross unrealized gains and losses of the Company’s marketable securities as of June 30, 2019 and December 31, 2018:
 
 
June 30, 2019
 
 
 
 
Gross Unrealized
 
 
(In thousands)
 
Amortized Cost
 
Gains
 
Losses
 
Fair Value
Money market funds
 
$
4,831

 
$
—

 
$
—

 
$
4,831

Commercial paper
 
17,149

 
—

 
—

 
17,149

Corporate notes
 
17,225

 
20

 
—

 
17,245

U.S. government securities
 
6,955

 
11

 
—

 
6,966

U.S. asset-backed securities
 
10,680

 
7

 
—

 
10,687

 
 
$
56,840

 
$
38

 
$
—

 
$
56,878

Classified as:
 
 
 
 
 
 
 
 
Cash equivalents
 
 
 
 
 
 
 
$
4,831

Short-term investments
 
 
 
 
 
 
 
52,047

 
 
 
 
 
 
$
56,878

 
 
December 31, 2018
 
 
 
 
Gross Unrealized
 
 
(In thousands)
 
Amortized Cost
 
Gains
 
Losses
 
Fair Value
Money market funds
 
$
5,838

 
$
—

 
$
—

 
$
5,838

Repurchase agreements
 
5,000

 
—

 
—

 
5,000

Commercial paper
 
30,710

 
—

 
—

 
30,710

Corporate notes
 
13,168

 
—

 
(24
)
 
13,144

U.S. government securities
 
10,167

 
—

 
(1
)
 
10,166

U.S. asset-backed securities
 
10,632

 
—

 
(14
)
 
10,618

 
 
$
75,515

 
$
—

 
$
(39
)
 
$
75,476

Classified as:
 
 
 
 
 
 
 
 
Cash equivalents
 
 
 
 
 
 
 
$
10,838

Short-term investments
 
 
 
 
 
 
 
64,638

 
 
 
 
 
 
$
75,476


At December 31, 2018, the Company invested $5.0 million in overnight repurchase agreement securities classified as cash equivalents on the balance sheet. As of June 30, 2019, no amounts were invested in overnight repurchase agreements.
There were no marketable securities that the Company considers to be other-than-temporarily impaired as of June 30, 2019. The Company's investment strategy is to buy short-duration marketable securities with a high credit rating. As of June 30, 2019, all marketable securities held by the Company had remaining contractual maturities of one year or less.
If any adjustment to fair value reflects a decline in the value of the investment, the Company considers all available evidence to evaluate the extent to which the decline is “other than temporary,” including the Company's intention to sell and, if so, mark the investment to market through a charge to our consolidated statements of operations. There have been no impairments of the Company’s assets measured and carried at fair value during the six months ended June 30, 2019.