Investments and Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2021

Investments and Fair Value Measurements

Cash, cash equivalents and investments

	June 30, 2021								December 31, 2020
			Gross		Gross						Gross		Gross
	Amortized		Unrealized		Unrealized		Fair		Amortized		Unrealized		Unrealized		Fair
	Cost		Gain		(Loss)		Value		Cost		Gain		(Loss)		Value
Classified as:
Cash	$	43,496	$	—	$	—	$	43,496	$	72,602	$	—	$	—	$	72,602
Cash equivalents:
Certificates of deposit 1		9,287		—		—		9,287		—		—		—		—
Total cash and cash equivalents		52,783		—		—		52,783		72,602		—		—		72,602
Investments (available-for-sale):
Certificates of deposit 2		2,640		3		—		2,643		2,880		5		—		2,885
Corporate bonds		3,054		—		(2)		3,052		3,083		—		(2)		3,081
Total investments		5,694		3		(2)		5,695		5,963		5		(2)		5,966
Total cash, cash equivalents and investments	$	58,477	$	3	$	(2)	$	58,478	$	78,565	$	5	$	(2)	$	78,568
Contractual maturities on investments:
Due within 1 year 3	$	2,752					$	2,751	$	240					$	240
Due after 1 through 5 years 4		2,942						2,944		5,723						5,726
	$	5,694					$	5,695	$	5,963					$	5,966

1. Certificates of deposit with original maturities of less than three months.

2. Certificates of deposit with original maturities of more than three months.

3. Classified as “Short-term investments” in our condensed consolidated balance sheets.

4. Classified as “Long-term investments” in our condensed consolidated balance sheets.

Fair value and gross unrealized losses related to available-for-sale securities

A portion of our debt investments would generate a loss if we sold them on June 30, 2021. The following table summarizes the fair value and gross unrealized losses related to available-for-sale debt securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of June 30, 2021 (in thousands):

	In Loss Position				In Loss Position				Total In
	< 12 months				> 12 months				Loss Position
			Gross				Gross				Gross
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
As of June 30, 2021	Value		(Losses)		Value		(Losses)		Value		(Losses)
Investments:
Corporate bonds		2,040		(2)		—		—		2,040		(2)
Total in loss position	$	2,040	$	(2)	$	—	$	—	$	2,040	$	(2)

The following table summarizes the fair value and gross unrealized losses related to available-for-sale debt securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of December 31, 2020 (in thousands):

	In Loss Position				In Loss Position				Total In
	< 12 months				> 12 months				Loss Position
			Gross				Gross				Gross
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
As of December 31, 2020	Value		(Loss)		Value		(Loss)		Value		(Loss)
Investments:
Corporate bonds		2,048		(2)		—		—		2,048		(2)
Total in loss position	$	2,048	$	(2)	$	—	$	—	$	2,048	$	(2)

Summary of financial assets and liabilities measured at fair value on a recurring basis

The following table summarizes our financial assets and liabilities measured at fair value on a recurring basis in accordance with ASC 820 as of June 30, 2021 (in thousands):

			Quoted Prices in				Significant
			Active Markets of		Significant Other		Unobservable
	Balance as of		Identical Assets		Observable Inputs		Inputs
	June 30, 2021		(Level 1)		(Level 2)		(Level 3)
Assets:
Cash equivalents and investments:
Certificates of deposit	$	11,930	$	—	$	11,930	$	—
Corporate bonds		3,052		—		3,052		—
Total	$	14,982	$	—	$	14,982	$	—

The following table summarizes our financial assets and liabilities measured at fair value on a recurring basis in accordance with ASC 820 as of December 31, 2020 (in thousands):

			Quoted Prices in				Significant
			Active Markets of		Significant Other		Unobservable
	Balance as of		Identical Assets		Observable Inputs		Inputs
	December 31, 2020		(Level 1)		(Level 2)		(Level 3)
Assets:
Cash equivalents and investments:
Certificates of deposit	$	2,885	$	—	$	2,885	$	—
Corporate bonds		3,081		—		3,081		—
Total	$	5,966	$	—	$	5,966	$	—