Note 4. Cash and Cash Equivalents, and Marketable Securities

The following tables set forth the Company’s cash and cash equivalents, and marketable securities as of the dates indicated:


		March 31,		December 31,
		2018		2017
	(In thousands)
Cash and cash equivalents
Cash		$	30,584	$	35,303
Money market deposits			11,501		10,215
Total cash and cash equivalents			42,085		45,518
Marketable securities
Commercial paper			34,945		30,272
Corporate debt securities			49,566		50,260
Corporate equity securities			3,791		3,525
Total marketable securities			88,302		84,057
Total cash and cash equivalents, and marketable securities		$	130,387	$	129,575

The following tables summarize the Company’s available-for-sale securities that are measured at fair value as of the dates indicated:


	March 31, 2018
	Cost or		Gross		Gross		Total
	Amortized		Unrealized		Unrealized		Estimated
	Cost		Gains		Losses		Fair Value
	(In thousands)
Commercial paper	$	34,996	$	3	$	(54)	$	34,945
Corporate debt securities		49,674		—		(108)		49,566
Total	$	84,670	$	3	$	(162)	$	84,511


	December 31, 2017
	Cost or		Gross		Gross		Total
	Amortized		Unrealized		Unrealized		Estimated
	Cost		Gains		Losses		Fair Value
	(In thousands)
Commercial paper	$	30,315	$	—	$	(43)	$	30,272
Corporate debt securities		50,331		2		(73)		50,260
Corporate equity securities		4,020		—		(495)		3,525
Total	$	84,666	$	2	$	(611)	$	84,057

All of the Company’s marketable securities had contractual maturities of one year or less as of March 31, 2018 and December 31, 2017.

The following table provides the breakdown of the available-for-sale marketable securities with unrealized losses as of the dates indicated:


	In a Loss Position for
	Less Than 12 Months
	Gross
	Unrealized		Estimated
	Losses		Fair Value
	(In thousands)
As of March 31, 2018:
Commercial paper	$	(54)	$	30,519
Corporate debt securities		(108)		49,566
Total	$	(162)	$	80,085
As of December 31, 2017:
Commercial paper	$	(43)	$	30,272
Corporate debt securities		(73)		45,110
Corporate equity securities		(495)		3,525
Total	$	(611)	$	78,907

Marketable Equity Securities

Prior to January 1, 2018, the Company accounted for its marketable equity securities at fair value with unrealized gains and losses recognized in accumulated other comprehensive income on the balance sheet. Realized gains and losses on marketable equity securities sold or impaired were recognized in other income (expense), net.

On January 1, 2018, the Company adopted the ASU No. 2016-01 which changed the way the Company accounts for marketable equity securities. The Company’s marketable equity securities are measured at fair value and starting January 1, 2018, unrealized gains and losses are recognized in other income (expense), net. Upon adoption, the Company reclassified $180,000 of unrealized loss related to marketable equity securities from accumulated other comprehensive income to opening accumulated deficit.

In December 2017, the Company invested €3.4 million or $4.0 million in 270,000 shares of the common stock of Biocartis, a public company listed on the Euronext exchange. This corporate equity security investment was accounted for as an available-for-sale marketable security and valued at €3.0 million or $3.5 million at December 31, 2017. During the year ended December 31, 2017, $180,000 of unrealized losses relating to changes in the fair value of this investment were recorded in other comprehensive income. These securities are subject to a lock-up agreement which expires in December 2018. In accordance with ASU No 2016-01, the Company recorded during the three months ended March 31, 2018, a change in fair value of $127,000 and a foreign currency revaluation gain of $139,000 in other income, net.

During the three months ended March 31, 2017, the Company sold its remaining shares of the common stock of Invitae Corporation for net proceeds of $10.2 million based on a cost of $6.28 per share, resulting in a realized gain of $2.8 million. There were no shares sold during the three months ended March 31, 2018. During the three months ended March 31, 2017, $1.1 million of unrealized gain, net of tax of $821,000 related to the shares sold was reclassified out of accumulated other comprehensive income into earnings.