Short-term Investments

3 Months Ended

Mar. 31, 2019

Investments Debt And Equity Securities [Abstract]

Short-term Investments

5. Short-term Investments

Short-term Investments in Available-for-Sale Securities

The Company’s investment policy seeks to preserve capital and maintain sufficient liquidity to meet operational and other needs of the business. The following table summarizes, by major security type, the Company’s investments (in thousands):

As of March 31, 2019:	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Short-term investments
U.S. government securities	$	6,974	$	3	$	—		$	6,977
Asset backed securities		6,235		3		—			6,238
Corporate securities		36,065		14		(2	)		36,077
Commercial paper		30,216		—		—			30,216
Total short-term investments	$	79,490	$	20	$	(2	)	$	79,508
As of December 31, 2018:	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Short-term investments
U.S. government securities	$	15,967	$	—	$	(2	)	$	15,965
Asset backed securities		8,595		—		(7	)		8,588
Corporate securities		19,975		—		(21	)		19,954
Commercial paper		42,022		—		—			42,022
Total short-term investments	$	86,559	$	—	$	(30	)	$	86,529

The Company has classified its investments as available-for-sale securities. These securities are carried at estimated fair value with the aggregate unrealized gains and losses related to these investments reflected as a part of “Accumulated other comprehensive income” in the condensed consolidated balance sheets. Classification as short-term or long-term is based upon whether the maturity of the debt securities is less than or greater than twelve months.  

There were no significant realized gains or losses related to investments for the three months ended March 31, 2019 and March 31, 2018.