Cash Equivalents and Equity Securities

6 Months Ended

Jun. 30, 2020

Cash Equivalents and Marketable Securities [Abstract]

Cash equivalents at June 30, 2020 and December 31, 2019 consisted of the following (in thousands):


	June 30, 2020						December 31, 2019
	Adjusted Cost		Estimated Fair Value		Adjusted Cost		Estimated Fair Value
Money market funds⁽¹⁾	$	58,482	$	58,482	$	71,248	$	71,248

⁽¹⁾Money market funds are classified in cash and cash equivalents on our unaudited condensed consolidated balance sheets.

As of June 30, 2020, the total cash and cash equivalents balance of $75.6 million was comprised of money market funds of $58.5 million and cash of $17.1 million held with major financial institutions worldwide. As of December 31, 2019, the total cash and cash equivalents balance of $90.5 million was comprised of money market funds of $71.2 million and cash of $19.3 million held with major financial institutions worldwide.

Investment in Equity Securities

No single investor in MAI holds 20% or more of the voting stock. Our investment represented approximately 4% of MAI's voting stock at the time of the transaction. Concurrently with our initial equity investment, John Nicols, our chief executive officer, joined MAI’s board of directors, and we entered into the MAI Agreement pursuant to which we will provide technical services and expertise in exchange for compensation in the form of additional shares of voting preferred stock. Our investment was $1.0 million at June 30, 2020. For additional information, see Note 12, "Related Party Transactions."