Marketable Securities

3 Months Ended

Mar. 31, 2020

Marketable Securities

Marketable Securities

5. Marketable Securities

The Company’s marketable debt securities held as of March 31, 2020 and December 31, 2019 are summarized below:

			Gross		Gross
	Amortized		Unrealized		Unrealized
March 31, 2020	Cost		Gains		Losses		Fair Value
(in thousands)
Money Market Funds	$	49,800	$	—	$	—	$	49,800
Corporate Securities		333,259		22		(590)		332,691
Government Securities		201,748		1,634		—		203,382
	$	584,807	$	1,656	$	(590)	$	585,873
Reported as
Cash and cash equivalents							$	49,800
Marketable securities								536,073
Total investments							$	585,873
			Gross		Gross
	Amortized		Unrealized		Unrealized
December 31, 2019	Cost		Gains		Losses		Fair Value
(in thousands)
Money Market Funds	$	32,009	$	—	$	—	$	32,009
Corporate Securities		281,586		195		(30)		281,751
Government Securities		268,239		1,006		—		269,245
	$	581,834	$	1,201	$	(30)	$	583,005
Reported as
Cash and cash equivalents							$	32,009
Marketable securities								550,996
Total investments							$	583,005

The maturities of the Company’s marketable debt securities are as follows:

	Amortized		Estimated
March 31, 2020	Cost		Fair Value
(in thousands)
Mature in one year or less	$	496,586	$	497,841
Mature within two years		38,421		38,232
	$	535,007	$	536,073

The unrealized losses on available-for-sale investments and their related fair values as of March 31, 2020 and December 31, 2019 are as follows:

	Less than 12 months				12 months or greater
			Unrealized				Unrealized
March 31, 2020	Fair value		losses		Fair value		losses
(in thousands)
Corporate Securities	$	141,723	$	(401)	$	38,232	$	(189)
	Less than 12 months				12 months or greater
			Unrealized				Unrealized
December 31, 2019	Fair value		losses		Fair value		losses
(in thousands)
Corporate Securities	$	46,303	$	(24)	$	13,992	$	(6)

The unrealized losses from the listed securities are primarily due to a change in the interest rate environment and not a change in the credit quality of the securities.

In connection with the Aimmune Agreement (as defined below) executed in February 2020, the Company received shares of Aimmune common stock which are classified as equity securities with a readily determinable fair value as of March 31, 2020. The Company recorded $2.3 million of unrealized losses related to these securities in other income (expense) during the three months ended March 31, 2020. We did not hold any equity securities in our investment portfolio at December 31, 2019.