Marketable and Equity Securities

6 Months Ended

Jun. 30, 2020

Marketable and Equity Securities

Marketable and Equity Securities

5. Marketable and Equity Securities

The Company’s marketable debt securities held as of June 30, 2020 and December 31, 2019 are summarized below:

			Gross		Gross
	Amortized		Unrealized		Unrealized
June 30, 2020	Cost		Gains		Losses		Fair Value
(in thousands)
Money Market Funds	$	103,231	$	—	$	—	$	103,231
Corporate Securities		266,756		786		—		267,542
Government Securities		207,010		710		(3)		207,717
	$	576,997	$	1,496	$	(3)	$	578,490
Reported as
Cash and cash equivalents							$	103,231
Marketable securities								475,259
Total investments							$	578,490
			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
June 30, 2020	Cost		Fair Value
(in thousands)
Mature in one year or less	$	472,639	$	474,114
Mature within two years		1,127		1,145
	$	473,766	$	475,259

The unrealized losses on available-for-sale investments and their related fair values as of June 30, 2020 and December 31, 2019 are as follows:

	Less than 12 months				12 months or greater
			Unrealized				Unrealized
June 30, 2020	Fair value		losses		Fair value		losses
(in thousands)
Government Securities		49,973		(3)		—		—
	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) which we entered 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 June 30, 2020. The Company recorded $0.3 million of unrealized gain and $2.0 million of unrealized loss related to these securities in other income (expense) during the three and six months ended June 30, 2020. We did not hold any equity securities in our investment portfolio during the year ended December 31, 2019.