Cash Equivalents, Restricted Cash and Investments

12 Months Ended

Dec. 31, 2019

Investments Debt And Equity Securities [Abstract]

Cash Equivalents, Restricted Cash and Investments

3. Cash Equivalents, Restricted Cash and Investments

Cash, Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows (in thousands):

	December 31,
	2019		2018
Cash and cash equivalents	$	39,179	$	28,088
Restricted cash included in Other assets		1,080		—
Total cash, cash equivalents and restricted cash	$	40,259	$	28,088

Restricted cash as of December 31, 2019 was held as collateral for a stand-by letter of credit issued by the Company to its landlord in connection with the lease of the Company’s facility in San Carlos, California. See “Note 8. Commitments” for additional information of this lease.

3. Cash Equivalents, Restricted Cash and Investments (continued)

Cash Equivalents and Investments

The amortized cost and fair value of cash equivalents and investments at December 31, 2019 and 2018 were as follows (in thousands):

	December 31, 2019
	Amortized		Gross Unrealized					Fair
	Cost		Gains		Losses			Value
Money market fund	$	30,353	$	—	$	—		$	30,353
U.S. treasury securities		40,245		47		—			40,292
Commercial paper		12,429		—		—			12,429
Asset-backed securities		25,436		50		—			25,486
Corporate debt securities		84,605		225		(4	)		84,826
Total available-for-sale securities	$	193,068	$	322	$	(4	)	$	193,386
Classified as:
Cash equivalents								$	30,325
Short-term investments									133,607
Long-term investments									29,454
Total available-for-sale securities								$	193,386

	December 31, 2018
	Amortized		Gross Unrealized					Fair
	Cost		Gains		Losses			Value
Money market fund	$	22,073	$	—	$	—		$	22,073
U.S. treasury securities		23,013		—		(13	)		23,000
Commercial paper		45,683		—		—			45,683
Asset-backed securities		29,127		—		(34	)		29,093
Corporate debt securities		55,228		—		(151	)		55,077
Total available-for-sale securities	$	175,124	$	—	$	(198	)	$	174,926
Classified as:
Cash equivalents								$	26,030
Short-term investments									148,896
Total available-for-sale securities								$	174,926

Cash equivalents in the tables above exclude cash of $8.9million and $2.1 million as of December 31, 2019 and 2018, respectively. All available-for-sale securities held as of December 31, 2019 had contractual maturities of less than two years. There have been no significant realized gains or losses on available-for-sale securities for the periods presented. The Company applies the specific identification method to determine the cost basis of the securities sold. No available-for-sale securities held as of December 31, 2019 have been in a continuous unrealized loss position for more than 12 months. As of December 31, 2019, unrealized losses on available-for-sale investments are not attributed to credit risk and are considered to be temporary. The Company believes that it is more-likely-than-not that investments in an unrealized loss position will be held until maturity or the recovery of the cost basis of the investment. The Company believes it has no other-than-temporary impairments on its securities because it does not intend to sell these securities and it believes it is not more likely than not that it will be required to sell these securities before the recovery of their amortized cost basis. To date, the Company has not recorded any impairment charges on marketable securities related to other-than-temporary declines in market value.