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Cash Equivalents, Restricted Cash and Investments
 6 Months Ended
Jun. 30, 2020
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):

 

  

 

June 30,

 

 

December 31,

 

 

 

2020

 

 

2019

 

Cash and cash equivalents

 

$

333,205

 

 

$

39,179

 

Restricted cash included in Other assets

 

 

1,080

 

 

 

1,080

 

Total cash, cash equivalents and restricted cash

 

$

334,285

 

 

$

40,259

 

 

Restricted cash as of June 30, 2020 was held as collateral for stand-by letters 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 7. Commitments” for additional information of this lease.

Cash Equivalents and Investments

The amortized cost and fair value of cash equivalents and investments at June 30, 2020 and December 31, 2019 were as follows (in thousands):

 

 

 

June 30, 2020

 

 

 

Amortized

 

 

Gross Unrealized

 

 

Fair

 

 

 

Cost

 

 

Gains

 

 

Losses

 

 

Value

 

Money market fund

 

$

328,540

 

 

$

—

 

 

$

—

 

 

$

328,540

 

U.S. treasury securities

 

 

58,174

 

 

 

146

 

 

 

(1

)

 

 

58,319

 

Commercial paper

 

 

50,316

 

 

 

—

 

 

 

—

 

 

 

50,316

 

Asset-backed securities

 

 

15,080

 

 

 

114

 

 

 

—

 

 

 

15,194

 

Corporate debt securities

 

 

47,357

 

 

 

230

 

 

 

(1

)

 

 

47,586

 

Total available-for-sale securities

 

$

499,467

 

 

$

490

 

 

$

(2

)

 

$

499,955

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Classified as:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

 

 

 

 

 

 

 

 

 

 

 

 

 

$

328,540

 

Short-term investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

171,415

 

Total available-for-sale securities

 

 

 

 

 

 

 

 

 

 

 

 

 

$

499,955

 

 

 

 

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

 

 

Cash equivalents in the tables above exclude cash of $4.7 million and $8.9 million as of June 30, 2020 and December 31, 2019, respectively.  All available-for-sale securities held as of June 30, 2020 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 significant available-for-sale securities held as of June 30, 2020 have been in a continuous unrealized loss position for more than 12 months. As of June 30, 2020, unrealized losses on available-for-sale investments are not attributed to credit risk. 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 that an allowance for credit losses is unnecessary because the unrealized losses on certain of the Company’s marketable securities are due to market factors. To date, the Company has not recorded any impairment charges on marketable securities.