4. Investments

The Company’s investments are classified as available-for-sale pursuant to ASC 320, Investments—Debt and Equity Securities. The Company classifies investments available to fund current operations as current assets on its balance sheets. We consider all investments that have maturities of three months or less when acquired to be cash equivalents. Investments are classified as long-term assets on the balance sheets if (i) the Company has the intent and ability to hold the investments for a period of at least one year and (ii) the contractual maturity date of the investments is greater than one year.

Investments are carried at fair value with unrealized gains and losses included as a component of accumulated other comprehensive loss, until such gains and losses are realized. If a decline in the fair value is considered other-than-temporary, based on available evidence, the unrealized loss is transferred from other comprehensive loss to the statements of operations. There were no charges taken for other-than-temporary declines in fair value of short-term or long-term investments during the three months ended March 31, 2014 and 2015. The Company recorded $(316) and $9,279 of unrealized gains/(losses) during the three months ended March 31, 2014 and 2015, respectively. Realized gains and losses are included in interest income in the statements of operations. There were no realized gains or losses recognized during the three months ended March 31, 2014 and 2015. The Company utilizes the specific identification method as a basis to determine the cost of securities sold.

The Company reviews investments for other-than-temporary impairment whenever the fair value of an investment is less than the amortized cost and evidence indicates that an investment’s carrying amount is not recoverable within a reasonable period of time. To determine whether an impairment is other-than-temporary, the Company considers the intent to sell, or whether it is more likely than not that the Company will be required to sell, the investment before recovery of the investment’s amortized cost basis. Evidence considered in this assessment includes reasons for the impairment, compliance with the Company’s investment policy, the severity and the duration of the impairment and changes in value subsequent to year end. As of March 31, 2015, there were no investments with a fair value that was significantly lower than the amortized cost basis or any investments that had been in an unrealized loss position for a significant period.

Cash, cash equivalents and investments at December 31, 2014 and March 31, 2015 consist of the following:


			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
December 31, 2014
Cash and cash equivalents:
Cash and money market accounts	$	13,073,137		—		—	$	13,073,137
Total cash and cash equivalents	$	13,073,137	$	—	$	—	$	13,073,137
Short-term investments:
Corporate bonds	$	37,136,494		—	$	(11,908)	$	37,124,586
Commercial paper		3,495,972		3,791		—		3,499,763
Total short-term investments	$	40,632,466	$	3,791	$	(11,908)	$	40,624,349
Total cash, cash equivalents, and investments	$	53,705,603	$	3,791	$	(11,908)	$	53,697,486

March 31, 2015
Cash and cash equivalents:
Cash and money market accounts	$	13,970,824		—		—	$	13,970,824
Commercial paper		2,999,734		—		—		2,999,734
Total cash and cash equivalents	$	16,970,558	$	—	$	—	$	16,970,558
Short-term investments:
Corporate bonds	$	25,193,372		—	$	(1,944)	$	25,191,428
Commercial paper		3,496,492		3,106		—		3,499,598
Total short-term investments	$	28,689,864	$	3,106	$	(1,944)	$	28,691,026
Total cash, cash equivalents, and investments	$	45,660,422	$	3,106	$	(1,944)	$	45,661,584