Cash Equivalents and Investments

3 Months Ended

Mar. 31, 2020

Cash Equivalents And Investments [Abstract]

The fair value of cash equivalents and available-for-sale investments at March 31, 2020 and December 31, 2019, were as follows (in thousands):


	March 31, 2020
	Amortized Cost		Gross Unrealized								Estimated Fair Value
					Gains			Losses
Money market funds	$	34,541	$	—		$	—		$	34,541
U.S. government securities	56,032		371			—			56,403
Corporate notes	8,860		1			(8)			8,853
Total cash equivalents and available-for-sale investments	$	99,433	$	372		$	(8)		$	99,797
Classified as:
Cash equivalents									$	34,541
Short-term investments									65,256
Total cash equivalents and available-for-sale investments									$	99,797
	December 31, 2019
	Amortized Cost		Gross Unrealized								Estimated Fair Value
					Gains			Losses
Money market funds	$	13,897	$	—		$	—		$	13,897
U.S. government securities	77,329		72			(1)			77,400
Corporate notes	14,955		11			—			14,966
Commercial paper	35,753		—			—			35,753
Total cash equivalents and available-for-sale investments	$	141,934	$	83		$	(1)		$	142,016
Classified as:
Cash equivalents									$	13,897
Short-term investments									120,089
Long-term investments									8,030
Total cash equivalents and available-for-sale investments									$	142,016

The following table summarizes the fair value of the Company’s cash equivalents, short-term and long-term marketable securities classified by maturity (in thousands):


	March 31, 2020		December 31, 2019
Due within one year	$	99,797	$	133,986
Due after one year through three years	—		8,030
Total cash equivalents and available-for-sale investments	$	99,797	$	142,016

The following tables present the Company's available-for-sale securities that were in an unrealized loss position as of March 31, 2020 (in thousands):


	March 31, 2020
	Less than 12 months						Total
Assets	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Corporate notes	$	7,849	$	(8)	$	7,849	$	(8)
Total	$	7,849	$	(8)	$	7,849	$	(8)

Unrealized losses as of December 31, 2019 were not material. Available-for-sale securities held as of March 31, 2020 had a weighted average maturity of 90 days. At March 31, 2020, three investments were in an unrealized loss position and no investments have been in an unrealized loss position for more than one year.