CASH AND INVESTMENTS

6 Months Ended

Jun. 30, 2020

Investments, Debt and Equity Securities [Abstract]

CASH AND INVESTMENTS

CASH AND INVESTMENTS

The Company’s investments in marketable and non-marketable securities are made pursuant to its investment policy, which has established guidelines relative to the diversification of the Company’s investments and their maturities, with the principal objective of capital preservation and maintaining liquidity that is sufficient to meet cash flow requirements.

As of June 30, 2020, the Company did not have any marketable investments. The following is a summary of cash and marketable investments, including those that meet the definition of a cash equivalent, as of December 31, 2019 (in thousands):

	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Cash	$	67,818	$	—	$	—	$	67,818
Cash equivalents:
Money market funds	126,075		—		—		126,075
Corporate bonds	1,000		—		—		1,000
Agency bonds	6,485		1		—		6,486
Commercial paper	9,609		—		(1)		9,608
Certificates of deposit	171		—		—		171
US treasury securities	4,749		—		—		4,749
Total cash equivalents	148,089		1		(1)		148,089
Total cash and cash equivalents	$	215,907	$	1	$	(1)	$	215,907
Short-term investments:
Corporate bonds	$	103,130	$	110	$	(7)	$	103,233
Agency bonds	3,966		2		—		3,968
US treasury securities	50,703		62		(1)		50,764
Commercial paper	23,827		1		—		23,828
Certificates of deposit	3,936		2		(1)		3,937
Asset-backed securities	15,837		12		—		15,849
Total short-term investments	$	201,399	$	189	$	(9)	$	201,579
Long-term marketable investments:
Corporate bonds	$	19,407	$	12	$	(4)	$	19,415
US treasury securities	19,300		25		—		19,325
Asset-backed securities	11,693		10		(1)		11,702
Total long-term marketable investments	$	50,400	$	47	$	(5)	$	50,442

Unrealized gains and losses on investments were not significant individually or in aggregate as of June 30, 2020 and December 31, 2019. Realized gains and losses for sales of investments during the three months ended June 30, 2020 and 2019 were not significant. During the six months ended June 30, 2020, the Company recognized a $1.9 million loss on the sale of available-for-sale securities. Realized gains and losses for sales of investments during the six months ended June 30, 2019 were not significant.

The Company’s long-term investments are composed of the following (in thousands):

	June 30, 2020		December 31, 2019
Long-term marketable investments	$	—	$	50,442
Non-marketable investments	9,170		9,750
Total long-term investments	$	9,170	$	60,192

The Company’s non-marketable investments are composed of the following (in thousands):

	June 30, 2020		December 31, 2019
Accounted for at cost, adjusted for observable price changes	$	1,750	$	1,750
Accounted for using the equity method	7,420		8,000
Total non-marketable investments	$	9,170	$	9,750