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CASH AND INVESTMENTS
 9 Months Ended
Sep. 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 September 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 CostUnrealized GainsUnrealized LossesFair Value
Cash$67,818 $— $— $67,818 
Cash equivalents:
Money market funds126,075 — — 126,075 
Corporate bonds1,000 — — 1,000 
Agency bonds6,485 1 — 6,486 
Commercial paper9,609 — (1)9,608 
Certificates of deposit171 — — 171 
US treasury securities4,749 — — 4,749 
Total cash equivalents148,089 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 bonds3,966 2 — 3,968 
US treasury securities50,703 62 (1)50,764 
Commercial paper23,827 1 — 23,828 
Certificates of deposit3,936 2 (1)3,937 
Asset-backed securities15,837 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 securities19,300 25 — 19,325 
Asset-backed securities11,693 10 (1)11,702 
Total long-term marketable investments$50,400 $47 $(5)$50,442 
Unrealized gains and losses on investments were immaterial individually and in aggregate as of September 30, 2020 and December 31, 2019. Realized gains and losses for sales of investments during the three and nine months ended September 30, 2020 and 2019 were immaterial.
The Company’s long-term investments are composed of the following (in thousands):
September 30, 2020December 31, 2019
Long-term marketable investments$— $50,442 
Non-marketable investments9,043 9,750 
Total long-term investments$9,043 $60,192 
The Company’s non-marketable investments are composed of the following (in thousands):
September 30, 2020December 31, 2019
Accounted for at cost, adjusted for observable price changes$1,750 $1,750 
Accounted for using the equity method7,293 8,000 
Total non-marketable investments$9,043 $9,750