Cash, Cash Equivalents and Available for Sale Securities

12 Months Ended

Dec. 31, 2020

Cash and Cash Equivalents [Abstract]

Cash, Cash Equivalents and Available for Sale Securities

The Company considers all highly liquid investments purchased with original maturities of 90 days or less at the date of purchase to be cash equivalents. As of December 31, 2020 and December 31, 2019 the Company had cash and cash equivalents of approximately $66.4 million and $125.7 million, respectively. Cash and cash equivalents at December 31, 2020 and December 31, 2019 included cash of $8.4 million and $3.2 million, respectively. As of December 31, 2020 and December 31, 2019, cash and cash equivalents also included $58.0 million and $122.5 million, respectively, of investments in money market funds and certain short-term investment-grade corporate debt securities with original maturities of 90 days or less.

The Company considers securities with original maturities of greater than 90 days at the date of purchase to be available for sale securities. The Company had available for sale securities of approximately $143.7 million at December 31, 2020. The available for sale securities listed at December 31, 2020 mature in one year or less. The Company held no available for sale securities at December 31, 2019.

The Company evaluates securities with unrealized losses, if any, to determine whether the decline in fair value has resulted from credit loss or other factors. The Company has determined that there were no credit losses in fair value of its investments as of December 31, 2020. Factors considered in determining whether a loss resulted from a credit loss or other factors included the length of time and extent to which the investment’s fair value has been less than the cost basis, the financial condition and near-term prospects of the investee, the extent of the loss related to credit of the issuer, the expected cash flows from the security, the Company’s intent to sell the security, and whether or not the Company will be required to sell the security before the recovery of its amortized cost.

The Company classifies these securities as available for sale. However, the Company has not sold and does not currently intend to sell its investments and the Company believes it is more likely than not that the Company will recover the carrying value of these investments.

Available for sale securities, including carrying value and estimated fair values, are summarized as follows:


	As of December 31, 2020
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. Treasury securities	$	54,225	$	8	$	—	$	54,233
Corporate debt securities	79,282		4		(10)		79,276
Asset-backed securities	10,164		1		—		10,165
Total	$	143,671	$	13	$	(10)	$	143,674

The Company's available for sale securities are reported at fair value on the Company's balance sheet. Unrealized gains (losses) are reported within accumulated other comprehensive loss in the statements of comprehensive income (loss). The cost of securities sold and any realized gains/losses from the sale of available for sale securities are based on the specific identification method. The changes in accumulated other comprehensive income (loss) associated with the unrealized loss on available for sale securities for the years ended December 31, 2020 and December 31, 2019 were as follows:


	Years ended December 31,
	2020		2019
Beginning balance	$	—	$	—
Current period changes in fair value before reclassifications, net of tax	3		—
Amounts reclassified from accumulated other comprehensive income, net of tax	—		—
Total other comprehensive income	$	3	$	—
Ending balance	$	3	$	—