Marketable Securities

9 Months Ended

Sep. 30, 2021

Investments, Debt and Equity Securities [Abstract]

Available-for-sale marketable securities and cash and cash equivalents as of September 30, 2021 and December 31, 2020 consisted of the following (in thousands):


	September 30, 2021
	Amortized Cost Value		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Cash and cash equivalents:
Cash	$	39,309	$	—	$	—	$	39,309
Money market funds	70,250		—		—		70,250
Total	$	109,559	$	—	$	—	$	109,559


	December 31, 2020
	Amortized Cost Value		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Cash and cash equivalents:
Cash	$	44,616	$	—	$	—	$	44,616
Money market funds	46,820		—		—		46,820
Total	$	91,436	$	—	$	—	$	91,436

Marketable securities:
Domestic corporate debt securities	$	18,266	$	21	$	(2)	$	18,285
Domestic corporate commercial paper	4,993		2		—		4,995


Total	$	23,259	$	23	$	(2)	$	23,280

The Company reviews marketable securities 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. We evaluate whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, we consider the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss on the condensed consolidated balance sheet, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that is not related to credit is recognized in other comprehensive income.

Changes in the allowance for credit losses are recorded as a provision for (or reversal of) credit loss expense on the condensed consolidated statement of operations. Losses are charged against the allowance when the Company believes the uncollectability of an available-for-sale debt security is confirmed or when either of the criteria regarding intent or requirement to sell is met. There was one available-for-sale debt security in an unrealized loss position at December 31, 2020 for which an allowance for credit losses was not recorded as it was attributable to changes in interest rates and the Company did not believe any unrealized losses represented credit losses. There were no available-for-sale debt securities or unrealized losses at September 30, 2021.