Investments

12 Months Ended

Dec. 31, 2020

Investments, Debt and Equity Securities [Abstract]

Investments

Investments

The following table summarizes the Company’s cash equivalents and investments:

	December 31, 2020
			Gross		Gross		Estimated
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
	(in thousands)
Cash equivalents:
Money market funds	$	281,783	$	—	$	—	$	281,783
Total	$	281,783	$	—	$	—	$	281,783

	December 31, 2019
			Gross		Gross		Estimated
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
	(in thousands)
Cash equivalents:
Money market funds	$	20,970	$	—	$	—	$	20,970
U.S. treasury notes	2,497		—		—		2,497
Commercial paper	4,494		—		—		4,494
Short-term investments:
Certificates of deposit	245		—		—		245
U.S. treasury notes	29,155		23		—		29,178
Commercial paper	5,228		—		—		5,228
Total	$	62,589	$	23	$	—	$	62,612

At December 31, 2019, remaining contractual maturities of available-for-sale investments classified as current on the balance sheet were less than 12 months. The company does not intend to sell the investments before maturity.

During the years ended December 31, 2020, 2019 and 2018, other income, net in the statements of operations includes interest income on available-for-sale investments of $0.5 million, $3.7 million and $2.6 million, respectively. Other income, net in the statements of operations includes income for the accretion of premiums and discounts on investments of $0.1 million, $0.3 million and $0.2 million during the years ended December 31, 2020, 2019 and 2018, respectively.

There were no unrealized gains or losses on investments reclassified from accumulated other comprehensive loss to other income, net in the statements of operations during the year ended December 31, 2020.