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Cash, Cash Equivalents and Investments
 9 Months Ended
Sep. 30, 2021
Cash and Cash Equivalents [Abstract]  
Cash, Cash Equivalents and Investments CASH, CASH EQUIVALENTS AND INVESTMENTS
Securities classified as cash, cash equivalents and investments as of September 30, 2021 and December 31, 2020 are summarized below (in thousands):
September 30, 2021
Gross Unrealized
Amortized CostGainsLossesFair Value
Cash and cash equivalents:
Cash$5,712 $— $— $5,712 
Money market funds68,326 — — 68,326 
Commercial paper1,250 — — 1,250 
Total cash and cash equivalents75,288 — — 75,288 
Short-term investments
Commercial paper$49,919 $3 $— $49,922 
Corporate bonds11,100 3 (2)11,101 
Asset-backed securities5,341 — (1)5,340 
Total short-term investments66,360 6 (3)66,363 
Total cash equivalents and investments$141,648 $6 $(3)$141,651 
December 31, 2020
Gross Unrealized
Amortized CostGainsLossesFair Value
Cash and cash equivalents:
Cash$781 $— $— $781 
Money market funds88,151 — — 88,151 
Commercial paper2,100 — — 2,100 
Total cash and cash equivalents91,032 — — 91,032 
Short-term investments
Commercial paper$60,631 $2 $(4)$60,629 
Corporate bonds24,547 3 (6)24,544 
U.S. government-sponsored agency bonds9,277 2 — 9,279 
U.S. treasury notes1,000 — — 1,000 
Total short-term investments95,455 7 (10)95,452 
Long-term investments:
Corporate bonds$2,115 $(1)2,114 
Total cash equivalents and investments$188,602 $7 $(11)$188,598 
We invest excess cash in marketable securities with high credit ratings. These securities consist primarily of money market funds, commercial paper, corporate bonds, asset-backed securities, and U.S. treasury and agency securities and are classified as “available-for-sale.”
All of the available-for-sale securities that we held as of September 30, 2021 had contractual maturities of less than one year. Our available-for-sale securities are subject to a periodic impairment review. We consider a debt security to be impaired when the fair value of that security is less than its carrying cost, in which case we would further evaluate the investment to determine whether the security is other-than-temporarily impaired. When we evaluate an investment for other-
than-temporary impairment, we review factors such as the length of time and extent to which fair value has been below cost basis, the financial condition or creditworthiness of the issuer and any changes thereto, intent to sell, and whether it is more likely than not we will be required to sell the investment before the recovery of its cost basis. If an investment is other-than-temporarily impaired, we write the investment down through the statement of operations to its fair value and establish that value as the new cost basis for the investment. Management has determined that none of our available-for-sale securities were other-than-temporarily impaired in any of the periods presented, and, as of September 30, 2021, no investment was in a continuous unrealized loss position for more than one year. As such, we believe that it is more likely than not that investments in a loss position will be held until maturity or a forecasted recovery of fair value.