Marketable Securities

3 Months Ended

Mar. 31, 2020

Investments, Debt and Equity Securities [Abstract]

All of the Company's marketable securities were available-for-sale and were classified based on their maturities. Marketable securities with remaining maturities at the date of purchase of three months or less are classified as cash equivalents. Short term investments are securities that original maturity or remaining maturity is greater than three months and not more than twelve months. Long-term investments are securities for which the original maturity or remaining maturity is greater than twelve months.

The table below summarizes the marketable securities:


	March 31, 2020
	Amortized Cost		Unrealized Gains		Unrealized Losses		Aggregate Fair Value
	(in thousands)
Money market funds	$	62,194	$	—	$	—	$	62,194

Cash equivalents	62,194		—		—		62,194

U.S. treasury securities	52,025		323		—		52,348
Corporate bonds	11,816		4		(47)		11,773
Commercial paper	13,252		—		—		13,252
Short-term investments	77,093		327		(47)		77,373

Corporate bonds	1,278		—		(4)		1,274
Long-term investments	1,278		—		(4)		1,274
Total marketable securities	$	140,565	$	327	$	(51)	$	140,841


	December 31, 2019
	Amortized Cost		Unrealized Gains		Unrealized Losses		Aggregate Fair Value
	(in thousands)
Money market funds	$	3,068	$	—	$	—	$	3,068
Commercial paper	2,495		—		—		2,495
Cash equivalents	5,563		—		—		5,563

U.S. treasury securities	67,051		34		(2)		67,083
Corporate bonds	9,075		24		(2)		9,097
Commercial paper	5,165		—		—		5,165
Short-term investments	81,291		58		(4)		81,345

Corporate bonds	1,278		—		—		1,278
Long-term investments	1,278		—		—		1,278
Total marketable securities	$	88,132	$	58	$	(4)	$	88,186

The long-term investments outstanding as of March 31, 2020 and December 31, 2019 mature in April 2021.

Unrealized gains and losses on available-for-sale securities are recorded in accumulated other comprehensive income (loss) on the condensed consolidated balance sheets. The Company evaluates its investments to assess whether those in unrealized loss positions are other-than-temporarily impaired. The Company considers impairments to be other-than-temporary if it is related to deterioration in credit risk or if it is likely the Company will sell the securities before the recovery of their cost basis. The Company did not identify any of its marketable securities as other-than-temporarily impaired as of March 31, 2020 and December 31, 2019.