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Financial Instruments
3 Months Ended
Mar. 31, 2019
Investments Debt And Equity Securities [Abstract]  
Financial Instruments

4. Financial Instruments

Cash equivalents and investments, all of which are classified as available-for-sale securities and restricted cash, consisted of the following (in thousands):

 

 

March 31, 2019

 

 

December 31, 2018

 

 

Cost

 

 

Unrealized

Gain

 

 

Unrealized

(Loss)

 

 

Estimated

Fair Value

 

 

Cost

 

 

Unrealized

Gain

 

 

Unrealized

(Loss)

 

 

Estimated

Fair Value

 

Money market funds

$

12,047

 

 

$

 

 

$

 

 

$

12,047

 

 

 

$

14,077

 

 

$

 

 

$

 

 

$

14,077

 

Corporate notes and

     commercial paper

 

63,817

 

 

 

8

 

 

 

(13

)

 

 

63,812

 

 

 

 

73,769

 

 

 

 

 

 

(36

)

 

 

73,733

 

U.S. treasury securities

 

22,392

 

 

 

18

 

 

 

 

 

 

22,410

 

 

 

 

20,334

 

 

 

4

 

 

 

(4

)

 

 

20,334

 

U.S. government agency

     securities

 

18,473

 

 

 

 

 

 

(20

)

 

 

18,453

 

 

 

 

28,149

 

 

 

 

 

 

(77

)

 

 

28,072

 

 

$

116,729

 

 

$

26

 

 

$

(33

)

 

$

116,722

 

 

 

$

136,329

 

 

$

4

 

 

$

(117

)

 

$

136,216

 

Classified as:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

 

 

 

 

 

 

 

 

 

 

 

 

$

39,867

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

50,681

 

Short-term investments

 

 

 

 

 

 

 

 

 

 

 

 

 

76,415

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

85,095

 

Restricted cash

 

 

 

 

 

 

 

 

 

 

 

 

 

440

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

440

 

Total cash equivalents,

   restricted cash and

   investments

 

 

 

 

 

 

 

 

 

 

 

 

$

116,722

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

136,216

 

 

At March 31, 2019, the remaining contractual maturities of available-for-sale securities were less than one year. There have been no significant realized gains or losses on available-for-sale securities for the periods presented. As of March 31, 2019, unrealized losses on cash equivalents and investments were $33,000 and the losses were deemed to be temporary. The gross unrealized loss that had been in a continuous loss position for 12 months or longer was $22,000 and $59,000 as of March 31, 2019, and December 31, 2018, respectively. The Company had unrealized losses of $22,000 on investments with an aggregate fair value of $20.5 million that were in a continuous loss position for 12 months or longer as of March 31, 2019. The Company does not intend to sell its securities that are in an unrealized loss position, and it is unlikely that the Company will be required to sell its securities before recovery of their amortized cost basis, which may be maturity. Factors considered in determining whether a loss is temporary include the length of time and extent to which the fair value has been less than the amortized cost basis and whether the Company intends to sell the security or whether it is more likely than not that the Company would be required to sell the security before recovery of the amortized cost basis. As of March 31, 2019, the Company had a total of $117.4 million in cash, cash equivalents, restricted cash and short-term investments, which includes $0.7 million in cash and $116.7 million in cash equivalents, restricted cash and investments.