Cash Equivalents and Marketable Securities

3 Months Ended

Mar. 31, 2020

Investments Debt And Equity Securities [Abstract]

Cash Equivalents and Marketable Securities

4. Cash Equivalents and Marketable Securities

Cash equivalents and marketable securities consisted of the following as of March 31, 2020 and December 31, 2019 (in thousands):

	March 31, 2020
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Cash equivalents
Money market funds	$	54,841	$	—	$	—		$	54,841
Total cash equivalents		54,841		—		—			54,841
Short-term marketable securities
Corporate commercial paper		93,091		256		—			93,347
Corporate debt securities		142,848		99		(307	)		142,640
Government‑sponsored enterprise securities		15,994		61		—			16,055
Total short-term marketable securities		251,933		416		(307	)		252,042
Long-term marketable securities
Corporate debt securities		8,563		—		(29	)		8,534
Government‑sponsored enterprise securities		21,037		74		—			21,111
Total long-term marketable securities		29,600		74		(29	)		29,645
Total	$	336,374	$	490	$	(336	)	$	336,528

	December 31, 2019
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Cash equivalents
Money market funds	$	17,664	$	—	$	—		$	17,664
Corporate commercial paper		6,982		1		—			6,983
Corporate debt securities		10,205		—		(1	)		10,204
Total cash equivalents		34,851		1		(1	)		34,851
Short-term marketable securities
Corporate commercial paper		95,061		36		(9	)		95,088
Corporate debt securities		154,678		54		(42	)		154,690
Government‑sponsored enterprise securities		26,231		34		—			26,265
Total short-term marketable securities		275,970		124		(51	)		276,043
Long-term marketable securities
Corporate debt securities		14,194		8		—			14,202
Government‑sponsored enterprise securities		38,037		18		—			38,055
Total long-term marketable securities		52,231		26		—			52,257
Total	$	363,052	$	151	$	(52	)	$	363,151

All our marketable securities are considered available-for-sale. There were no sales of available-for-sale marketable securities in any of the periods presented. The aggregate fair value of marketable securities that were in unrealized loss positions was approximately $107.4 million as of March 31, 2020 and included 16 investment positions with aggregate unrealized losses of approximately $0.3 million. Unrealized losses on an individual security basis was immaterial. We had aggregate net unrealized gains of approximately $0.2 million and $0.1 million at March 31, 2020 and December 31, 2019, respectively, with respect to our entire marketable securities portfolio.

As of March 31, 2020, we did not have the intent, and management had not made any decisions, to sell our investments that were in an unrealized loss position and it is not more likely than not that we will be required to sell these investments before recovery of their amortized cost basis. We anticipate that we will recover the entire amortized cost basis of such securities and have determined that a credit loss did not exist as of March 31, 2020. At March 31, 2020, the remaining contractual maturities of long-term marketable securities were less than two years. In April 2020, we decided to sell certain of our short-term and long-term marketable securities andreceived approximately $101.9 million in gross proceeds, realizing a net gain of $0.2 million.