Marketable Securities (Tables)

3 Months Ended

Mar. 31, 2021

Investments Debt And Equity Securities [Abstract]

Summary of Company Marketable Securities

The following tables present a summary of the Company’s marketable securities, which consist of available-for-sale debt securities and equity securities (in thousands):

	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
March 31, 2021
U.S. government and federal agency securities	$	7,590	$	—	$	(1	)	$	7,589
Certificates of deposit		1,466		23		—			1,489
Corporate bonds		353,423		221		(754	)		352,890
Municipal securities		3,025		3		—			3,028
	$	365,504	$	247	$	(755	)	$	364,996

	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
December 31, 2020
U.S. government and federal agency securities	$	12,782	$	22	$	—		$	12,804
Certificates of deposit		1,956		34		—			1,990
Corporate bonds		165,850		497		(55	)		166,292
Municipal securities		3,035		2		—			3,037
	$	183,623	$	555	$	(55	)	$	184,123

Summary of unrealized loss on available-for-sale securities, net, presented in the statements of operations and comprehensive loss

Unrealized loss on available-for-sale securities, net, as presented in the statements of operations and comprehensive loss consisted of the following (in thousands):

	Three Months Ended March 31,
	2021			2020
Unrealized loss before reclassifications	$	(1,001	)	$	(755	)
Realized gains reclassified to investment income		(7	)		(30	)
Income tax expense		—			—
Unrealized loss on available-for-sale securities, net	$	(1,008	)	$	(785	)

Summary of Fair Values and Unrealized Losses of Marketable Securities Held by the Company in an Unrealized Loss Position for Less Than 12 months and 12 Months or Greater

The following tables present the fair values and unrealized losses of available-for-sale debt securities held by the Company in an unrealized loss position for less than 12 months and 12 months or greater (in thousands):

	Less than 12 Months					12 Months or Greater				Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
March 31, 2021
U.S. government and federal    agency securities	$	7,589	$	(1	)	$	—	$	—	$	7,589	$	(1	)
Corporate bonds		275,305		(754	)		—		—		275,305		(754	)
	$	282,894	$	(755	)	$	—	$	—	$	282,894	$	(755	)

	Less than 12 Months					12 Months or Greater				Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
December 31, 2020
Corporate bonds	$	55,507	$	(55	)	$	—	$	—	$	55,507	$	(55	)
	$	55,507	$	(55	)	$	—	$	—	$	55,507	$	(55	)