Cash Equivalents and Investments

3 Months Ended

Mar. 31, 2020

Disclosure Text Block

Cash Equivalents and Investments

3. Cash Equivalents and Investments

Cash equivalents and investments, available-for-sale, consisted of the following at March 31, 2020 and December 31, 2019 (in thousands):

	Amortized		Unrealized		Unrealized		Fair
March 31, 2020	Cost		Gain		Losses		Value
Cash equivalents:
Money market funds	$	341,711	$	—	$	—	$	341,711
U.S. treasury obligations		29,999		—		—		29,999
Investments, available-for-sale:
U.S. government agency securities		100,113		883		—		100,996
U.S. treasury obligations		272,174		2,092		—		274,266
Total	$	743,997	$	2,975	$	—	$	746,972

	Amortized		Unrealized		Unrealized		Fair
December 31, 2019	Cost		Gain		Losses		Value
Cash equivalents:
Money market funds	$	98,946	$	—	$	—	$	98,946
U.S. treasury obligations		14,992		—		—		14,992
Investments, available-for-sale:
U.S. government agency securities		128,156		160		(4)		128,312
U.S. treasury obligations		305,360		358		(8)		305,710
Total	$	547,454	$	518	$	(12)	$	547,960

As of March 31, 2020, the Company has no investment in an unrealized loss position. As of December 31, 2019, the Company held 11 debt securities in an unrealized loss position with an aggregate fair value $82.1 million.

As of March 31, 2020, 12 securities with an aggregate fair value of $83.7 million have remaining maturities greater than one year. As of December 31, 2019, nine securities with an aggregate fair value of $64.4 million had remaining maturities greater than one year.