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Cash Equivalents and Marketable Securities
 3 Months Ended
Mar. 31, 2019
Investments Debt And Equity Securities [Abstract]  
Cash Equivalents and Marketable Securities

4. Cash Equivalents and Marketable Securities

The following tables summarize the estimated fair value of the Company’s cash equivalents and marketable securities and the gross unrealized gains and losses (in thousands):

 

 

 

March 31, 2019

 

 

 

Amortized

Cost

 

 

Gross

Unrealized

Gains

 

 

Gross

Unrealized

Losses

 

 

Estimated

Fair Value

 

Cash equivalents

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

14,613

 

 

$

—

 

 

$

—

 

 

$

14,613

 

Reverse repurchase agreements

 

 

6,250

 

 

 

—

 

 

 

—

 

 

 

6,250

 

Commercial paper

 

 

5,980

 

 

 

—

 

 

 

—

 

 

 

5,980

 

Total cash equivalents

 

 

26,843

 

 

 

—

 

 

 

—

 

 

 

26,843

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Marketable securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

 

36,938

 

 

 

15

 

 

 

(2

)

 

 

36,951

 

U.S. government securities

 

 

1,119

 

 

 

—

 

 

 

—

 

 

 

1,119

 

Total marketable securities

 

$

38,057

 

 

$

15

 

 

$

(2

)

 

$

38,070

 

 

 

 

 

December 31, 2018

 

 

 

Amortized

Cost

 

 

Gross

Unrealized

Gains

 

 

Gross

Unrealized

Losses

 

 

Estimated

Fair Value

 

Cash equivalents

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

7,180

 

 

$

—

 

 

$

—

 

 

$

7,180

 

Reverse repurchase agreements

 

 

6,250

 

 

 

—

 

 

 

—

 

 

 

6,250

 

Commercial paper

 

 

5,977

 

 

 

—

 

 

 

(1

)

 

 

5,976

 

Total cash equivalents

 

 

19,407

 

 

 

—

 

 

 

(1

)

 

 

19,406

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Marketable securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

 

47,964

 

 

 

—

 

 

 

(24

)

 

 

47,940

 

U.S. government securities

 

 

4,114

 

 

 

—

 

 

 

(2

)

 

 

4,112

 

Total marketable securities

 

$

52,078

 

 

$

—

 

 

$

(26

)

 

$

52,052

 

 

The reverse repurchase agreements are settled in cash nightly, and as such are classified as cash equivalents.

As of March 31, 2019 and December 31, 2018, all debt securities with an unrealized loss position have been in a loss position for less than one year. The aggregate fair value of debt securities in an unrealized loss position as of March 31, 2019 and December 31, 2018 were $8.4 million and $45.6 million, respectively, with no individual securities in a significant unrealized loss position. The Company evaluated its securities for other-than-temporary impairment and considered the decline in market value for the securities to be primarily attributable to current economic and market conditions and would not be required to sell the securities before recovery of the amortized cost basis. Based on this analysis, these marketable securities were not considered to be other-than-temporarily impaired as of March 31, 2019 and December 31, 2018.

The Company may sell investments at any time for use in current operations even if they have not yet reached maturity. As a result, the Company classifies marketable securities, including securities with maturities beyond twelve months as current assets. All of the cash equivalents and marketable securities held as of March 31, 2019 and December 31, 2018 had maturities of less than one year.