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Cash Equivalents and Marketable Securities
 12 Months Ended
Dec. 31, 2020
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):

 

 

 

December 31, 2020

 

 

 

Amortized

Cost

 

 

Gross

Unrealized

Gains

 

 

Gross

Unrealized

Losses

 

 

Estimated

Fair Value

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

6,700

 

 

$

—

 

 

$

—

 

 

$

6,700

 

U.S. treasury securities

 

 

4,005

 

 

 

—

 

 

 

(1

)

 

 

4,004

 

U.S. government agency securities

 

 

66,895

 

 

 

—

 

 

 

(2

)

 

 

66,893

 

Total cash equivalents

 

 

77,600

 

 

 

—

 

 

 

(3

)

 

 

77,597

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. treasury securities

 

 

53,183

 

 

 

1

 

 

 

(7

)

 

 

53,177

 

Corporate bonds

 

 

3,000

 

 

 

1

 

 

 

—

 

 

 

3,001

 

Total marketable securities

 

$

56,183

 

 

$

2

 

 

$

(7

)

 

$

56,178

 

 

 

 

 

December 31, 2019

 

 

 

Amortized

Cost

 

 

Gross

Unrealized

Gains

 

 

Gross

Unrealized

Losses

 

 

Estimated

Fair Value

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

7,023

 

 

$

—

 

 

$

—

 

 

$

7,023

 

Reverse repurchase agreements

 

 

6,250

 

 

 

—

 

 

 

—

 

 

 

6,250

 

Commercial paper

 

 

2,247

 

 

 

—

 

 

 

—

 

 

 

2,247

 

Total cash equivalents

 

 

15,520

 

 

 

—

 

 

 

—

 

 

 

15,520

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

 

12,931

 

 

 

15

 

 

 

—

 

 

 

12,946

 

Corporate bonds

 

 

39,714

 

 

 

45

 

 

 

(9

)

 

 

39,750

 

Total marketable securities

 

$

52,645

 

 

$

60

 

 

$

(9

)

 

$

52,696

 

 

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

The following table summarizes the available-for-sale securities in an unrealized loss position for which an allowance for credit losses has not been recorded as of December 31, 2020 and 2019, aggregated by major security type and length of time in a continuous unrealized loss position:

 

 

 

December 31, 2020

 

 

 

Less Than 12 Months

 

 

12 Months or Longer

 

 

Total

 

 

 

Fair Value

 

 

Unrealized

Losses

 

 

Fair Value

 

 

Unrealized

Losses

 

 

Fair Value

 

 

Unrealized

Losses

 

U.S. treasury securities

 

$

43,183

 

 

$

(8

)

 

$

—

 

 

$

—

 

 

$

43,183

 

 

$

(8

)

U.S. government agency securities

 

 

66,893

 

 

 

(2

)

 

 

—

 

 

 

—

 

 

 

66,893

 

 

 

(2

)

Total marketable securities

 

$

110,076

 

 

$

(10

)

 

$

—

 

 

$

—

 

 

$

110,076

 

 

$

(10

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2019

 

 

 

Less Than 12 Months

 

 

12 Months or Longer

 

 

Total

 

 

 

Fair Value

 

 

Unrealized

Losses

 

 

Fair Value

 

 

Unrealized

Losses

 

 

Fair Value

 

 

Unrealized

Losses

 

Corporate bonds

 

$

13,022

 

 

$

(9

)

 

$

—

 

 

$

—

 

 

$

13,022

 

 

$

(9

)

As of December 31, 2020 and 2019, the Company held 16 and 13 debt securities, respectively, that were in an unrealized loss position. The Company evaluated its securities for credit losses and considered the decline in market value to be primarily attributable to current economic and market conditions and not to a credit loss or other factors. Additionally, the Company does not intend to sell the securities in an unrealized loss position and does not expect they will be required to sell the securities before recovery of the unamortized cost basis. As of December 31, 2020 and 2019, an allowance for credit losses had not been recognized. Given our intent and ability to hold such securities until recovery, and the lack of significant change in credit risk of these investments, we do not consider these marketable securities to be impaired as of December 31, 2020 and 2019.

There were no realized gains or losses on marketable securities for the years ended December 31, 2020 and 2018. A realized gain is included in other expense, net for the year ended December 31, 2019. Interest on marketable securities is included in interest income. Accrued interest receivable on available-for-sale debt securities totaled $0.2 million and $0.3 million as of December 31, 2020 and 2019, respectively, and is excluded from the estimate of credit losses.

The following table summarizes the contractual maturities of the Company's marketable securities at estimated fair value (in thousands):

 

 

 

December 31,

 

 

 

2020

 

 

2019

 

Due in one year or less

 

$

56,178

 

 

$

49,687

 

Due in 1 - 2 years

 

 

—

 

 

 

3,009

 

Total marketable securities

 

$

56,178

 

 

$

52,696

 

 

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.