Investment Securities

6 Months Ended

Jun. 30, 2019

Investments Debt And Equity Securities [Abstract]

Investment Securities

3. INVESTMENT SECURITIES

The Company reports its available-for-sale investment securities at their estimated fair values based on quoted market prices for identical or similar instruments. The following is a summary of the available-for-sale investment securities held by the Company as of June 30, 2019 and December 31, 2018 (in thousands):

	As of June 30, 2019
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Market Value
Available-for-sale investment securities:
U.S. government and agency obligations	$	41,410	$	163	$	—	$	41,573
Certificates of deposit		5,909		52		—		5,961
Commercial paper		24,603		—		—		24,603
Corporate debt securities		13,102		19		—		13,121
Total	$	85,024	$	234	$	—	$	85,258

	As of December 31, 2018
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
Available-for-sale investment securities:
U.S. government and agency obligations	$	42,193	$	72	$	(1	)	$	42,264
Certificates of deposit		5,408		—		—			5,408
Commercial paper		47,686		—		—			47,686
Corporate debt securities		23,554		2		(12	)		23,544
Total	$	118,841	$	74	$	(13	)	$	118,902

All available-for-sale investment securities held at June 30, 2019 and December 31, 2018, had maturity dates of less than 24 months.

None of the Company’s available-for-sale investment securities were in a material unrealized loss position at June 30, 2019 or December 31, 2018. As such, the Company has not recognized any impairment in its financial statements related to its available-for-sale investment securities.