Cash and Cash Equivalents and Short-Term Investments

3 Months Ended

Mar. 31, 2020

Cash and Cash Equivalents [Abstract]

Cash and Cash Equivalents and Short-Term Investments

The following tables summarize the amortized cost, unrealized gain and loss and estimated fair value of cash equivalents and short-term investments:



	March 31, 2020
(in thousands)	Amortized Cost		Unrealized Gain		Unrealized Loss			Estimated Fair Value
Cash equivalents:
Money market funds	$	40,395	$	—	$	—		$	40,395
Total cash equivalents	$	40,395	$	—	$	—		$	40,395

Short-term investments:
Commercial paper	$	52,984	$	—	$	—		$	52,984
Corporate bonds	20,775		6		(109		)	20,672
U.S. Treasury and agency obligations	45,002		266		—			45,268
Total short-term investments	$	118,761	$	272	$	(109	)	$	118,924



	December 31, 2019
(in thousands)	Amortized Cost		Unrealized Gain		Unrealized Loss			Estimated Fair Value
Cash equivalents:
Money market funds	$	13,588	$	—	$	—		$	13,588
Commercial paper	8,987		—		—			8,987
Total cash equivalents	$	22,575	$	—	$	—		$	22,575

Short-term investments:
Commercial paper	$	61,371	$	—	$	—		$	61,371
Corporate bonds	23,856		14		(1		)	23,869
U.S. Treasury and agency obligations	52,627		38		(1		)	52,664
Total short-term investments	$	137,854	$	52	$	(2	)	$	137,904

Gross unrealized losses were not material at March 31, 2020 and December 31, 2019, respectively. At March 31, 2020, we considered the extent to which any unrealized losses on our short-term investments were driven by credit risk and other factors, including market risk, and if it is more-likely-than-not that we would have to sell the security before the recovery of the amortized cost basis. Based on our assessment, we do not believe any unrealized losses represent credit losses at March 31, 2020.

At March 31, 2020, all of our short-term investments had maturities within the next twelve months.

At March 31, 2020 and December 31, 2019, cash and cash equivalents included $0.4 million of restricted cash, that was related to collateral for a lease and credit card deposits, and excluded $0.3 million of restricted cash, that was related to an account established as collateral for a lease arrangement and was included in other assets on the consolidated balance sheets.