Cash and Cash Equivalents and Short-Term Investments

6 Months Ended

Jun. 30, 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:



	June 30, 2020
(in thousands)	Amortized Cost		Unrealized Gain		Unrealized Loss		Estimated Fair Value
Cash equivalents:
Money market funds	$	55,178	$	—	$	—	$	55,178
Total cash equivalents	$	55,178	$	—	$	—	$	55,178

Short-term investments:
Commercial paper	$	48,573	$	—	$	—	$	48,573
Corporate bonds	11,769		56		—		11,825
U.S. Treasury and agency obligations	45,143		93		—		45,236
Total short-term investments	$	105,485	$	149	$	—	$	105,634



	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 June 30, 2020 and December 31, 2019, respectively. At June 30, 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 June 30, 2020.

At June 30, 2020, all of our short-term investments had maturities within the next twelve months.