Marketable Securities

12 Months Ended

Dec. 31, 2019

3. Marketable Securities

Marketable securities consist of the following:


	December 31, 2019
			Gross		Gross
	Amortized		Unrealized		Unrealized		Estimated
(in thousands)	Cost		Gain		Loss		Fair Value
U.S. treasury securities	$	4,991	$	—	$	—	$	4,991
Agency bonds		24,437		15		(1)		24,451
Corporate bonds		271,124		103		(155)		271,072
Total	$	300,552	$	118	$	(156)	$	300,514

As of December 31, 2019, none of the Company's fixed maturity investments were in continuous unrealized loss positions for more than 12 consecutive months. Unrealized losses on all fixed maturity investments in a continuous loss position for less than 12 consecutive months were approximately $156,000 as of December 31, 2019. All of the Company’s investments at each year end are classified as available for sale and are carried at fair value. As of December 31, 2019, no investments are considered to be other-than-temporarily impaired. The Company uses the specific identification method when calculating realized gains and losses. The Company did not have any realized gains or losses on available-for-sale securities during the years ended December 31, 2019. The Company did not have any marketable securities as of or during the year ended December 31, 2018. The Company recorded interest income of $2.0 million and $0 during the years ended December 31, 2019 and 2018, respectively, which is included in other income on the statement of operations and comprehensive loss.

The following table summarizes maturities of the Company’s investments available-for-sale as of December 31, 2019:


	December 31, 2019
			Fair
(in thousands)	Cost		Value
Maturities:
Within 1 year	$	168,186	$	168,204
From more than 1 to 5 years		132,366		132,310
Total investments available for sale	$	300,552	$	300,514