Financial Instruments

6 Months Ended

Jun. 30, 2021

Investments Debt And Equity Securities [Abstract]

Financial Instruments

Note 4. Financial Instruments

The following table summarizes the amortized cost and fair value of securities available-for-sale (in thousands):

	Amortized Cost/Cost		Unrealized Gains		Unrealized Losses			Fair Value
June 30, 2021:
Money market fund	$	193,504	$	—	$	—		$	193,504
U.S. government agency securities and treasuries		37,567		11		(10	)		37,568
Total	$	231,071	$	11	$	(10	)	$	231,072
December 31, 2020:
Money market fund	$	70,713	$	—	$	—		$	70,713
U.S. government agency securities and treasuries		225,181		5		—		$	225,186
Total	$	295,894	$	5	$	—		$	295,899

No available-for-sale debt securities held as of June 30, 2021 and December 31, 2020 had remaining maturities greater than one year. Unrealized gains and losses on available-for-sale securities are included as a component of comprehensive loss. At June 30, 2021, the Company did not have any securities in material unrealized loss positions.

The Company reviews its investment portfolio to identify and evaluate investments that have an indication of possible other-than-temporary impairment. Factors considered in determining whether a loss is other-than-temporary include the length of time and extent to which fair value has been less than the cost basis, the financial condition and near-term prospects of the investee, and the Company’s intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value. The Company does not intend to sell any investments prior to recovery of their amortized cost basis for any investments in an unrealized loss position.