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Short-Term Investments
 12 Months Ended
Dec. 31, 2019
Investments Disclosure [Abstract]  
SHORT-TERM INVESTMENTS

4. SHORT-TERM INVESTMENTS

The Company invests its excess cash in fixed income instruments denominated and payable in U.S. dollars including U.S. treasury securities, commercial paper, corporate debt securities and asset-backed securities in accordance with the Company’s investment policy that primarily seeks to maintain adequate liquidity and preserve capital.

The Company has designated all investments as available-for-sale and therefore such investments are reported at fair value. Unrealized gains or losses on investments are recorded in accumulated other comprehensive income or loss, a component of stockholders’ equity, on the Company’s consolidated balance sheets.

The following table summarizes the Company’s investments, which are included in cash equivalents and short-term investments:

 

As of December 31, 2019

 

Amortized

Cost

 

 

Unrealized

Gains

 

 

Unrealized

Losses

 

 

Fair Value

 

 

 

(in thousands)

 

Repurchase agreements

 

$

14,000

 

 

$

—

 

 

$

—

 

 

 

14,000

 

Asset-backed securities

 

 

14,866

 

 

 

10

 

 

 

—

 

 

 

14,876

 

Money market mutual funds

 

 

39,524

 

 

 

—

 

 

 

—

 

 

 

39,524

 

Commercial paper

 

 

41,259

 

 

 

—

 

 

 

—

 

 

 

41,259

 

U.S. Treasury securities

 

 

59,926

 

 

 

45

 

 

 

—

 

 

 

59,971

 

Corporate debt securities

 

 

92,380

 

 

 

128

 

 

 

—

 

 

 

92,508

 

Total

 

$

261,955

 

 

$

183

 

 

$

—

 

 

$

262,138

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2018

 

Amortized

Cost

 

 

Unrealized

Gains

 

 

Unrealized

Losses

 

 

Fair Value

 

 

 

(in thousands)

 

Asset-backed securities

 

$

19,541

 

 

$

—

 

 

$

(21

)

 

$

19,520

 

U.S. Treasury securities

 

 

29,980

 

 

 

—

 

 

 

(6

)

 

 

29,974

 

Money market mutual funds

 

 

31,740

 

 

 

—

 

 

 

—

 

 

 

31,740

 

Corporate debt securities

 

 

54,511

 

 

 

—

 

 

 

(50

)

 

 

54,461

 

Commercial paper

 

 

78,571

 

 

 

—

 

 

 

—

 

 

 

78,571

 

Total

 

$

214,343

 

 

$

—

 

 

$

(77

)

 

$

214,266

 

 

As of December 31, 2019, the Company had no securities that are in an unrealized loss position. The Company utilizes the specific identification method in computing realized gains and losses. The Company had no realized gains and losses on its available-for-sale securities for the years ended December 31, 2019 and 2018. The contractual maturity dates of all of the Company’s investments are less than one year.