Cash and Cash Equivalents

12 Months Ended

Dec. 31, 2020

Cash And Cash Equivalents [Abstract]

Cash and Cash Equivalents

3. CASH AND CASH EQUIVALENTS

From time to time, the Company may have cash balances in financial institutions in excess of federal deposit insurance limits. The Company has never experienced any losses related to these balances. The Company considers only those investments that are highly liquid, readily convertible to cash, and that mature within three months from date of purchase to be cash equivalents.

The following table summarizes the Company’s cash and cash equivalents:

	December 31,
	2020		2019
	(in thousands)
Cash	$	250	$	250
Repurchase agreements		—		14,000
Money market funds		217,181		39,524
Total cash and cash equivalents	$	217,431	$	53,774