The Company may invest 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 and classified as short-term investments on the Company’s consolidated balance sheets. 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 Company had no short-term investments as of December 31, 2020.

The following table summarizes the Company’s short-term investments as of December 31, 2019:

As of December 31, 2019	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
	(in thousands)
Asset-backed securities	$	14,866	$	10	$	—	$	14,876
Commercial paper		41,259		—		—		41,259
U.S. Treasury securities		59,926		45		—		59,971
Corporate debt securities		92,380		128		—		92,508
Total short-term investments	$	208,431	$	183	$	—	$	208,614

The Company utilizes the specific identification method in computing realized gains and losses. The Company had no realized gains and losses on its short-term investments for the years ended December 31, 2020 and 2019. The contractual maturity dates of all of the Company’s investments are less than one year.