Marketable Securities

3 Months Ended

Mar. 31, 2021

Investments Debt And Equity Securities [Abstract]

Marketable Securities

Note 7 – Marketable Securities

The following table summarizes the Company’s marketable securities as of March 31, 2021 (in thousands):

	Amortized Cost Basis		Unrealized Gains		Unrealized Losses		Fair Value
Marketable securities:
US government	$	20,448	$	124	$	—	$	20,572
Corporate bonds		14,826		19		—		14,845
Money market funds(1)		30,413		—		—		30,413
Total marketable securities	$	65,687	$	143	$	—	$	65,830

⁽¹⁾ Included within cash and cash equivalents on the condensed consolidated balance sheets.

The Company classifies its marketable securities as available-for-sale and they consist of all debt securities. The amortized cost basis as of March 31, 2021 includes $0.1 million of accrued interest receivable. As of March 31, 2021, marketable securities were in a net unrealized gain position of $0.1 million. Unrealized gains and losses on available-for-sale debt securities are included as a component of comprehensive loss.  

As of March 31, 2021, the Company did not hold any marketable securities in an unrealized loss position. Per the Company’s general investment strategy, the Company does not intend to sell the investments before maturity. As of March 31, 2021, the Company believes the cost basis for its marketable securities were recoverable in all material aspects and no credit impairments were recognized in the period.

The Company’s marketable securities as of March 31, 2021 mature at various dates through February 2022. The fair values of marketable securities by contractual maturity consist of the following (in thousands):

	March 31, 2021		December 31, 2020
Maturities within one year	$	65,830	$	88,898
Maturities after one year through three years		—		1,893
Total marketable securities	$	65,830	$	90,791