Cash and Marketable Securities

3 Months Ended

Mar. 31, 2020

Cash and Cash Equivalents [Abstract]

Cash, cash equivalents and restricted cash

A reconciliation of cash, cash equivalents, and restricted cash reported within the Condensed Consolidated Balance Sheets to the amount reported within the Condensed Consolidated Statements of Cash Flows is shown in the table below (in thousands):


	March 31,			December 31,			March 31,			December 31,
			2020			2019			2019			2018
Cash and cash equivalents	$	207,537		$	79,449		$	39,661		$	77,123
Restricted cash included within other non-current assets	1,500			1,500			1,500			1,500
Total cash, cash equivalents, and restricted cash	$	209,037		$	80,949		$	41,161		$	78,623

Marketable securities

All marketable securities were considered available-for-sale at March 31, 2020 and December 31, 2019. On a recurring basis, the Company records its marketable securities at fair value using Level 1 or Level 2 inputs as discussed in Note 2, "Fair Value Measurements". The amortized cost, gross unrealized holding gains or losses, and fair value of the Company’s marketable securities by major security type at each balance sheet date are summarized in the tables below (in thousands):


	March 31, 2020
	Amortized Cost		Unrealized Holding Gains		Unrealized Holding Losses		Aggregate Fair Value
Short-term marketable securities:
U.S. government treasuries	$	272,289	$	1,391	$	—	$	273,680

Corporate debt securities⁽¹⁾	61,920		39		(193)		61,766
Commercial paper	44,267		—		—		44,267
Total short-term marketable securities	378,476		1,430		(193)		379,713
Long-term marketable securities:
U.S. government treasuries	2,525		40		—		2,565
Corporate debt securities⁽²⁾	7,153		—		(34)		7,119
Total long-term marketable securities	9,678		40		(34)		9,684
Total	$	388,154	$	1,470	$	(227)	$	389,397

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(1)Unrealized holding losses on 10 securities, with an aggregate fair value of $35.7 million.

(2)Unrealized holding losses on 1 security, with an aggregate fair value of $7.1 million.


	December 31, 2019
	Amortized Cost		Unrealized Holding Gains		Unrealized Holding Losses		Aggregate Fair Value
Short-term marketable securities:
U.S. government treasuries⁽¹⁾	$	249,478	$	594	$	(2)	$	250,070
U.S. government agency securities	1,999		1		—		2,000
Corporate debt securities⁽²⁾	53,396		94		(11)		53,479
Commercial paper	30,358		—		—		30,358
Total short-term marketable securities	335,231		689		(13)		335,907
Long-term marketable securities:
U.S. government treasuries⁽³⁾	13,865		6		(2)		13,869

Corporate debt securities⁽⁴⁾	25,998		34		(15)		26,017
Total long-term marketable securities	39,863		40		(17)		39,886
Total	$	375,094	$	729	$	(30)	$	375,793

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(1)Unrealized holding losses on 2 securities, with an aggregate fair value of $9.3 million.

(2)Unrealized holding losses on 4 securities, with an aggregate fair value of $25.9 million.

(3)Unrealized holding losses on 1 security, with an aggregate fair value of $10.1 million.

(4)Unrealized holding losses on 3 securities, with an aggregate fair value of $17.2 million.

As of March 31, 2020 and December 31, 2019, some of the Company’s marketable securities were in an unrealized loss position. The Company has not recognized an allowance for credit losses as of March 31, 2020 or December 31, 2019. The Company determined that it had the ability and intent to hold all marketable securities that have been in a continuous loss position until maturity or recovery. Further, these marketable securities were initially, and continue to be, held with investment grade, high credit quality institutions, and the unrealized losses are believed to be the result of the recent widespread market and interest rate impact of the COVID-19 pandemic. All marketable securities with unrealized losses as of each balance sheet date have been in a loss position for less than twelve months or the loss is not material.

The Company recorded unrealized gains on marketable securities as other comprehensive income in the three months ended March 31, 2020. As a result, the Company recorded a tax benefit of $0.1 million for the three months ended March 31, 2020 on the Condensed Consolidated Statements of Operations and Comprehensive Loss and a corresponding tax charge in other comprehensive income. During the three months ended March 31, 2019, no tax benefit was recorded on unrealized gains recorded in other comprehensive income.

All of the Company’s marketable securities have an effective maturity of less than two years.