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Cash Equivalents and Investments
 12 Months Ended
Dec. 31, 2019
Cash and Cash Equivalents [Abstract]  
Cash Equivalents and Investments Cash Equivalents and Investments

During the years ended December 31, 2019 and 2018, the Company purchased marketable debt securities, which are classified as available-for-sale and carried at fair value in the accompanying consolidated balance sheets on a settlement date basis. The following tables summarize the gross unrealized gains and losses of the Company’s marketable securities as of December 31, 2019 and December 31, 2018:

 
 
December 31, 2019
 
 
 
 
Gross Unrealized
 
 
 
 
Amortized Cost
 
Gains
 
Losses
 
Estimated Fair Value
Money market funds
 
$
5,381

 
$
—

 
$
—

 
$
5,381

Commercial paper
 
11,892

 
—

 
—

 
11,892

Corporate notes
 
18,369

 
11

 
—

 
18,380

U.S. government securities
 
11,291

 
4

 
—

 
11,295

U.S. asset-backed securities
 
10,503

 
6

 
—

 
10,509

 
 
$
57,436

 
$
21

 
$
—

 
$
57,457

Classified as:
 
 
 
 
 
 
 
 
Cash equivalents
 
 
 
 
 
 
 
$
5,381

Short term investments
 
 
 
 
 
 
 
42,829

Long term investments
 
 
 
 
 
 
 
9,247

 
 
 
 
 
 
$
57,457


 
 
December 31, 2018
 
 
 
 
Gross Unrealized
 
 
(In thousands)
 
Amortized Cost
 
Gains
 
Losses
 
Fair Value
Money market funds
 
$
5,838

 
$
—

 
$
—

 
$
5,838

Repurchase agreements
 
5,000

 
—

 
—

 
5,000

Commercial paper
 
30,710

 
—

 
—

 
30,710

Corporate notes
 
13,168

 
—

 
(24
)
 
13,144

U.S. government securities
 
10,167

 
—

 
(1
)
 
10,166

U.S. asset-backed securities
 
10,632

 
—

 
(14
)
 
10,618

 
 
$
75,515

 
$
—

 
$
(39
)
 
$
75,476

Classified as:
 
 
 
 
 
 
 
 
Cash equivalents
 
 
 
 
 
 
 
$
10,838

Short-term investments
 
 
 
 
 
 
 
64,638

 
 
 
 
 
 
$
75,476


As of the year ended December 31, 2018, the Company invested $5.0 million in overnight repurchase agreement securities classified as cash equivalents on the balance sheet.
There were no marketable securities that the Company considers to be other-than-temporarily impaired as of December 31, 2019. The Company's investment strategy is to buy short-duration marketable securities with a high credit rating. As of December 31, 2019, all marketable securities held by the Company had remaining contractual maturities of three years or less.
If any adjustment to fair value reflects a decline in the value of the investment, the Company considers all available evidence to evaluate the extent to which the decline is “other than temporary,” including the Company’s intention to sell and, if so, mark the investment to market through a charge to our consolidated statement of operations. There have been no impairments of the Company’s assets measured and carried at fair value for the year ended December 31, 2019.