Quarterly report pursuant to Section 13 or 15(d)

Available-for-Sale Securities

v3.21.1
Available-for-Sale Securities
3 Months Ended
Mar. 31, 2021
Investments Debt And Equity Securities [Abstract]  
Available-for-Sale Securities

4. Available-for-Sale Securities

The following table is a summary of available-for-sale securities recorded in cash and cash equivalents or marketable securities in the Company’s condensed consolidated balance sheets (in thousands):

 

 

 

March 31, 2021

 

Financial Assets

 

Amortized Cost

 

 

Unrealized

Gains

 

 

Unrealized

Losses

 

 

Fair Value

 

Money market funds

 

$

20,342

 

 

$

 

 

$

 

 

$

20,342

 

U.S. Treasury securities

 

 

96,542

 

 

 

24

 

 

 

 

 

 

96,566

 

Commercial paper

 

 

6,992

 

 

 

 

 

 

 

 

 

6,992

 

Corporate debt securities

 

 

15,850

 

 

 

 

 

 

(8

)

 

 

15,842

 

Total

 

$

139,726

 

 

$

24

 

 

$

(8

)

 

$

139,742

 

 

 

 

December 31, 2020

 

Financial Assets

 

Amortized Cost

 

 

Unrealized

Gains

 

 

Unrealized

Losses

 

 

Fair Value

 

Money market funds

 

$

19,347

 

 

$

 

 

$

 

 

$

19,347

 

U.S. Treasury securities

 

 

107,703

 

 

 

10

 

 

 

(5

)

 

 

107,708

 

Commercial paper

 

 

998

 

 

 

2

 

 

 

 

 

 

1,000

 

Corporate debt securities

 

 

10,509

 

 

 

3

 

 

 

(1

)

 

 

10,511

 

Total

 

$

138,557

 

 

$

15

 

 

$

(6

)

 

$

138,566

 

As of March 31, 2021 and December 31, 2020, the Company has not recognized an allowance for credit losses on any securities in an unrealized loss position.

The following table displays additional information regarding gross unrealized losses and fair value by major security type for available-for-sale securities in an unrealized loss position as of March 31, 2021 and December 31, 2020 (in thousands):

 

 

 

March 31, 2021

 

 

December 31, 2020

 

 

 

Less than 12 consecutive months

 

 

Less than 12 consecutive months

 

 

 

Fair Value

 

 

Unrealized Losses

 

 

Fair Value

 

 

Unrealized Losses

 

Corporate debt securities

 

$

15,842

 

 

$

(8

)

 

$

9,006

 

 

$

(1

)

Commercial paper

 

 

6,992

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

 

 

 

 

 

 

 

43,202

 

 

 

(5

)

Total

 

$

22,834

 

 

$

(8

)

 

$

52,208

 

 

$

(6

)

The Company currently does not intend to sell these securities prior to maturity and does not consider these investments to be other-than-temporarily impaired at March 31, 2021. There were no sales of available-for-sale securities in any of the periods presented.

As of March 31, 2021, the amortized cost and estimated fair value of the Company’s available-for-sale securities by contractual maturity are shown below (in thousands):

 

 

 

Amortized

 

 

Estimated

 

Available-for-sale securities maturing:

 

Cost

 

 

Fair Value

 

In one year or less

 

$

139,726

 

 

$

139,742

 

Total available-for-sale securities

 

$

139,726

 

 

$

139,742