Quarterly report pursuant to Section 13 or 15(d)

Available-for-Sale Securities

v3.21.2
Available-for-Sale Securities
6 Months Ended
Jun. 30, 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):

 

 

 

June 30, 2021

 

Financial Assets

 

Amortized Cost

 

 

Unrealized

Gains

 

 

Unrealized

Losses

 

 

Fair Value

 

Money market funds

 

$

23,873

 

 

$

 

 

$

 

 

$

23,873

 

U.S. Treasury securities

 

 

68,124

 

 

 

9

 

 

 

 

 

 

68,133

 

Commercial paper

 

 

18,724

 

 

 

5

 

 

 

 

 

 

18,729

 

Corporate debt securities

 

 

15,730

 

 

 

2

 

 

 

(1

)

 

 

15,731

 

Total

 

$

126,451

 

 

$

16

 

 

$

(1

)

 

$

126,466

 

 

 

 

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 June 30, 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 June 30, 2021 and December 31, 2020 (in thousands):

 

 

 

June 30, 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

 

$

7,013

 

 

$

(1

)

 

$

9,006

 

 

$

(1

)

U.S. Treasury securities

 

 

 

 

 

 

 

 

43,202

 

 

 

(5

)

Total

 

$

7,013

 

 

$

(1

)

 

$

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 June 30, 2021. There were no sales of available-for-sale securities in any of the periods presented.

As of June 30, 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

 

$

126,451

 

 

$

126,466

 

Total available-for-sale securities

 

$

126,451

 

 

$

126,466