Quarterly report pursuant to Section 13 or 15(d)

Available-for-Sale Securities

v3.20.2
Available-for-Sale Securities
9 Months Ended
Sep. 30, 2020
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):

 

 

 

September 30, 2020

 

Financial Assets

 

Amortized Cost

 

 

Unrealized

Gains

 

 

Unrealized

Losses

 

 

Fair Value

 

Money market funds

 

$

10,838

 

 

$

 

 

$

 

 

$

10,838

 

U.S. Treasury securities

 

 

96,757

 

 

 

29

 

 

 

(2

)

 

 

96,784

 

Commercial paper

 

 

21,972

 

 

 

26

 

 

 

 

 

 

21,998

 

Corporate debt securities

 

 

13,892

 

 

 

44

 

 

 

 

 

 

13,936

 

U.S. agency bonds

 

 

4,400

 

 

 

3

 

 

 

 

 

 

4,403

 

Total

 

$

147,859

 

 

$

102

 

 

$

(2

)

 

$

147,959

 

 

 

 

December 31, 2019

 

Financial Assets

 

Amortized Cost

 

 

Unrealized

Gains

 

 

Unrealized

Losses

 

 

Fair Value

 

Money market funds

 

$

14,731

 

 

$

 

 

$

 

 

$

14,731

 

U.S. Treasury securities

 

 

5,285

 

 

 

1

 

 

 

(1

)

 

 

5,285

 

Commercial paper

 

 

15,174

 

 

 

12

 

 

 

 

 

 

15,186

 

Corporate debt securities

 

 

17,168

 

 

 

3

 

 

 

 

 

 

17,171

 

U.S. agency bonds

 

 

25,597

 

 

 

16

 

 

 

 

 

 

25,613

 

Total

 

$

77,955

 

 

$

32

 

 

$

(1

)

 

$

77,986

 

As of September 30, 2020 and December 31, 2019, 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 September 30, 2020 and December 31, 2019 (in thousands):

 

 

 

September 30, 2020

 

 

December 31, 2019

 

 

 

Less than 12 consecutive months

 

 

Less than 12 consecutive months

 

 

 

Fair Value

 

 

Unrealized Losses

 

 

Fair Value

 

 

Unrealized Losses

 

U.S. Treasury securities

 

$

15,282

 

 

$

(2

)

 

$

4,535

 

 

$

(1

)

Total

 

$

15,282

 

 

$

(2

)

 

$

4,535

 

 

$

(1

)

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 September 30, 2020. There were no sales of available-for-sale securities in any of the periods presented.

As of September 30, 2020, 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

 

$

147,859

 

 

$

147,959

 

Total available-for-sale securities

 

$

147,859

 

 

$

147,959