Quarterly report pursuant to Section 13 or 15(d)

Cash, Cash Equivalents and Marketable Securities

Cash, Cash Equivalents and Marketable Securities

9 Months Ended

Sep. 30, 2018

Cash, Cash Equivalents and Marketable Securities

Cash, Cash Equivalents and Marketable Securities

4. Cash, Cash Equivalents and Marketable Securities

Cash equivalents are highly liquid investments that are readily convertible into cash with original maturities of three months or less when purchased. Marketable securities consist of securities with original maturities greater than 90 days when purchased. The Company classifies these marketable securities as available-for-sale and records them at fair value in the accompanying condensed consolidated balance sheets. Unrealized gains or losses are included in accumulated other comprehensive loss. Premiums or discounts from par value are amortized to other income over the life of the underlying security.

Cash, cash equivalents and marketable securities consisted of the following at September 30, 2018 and December 31, 2017 (in thousands):


			Unrealized		Unrealized		Fair
September 30, 2018	Amortized Cost		Gains		Losses		Value
Cash and Cash equivalents:
Cash and money market funds	$	20,524	$	—	$	—	$	20,524
Overnight repurchase agreements		23,000		—		—		23,000
Marketable Securities:
U.S. treasury obligations		69,720		—		(13)		69,707
Total:	$	113,244	$	—	$	(13)	$	113,231


			Unrealized		Unrealized		Fair
December 31, 2017	Amortized Cost		Gains		Losses		Value
Cash and Cash equivalents:
Cash and money market funds	$	17,205	$	—	$	—	$	17,205
Overnight repurchase agreements		15,000		—		—		15,000
Marketable Securities:
U.S. treasury obligations		39,886		—		(42)		39,844
Total:	$	72,091	$	—	$	(42)	$	72,049

Although available to be sold to meet operating needs or otherwise, securities are generally held through maturity. The cost of securities sold is determined based on the specific identification method for purposes of recording realized gains and losses. During the three and nine months ended September 30, 2018, there were no realized gains or losses on sales of investments, and no investments were adjusted for other-than-temporary declines in fair value.

As of September 30, 2018 and December 31, 2017, all marketable securities had maturities of less than twelve months when purchased.

At September 30, 2018, the Company held fourteen securities that were in an unrealized loss position. The aggregate fair value of securities held by the Company in an unrealized loss position for less than 12 months as of September 30, 2018 was $69.7 million, and there were no securities held by the Company in an unrealized loss position for more than 12 months. The Company has the intent and ability to hold such securities until recovery. The Company determined that there was no material change in the credit risk of the above investments. As a result, the Company determined it did not hold any investments with an other-than-temporary impairment as of September 30, 2018.