Quarterly report pursuant to Section 13 or 15(d)

Cash, Cash Equivalents and Marketable Securities

v3.19.3
Cash, Cash Equivalents and Marketable Securities
9 Months Ended
Sep. 30, 2019
Investments Debt And Equity Securities [Abstract]  
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 gain (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, 2019 and December 31, 2018 (in thousands):

 

 

 

 

 

 

 

Unrealized

 

 

Unrealized

 

 

Fair

 

September 30, 2019

 

Amortized Cost

 

 

Gains

 

 

Losses

 

 

Value

 

Cash and Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and money market funds

 

$

21,364

 

 

$

 

 

$

 

 

$

21,364

 

Overnight repurchase agreements

 

 

12,000

 

 

 

 

 

 

 

 

 

12,000

 

Marketable Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. treasury obligations

 

 

74,753

 

 

 

21

 

 

 

 

 

 

74,774

 

Total:

 

$

108,117

 

 

$

21

 

 

$

 

 

$

108,138

 

 

 

 

 

 

 

 

Unrealized

 

 

Unrealized

 

 

Fair

 

December 31, 2018

 

Amortized Cost

 

 

Gains

 

 

Losses

 

 

Value

 

Cash and Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and money market funds

 

$

34,886

 

 

$

 

 

$

 

 

$

34,886

 

Overnight repurchase agreements

 

 

15,000

 

 

 

 

 

 

 

 

 

15,000

 

Marketable Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. treasury obligations

 

 

49,796

 

 

 

 

 

 

(3

)

 

 

49,793

 

Total:

 

$

99,682

 

 

$

 

 

$

(3

)

 

$

99,679

 

 

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 nine months ended September 30, 2019, 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, 2019 and December 31, 2018, all marketable securities had maturities of less than twelve months when purchased and therefore were classified as short-term.

At September 30, 2019, the Company held two 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 twelve months as of September 30, 2019 was $10.0 million. There were no securities held by the Company in an unrealized loss position for more than twelve months as of September 30, 2019. 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 marketable securities. As a result, the Company determined it did not hold any marketable securities with an other-than temporary impairment as of September 30, 2019.