Quarterly report pursuant to Section 13 or 15(d)

Cash, Cash Equivalents and Investments

v3.19.3
Cash, Cash Equivalents and Investments
 9 Months Ended
Sep. 30, 2019
Cash and Cash Equivalents [Abstract]  
Cash, cash equivalents and investments
Cash, cash equivalents and investments
As of September 30, 2019 and December 31, 2018, cash, cash equivalents and investments comprised of funds in depository, money market accounts, U.S. treasury securities, asset backed securities and corporate bonds. The following table presents the cash equivalents and investments carried at fair value in accordance with the hierarchy defined in Note 2 (in thousands):
 
Total
Quoted prices in active markets (Level 1)
Significant other observable inputs (Level 2)
Significant unobservable inputs
(Level 3)
September 30, 2019
 
 
 
 
Money market funds, included in cash equivalents
$
14,525

$
14,525

$
—

$
—

Investments - U.S. treasuries
3,699

3,699

—

—

Investments - Asset-backed securities
8,444

—

8,444

—

Investments - Corporate bonds
28,032

—

28,032

—

Total
$
54,700

$
18,224

$
36,476

$
—

 
 
 
 
 
December 31, 2018
 
 
 
 
Money market funds, included in cash equivalents
$
7,791

$
7,791

$
—

$
—

Corporate bonds, included in cash equivalents
10,910

—

10,910

—

Investments - U.S. treasuries
7,518

7,518

—

—

Investments - Asset-backed securities
5,758

—

5,758

—

Investments - Corporate bonds
39,964

—

39,964

—

Total
$
71,941

$
15,309

$
56,632

$
—


Cash equivalents and marketable securities have been initially valued at the transaction price and subsequently valued, at the end of each reporting period, utilizing third party pricing services or other market observable data. The pricing services utilize industry standard valuation models, including both income and market-based approaches and observable market inputs to determine value. The Company validates the prices provided by its third-party pricing services by reviewing their pricing methods and obtaining market values from other pricing sources, as needed. After completing its validation procedures, the Company did not adjust any fair value measurements provided by the pricing services as of September 30, 2019.
Investments at September 30, 2019 consist of the following (in thousands):
 
Contractual maturity
(in days)
Amortized Cost
Unrealized gains
Unrealized losses
Fair Value
Investments
 
 
 
 
 
U.S. treasuries
138-167
$
3,631

$
68

$
—

$
3,699

Asset-backed securities
46-198
8,374

70

—

8,444

Corporate bonds
7-270
27,842

190

—

28,032

Total
 
$
39,847

$
328

$
—

$
40,175


The Company recorded realized gains of $0.1 million and $0.2 million from the maturity of available-for-sale securities during the three and nine months ended September 30, 2019, respectively. The Company recorded $0.8 million and $0.7 million of realized gains during the three and nine months ended September 30, 2018, respectively.