Quarterly report pursuant to Section 13 or 15(d)

Cash, cash equivalents and investments

v3.20.2
Cash, cash equivalents and investments
 6 Months Ended
Jun. 30, 2020
Cash and Cash Equivalents [Abstract]  
Cash, cash equivalents and investments Cash, cash equivalents and investments
As of June 30, 2020 and December 31, 2019, 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)
June 30, 2020
Money market funds, included in cash equivalents $ 25,502    $ 25,502    $ —    $ —   
Investments - U.S. treasuries 11,993    11,993    —    —   
Investments - Asset-backed securities 1,569    —    1,569    —   
Investments - Corporate bonds 19,350    —    19,350    —   
Total $ 58,414    $ 37,495    $ 20,919    $ —   
December 31, 2019
Money market funds, included in cash equivalents $ 47,384    $ 47,384    $ —    $ —   
Investments - U.S. treasuries 5,300    5,300    —    —   
Investments - Asset-backed securities 7,950    —    7,950    —   
Investments - Corporate bonds 28,644    —    28,644    —   
Total $ 89,278    $ 52,684    $ 36,594    $ —   
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 June 30, 2020.
Investments at June 30, 2020 consisted of the following (in thousands):
Contractual maturity
(in days)		 Amortized Cost Unrealized gains Unrealized losses Fair Value
Investments
U.S. treasuries
44-170
 $ 11,944    $ 49    $ —    $ 11,993   
Asset-backed securities
77
 1,567    3    (1)   1,569   
Corporate bonds
22-132
 19,370    20    (40)   19,350   
Total $ 32,881    $ 72    $ (41)   $ 32,912   
The Company recorded de minimis and $0.2 million in realized gains from the maturity of available-for-sale securities during the three and six months, respectively, ended June 30, 2020. The Company recorded realized gains of $0.1 million from the maturity of available-for-sale securities for both the three and six months ended June 30, 2019.
As of June 30, 2020, there were no investments with a fair value that was significantly lower than the amortized cost basis or any investments that had been in an unrealized loss position for a significant period.