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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
________________________________________________________
FORM 10-Q
________________________________________________________
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission File Number: 001-38693
________________________________________________________
Allogene Therapeutics, Inc.
(Exact Name of Registrant as Specified in its Charter)
________________________________________________________
Delaware82-3562771
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
210 East Grand Avenue, South San Francisco, California 94080
(Address of principal executive offices including zip code)
Registrant’s telephone number, including area code: (650) 457-2700
N/A
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.001 par value per shareALLOThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes  ☒    No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated FilerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

As of August 3, 2020, the registrant had 139,291,518 shares of common stock, $0.001 par value per share, outstanding.



Table of Contents
Table of Contents
Page no.

i

Table of Contents
PART I: FINANCIAL INFORMATION
Item 1. Financial Statements
ALLOGENE THERAPEUTICS, INC.
Condensed Consolidated Balance Sheets
(Unaudited)
(In thousands, except share and per share amounts)
June 30,
2020
December 31,
2019
Assets(1)
Current assets:
Cash and cash equivalents$280,379  $175,126  
Short-term investments619,271  355,407  
Prepaid expenses and other current assets9,927  14,043  
Total current assets909,577  544,576  
Long-term investments210,794  58,322  
Operating lease right-of-use asset42,432  44,495  
Property and equipment, net84,605  56,449  
Intangible assets, net  151  
Restricted cash4,299  4,299  
Other long-term assets2,160  4,618  
Equity method investment4,677  4,892  
Total assets$1,258,544  $717,802  
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable$9,057  $9,250  
Accrued and other current liabilities31,838  23,829  
Total current liabilities40,895  33,079  
Lease liability, noncurrent51,067  51,349  
Other long-term liabilities3,163  4,351  
Total liabilities95,125  88,779  
Commitments and Contingencies (Notes 6 and 7)
Stockholders’ equity:
Preferred stock, $0.001 par value: 10,000,000 shares authorized as of June 30, 2020 and December 31, 2019; no shares were issued and outstanding as of June 30, 2020 and December 31, 2019
    
Common stock, $0.001 par value: 200,000,000 shares authorized as of June 30, 2020 and December 31, 2019; 139,233,450 and 124,267,358 shares issued and outstanding as of June 30, 2020 and December 31, 2019, respectively
139  124  
Additional paid-in capital1,673,026  1,023,876  
Accumulated deficit(511,576) (396,122) 
Accumulated other comprehensive income1,830  1,145  
Total stockholders’ equity1,163,419  629,023  
Total liabilities and stockholders’ equity$1,258,544  $717,802  
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
(1)The balance sheet as of December 31, 2019 is derived from the audited financial statements as of that date.
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ALLOGENE THERAPEUTICS, INC.
Condensed Consolidated Statements of Operations and Comprehensive Loss
(Unaudited)
(In thousands, except share and per share amounts)
Three Months Ended June 30,Six Months Ended June 30,
2020201920202019
Operating expenses:
Research and development$47,296  $31,774  $89,337  $55,177  
General and administrative15,862  14,187  31,502  27,245  
Total operating expenses63,158  45,961  120,839  82,422  
Loss from operations(63,158) (45,961) (120,839) (82,422) 
Other income (expense), net:
    Interest and other income, net2,340  4,559  5,600  9,384  
    Other expenses(156)   (215)   
Total other income (expense), net2,184  4,559  5,385  9,384  
Loss before income taxes(60,974) (41,402) (115,454) (73,038) 
Benefit from income taxes  159    209  
Net loss(60,974) (41,243) (115,454) (72,829) 
Other comprehensive income:
Net unrealized gain on available-for-sale investments220  756  685  1,855  
Net comprehensive loss$(60,754) $(40,487) $(114,769) $(70,974) 
Net loss per share, basic and diluted$(0.53) $(0.41) $(1.03) $(0.74) 
Weighted-average number of shares used in computing net loss per share, basic and diluted115,377,210  99,846,946  112,163,123  98,588,410  
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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ALLOGENE THERAPEUTICS, INC.
Condensed Consolidated Statements of Stockholders’ Equity
(Unaudited)
(In thousands, except share amounts)



Common StockAdditional Paid-in CapitalAccumulated DeficitAccumulated Other Comprehensive IncomeTotal Stockholders’ Equity
SharesAmount
Balance - March 31, 2020125,262,537  $125  $1,055,386  $(450,602) $1,610  $606,519  
Issuance of common stock upon exercise of stock options and vesting of RSUs
513,466  1  4,475  —  —  4,476  
Vesting of early exercised common stock
—  —  710  —  —  710  
Stock-based compensation—  —  16,770  —  —  16,770  
Issuance of common stock from public offering, net of commissions and offering costs of $36.8 million
13,457,447  13  595,685  —  —  595,698  
Net loss—  —  —  (60,974) —  (60,974) 
Net unrealized gain on available-for-sale investments
—  —  —  —  220  220  
Balance - June 30, 2020139,233,450  $139  $1,673,026  $(511,576) $1,830  $1,163,419  


Common StockAdditional
Paid-in
Capital
Accumulated
Deficit
Accumulated
Other
Comprehensive
Income
Total
Stockholders’
Equity
SharesAmount
Balance - December 31, 2019124,267,358  $124  $1,023,876  $(396,122) $1,145  $629,023  
Issuance of common stock upon exercise of stock options and vesting of RSUs
853,241  1  4,779  —  —  4,780  
Vesting of early exercised common stock
—  —  1,419  —  —  1,419  
Stock-based compensation
—  —  30,985  —  —  30,985  
Employee stock purchase plan84,565  —  1,438  —  —  1,438  
Issuance of common stock from public ATM offering, net of commissions and offering costs of $0.3 million
570,839  1  14,844  —  —  14,845  
Issuance of common stock from public offering, net of commissions and offering costs of $36.8 million
13,457,447  13  595,685  —  —  595,698  
Net loss—  —  —  (115,454) —  (115,454) 
Net unrealized gain on available-for-sale investments
—  —  —  —  685  685  
Balance - June 30, 2020139,233,450  $139  $1,673,026  $(511,576) $1,830  $1,163,419  


The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.





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ALLOGENE THERAPEUTICS, INC.
Condensed Consolidated Statements of Stockholders’ Equity
(Unaudited)
(In thousands, except share amounts)
Common StockAdditional
Paid-in
Capital
Accumulated
Deficit
Accumulated
Other
Comprehensive
Income
Total
Stockholders’
Equity
SharesAmount
Balance - March 31, 2019121,527,320  $121  $922,816  $(243,114) $1,405  $681,228  
Issuance of common stock upon exercise of stock
103,958  1  236  —  —  237  
Vesting of early exercised common stock
—  —  3,170  —  —  3,170  
Stock-based compensation—  —  11,487  —  —  11,487  
Net loss—  —  —  (41,243) —  (41,243) 
Net unrealized gain on available-for-sale investments
—  —  —  —  756  756  
Balance - June 30, 2019121,631,278  $122  $937,709  $(284,357) $2,161  $655,635  


Common StockAdditional
Paid-in
Capital
Accumulated
Deficit
Accumulated
Other
Comprehensive
Income
Total
Stockholders’
Equity
SharesAmount
Balance - December 31, 2018121,482,671  $121  $914,265  $(211,528) $306  $703,164  
Issuance of common stock upon exercise of stock
103,958  1  236  —  —  237  
Vesting of early exercised common stock
—  —  3,170  —  —  3,170  
Stock-based compensation
—  —  19,354  —  —  19,354  
Employee stock purchase plan
44,649  —  684  —  —  684  
Net loss
—  —  —  (72,829) —  (72,829) 
Net unrealized gain on available-for-sale investments
—  —  —  —  1,855  1,855  
Balance - June 30, 2019121,631,278  $122  $937,709  $(284,357) $2,161  $655,635  

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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ALLOGENE THERAPEUTICS, INC.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(In thousands)
Six Months Ended June 30,
20202019
Cash flows from operating activities:
Net loss$(115,454) $(72,829) 
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation30,985  19,354  
Amortization of other intangible assets acquired151  301  
Depreciation and amortization3,781  1,543  
Net amortization/accretion on investment securities20  (2,285) 
Non-cash rent expense1,060  1,548  
Benefit from income taxes  (209) 
Share of losses from equity method investments215    
Changes in operating assets and liabilities:
Prepaid expenses and other current assets4,116  (521) 
Other long-term assets2,458  (1,993) 
Accounts payable(503) 1,332  
Accrued and other current liabilities6,829  (107) 
Other long-term liabilities(1,188) (1,282) 
Net cash used in operating activities(67,530) (55,148) 
Cash flows from investing activities:
Purchases of property and equipment(28,307) (18,279) 
Proceeds from sales of investments4,877    
Proceeds from maturities of investments221,633  197,415  
Purchase of investments(642,181) (101,756) 
Net cash (used in) provided by investing activities(443,978) 77,380  
Cash flows from financing activities:
Proceeds from issuance of common stock from ATM offering, net of commissions and issuance costs14,845    
Proceeds from issuance of common stock from public offering, net of commissions and issuance costs595,698    
Proceeds from issuance of common stock upon exercise of stock options4,780  236  
Proceeds from issuance of common stock under the employee stock purchase plan1,438  684  
Net cash provided by financing activities616,761  920  
Net change in cash, cash equivalents and restricted cash105,253  23,152  
Cash, cash equivalents and restricted cash — beginning of period179,425  93,731  
Cash, cash equivalents and restricted cash — end of period$284,678  $116,883  
Non-cash investing activities:
Property and equipment purchases in accounts payable and accrued liabilities$8,298  $13,667  
Supplemental disclosure:
Cash paid for amounts included in the measurement of lease liabilities$2,816  $1,156  
Cash received for amounts related to tenant improvement allowances$1,617  $  
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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ALLOGENE THERAPEUTICS, INC.
Notes to Condensed Consolidated Financial Statements
1.          Description of Business
Allogene Therapeutics, Inc. (the Company or Allogene) was incorporated on November 30, 2017, in the State of Delaware and is headquartered in South San Francisco, California. Allogene is a clinical-stage immuno-oncology company pioneering the development and commercialization of genetically engineered allogeneic T cell therapies for the treatment of cancer. The Company is developing a pipeline of off-the-shelf T cell product candidates that are designed to target and kill cancer cells.
Public Offerings
In November 2019, the Company entered into a sales agreement with Cowen and Company, LLC (Cowen), under which the Company may from time to time issue and sell shares of its common stock through Cowen in at-the-market (ATM) offerings for an aggregate offering price of up to $250.0 million. The aggregate compensation payable to Cowen as the Company's sales agent equals up to 3.0% of the gross sales price of the shares sold through it pursuant to the sales agreement. In January 2020, the Company sold an aggregate of 570,839 shares of common stock in ATM offerings resulting in net proceeds of $14.8 million.
In June 2020, the Company sold 13,457,447 shares of its common stock, which included 1,755,319 shares sold pursuant to the full exercise of the underwriters' option to purchase additional shares, in an underwritten public offering at a price of $47.00 per share, which resulted in gross proceeds of approximately $632.5 million. Net proceeds to the Company after deducting the underwriting discounts and commissions and other expenses were approximately $595.7 million.
Need for Additional Capital
The Company has sustained operating losses and expects to continue to generate operating losses for the foreseeable future. The Company’s ultimate success depends on the outcome of its research and development activities. The Company had cash and cash equivalents and investments of $1.1 billion as of June 30, 2020. Since inception through June 30, 2020, the Company has incurred cumulative net losses of $511.6 million. Management expects to incur additional losses in the future to fund its operations and conduct product research and development and recognizes the need to raise additional capital to fully implement its business plan.
The Company intends to raise additional capital through the issuance of equity securities, debt financings or other sources in order to further implement its business plan. However, if such financing is not available when needed and at adequate levels, the Company will need to reevaluate its operating plan and may be required to delay the development of its product candidates. The Company expects that its cash and cash equivalents and investments will be sufficient to fund its operations for a period of at least one year from the date the accompanying unaudited condensed consolidated financial statements are filed with the Securities and Exchange Commission (SEC).
In March 2020, the World Health Organization declared the global novel coronavirus disease (COVID-19) outbreak a pandemic. The Company cannot at this time predict the specific extent, duration, or full impact that the COVID-19 pandemic will have on its financial condition and operations, including ongoing and planned clinical trials. The impact of the COVID-19 pandemic on the financial performance of the Company will depend on future developments, including the duration and spread of the pandemic and related governmental advisories and restrictions. These developments and the impact of the COVID-19 pandemic on the financial markets and the overall economy are highly uncertain. If the financial markets and/or the overall economy are impacted for an extended period, the Company’s results may be adversely affected.
2.         Summary of Significant Accounting Policies
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information and pursuant to Form 10-Q and Article 10 of Regulation S-X of the SEC. Accordingly, they do not include all of the information and footnotes required by GAAP for complete consolidated financial statements. In the Company’s opinion, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation of the results of operations and cash flows for the periods presented have been included. In June 2020, the Company formed a wholly-owned Netherlands-based subsidiary, Allogene Therapeutics, B.V., to help prepare for and assist with the Company's activities in Europe. The condensed
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consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary. All material intercompany balances and transactions have been eliminated during consolidation.
The condensed consolidated balance sheet as of June 30, 2020, the condensed consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2020 and 2019, the condensed consolidated statements of stockholders’ equity as of June 30, 2020 and 2019, the condensed consolidated statements of cash flows for the six months ended June 30, 2020 and 2019, and the financial data and other financial information disclosed in the notes to the condensed consolidated financial statements are unaudited. The results of operations for the three and six months ended June 30, 2020 are not necessarily indicative of the results to be expected for the year ending December 31, 2020, or for any other future annual or interim period. These condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements and related notes for the year ended December 31, 2019, included in the Company’s Annual Report on Form 10-K filed with the SEC on February 27, 2020.
Use of Estimates
The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of expenses during the reporting period. Significant estimates and assumptions made in the accompanying condensed consolidated financial statements include but are not limited to the fair value of stock options, income tax uncertainties, and certain accruals. The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances dictate. Actual results could differ from those estimates.
Significant Accounting Policies
There have been no significant changes to the accounting policies during the three and six months ended June 30, 2020, as compared to the significant accounting policies described in Note 1 of the “Notes to Financial Statements” in the Company’s audited financial statements included in its Annual Report, with the exception of the recently adopted accounting pronouncements in the section below.
Recently Adopted Accounting Pronouncements
In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments and also issued subsequent amendments to the initial guidance: ASU 2018-19, ASU 2019-04, ASU 2019-05, and ASU 2019-11. The standard requires measurement and recognition of expected credit losses for financial assets by requiring an allowance to be recorded as an offset to the amortized cost of such assets. For available-for-sale debt securities, expected credit losses should be estimated when the fair value of the debt securities is below their associated amortized costs. This standard is effective for fiscal years beginning after December 15, 2019, with early adoption permitted beginning the first quarter of 2019. The Company’s financial instruments that are in the scope of ASU 2016-13 include, but are not limited to, other receivables and available-for-sale debt securities. The Company adopted this standard on January 1, 2020 and applied the modified retrospective approach. Adoption of the new guidance had no significant impact on the Company’s consolidated financial statements.
In August 2018, the FASB issued Accounting Standards Update No. 2018-15, Intangibles – Goodwill and other – Internal-Use Software (Subtopic 350-40), which amended its guidance for costs of implementing a cloud computing service arrangement and aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. This new standard also requires customers to expense the capitalized implementation costs of a hosting arrangement that is a service contract over the term of the hosting arrangement. The guidance is effective for fiscal years beginning after December 15, 2019, with early adoption permitted. The Company adopted this standard on January 1, 2020, on a prospective basis for applicable implementation costs. Adoption of the new guidance had no significant impact on the Company’s consolidated financial statements.
In November 2018, the FASB issued ASU 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606, which clarifies that certain transactions between participants in a collaborative arrangement should be accounted for under ASC 606 when the counterparty is a customer. In addition, Topic 808 precludes an entity from presenting consideration from a transaction in a collaborative arrangement as revenue from contracts with customers if the counterparty is not a customer for that transaction. The Company adopted this standard on January 1, 2020. Adoption of the new guidance had no significant impact on the Company’s consolidated financial statements.
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In December 2019, the FASB issued Accounting Standards Update No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (ASU 2019-12), which simplifies the accounting for income taxes, eliminates certain exceptions within ASC 740, Income Taxes, and clarifies certain aspects of the current guidance to promote consistency among reporting entities. This guidance will be effective for the Company in the first quarter of 2021 on a prospective basis, and early adoption is permitted. The Company early adopted this standard as of January 1, 2020 on a prospective basis in accordance with ASC 250, Accounting Changes and Error Corrections. The adoption resulted in the Company no longer needing to determine the tax effect from unrealized gains on available for sale securities, which previously had been disclosed in the condensed consolidated statement of operations as a benefit from income taxes. The impact of the adoption in the three and six months ended June 30, 2020 is that the benefit from income taxes in the condensed consolidated statement of operations and comprehensive loss is zero for both periods compared to recognition of a $0.2 million and $0.2 million tax benefit for the three and six months ended June 30, 2019, respectively.
Recent Accounting Pronouncements Not Yet Adopted
In January 2020, the FASB issued Accounting Standard Update No. 2020-01, Investments – Equity Securities (Topic 321), Investments – Equity Method and Joint Ventures (Topic 323), which clarifies the interactions between topics 321 and 323 in applying or discontinuing the equity method of accounting for investments. This guidance will be effective for the Company in the first quarter of 2021, and early adoption is permitted. The Company is currently evaluating the impact of the new guidance on the consolidated financial statements.
3.         Fair Value Measurements
The Company measures and reports its cash equivalents, restricted cash, and investments at fair value.
Money market funds are measured at fair value on a recurring basis using quoted prices and are classified as Level 1. Investments are measured at fair value based on inputs other than quoted prices that are derived from observable market data and are classified as Level 2 inputs except for investments in U.S treasury securities which are classified as Level 1.
There were no Level 3 assets or liabilities as of June 30, 2020 and as of December 31, 2019.
Financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used in such measurements by major security type as of June 30, 2020 and as of December 31, 2019 are presented in the following tables: 

June 30, 2020
Level 1Level 2Level 3Fair Value
(in thousands)
Financial Assets:
Money market funds (1)$256,773  $  $  $256,773  
Commercial paper  79,910    79,910  
Corporate bonds  292,055    292,055  
U.S. treasury securities423,486      423,486  
U.S. agency securities  34,614    34,614  
Total financial assets$680,259  $406,579  $  $1,086,838  

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December 31, 2019
Level 1Level 2Level 3Fair Value
(in thousands)
Financial Assets:
Money market funds (1)$122,900  $  $  $122,900  
Corporate bonds  205,011    205,011  
U.S. treasury securities181,894      181,894  
U.S. agency securities  25,824    25,824  
Certificates of deposit  1,000    1,000  
Total financial assets$304,794  $231,835  $  $536,629  
(1)Included within cash and cash equivalents on the Company’s condensed consolidated balance sheets

4.         Financial Instruments
The fair value and amortized cost of cash equivalents and available-for-sale securities by major security type as of June 30, 2020 and as of December 31, 2019 are presented in the following tables:
June 30, 2020
Amortized CostUnrealized GainsUnrealized LossesFair Value
(in thousands)
Money market funds$256,773  $  $  $256,773  
Commercial paper79,822  90  (2) 79,910  
Corporate bonds290,898  1,205  (48) 292,055  
U.S. treasury securities422,592  907  (13) 423,486  
U.S. agency securities34,479  137  (2) 34,614  
Total cash equivalents and investments$1,084,564  $2,339  $(65) $1,086,838  
Classified as:
Cash equivalents$256,773  
Short-term investments619,271  
Long-term investments210,794  
Total cash equivalents and investments$1,086,838  

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December 31, 2019
Amortized CostUnrealized GainsUnrealized LossesFair Value
(in thousands)
Money market funds$122,900  $  $  $122,900  
Corporate bonds204,144  871  (4) 205,011  
U.S. treasury securities181,340  557  (3) 181,894  
U.S. agency securities25,658  167  (1) 25,824  
Certificates of deposit1,000      1,000  
Total cash equivalents and investments$535,042  $1,595  $(8) $536,629  
Classified as:
Cash equivalents$122,900  
Short-term investments355,407  
Long-term investments58,322  
Total cash equivalents and investments$536,629  
As of June 30, 2020, the remaining contractual maturities of available-for-sale securities were less than 3 years. There have been no significant realized losses on available-for-sale securities for the periods presented. As of June 30, 2020, unrealized losses on available-for-sale investments are not attributed to credit risk. The Company believes that it is more-likely-than-not that investments in an unrealized loss position will be held until maturity and all interest and principal will be received. The Company believes that an allowance for credit losses is unnecessary because the unrealized losses on certain of the Company’s marketable securities are due to market factors. To date, the Company has not recorded any impairment charges on marketable securities.
5.         Balance Sheets Components
Property and Equipment
Property and Equipment consist of the following:
June 30,
2020
December 31,
2019
(In thousands)
Construction in progress$36,963  $12,390  
Leasehold improvements31,519