Cash Equivalents and Equity Securities
|9 Months Ended|
Sep. 30, 2020
|Cash Equivalents and Marketable Securities [Abstract]|
|Cash Equivalents and Equity Securities||Cash Equivalents and Equity Securities
Cash equivalents at September 30, 2020 and December 31, 2019 consisted of the following (in thousands):
As of September 30, 2020, the total cash and cash equivalents balance of $71.5 million was comprised of money market funds of $51.5 million and cash of $20.0 million held with major financial institutions worldwide. As of December 31, 2019, the total cash and cash equivalents balance of $90.5 million was comprised of money market funds of $71.2 million and cash of $19.3 million held with major financial institutions worldwide.
Investment in Equity Securities
No single investor in MAI holds 20% or more of the voting stock. Our investment represented approximately 4% of MAI's voting stock at the time of the transaction. Concurrently with our initial equity investment, John Nicols, our chief executive officer, joined MAI’s board of directors, and we entered into the MAI Agreement pursuant to which we will provide technical services and expertise in exchange for compensation in the form of additional shares of voting preferred stock. We recorded no impairments or upward adjustments due to observable price changes in the investment in the three and nine months endedSeptember 30, 2020. The carrying amount of the investment was $1.0 million at September 30, 2020. For additional information, see Note 12, "Related Party Transactions."