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Cash Equivalents and Short-Term Investments
 12 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Cash Equivalents and Short-Term Investments Cash Equivalents and Short-Term Investments
During the year ended December 31, 2024, we invested in available-for-sale debt securities, which are included in short-term investments in the consolidated balance sheets. As of December 31, 2024, our cash equivalents and short-term investments were as follows:
(in thousands)Amortized CostGross Unrealized GainsGross Unrealized Losses Less Than 12 Continuous Months
Estimated Fair Value(1)
Cash equivalents:
Money market funds$410,515 $— $— $410,515 
Total cash equivalents410,515 — — 410,515 
Short-term investments:
Corporate debt securities27,149 76 (20)27,205 
Municipal bonds18,402 39 (59)18,382 
U.S. agency bonds5,056 — (51)5,005 
Other short-term investments182 — — 182 
Total short-term investments50,789 115 (130)50,774 
Total cash equivalents and short-term investments$461,304 $115 $(130)$461,289 
(1) See Note 9, "Fair Value Measurement" for further discussion on fair values.
Of the $27.2 million of corporate debt securities, $5.3 million are in a loss position at December 31, 2024. Of the $18.4 million of municipal bonds, $6.0 million are in a loss position at December 31, 2024. Of the $5.0 million of U.S. agency bonds, $5.0 million are in a loss position at December 31, 2024.
The unrealized losses presented above are primarily attributable to changes in interest rates. We believe that we have the ability to realize the full value of these investments upon maturity.
The following table outlines maturities of our available-for-sale debt securities as of December 31, 2024:
(in thousands)Amortized CostFair Value
Less than 1 year$16,796 $16,822 
1-3 years33,811 33,770 
Total$50,607 $50,592