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Cash Equivalents and Short-Term Investments
 12 Months Ended
Dec. 31, 2023
Cash and Cash Equivalents [Abstract]  
Cash Equivalents and Short-Term Investments Cash Equivalents and Short-Term Investments
The following tables summarize the amortized cost, unrealized gain and loss and estimated fair value of cash equivalents and short-term investments:
December 31, 2023
(in thousands)Amortized CostUnrealized GainUnrealized LossEstimated Fair Value
Cash equivalents
Money market funds$130,375 $— $— $130,375 
Total cash equivalents$130,375 $— $— $130,375 
Short-term investments
Commercial paper$82,188 $50 $(22)$82,216 
Corporate bonds61,200 40 (91)61,149 
Asset backed securities15,032 26 (15)15,043 
Yankee bonds6,926 4 (17)6,913 
U.S. Treasury and agency obligations71,456 97 (34)71,519 
Total short-term investments$236,802 $217 $(179)$236,840 
December 31, 2022
(in thousands)Amortized CostUnrealized GainUnrealized LossEstimated Fair Value
Cash equivalents
Money market funds$201,476 $— $— $201,476 
Total cash equivalents$201,476 $— $— $201,476 
Short-term investments
Commercial paper$144,093 $2 $(377)$143,718 
Corporate bonds37,778 — (194)37,584 
Asset backed securities19,723 11 (161)19,573 
Certificates of deposit10,000 — — 10,000 
Supranational bonds4,017 — (67)3,950 
U.S. Treasury and agency obligations52,309 — (565)51,744 
Total short-term investments$267,920 $13 $(1,364)$266,569 
We considered the extent to which any unrealized losses on our short-term investments were driven by credit risk and other factors, including market risk, and if it is more-likely-than-not that we would have to sell the security before the recovery of the amortized cost basis. At December 31, 2023 and 2022, our unrealized losses were due to rising market interest rates compared to when the investments were initiated. We do not believe any unrealized losses represent credit losses, and it is unlikely we would sell the investments before we would recover their amortized cost basis.
The contractual maturities of our short-term investments are as follows:
December 31, 2023December 31, 2022
(in thousands)Amortized CostEstimated Fair ValueAmortized CostEstimated Fair Value
Due within one year$219,437 $219,414 $243,430 $242,129 
Due between one and four years17,365 17,426 24,490 24,440 
Total short-term investments$236,802 $236,840 $267,920 $266,569