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Cash Equivalents and Short-Term Investments
 12 Months Ended
Dec. 31, 2024
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, 2024
(in thousands)Amortized CostUnrealized GainUnrealized LossEstimated Fair Value
Cash equivalents
Money market funds$190,750 $— $— $190,750 
Total cash equivalents$190,750 $— $— $190,750 
Short-term investments
Commercial paper$41,610 $— $(6)$41,604 
Corporate bonds95,267 208 (65)95,410 
Asset backed securities30,740 63 (7)30,796 
Yankee bonds13,998 16 (7)14,007 
U.S. Treasury and agency obligations66,614 155 (39)66,730 
Total short-term investments$248,229 $442 $(124)$248,547 
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 
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, 2024 and 2023, 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, 2024December 31, 2023
(in thousands)Amortized CostEstimated Fair ValueAmortized CostEstimated Fair Value
Due within one year$204,156 $204,532 $219,437 $219,414 
Due between one and two years44,073 44,015 17,365 17,426 
Total short-term investments$248,229 $248,547 $236,802 $236,840