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Cash Equivalents and Short-Term Investments
 6 Months Ended
Jun. 30, 2025
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:

June 30, 2025
(in thousands)Amortized CostUnrealized GainUnrealized LossEstimated Fair Value
Cash equivalents
Money market funds$29,441 $— $— $29,441 
Total cash equivalents$29,441 $— $— $29,441 
Short-term investments
Commercial paper$5,390 $1 $— $5,391 
Corporate bonds94,042 166 (4)94,204 
Asset backed securities24,328 17 (3)24,342 
Yankee bonds7,678 10 — 7,688 
U.S. Treasury and agency obligations79,789 89 (14)79,864 
Total short-term investments$211,227 $283 $(21)$211,489 
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 
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 June 30, 2025 and December 31, 2024, 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:
June 30, 2025December 31, 2024
(in thousands)Amortized CostEstimated Fair ValueAmortized CostEstimated Fair Value
Due within one year$164,340 $164,511 $204,156 $204,532 
Due between one and two years46,887 46,978 44,073 44,015 
Total short-term investments$211,227 $211,489 $248,229 $248,547 
At June 30, 2025 and December 31, 2024, cash and cash equivalents included $8.5 million and $8.2 million, respectively, of restricted cash related to collateral for outstanding letters of credit and an operating lease.