v3.25.1
Cash Equivalents and Short-Term Investments
 3 Months Ended
Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Cash Equivalents and Short-Term Investments Cash Equivalents and Short-Term Investments
During the three months ended March 31, 2025, we invested in available-for-sale debt securities, which are included in short-term investments in the condensed consolidated balance sheets. As of March 31, 2025, our cash equivalents and short-term investments were as follows:

March 31, 2025
(in thousands)Amortized CostGross Unrealized GainsGross Unrealized Losses Less Than 12 Continuous Months
Estimated Fair Value(1)
Cash equivalents:
Money market funds$556,356 $— $— $556,356 
Total cash equivalents556,356 — — 556,356 
Short-term investments:
Corporate debt securities44,556 195 (8)44,743 
Municipal bonds20,416 53 (27)20,442 
U.S. agency bonds5,050 — (16)5,034 
Other short-term investments185 — — 185 
Total short-term investments70,207 248 (51)70,404 
Total cash equivalents and short-term investments$626,563 $248 $(51)$626,760 
(1) See Note 9, "Fair Value Measurement" for further discussion on fair values.
Of the $44.7 million of corporate debt securities, $3.5 million were in a loss position at March 31, 2025. Of the $20.4 million of municipal bonds, $5.9 million were in a loss position at March 31, 2025. All $5.0 million of the U.S. agency bonds were in a loss position at March 31, 2025.
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 March 31, 2025:
(in thousands)Amortized CostFair Value
Less than 1 year$19,958 $19,987 
1-3 years50,064 50,232 
Total$70,022 $70,219 
As of December 31, 2024, our cash equivalents and short-term investments were as follows:
December 31, 2024
(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 were in a loss position at December 31, 2024. Of the $18.4 million of municipal bonds, $6.0 million were in a loss position at December 31, 2024. All $5.0 million of the U.S. agency bonds were in a loss position at December 31, 2024.