Financial Instruments

3 Months Ended

Mar. 31, 2025

The fair value and amortized cost of cash equivalents and available-for-sale investments by major security type are presented in the following table (in thousands):


	March 31, 2025
	Amortized Cost		Unrealized Gain		Unrealized Loss		Estimated Fair Value
Cash equivalents and investments:
Money market funds	$	182,259	$	—	$	—	$	182,259
U.S. treasury bills	4,980		1		—		4,981
Corporate debt securities	54,422		43		(8)		54,457
U.S. government bonds	24,849		69		—		24,918
Commercial paper	2,407		1		—		2,408
Total cash equivalents and investments	$	268,917	$	114	$	(8)	$	269,023
Classified as:
Cash equivalents							$	182,259
Short-term investments							65,852
Long-term investments							20,912
Total cash equivalents and investments							$	269,023


	December 31, 2024
	Amortized Cost		Unrealized Gain		Unrealized Loss		Estimated Fair Value
Cash equivalents:
Money market funds	$	202,965	$	—	$	—	$	202,965
U.S. treasury bills	$	2,957	$	7	$	—	$	2,964
Corporate debt securities	$	37,942	$	50	$	(14)	$	37,978
U.S. government bonds	$	26,819	$	90	$	(5)	$	26,904
Agency bonds	$	2,490	$	2	$	—	$	2,492
Total cash equivalents and investments	$	273,173	$	149	$	(19)	$	273,303
Classified as:
Cash equivalents							$	202,965
Short-term investments							57,812
Long-term investments							12,526
Total cash equivalents and investments							$	273,303

As of March 31, 2025, the remaining contractual maturities of available-for-sale debt securities were as follows (in thousands):


	Estimated Fair Value
Due within one year	$	65,852
One to two years	20,912
Total	$	86,764

During the three months ended March 31, 2025 and 2024, there have been no significant realized gains or losses on available-for-sale investments, no investments have been in a continuous unrealized loss position for more than 12 months, and the Company did not recognize any material unrealized gains or losses on these securities.