The following tables present the costs, net unrealized losses, and fair value by major security type for our investments as of June 30, 2025 and December 31, 2024 (in thousands):


	As of June 30, 2025
	Cost		Net Unrealized Gains		Fair Value		Cash and Cash equivalents		Short-term Investments		Long-term Investments
Cash	$	179,931	$	—	$	179,931	$	179,931	$	—	$	—
Level 1:
Money market funds	126,444		—		126,444		126,444		—		—
Commercial paper	8,265		2		8,267		2,142		6,125		—
Subtotal	134,709		2		134,711		128,586		6,125		—
Level 2:
Certificates of deposit	21,532		8		21,540		816		20,724		—
U.S. Government and agency securities	50,395		67		50,462		—		22,194		28,268
Corporate bonds	41,801		62		41,863		—		19,068		22,795
Subtotal	113,728		137		113,865		816		61,986		51,063
Level 3:	—		—		—		—		—		—
Total	$	428,368	$	139	$	428,507	$	309,333	$	68,111	$	51,063


	As of December 31, 2024
	Cost		Net Unrealized Gains (Losses)		Fair Value		Cash and Cash equivalents		Short-term Investments		Long-term Investments
Cash	$	151,820	$	—	$	151,820	$	151,820	$	—	$	—
Level 1:
Money market funds	133,739		—		133,739		133,739		—		—
Commercial paper	7,923		6		7,929		1,198		6,731		—
Subtotal	141,662		6		141,668		134,937		6,731		—
Level 2:
Certificates of deposit	23,291		13		23,304		—		23,304		—
U.S. Government and agency securities	45,668		(13)		45,655		—		23,660		21,995
Corporate bonds	40,641		23		40,664		—		20,283		20,381
Subtotal	109,600		23		109,623		—		67,247		42,376
Level 3:	—		—		—		—		—		—
Total	$	403,082	$	29	$	403,111	$	286,757	$	73,978	$	42,376