The following tables summarize investments accounted for as available-for-sale securities (in thousands):


	As of June 30, 2025
	Acquisition Cost		Unrealized Gain		Unrealized Loss			Estimated Fair Value
Money market funds	$	11,797	$	—	$	—		$	11,797
U.S. government obligations		112,456		12		(17	)		112,451
Total cash equivalents and investments	$	124,253	$	12	$	(17	)	$	124,248
Classified as:
Cash equivalents								$	11,797
Short-term investments									112,451
Total cash equivalents and investments								$	124,248


	As of December 31, 2024
	Acquisition Cost		Unrealized Gain		Unrealized Loss			Estimated Fair Value
Money market funds	$	24,889	$	—	$	—		$	24,889
U.S. government obligations		118,170		121		(2	)		118,289
Corporate debt securities		7,236		2		—			7,238
Total cash equivalents and investments	$	150,295	$	123	$	(2	)	$	150,416
Classified as:
Cash equivalents								$	24,889
Short-term investments									125,527
Total cash equivalents and investments								$	150,416

On June 30, 2025 and December 31, 2024, the remaining contractual maturities of all the Company’s available-for-sale investments were less than 12 months. As of June 30, 2025 and December 31, 2024, the Company has not established an allowance for credit losses for any of its available-for-sale securities.

As of June 30, 2025, there were 21 available-for-sale securities, with an estimated fair value of $78.6 million in gross unrealized loss positions. As of December 31, 2024, there was one available-for-sale security, with an estimated fair value of $8.0 million in a gross unrealized loss position. Based on its review of these investments, the Company believes that the unrealized losses reflect the impact of the rising interest rate environment and were not other-than-temporary in nature.