The following tables show the Company’s cash, cash equivalents and investments by significant investment category as of June 30, 2025 and December 31, 2024 in accordance with the fair value hierarchy (in thousands):


	June 30, 2025
	Adjusted Cost		Unrealized Gains		Unrealized Losses		Fair Value		Cash and Cash Equivalents		Short-Term Investments		Long-Term Investments
Cash	$	26,307	$	—	$	—	$	26,307	$	26,307	$	—	$	—
Level 1 (1):
Money market funds	42,097		—		—		42,097		42,097		—		—
Level 2 (2):
Fixed deposits	3,518		—		—		3,518		—		3,518		—
Total	$	71,922	$	—	$	—	$	71,922	$	68,404	$	3,518	$	—


	December 31, 2024
	Adjusted Cost		Unrealized Gains		Unrealized Losses		Fair Value		Cash and Cash Equivalents		Short-Term Investments		Long-Term Investments
Cash	$	30,431	$	—	$	—	$	30,431	$	30,431	$	—	$	—
Level 1 (1):
Money market funds	145,671		—		—		145,671		145,671		—		—
Level 2 (2):
Treasury bills	1,462		1		—		1,463		—		1,463		—
U.S. government bonds	33,567		61		(9)		33,619		—		26,566		7,053
U.S. agency securities	6,907		—		(3)		6,904		—		—		6,904
Commercial paper	10,670		2		—		10,672		1,248		9,424		—
Corporate debt securities	53,926		112		(17)		54,021		—		37,677		16,344
Certificates of deposit	3,009		—		—		3,009		—		3,009		—
Subtotal	109,541		176		(29)		109,688		1,248		78,139		30,301
Total	$	285,643	$	176	$	(29)	$	285,790	$	177,350	$	78,139	$	30,301

(2) Level 2 fair value estimates are based on observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

During each of the six months ended June 30, 2025 and year ended December 31, 2024, there were no transfers of assets or liabilities between any levels of the fair value hierarchy.