The following table summarizes the Company’s unrealized gains and losses and estimated fair value of cash, cash equivalents, restricted cash and investments in available-for-sale securities recorded in the condensed consolidated balance sheets (in thousands):


	As of June 30, 2025									As of December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Cash and money market funds	$	143,512	$	—	$	—		$	143,512	$	33,204	$	—	$	—		$	33,204
Corporate notes and bonds		3,460		7		—			3,467		45,823		22		(53	)		45,792
US government and agency		513,303		154		(238	)		513,219		287,084		319		(118	)		287,285
Total cash, cash equivalents, restricted cash and investments	$	660,275	$	161	$	(238	)	$	660,198	$	366,111	$	341	$	(171	)	$	366,281

Unrealized losses related to investments were primarily a result of interest rate fluctuations. The following tables present information about the Company’s investments in available-for-sale securities with gross unrealized losses and the length of time that individual securities have been in a continuous unrealized loss position (in thousands):


	As of June 30, 2025
	Less than 12 Months					12 Months or Longer					Total
	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Loses
US government and agency	$	361,711	$	(236	)	$	3,984	$	(2	)	$	365,695	$	(238	)
Total	$	361,711	$	(236	)	$	3,984	$	(2	)	$	365,695	$	(238	)


	As of December 31, 2024
	Less than 12 Months					12 Months or Longer					Total
	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Loses
Corporate notes and bonds	$	—	$	—		$	24,396	$	(53	)	$	24,396	$	(53	)
US government and agency		67,600		(111	)		3,987		(7	)		71,587		(118	)
Total	$	67,600	$	(111	)	$	28,383	$	(60	)	$	95,983	$	(171	)

The Company did not have any allowance for credit losses as of either June 30, 2025 or December 31, 2024. The Company neither intends to nor believes that it is more likely than not that it will be required to sell the investments in an unrealized loss position before the recovery of the associated amortized cost basis.

The estimated fair value of the Company’s cash, cash equivalents, restricted cash and investments in available-for-sale securities as of June 30, 2025, aggregated by investment category and classified by contractual maturity date, is as follows (in thousands):


	1 Year or Less		Greater than 1 Year		Total
Cash and money market funds	$	140,582	$	2,930	$	143,512
Corporate notes and bonds		3,467		—		3,467
US government and agency		403,317		109,902		513,219
Total	$	547,366	$	112,832	$	660,198