We review the fair value of our financial assets based on quoted prices for identical assets or prices for similar assets in active markets. The following tables summarize our assets that are measured at fair value on a recurring basis:


	March 31, 2026
(in thousands)	Fair Value Hierarchy	Amortized Cost		Unrealized Gain		Unrealized Loss		Estimated Fair Value
Cash equivalents
Money market funds	Level 1	$	23,312	$	—	$	—	$	23,312

Total cash equivalents		$	23,312	$	—	$	—	$	23,312

Short-term investments
Commercial paper	Level 2	$	5,215	$	—	$	(8)	$	5,207
Corporate bonds	Level 2	101,689		44		(82)		101,651
Asset backed securities	Level 2	22,885		9		(18)		22,876
Yankee bonds	Level 2	11,221		—		(6)		11,215
U.S. Treasury and agency obligations	Level 2	80,168		48		(94)		80,122
Total short-term investments		$	221,178	$	101	$	(208)	$	221,071


	December 31, 2025
(in thousands)	Fair Value Hierarchy	Amortized Cost		Unrealized Gain		Unrealized Loss		Estimated Fair Value
Cash equivalents
Money market funds	Level 1	$	59,760	$	—	$	—	$	59,760
Total cash equivalents		$	59,760	$	—	$	—	$	59,760

Short-term investments
Commercial paper	Level 2	$	5,063	$	3	$	—	$	5,066
Corporate bonds	Level 2	94,729		167		(2)		94,894
Asset backed securities	Level 2	17,331		33		—		17,364
Yankee bonds	Level 2	13,280		14		(1)		13,293
U.S. Treasury and agency obligations	Level 2	83,629		173		—		83,802
Total short-term investments		$	214,032	$	390	$	(3)	$	214,419

We considered the extent to which any unrealized losses on our short-term investments were driven by credit risk and other factors, including market risk, and if it is more-likely-than-not that we would have to sell the security before the recovery of the amortized cost basis. At March 31, 2026 and December 31, 2025, our unrealized losses were due to changes in market interest rates compared to when the investments were initiated. We do not believe any unrealized losses represent credit losses, and it is unlikely we would sell the investments before we would recover their amortized cost basis.


	March 31, 2026				December 31, 2025
(in thousands)	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Due within one year	$	176,950	$	176,964	$	178,677	$	178,995
Due between one and two years	44,228		44,107		35,355		35,424
Total short-term investments	$	221,178	$	221,071	$	214,032	$	214,419

At March 31, 2026 and December 31, 2025, cash and cash equivalents included $8.7 million of restricted cash related to collateral for outstanding letters of credit and an operating lease.

Our investments in privately held, nonmarketable securities are measured at cost, less any impairment, plus or minus observable price changes for similar investments of the same issuer, and were as follows:


(in thousands)	Fair Value Hierarchy	March 31, 2026		December 31, 2025
Equity securities	Level 3	$	6,902	$	6,702
Debt and other securities	Level 3	1,000		1,000
Total other investments		$	7,902	$	7,702

We did not have any liabilities measured and recorded at fair value on a recurring basis at March 31, 2026 and December 31, 2025.