
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Included in cash and cash equivalents:
Money market funds	$	43,727	$	—	$	—	$	43,727
Commercial paper	4,995		—		—		4,995
	$	48,722	$	—	$	—	$	48,722

Restricted cash:
Money market fund	$	1,610	$	—	$	—	$	1,610
Certificate of deposit	274		—		—		274
	$	1,884	$	—	$	—	$	1,884

Marketable securities:
U.S. Treasury securities (due in less than one year)	$	14,980	$	5	$	—	$	14,985
Municipal securities (due in less than one year)	10,023		1		(2)		10,022
Municipal securities (due in one to two years)	2,024		—		(7)		2,017
Government-sponsored enterprise securities (due in less than one year)	2,960		—		(1)		2,959
Commercial paper (due in less than one year)	66,584		5		(28)		66,561
Corporate notes (due in less than one year)	149,086		23		(130)		148,979
Corporate notes (due in one to two years)	24,716		—		(47)		24,669
	$	270,373	$	34	$	(215)	$	270,192


(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Included in cash and cash equivalents:
Money market funds	$	48,950	$	1	$	—	$	48,951
Commercial paper	4,979		—		—		4,979
	$	53,929	$	1	$	—	$	53,930

Restricted cash:
Money market fund	$	1,606	$	—	$	—	$	1,606
Certificate of deposit	274		—		—		274
	$	1,880	$	—	$	—	$	1,880

Marketable securities:
U.S. Treasury securities (due in less than one year)	$	22,910	$	41	$	—	$	22,951

Municipal securities (due in less than one year)	10,032		9		—		10,041


Commercial paper (due in less than one year)	79,354		49		—		79,403
Corporate notes (due in less than one year)	167,805		175		(16)		167,964
Corporate notes (due in one to two years)	41,316		11		(38)		41,289
	$	321,417	$	285	$	(54)	$	321,648


	Less Than 12 Months				12 Months or Longer				Total
(In thousands)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
As of March 31, 2026:

Government-sponsored enterprise securities (due in less than one year)	$	2,959	$	(1)	$	—	$	—	$	2,959	$	(1)
Municipal securities (due in less than one year)	4,998		(2)		—		—		4,998		(2)
Municipal securities (due in one to two years)	2,017		(7)		—		—		2,017		(7)
Commercial paper (cash equivalent)	4,995		—		—		—		4,995		—
Commercial paper (due in less than one year)	37,753		(28)		—		—		37,753		(28)
Corporate notes (due in less than one year)	93,543		(130)		—		—		93,543		(130)
Corporate notes (due in one to two years)	24,669		(47)		—		—		24,669		(47)
	$	170,934	$	(215)	$	—	$	—	$	170,934	$	(215)

As of December 31, 2025:


Corporate notes (due in less than one year)	17,987		(16)		—		—		17,987		(16)
Corporate notes (due in one to two years)	31,265		(38)		—		—		31,265		(38)
	$	49,252	$	(54)	$	—	$	—	$	49,252	$	(54)

The gross unrealized losses related to municipal securities, government-sponsored enterprise securities, commercial paper and corporate notes as of March 31, 2026 and December 31, 2025 were due to changes in interest rates and not credit risk. If an available-for-sale security’s fair value is less than its amortized cost basis, we evaluate whether the decline is the result of a credit loss, in which case an impairment is recorded through an allowance for credit losses. We have not recorded any allowances for credit losses on our available-for-sale securities for the three months ended March 31, 2026 as we have not identified any unrealized losses for these securities attributable to credit factors. Our exposure to unrealized losses may increase in the future due to the economic pressures or uncertainties associated with local or global economic recessions as a result of ongoing geopolitical events, such as the current military conflicts between Ukraine and Russia or the United States and Iran, as well as recent and potential future disruptions in access to bank deposits or lending commitments due to bank failure. We do not intend to sell the investments and it is not more likely than not that we will be required to sell the investments before recovery of their amortized cost basis, which may be maturity.