Cash and cash equivalents mainly consisted of U.S. government and municipal obligations, commercial paper, money market instruments and cash maintained with various financial institutions at March 31, 2026 and 2025.

The following is a summary of marketable securities held by the Company at March 31, 2026 classified as short-term and long-term (in thousands):


	Amortized Cost		Unrealized Losses			Fair Value
Type of security:
U.S. government and municipal obligations	$	12,050	$	(3	)	$	12,047
Commercial paper		48,793		—			48,793
Corporate bonds		6,169		(10	)		6,159
Certificates of deposit		6,048		—			6,048
Agency bonds		8,413		(2	)		8,411
Total short-term marketable securities		81,473		(15	)		81,458
U.S. government and municipal obligations		4,045		(10	)		4,035
Agency bonds		33,254		(101	)		33,153
Total long-term marketable securities		37,299		(111	)		37,188
Total marketable securities	$	118,772	$	(126	)	$	118,646

The following is a summary of marketable securities held by the Company at March 31, 2025, classified as short-term and long-term (in thousands):


	Amortized Cost		Unrealized Gains (Losses)			Fair Value
Type of security:
U.S. government and municipal obligations	$	4,413	$	1		$	4,414
Commercial paper		17,358		—			17,358
Certificates of deposit		505		—			505
Total short-term marketable securities		22,276		1			22,277
U.S. government and municipal obligations		1,005		(1	)		1,004
Total long-term marketable securities		1,005		(1	)		1,004
Total marketable securities	$	23,281	$	—		$	23,281

Contractual maturities of the Company's marketable securities held at March 31, 2026 and 2025 (in thousands) were as follows:


	March 31, 2026		March 31, 2025
Available-for-sale securities:
Due in 1 year or less	$	81,458	$	22,277
Due after 1 year through 5 years		37,188		1,004
	$	118,646	$	23,281

In February 2023, the Company entered into a forward share purchase agreement with Napatech A/S (Napatech), a publicly traded Danish company registered on the Oslo stock exchange, to purchase approximately 6.2 million shares of Napatech's common stock for $7.5 million. In April 2023, the Company settled the forward share purchase contract with Napatech in exchange for approximately 6.2 million shares of Napatech's common stock and recorded a $0.2 million change in the fair value of the derivative instrument in other income (expense), net within the Company's consolidated statement of operations during the fiscal year ended March 31, 2024. The Company records the investment at fair value at the end of each period based on the closing price of Napatech's stock. At March 31, 2025 and 2024, the fair value of the investment in Napatech was $11.8 million and $11.5 million, respectively, and was included in marketable securities and investments in the Company's consolidated balance sheet. On August 4, 2025 the Company sold its entire equity investment in Napatech, receiving cash proceeds of $11.8 million. During the fiscal years ended March 31, 2026, 2025, and 2024, the Company recognized a loss of $1.0 million and gains of $0.4 million and $5.5 million, respectively, in the fair value of the equity investment in Napatech in other income (expense), net within the Company's consolidated statement of operations. For the fiscal years ended March 31, 2025 and 2024, the unrealized losses related to foreign currency translation on the equity investment in Napatech were immaterial.