
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Included in cash and cash equivalents:
Money market funds	$	38,853	$	—	$	—	$	38,853
Commercial paper	4,978		—		—		4,978
	$	43,831	$	—	$	—	$	43,831

Restricted cash:
Money market fund	$	1,614	$	—	$	—	$	1,614
Certificate of deposit	274		—		—		274
	$	1,888	$	—	$	—	$	1,888

Marketable securities:
U.S. Treasury securities (due in less than one year)	$	21,896	$	—	$	(15)	$	21,881
Municipal securities (due in less than one year)	5,013		—		(4)		5,009
Municipal securities (due in one to two years)	2,020		—		(11)		2,009
Government-sponsored enterprise securities (due in less than one year)	2,987		—		(1)		2,986
Commercial paper (due in less than one year)	81,453		—		(73)		81,380
Corporate notes (due in less than one year)	127,029		7		(86)		126,950
Corporate notes (due in one to two years)	22,166		—		(53)		22,113
	$	262,564	$	7	$	(243)	$	262,328


(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

Cash equivalents and marketable securities with unrealized losses that have been in a continuous unrealized loss position for less than 12 months and 12 months or longer at June 30, 2026 and December 31, 2025 were as follows:


	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 June 30, 2026:

Government-sponsored enterprise securities (due in less than one year)	$	2,986	$	(1)	$	—	$	—	$	2,986	$	(1)
U.S. Treasury securities (due in less than one year)	21,881		(15)		—		—		21,881		(15)
Municipal securities (due in less than one year)	5,008		(4)		—		—		5,008		(4)
Municipal securities (due in one to two years)	2,009		(11)		—		—		2,009		(11)

Commercial paper (due in less than one year)	65,893		(73)		—		—		65,893		(73)
Corporate notes (due in less than one year)	96,460		(86)		—		—		96,460		(86)
Corporate notes (due in one to two years)	22,113		(53)		—		—		22,113		(53)
	$	216,350	$	(243)	$	—	$	—	$	216,350	$	(243)

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 government-sponsored enterprise securities, U.S. Treasury securities, municipal securities, commercial paper and corporate notes as of June 30, 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 and six months ended June 30, 2026 as we have not identified any unrealized losses for these securities attributable to credit factors. 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.