The following tables summarize our assets measured at fair value on a recurring basis and the classification by level of input within the fair value hierarchy:


	June 30, 2026		December 31, 2025

	(in thousands)
Cash and Cash Equivalents
Level 1
Cash	$	118,822		$	160,252
Money Market funds	93,303			89,157
Level 2
Commercial paper	11,326			35,139
Term deposits	17,591			41,614
Structured debt securities	11,194			15,876
Total	$	252,236		$	342,038

The following table presents for each reporting period, the breakdown of investment securities held at cost basis:


	June 30, 2026		December 31, 2025

	(in thousands)


Securities Held-to-maturity
Commercial paper	$	22,355	$	17,366
Structured debt securities	17,091		17,625
Corporate debt securities	11,394		11,750
Total	$	50,840	$	46,742

The gross unrealized gains or (loss) on our investment securities were not material as of June 30, 2026 and December 31, 2025.

For our investment securities, the fair value approximates the carrying amount, given the nature of the term deposit and the maturity of the expected cash flows.

The following table classifies our held-to-maturity securities by contractual maturities:


	Held-to-maturity
	June 30, 2026

	(in thousands)
Due in one year	$	28,052
Due in one to five years	22,788
Total	$	50,840