Cash and investments in marketable securities, including cash equivalents, are as follows (in thousands):


	Estimated Fair Value at
	June 30, 2026		December 31, 2025
Cash and cash equivalents	$	39,267	$	15,116
Short-term investments		645,074		230,636
Long-term investments		339,061		—
Total cash and investments in marketable securities	$	1,023,402	$	245,752

Our portfolio of cash and investments in marketable securities, including cash equivalents, consists of the following (in thousands):


		June 30, 2026									December 31, 2025
	Fair Value Hierarchy Level	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Fair Value
Corporate notes and bonds	2	$	495,025	$	30	$	(1,249	)	$	493,806	$	59,785
Corporate commercial paper	2		489,344		—		(471	)		488,873		156,714
U.S. Treasuries	2		15,009		—		(40	)		14,969		—
Obligations of U.S. government agencies	2		8,797		—		(26	)		8,771		—
Available-for-sale investments		$	1,008,175	$	30	$	(1,786	)	$	1,006,419	$	216,499
Money market funds	1									158		11,919
Certificates of deposit	2									13,422		14,138
Cash	N/A									3,403		3,196
Total cash and investments in marketable securities									$	1,023,402	$	245,752

For the three and six months ended June 30, 2026 and 2025, there were no transfers between Level 1 and Level 2 of the fair value hierarchy. All of our long-term investments as of June 30, 2026 had maturities between one and two years. As of June 30, 2026, we had 279 investments in unrealized loss positions and no investments had been in continuous unrealized loss positions for 12 months or longer. At December 31, 2025, our gross unrealized gains and losses were insignificant.