The following table presents amortized cost, gross unrealized gains and losses, and fair value by major security type and balance sheet classification as of December 31, 2024 and December 31, 2023:


As of December 31, 2024
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cash Equivalents		Short-Term Investments		Long-Term Investments
Cash	$	—	$	—	$	—	$	73,351	$	73,351	$	—	$	—

Level 1
Commercial paper	$	15,659	$	2	$	(1)	$	15,661	$	—	$	15,659	$	—
Money market funds	712,440		—		—		712,440		712,440		—		—
Subtotal	$	728,099	$	2	$	(1)	$	728,101	$	712,440	$	15,659	$	—

Level 2
Asset-backed securities	$	16,280	$	10	$	(1)	$	16,289	$	—	$	697	$	15,583
Certificates of deposit	11,521		—		(14)		11,507		—		11,521		—
Corporate debt securities	126,031		7		(494)		125,543		—		55,013		71,018
U.S. Treasury securities	19,255		2		(61)		19,195		—		8,964		10,291
Subtotal	$	173,087	$	19	$	(570)	$	172,534	$	—	$	76,195	$	96,892

Level 3
Investment in SAFE	$	—	$	—	$	—	$	1,400	$	—	$	—	$	1,400
Subtotal	$	—	$	—	$	—	$	1,400	$	—	$	—	$	1,400
Total	$	901,186	$	21	$	(571)	$	975,386	$	785,791	$	91,854	$	98,292


As of December 31, 2023
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cash Equivalents		Short-Term Investments		Long-Term Investments
Cash	$	—	$	—	$	—	$	50,373	$	50,373	$	—	$	—

Level 1
Money market funds	$	697,237	$	—	$	—	$	697,237	$	697,237	$	—	$	—





Total	$	697,237	$	—	$	—	$	747,610	$	747,610	$	—	$	—