During the year ended December 31, 2024, we invested in available-for-sale debt securities, which are included in short-term investments in the consolidated balance sheets. As of December 31, 2024, our cash equivalents and short-term investments were as follows:


(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses Less Than 12 Continuous Months		Estimated Fair Value(1)
Cash equivalents:
Money market funds	$	410,515	$	—	$	—	$	410,515
Total cash equivalents	410,515		—		—		410,515
Short-term investments:
Corporate debt securities	27,149		76		(20)		27,205
Municipal bonds	18,402		39		(59)		18,382
U.S. agency bonds	5,056		—		(51)		5,005
Other short-term investments	182		—		—		182
Total short-term investments	50,789		115		(130)		50,774
Total cash equivalents and short-term investments	$	461,304	$	115	$	(130)	$	461,289

Of the $27.2 million of corporate debt securities, $5.3 million are in a loss position at December 31, 2024. Of the $18.4 million of municipal bonds, $6.0 million are in a loss position at December 31, 2024. Of the $5.0 million of U.S. agency bonds, $5.0 million are in a loss position at December 31, 2024.

The unrealized losses presented above are primarily attributable to changes in interest rates. We believe that we have the ability to realize the full value of these investments upon maturity.


(in thousands)	Amortized Cost		Fair Value
Less than 1 year	$	16,796	$	16,822
1-3 years	33,811		33,770
Total	$	50,607	$	50,592