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Cash Equivalents and Short-Term Investments
 3 Months Ended
Mar. 31, 2024
Cash and Cash Equivalents [Abstract]  
Cash Equivalents and Short-Term Investments Cash Equivalents and Short-Term Investments
The following tables summarize the amortized cost, unrealized gain and loss and estimated fair value of cash equivalents and short-term investments:

March 31, 2024
(in thousands)Amortized CostUnrealized GainUnrealized LossEstimated Fair Value
Cash equivalents
Money market funds$151,173 $— $— $151,173 
Total cash equivalents$151,173 $— $— $151,173 
Short-term investments
Commercial paper$78,362 $24 $(41)$78,345 
Corporate bonds70,106 9 (88)70,027 
Asset backed securities18,521 9 (16)18,514 
Yankee bonds8,922 2 (23)8,901 
U.S. Treasury and agency obligations75,068 13 (74)75,007 
Total short-term investments$250,979 $57 $(242)$250,794 
December 31, 2023
(in thousands)Amortized CostUnrealized GainUnrealized LossEstimated Fair Value
Cash equivalents
Money market funds$130,375 $— $— $130,375 
Total cash equivalents$130,375 $— $— $130,375 
Short-term investments
Commercial paper$82,188 $50 $(22)$82,216 
Corporate bonds61,200 40 (91)61,149 
Asset backed securities15,032 26 (15)15,043 
Yankee bonds6,926 4 (17)6,913 
U.S. Treasury and agency obligations71,456 97 (34)71,519 
Total short-term investments$236,802 $217 $(179)$236,840 
We considered the extent to which any unrealized losses on our short-term investments were driven by credit risk and other factors, including market risk, and if it is more-likely-than-not that we would have to sell the security before the
recovery of the amortized cost basis. At March 31, 2024 and December 31, 2023, our unrealized losses were due to rising market interest rates compared to when the investments were initiated. We do not believe any unrealized losses represent credit losses, and it is unlikely we would sell the investments before we would recover their amortized cost basis.
The contractual maturities of our short-term investments are as follows:
March 31, 2024December 31, 2023
(in thousands)Amortized CostEstimated Fair ValueAmortized CostEstimated Fair Value
Due within one year$212,522 $212,368 $219,437 $219,414 
Due between one and two years38,457 38,426 17,365 17,426 
Total short-term investments$250,979 $250,794 $236,802 $236,840 
At March 31, 2024 and December 31, 2023, cash and cash equivalents included $5.9 million and $5.8 million, respectively, of restricted cash primarily related to collateral for our outstanding letters of credit.