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Cash and Investments in Marketable Securities
 6 Months Ended
Jun. 30, 2023
Fair Value Disclosures [Abstract]  
Cash and Investments in Marketable Securities Cash and Investments in Marketable Securities
Cash and investments in marketable securities, including cash equivalents, are as follows (in thousands):
Estimated Fair Value at
June 30, 2023December 31, 2022
Cash and cash equivalents$50,728 $88,227 
Short-term investments358,704 416,750 
Total cash and investments in marketable securities$409,432 $504,977 
Our portfolio of cash and investments in marketable securities includes (in thousands):
Fair Value Hierarchy LevelJune 30, 2023December 31, 2022
Amortized CostGross Unrealized GainsGross Unrealized LossesFair ValueFair Value
Corporate notes and bonds2$21,466 $— $(70)$21,396 $83,522 
Corporate commercial paper2304,389 — (370)304,019 344,204 
Obligations of U.S. government agencies225,792 — (5)25,787 — 
Available-for-sale investments$351,647 $— $(445)$351,202 $427,726 
Money market funds138,597 47,054 
Certificates of deposit27,502 21,399 
CashN/A12,131 8,798 
Total cash and investments in marketable securities$409,432 $504,977 
For the three and six months ended June 30, 2023 and 2022, there were no transfers between Level 1 and Level 2 of the fair value hierarchy. At December 31, 2022, our gross unrealized losses totaled $1.8 million, and our gross unrealized gains were insignificant.