| Summary of Gross Unrealized Gains and Losses and credit losses |
The following tables summarize the fair value and amortized cost of the Company’s available-for-sale securities by major security type including gross unrealized gains and losses and credit losses as of June 30, 2025 and December 31, 2024:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2025 |
|
|
|
Amortized
Cost |
|
|
Gross Unrealized
Gains |
|
|
Gross Unrealized
Losses |
|
|
Credit Losses |
|
|
Fair Value |
|
|
|
(in thousands) |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government securities |
|
$ |
8,697 |
|
|
$ |
— |
|
|
$ |
(1 |
) |
|
$ |
— |
|
|
$ |
8,696 |
|
U.S. corporate bonds |
|
|
197,070 |
|
|
|
68 |
|
|
|
(63 |
) |
|
|
— |
|
|
|
197,075 |
|
International corporate bonds |
|
|
53,106 |
|
|
|
32 |
|
|
|
(22 |
) |
|
|
— |
|
|
|
53,116 |
|
U.S. commercial paper |
|
|
16,434 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
16,434 |
|
International commercial paper |
|
|
13,629 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
13,629 |
|
U.S. certificates of deposit |
|
|
3,040 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,040 |
|
U.S. municipal securities |
|
|
6,094 |
|
|
|
1 |
|
|
|
— |
|
|
|
— |
|
|
|
6,095 |
|
|
|
$ |
298,070 |
|
|
$ |
101 |
|
|
$ |
(86 |
) |
|
$ |
— |
|
|
$ |
298,085 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2024 |
|
|
|
Amortized
Cost |
|
|
Gross Unrealized
Gains |
|
|
Gross Unrealized
Losses |
|
|
Credit Losses |
|
|
Fair Value |
|
|
|
(in thousands) |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government securities |
|
$ |
36,444 |
|
|
$ |
18 |
|
|
$ |
(5 |
) |
|
$ |
— |
|
|
$ |
36,457 |
|
U.S. corporate bonds |
|
|
268,841 |
|
|
|
305 |
|
|
|
(133 |
) |
|
|
— |
|
|
|
269,013 |
|
International corporate bonds |
|
|
52,411 |
|
|
|
65 |
|
|
|
(15 |
) |
|
|
— |
|
|
|
52,461 |
|
U.S. commercial paper |
|
|
30,373 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
30,373 |
|
International commercial paper |
|
|
24,144 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
24,144 |
|
U.S. certificates of deposit |
|
|
900 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
900 |
|
U.S. municipal securities |
|
|
10,040 |
|
|
|
9 |
|
|
|
— |
|
|
|
— |
|
|
|
10,049 |
|
|
|
$ |
423,153 |
|
|
$ |
397 |
|
|
$ |
(153 |
) |
|
$ |
— |
|
|
$ |
423,397 |
|
|
| Summary of Fair Value And Unrealized Losses of Marketable Securities In Loss Position |
The following tables summarize the fair value and the unrealized losses of the Company’s marketable securities that have been in a loss position for either less than twelve months or greater than twelve months as of June 30, 2025 and December 31, 2024:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2025 |
|
|
|
Less than 12 months |
|
|
Greater than 12 months |
|
|
Total |
|
|
|
Fair
Value |
|
|
Unrealized
Losses |
|
|
Fair
Value |
|
|
Unrealized
Losses |
|
|
Fair
Value |
|
|
Unrealized
Losses |
|
|
|
(in thousands) |
|
U.S. government securities |
|
$ |
8,695 |
|
|
$ |
(1 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
8,695 |
|
|
$ |
(1 |
) |
U.S. corporate bonds |
|
|
98,801 |
|
|
|
(63 |
) |
|
|
— |
|
|
|
— |
|
|
|
98,801 |
|
|
|
(63 |
) |
International corporate bonds |
|
|
27,868 |
|
|
|
(22 |
) |
|
|
— |
|
|
|
— |
|
|
|
27,868 |
|
|
|
(22 |
) |
|
|
$ |
135,364 |
|
|
$ |
(86 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
135,364 |
|
|
$ |
(86 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2024 |
|
|
|
Less than 12 months |
|
|
Greater than 12 months |
|
|
Total |
|
|
|
Fair
Value |
|
|
Unrealized
Losses |
|
|
Fair
Value |
|
|
Unrealized
Losses |
|
|
Fair
Value |
|
|
Unrealized
Losses |
|
|
|
(in thousands) |
|
U.S. government securities |
|
$ |
11,032 |
|
|
$ |
(5 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
11,032 |
|
|
$ |
(5 |
) |
U.S. corporate bonds |
|
|
83,946 |
|
|
|
(129 |
) |
|
|
10,197 |
|
|
|
(4 |
) |
|
|
94,143 |
|
|
|
(133 |
) |
International corporate bonds |
|
|
7,312 |
|
|
|
(15 |
) |
|
|
— |
|
|
|
— |
|
|
|
7,312 |
|
|
|
(15 |
) |
|
|
$ |
102,290 |
|
|
$ |
(149 |
) |
|
$ |
10,197 |
|
|
$ |
(4 |
) |
|
$ |
112,487 |
|
|
$ |
(153 |
) |
|