Our marketable securities are classified as available-for-sale pursuant to ASC 320, Investments – Debt and Equity Securities, and are recorded at fair value. Unrealized gains and losses are included as a component of accumulated other comprehensive income (loss) in the condensed consolidated balance sheets and statements of stockholders’ equity, and a component of total comprehensive income (loss) in the condensed consolidated statements of comprehensive loss, until realized. Unrealized losses are evaluated for impairment under ASC 326, Financial Instruments - Credit Losses, to determine if the impairment is credit-related or noncredit-related. Credit-related impairment is recognized as an allowance on the condensed consolidated balance sheets with a corresponding adjustment to earnings, and noncredit-related impairment is recognized in other comprehensive income, net of taxes. Realized gains and losses are included in investment income on a specific-identification basis. There were no material realized gains or losses on marketable securities for the three and six months ended June 30, 2025 or 2024.


(In thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Current:
Certificates of deposit	$	7,508	$	3	$	—	$	7,511
U.S. Treasuries	144,432		65		(132)		144,365
Government securities	131,602		3		(108)		131,497
Corporate debt securities	574,751		265		(323)		574,693
Total current	858,293		336		(563)		858,066

Non-current:

U.S. Treasuries	119,706		579		(8)		120,277
Government securities	94,964		28		(132)		94,860
Corporate debt securities	184,915		450		(35)		185,330
Total non-current	399,585		1,057		(175)		400,467
Total marketable securities	$	1,257,878	$	1,393	$	(738)	$	1,258,533


(In thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Current:
Certificates of deposit	$	10,374	$	11	$	—	$	10,385
U.S. Treasuries	173,465		153		(27)		173,591
Government securities	167,970		103		(75)		167,998
Corporate debt securities	465,427		321		(259)		465,489
Total current	817,236		588		(361)		817,463

Non-current:

U.S. Treasuries	107,725		106		(303)		107,528
Government securities	112,175		3		(469)		111,709
Corporate debt securities	420,166		181		(1,263)		419,084
Total non-current	640,066		290		(2,035)		638,321
Total marketable securities	$	1,457,302	$	878	$	(2,396)	$	1,455,784

As of June 30, 2025 and December 31, 2024, we held both current and non-current investments. Investments classified as current have maturities of less than one year. Investments classified as non-current are those that: (i) have a maturity of greater

As of June 30, 2025 and December 31, 2024, we held 123 and 213 debt securities, respectively, that were in an unrealized loss position for less than one year. We did not record an allowance for credit losses as of June 30, 2025 and December 31, 2024 related to these securities. The aggregate fair value of debt securities in an unrealized loss position at June 30, 2025 and December 31, 2024 was $626.8 million and $768.1 million, respectively. There were no individual securities that were in a significant unrealized loss position as of June 30, 2025 and December 31, 2024. We regularly review the securities in an unrealized loss position and evaluate the current expected credit loss by considering factors such as historical experience, market data, issuer-specific factors, and current economic conditions. We do not consider these marketable securities to be impaired as of June 30, 2025 and December 31, 2024.