The Company’s investment strategy is focused on capital preservation. The Company invests in instruments that meet the credit quality standards outlined in the Company’s investment policy. This policy also limits the amount of credit exposure to any one issue or type of instrument. As of December 31, 2025 and 2024, the Company’s investments were in money market funds, commercial paper, corporate debt securities and government debt securities. During the year ended December 31, 2025, the Company sold available-for-sale securities with proceeds of $358.2 million and recognized realized gains of $10,000, which are included in other income (expense). There were no sales of available-for-sale securities during the year ended December 31, 2024.

Investments classified as available-for-sale as of December 31, 2025 consisted of the following (in thousands):


As of December 31, 2025	Amortized Cost		Gross Unrealized Gains (1)		Gross Unrealized Losses (1)			Aggregate Estimated Fair Value
Commercial paper (2)	$	12,713	$	—	$	—		$	12,713
Corporate debt securities (2)		489,335		864		(85	)		490,114
Government debt securities (2)		37,037		68		(3	)		37,102
	$	539,085	$	932	$	(88	)	$	539,929

(1)

Unrealized gains and losses on available-for-sale securities are included as a component of comprehensive loss. At December 31, 2025, there were 176 securities in an unrealized gain position and 59 securities in an unrealized loss position. The unrealized gains

were less than $51,000 individually and $932,000 in the aggregate. The unrealized losses were less than $11,000 individually and $88,000 in the aggregate. None of these securities have been in a continuous unrealized loss or unrealized gain position for more than 12 months. The Company does not intend to sell these investments and it is not more likely than not that the Company will be required to sell these investments before recovery of their amortized cost basis, which may be at maturity. The Company reviews its investments to identify and evaluate investments that have an indication of possible other-than-temporary impairment. Factors considered in determining whether a loss is other-than-temporary include the length of time and extent to which fair value has been less than the cost basis, the financial condition and near-term prospects of the investee, and the Company’s intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value.

(2)

At December 31, 2025, none of these securities were classified as cash and cash equivalents on the Company’s balance sheet and $105.0 million of the corporate debt securities were scheduled to mature outside of one year at the time of purchase.

Investments classified as available-for-sale as of December 31, 2024 consisted of the following (in thousands):


As of December 31, 2024	Amortized Cost		Gross Unrealized Gains (1)		Gross Unrealized Losses (1)			Aggregate Estimated Fair Value
Commercial paper (2)	$	10,520	$	—	$	—		$	10,520
Corporate debt securities (2)		719,469		708		(860	)		719,317
Government debt securities (2)		146,222		94		(217	)		146,099
	$	876,211	$	802	$	(1,077	)	$	875,936

(1)

Unrealized gains and losses on available-for-sale securities are included as a component of comprehensive loss. At December 31, 2024, there were 197 securities in an unrealized gain position and 132 securities in an unrealized loss position. The unrealized gains were less than $32,000 individually and $802,000 in the aggregate. The unrealized losses were less than $66,000 individually and $1,077,000 in the aggregate. None of these securities have been in a continuous unrealized loss or unrealized gain position for more than 12 months. The Company does not intend to sell these investments and it is not more likely than not that the Company will be required to sell these investments before recovery of their amortized cost basis, which may be at maturity. The Company reviews its investments to identify and evaluate investments that have an indication of possible other-than-temporary impairment. Factors considered in determining whether a loss is other-than-temporary include the length of time and extent to which fair value has been less than the cost basis, the financial condition and near-term prospects of the investee, and the Company’s intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value.

(2)

At December 31, 2024, none of these securities were classified as cash and cash equivalents on the Company’s balance sheet and none of the corporate debt securities were scheduled to mature outside of one year at the time of purchase.