v3.25.4
Investments in Marketable Securities (Tables)
 12 Months Ended
Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Summary of Investments Classified As Available-For-Sale Securities

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.