| Marketable Securities |
Marketable Securities The following tables summarize the fair values of the Company’s marketable securities (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | Amortized Cost | | Unrealized Gains | | Unrealized Losses | | Fair Value | | U.S. treasury securities | $ | 713,351 | | | $ | 1,295 | | | $ | (11) | | | $ | 714,635 | | | Corporate notes and bonds | 493,944 | | | 2,067 | | | (38) | | | 495,973 | | | U.S. agency obligations | 314,381 | | | 571 | | | (110) | | | 314,842 | | | Commercial paper | 170,926 | | | — | | | — | | | 170,926 | | | Time deposits | 10,386 | | | — | | | — | | | 10,386 | | | Total marketable securities | $ | 1,702,988 | | | $ | 3,933 | | | $ | (159) | | | $ | 1,706,762 | |
| | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | Amortized Cost | | Unrealized Gains | | Unrealized Losses | | Fair Value | | U.S. treasury securities | $ | 667,102 | | | $ | 1,022 | | | $ | (473) | | | $ | 667,651 | | | Corporate notes and bonds | 514,655 | | | 1,157 | | | (199) | | | 515,613 | | | U.S. agency obligations | 253,886 | | | 402 | | | (353) | | | 253,935 | | | Commercial paper | 80,357 | | | 21 | | | — | | | 80,378 | | Time deposits | 7,006 | | | — | | | — | | | 7,006 | | | Total marketable securities | $ | 1,523,006 | | | $ | 2,602 | | | $ | (1,025) | | | $ | 1,524,583 | |
The following tables summarize the fair values and unrealized losses of the Company’s marketable securities, classified by the length of time that the securities have been in a continuous unrealized loss position (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | Less than 12 Months | | 12 Months or Greater | | Total | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | | U.S. agency obligations | $ | 94,786 | | | $ | (107) | | | $ | 4,741 | | | $ | (3) | | | $ | 99,527 | | | $ | (110) | | | Corporate notes and bonds | 21,617 | | | (38) | | | — | | | — | | | 21,617 | | | (38) | | | U.S. treasury securities | 37,240 | | | (11) | | | 4,988 | | | — | | | 42,228 | | | (11) | | | Total | $ | 153,643 | | | $ | (156) | | | $ | 9,729 | | | $ | (3) | | | $ | 163,372 | | | $ | (159) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | Less than 12 Months | | 12 Months or Greater | | Total | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | | U.S. treasury securities | $ | 135,641 | | | $ | (473) | | | $ | — | | | $ | — | | | $ | 135,641 | | | $ | (473) | | | U.S. agency obligations | 114,378 | | | (353) | | | — | | | — | | | 114,378 | | | (353) | | | Corporate notes and bonds | 89,794 | | | (191) | | | 18,813 | | | (8) | | | 108,607 | | | (199) | | | Total | $ | 339,813 | | | $ | (1,017) | | | $ | 18,813 | | | $ | (8) | | | $ | 358,626 | | | $ | (1,025) | |
For available-for-sale debt securities in an unrealized loss position, the Company does not intend to sell these securities and it is more likely than not that the Company will hold these securities until maturity or a recovery of the cost basis. The Company determined that the decline in fair value of these securities was not due to credit-related factors, and no allowance for expected credit losses was recorded as of December 31, 2025 and 2024. Realized gains and losses were not material for the years ended December 31, 2025, 2024, and 2023. The following table summarizes the contractual maturities of the Company’s marketable securities (in thousands): | | | | | | | | | | | | | December 31, 2025 | | Amortized Cost | | Fair Value | | Due within one year | $ | 1,126,105 | | | $ | 1,128,039 | | | Due after one year through five years | 576,883 | | | 578,723 | | | Total | $ | 1,702,988 | | | $ | 1,706,762 | |
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