v3.26.1
Marketable Securities: Available-For-Sale Debt Securities
 12 Months Ended
Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Marketable Securities: Available-For-Sale Debt Securities Marketable Securities: Available-For-Sale Debt Securities
As of December 31, 2025 and 2024, the Company has the following investments in available-for-sale debt securities, which are categorized as marketable securities: available-for-sale debt securities on the balance sheet depending on their maturity at acquisition (in thousands):
December 31, 2025
Remaining contractual maturity
Amortized cost
Gross unrealized gains
Gross unrealized losses
Aggregate estimated fair value
Marketable securities: available-for-sale debt securities:
Commercial paper
within 1 year$52,569 $21 $(1)$52,589 
Corporate debt securitieswithin 1 year58,226 74 (1)58,299 
United Kingdom Government Securities
within 1 year66,162 12 — 66,174 
United States Treasury Bills
within 1 year19,466 50 — 19,516 
Total
$196,423 $157 $(2)$196,578 
December 31, 2024
Remaining contractual maturity
Amortized cost
Gross unrealized gains
Gross unrealized losses
Aggregate estimated fair value
Marketable securities: available-for-sale debt securities:
Commercial paper
within 1 year$21,145 $3 $(7)$21,141 
Corporate debt securitieswithin 1 year91,853 5 (70)91,788 
United Kingdom Government Securities
within 1 year141,376 — (69)141,307 
US Treasury Bills
within 1 year29,663 12 — 29,675 
Corporate debt securities1 to 5 years59,530 — (194)59,336 
US Treasury Bills
1 to 5 years17,393 7 (4)17,396 
Total
$360,960 $27 $(344)$360,643 
The number of securities held by the Company and aggregate fair value (in thousands) and in an unrealized loss position as of December 31, 2025 are as follows (in thousands):
December 31, 2025
Number of securities held
Gross unrealized losses
Fair market value of investments in an unrealized loss position
Marketable securities: available-for-sale debt securities in a continuous loss position for less than 12 months:
Commercial paper2$(1)$2,454 
Corporate debt securities2(1)7,000 
Total
4$(2)$9,454 
December 31, 2024
Number of securities held
Gross unrealized losses
Fair market value of investments in an unrealized loss position
Marketable securities: available-for-sale debt securities in a continuous loss position for less than 12 months:
Commercial paper3$(6)$8,944 
Corporate debt securities41(264)133,078 
United Kingdom Government Securities
8(69)141,307 
US Treasury Bills
4(4)9,905 
Total
56$(343)$293,234 
The aggregated net unrealized loss on available-for-sale debt securities amounting to $0.5 million and $0.3 million has been recognized in accumulated other comprehensive loss in the Company's consolidated balance sheet as of December 31, 2025 and 2024, respectively.
At December 31, 2025, the Company held four marketable securities: available-for-sale debt securities out of its total investment portfolio that were in a continuous unrealized loss position for less than twelve months. As of December 31, 2025, no allowance for expected credit losses has been recognized in relation to securities in an unrealized loss position. The related unrealized losses are not severe, have been for a short duration and are due to normal market, exchange rate fluctuations and all securities have an investment-grade credit rating. The Company neither intend to sell these investments nor conclude that the Company are more-likely-than-not that it will have to sell them before recovery of their amortized cost basis. The Company also believe that it will be able to collect both principal and interest amounts due to the Company at maturity. There were no amounts reclassified out of other comprehensive income (loss), net of tax during the year ended December 31, 2025 and 2024.