v3.26.1
Fair Value Instruments
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Instruments Fair Value Instruments
The following tables show the Company’s cash and cash equivalents and available-for-sale securities by significant investment category as of March 31, 2026 and December 31, 2025:
 March 31, 2026
(in thousands)
Amortized Cost
Gross Unrealized Gains
Gross Unrealized (Losses)
Aggregate Fair Value
Cash and Cash Equivalents
Short-term Marketable Securities(1)
Long-term Marketable Securities(2)
Level 1:       
Cash and cash equivalents$501,313 $— $— $501,313 $501,313 $— $— 
Subtotal501,313 — — 501,313 501,313 — — 
Level 2:
Corporate bonds229,575 125 (348)229,352 — 147,369 81,983 
U.S. government agency securities286,398 165 (338)286,225 — 174,723 111,502 
Subtotal515,973 290 (686)515,577 — 322,092 193,485 
Total$1,017,286 $290 $(686)$1,016,890 $501,313 $322,092 $193,485 
 December 31, 2025
(in thousands)
Amortized Cost
Gross Unrealized Gains
Gross Unrealized (Losses)
Aggregate Fair Value
Cash and Cash Equivalents
Short-term Marketable Securities(1)
Long-term Marketable Securities(2)
Level 1:       
Cash and cash equivalents$496,304 $— $— $496,304 $496,304 $— $— 
Subtotal496,304 — — 496,304 496,304 — — 
Level 2:
Commercial paper12,887 2 (1)12,888 — 12,888 — 
Corporate bonds211,268 535 (6)211,797 — 142,801 68,996 
U.S. government agency securities234,216 653 (1)234,868 — 175,798 59,070 
Subtotal458,371 1,190 (8)459,553 — 331,487 128,066 
Total$954,675 $1,190 $(8)$955,857 $496,304 $331,487 $128,066 
(1)The Company’s short-term marketable securities mature in one year or less.
(2)The Company’s long-term marketable securities mature between one and two years.