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	$	—	$	—
Subtotal	501,313		—		—		501,313		501,313		—		—
Level 2:


Corporate bonds	229,575		125		(348)		229,352		—		147,369		81,983
U.S. government agency securities	286,398		165		(338)		286,225		—		174,723		111,502
Subtotal	515,973		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	$	—	$	—
Subtotal	496,304		—		—		496,304		496,304		—		—
Level 2:
Commercial paper	12,887		2		(1)		12,888		—		12,888		—
Corporate bonds	211,268		535		(6)		211,797		—		142,801		68,996
U.S. government agency securities	234,216		653		(1)		234,868		—		175,798		59,070
Subtotal	458,371		1,190		(8)		459,553		—		331,487		128,066
Total	$	954,675	$	1,190	$	(8)	$	955,857	$	496,304	$	331,487	$	128,066