| Summary of Fair Value of Available-for-Sale Investments by Type of Security |
The fair value of available-for-sale investments by type of security was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2026 |
|
|
|
Amortized
Cost |
|
|
Unrealized
Gains |
|
|
Unrealized
Losses |
|
|
Fair
Value |
|
|
|
(in thousands) |
|
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. treasury bills |
|
$ |
296,889 |
|
|
$ |
153 |
|
|
$ |
(76 |
) |
|
$ |
296,966 |
|
U.S. agency securities |
|
|
52,447 |
|
|
|
28 |
|
|
|
(20 |
) |
|
|
52,455 |
|
Total investments with a maturity of one year or less |
|
|
349,336 |
|
|
|
181 |
|
|
|
(96 |
) |
|
|
349,421 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. treasury bills |
|
|
71,326 |
|
|
|
12 |
|
|
|
(239 |
) |
|
|
71,099 |
|
U.S. agency securities |
|
|
16,986 |
|
|
|
— |
|
|
|
(30 |
) |
|
|
16,956 |
|
Total investments with a maturity of one to two years |
|
|
88,312 |
|
|
|
12 |
|
|
|
(269 |
) |
|
|
88,055 |
|
Total investments |
|
$ |
437,648 |
|
|
$ |
193 |
|
|
$ |
(365 |
) |
|
$ |
437,476 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
|
|
Amortized
Cost |
|
|
Unrealized
Gains |
|
|
Unrealized
Losses |
|
|
Fair
Value |
|
|
|
(in thousands) |
|
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. treasury bills |
|
$ |
357,852 |
|
|
$ |
513 |
|
|
$ |
(2 |
) |
|
$ |
358,363 |
|
U.S. agency securities |
|
|
49,430 |
|
|
|
48 |
|
|
|
(2 |
) |
|
|
49,476 |
|
Total investments with a maturity of one year or less |
|
|
407,282 |
|
|
|
561 |
|
|
|
(4 |
) |
|
|
407,839 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. treasury bills |
|
|
42,670 |
|
|
|
151 |
|
|
|
— |
|
|
|
42,821 |
|
U.S. agency securities |
|
|
19,815 |
|
|
|
27 |
|
|
|
(2 |
) |
|
|
19,840 |
|
Total investments with a maturity of one to two years |
|
|
62,485 |
|
|
|
178 |
|
|
|
(2 |
) |
|
|
62,661 |
|
Total investments |
|
$ |
469,767 |
|
|
$ |
739 |
|
|
$ |
(6 |
) |
|
$ |
470,500 |
|
|
| Available-for-sale Debt Securities in an Unrealized Loss Position |
The following tables summarize the Company's available-for-sale debt securities in an unrealized loss position, aggregated by major security type and length of time in a continuous unrealized loss position:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2026 |
|
|
|
Less than 12 Months |
|
|
12 Months or Longer |
|
|
Total |
|
|
|
Fair Value |
|
|
Unrealized
Losses |
|
|
Fair Value |
|
|
Unrealized
Losses |
|
|
Fair Value |
|
|
Unrealized
Losses |
|
|
|
(in thousands) |
|
U.S. treasury bills |
|
$ |
220,548 |
|
|
$ |
(315 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
220,548 |
|
|
$ |
(315 |
) |
U.S. agency securities |
|
|
53,126 |
|
|
|
(50 |
) |
|
|
— |
|
|
|
— |
|
|
|
53,126 |
|
|
|
(50 |
) |
Total |
|
$ |
273,674 |
|
|
$ |
(365 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
273,674 |
|
|
$ |
(365 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
|
|
Less than 12 Months |
|
|
12 Months or Longer |
|
|
Total |
|
|
|
Fair Value |
|
|
Unrealized
Losses |
|
|
Fair Value |
|
|
Unrealized
Losses |
|
|
Fair Value |
|
|
Unrealized
Losses |
|
|
|
(in thousands) |
|
U.S. treasury bills |
|
$ |
11,057 |
|
|
$ |
(1 |
) |
|
$ |
4,012 |
|
|
$ |
(1 |
) |
|
$ |
15,069 |
|
|
$ |
(2 |
) |
U.S. agency securities |
|
|
28,187 |
|
|
|
(4 |
) |
|
|
— |
|
|
|
— |
|
|
|
28,187 |
|
|
|
(4 |
) |
Total |
|
$ |
39,244 |
|
|
$ |
(5 |
) |
|
$ |
4,012 |
|
|
$ |
(1 |
) |
|
$ |
43,256 |
|
|
$ |
(6 |
) |
|