| Investments in Debt Securities |
Investments in Debt Securities The Company’s investments in debt securities comprise U.S. Treasury securities and corporate bonds and are classified as available for sale (“AFS”), and recorded at fair value. Unrealized gains and losses on AFS investments, net of applicable taxes, are reported in other comprehensive (loss) income.
The table below summarizes the Company’s AFS investments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2026 | | Amortized cost | | Allowance for credit losses | | Gross unrealized gains | | Gross unrealized losses | | Fair value | | U.S. Treasury securities | $ | 113,202 | | | $ | — | | | $ | — | | | $ | (156) | | | $ | 113,046 | | | Corporate bonds | 218,211 | | | — | | | 6 | | | (515) | | | 217,702 | | | | | | | | | | | | Total | $ | 331,413 | | | $ | — | | | $ | 6 | | | $ | (671) | | | $ | 330,748 | | | | | | | | | | | | | December 31, 2025 | | Amortized cost | | Allowance for credit losses | | Gross unrealized gains | | Gross unrealized losses | | Fair value | | U.S. Treasury securities | $ | 131,229 | | | $ | — | | | $ | 123 | | | $ | (2) | | | $ | 131,350 | | | Corporate bonds | 243,028 | | | — | | | 129 | | | (97) | | | 243,060 | | | | | | | | | | | | Total | $ | 374,257 | | | $ | — | | | $ | 252 | | | $ | (99) | | | $ | 374,410 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | March 31,
2026 | | December 31, 2025 | Weighted-average yield of AFS investments | | | | | | | 4.13 | % | | 3.85 | % |
Interest income on the AFS investments of $3.4 million was recognized during the three months ended March 31, 2026, and is presented in interest income on the condensed consolidated statements of operations and comprehensive loss. There were no sales of AFS investments during the three months ended March 31, 2026.
The Company had no investments in debt securities during the three months ended March 31, 2025.
The table below presents the contractual maturity by major class of AFS investments. In some cases, the issuers may have the right to call obligations without penalties prior to the contractual maturity date.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2026 | | | Within 1 year | | 1 to 5 years | | | | Total | Balance sheet caption: | | Available for sale investments
(current assets) | | | | Available for sale investments
(non-current assets) | | | | | | | | | Amortized cost | | Fair value | | | | | | Amortized cost | | Fair value | | | | | | Amortized cost | | Fair value | | U.S. Treasury securities | | $ | 72,054 | | | $ | 72,017 | | | | | | | $ | 41,148 | | | $ | 41,029 | | | | | | | $ | 113,202 | | | $ | 113,046 | | | Corporate bonds | | 176,996 | | | 176,665 | | | | | | | 41,215 | | | 41,037 | | | | | | | 218,211 | | | 217,702 | | | | | | | | | | | | | | | | | | | | | | | | Total | | $ | 249,050 | | | $ | 248,682 | | | | | | | $ | 82,363 | | | $ | 82,066 | | | | | | | $ | 331,413 | | | $ | 330,748 | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | | Within 1 year | | 1 to 5 years | | | | Total | Balance sheet caption: | | Available for sale investments
(current assets) | | | | Available for sale investments
(non-current assets) | | | | | | | | | Amortized cost | | Fair value | | | | | | Amortized cost | | Fair value | | | | | | Amortized cost | | Fair value | | U.S. Treasury securities | | $ | 72,075 | | | $ | 72,116 | | | | | | | $ | 59,154 | | | $ | 59,234 | | | | | | | $ | 131,229 | | | $ | 131,350 | | | Corporate bonds | | 128,393 | | | 128,345 | | | | | | | 114,635 | | | 114,715 | | | | | | | 243,028 | | | 243,060 | | | | | | | | | | | | | | | | | | | | | | | | Total | | $ | 200,468 | | | $ | 200,461 | | | | | | | $ | 173,789 | | | $ | 173,949 | | | | | | | $ | 374,257 | | | $ | 374,410 | |
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