Cash Equivalents and Marketable Securities

3 Months Ended

Mar. 31, 2026

Cash Equivalents and Marketable Securities

Cash Equivalents and Marketable Securities

Note 5. Cash Equivalents and Marketable Securities

Cash equivalents and marketable securities consisted of the following (in thousands):


		March 31, 2026
		Amortized			Gross Unrealized
		Cost			Gains			Losses			Fair Value
Money market funds		$	91,204		$	—		$	—		$	91,204
Certificates of deposit			12,875			1			(13)			12,863
U.S. Treasury and agency securities			309,434			194			(202)			309,426
Commercial paper			111,372			7			(49)			111,330
Corporate debt securities			79,222			7			(72)			79,157
Total cash equivalents and marketable securities		$	604,107		$	209		$	(336)		$	603,980
Classified as:
Cash equivalents											$	177,358
Marketable securities - current												354,074
Marketable securities - noncurrent												72,548
Total cash equivalents and marketable securities											$	603,980


		December 31, 2025
		Amortized			Gross Unrealized
		Cost			Gains			Losses			Fair Value
Money market funds		$	40,774		$	—		$	—		$	40,774
Certificates of deposit			11,387			4			—			11,391
U.S. Treasury and agency securities			348,250			706			(8)			348,948
Commercial paper			77,868			4			(7)			77,865
Corporate debt securities			159,127			93			(9)			159,211
Total cash equivalents and marketable securities		$	637,406		$	807		$	(24)		$	638,189
Classified as:
Cash equivalents											$	120,577
Marketable securities - current												438,974
Marketable securities - noncurrent												78,638
Total cash equivalents and marketable securities											$	638,189

All of the Company’s marketable securities are classified as available-for-sale. Current marketable securities of $354.1 million and $439.0 million held as of March 31, 2026 and December 31, 2025, respectively, had contractual maturities of less than one year. Noncurrent marketable securities of $72.5 million and $78.6 million held as of March 31, 2026 and December 31, 2025, respectively, had contractual maturities of at least one year but no more than two years. The Company does not intend to sell its securities that are in an unrealized loss position, and it is not more likely than not that the Company will be required to sell its securities before recovery of their amortized cost basis, which may be at maturity.

The Company sold $3.4 million and $7.0 million of marketable securities and realized a net gain of $2.0 thousand and a net loss of $5.0 thousand during the three months ended March 31, 2026 and 2025, respectively. The Company evaluated securities with unrealized losses to determine whether such losses, if any, were due to credit-related factors and determined that there were no credit-related losses to be recognized as of March 31, 2026 and December 31, 2025.