
	March 31, 2026
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Debt securities available-for-sale:
Commercial paper	$	207,972	$	—	$	—	$	207,972
Corporate bonds	889,953		1,546		(1,681)		889,818
U.S. Treasury and government-sponsored enterprises	159,499		209		(274)		159,434
Municipal bonds	8,714		14		(3)		8,725
Total debt securities available-for-sale	1,266,138		1,769		(1,958)		1,265,949

Money market funds	97,686		—		—		97,686
Certificates of deposit	62,716		—		—		62,716
Total cash, cash equivalents and marketable securities	$	1,426,540	$	1,769	$	(1,958)	$	1,426,351


	December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Debt securities available-for-sale:
Commercial paper	$	241,439	$	—	$	—	$	241,439
Corporate bonds	882,390		4,138		(28)		886,500
U.S. Treasury and government-sponsored enterprises	154,449		700		(10)		155,139
Municipal bonds	8,715		49		—		8,764
Total debt securities available-for-sale	1,286,993		4,887		(38)		1,291,842
Cash	112		—		—		112
Money market funds	304,352		—		—		304,352
Certificates of deposit	66,388		—		—		66,388
Total cash, cash equivalents and marketable securities	$	1,657,845	$	4,887	$	(38)	$	1,662,694

Interest receivable was $10.5 million and $12.4 million as of March 31, 2026 and December 31, 2025, respectively, and is included in prepaid expenses and other current assets in the accompanying Condensed Consolidated Balance Sheets.

We manage credit risk associated with our marketable securities portfolio through our investment policy, which limits purchases to high-quality issuers and the amount of our portfolio that can be invested in a single issuer. The fair value and gross unrealized losses on debt securities available-for-sale in an unrealized loss position were as follows (in thousands):


	March 31, 2026
	In an Unrealized Loss Position Less than 12 Months				In an Unrealized Loss Position 12 Months or Greater				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Corporate bonds	$	406,431	$	(1,675)	$	2,975	$	(6)	$	409,406	$	(1,681)
U.S. Treasury and government-sponsored enterprises	70,556		(242)		4,965		(32)		75,521		(274)
Municipal Bonds	3,407		(3)		—		—		3,407		(3)
Total	$	480,394	$	(1,920)	$	7,940	$	(38)	$	488,334	$	(1,958)


	December 31, 2025
	In an Unrealized Loss Position Less than 12 Months				In an Unrealized Loss Position 12 Months or Greater				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Corporate bonds	$	46,851	$	(25)	$	5,104	$	(3)	$	51,955	$	(28)
U.S. Treasury and government-sponsored enterprises	11,350		(5)		4,991		(5)		16,341		(10)
Total	$	58,201	$	(30)	$	10,095	$	(8)	$	68,296	$	(38)

There were 230 and 35 debt securities available-for-sale in an unrealized loss position as of March 31, 2026 and December 31, 2025, respectively. During the three months ended March 31, 2026, we did not record an allowance for credit losses or other impairment charges on our marketable securities. Based upon our quarterly impairment review, we determined that the unrealized losses were not attributed to credit risk but were primarily associated with changes in interest rates and market liquidity. Based on the scheduled maturities of our marketable securities, we determined that it was more likely than not that we will hold these marketable securities for a period of time sufficient for a recovery of our cost basis.


	March 31, 2026		December 31, 2025
Maturing in one year or less	$	616,805	$	691,409
Maturing after one year through five years	649,144		600,433
Total debt securities available-for-sale	$	1,265,949	$	1,291,842