Marketable Securities

3 Months Ended

Mar. 31, 2026

Investments, Debt and Equity Securities [Abstract]

Marketable securities classified as available-for-sale comprised of (in thousands):


	March 31, 2026			December 31, 2025
		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Treasury securities		$	232,872	$	—	$	(179)	$	232,693	$	219,694	$	605	$	—	$	220,299
Corporate debt securities		297,150		—		(421)		296,729		260,023		131		—		260,154
Agency securities		32,660		—		(113)		32,547		13,999		—		(2)		13,997
Total marketable securities		$	562,682	$	—	$	(713)	$	561,969	$	493,716	$	736	$	(2)	$	494,450

As of March 31, 2026, marketable securities were comprised of $232.7 million of treasury securities, of which $121.2 million mature in 2026, $91.6 million mature in 2027, and $19.9 million mature in 2028; $296.7 million of corporate debt securities, of which $197.4 million mature in 2026 and $99.3 million mature in 2027; and $32.5 million of agency securities that mature in 2027. As of December 31, 2025, marketable securities were comprised of $220.3 million of treasury securities, of which $162.4 million mature in 2026 and $57.9 million mature in 2027; $260.2 million of corporate debt securities, of which $250.9 million mature in 2026 and $9.3 million mature in 2027; and $14.0 million in agency securities that mature in 2027. Marketable securities are classified as Current assets in the Company’s Consolidated balance sheet as of March 31, 2026 and December 31, 2025.

During the three months ended March 31, 2026 and 2025, the Company recognized interest income of $7.1 million and $8.0 million, respectively, from its marketable securities. This income is included within Other income, net on the consolidated statements of operations. Based on the Company’s policy under the expected credit loss model, including an assessment of the investment portfolio as of March 31, 2026 and December 31, 2025, the Company concluded that any unrealized losses for its marketable securities were not attributable to credit and therefore an allowance for credit losses has not been recorded. As of March 31, 2026, the Company does not have the intent to sell its marketable securities with an unrealized loss position, and it is more likely than not that the Company will not be required to sell these investments before their anticipated recovery of amortized cost bases, which may be at maturity. As of March 31, 2026 and December 31, 2025, the Company held no securities that were in an unrealized loss position for more than 12 months.