The following table summarizes the Company’s marketable securities held at March 31, 2026 (in thousands):


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Commercial paper	$	275,444	$	15	$	(345	)	$	275,114
Corporate notes		92,021		11		(101	)		91,931
U.S. Treasury securities		512,770		234		(840	)		512,164
U.S. Government securities		38,599		5		(49	)		38,555
Corporate equity securities		5,597		—		—			5,597
Total	$	924,431	$	265	$	(1,335	)	$	923,361

The following table summarizes the Company’s marketable securities held at December 31, 2025 (in thousands):


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Commercial paper	$	304,861	$	162	$	(64	)	$	304,959
Corporate notes		149,928		128		(10	)		150,046
U.S. Treasury securities		462,112		872		—			462,984
U.S. Government securities		26,673		23		—			26,696
Corporate equity securities		5,581		—		—			5,581
Total	$	949,155	$	1,185	$	(74	)	$	950,266

The amortized cost of marketable debt securities is adjusted for amortization of premiums and accretion of discounts to maturity. At March 31, 2026 and December 31, 2025, the balance in accumulated other comprehensive (loss) income was comprised solely of activity related to marketable debt securities. There were no realized gains or losses recognized on the sale or maturity of marketable securities for the three months ended March 31, 2026 or 2025 and, as a result, the Company did not reclassify any amounts out of accumulated other comprehensive (loss) income for either period.

The Company holds debt securities of companies with high credit quality and has determined that there was no material change in the credit risk of any of its debt securities. The contractual maturity dates of all the investments are less than one year.