| Marketable Securities |
The following is a summary of the Company’s investing portfolio (in thousands):
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AS OF MARCH 31, 2026 |
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UNREALIZED |
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COST |
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GAINS |
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LOSSES |
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FAIR VALUE |
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Marketable securities: |
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Maturities within one year: |
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U.S. treasury securities |
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$ |
274,711 |
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$ |
133 |
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$ |
(104 |
) |
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$ |
274,740 |
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Debt securities issued by U.S. government agencies |
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107,724 |
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92 |
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(26 |
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107,790 |
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Commercial paper |
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19,288 |
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— |
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(6 |
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19,282 |
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Corporate debt securities |
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206,461 |
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31 |
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(216 |
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206,276 |
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Total maturities within one year |
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608,184 |
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256 |
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(352 |
) |
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608,088 |
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Maturities between one and two years: |
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U.S. treasury securities |
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$ |
155,403 |
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$ |
12 |
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$ |
(528 |
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$ |
154,887 |
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Debt securities issued by U.S. government agencies |
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8,557 |
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— |
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(21 |
) |
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8,536 |
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Corporate debt securities |
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35,047 |
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3 |
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(119 |
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34,931 |
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Total maturities between one and two years |
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199,007 |
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15 |
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(668 |
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198,354 |
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Total marketable securities |
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$ |
807,191 |
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$ |
271 |
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$ |
(1,020 |
) |
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$ |
806,442 |
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AS OF DECEMBER 31, 2025 |
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UNREALIZED |
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COST |
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GAINS |
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LOSSES |
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FAIR VALUE |
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Marketable securities: |
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Maturities within one year: |
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U.S. treasury securities |
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$ |
221,182 |
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$ |
430 |
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$ |
— |
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$ |
221,612 |
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Debt securities issued by U.S. government agencies |
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127,796 |
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324 |
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— |
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128,120 |
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Commercial paper |
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69,534 |
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22 |
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— |
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69,556 |
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Corporate debt securities |
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179,230 |
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136 |
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(11 |
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179,355 |
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Total maturities within one year |
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597,742 |
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912 |
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(11 |
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598,643 |
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Maturities between one and two years: |
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U.S. treasury securities |
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$ |
128,396 |
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$ |
149 |
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$ |
— |
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$ |
128,545 |
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Debt securities issued by U.S. government agencies |
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14,580 |
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16 |
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— |
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14,596 |
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Corporate debt securities |
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29,583 |
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16 |
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(10 |
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29,589 |
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Total maturities between one and two years |
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172,559 |
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181 |
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(10 |
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172,730 |
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Total marketable securities |
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$ |
770,301 |
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$ |
1,093 |
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$ |
(21 |
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$ |
771,373 |
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As of March 31, 2026, the Company had 172 securities with a total fair market value of $527.7 million in an unrealized loss position. The Company does not intend to sell its investments before recovery of the amortized cost basis of its debt securities at maturity and no allowance for credit losses was recorded as of March 31, 2026 and December 31, 2025. Securities are evaluated at the end of each reporting period. The Company did not record any impairment related to its marketable securities during the three months ended March 31, 2026 and 2025.
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