v3.26.1
Available-for-sale Securities
 3 Months Ended
Mar. 31, 2026
Debt Securities, Available-for-Sale [Line Items]  
Available-for-sale Securities
4.
Available-for-sale
Securities
The following table summarizes the unrealized positions of the Company’s
available-for-sale
securities disaggregated by class of instrument as of March 31, 2026 and December 31, 2025 (in thousands):
 
    
As of March 31, 2026
  
    
Amortized
Cost
     
Gross
Unrealized
Gains
     
Gross
Unrealized
Losses
     
Fair Value
  
US Treasury Securities
    $ 128,074      $ 14      $ (154 )     $ 127,934  
Corporate Debt
      356,651        13        (615 )       356,049  
  
 
 
     
 
 
     
 
 
     
 
 
  
Total
   
$
484,725
 
   
$
27
 
   
$
(769
) 
   
$
483,983
 
  
 
 
     
 
 
     
 
 
     
 
 
  
 
    
As of December 31, 2025
  
    
Amortized
Cost
     
Gross
Unrealized
Gains
     
Gross
Unrealized
Losses
     
Fair Value
  
US Treasury Securities
    $ 12,043      $ 33      $ —       $ 12,076  
Corporate Debt
      39,292        107        —         39,399  
  
 
 
     
 
 
     
 
 
     
 
 
  
Total
   
$
51,335
 
   
$
140
 
   
$
— 
 
   
$
51,475
 
  
 
 
     
 
 
     
 
 
     
 
 
  
 
The following table provides the amortized cost and fair value of the Company’s
available-for-sale
securities by contractual maturity as of March 31, 2026 and December 31, 2025 (in thousands):
 
    
As of March 31, 2026
  
    
Amortized Cost
     
Fair Value
  
Maturing within one year
    $ 359,214      $ 358,866  
Maturing after one through two years
    $ 125,511        125,117  
  
 
 
     
 
 
  
Total
   
$
484,725
 
   
$
483,983
 
  
 
 
     
 
 
  
 
    
As of December 31, 2025
  
    
Amortized Cost
     
Fair Value
  
Maturing within one year
    $ 34,244      $ 34,318  
Maturing after one through two years
      17,091        17,157  
  
 
 
     
 
 
  
Total
   
$
51,335
 
   
$
51,475
 
  
 
 
     
 
 
  
Amortized cost includes accrued interest receivable on available-for-sale debt securities. There were no realized gains or losses on available-for-sale securities during the three months ended March 31, 2026 and 2025.
For marketable securities classified as
available-for-sale
that are in an unrealized loss position as of the balance sheet date, the Company assesses whether or not it intends to sell the security, or
more-likely-than-not
will be required to sell the security, before recovery of its amortized cost basis which would require a write-down to fair value through net loss. As of March 31, 2026 certain
available-for-sale
securities were in an unrealized loss position. The Company has evaluated these securities and determined that the unrealized losses are primarily attributable to changes in interest rates and other market factors rather than credit-related factors. The Company does not intend to sell these securities before recovery of their amortized cost basis. As of December 31, 2025, there were no
available-for-sale
debt securities in a loss position. An allowance for credit losses was not deemed necessary related to
available-for-sale
securities as of March 31, 2026 and December 31, 2025.
Refer to Note 1 –
Summary of Operations and Significant Accounting Policies (Fair Value Measurements)
for the Company’s valuation techniques and fair value hierarchy disclosures.