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DE 33-0336973 2855 Gazelle Court Carlsbad CA 92010 760 931-9200 Common Stock, $.001 Par Value IONS NASDAQ Yes Yes Large Accelerated Filer false false false 166184322 350065000 372260000 1704520000 2305176000 58845000 66059000 50833000 10048000 327011000 237092000 2491274000 2990635000 155131000 123048000 231560000 238549000 116536000 171604000 2994501000 3523836000 47704000 28082000 50293000 116236000 115778000 106089000 2877000 2713000 0 0 0 431948000 73837000 73761000 25149000 22738000 315638000 781567000 63030000 92001000 0 0 753356000 751495000 0.0175 0.0175 569255000 567830000 562574000 551353000 262476000 262383000 28435000 28118000 2554764000 3034747000 0.001 0.001 300000000 300000000 165636792 165636792 163304875 163304875 166000 163000 3311837000 3145402000 -33897000 -25281000 -2838369000 -2631195000 439737000 489089000 2994501000 3523836000 31139000 19273000 74094000 25561000 75958000 69952000 134282000 134117000 11526000 13531000 18058000 19246000 118623000 102756000 226434000 178924000 133137000 336921000 253797000 381951000 16189000 12372000 33811000 22785000 149326000 349293000 287608000 404736000 267949000 452049000 514042000 583660000 2739000 4151000 5721000 5614000 217107000 217460000 427280000 418219000 150396000 90622000 300755000 166872000 370242000 312233000 733756000 590705000 -102293000 139816000 -219714000 -7045000 20230000 24687000 45713000 49354000 4618000 4114000 9778000 8223000 17506000 18648000 34843000 37470000 -10182000 -18312000 12401000 -20476000 987000 102000 529000 569000 -113382000 123531000 -205692000 -23291000 1264000 -20000 1482000 96000 -114646000 123551000 -207174000 -23387000 -0.69 0.78 -1.25 -0.15 -0.69 0.7 -1.25 -0.15 165419000 159137000 165148000 158937000 165419000 182331000 165148000 158937000 -114646000 123551000 -207174000 -23387000 -2824000 367000 -8428000 1997000 -50000 595000 -188000 827000 -117520000 124513000 -215790000 -20563000 159041000 159000 2901262000 -28949000 -2396746000 475726000 0 0 0 123551000 123551000 0 0 367000 0 367000 0 0 595000 0 595000 156000 0 1286000 0 0 1286000 0 30199000 0 0 30199000 159197000 159000 2932747000 -27987000 -2273195000 631724000 165902000 166000 3245994000 -31023000 -2723723000 491414000 0 0 0 -114646000 -114646000 0 0 -2824000 0 -2824000 0 0 -50000 0 -50000 568000 0 20258000 0 0 20258000 0 45595000 0 0 45595000 0 1798000 -2000 -13000 0 0 -15000 0 -2631000 2000 3000 0 0 5000 165637000 166000 3311837000 -33897000 -2838369000 439737000 157909000 158000 2868812000 -30811000 -2249808000 588351000 0 0 0 -23387000 -23387000 0 0 1997000 0 1997000 0 0 827000 0 827000 1288000 1000 3527000 0 0 3528000 0 60408000 0 0 60408000 159197000 159000 2932747000 -27987000 -2273195000 631724000 163305000 163000 3145402000 -25281000 -2631195000 489089000 0 0 0 -207174000 -207174000 0 0 -8428000 0 -8428000 0 0 -188000 0 -188000 3165000 3000 77557000 0 0 77560000 0 88888000 0 0 88888000 0 1798000 -2000 -13000 0 0 -15000 0 -2631000 2000 3000 0 0 5000 165637000 166000 3311837000 -33897000 -2838369000 439737000 -207174000 -23387000 6734000 4494000 6990000 5177000 1361000 1180000 9533000 12978000 4150000 3288000 22387000 24894000 34538000 37165000 88870000 59408000 12401000 -20471000 481000 297000 -7214000 -39608000 24626000 12465000 38265000 22536000 18583000 -20309000 164000 47000 -65943000 -23050000 12851000 3535000 -28895000 -34488000 -227288000 563000 513005000 802657000 1114805000 880545000 37843000 24882000 3640000 2615000 560317000 50391000 77560000 3528000 0 432511000 0 85000 82000 -355036000 3446000 -188000 827000 -22195000 55227000 372260000 242077000 350065000 297304000 5212000 5214000 1200000 -383000 0 7253000 1042000 145000 <div style="text-align: justify;"> <span style="color: #000000; font-weight: bold;">1.  Organization and Basis of Presentation</span> </div> <div style="text-align: justify;">  </div> <div style="text-indent: 36pt; text-align: justify;"> <span style="font-weight: bold;">Organization and Business Activity</span> </div> <div style="text-align: justify;">  </div> <div style="text-indent: 36pt; text-align: justify;"> <span>We incorporated in California on January 10, 1989. In conjunction with our initial public offering, we reorganized as a Delaware corporation in April 1991. We are a fully integrated commercial-stage biotechnology company and a leader in the discovery and development of RNA-targeted therapeutics. </span></div> <div style="text-align: justify;">  </div> <div style="text-indent: 36pt; text-align: justify;"> <span style="color: #000000; font-weight: bold;">Basis of Presentation</span> </div> <div>  </div> <div style="text-indent: 36pt; text-align: justify;"> <span style="color: #000000;">We prepared the unaudited interim condensed consolidated financial statements for the three and six months ended June 30, 2026 and 2025 on the same basis as the audited financial statements for the year ended December 31, 2025. We included all normal recurring adjustments in the financial statements, which we considered necessary for a fair presentation of our financial position at such dates and our operating results and cash flows for those periods. Our operating results for the interim periods may not be indicative of what our operating results will be for the entire year. For more complete financial information, these financial statements, and notes thereto, should be read in conjunction with the audited financial statements for the year ended December 31, 2025 included in our Annual Report on Form 10-K filed with the Securities and Exchange Commission, or SEC. </span> </div> <div>  </div> <div style="text-indent: 36pt; text-align: justify;"> <span style="color: #000000;">In our condensed consolidated financial statements, we included the accounts of Ionis Pharmaceuticals, Inc. and the consolidated results of its wholly owned subsidiaries (“we”, “us” or “our”).</span> </div> <div style="text-align: justify;">  </div> <div style="text-indent: 36pt; text-align: justify;"> <span>We operate as a </span><span style="color: #000000;">single </span><span>segment, Ionis operations, because our chief operating decision maker, or CODM, reviews operating results on an aggregate basis and manages our operations as a </span><span style="color: #000000;"><span style="-sec-ix-hidden: hidden-fact-0">single</span> </span><span>operating segment. Refer to Note 13, </span><span style="font-style: italic;">Segment Information</span><span>, for further details on our segment information.</span> </div> <div style="text-align: justify;">  </div> <div style="text-indent: 36pt; text-align: justify;"> <span style="color: #000000; font-weight: bold;">Use of Estimates</span> </div> <div style="text-align: justify;">  </div> <div style="text-indent: 36pt; text-align: justify;"> <span style="color: #000000;">We prepare our condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States, or </span><span>U.S., that require us to make estimates and assumptions that affect the amounts reported in our condensed consolidated financial statements and accompanying notes. Actual results could differ from our estimates.</span> </div> <div style="text-indent: 36pt; text-align: justify;"> <span style="color: #000000; font-weight: bold;">Basis of Presentation</span> </div><div style="text-indent: 36pt; text-align: justify;"> <span style="color: #000000;">We prepared the unaudited interim condensed consolidated financial statements for the three and six months ended June 30, 2026 and 2025 on the same basis as the audited financial statements for the year ended December 31, 2025. We included all normal recurring adjustments in the financial statements, which we considered necessary for a fair presentation of our financial position at such dates and our operating results and cash flows for those periods. Our operating results for the interim periods may not be indicative of what our operating results will be for the entire year. For more complete financial information, these financial statements, and notes thereto, should be read in conjunction with the audited financial statements for the year ended December 31, 2025 included in our Annual Report on Form 10-K filed with the Securities and Exchange Commission, or SEC. </span> </div> <div style="text-indent: 36pt; text-align: justify;"> <span style="color: #000000;">In our condensed consolidated financial statements, we included the accounts of Ionis Pharmaceuticals, Inc. and the consolidated results of its wholly owned subsidiaries (“we”, “us” or “our”).</span> </div> <div style="text-indent: 36pt; text-align: justify;"> <span>We operate as a </span><span style="color: #000000;">single </span><span>segment, Ionis operations, because our chief operating decision maker, or CODM, reviews operating results on an aggregate basis and manages our operations as a </span><span style="color: #000000;"><span style="-sec-ix-hidden: hidden-fact-0">single</span> </span><span>operating segment. Refer to Note 13, </span><span style="font-style: italic;">Segment Information</span><span>, for further details on our segment information.</span> </div> <div style="text-indent: 36pt; text-align: justify;"> <span style="color: #000000; font-weight: bold;">Use of Estimates</span> </div><div style="text-indent: 36pt; text-align: justify;"> <span style="color: #000000;">We prepare our condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States, or </span><span>U.S., that require us to make estimates and assumptions that affect the amounts reported in our condensed consolidated financial statements and accompanying notes. Actual results could differ from our estimates.</span> </div> <div> <span style="color: #000000; font-weight: bold;">2.  Significant Accounting Policies</span> </div> <div>  </div> <div style="text-indent: 36pt; text-align: justify;"> <span style="color: #000000;"> Our significant accounting policies have not changed substantially from those included in our Annual Report on Form 10-K for the year ended December 31, 2025.</span></div> <div style="text-indent: 36pt;"> </div> <div style="text-indent: 36pt;"><span style="color: #000000; font-weight: bold;">Recent Accounting Standards</span> </div><div>  </div> <div style="text-indent: 36pt; line-height: 1.15; text-align: justify;">In July 2025, the FASB issued ASU 2025-05, which amended the guidance in ASC 326 to simplify the estimation of credit losses on accounts receivable and contract assets from revenue transactions. The amended guidance allows companies to elect a practical expedient to assume that conditions as of the balance sheet date will remain unchanged for the remaining life of the asset when estimating the expected credit losses of the asset. This update is effective for annual periods beginning after December 15, 2025 and interim periods within those annual periods. Companies that elect the practical expedient are required to apply the amendments prospectively. We adopted this update in the first quarter of 2026 on a prospective basis and elected the practical expedient. The updated guidance did not have a material impact on our condensed consolidated financial statements.</div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"><span style="letter-spacing: normal; text-align: justify; text-indent: 48px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">In September 2025, the FASB issued ASU 2025-06, which amended and simplified the existing guidance for software costs. The amended guidance removes references to software development stages and allows companies to begin capitalizing software costs when management has authorized and committed to funding the software project and it is probable that the project will be completed with the software performing the intended function. This update is effective for annual periods beginning after December 15, 2027 and interim periods within those annual periods. Early adoption of this guidance is permitted at the beginning of an annual reporting period. The guidance may be applied on a prospective or retrospective basis. We early adopted this update in the first quarter of 2026 on a prospective basis. The updated guidance did not have a material impact on our condensed consolidated financial statements.</span></div><div style="text-align: justify;"> </div><div style="text-indent: 36pt; text-align: justify;"> <span style="color: #000000;">We do not expect any recently issued accounting standards other than the standards mentioned above and those included in our Annual Report on Form 10-K for the year ended December 31, 2025 to have a material impact to our financial results.</span> </div> <div style="text-indent: 36pt;"><span style="color: #000000; font-weight: bold;">Recent Accounting Standards</span> </div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;">In July 2025, the FASB issued ASU 2025-05, which amended the guidance in ASC 326 to simplify the estimation of credit losses on accounts receivable and contract assets from revenue transactions. The amended guidance allows companies to elect a practical expedient to assume that conditions as of the balance sheet date will remain unchanged for the remaining life of the asset when estimating the expected credit losses of the asset. This update is effective for annual periods beginning after December 15, 2025 and interim periods within those annual periods. Companies that elect the practical expedient are required to apply the amendments prospectively. We adopted this update in the first quarter of 2026 on a prospective basis and elected the practical expedient. The updated guidance did not have a material impact on our condensed consolidated financial statements.</div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"><span style="letter-spacing: normal; text-align: justify; text-indent: 48px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">In September 2025, the FASB issued ASU 2025-06, which amended and simplified the existing guidance for software costs. The amended guidance removes references to software development stages and allows companies to begin capitalizing software costs when management has authorized and committed to funding the software project and it is probable that the project will be completed with the software performing the intended function. This update is effective for annual periods beginning after December 15, 2027 and interim periods within those annual periods. Early adoption of this guidance is permitted at the beginning of an annual reporting period. The guidance may be applied on a prospective or retrospective basis. We early adopted this update in the first quarter of 2026 on a prospective basis. The updated guidance did not have a material impact on our condensed consolidated financial statements.</span></div><div style="text-indent: 36pt; text-align: justify;"> <span style="color: #000000;">We do not expect any recently issued accounting standards other than the standards mentioned above and those included in our Annual Report on Form 10-K for the year ended December 31, 2025 to have a material impact to our financial results.</span> </div> <div style="text-align: justify;"> <span style="color: #000000; font-weight: bold;">3.  Supplemental Financial Data</span> </div> <div style="text-align: justify;">  </div> <div style="text-align: justify; margin-left: 36pt;"> <span style="color: #000000; font-weight: bold;">Inventories</span> </div> <div>  </div> <div style="text-indent: 36pt; text-align: justify;"> <span style="color: #000000;">Our inventories consisted of the following (in thousands): </span> </div> <div style="text-align: justify; color: #000000;"> </div> <table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; vertical-align: bottom; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor black; width: 1%;" title="Note 3. Supplemental Financial Data - B4"></td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor black; width: 9%;">June 30, 2026</td><td style="border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor black; width: 1%;" title="Note 3. Supplemental Financial Data - B4"></td><td> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor black; width: 1%;" title="Note 3. Supplemental Financial Data - D4"></td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor black; width: 9%;">December 31, 2025</td><td style="border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor black; width: 1%;" title="Note 3. Supplemental Financial Data - D4"></td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Raw materials</td><td style="text-align: left; width: 1%;" title="Note 3. Supplemental Financial Data - B5">$</td><td style="text-align: right; width: 9%;">789</td><td style="text-align: left; width: 1%;" title="Note 3. Supplemental Financial Data - B5"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 3. Supplemental Financial Data - D5">$</td><td style="text-align: right; width: 9%;">1,039</td><td style="text-align: left; width: 1%;" title="Note 3. Supplemental Financial Data - D5"> </td></tr><tr><td>Work in process</td><td style="text-align: left; width: 1%;" title="Note 3. Supplemental Financial Data - B6"> </td><td style="text-align: right; width: 9%;">49,465</td><td style="text-align: left; width: 1%;" title="Note 3. Supplemental Financial Data - B6"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 3. Supplemental Financial Data - D6"> </td><td style="text-align: right; width: 9%;">24,051</td><td style="text-align: left; width: 1%;" title="Note 3. Supplemental Financial Data - D6"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Finished goods</td><td style="text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor black; width: 1%;" title="Note 3. Supplemental Financial Data - B7"> </td><td style="text-align: right; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor black; width: 9%;">579</td><td style="text-align: left; width: 1%; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor black;" title="Note 3. Supplemental Financial Data - B7"> </td><td> </td><td style="text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor black; width: 1%;" title="Note 3. Supplemental Financial Data - D7"> </td><td style="text-align: right; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor black; width: 9%;">1,096</td><td style="text-align: left; width: 1%; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor black;" title="Note 3. Supplemental Financial Data - D7"> </td></tr><tr><td style="padding-left: 20px;">Total</td><td style="text-align: left; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor black; width: 1%;" title="Note 3. Supplemental Financial Data - B8">$</td><td style="text-align: right; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor black; width: 9%;">50,833</td><td style="text-align: left; width: 1%; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor black;" title="Note 3. Supplemental Financial Data - B8"> </td><td> </td><td style="text-align: left; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor black; width: 1%;" title="Note 3. Supplemental Financial Data - D8">$</td><td style="text-align: right; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor black; width: 9%;">26,186</td><td style="text-align: left; width: 1%; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor black;" title="Note 3. Supplemental Financial Data - D8"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Reported as:</td><td style="text-align: left; border-width: initial; border-style: none; border-color: initial; width: 1%;" title="Note 3. Supplemental Financial Data - B8"> </td><td style="text-align: right; border-width: initial; border-style: none; border-color: initial; width: 9%;"></td><td style="text-align: left; width: 1%; border-width: initial; border-style: none; border-color: initial;" title="Note 3. Supplemental Financial Data - B8"> </td><td> </td><td style="text-align: left; border-width: initial; border-style: none; border-color: initial; width: 1%;" title="Note 3. Supplemental Financial Data - D8"> </td><td style="text-align: right; border-width: initial; border-style: none; border-color: initial; width: 9%;"></td><td style="text-align: left; width: 1%; border-width: initial; border-style: none; border-color: initial;" title="Note 3. Supplemental Financial Data - D8"> </td></tr><tr><td style="padding-left: 10px;">Inventories</td><td style="text-align: left; border-width: initial; border-style: none; border-color: initial; width: 1%;" title="Note 3. Supplemental Financial Data - B8">$</td><td style="text-align: right; border-width: initial; border-style: none; border-color: initial; width: 9%;">50,833</td><td style="text-align: left; width: 1%; border-width: initial; border-style: none; border-color: initial;" title="Note 3. Supplemental Financial Data - B8"> </td><td> </td><td style="text-align: left; border-width: initial; border-style: none; border-color: initial; width: 1%;" title="Note 3. Supplemental Financial Data - D8">$</td><td style="text-align: right; border-width: initial; border-style: none; border-color: initial; width: 9%;">10,048</td><td style="text-align: left; width: 1%; border-width: initial; border-style: none; border-color: initial;" title="Note 3. Supplemental Financial Data - D8"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="padding-left: 10px;">Deposits and other assets</td><td style="text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor black; width: 1%;" title="Note 3. Supplemental Financial Data - B8"> </td><td style="text-align: right; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor black; width: 9%;"> - </td><td style="text-align: left; width: 1%; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor black;" title="Note 3. Supplemental Financial Data - B8"> </td><td> </td><td style="text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor black; width: 1%;" title="Note 3. Supplemental Financial Data - D8"> </td><td style="text-align: right; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor black; width: 9%;">16,138</td><td style="text-align: left; width: 1%; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor black;" title="Note 3. Supplemental Financial Data - D8"> </td></tr><tr><td style="padding-left: 20px;">Total</td><td style="text-align: left; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor black; width: 1%;" title="Note 3. Supplemental Financial Data - B8">$</td><td style="text-align: right; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor black; width: 9%;">50,833</td><td style="text-align: left; width: 1%; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor black;" title="Note 3. Supplemental Financial Data - B8"> </td><td> </td><td style="text-align: left; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor black; width: 1%;" title="Note 3. Supplemental Financial Data - D8">$</td><td style="text-align: right; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor black; width: 9%;">26,186</td><td style="text-align: left; width: 1%; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor black;" title="Note 3. Supplemental Financial Data - D8"> </td></tr></table><div> </div> <div style="text-indent: 36pt; line-height: 1.15; text-align: justify;">We classify inventories as non-current assets when we expect the inventories to remain on hand beyond one year. We include non-current inventories in deposits and other assets in our condensed consolidated balance sheets. As a result of the FDA approval of TRYNGOLZA for the treatment of <span style="letter-spacing: normal; text-align: justify; text-indent: 48px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">severe hypertriglyceridemia, or </span>sHTG, in June 2026, we expect to utilize inventories on hand as of June 30, 2026 within one year. The amounts reported as deposits and other assets as of December 31, 2025 consisted of work in process inventory.</div><div style="text-indent: 36pt;"> </div> <div style="text-indent: 36pt;"><span style="font-weight: bold;">Accrued Liabilities</span> </div><div>  </div> <div style="text-indent: 36pt;"> <span>Our accrued liabilities consisted of the following (in thousands):</span> </div> <div> </div> <table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; vertical-align: bottom; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 3. Accrued Liabilities - B4"></td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">June 30, 2026</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 3. Accrued Liabilities - B4"></td><td> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 3. Accrued Liabilities - D4"></td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">December 31, 2025</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 3. Accrued Liabilities - D4"></td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Clinical expenses</td><td style="text-align: left; width: 1%;" title="Note 3. Accrued Liabilities - B5">$</td><td style="text-align: right; width: 9%;">54,949</td><td style="text-align: left; width: 1%;" title="Note 3. Accrued Liabilities - B5"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 3. Accrued Liabilities - D5">$</td><td style="text-align: right; width: 9%;">53,659</td><td style="text-align: left; width: 1%;" title="Note 3. Accrued Liabilities - D5"> </td></tr><tr><td>In-licensing expenses</td><td style="text-align: left; width: 1%;" title="Note 3. Accrued Liabilities - B6"> </td><td style="text-align: right; width: 9%;">9,345</td><td style="text-align: left; width: 1%;" title="Note 3. Accrued Liabilities - B6"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 3. Accrued Liabilities - D6"> </td><td style="text-align: right; width: 9%;">8,588</td><td style="text-align: left; width: 1%;" title="Note 3. Accrued Liabilities - D6"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Commercial expenses, including gross-to-net product accruals</td><td style="text-align: left; width: 1%;" title="Note 3. Accrued Liabilities - B7"> </td><td style="text-align: right; width: 9%;">29,341</td><td style="text-align: left; width: 1%;" title="Note 3. Accrued Liabilities - B7"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 3. Accrued Liabilities - D7"> </td><td style="text-align: right; width: 9%;">15,556</td><td style="text-align: left; width: 1%;" title="Note 3. Accrued Liabilities - D7"> </td></tr><tr><td>Other miscellaneous expenses</td><td style="text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 3. Accrued Liabilities - B8"> </td><td style="text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">22,143</td><td style="text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 3. Accrued Liabilities - B8"> </td><td> </td><td style="text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 3. Accrued Liabilities - D8"> </td><td style="text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">28,286</td><td style="text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 3. Accrued Liabilities - D8"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="padding-left: 20px;">Total accrued liabilities</td><td style="text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 3. Accrued Liabilities - B9">$</td><td style="text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 9%;">115,778</td><td style="text-align: left; width: 1%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 3. Accrued Liabilities - B9"> </td><td> </td><td style="text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 3. Accrued Liabilities - D9">$</td><td style="text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 9%;">106,089</td><td style="text-align: left; width: 1%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 3. Accrued Liabilities - D9"> </td></tr></table> <div style="text-indent: 36pt; text-align: justify;"> <span style="color: #000000;">Our inventories consisted of the following (in thousands): </span> </div> <div style="text-align: justify; color: #000000;"> </div> <table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; vertical-align: bottom; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor black; width: 1%;" title="Note 3. Supplemental Financial Data - B4"></td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor black; width: 9%;">June 30, 2026</td><td style="border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor black; width: 1%;" title="Note 3. Supplemental Financial Data - B4"></td><td> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor black; width: 1%;" title="Note 3. Supplemental Financial Data - D4"></td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor black; width: 9%;">December 31, 2025</td><td style="border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor black; width: 1%;" title="Note 3. Supplemental Financial Data - D4"></td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Raw materials</td><td style="text-align: left; width: 1%;" title="Note 3. Supplemental Financial Data - B5">$</td><td style="text-align: right; width: 9%;">789</td><td style="text-align: left; width: 1%;" title="Note 3. Supplemental Financial Data - B5"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 3. Supplemental Financial Data - D5">$</td><td style="text-align: right; width: 9%;">1,039</td><td style="text-align: left; width: 1%;" title="Note 3. Supplemental Financial Data - D5"> </td></tr><tr><td>Work in process</td><td style="text-align: left; width: 1%;" title="Note 3. Supplemental Financial Data - B6"> </td><td style="text-align: right; width: 9%;">49,465</td><td style="text-align: left; width: 1%;" title="Note 3. Supplemental Financial Data - B6"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 3. Supplemental Financial Data - D6"> </td><td style="text-align: right; width: 9%;">24,051</td><td style="text-align: left; width: 1%;" title="Note 3. Supplemental Financial Data - D6"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Finished goods</td><td style="text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor black; width: 1%;" title="Note 3. Supplemental Financial Data - B7"> </td><td style="text-align: right; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor black; width: 9%;">579</td><td style="text-align: left; width: 1%; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor black;" title="Note 3. Supplemental Financial Data - B7"> </td><td> </td><td style="text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor black; width: 1%;" title="Note 3. Supplemental Financial Data - D7"> </td><td style="text-align: right; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor black; width: 9%;">1,096</td><td style="text-align: left; width: 1%; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor black;" title="Note 3. Supplemental Financial Data - D7"> </td></tr><tr><td style="padding-left: 20px;">Total</td><td style="text-align: left; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor black; width: 1%;" title="Note 3. Supplemental Financial Data - B8">$</td><td style="text-align: right; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor black; width: 9%;">50,833</td><td style="text-align: left; width: 1%; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor black;" title="Note 3. Supplemental Financial Data - B8"> </td><td> </td><td style="text-align: left; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor black; width: 1%;" title="Note 3. Supplemental Financial Data - D8">$</td><td style="text-align: right; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor black; width: 9%;">26,186</td><td style="text-align: left; width: 1%; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor black;" title="Note 3. Supplemental Financial Data - D8"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Reported as:</td><td style="text-align: left; border-width: initial; border-style: none; border-color: initial; width: 1%;" title="Note 3. Supplemental Financial Data - B8"> </td><td style="text-align: right; border-width: initial; border-style: none; border-color: initial; width: 9%;"></td><td style="text-align: left; width: 1%; border-width: initial; border-style: none; border-color: initial;" title="Note 3. Supplemental Financial Data - B8"> </td><td> </td><td style="text-align: left; border-width: initial; border-style: none; border-color: initial; width: 1%;" title="Note 3. Supplemental Financial Data - D8"> </td><td style="text-align: right; border-width: initial; border-style: none; border-color: initial; width: 9%;"></td><td style="text-align: left; width: 1%; border-width: initial; border-style: none; border-color: initial;" title="Note 3. Supplemental Financial Data - D8"> </td></tr><tr><td style="padding-left: 10px;">Inventories</td><td style="text-align: left; border-width: initial; border-style: none; border-color: initial; width: 1%;" title="Note 3. Supplemental Financial Data - B8">$</td><td style="text-align: right; border-width: initial; border-style: none; border-color: initial; width: 9%;">50,833</td><td style="text-align: left; width: 1%; border-width: initial; border-style: none; border-color: initial;" title="Note 3. Supplemental Financial Data - B8"> </td><td> </td><td style="text-align: left; border-width: initial; border-style: none; border-color: initial; width: 1%;" title="Note 3. Supplemental Financial Data - D8">$</td><td style="text-align: right; border-width: initial; border-style: none; border-color: initial; width: 9%;">10,048</td><td style="text-align: left; width: 1%; border-width: initial; border-style: none; border-color: initial;" title="Note 3. Supplemental Financial Data - D8"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="padding-left: 10px;">Deposits and other assets</td><td style="text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor black; width: 1%;" title="Note 3. Supplemental Financial Data - B8"> </td><td style="text-align: right; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor black; width: 9%;"> - </td><td style="text-align: left; width: 1%; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor black;" title="Note 3. Supplemental Financial Data - B8"> </td><td> </td><td style="text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor black; width: 1%;" title="Note 3. Supplemental Financial Data - D8"> </td><td style="text-align: right; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor black; width: 9%;">16,138</td><td style="text-align: left; width: 1%; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor black;" title="Note 3. Supplemental Financial Data - D8"> </td></tr><tr><td style="padding-left: 20px;">Total</td><td style="text-align: left; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor black; width: 1%;" title="Note 3. Supplemental Financial Data - B8">$</td><td style="text-align: right; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor black; width: 9%;">50,833</td><td style="text-align: left; width: 1%; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor black;" title="Note 3. Supplemental Financial Data - B8"> </td><td> </td><td style="text-align: left; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor black; width: 1%;" title="Note 3. Supplemental Financial Data - D8">$</td><td style="text-align: right; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor black; width: 9%;">26,186</td><td style="text-align: left; width: 1%; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor black;" title="Note 3. Supplemental Financial Data - D8"> </td></tr></table> 789000 1039000 49465000 24051000 579000 1096000 50833000 26186000 50833000 10048000 0 16138000 50833000 26186000 <div style="text-indent: 36pt;"> <span>Our accrued liabilities consisted of the following (in thousands):</span> </div> <div> </div> <table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; vertical-align: bottom; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 3. Accrued Liabilities - B4"></td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">June 30, 2026</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 3. Accrued Liabilities - B4"></td><td> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 3. Accrued Liabilities - D4"></td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">December 31, 2025</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 3. Accrued Liabilities - D4"></td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Clinical expenses</td><td style="text-align: left; width: 1%;" title="Note 3. Accrued Liabilities - B5">$</td><td style="text-align: right; width: 9%;">54,949</td><td style="text-align: left; width: 1%;" title="Note 3. Accrued Liabilities - B5"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 3. Accrued Liabilities - D5">$</td><td style="text-align: right; width: 9%;">53,659</td><td style="text-align: left; width: 1%;" title="Note 3. Accrued Liabilities - D5"> </td></tr><tr><td>In-licensing expenses</td><td style="text-align: left; width: 1%;" title="Note 3. Accrued Liabilities - B6"> </td><td style="text-align: right; width: 9%;">9,345</td><td style="text-align: left; width: 1%;" title="Note 3. Accrued Liabilities - B6"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 3. Accrued Liabilities - D6"> </td><td style="text-align: right; width: 9%;">8,588</td><td style="text-align: left; width: 1%;" title="Note 3. Accrued Liabilities - D6"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Commercial expenses, including gross-to-net product accruals</td><td style="text-align: left; width: 1%;" title="Note 3. Accrued Liabilities - B7"> </td><td style="text-align: right; width: 9%;">29,341</td><td style="text-align: left; width: 1%;" title="Note 3. Accrued Liabilities - B7"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 3. Accrued Liabilities - D7"> </td><td style="text-align: right; width: 9%;">15,556</td><td style="text-align: left; width: 1%;" title="Note 3. Accrued Liabilities - D7"> </td></tr><tr><td>Other miscellaneous expenses</td><td style="text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 3. Accrued Liabilities - B8"> </td><td style="text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">22,143</td><td style="text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 3. Accrued Liabilities - B8"> </td><td> </td><td style="text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 3. Accrued Liabilities - D8"> </td><td style="text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">28,286</td><td style="text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 3. Accrued Liabilities - D8"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="padding-left: 20px;">Total accrued liabilities</td><td style="text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 3. Accrued Liabilities - B9">$</td><td style="text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 9%;">115,778</td><td style="text-align: left; width: 1%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 3. Accrued Liabilities - B9"> </td><td> </td><td style="text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 3. Accrued Liabilities - D9">$</td><td style="text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 9%;">106,089</td><td style="text-align: left; width: 1%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 3. Accrued Liabilities - D9"> </td></tr></table> 54949000 53659000 9345000 8588000 29341000 15556000 22143000 28286000 115778000 106089000 <div><span style="font-weight: bold;">4.  Revenues</span> </div><div>  </div> <div style="text-indent: 36pt; text-align: justify;"> <span>During the three and six months ended June 30, 2026 and 2025, our revenues consisted of the following (in thousands):</span> </div> <div> </div> <table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; vertical-align: bottom; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td colspan="7" style="text-align: center; font-weight: bold;">Three Months Ended</td><td> </td><td colspan="7" style="text-align: center; font-weight: bold;">Six Months Ended</td></tr><tr><td> </td><td colspan="7" style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">June 30,</td><td> </td><td colspan="7" style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">June 30,</td></tr><tr><td> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 4. Revenues - B4"> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%;">2026</td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 4. Revenues - B4"> </td><td> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 4. Revenues - D4"> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%;">2025</td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 4. Revenues - D4"> </td><td> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 4. Revenues - F4"> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%;">2026</td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 4. Revenues - F4"> </td><td> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 4. Revenues - H4"> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%;">2025</td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 4. Revenues - H4"> </td></tr><tr><td>Revenue:</td><td style="width: 1%;" title="Note 4. Revenues - B5"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 4. Revenues - B5"> </td><td> </td><td style="width: 1%;" title="Note 4. Revenues - D5"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 4. Revenues - D5"> </td><td> </td><td style="width: 1%;" title="Note 4. Revenues - F5"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 4. Revenues - F5"> </td><td> </td><td style="width: 1%;" title="Note 4. Revenues - H5"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 4. Revenues - H5"> </td></tr><tr><td style="padding-left: 10px;">Commercial revenue:</td><td style="width: 1%;" title="Note 4. Revenues - B6"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 4. Revenues - B6"> </td><td> </td><td style="width: 1%;" title="Note 4. Revenues - D6"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 4. Revenues - D6"> </td><td> </td><td style="width: 1%;" title="Note 4. Revenues - F6"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 4. Revenues - F6"> </td><td> </td><td style="width: 1%;" title="Note 4. Revenues - H6"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 4. Revenues - H6"> </td></tr><tr><td style="padding-left: 20px;">Product sales, net:</td><td style="width: 1%;" title="Note 4. Revenues - B7"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 4. Revenues - B7"> </td><td> </td><td style="width: 1%;" title="Note 4. Revenues - D7"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 4. Revenues - D7"> </td><td> </td><td style="width: 1%;" title="Note 4. Revenues - F7"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 4. Revenues - F7"> </td><td> </td><td style="width: 1%;" title="Note 4. Revenues - H7"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 4. Revenues - H7"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="padding-left: 30px;">TRYNGOLZA sales, net</td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - B8">$</td><td style="width: 9%; text-align: right;">4,574</td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - B8"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - D8">$</td><td style="width: 9%; text-align: right;">19,273</td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - D8"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - F8">$</td><td style="width: 9%; text-align: right;">31,674</td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - F8"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - H8">$</td><td style="width: 9%; text-align: right;">25,561</td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - H8"> </td></tr><tr><td style="padding-left: 30px;">DAWNZERA sales, net</td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 4. Revenues - B9"> </td><td style="width: 9%; text-align: right; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">26,565</td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 4. Revenues - B9"> </td><td> </td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 4. Revenues - D9"> </td><td style="width: 9%; text-align: right; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> - </td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 4. Revenues - D9"> </td><td> </td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 4. Revenues - F9"> </td><td style="width: 9%; text-align: right; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">42,420</td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 4. Revenues - F9"> </td><td> </td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 4. Revenues - H9"> </td><td style="width: 9%; text-align: right; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> - </td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 4. Revenues - H9"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="padding-left: 30px;">Total product sales, net</td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - B10"> </td><td style="width: 9%; text-align: right;">31,139</td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - B10"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - D10"> </td><td style="width: 9%; text-align: right;">19,273</td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - D10"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - F10"> </td><td style="width: 9%; text-align: right;">74,094</td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - F10"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - H10"> </td><td style="width: 9%; text-align: right;">25,561</td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - H10"> </td></tr><tr><td style="padding-left: 20px;">Royalty revenue:</td><td style="width: 1%;" title="Note 4. Revenues - B11"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 4. Revenues - B11"> </td><td> </td><td style="width: 1%;" title="Note 4. Revenues - D11"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 4. Revenues - D11"> </td><td> </td><td style="width: 1%;" title="Note 4. Revenues - F11"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 4. Revenues - F11"> </td><td> </td><td style="width: 1%;" title="Note 4. Revenues - H11"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 4. Revenues - H11"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="padding-left: 30px;">SPINRAZA royalties</td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - B12"> </td><td style="width: 9%; text-align: right;">53,486</td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - B12"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - D12"> </td><td style="width: 9%; text-align: right;">54,337</td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - D12"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - F12"> </td><td style="width: 9%; text-align: right;">97,196</td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - F12"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - H12"> </td><td style="width: 9%; text-align: right;">102,347</td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - H12"> </td></tr><tr><td style="padding-left: 30px;">WAINUA royalties</td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - B13"> </td><td style="width: 9%; text-align: right;">16,436</td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - B13"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - D13"> </td><td style="width: 9%; text-align: right;">10,415</td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - D13"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - F13"> </td><td style="width: 9%; text-align: right;">27,145</td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - F13"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - H13"> </td><td style="width: 9%; text-align: right;">19,787</td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - H13"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="padding-left: 30px;">Other royalties</td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 4. Revenues - B14"> </td><td style="width: 9%; text-align: right; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">6,036</td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 4. Revenues - B14"> </td><td> </td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 4. Revenues - D14"> </td><td style="width: 9%; text-align: right; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">5,200</td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 4. Revenues - D14"> </td><td> </td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 4. Revenues - F14"> </td><td style="width: 9%; text-align: right; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">9,941</td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 4. Revenues - F14"> </td><td> </td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 4. Revenues - H14"> </td><td style="width: 9%; text-align: right; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">11,983</td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 4. Revenues - H14"> </td></tr><tr><td style="padding-left: 50px;">Total royalty revenue</td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - B15"> </td><td style="width: 9%; text-align: right;">75,958</td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - B15"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - D15"> </td><td style="width: 9%; text-align: right;">69,952</td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - D15"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - F15"> </td><td style="width: 9%; text-align: right;">134,282</td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - F15"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - H15"> </td><td style="width: 9%; text-align: right;">134,117</td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - H15"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="padding-left: 20px;">Other commercial revenue</td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 4. Revenues - B16"> </td><td style="width: 9%; text-align: right; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">11,526</td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 4. Revenues - B16"> </td><td> </td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 4. Revenues - D16"> </td><td style="width: 9%; text-align: right; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">13,531</td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 4. Revenues - D16"> </td><td> </td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 4. Revenues - F16"> </td><td style="width: 9%; text-align: right; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">18,058</td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 4. Revenues - F16"> </td><td> </td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 4. Revenues - H16"> </td><td style="width: 9%; text-align: right; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">19,246</td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 4. Revenues - H16"> </td></tr><tr><td style="padding-left: 70px;">Total commercial revenue</td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - B17"> </td><td style="width: 9%; text-align: right;">118,623</td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - B17"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - D17"> </td><td style="width: 9%; text-align: right;">102,756</td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - D17"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - F17"> </td><td style="width: 9%; text-align: right;">226,434</td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - F17"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - H17"> </td><td style="width: 9%; text-align: right;">178,924</td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - H17"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="padding-left: 10px;">Research and development revenue:</td><td style="width: 1%;" title="Note 4. Revenues - B18"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 4. Revenues - B18"> </td><td> </td><td style="width: 1%;" title="Note 4. Revenues - D18"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 4. Revenues - D18"> </td><td> </td><td style="width: 1%;" title="Note 4. Revenues - F18"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 4. Revenues - F18"> </td><td> </td><td style="width: 1%;" title="Note 4. Revenues - H18"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 4. Revenues - H18"> </td></tr><tr><td style="padding-left: 30px;">Collaborative agreement revenue</td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - B19"> </td><td style="width: 9%; text-align: right;">133,137</td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - B19"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - D19"> </td><td style="width: 9%; text-align: right;">336,921</td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - D19"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - F19"> </td><td style="width: 9%; text-align: right;">253,797</td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - F19"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - H19"> </td><td style="width: 9%; text-align: right;">381,951</td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - H19"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="padding-left: 30px;">WAINUA joint development revenue</td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 4. Revenues - B20"> </td><td style="width: 9%; text-align: right; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">16,189</td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 4. Revenues - B20"> </td><td> </td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 4. Revenues - D20"> </td><td style="width: 9%; text-align: right; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">12,372</td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 4. Revenues - D20"> </td><td> </td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 4. Revenues - F20"> </td><td style="width: 9%; text-align: right; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">33,811</td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 4. Revenues - F20"> </td><td> </td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 4. Revenues - H20"> </td><td style="width: 9%; text-align: right; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">22,785</td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 4. Revenues - H20"> </td></tr><tr><td style="padding-left: 70px;">Total research and development revenue</td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 4. Revenues - B21"> </td><td style="width: 9%; text-align: right; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">149,326</td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 4. Revenues - B21"> </td><td> </td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 4. Revenues - D21"> </td><td style="width: 9%; text-align: right; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">349,293</td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 4. Revenues - D21"> </td><td> </td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 4. Revenues - F21"> </td><td style="width: 9%; text-align: right; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">287,608</td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 4. Revenues - F21"> </td><td> </td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 4. Revenues - H21"> </td><td style="width: 9%; text-align: right; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">404,736</td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 4. Revenues - H21"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="padding-left: 90px;">Total revenue </td><td style="width: 1%; text-align: left; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 4. Revenues - B22">$</td><td style="width: 9%; text-align: right; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);">267,949</td><td style="width: 1%; text-align: left; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 4. Revenues - B22"> </td><td> </td><td style="width: 1%; text-align: left; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 4. Revenues - D22">$</td><td style="width: 9%; text-align: right; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);">452,049</td><td style="width: 1%; text-align: left; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 4. Revenues - D22"> </td><td> </td><td style="width: 1%; text-align: left; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 4. Revenues - F22">$</td><td style="width: 9%; text-align: right; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);">514,042</td><td style="width: 1%; text-align: left; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 4. Revenues - F22"> </td><td> </td><td style="width: 1%; text-align: left; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 4. Revenues - H22">$</td><td style="width: 9%; text-align: right; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);">583,660</td><td style="width: 1%; text-align: left; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 4. Revenues - H22"> </td></tr></table><div>  </div> <div style="text-indent: 36pt; text-align: justify;"> <span style="font-weight: bold; text-decoration: underline;">Revenue Sources </span> </div> <div style="text-align: justify;">  </div> <div style="text-indent: 36pt; text-align: justify;"> <span>The following are sources of revenue and when we typically recognize revenue.</span> </div> <div style="text-align: justify;">  </div> <div style="text-indent: 36pt; text-align: justify;"> <span style="font-style: italic;">Commercial Revenue </span> </div> <div style="text-align: justify;">  </div> <div style="text-indent: 36pt; text-align: justify;"> In June 2026, the U.S. Food and Drug Administration, or FDA, approved TRYNGOLZA for the <span style="letter-spacing: normal; text-indent: 48px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"> treatment of sHTG. Following the approval, we launched TRYNGOLZA for the treatment of sHTG and began earning revenue from TRYNGOLZA sales for the sHTG indication. TRYNGOLZA is also approved in the U.S. for <span style="text-decoration-thickness: initial; float: none; display: inline !important;">the treatment of familial chylomicronemia syndrome, or FCS</span>. In April 2026, we lowered the Wholesale Acquisition Cost, or WAC, of TRYNGOLZA to address the sHTG population prior to receiving FDA approval. This allowed us to proactively align with annual payer contracting cycles for 2027 and accelerate access following the approval.</span></div><div style="text-align: justify;"> </div> <div style="text-indent: 36pt; line-height: 1.15; text-align: justify;">In August 2025, the FDA approved DAWNZERA for prophylaxis to prevent attacks of hereditary angioedema, or HAE, in adult and pediatric patients 12 years of age and older. Following the approval, we launched DAWNZERA and began earning revenue from DAWNZERA sales.</div><div style="text-indent: 36pt; text-align: justify;"> <span>We earn royalty payments primarily on net sales of SPINRAZA, WAINUA and QALSODY. We include QALSODY royalties within other royalties in the table above.</span></div> <div style="text-indent: 36pt; text-align: justify;"> </div> <div style="text-indent: 36pt; text-align: justify;"><span>We earn commercial revenue from TEGSEDI and WAYLIVRA sales under our distribution agreements with Swedish Orphan Biovitrum AB, or Sobi. In addition, we receive royalties from PTC Therapeutics International Limited, or PTC, for TEGSEDI and WAYLIVRA sales. Refer to Part IV, Item 15, Note 4, </span><span style="font-style: italic;">Collaborative Arrangements and Licensing Agreements</span><span>, of our audited financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2025 for details on our commercialization partnerships with Sobi and PTC.</span> </div><div style="text-align: justify;"> </div> <div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Under our distribution agreements with Sobi, we concluded that our performance obligation is to provide services to Sobi over the term of the agreement, which includes supplying finished goods inventory to Sobi. We are also responsible for maintaining the marketing authorization for TEGSEDI and WAYLIVRA in major markets and for leading the global commercial strategy for each medicine. We view this performance obligation as a series of distinct activities that are substantially the same. We recognize as revenue the price Sobi pays us for the inventory when we deliver the finished goods inventory to Sobi. We also recognize distribution fee revenue based on Sobi’s net sales of TEGSEDI and WAYLIVRA. Under our agreements with Sobi, Sobi does not generally have a right of return.</span></div><div style="text-align: justify;"> </div><div style="text-indent: 36pt; text-align: justify;"> <span style="font-style: italic;">Research and development revenue under collaboration agreements</span> </div> <div style="text-align: justify;">  </div> <div style="text-indent: 36pt; text-align: justify;"> <span>We enter into collaboration agreements to license and sell our technology on an exclusive or non-exclusive basis. Our collaboration agreements typically contain multiple elements, or performance obligations, including technology licenses or options to obtain technology licenses, R&amp;D services and manufacturing services.</span> </div> <div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"> </div> <div style="text-indent: 36pt; line-height: 1.15; text-align: justify;">For R&amp;D services that we recognize over time, we measure our progress using an input method. The input methods we use are based on the effort we expend or costs we incur toward the satisfaction of our performance obligation. We estimate the amount of effort we expend, including the time we estimate it will take us to complete the activities, or costs we incur in a given period, relative to the estimated total effort or costs to satisfy the performance obligation. This results in a percentage that we multiply by the transaction price to determine the amount of revenue we recognize each period. This approach requires us to make numerous estimates and use judgement. If our estimates or judgements change over the course of the collaboration, they may affect the timing and amount of revenue that we recognize in the current and future periods. </div><div style="text-align: justify;">  </div> <div style="text-indent: 36pt; text-align: justify;"> <span style="font-style: italic; text-decoration: underline;">Upfront payments:</span><span> When we enter into a collaboration agreement and receive an upfront payment, we record the entire upfront payment as deferred revenue if our only performance obligation is for R&amp;D services we will provide in the future. We amortize the upfront payment into revenue as we perform the R&amp;D services. If part or all of the upfront payment is a license fee, we recognize as revenue the portion related to the license when we deliver the license to our partner because our partner has full use of the license and we do not have any additional performance obligations related to the license after delivery.</span> </div> <div style="text-align: justify;">  </div> <div style="text-indent: 36pt; text-align: justify;"> <span style="font-style: italic; text-decoration: underline;">Milestone payments:</span> We include variable consideration in the transaction price when it is probable. We typically include milestone payments for R&amp;D services in the transaction price when they are achieved. We include these milestone payments when they are achieved because there is considerable uncertainty in the research and development processes that trigger these payments. Similarly, we include regulatory milestone payments in the transaction price once the medicine is approved by the applicable regulatory agency. We will recognize sales-based milestone payments in the period in which we achieve the milestone under the sales-based royalty exception allowed under accounting rules. </div><div style="text-align: justify;">  </div> <div style="text-indent: 36pt; text-align: justify;"> <span>We recognize milestone payments that relate to an ongoing performance obligation over our period of performance. For example, when we achieve a milestone payment from a partner for advancing a clinical study under a collaboration agreement, we add the milestone payment to the transaction price if the milestone relates to an ongoing R&amp;D services performance obligation and recognize revenue related to the milestone payment over our estimated period of performance. If we have partially completed our performance obligation, we record a cumulative-effect adjustment in the period we add the milestone payment to the transaction price.</span> </div> <div style="text-indent: 36pt; text-align: justify;"> </div> <div style="text-indent: 36pt; text-align: justify;"><span>Conversely, we recognize in full those milestone payments that we earn based on our partners’ activities when our partner achieves the milestone event and we do not have a remaining performance obligation.</span> </div><div style="text-align: justify;">  </div> <div style="text-indent: 36pt; text-align: justify;"> <span style="font-style: italic; text-decoration: underline;">License fees:</span><span> We recognize as revenue the total amount we determine to be the relative stand-alone selling price of a license when we deliver the license to our partner because our partner has full use of the license and we do not have any additional performance obligations related to the license after delivery.</span> </div><div style="text-indent: 36pt; text-align: justify;"><span style="font-style: italic;">WAINUA (Eplontersen) Collaboration with AstraZeneca</span> </div><div style="text-align: justify;">  </div> <div style="text-indent: 36pt; text-align: justify;"> <span>In 2021, we entered into a collaboration agreement with AstraZeneca to develop and commercialize WAINUA for the treatment of transthyretin amyloidosis, or ATTR, with the parties sharing responsibility for development, and AstraZeneca having responsibility for commercializing WAINUA. Under the terms of the agreement, we received a $200 million upfront payment in 2021.</span> </div> <div style="text-align: justify;">  </div> <div style="text-indent: 36pt; text-align: justify;"> <span>At inception of the agreement, we evaluated our WAINUA collaboration under ASC Topic 808, </span><span style="font-style: italic;">Collaborative Arrangements</span><span>, or ASC 808, and identified four material components: (i) the license we granted to AstraZeneca in 2021, (ii) the shared development activities that we and AstraZeneca were to perform, (iii) the shared commercialization activities that we and AstraZeneca were to perform and (iv) the shared medical affairs activities that we and AstraZeneca were to perform.</span> </div> <div style="text-align: justify;">  </div> <div style="text-indent: 36pt; text-align: justify;"> <span>We determined that we had a vendor-customer relationship within the scope of ASC Topic 606, </span><span style="font-style: italic;">Revenue from Contracts with Customers</span><span>, or ASC 606, for the license we granted to AstraZeneca and as a result we had one performance obligation. For our sole performance obligation, we determined the transaction price was the $200 million upfront payment we received. We recognized the upfront payment in full in 2021 because we did not have any remaining performance obligations after we delivered the license to AstraZeneca.</span> </div> <div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"> </div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;">We also concluded that the shared development, commercialization and medical affairs activities are within the scope of ASC 808 because we and AstraZeneca are active participants exposed to the risks and benefits of the activities under the collaboration and therefore do not have a vendor-customer relationship. From inception through December 31, 2025, AstraZeneca was responsible for 55 percent of the costs associated with the ongoing global Phase 3 development program. During the six months ended June 30, 2026, AstraZeneca was responsible for 75 percent of costs for development activities intended solely to support U.S. regulatory approvals and 87.5 percent of costs for development activities intended to support global regulatory approvals. Because we are leading the Phase 3 development program, we made an accounting policy election to recognize as non-customer revenue the cost-share funding from AstraZeneca, net of our share of AstraZeneca’s development expenses, in the same period we incur the related development expenses. As AstraZeneca is responsible for the majority of the commercial and medical affairs costs in the U.S. and all costs associated with bringing WAINUA to market outside the U.S., we made an accounting policy election to recognize cost-share funding we receive from AstraZeneca related to commercial and medical affairs activities as reductions of our selling, general and administrative, or SG&amp;A, expense and R&amp;D expense, respectively. </div> <div style="text-indent: 36pt; text-align: justify;"> <span>During the three and six months ended June 30, 2026 and 2025, our revenues consisted of the following (in thousands):</span> </div> <div> </div> <table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; vertical-align: bottom; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td colspan="7" style="text-align: center; font-weight: bold;">Three Months Ended</td><td> </td><td colspan="7" style="text-align: center; font-weight: bold;">Six Months Ended</td></tr><tr><td> </td><td colspan="7" style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">June 30,</td><td> </td><td colspan="7" style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">June 30,</td></tr><tr><td> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 4. Revenues - B4"> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%;">2026</td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 4. Revenues - B4"> </td><td> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 4. Revenues - D4"> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%;">2025</td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 4. Revenues - D4"> </td><td> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 4. Revenues - F4"> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%;">2026</td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 4. Revenues - F4"> </td><td> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 4. Revenues - H4"> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%;">2025</td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 4. Revenues - H4"> </td></tr><tr><td>Revenue:</td><td style="width: 1%;" title="Note 4. Revenues - B5"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 4. Revenues - B5"> </td><td> </td><td style="width: 1%;" title="Note 4. Revenues - D5"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 4. Revenues - D5"> </td><td> </td><td style="width: 1%;" title="Note 4. Revenues - F5"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 4. Revenues - F5"> </td><td> </td><td style="width: 1%;" title="Note 4. Revenues - H5"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 4. Revenues - H5"> </td></tr><tr><td style="padding-left: 10px;">Commercial revenue:</td><td style="width: 1%;" title="Note 4. Revenues - B6"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 4. Revenues - B6"> </td><td> </td><td style="width: 1%;" title="Note 4. Revenues - D6"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 4. Revenues - D6"> </td><td> </td><td style="width: 1%;" title="Note 4. Revenues - F6"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 4. Revenues - F6"> </td><td> </td><td style="width: 1%;" title="Note 4. Revenues - H6"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 4. Revenues - H6"> </td></tr><tr><td style="padding-left: 20px;">Product sales, net:</td><td style="width: 1%;" title="Note 4. Revenues - B7"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 4. Revenues - B7"> </td><td> </td><td style="width: 1%;" title="Note 4. Revenues - D7"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 4. Revenues - D7"> </td><td> </td><td style="width: 1%;" title="Note 4. Revenues - F7"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 4. Revenues - F7"> </td><td> </td><td style="width: 1%;" title="Note 4. Revenues - H7"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 4. Revenues - H7"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="padding-left: 30px;">TRYNGOLZA sales, net</td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - B8">$</td><td style="width: 9%; text-align: right;">4,574</td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - B8"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - D8">$</td><td style="width: 9%; text-align: right;">19,273</td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - D8"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - F8">$</td><td style="width: 9%; text-align: right;">31,674</td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - F8"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - H8">$</td><td style="width: 9%; text-align: right;">25,561</td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - H8"> </td></tr><tr><td style="padding-left: 30px;">DAWNZERA sales, net</td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 4. Revenues - B9"> </td><td style="width: 9%; text-align: right; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">26,565</td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 4. Revenues - B9"> </td><td> </td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 4. Revenues - D9"> </td><td style="width: 9%; text-align: right; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> - </td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 4. Revenues - D9"> </td><td> </td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 4. Revenues - F9"> </td><td style="width: 9%; text-align: right; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">42,420</td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 4. Revenues - F9"> </td><td> </td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 4. Revenues - H9"> </td><td style="width: 9%; text-align: right; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> - </td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 4. Revenues - H9"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="padding-left: 30px;">Total product sales, net</td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - B10"> </td><td style="width: 9%; text-align: right;">31,139</td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - B10"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - D10"> </td><td style="width: 9%; text-align: right;">19,273</td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - D10"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - F10"> </td><td style="width: 9%; text-align: right;">74,094</td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - F10"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - H10"> </td><td style="width: 9%; text-align: right;">25,561</td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - H10"> </td></tr><tr><td style="padding-left: 20px;">Royalty revenue:</td><td style="width: 1%;" title="Note 4. Revenues - B11"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 4. Revenues - B11"> </td><td> </td><td style="width: 1%;" title="Note 4. Revenues - D11"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 4. Revenues - D11"> </td><td> </td><td style="width: 1%;" title="Note 4. Revenues - F11"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 4. Revenues - F11"> </td><td> </td><td style="width: 1%;" title="Note 4. Revenues - H11"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 4. Revenues - H11"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="padding-left: 30px;">SPINRAZA royalties</td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - B12"> </td><td style="width: 9%; text-align: right;">53,486</td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - B12"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - D12"> </td><td style="width: 9%; text-align: right;">54,337</td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - D12"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - F12"> </td><td style="width: 9%; text-align: right;">97,196</td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - F12"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - H12"> </td><td style="width: 9%; text-align: right;">102,347</td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - H12"> </td></tr><tr><td style="padding-left: 30px;">WAINUA royalties</td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - B13"> </td><td style="width: 9%; text-align: right;">16,436</td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - B13"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - D13"> </td><td style="width: 9%; text-align: right;">10,415</td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - D13"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - F13"> </td><td style="width: 9%; text-align: right;">27,145</td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - F13"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - H13"> </td><td style="width: 9%; text-align: right;">19,787</td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - H13"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="padding-left: 30px;">Other royalties</td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 4. Revenues - B14"> </td><td style="width: 9%; text-align: right; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">6,036</td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 4. Revenues - B14"> </td><td> </td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 4. Revenues - D14"> </td><td style="width: 9%; text-align: right; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">5,200</td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 4. Revenues - D14"> </td><td> </td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 4. Revenues - F14"> </td><td style="width: 9%; text-align: right; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">9,941</td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 4. Revenues - F14"> </td><td> </td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 4. Revenues - H14"> </td><td style="width: 9%; text-align: right; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">11,983</td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 4. Revenues - H14"> </td></tr><tr><td style="padding-left: 50px;">Total royalty revenue</td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - B15"> </td><td style="width: 9%; text-align: right;">75,958</td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - B15"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - D15"> </td><td style="width: 9%; text-align: right;">69,952</td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - D15"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - F15"> </td><td style="width: 9%; text-align: right;">134,282</td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - F15"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - H15"> </td><td style="width: 9%; text-align: right;">134,117</td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - H15"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="padding-left: 20px;">Other commercial revenue</td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 4. Revenues - B16"> </td><td style="width: 9%; text-align: right; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">11,526</td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 4. Revenues - B16"> </td><td> </td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 4. Revenues - D16"> </td><td style="width: 9%; text-align: right; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">13,531</td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 4. Revenues - D16"> </td><td> </td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 4. Revenues - F16"> </td><td style="width: 9%; text-align: right; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">18,058</td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 4. Revenues - F16"> </td><td> </td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 4. Revenues - H16"> </td><td style="width: 9%; text-align: right; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">19,246</td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 4. Revenues - H16"> </td></tr><tr><td style="padding-left: 70px;">Total commercial revenue</td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - B17"> </td><td style="width: 9%; text-align: right;">118,623</td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - B17"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - D17"> </td><td style="width: 9%; text-align: right;">102,756</td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - D17"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - F17"> </td><td style="width: 9%; text-align: right;">226,434</td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - F17"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - H17"> </td><td style="width: 9%; text-align: right;">178,924</td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - H17"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="padding-left: 10px;">Research and development revenue:</td><td style="width: 1%;" title="Note 4. Revenues - B18"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 4. Revenues - B18"> </td><td> </td><td style="width: 1%;" title="Note 4. Revenues - D18"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 4. Revenues - D18"> </td><td> </td><td style="width: 1%;" title="Note 4. Revenues - F18"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 4. Revenues - F18"> </td><td> </td><td style="width: 1%;" title="Note 4. Revenues - H18"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 4. Revenues - H18"> </td></tr><tr><td style="padding-left: 30px;">Collaborative agreement revenue</td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - B19"> </td><td style="width: 9%; text-align: right;">133,137</td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - B19"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - D19"> </td><td style="width: 9%; text-align: right;">336,921</td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - D19"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - F19"> </td><td style="width: 9%; text-align: right;">253,797</td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - F19"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - H19"> </td><td style="width: 9%; text-align: right;">381,951</td><td style="width: 1%; text-align: left;" title="Note 4. Revenues - H19"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="padding-left: 30px;">WAINUA joint development revenue</td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 4. Revenues - B20"> </td><td style="width: 9%; text-align: right; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">16,189</td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 4. Revenues - B20"> </td><td> </td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 4. Revenues - D20"> </td><td style="width: 9%; text-align: right; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">12,372</td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 4. Revenues - D20"> </td><td> </td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 4. Revenues - F20"> </td><td style="width: 9%; text-align: right; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">33,811</td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 4. Revenues - F20"> </td><td> </td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 4. Revenues - H20"> </td><td style="width: 9%; text-align: right; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">22,785</td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 4. Revenues - H20"> </td></tr><tr><td style="padding-left: 70px;">Total research and development revenue</td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 4. Revenues - B21"> </td><td style="width: 9%; text-align: right; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">149,326</td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 4. Revenues - B21"> </td><td> </td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 4. Revenues - D21"> </td><td style="width: 9%; text-align: right; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">349,293</td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 4. Revenues - D21"> </td><td> </td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 4. Revenues - F21"> </td><td style="width: 9%; text-align: right; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">287,608</td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 4. Revenues - F21"> </td><td> </td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 4. Revenues - H21"> </td><td style="width: 9%; text-align: right; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">404,736</td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 4. Revenues - H21"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="padding-left: 90px;">Total revenue </td><td style="width: 1%; text-align: left; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 4. Revenues - B22">$</td><td style="width: 9%; text-align: right; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);">267,949</td><td style="width: 1%; text-align: left; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 4. Revenues - B22"> </td><td> </td><td style="width: 1%; text-align: left; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 4. Revenues - D22">$</td><td style="width: 9%; text-align: right; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);">452,049</td><td style="width: 1%; text-align: left; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 4. Revenues - D22"> </td><td> </td><td style="width: 1%; text-align: left; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 4. Revenues - F22">$</td><td style="width: 9%; text-align: right; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);">514,042</td><td style="width: 1%; text-align: left; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 4. Revenues - F22"> </td><td> </td><td style="width: 1%; text-align: left; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 4. Revenues - H22">$</td><td style="width: 9%; text-align: right; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);">583,660</td><td style="width: 1%; text-align: left; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 4. Revenues - H22"> </td></tr></table> 4574000 19273000 31674000 25561000 26565000 0 42420000 0 31139000 19273000 74094000 25561000 53486000 54337000 97196000 102347000 16436000 10415000 27145000 19787000 6036000 5200000 9941000 11983000 75958000 69952000 134282000 134117000 11526000 13531000 18058000 19246000 118623000 102756000 226434000 178924000 133137000 336921000 253797000 381951000 16189000 12372000 33811000 22785000 149326000 349293000 287608000 404736000 267949000 452049000 514042000 583660000 P12Y 200000000 4 1 200000000 0.55 0.75 0.875 <div> <span style="color: #000000; font-weight: bold;">5.  Collaborative Arrangements and Licensing Agreements</span> </div> <div>  </div> <div style="font-family: Calibri; font-size: 11pt; color: rgb(0, 0, 0); text-indent: 36pt; line-height: 1.15; text-align: justify"> <span style="font-family: Times New Roman; font-size: 10.0pt;">Below, we have included our Biogen, GSK, Ono, Otsuka, Recordati and Roche collaborations, which were the only collaborations that had either substantive changes or were new from those included in Part IV, Item 15, Note 4, </span><span style="font-family: Times New Roman; font-size: 10.0pt; font-style: italic;">Collaborative Arrangements and Licensing Agreements</span><span style="font-family: Times New Roman; font-size: 10.0pt;">, of our audited financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2025. </span> </div> <div> </div><div style="font-weight: bold; text-indent: 36pt; line-height: 1.15; text-align: justify">Biogen</div><div> </div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;">We have multiple collaborations with Biogen focused on using antisense technology to advance the treatment of neurological disorders, including our 2017 <span style="letter-spacing: normal; text-align: justify; text-indent: 48px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">spinal muscular atrophy, or SMA, collaboration</span> and 2018 neurology collaboration. </div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"> </div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;">In 2017, we entered into a collaboration agreement with Biogen to identify new antisense medicines for the treatment of SMA. In 2021, Biogen exercised its option to license salanersen, a drug we discovered under this collaboration.</div><div> </div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;">In the second quarter of 2026, we earned a $45 million milestone payment when Biogen initiated a Phase 3 trial of salanersen for SMA under this collaboration. We recognized this milestone payment as R&amp;D revenue in full in the second quarter of 2026 because we did not have any remaining performance obligations related to the milestone payment. We will achieve the next payment of $55 million if Biogen achieves approval in a major market, which includes the U.S., Japan, the United Kingdom, Germany, France, Italy and Spain. <span style="letter-spacing: normal; text-align: justify; text-indent: 48px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">From inception through </span><span style="cursor: pointer; letter-spacing: normal; text-align: justify; text-indent: 48px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">June 30, 2026</span><span style="letter-spacing: normal; text-align: justify; text-indent: 48px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">, we have received $130 million in payments under this collaboration.</span></div><div> </div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;">Under our 2018 neurology collaboration, Biogen gained exclusive rights to the use of our antisense technology to develop therapies for certain neurological diseases and the option to license certain medicines resulting from this collaboration. If Biogen exercises its option to license a medicine, it will assume global development, regulatory and commercialization responsibilities and costs for that medicine. </div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;">In the second quarter of 2026, we earned a $15 million license fee payment when Biogen exercised its option to license <span style="letter-spacing: normal; text-align: justify; text-indent: 48px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">an investigational candidate for the treatment of amyotrophic lateral sclerosis, or ALS,</span> under this collaboration. W<span style="letter-spacing: normal; text-align: justify; text-indent: 48px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">e recognized this license fee payment as R&amp;D revenue in full in the second quarter of 2026 because</span> we did not have any remaining performance obligations related to this payment after we delivered the license to Biogen. We will achieve the next payment of $7.5 million if Biogen advances a medicine under this collaboration. <span style="letter-spacing: normal; text-align: justify; text-indent: 48px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">From inception through </span><span style="cursor: pointer; letter-spacing: normal; text-align: justify; text-indent: 48px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">June 30, 2026</span><span style="letter-spacing: normal; text-align: justify; text-indent: 48px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">, we have received approximately $1.1 billion in payments under this collaboration, including payments to purchase our stock.</span></div><div> </div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">During the three and six months ended </span><span style="cursor: pointer; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">June 30, 2026</span><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"> and </span><span style="cursor: pointer; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">2025</span><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">, we earned the following revenue from our relationship with Biogen (in thousands, except percentage amounts):</span></div><div> </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; vertical-align: bottom; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td colspan="7" style="text-align: center; font-weight: bold;">Three Months Ended</td><td> </td><td colspan="7" style="text-align: center; font-weight: bold;">Six Months Ended</td></tr><tr><td> </td><td colspan="7" style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">June 30,</td><td> </td><td colspan="7" style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">June 30,</td></tr><tr><td> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 5. Collaborations - B13"> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%;">2026</td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 5. Collaborations - B13"> </td><td> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 5. Collaborations - D13"> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%;">2025</td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 5. Collaborations - D13"> </td><td> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 5. Collaborations - F13"> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%;">2026</td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 5. Collaborations - F13"> </td><td> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 5. Collaborations - H13"> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%;">2025</td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 5. Collaborations - H13"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Revenue from our relationship with Biogen</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - B14">$</td><td style="width: 9%; text-align: right;">133,866</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - B14"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - D14">$</td><td style="width: 9%; text-align: right;">71,942</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - D14"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - F14">$</td><td style="width: 9%; text-align: right;">195,552</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - F14"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - H14">$</td><td style="width: 9%; text-align: right;">137,059</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - H14"> </td></tr><tr><td>Percentage of total revenue</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - B15"> </td><td style="width: 9%; text-align: right;">50</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - B15">%</td><td> </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - D15"> </td><td style="width: 9%; text-align: right;">16</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - D15">%</td><td> </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - F15"> </td><td style="width: 9%; text-align: right;">38</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - F15">%</td><td> </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - H15"> </td><td style="width: 9%; text-align: right;">23</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - H15">%</td></tr></table><div> </div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Our condensed consolidated balance sheets at </span><span style="cursor: pointer; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">June 30, 2026</span><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"> and </span><span style="cursor: pointer; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">December 31, 2025</span><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"> included deferred revenue of $120.1 million and $151.2 million, respectively, from our relationship with Biogen.</span></div><div> </div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"><b>GSK</b></div><div> </div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;">In 2010, we entered into a collaboration with GSK using our antisense drug discovery platform to discover and develop new medicines against targets for serious and rare diseases, including infectious diseases. Under our collaboration, GSK is developing bepirovirsen for the treatment of chronic hepatitis B, or CHB, infection. In 2019, following positive Phase 2 results, GSK licensed our CHB program. GSK is responsible for all global development, regulatory and commercialization activities and costs for the CHB program.</div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"> </div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;">In the second quarter of 2026, we amended our CHB collaboration agreement with GSK, resulting in increased milestone payments that we are eligible to receive under this collaboration and amended royalty terms that exclude net sales in China, Hong Kong and Macau. Under the amended agreement, we are eligible to receive more than $510 million, which is comprised of a $25 million license fee, up to $46.5 million in development milestone payments, up to $320 million in regulatory milestone payments and up to $120 million in sales milestone payments if GSK successfully develops and commercializes bepirovirsen. In addition, we are eligible to receive tiered royalties ranging from 10 to 12 percent on net sales of bepirovirsen worldwide, excluding China, Hong Kong and Macau. The amendments to the agreement did not change existing performance obligations or result in new performance obligations. Therefore, we did not record any adjustments to previously recognized revenue.</div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"> </div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;">In the first quarter of 2026, we earned a $15 million milestone payment when the Japanese Ministry of Health, Labour and Welfare, or MHLW, accepted for review a New Drug Application, or NDA, filing for bepirovirsen. In addition, we earned a $15 million milestone payment when the European Medicines Agency, or EMA, accepted for review a Marketing Authorization Application, or MAA, filing for bepirovirsen. We recognized these milestone payments as R&amp;D revenue in full in the first quarter of 2026 because we did not have any remaining performance obligations related to the milestone payments. We will achieve the next payment of $35 million if bepirovirsen is approved in a major country other than China. <span style="letter-spacing: normal; text-align: justify; text-indent: 48px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">From inception through </span><span style="cursor: pointer; letter-spacing: normal; text-align: justify; text-indent: 48px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">June 30, 2026</span><span style="letter-spacing: normal; text-align: justify; text-indent: 48px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">, we have received more than $135 million in an upfront payment and other payments related to the CHB program.</span></div><div> </div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;">During the three and six months ended June 30, 2026 and 2025, we earned the following revenue from our relationship with GSK (in thousands, except percentage amounts):</div><div> </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; vertical-align: bottom; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td colspan="7" style="font-weight: bold; text-align: center;">Three Months Ended</td><td> </td><td colspan="7" style="font-weight: bold; text-align: center;">Six Months Ended</td></tr><tr><td> </td><td colspan="7" style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">June 30,</td><td> </td><td colspan="7" style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">June 30,</td></tr><tr><td> </td><td style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 5. Collaborations - B20"> </td><td style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%;">2026</td><td style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 5. Collaborations - B20"> </td><td> </td><td style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 5. Collaborations - D20"> </td><td style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%;">2025</td><td style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 5. Collaborations - D20"> </td><td> </td><td style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 5. Collaborations - F20"> </td><td style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%;">2026</td><td style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 5. Collaborations - F20"> </td><td> </td><td style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 5. Collaborations - H20"> </td><td style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%;">2025</td><td style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 5. Collaborations - H20"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Revenue from our relationship with GSK</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - B21">$</td><td style="width: 9%; text-align: right;"> - </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - B21"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - D21">$</td><td style="width: 9%; text-align: right;"> - </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - D21"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - F21">$</td><td style="width: 9%; text-align: right;">30,000</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - F21"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - H21">$</td><td style="width: 9%; text-align: right;"> - </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - H21"> </td></tr><tr><td>Percentage of total revenue</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - B22"> </td><td style="width: 9%; text-align: right;"> - </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - B22">%</td><td> </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - D22"> </td><td style="width: 9%; text-align: right;"> - </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - D22">%</td><td> </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - F22"> </td><td style="width: 9%; text-align: right;">6</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - F22">%</td><td> </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - H22"> </td><td style="width: 9%; text-align: right;"> - </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - H22">%</td></tr></table><div> </div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"> We did not have any deferred revenue from our relationship with GSK at June 30, 2026 and December 31, 2025.</div><div style="font-weight: bold; text-indent: 36pt; line-height: 1.15; text-align: justify">Ono</div><div> </div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;">In March 2025, we entered into an agreement with Ono Pharmaceutical Co., Ltd., or Ono, to develop and commercialize sapablursen, an investigational RNA-targeted medicine for the potential treatment of polycythemia vera, or PV, a rare and potentially life-threatening hematologic disease. We are responsible for completing the Phase 2 IMPRSSION study of sapablursen, including the ongoing extension period. Ono is solely responsible for subsequent development, regulatory filings and commercialization of sapablursen.</div><div> </div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;">In the second quarter of 2026, we earned a $20 million milestone payment when Ono initiated a pivotal clinical trial for sapablursen under this collaboration. <span style="letter-spacing: normal; text-align: justify; text-indent: 48px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">We recognized this milestone payment as R&amp;D revenue in full in the second quarter of 2026 because we did not have any remaining performance obligations related to the milestone payment. We will achieve the next payment of $15 million if the FDA accepts a New Drug Application, or NDA, filing for sapablursen in the U.S. <span style="text-decoration-thickness: initial; float: none; display: inline !important;">From inception through </span><span style="cursor: pointer; text-decoration-thickness: initial;">June 30, 2026</span><span style="text-decoration-thickness: initial; float: none; display: inline !important;">, we have received more than $305 million in payments from Ono.</span></span></div><div> </div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;">During the three and six months ended June 30, 2026 and 2025, we earned the following revenue from our relationship with Ono (in thousands, except percentage amounts):</div><div> </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; vertical-align: bottom; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td colspan="7" style="text-align: center; font-weight: bold;">Three Months Ended</td><td> </td><td colspan="7" style="text-align: center; font-weight: bold;">Six Months Ended</td></tr><tr><td> </td><td colspan="7" style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">June 30,</td><td> </td><td colspan="7" style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">June 30,</td></tr><tr><td> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 5. Collaborations - B34"> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%;">2026</td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 5. Collaborations - B34"> </td><td> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 5. Collaborations - D34"> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%;">2025</td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 5. Collaborations - D34"> </td><td> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 5. Collaborations - F34"> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%;">2026</td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 5. Collaborations - F34"> </td><td> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 5. Collaborations - H34"> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%;">2025</td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 5. Collaborations - H34"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Revenue from our relationship with Ono</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - B35">$</td><td style="width: 9%; text-align: right;">20,902</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - B35"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - D35">$</td><td style="width: 9%; text-align: right;">280,000</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - D35"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - F35">$</td><td style="width: 9%; text-align: right;">23,805</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - F35"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - H35">$</td><td style="width: 9%; text-align: right;">280,000</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - H35"> </td></tr><tr><td>Percentage of total revenue</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - B36"> </td><td style="width: 9%; text-align: right;">8</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - B36">%</td><td> </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - D36"> </td><td style="width: 9%; text-align: right;">62</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - D36">%</td><td> </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - F36"> </td><td style="width: 9%; text-align: right;">5</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - F36">%</td><td> </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - H36"> </td><td style="width: 9%; text-align: right;">48</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - H36">%</td></tr></table><div> </div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><span style="text-align: justify; text-indent: 48px; text-decoration-thickness: initial; float: none; display: inline !important;">We did not have any deferred revenue from our relationship with Ono at </span><span style="cursor: pointer; text-align: justify; text-indent: 48px; text-decoration-thickness: initial;">June 30, 2026. </span>Our consolidated balance sheet at </span><span style="cursor: pointer; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">December 31, 2025</span><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"> included deferred revenue of $2.9 million from our relationship with Ono.</span></div><div> </div><div style="font-style: italic; text-indent: 36pt; line-height: 1.15; text-align: justify"> <span style="color: rgb(0, 0, 0); font-weight: bold; font-style: normal;">Otsuka</span></div> <div style="text-align: justify;">  </div> <div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"> In 2023, we entered into an agreement with Otsuka Pharmaceutical Co., Ltd., or Otsuka, to commercialize DAWNZERA in Europe. In the second quarter of 2024, we expanded the agreement to include commercialization rights for DAWNZERA in the Asia-Pacific region. We are responsible for the ongoing development of DAWNZERA. We retained the rights to commercialize DAWNZERA in the U.S. and in the rest of the world, assuming regulatory approval. In November 2024, we entered into an agreement with Otsuka to commercialize ulefnersen, an investigational medicine for the treatment of ALS, caused by mutations in the <i>FUS</i> gene, worldwide. We are responsible for the ongoing development of ulefnersen. </div><div style="text-align: justify;">  </div> <div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"> In the first quarter of 2026, we achieved a $15 million milestone payment when the European Commission approved DAWNZERA in the EU. <span style="letter-spacing: normal; text-align: justify; text-indent: 48px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">We recognized this milestone payment as R&amp;D revenue in full in the first quarter of 2026 because we did not have any remaining performance obligations related to the milestone payment.</span> We will achieve the next payment of $20 million if Otsuka receives reimbursement approval in three of the five major European countries, which include the United Kingdom, France, Germany, Italy and Spain. <span style="letter-spacing: normal; text-align: justify; text-indent: 48px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">From inception through </span><span style="cursor: pointer; letter-spacing: normal; text-align: justify; text-indent: 48px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">June 30, 2026</span><span style="letter-spacing: normal; text-align: justify; text-indent: 48px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">, we have received more than $125 million in payments from Otsuka.</span></div><div style="text-indent: 36pt; text-align: justify;"> </div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"><span style="letter-spacing: normal; text-align: justify; text-indent: 48px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">During the <span style="cursor: pointer;">three and six months ended</span> </span><span style="cursor: pointer; letter-spacing: normal; text-align: justify; text-indent: 48px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">June 30, 2026</span><span style="letter-spacing: normal; text-align: justify; text-indent: 48px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"> and </span><span style="cursor: pointer; letter-spacing: normal; text-align: justify; text-indent: 48px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">2025</span><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">, we earned the following revenue from our relationship with Otsuka (in thousands, except percentage amounts):</span></div><div style="text-indent: 36pt; text-align: justify;"> </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; vertical-align: bottom; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td colspan="7" style="font-weight: bold; text-align: center;">Three Months Ended</td><td> </td><td colspan="7" style="font-weight: bold; text-align: center;">Six Months Ended</td></tr><tr><td> </td><td colspan="7" style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">June 30,</td><td> </td><td colspan="7" style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">June 30,</td></tr><tr><td> </td><td style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 5. Collaborations - B41"> </td><td style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%;">2026</td><td style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 5. Collaborations - B41"> </td><td> </td><td style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 5. Collaborations - D41"> </td><td style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%;">2025</td><td style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 5. Collaborations - D41"> </td><td> </td><td style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 5. Collaborations - F41"> </td><td style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%;">2026</td><td style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 5. Collaborations - F41"> </td><td> </td><td style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 5. Collaborations - H41"> </td><td style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%;">2025</td><td style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 5. Collaborations - H41"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Revenue from our relationship with Otsuka</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - B42">$</td><td style="width: 9%; text-align: right;">9,387</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - B42"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - D42">$</td><td style="width: 9%; text-align: right;">4,924</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - D42"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - F42">$</td><td style="width: 9%; text-align: right;">29,318</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - F42"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - H42">$</td><td style="width: 9%; text-align: right;">11,452</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - H42"> </td></tr><tr><td>Percentage of total revenue</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - B43"> </td><td style="width: 9%; text-align: right;">4</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - B43">%</td><td> </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - D43"> </td><td style="width: 9%; text-align: right;">1</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - D43">%</td><td> </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - F43"> </td><td style="width: 9%; text-align: right;">6</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - F43">%</td><td> </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - H43"> </td><td style="width: 9%; text-align: right;">2</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - H43">%</td></tr></table><div style="text-indent: 36pt; text-align: justify;"> </div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Our condensed consolidated balance sheets at June 30, 2026 and December 31, 2025 included deferred revenue of $2.5 million and $4.3 million, respectively, from our relationship with Otsuka. </span></div><div style="font-weight: bold; text-indent: 36pt; line-height: 1.15; text-align: justify">Recordati</div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"> </div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;">In June 2026, we entered into an agreement with Recordati AG., or Recordati, to commercialize zilganersen for the treatment of Alexander disease, or AxD, in countries outside of the U.S. We are responsible for the ongoing development of zilganersen globally. <span style="letter-spacing: normal; text-align: justify; text-indent: 48px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">We retained the rights to commercialize zilganersen in the U.S., assuming regulatory approval. </span>Recordati is responsible for regulatory filings and commercialization outside the U.S., including country-specific support for early access pathways based on local regulations and access dynamics.</div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"> </div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;">Over the term of this collaboration, we are eligible to receive up to $75 million, which is comprised of a $30 million upfront payment, up to $15 million in regulatory milestone payments and up to $30 million in sales milestone payments. In addition, we are eligible to receive tiered royalties of up to the mid-20 percent range on net sales. We are also eligible to receive reimbursements for clinical development costs that we incur outside the U.S. after March 2028. We received the $30 million upfront payment in July 2026. We will achieve the next payment of up to $10 million if zilganersen is approved in a country outside of the U.S.</div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"> </div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;">At inception, we identified two performance obligations under this agreement, comprised of our license of zilganersen to Recordati and R&amp;D services for zilganersen. We determined the transaction price to be the $30 million upfront payment. We allocated the transaction price based on the estimated stand-alone selling price of each performance obligation as follows:</div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"> </div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"><span style="letter-spacing: normal; text-align: justify; text-indent: 48px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">●    $21.0 million for the license of zilganersen; and</span></div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"><span style="letter-spacing: normal; text-align: justify; text-indent: 48px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">●    $9.0 million for the R&amp;D services for zilganersen.</span></div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"> </div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;">We recognized $21.0 million of R&amp;D revenue for the license of zilganersen in the second quarter of 2026 because we completed the performance obligation when we delivered the license to Recordati. We are recognizing revenue for our R&amp;D services performance obligation relative to our total effort expected to satisfy our performance obligation. We currently estimate we will satisfy our performance obligation in the second quarter of 2031. In addition, we will recognize reimbursements for clinical development costs as R&amp;D revenue in the period that we incur the costs.</div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"> </div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"><span style="letter-spacing: normal; text-align: justify; text-indent: 48px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><span style="text-decoration-thickness: initial; float: none; display: inline !important;">During the <span style="cursor: pointer;">three and six months ended</span> </span><span style="cursor: pointer; text-decoration-thickness: initial;">June 30, 2026</span><span style="text-decoration-thickness: initial; float: none; display: inline !important;"> and <span style="cursor: pointer;">2025</span></span>, we earned the following revenue from our relationship with Recordati (in thousands, except percentage amounts):</span></div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"> </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; vertical-align: bottom; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td colspan="7" style="text-align: center; font-weight: bold;">Three Months Ended</td><td> </td><td colspan="7" style="text-align: center; font-weight: bold;">Six Months Ended</td></tr><tr><td> </td><td colspan="7" style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">June 30,</td><td> </td><td colspan="7" style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">June 30,</td></tr><tr><td> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 5. Collaborations - B55"> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%;">2026</td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 5. Collaborations - B55"> </td><td> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 5. Collaborations - D55"> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%;">2025</td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 5. Collaborations - D55"> </td><td> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 5. Collaborations - F55"> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%;">2026</td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 5. Collaborations - F55"> </td><td> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 5. Collaborations - H55"> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%;">2025</td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 5. Collaborations - H55"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Revenue from our relationship with Recordati</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - B56">$</td><td style="width: 9%; text-align: right;">21,080</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - B56"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - D56">$</td><td style="width: 9%; text-align: right;"> - </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - D56"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - F56">$</td><td style="width: 9%; text-align: right;">21,080</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - F56"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - H56">$</td><td style="width: 9%; text-align: right;"> - </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - H56"> </td></tr><tr><td>Percentage of total revenue</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - B57"> </td><td style="width: 9%; text-align: right;">8</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - B57">%</td><td> </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - D57"> </td><td style="width: 9%; text-align: right;"> - </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - D57">%</td><td> </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - F57"> </td><td style="width: 9%; text-align: right;">4</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - F57">%</td><td> </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - H57"> </td><td style="width: 9%; text-align: right;"> - </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - H57">%</td></tr></table><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"> </div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"><span style="letter-spacing: normal; text-align: justify; text-indent: 48px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><span style="text-decoration-thickness: initial; float: none; display: inline !important;">Our condensed consolidated balance sheet at </span><span style="cursor: pointer; text-decoration-thickness: initial;">June 30, 2026</span><span style="text-decoration-thickness: initial; float: none; display: inline !important;"> included deferred revenue of $8.9 million from our relationship with Recordati.</span> </span></div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"> </div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"><b>Roche</b></div><div> </div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;">We have two collaborations with Hoffmann-La Roche Inc. and F. Hoffmann-La Roche Ltd, collectively Roche: <span style="letter-spacing: normal; text-align: justify; text-indent: 48px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">one to develop sefaxersen for the treatment of immunoglobulin A, or IgA, nephropathy, or IgAN, </span>and one to develop RNA-targeted programs for Alzheimer’s disease, or AD, and Huntington<span style="letter-spacing: normal; text-align: justify; text-indent: 48px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">’</span>s disease, or HD.</div><div> </div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;">In the first quarter of 2026, we earned a $50 million milestone payment when Roche initiated a Phase 1 trial for an investigational medicine for the treatment of AD. <span style="letter-spacing: normal; text-align: justify; text-indent: 48px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">We recognized this milestone payment as R&amp;D revenue in full in the first quarter of 2026 because we did not have any remaining performance obligations related to the milestone payment. </span>We will achieve the next payment of $10 million if Roche initiates a Phase 2 trial for an investigational medicine for the treatment of AD under our collaboration for RNA-targeted programs for AD and HD. <span style="letter-spacing: normal; text-align: justify; text-indent: 48px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">From inception through </span><span style="cursor: pointer; letter-spacing: normal; text-align: justify; text-indent: 48px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">June 30, 2026</span><span style="letter-spacing: normal; text-align: justify; text-indent: 48px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">, we have received more than $405 million in payments from our Roche collaborations.</span></div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><span style="text-align: justify; text-indent: 48px; text-decoration-thickness: initial; float: none; display: inline !important;">During the <span style="cursor: pointer;">three and six months ended</span> </span><span style="cursor: pointer; text-align: justify; text-indent: 48px; text-decoration-thickness: initial;">June 30, 2026</span><span style="text-align: justify; text-indent: 48px; text-decoration-thickness: initial; float: none; display: inline !important;"> and 2025</span>, we earned the following revenue from our relationship with Roche (in thousands, except percentage amounts):</span></div><div> </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; vertical-align: bottom; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td colspan="7" style="font-weight: bold; text-align: center;">Three Months Ended</td><td> </td><td colspan="7" style="font-weight: bold; text-align: center;">Six Months Ended</td></tr><tr><td> </td><td colspan="7" style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">June 30,</td><td> </td><td colspan="7" style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">June 30,</td></tr><tr><td> </td><td style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 5. Collaborations - B48"> </td><td style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%;">2026</td><td style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 5. Collaborations - B48"> </td><td> </td><td style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 5. Collaborations - D48"> </td><td style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%;">2025</td><td style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 5. Collaborations - D48"> </td><td> </td><td style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 5. Collaborations - F48"> </td><td style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%;">2026</td><td style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 5. Collaborations - F48"> </td><td> </td><td style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 5. Collaborations - H48"> </td><td style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%;">2025</td><td style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 5. Collaborations - H48"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Revenue from our relationship with Roche</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - B49">$</td><td style="width: 9%; text-align: right;"> - </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - B49"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - D49">$</td><td style="width: 9%; text-align: right;">2,403</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - D49"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - F49">$</td><td style="width: 9%; text-align: right;">50,000</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - F49"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - H49">$</td><td style="width: 9%; text-align: right;">4,368</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - H49"> </td></tr><tr><td>Percentage of total revenue</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - B50"> </td><td style="width: 9%; text-align: right;"> - </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - B50">%</td><td> </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - D50"> </td><td style="width: 9%; text-align: right;">1</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - D50">%</td><td> </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - F50"> </td><td style="width: 9%; text-align: right;">10</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - F50">%</td><td> </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - H50"> </td><td style="width: 9%; text-align: right;">1</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - H50">%</td></tr></table><div> </div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">We did not have any deferred revenue from our relationship with Roche at </span>June 30, 2026<span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"> and </span><span style="cursor: pointer; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">December 31, 2025</span><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">.</span></div> 45000000 55000000 130000000 15000000 7500000 1100000000 <div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">During the three and six months ended </span><span style="cursor: pointer; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">June 30, 2026</span><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"> and </span><span style="cursor: pointer; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">2025</span><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">, we earned the following revenue from our relationship with Biogen (in thousands, except percentage amounts):</span></div><div> </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; vertical-align: bottom; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td colspan="7" style="text-align: center; font-weight: bold;">Three Months Ended</td><td> </td><td colspan="7" style="text-align: center; font-weight: bold;">Six Months Ended</td></tr><tr><td> </td><td colspan="7" style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">June 30,</td><td> </td><td colspan="7" style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">June 30,</td></tr><tr><td> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 5. Collaborations - B13"> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%;">2026</td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 5. Collaborations - B13"> </td><td> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 5. Collaborations - D13"> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%;">2025</td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 5. Collaborations - D13"> </td><td> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 5. Collaborations - F13"> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%;">2026</td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 5. Collaborations - F13"> </td><td> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 5. Collaborations - H13"> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%;">2025</td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 5. Collaborations - H13"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Revenue from our relationship with Biogen</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - B14">$</td><td style="width: 9%; text-align: right;">133,866</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - B14"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - D14">$</td><td style="width: 9%; text-align: right;">71,942</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - D14"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - F14">$</td><td style="width: 9%; text-align: right;">195,552</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - F14"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - H14">$</td><td style="width: 9%; text-align: right;">137,059</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - H14"> </td></tr><tr><td>Percentage of total revenue</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - B15"> </td><td style="width: 9%; text-align: right;">50</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - B15">%</td><td> </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - D15"> </td><td style="width: 9%; text-align: right;">16</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - D15">%</td><td> </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - F15"> </td><td style="width: 9%; text-align: right;">38</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - F15">%</td><td> </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - H15"> </td><td style="width: 9%; text-align: right;">23</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - H15">%</td></tr></table> 133866000 71942000 195552000 137059000 0.50 0.16 0.38 0.23 120100000 151200000 510000000 25000000 46500000 320000000 120000000 0.10 0.12 15000000 15000000 35000000 135000000 <div style="text-indent: 36pt; line-height: 1.15; text-align: justify;">During the three and six months ended June 30, 2026 and 2025, we earned the following revenue from our relationship with GSK (in thousands, except percentage amounts):</div><div> </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; vertical-align: bottom; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td colspan="7" style="font-weight: bold; text-align: center;">Three Months Ended</td><td> </td><td colspan="7" style="font-weight: bold; text-align: center;">Six Months Ended</td></tr><tr><td> </td><td colspan="7" style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">June 30,</td><td> </td><td colspan="7" style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">June 30,</td></tr><tr><td> </td><td style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 5. Collaborations - B20"> </td><td style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%;">2026</td><td style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 5. Collaborations - B20"> </td><td> </td><td style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 5. Collaborations - D20"> </td><td style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%;">2025</td><td style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 5. Collaborations - D20"> </td><td> </td><td style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 5. Collaborations - F20"> </td><td style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%;">2026</td><td style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 5. Collaborations - F20"> </td><td> </td><td style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 5. Collaborations - H20"> </td><td style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%;">2025</td><td style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 5. Collaborations - H20"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Revenue from our relationship with GSK</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - B21">$</td><td style="width: 9%; text-align: right;"> - </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - B21"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - D21">$</td><td style="width: 9%; text-align: right;"> - </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - D21"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - F21">$</td><td style="width: 9%; text-align: right;">30,000</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - F21"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - H21">$</td><td style="width: 9%; text-align: right;"> - </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - H21"> </td></tr><tr><td>Percentage of total revenue</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - B22"> </td><td style="width: 9%; text-align: right;"> - </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - B22">%</td><td> </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - D22"> </td><td style="width: 9%; text-align: right;"> - </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - D22">%</td><td> </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - F22"> </td><td style="width: 9%; text-align: right;">6</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - F22">%</td><td> </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - H22"> </td><td style="width: 9%; text-align: right;"> - </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - H22">%</td></tr></table> 0 0 30000000 0 0 0 0.06 0 0 0 20000000 15000000 305000000 <div style="text-indent: 36pt; line-height: 1.15; text-align: justify;">During the three and six months ended June 30, 2026 and 2025, we earned the following revenue from our relationship with Ono (in thousands, except percentage amounts):</div><div> </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; vertical-align: bottom; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td colspan="7" style="text-align: center; font-weight: bold;">Three Months Ended</td><td> </td><td colspan="7" style="text-align: center; font-weight: bold;">Six Months Ended</td></tr><tr><td> </td><td colspan="7" style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">June 30,</td><td> </td><td colspan="7" style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">June 30,</td></tr><tr><td> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 5. Collaborations - B34"> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%;">2026</td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 5. Collaborations - B34"> </td><td> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 5. Collaborations - D34"> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%;">2025</td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 5. Collaborations - D34"> </td><td> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 5. Collaborations - F34"> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%;">2026</td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 5. Collaborations - F34"> </td><td> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 5. Collaborations - H34"> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%;">2025</td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 5. Collaborations - H34"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Revenue from our relationship with Ono</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - B35">$</td><td style="width: 9%; text-align: right;">20,902</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - B35"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - D35">$</td><td style="width: 9%; text-align: right;">280,000</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - D35"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - F35">$</td><td style="width: 9%; text-align: right;">23,805</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - F35"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - H35">$</td><td style="width: 9%; text-align: right;">280,000</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - H35"> </td></tr><tr><td>Percentage of total revenue</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - B36"> </td><td style="width: 9%; text-align: right;">8</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - B36">%</td><td> </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - D36"> </td><td style="width: 9%; text-align: right;">62</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - D36">%</td><td> </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - F36"> </td><td style="width: 9%; text-align: right;">5</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - F36">%</td><td> </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - H36"> </td><td style="width: 9%; text-align: right;">48</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - H36">%</td></tr></table> 20902000 280000000 23805000 280000000 0.08 0.62 0.05 0.48 0 2900000 15000000 20000000 3 5 125000000 <div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"><span style="letter-spacing: normal; text-align: justify; text-indent: 48px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">During the <span style="cursor: pointer;">three and six months ended</span> </span><span style="cursor: pointer; letter-spacing: normal; text-align: justify; text-indent: 48px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">June 30, 2026</span><span style="letter-spacing: normal; text-align: justify; text-indent: 48px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"> and </span><span style="cursor: pointer; letter-spacing: normal; text-align: justify; text-indent: 48px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">2025</span><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">, we earned the following revenue from our relationship with Otsuka (in thousands, except percentage amounts):</span></div><div style="text-indent: 36pt; text-align: justify;"> </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; vertical-align: bottom; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td colspan="7" style="font-weight: bold; text-align: center;">Three Months Ended</td><td> </td><td colspan="7" style="font-weight: bold; text-align: center;">Six Months Ended</td></tr><tr><td> </td><td colspan="7" style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">June 30,</td><td> </td><td colspan="7" style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">June 30,</td></tr><tr><td> </td><td style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 5. Collaborations - B41"> </td><td style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%;">2026</td><td style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 5. Collaborations - B41"> </td><td> </td><td style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 5. Collaborations - D41"> </td><td style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%;">2025</td><td style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 5. Collaborations - D41"> </td><td> </td><td style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 5. Collaborations - F41"> </td><td style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%;">2026</td><td style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 5. Collaborations - F41"> </td><td> </td><td style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 5. Collaborations - H41"> </td><td style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%;">2025</td><td style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 5. Collaborations - H41"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Revenue from our relationship with Otsuka</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - B42">$</td><td style="width: 9%; text-align: right;">9,387</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - B42"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - D42">$</td><td style="width: 9%; text-align: right;">4,924</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - D42"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - F42">$</td><td style="width: 9%; text-align: right;">29,318</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - F42"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - H42">$</td><td style="width: 9%; text-align: right;">11,452</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - H42"> </td></tr><tr><td>Percentage of total revenue</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - B43"> </td><td style="width: 9%; text-align: right;">4</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - B43">%</td><td> </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - D43"> </td><td style="width: 9%; text-align: right;">1</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - D43">%</td><td> </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - F43"> </td><td style="width: 9%; text-align: right;">6</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - F43">%</td><td> </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - H43"> </td><td style="width: 9%; text-align: right;">2</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - H43">%</td></tr></table> 9387000 4924000 29318000 11452000 0.04 0.01 0.06 0.02 2500000 4300000 75000000 30000000 15000000 30000000 mid-20 percent 30000000 10000000 2 30000000 21000000 9000000 21000000 <div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"><span style="letter-spacing: normal; text-align: justify; text-indent: 48px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><span style="text-decoration-thickness: initial; float: none; display: inline !important;">During the <span style="cursor: pointer;">three and six months ended</span> </span><span style="cursor: pointer; text-decoration-thickness: initial;">June 30, 2026</span><span style="text-decoration-thickness: initial; float: none; display: inline !important;"> and <span style="cursor: pointer;">2025</span></span>, we earned the following revenue from our relationship with Recordati (in thousands, except percentage amounts):</span></div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"> </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; vertical-align: bottom; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td colspan="7" style="text-align: center; font-weight: bold;">Three Months Ended</td><td> </td><td colspan="7" style="text-align: center; font-weight: bold;">Six Months Ended</td></tr><tr><td> </td><td colspan="7" style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">June 30,</td><td> </td><td colspan="7" style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">June 30,</td></tr><tr><td> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 5. Collaborations - B55"> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%;">2026</td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 5. Collaborations - B55"> </td><td> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 5. Collaborations - D55"> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%;">2025</td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 5. Collaborations - D55"> </td><td> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 5. Collaborations - F55"> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%;">2026</td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 5. Collaborations - F55"> </td><td> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 5. Collaborations - H55"> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%;">2025</td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 5. Collaborations - H55"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Revenue from our relationship with Recordati</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - B56">$</td><td style="width: 9%; text-align: right;">21,080</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - B56"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - D56">$</td><td style="width: 9%; text-align: right;"> - </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - D56"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - F56">$</td><td style="width: 9%; text-align: right;">21,080</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - F56"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - H56">$</td><td style="width: 9%; text-align: right;"> - </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - H56"> </td></tr><tr><td>Percentage of total revenue</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - B57"> </td><td style="width: 9%; text-align: right;">8</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - B57">%</td><td> </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - D57"> </td><td style="width: 9%; text-align: right;"> - </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - D57">%</td><td> </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - F57"> </td><td style="width: 9%; text-align: right;">4</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - F57">%</td><td> </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - H57"> </td><td style="width: 9%; text-align: right;"> - </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - H57">%</td></tr></table> 21080000 0 21080000 0 0.08 0 0.04 0 8900000 2 1 1 50000000 10000000 405000000 <div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><span style="text-align: justify; text-indent: 48px; text-decoration-thickness: initial; float: none; display: inline !important;">During the <span style="cursor: pointer;">three and six months ended</span> </span><span style="cursor: pointer; text-align: justify; text-indent: 48px; text-decoration-thickness: initial;">June 30, 2026</span><span style="text-align: justify; text-indent: 48px; text-decoration-thickness: initial; float: none; display: inline !important;"> and 2025</span>, we earned the following revenue from our relationship with Roche (in thousands, except percentage amounts):</span></div><div> </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; vertical-align: bottom; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td colspan="7" style="font-weight: bold; text-align: center;">Three Months Ended</td><td> </td><td colspan="7" style="font-weight: bold; text-align: center;">Six Months Ended</td></tr><tr><td> </td><td colspan="7" style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">June 30,</td><td> </td><td colspan="7" style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">June 30,</td></tr><tr><td> </td><td style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 5. Collaborations - B48"> </td><td style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%;">2026</td><td style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 5. Collaborations - B48"> </td><td> </td><td style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 5. Collaborations - D48"> </td><td style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%;">2025</td><td style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 5. Collaborations - D48"> </td><td> </td><td style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 5. Collaborations - F48"> </td><td style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%;">2026</td><td style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 5. Collaborations - F48"> </td><td> </td><td style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 5. Collaborations - H48"> </td><td style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%;">2025</td><td style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 5. Collaborations - H48"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Revenue from our relationship with Roche</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - B49">$</td><td style="width: 9%; text-align: right;"> - </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - B49"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - D49">$</td><td style="width: 9%; text-align: right;">2,403</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - D49"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - F49">$</td><td style="width: 9%; text-align: right;">50,000</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - F49"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - H49">$</td><td style="width: 9%; text-align: right;">4,368</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - H49"> </td></tr><tr><td>Percentage of total revenue</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - B50"> </td><td style="width: 9%; text-align: right;"> - </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - B50">%</td><td> </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - D50"> </td><td style="width: 9%; text-align: right;">1</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - D50">%</td><td> </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - F50"> </td><td style="width: 9%; text-align: right;">10</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - F50">%</td><td> </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - H50"> </td><td style="width: 9%; text-align: right;">1</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - H50">%</td></tr></table> 0 2403000 50000000 4368000 0 0.01 0.10 0.01 0 0 0 <div> <span style="color: #000000; font-weight: bold;">6.  Basic and Diluted Net Income (Loss) Per Share</span> </div> <div style="font-size: 8pt;">  </div> <div style="text-indent: 36pt; text-align: justify;"> <span style="color: #000000; font-weight: bold;">Basic net income (loss) per share</span> </div> <div style="text-align: justify; font-size: 8pt;">  </div> <div style="text-indent: 36pt; text-align: justify;"> <span style="color: #000000;">We calculated our basic net income (loss) per share for the three and six months ended June 30, 2026 and 2025 by dividing our net income (loss) by our weighted-average number of common shares outstanding during the period.</span> </div> <div>  </div> <div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"> <span style="color: #000000; font-weight: bold;">Diluted net income (loss) per share</span> </div> <div style="text-indent: 36pt; text-align: justify;"> </div><div style="text-indent: 36pt; text-align: justify;"><span style="color: #000000;">For the three and six months ended June 30, 2026 and the six months ended June 30, 2025, we incurred a net loss; therefore, we did not include dilutive common equivalent shares in the computation of diluted net loss per share because the effect would have been anti-dilutive. Common stock from the following would have had an anti-dilutive effect on net loss per share:</span> </div><div> </div> <div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">●    1.75 percent convertible senior notes due 2028, or 1.75% Notes due 2028;</span></div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"><span style="letter-spacing: normal; text-indent: -24px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">●    0 percent convertible senior notes due 2026, or 0% Notes due 2026;</span></div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"><span style="letter-spacing: normal; text-indent: -24px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">●    Note hedges related to the 0% Notes due 2026;</span></div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"><span style="letter-spacing: normal; text-indent: -24px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">●    Warrants related to the 0% Notes due 2026;</span></div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"><span style="letter-spacing: normal; text-indent: -24px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">●    Dilutive stock options;</span></div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"><span style="letter-spacing: normal; text-indent: -24px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">●    Unvested restricted stock units, or RSUs;</span></div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"><span style="letter-spacing: normal; text-indent: -24px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">●    Unvested performance restricted stock units, or PRSUs; and</span></div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"><span style="letter-spacing: normal; text-indent: -24px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">●    Employee Stock Purchase Plan, or ESPP.</span></div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"> </div> <div style="text-indent: 36pt; text-align: justify;"> <span>For the three and six months ended June 30, 2026, common stock underlying the 0 percent</span><span style="color: #000000;"> convertible senior notes due 2030, or 0% Notes due 2030,</span><span style="color: #000000;"> </span><span>would also have had an anti-dilutive effect on net loss per share.</span> </div> <div> </div> <div style="text-indent: 36pt; line-height: 1.15; text-align: justify;">For the three months ended June 30, 2025, we recorded net income. As a result, we computed diluted net income per share using the weighted-average number of common shares and dilutive common equivalent shares outstanding during the period. We calculated our diluted net income per share as follows (in thousands, except per share amounts):</div><div> </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; vertical-align: bottom; border-spacing: 0px;"><tr><td> </td><td style="width: 1%; text-align: center; font-weight: bold;" title="Note 6. Diluted EPS - B3"> </td><td style="width: 9%; text-align: center; font-weight: bold;">Income</td><td style="width: 1%; text-align: center; font-weight: bold;" title="Note 6. Diluted EPS - B3"> </td><td> </td><td style="width: 1%; text-align: center; font-weight: bold;" title="Note 6. Diluted EPS - D3"> </td><td style="width: 9%; text-align: center; font-weight: bold;">Shares</td><td style="width: 1%; text-align: center; font-weight: bold;" title="Note 6. Diluted EPS - D3"> </td><td> </td><td style="width: 1%; text-align: center; font-weight: bold;" title="Note 6. Diluted EPS - F3"> </td><td style="width: 9%; text-align: center; font-weight: bold;">Amount</td><td style="width: 1%; text-align: center; font-weight: bold;" title="Note 6. Diluted EPS - F3"> </td></tr><tr style="white-space : nowrap; "><td style="font-weight: bold;">Three Months Ended June 30, 2025</td><td style="width: 1%; text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 6. Diluted EPS - B4"> </td><td style="width: 9%; text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">(Numerator)</td><td style="width: 1%; text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 6. Diluted EPS - B4"> </td><td> </td><td style="width: 1%; text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 6. Diluted EPS - D4"> </td><td style="width: 9%; text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">(Denominator)</td><td style="width: 1%; text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 6. Diluted EPS - D4"> </td><td> </td><td style="width: 1%; text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 6. Diluted EPS - F4"> </td><td style="width: 9%; text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">Per Share</td><td style="width: 1%; text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 6. Diluted EPS - F4"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Net income</td><td style="width: 1%; text-align: left;" title="Note 6. Diluted EPS - B5">$</td><td style="width: 9%; text-align: right;">123,551</td><td style="width: 1%; text-align: left;" title="Note 6. Diluted EPS - B5"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 6. Diluted EPS - D5"> </td><td style="width: 9%; text-align: right;">159,137</td><td style="width: 1%; text-align: left;" title="Note 6. Diluted EPS - D5"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 6. Diluted EPS - F5">$</td><td style="width: 9%; text-align: right;">0.78</td><td style="width: 1%; text-align: left;" title="Note 6. Diluted EPS - F5"> </td></tr><tr><td>Effect of dilutive securities:</td><td style="width: 1%;" title="Note 6. Diluted EPS - B6"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 6. Diluted EPS - B6"> </td><td> </td><td style="width: 1%;" title="Note 6. Diluted EPS - D6"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 6. Diluted EPS - D6"> </td><td> </td><td style="width: 1%;" title="Note 6. Diluted EPS - F6"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 6. Diluted EPS - F6"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Shares issuable upon exercise of stock options</td><td style="width: 1%; text-align: left;" title="Note 6. Diluted EPS - B7"> </td><td style="width: 9%; text-align: right;"> - </td><td style="width: 1%; text-align: left;" title="Note 6. Diluted EPS - B7"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 6. Diluted EPS - D7"> </td><td style="width: 9%; text-align: right;">21</td><td style="width: 1%; text-align: left;" title="Note 6. Diluted EPS - D7"> </td><td> </td><td style="width: 1%;" title="Note 6. Diluted EPS - F7"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 6. Diluted EPS - F7"> </td></tr><tr><td>Shares issuable upon restricted stock award issuance</td><td style="width: 1%; text-align: left;" title="Note 6. Diluted EPS - B8"> </td><td style="width: 9%; text-align: right;"> - </td><td style="width: 1%; text-align: left;" title="Note 6. Diluted EPS - B8"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 6. Diluted EPS - D8"> </td><td style="width: 9%; text-align: right;">1,449</td><td style="width: 1%; text-align: left;" title="Note 6. Diluted EPS - D8"> </td><td> </td><td style="width: 1%;" title="Note 6. Diluted EPS - F8"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 6. Diluted EPS - F8"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Shares issuable related to our Employee Stock Purchase Plan</td><td style="width: 1%; text-align: left;" title="Note 6. Diluted EPS - B9"> </td><td style="width: 9%; text-align: right;"> - </td><td style="width: 1%; text-align: left;" title="Note 6. Diluted EPS - B9"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 6. Diluted EPS - D9"> </td><td style="width: 9%; text-align: right;">86</td><td style="width: 1%; text-align: left;" title="Note 6. Diluted EPS - D9"> </td><td> </td><td style="width: 1%;" title="Note 6. Diluted EPS - F9"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 6. Diluted EPS - F9"> </td></tr><tr><td>Shares issuable related to 1.75 percent convertible senior notes due 2028</td><td style="width: 1%; text-align: left;" title="Note 6. Diluted EPS - B10"> </td><td style="width: 9%; text-align: right;">3,215</td><td style="width: 1%; text-align: left;" title="Note 6. Diluted EPS - B10"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 6. Diluted EPS - D10"> </td><td style="width: 9%; text-align: right;">10,702</td><td style="width: 1%; text-align: left;" title="Note 6. Diluted EPS - D10"> </td><td> </td><td style="width: 1%;" title="Note 6. Diluted EPS - F10"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 6. Diluted EPS - F10"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Shares issuable related to 0 percent convertible senior notes due 2026</td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 6. Diluted EPS - B11"> </td><td style="width: 9%; text-align: right; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">792</td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 6. Diluted EPS - B11"> </td><td> </td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 6. Diluted EPS - D11"> </td><td style="width: 9%; text-align: right; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">10,936</td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 6. Diluted EPS - D11"> </td><td> </td><td style="width: 1%;" title="Note 6. Diluted EPS - F11"> </td><td style="width: 9%; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="width: 1%;" title="Note 6. Diluted EPS - F11"> </td></tr><tr><td>Diluted net income</td><td style="width: 1%; text-align: left; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 6. Diluted EPS - B12">$</td><td style="width: 9%; text-align: right; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);">127,558</td><td style="width: 1%; text-align: left; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 6. Diluted EPS - B12"> </td><td> </td><td style="width: 1%; text-align: left; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 6. Diluted EPS - D12"> </td><td style="width: 9%; text-align: right; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);">182,331</td><td style="width: 1%; text-align: left; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 6. Diluted EPS - D12"> </td><td> </td><td style="width: 1%; text-align: left; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 6. Diluted EPS - F12">$</td><td style="width: 9%; text-align: right; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);">0.70</td><td style="width: 1%; text-align: left; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 6. Diluted EPS - F12"> </td></tr></table> <div style="text-indent: 36pt; text-align: justify;"> <span style="color: #000000; font-weight: bold;">Basic net income (loss) per share</span> </div><div style="text-indent: 36pt; text-align: justify;"> <span style="color: #000000;">We calculated our basic net income (loss) per share for the three and six months ended June 30, 2026 and 2025 by dividing our net income (loss) by our weighted-average number of common shares outstanding during the period.</span> </div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"> <span style="color: #000000; font-weight: bold;">Diluted net income (loss) per share</span> </div><div style="text-indent: 36pt; text-align: justify;"><span style="color: #000000;">For the three and six months ended June 30, 2026 and the six months ended June 30, 2025, we incurred a net loss; therefore, we did not include dilutive common equivalent shares in the computation of diluted net loss per share because the effect would have been anti-dilutive. Common stock from the following would have had an anti-dilutive effect on net loss per share:</span> </div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">●    1.75 percent convertible senior notes due 2028, or 1.75% Notes due 2028;</span></div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"><span style="letter-spacing: normal; text-indent: -24px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">●    0 percent convertible senior notes due 2026, or 0% Notes due 2026;</span></div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"><span style="letter-spacing: normal; text-indent: -24px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">●    Note hedges related to the 0% Notes due 2026;</span></div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"><span style="letter-spacing: normal; text-indent: -24px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">●    Warrants related to the 0% Notes due 2026;</span></div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"><span style="letter-spacing: normal; text-indent: -24px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">●    Dilutive stock options;</span></div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"><span style="letter-spacing: normal; text-indent: -24px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">●    Unvested restricted stock units, or RSUs;</span></div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"><span style="letter-spacing: normal; text-indent: -24px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">●    Unvested performance restricted stock units, or PRSUs; and</span></div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"><span style="letter-spacing: normal; text-indent: -24px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">●    Employee Stock Purchase Plan, or ESPP.</span></div><div style="text-indent: 36pt; text-align: justify;"> <span>For the three and six months ended June 30, 2026, common stock underlying the 0 percent</span><span style="color: #000000;"> convertible senior notes due 2030, or 0% Notes due 2030,</span><span style="color: #000000;"> </span><span>would also have had an anti-dilutive effect on net loss per share.</span> </div> 0.0175 0.0175 0.0175 0.0175 0 0 0 0 0 0 0 0 0 0 We calculated our diluted net income per share as follows (in thousands, except per share amounts):<table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; vertical-align: bottom; border-spacing: 0px;"><tr><td> </td><td style="width: 1%; text-align: center; font-weight: bold;" title="Note 6. Diluted EPS - B3"> </td><td style="width: 9%; text-align: center; font-weight: bold;">Income</td><td style="width: 1%; text-align: center; font-weight: bold;" title="Note 6. Diluted EPS - B3"> </td><td> </td><td style="width: 1%; text-align: center; font-weight: bold;" title="Note 6. Diluted EPS - D3"> </td><td style="width: 9%; text-align: center; font-weight: bold;">Shares</td><td style="width: 1%; text-align: center; font-weight: bold;" title="Note 6. Diluted EPS - D3"> </td><td> </td><td style="width: 1%; text-align: center; font-weight: bold;" title="Note 6. Diluted EPS - F3"> </td><td style="width: 9%; text-align: center; font-weight: bold;">Amount</td><td style="width: 1%; text-align: center; font-weight: bold;" title="Note 6. Diluted EPS - F3"> </td></tr><tr style="white-space : nowrap; "><td style="font-weight: bold;">Three Months Ended June 30, 2025</td><td style="width: 1%; text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 6. Diluted EPS - B4"> </td><td style="width: 9%; text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">(Numerator)</td><td style="width: 1%; text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 6. Diluted EPS - B4"> </td><td> </td><td style="width: 1%; text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 6. Diluted EPS - D4"> </td><td style="width: 9%; text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">(Denominator)</td><td style="width: 1%; text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 6. Diluted EPS - D4"> </td><td> </td><td style="width: 1%; text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 6. Diluted EPS - F4"> </td><td style="width: 9%; text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">Per Share</td><td style="width: 1%; text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 6. Diluted EPS - F4"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Net income</td><td style="width: 1%; text-align: left;" title="Note 6. Diluted EPS - B5">$</td><td style="width: 9%; text-align: right;">123,551</td><td style="width: 1%; text-align: left;" title="Note 6. Diluted EPS - B5"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 6. Diluted EPS - D5"> </td><td style="width: 9%; text-align: right;">159,137</td><td style="width: 1%; text-align: left;" title="Note 6. Diluted EPS - D5"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 6. Diluted EPS - F5">$</td><td style="width: 9%; text-align: right;">0.78</td><td style="width: 1%; text-align: left;" title="Note 6. Diluted EPS - F5"> </td></tr><tr><td>Effect of dilutive securities:</td><td style="width: 1%;" title="Note 6. Diluted EPS - B6"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 6. Diluted EPS - B6"> </td><td> </td><td style="width: 1%;" title="Note 6. Diluted EPS - D6"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 6. Diluted EPS - D6"> </td><td> </td><td style="width: 1%;" title="Note 6. Diluted EPS - F6"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 6. Diluted EPS - F6"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Shares issuable upon exercise of stock options</td><td style="width: 1%; text-align: left;" title="Note 6. Diluted EPS - B7"> </td><td style="width: 9%; text-align: right;"> - </td><td style="width: 1%; text-align: left;" title="Note 6. Diluted EPS - B7"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 6. Diluted EPS - D7"> </td><td style="width: 9%; text-align: right;">21</td><td style="width: 1%; text-align: left;" title="Note 6. Diluted EPS - D7"> </td><td> </td><td style="width: 1%;" title="Note 6. Diluted EPS - F7"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 6. Diluted EPS - F7"> </td></tr><tr><td>Shares issuable upon restricted stock award issuance</td><td style="width: 1%; text-align: left;" title="Note 6. Diluted EPS - B8"> </td><td style="width: 9%; text-align: right;"> - </td><td style="width: 1%; text-align: left;" title="Note 6. Diluted EPS - B8"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 6. Diluted EPS - D8"> </td><td style="width: 9%; text-align: right;">1,449</td><td style="width: 1%; text-align: left;" title="Note 6. Diluted EPS - D8"> </td><td> </td><td style="width: 1%;" title="Note 6. Diluted EPS - F8"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 6. Diluted EPS - F8"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Shares issuable related to our Employee Stock Purchase Plan</td><td style="width: 1%; text-align: left;" title="Note 6. Diluted EPS - B9"> </td><td style="width: 9%; text-align: right;"> - </td><td style="width: 1%; text-align: left;" title="Note 6. Diluted EPS - B9"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 6. Diluted EPS - D9"> </td><td style="width: 9%; text-align: right;">86</td><td style="width: 1%; text-align: left;" title="Note 6. Diluted EPS - D9"> </td><td> </td><td style="width: 1%;" title="Note 6. Diluted EPS - F9"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 6. Diluted EPS - F9"> </td></tr><tr><td>Shares issuable related to 1.75 percent convertible senior notes due 2028</td><td style="width: 1%; text-align: left;" title="Note 6. Diluted EPS - B10"> </td><td style="width: 9%; text-align: right;">3,215</td><td style="width: 1%; text-align: left;" title="Note 6. Diluted EPS - B10"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 6. Diluted EPS - D10"> </td><td style="width: 9%; text-align: right;">10,702</td><td style="width: 1%; text-align: left;" title="Note 6. Diluted EPS - D10"> </td><td> </td><td style="width: 1%;" title="Note 6. Diluted EPS - F10"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 6. Diluted EPS - F10"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Shares issuable related to 0 percent convertible senior notes due 2026</td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 6. Diluted EPS - B11"> </td><td style="width: 9%; text-align: right; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">792</td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 6. Diluted EPS - B11"> </td><td> </td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 6. Diluted EPS - D11"> </td><td style="width: 9%; text-align: right; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">10,936</td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 6. Diluted EPS - D11"> </td><td> </td><td style="width: 1%;" title="Note 6. Diluted EPS - F11"> </td><td style="width: 9%; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> </td><td style="width: 1%;" title="Note 6. Diluted EPS - F11"> </td></tr><tr><td>Diluted net income</td><td style="width: 1%; text-align: left; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 6. Diluted EPS - B12">$</td><td style="width: 9%; text-align: right; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);">127,558</td><td style="width: 1%; text-align: left; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 6. Diluted EPS - B12"> </td><td> </td><td style="width: 1%; text-align: left; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 6. Diluted EPS - D12"> </td><td style="width: 9%; text-align: right; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);">182,331</td><td style="width: 1%; text-align: left; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 6. Diluted EPS - D12"> </td><td> </td><td style="width: 1%; text-align: left; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 6. Diluted EPS - F12">$</td><td style="width: 9%; text-align: right; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);">0.70</td><td style="width: 1%; text-align: left; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 6. Diluted EPS - F12"> </td></tr></table> 123551000 159137000 0.78 21000 1449000 86000 0.0175 3215000 10702000 0 792000 10936000 127558000 182331000 0.7 <div><span style="color: #000000; font-weight: bold;">7.  Investments</span> </div><div>  </div> <div style="text-indent: 36pt; text-align: justify;"> <span style="color: #000000;">The following table summarizes the contract maturity of the available-for-sale securities we held as of June 30, 2026:</span> </div> <div> </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; vertical-align: bottom; border-spacing: 0px;"><tr style="background-color: rgb(204, 238, 255);"><td>One year or less </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B4"> </td><td style="width: 9%; text-align: right;">66</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B4">%</td></tr><tr><td>After one year but within two years </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B5"> </td><td style="width: 9%; text-align: right;">27</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B5">%</td></tr><tr style="background-color: rgb(204, 238, 255);"><td>After two years but within <span style="-sec-ix-hidden: hidden-fact-1">three and a half years</span></td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B6"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">7</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B6">%</td></tr><tr><td>Total </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B7"> </td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">100</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B7">%</td></tr></table> <div>  </div> <div style="text-indent: 36pt; text-align: justify;"> <span style="color: #000000;">As illustrated above, at June 30, 2026, 93 percent of our available-for-sale securities had a maturity of less than two years.</span> </div> <div>  </div> <div style="text-indent: 36pt; text-align: justify;"> <span style="color: #000000;">All of our available-for-sale debt securities are available to us for use in our current operations. As a result, we categorize all of these securities as current assets even though the stated maturity of some individual securities may be one year or more beyond the balance sheet date.</span> </div> <div style="text-align: justify;">  </div> <div style="text-indent: 36pt; text-align: justify;"> <span style="color: #000000;">We invest in debt securities</span><span> with strong credit ratings and an investment grade rating at or above A-1, P-1 or F-1 by Standard &amp; Poor’s, Moody’s or Fitch, respectively. </span> </div> <div style="text-align: justify;">  </div> <div style="text-indent: 36pt; text-align: justify;"> <span style="color: #000000;">At June 30, 2026, we had an equity ownership interest of less than 20 percent in four private companies and four public companies with which we conduct business. </span> </div> <div>  </div> <div> <span style="color: #000000;">The following is a summary of our investments (in thousands):</span> </div> <div> </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; vertical-align: bottom; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td style="width: 1%;" title="Note 7. Investments - B9"></td><td style="font-weight: bold; text-align: center; width: 9%;">Amortized</td><td style="width: 1%;" title="Note 7. Investments - B9"></td><td> </td><td colspan="7" style="font-weight: bold; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">Gross Unrealized</td><td> </td><td style="width: 1%;" title="Note 7. Investments - H9"></td><td style="font-weight: bold; text-align: center; width: 9%;">Estimated</td><td style="width: 1%;" title="Note 7. Investments - H9"></td></tr><tr><td style="font-weight: bold; text-align: left;">June 30, 2026</td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 7. Investments - B10"></td><td style="font-weight: bold; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">Cost</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B10"></td><td> </td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 7. Investments - D10"></td><td style="font-weight: bold; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">Gains</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D10"></td><td> </td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 7. Investments - F10"></td><td style="font-weight: bold; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">Losses</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F10"></td><td> </td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 7. Investments - H10"></td><td style="font-weight: bold; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">Fair Value</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H10"></td></tr><tr><td style="text-decoration: underline;">Available-for-sale debt securities:</td><td style="width: 1%;" title="Note 7. Investments - B11"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 7. Investments - B11"></td><td> </td><td style="width: 1%;" title="Note 7. Investments - D11"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 7. Investments - D11"></td><td> </td><td style="width: 1%;" title="Note 7. Investments - F11"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 7. Investments - F11"></td><td> </td><td style="width: 1%;" title="Note 7. Investments - H11"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 7. Investments - H11"></td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="vertical-align: bottom;">Corporate debt securities (1)</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - B12">$</td><td style="width: 9%; text-align: right; vertical-align: bottom;">638,688</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - B12"> </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - D12">$</td><td style="width: 9%; text-align: right; vertical-align: bottom;">311</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - D12"> </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - F12">$</td><td style="width: 9%; text-align: right; vertical-align: bottom;">(474</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - F12">) </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - H12">$</td><td style="width: 9%; text-align: right; vertical-align: bottom;">638,525</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - H12"> </td></tr><tr><td style="vertical-align: bottom;">Debt securities issued by U.S. government agencies</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - B13"> </td><td style="width: 9%; text-align: right; vertical-align: bottom;">26,439</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - B13"> </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - D13"> </td><td style="width: 9%; text-align: right; vertical-align: bottom;">26</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - D13"> </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - F13"> </td><td style="width: 9%; text-align: right; vertical-align: bottom;">(20</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - F13">) </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - H13"> </td><td style="width: 9%; text-align: right; vertical-align: bottom;">26,445</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - H13"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="vertical-align: bottom;">Debt securities issued by the U.S. Treasury (1)</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - B14"> </td><td style="width: 9%; text-align: right; vertical-align: bottom;">467,565</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - B14"> </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - D14"> </td><td style="width: 9%; text-align: right; vertical-align: bottom;">88</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - D14"> </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - F14"> </td><td style="width: 9%; text-align: right; vertical-align: bottom;">(604</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - F14">) </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - H14"> </td><td style="width: 9%; text-align: right; vertical-align: bottom;">467,049</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - H14"> </td></tr><tr><td style="vertical-align: bottom;">Debt securities issued by states of the U.S. and political subdivisions of the states</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;" title="Note 7. Investments - B15"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;">5,025</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B15"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;" title="Note 7. Investments - D15"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;"> - </td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D15"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;" title="Note 7. Investments - F15"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;">(3</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F15">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;" title="Note 7. Investments - H15"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;">5,022</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H15"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="vertical-align: bottom; padding-left: 20px;">Total debt securities with a maturity of one year or less</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;" title="Note 7. Investments - B16"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;">1,137,717</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B16"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;" title="Note 7. Investments - D16"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;">425</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D16"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;" title="Note 7. Investments - F16"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;">(1,101</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F16">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;" title="Note 7. Investments - H16"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;">1,137,041</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H16"> </td></tr><tr><td style="vertical-align: bottom;">Corporate debt securities</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - B17"> </td><td style="width: 9%; text-align: right; vertical-align: bottom;">349,545</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - B17"> </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - D17"> </td><td style="width: 9%; text-align: right; vertical-align: bottom;">87</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - D17"> </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - F17"> </td><td style="width: 9%; text-align: right; vertical-align: bottom;">(1,692</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - F17">) </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - H17"> </td><td style="width: 9%; text-align: right; vertical-align: bottom;">347,940</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - H17"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="vertical-align: bottom;">Debt securities issued by U.S. government agencies</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - B18"> </td><td style="width: 9%; text-align: right; vertical-align: bottom;">119,701</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - B18"> </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - D18"> </td><td style="width: 9%; text-align: right; vertical-align: bottom;">4</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - D18"> </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - F18"> </td><td style="width: 9%; text-align: right; vertical-align: bottom;">(878</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - F18">) </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - H18"> </td><td style="width: 9%; text-align: right; vertical-align: bottom;">118,827</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - H18"> </td></tr><tr><td style="vertical-align: bottom;">Debt securities issued by the U.S. Treasury </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - B19"> </td><td style="width: 9%; text-align: right; vertical-align: bottom;">181,168</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - B19"> </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - D19"> </td><td style="width: 9%; text-align: right; vertical-align: bottom;"> - </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - D19"> </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - F19"> </td><td style="width: 9%; text-align: right; vertical-align: bottom;">(1,340</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - F19">) </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - H19"> </td><td style="width: 9%; text-align: right; vertical-align: bottom;">179,828</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - H19"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="vertical-align: bottom;">Debt securities issued by states of the U.S. and political subdivisions of the states</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B20"> </td><td style="width: 9%; text-align: right; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">731</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B20"> </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D20"> </td><td style="width: 9%; text-align: right; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> - </td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D20"> </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F20"> </td><td style="width: 9%; text-align: right; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">(1</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F20">) </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H20"> </td><td style="width: 9%; text-align: right; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">730</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H20"> </td></tr><tr><td style="vertical-align: bottom; padding-left: 20px;">Total debt securities with a maturity of more than one year</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;" title="Note 7. Investments - B22"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;">651,145</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B22"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;" title="Note 7. Investments - D22"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;">91</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D22"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;" title="Note 7. Investments - F22"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;">(3,911</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F22">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;" title="Note 7. Investments - H22"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;">647,325</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H22"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="vertical-align: bottom; padding-left: 40px;">Total available-for-sale debt securities</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;" title="Note 7. Investments - B23">$</td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;">1,788,862</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B23"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;" title="Note 7. Investments - D23">$</td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;">516</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D23"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;" title="Note 7. Investments - F23">$</td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;">(5,012</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F23">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;" title="Note 7. Investments - H23">$</td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;">1,784,366</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H23"> </td></tr><tr><td style="text-decoration: underline; vertical-align: bottom;">Equity securities:</td><td style="width: 1%;" title="Note 7. Investments - B25"></td><td style="vertical-align: bottom; width: 9%;"> </td><td style="width: 1%;" title="Note 7. Investments - B25"></td><td> </td><td style="width: 1%;" title="Note 7. Investments - D25"></td><td style="vertical-align: bottom; width: 9%;"> </td><td style="width: 1%;" title="Note 7. Investments - D25"></td><td> </td><td style="width: 1%;" title="Note 7. Investments - F25"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 7. Investments - F25"></td><td> </td><td style="width: 1%;" title="Note 7. Investments - H25"></td><td style="vertical-align: bottom; width: 9%;"> </td><td style="width: 1%;" title="Note 7. Investments - H25"></td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="vertical-align: bottom;">Publicly traded equity securities included in other current assets (2)</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - B26">$</td><td style="width: 9%; text-align: right; vertical-align: bottom;">11,897</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - B26"> </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - D26">$</td><td style="width: 9%; text-align: right; vertical-align: bottom;">45,670</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - D26"> </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - F26">$</td><td style="width: 9%; text-align: right; vertical-align: bottom;">(9,799</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - F26">) </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - H26">$</td><td style="width: 9%; text-align: right; vertical-align: bottom;">47,768</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - H26"> </td></tr><tr><td style="vertical-align: bottom;">Privately held equity securities included in deposits and other assets (3)</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; vertical-align: bottom;" title="Note 7. Investments - B27"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; vertical-align: bottom;">10,000</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B27"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; vertical-align: bottom;" title="Note 7. Investments - D27"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; vertical-align: bottom;">9,816</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D27"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; vertical-align: bottom;" title="Note 7. Investments - F27"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; vertical-align: bottom;"> - </td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F27"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; vertical-align: bottom;" title="Note 7. Investments - H27"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; vertical-align: bottom;">19,816</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H27"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="vertical-align: bottom; padding-left: 20px;">Total equity securities </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; vertical-align: bottom;" title="Note 7. Investments - B28"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; vertical-align: bottom;">21,897</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B28"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; vertical-align: bottom;" title="Note 7. Investments - D28"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; vertical-align: bottom;">55,486</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D28"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; vertical-align: bottom;" title="Note 7. Investments - F28"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; vertical-align: bottom;">(9,799</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F28">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; vertical-align: bottom;" title="Note 7. Investments - H28"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-right: none; vertical-align: bottom;">67,584</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H28"> </td></tr><tr><td style="vertical-align: bottom; padding-left: 40px;">Total available-for-sale debt and equity securities</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;" title="Note 7. Investments - B29">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;">1,810,759</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B29"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;" title="Note 7. Investments - D29">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;">56,002</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D29"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;" title="Note 7. Investments - F29">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;">(14,811</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F29">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;" title="Note 7. Investments - H29">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;">1,851,950</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H29"> </td></tr></table><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; vertical-align: bottom; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td style="text-align: center; font-weight: bold; width: 1%;" title="Note 7. Investments - B30"></td><td style="text-align: center; font-weight: bold; width: 9%;">Amortized</td><td style="width: 1%;" title="Note 7. Investments - B30"></td><td> </td><td colspan="7" style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">Gross Unrealized</td><td> </td><td style="text-align: center; font-weight: bold; width: 1%;" title="Note 7. Investments - H30"></td><td style="text-align: center; font-weight: bold; width: 9%;">Estimated</td><td style="width: 1%;" title="Note 7. Investments - H30"></td></tr><tr><td style="font-weight: bold;">December 31, 2025</td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 7. Investments - B31"></td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">Cost</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B31"></td><td> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 7. Investments - D31"></td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">Gains</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D31"></td><td> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 7. Investments - F31"></td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">Losses</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F31"></td><td> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 7. Investments - H31"></td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">Fair Value</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H31"></td></tr><tr><td style="text-decoration: underline;">Available-for-sale debt securities:</td><td style="width: 1%;" title="Note 7. Investments - B32"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 7. Investments - B32"></td><td> </td><td style="width: 1%;" title="Note 7. Investments - D32"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 7. Investments - D32"></td><td> </td><td style="width: 1%;" title="Note 7. Investments - F32"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 7. Investments - F32"></td><td> </td><td style="width: 1%;" title="Note 7. Investments - H32"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 7. Investments - H32"></td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Corporate debt securities (1)</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B33">$</td><td style="width: 9%; text-align: right;">746,814</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B33"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - D33">$</td><td style="width: 9%; text-align: right;">991</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - D33"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - F33">$</td><td style="width: 9%; text-align: right;">(27</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - F33">) </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - H33">$</td><td style="width: 9%; text-align: right;">747,778</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - H33"> </td></tr><tr><td>Debt securities issued by U.S. government agencies</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B34"> </td><td style="width: 9%; text-align: right;">55,768</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B34"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - D34"> </td><td style="width: 9%; text-align: right;">92</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - D34"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - F34"> </td><td style="width: 9%; text-align: right;">(5</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - F34">) </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - H34"> </td><td style="width: 9%; text-align: right;">55,855</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - H34"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Debt securities issued by the U.S. Treasury (1)</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B35"> </td><td style="width: 9%; text-align: right;">769,034</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B35"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - D35"> </td><td style="width: 9%; text-align: right;">843</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - D35"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - F35"> </td><td style="width: 9%; text-align: right;">(13</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - F35">) </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - H35"> </td><td style="width: 9%; text-align: right;">769,864</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - H35"> </td></tr><tr><td>Debt securities issued by states of the U.S. and political subdivisions of the states</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B36"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">5,709</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B36"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D36"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">11</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D36"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F36"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> - </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F36"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H36"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">5,720</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H36"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="padding-left: 20px;">Total debt securities with a maturity of one year or less</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B37"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">1,577,325</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B37"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D37"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">1,937</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D37"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F37"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">(45</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F37">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H37"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">1,579,217</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H37"> </td></tr><tr><td>Corporate debt securities</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B38"> </td><td style="width: 9%; text-align: right;">435,350</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B38"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - D38"> </td><td style="width: 9%; text-align: right;">1,586</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - D38"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - F38"> </td><td style="width: 9%; text-align: right;">(106</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - F38">) </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - H38"> </td><td style="width: 9%; text-align: right;">436,830</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - H38"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Debt securities issued by U.S. government agencies</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B39"> </td><td style="width: 9%; text-align: right;">92,770</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B39"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - D39"> </td><td style="width: 9%; text-align: right;">100</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - D39"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - F39"> </td><td style="width: 9%; text-align: right;">(94</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - F39">) </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - H39"> </td><td style="width: 9%; text-align: right;">92,776</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - H39"> </td></tr><tr><td>Debt securities issued by the U.S. Treasury </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B40"> </td><td style="width: 9%; text-align: right;">242,288</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B40"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - D40"> </td><td style="width: 9%; text-align: right;">595</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - D40"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - F40"> </td><td style="width: 9%; text-align: right;">(1</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - F40">) </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - H40"> </td><td style="width: 9%; text-align: right;">242,882</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - H40"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Other municipal debt securities</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B41"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">1,219</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B41"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D41"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">4</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D41"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F41"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> - </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F41"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H41"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">1,223</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H41"> </td></tr><tr><td style="padding-left: 20px;">Total debt securities with a maturity of more than one year</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none;" title="Note 7. Investments - B42"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none;">771,627</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B42"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none;" title="Note 7. Investments - D42"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none;">2,285</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D42"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none;" title="Note 7. Investments - F42"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none;">(201</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F42">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none;" title="Note 7. Investments - H42"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none;">773,711</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H42"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="padding-left: 40px;">Total available-for-sale debt securities</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none;" title="Note 7. Investments - B43">$</td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none;">2,348,952</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B43"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none;" title="Note 7. Investments - D43">$</td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none;">4,222</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D43"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none;" title="Note 7. Investments - F43">$</td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none;">(246</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F43">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none;" title="Note 7. Investments - H43">$</td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-right: none;">2,352,928</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H43"> </td></tr><tr><td style="text-decoration: underline;">Equity securities:</td><td style="width: 1%;" title="Note 7. Investments - B44"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 7. Investments - B44"></td><td> </td><td style="width: 1%;" title="Note 7. Investments - D44"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 7. Investments - D44"></td><td> </td><td style="width: 1%;" title="Note 7. Investments - F44"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 7. Investments - F44"></td><td> </td><td style="width: 1%;" title="Note 7. Investments - H44"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 7. Investments - H44"></td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Publicly traded equity securities included in other current assets (2)</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B45">$</td><td style="width: 9%; text-align: right;">11,897</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B45"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - D45">$</td><td style="width: 9%; text-align: right;">35</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - D45"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - F45">$</td><td style="width: 9%; text-align: right;">(8,920</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - F45">) </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - H45">$</td><td style="width: 9%; text-align: right;">3,012</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - H45"> </td></tr><tr><td>Privately held equity securities included in deposits and other assets (3) (2)</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none;" title="Note 7. Investments - B46"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none;">4,905</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B46"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none;" title="Note 7. Investments - D46"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none;">54,395</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D46"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none;" title="Note 7. Investments - F46"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none;">(7,091</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F46">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none;" title="Note 7. Investments - H46"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none;">52,209</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H46"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="padding-left: 20px;">Total equity securities </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none;" title="Note 7. Investments - B47"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none;">16,802</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B47"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none;" title="Note 7. Investments - D47"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none;">54,430</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D47"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none;" title="Note 7. Investments - F47"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none;">(16,011</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F47">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none;" title="Note 7. Investments - H47"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-right: none;">55,221</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H47"> </td></tr><tr><td style="padding-left: 40px;">Total available-for-sale debt and equity securities</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B48">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">2,365,754</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B48"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D48">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">58,652</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D48"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F48">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">(16,257</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F48">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H48">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">2,408,149</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H48"> </td></tr></table><div style="text-align: justify;"> </div><div style="text-indent: -18pt; text-align: justify; padding-left: 18pt;"> <div> <span style="color: #000000;">(1)   Includes investments classified as cash equivalents in our condensed consolidated balance sheets.</span> </div> </div> <div style="margin-left: 18pt;">  </div> <div style="text-indent: -18pt; text-align: justify; padding-left: 18pt;"> <div> (2)  Our publicly traded equity securities are included in other current assets. We recognize publicly traded equity securities at fair value. <span style="letter-spacing: normal; text-indent: -24px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">In the first quarter of 2026, one of our privately held investees became a publicly traded entity after completing an initial public offering. As a result, we recorded a $23.4 million unrealized gain in our condensed consolidated statements of operations in the first quarter of 2026, which reflected the difference between the carrying value of this investment as of December 31, 2025 and its fair value of $55.8 million as of March 31, 2026. In the second quarter of 2026, we recorded an unrealized loss of $10.2 million, <span style="text-decoration-thickness: initial; float: none; display: inline !important;">which reflected the difference between the carrying value of this investment as of March 31, 2026 and its fair value of $45.7 million as of June 30, 2026. </span>This investment is subject to a 12-month contractual sale restriction that ends in January 2027. </span>In the six months ended June 30, 2026, we recorded a $0.9 million net unrealized loss in our condensed consolidated statements of operations related to changes in the fair value of our other investments in publicly traded companies.</div></div> <div style="margin-left: 18pt;">  </div> <div style="text-indent: -18pt; text-align: justify; padding-left: 18pt;"> <div> <span style="color: #000000;">(3)  Our privately held equity securities are included in deposits and other assets. We recognize our privately held equity securities at</span><span> cost minus impairments, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer, which are Level 3 inputs</span><span style="color: #000000;">. In the six months ended June 30, 2026, there were no changes to the carrying value of our privately held equity securities.</span></div> </div><div style="text-indent: 36pt; text-align: justify;"><span style="color: #000000;">The following is a summary of our investments we consider to be temporarily impaired at June 30, 2026 (in thousands, except for number of investments): </span> </div><div> </div> <table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; vertical-align: bottom; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td style="width: 1%;" title="Note 7. Investments - B52"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 7. Investments - B52"></td><td> </td><td colspan="7" style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">Less than 12 Months of Temporary Impairment</td><td> </td><td colspan="7" style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">More than 12 Months of Temporary Impairment</td><td> </td><td colspan="7" style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">Total Temporary Impairment</td></tr><tr><td> </td><td style="width: 1%;" title="Note 7. Investments - B53"></td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor black; width: 9%; vertical-align: bottom;">Number of Investments</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B53"></td><td> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 7. Investments - D53"></td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor black; width: 9%; vertical-align: bottom;">Estimated Fair Value</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D53"></td><td> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 7. Investments - F53"></td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor black; width: 9%; vertical-align: bottom;">Unrealized Losses</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F53"></td><td> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 7. Investments - H53"></td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor black; width: 9%; vertical-align: bottom;">Estimated Fair Value</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H53"></td><td> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 7. Investments - J53"></td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor black; width: 9%; vertical-align: bottom;">Unrealized Losses</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - J53"></td><td> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 7. Investments - L53"></td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor black; width: 9%; vertical-align: bottom;">Estimated Fair Value</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - L53"></td><td> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 7. Investments - N53"></td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor black; width: 9%; vertical-align: bottom;">Unrealized Losses</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - N53"></td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Corporate debt securities </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B54"> </td><td style="width: 9%; text-align: right;">303</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B54"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - D54">$</td><td style="width: 9%; text-align: right;">659,038</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - D54"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - F54">$</td><td style="width: 9%; text-align: right;">(2,154</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - F54">) </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - H54">$</td><td style="width: 9%; text-align: right;">3,984</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - H54"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - J54">$</td><td style="width: 9%; text-align: right;">(12</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - J54">) </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - L54">$</td><td style="width: 9%; text-align: right;">663,022</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - L54"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - N54">$</td><td style="width: 9%; text-align: right;">(2,166</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - N54">) </td></tr><tr><td style="text-indent: -10px; padding-left: 10px;">Debt securities issued by U.S. government agencies</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B55"> </td><td style="width: 9%; text-align: right;">62</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B55"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - D55"> </td><td style="width: 9%; text-align: right;">125,253</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - D55"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - F55"> </td><td style="width: 9%; text-align: right;">(885</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - F55">) </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - H55"> </td><td style="width: 9%; text-align: right;">2,866</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - H55"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - J55"> </td><td style="width: 9%; text-align: right;">(13</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - J55">) </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - L55"> </td><td style="width: 9%; text-align: right;">128,119</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - L55"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - N55"> </td><td style="width: 9%; text-align: right;">(898</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - N55">) </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="text-indent: -10px; padding-left: 10px;">Debt securities issued by the U.S. Treasury </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B56"> </td><td style="width: 9%; text-align: right;">75</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B56"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - D56"> </td><td style="width: 9%; text-align: right;">510,400</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - D56"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - F56"> </td><td style="width: 9%; text-align: right;">(1,944</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - F56">) </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - H56"> </td><td style="width: 9%; text-align: right;"> - </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - H56"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - J56"> </td><td style="width: 9%; text-align: right;"> - </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - J56"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - L56"> </td><td style="width: 9%; text-align: right;">510,400</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - L56"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - N56"> </td><td style="width: 9%; text-align: right;">(1,944</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - N56">) </td></tr><tr><td style="text-indent: -10px; padding-left: 10px;">Debt securities issued by states of the U.S. and political subdivisions of the states</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B58"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">8</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B58"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D58"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">5,002</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D58"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F58"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">(4</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F58">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H58"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> - </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H58"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - J58"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> - </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - J58"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - L58"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">5,002</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - L58"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - N58"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">(4</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - N58">) </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="text-indent: -10px; padding-left: 10px;">Total temporarily impaired debt securities</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B59"> </td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">448</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B59"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D59">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">1,299,693</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D59"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F59">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">(4,987</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F59">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H59">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">6,850</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H59"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - J59">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">(25</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - J59">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - L59">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">1,306,543</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - L59"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - N59">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">(5,012</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - N59">) </td></tr></table><div>  </div> <div style="text-indent: 36pt; text-align: justify;"> <span>We believe that the decline in value of these securities is temporary and is primarily related to the change in market interest rates since purchase rather than underlying credit deterioration for any of the issuers. We believe it is more likely than not that we will be able to hold our debt securities with declines in value to maturity. Therefore, we intend to hold these securities to maturity and anticipate full recovery of our debt securities’ amortized cost basis at maturity.</span> </div> <div style="text-indent: 36pt; text-align: justify;"> <span style="color: #000000;">The following table summarizes the contract maturity of the available-for-sale securities we held as of June 30, 2026:</span> </div> <div> </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; vertical-align: bottom; border-spacing: 0px;"><tr style="background-color: rgb(204, 238, 255);"><td>One year or less </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B4"> </td><td style="width: 9%; text-align: right;">66</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B4">%</td></tr><tr><td>After one year but within two years </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B5"> </td><td style="width: 9%; text-align: right;">27</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B5">%</td></tr><tr style="background-color: rgb(204, 238, 255);"><td>After two years but within <span style="-sec-ix-hidden: hidden-fact-1">three and a half years</span></td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B6"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">7</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B6">%</td></tr><tr><td>Total </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B7"> </td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">100</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B7">%</td></tr></table> P1Y 0.66 P1Y P2Y 0.27 P2Y 0.07 1 0.93 P2Y 4 4 <div> <span style="color: #000000;">The following is a summary of our investments (in thousands):</span> </div> <div> </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; vertical-align: bottom; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td style="width: 1%;" title="Note 7. Investments - B9"></td><td style="font-weight: bold; text-align: center; width: 9%;">Amortized</td><td style="width: 1%;" title="Note 7. Investments - B9"></td><td> </td><td colspan="7" style="font-weight: bold; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">Gross Unrealized</td><td> </td><td style="width: 1%;" title="Note 7. Investments - H9"></td><td style="font-weight: bold; text-align: center; width: 9%;">Estimated</td><td style="width: 1%;" title="Note 7. Investments - H9"></td></tr><tr><td style="font-weight: bold; text-align: left;">June 30, 2026</td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 7. Investments - B10"></td><td style="font-weight: bold; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">Cost</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B10"></td><td> </td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 7. Investments - D10"></td><td style="font-weight: bold; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">Gains</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D10"></td><td> </td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 7. Investments - F10"></td><td style="font-weight: bold; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">Losses</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F10"></td><td> </td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 7. Investments - H10"></td><td style="font-weight: bold; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">Fair Value</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H10"></td></tr><tr><td style="text-decoration: underline;">Available-for-sale debt securities:</td><td style="width: 1%;" title="Note 7. Investments - B11"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 7. Investments - B11"></td><td> </td><td style="width: 1%;" title="Note 7. Investments - D11"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 7. Investments - D11"></td><td> </td><td style="width: 1%;" title="Note 7. Investments - F11"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 7. Investments - F11"></td><td> </td><td style="width: 1%;" title="Note 7. Investments - H11"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 7. Investments - H11"></td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="vertical-align: bottom;">Corporate debt securities (1)</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - B12">$</td><td style="width: 9%; text-align: right; vertical-align: bottom;">638,688</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - B12"> </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - D12">$</td><td style="width: 9%; text-align: right; vertical-align: bottom;">311</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - D12"> </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - F12">$</td><td style="width: 9%; text-align: right; vertical-align: bottom;">(474</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - F12">) </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - H12">$</td><td style="width: 9%; text-align: right; vertical-align: bottom;">638,525</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - H12"> </td></tr><tr><td style="vertical-align: bottom;">Debt securities issued by U.S. government agencies</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - B13"> </td><td style="width: 9%; text-align: right; vertical-align: bottom;">26,439</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - B13"> </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - D13"> </td><td style="width: 9%; text-align: right; vertical-align: bottom;">26</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - D13"> </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - F13"> </td><td style="width: 9%; text-align: right; vertical-align: bottom;">(20</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - F13">) </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - H13"> </td><td style="width: 9%; text-align: right; vertical-align: bottom;">26,445</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - H13"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="vertical-align: bottom;">Debt securities issued by the U.S. Treasury (1)</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - B14"> </td><td style="width: 9%; text-align: right; vertical-align: bottom;">467,565</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - B14"> </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - D14"> </td><td style="width: 9%; text-align: right; vertical-align: bottom;">88</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - D14"> </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - F14"> </td><td style="width: 9%; text-align: right; vertical-align: bottom;">(604</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - F14">) </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - H14"> </td><td style="width: 9%; text-align: right; vertical-align: bottom;">467,049</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - H14"> </td></tr><tr><td style="vertical-align: bottom;">Debt securities issued by states of the U.S. and political subdivisions of the states</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;" title="Note 7. Investments - B15"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;">5,025</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B15"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;" title="Note 7. Investments - D15"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;"> - </td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D15"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;" title="Note 7. Investments - F15"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;">(3</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F15">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;" title="Note 7. Investments - H15"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;">5,022</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H15"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="vertical-align: bottom; padding-left: 20px;">Total debt securities with a maturity of one year or less</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;" title="Note 7. Investments - B16"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;">1,137,717</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B16"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;" title="Note 7. Investments - D16"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;">425</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D16"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;" title="Note 7. Investments - F16"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;">(1,101</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F16">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;" title="Note 7. Investments - H16"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;">1,137,041</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H16"> </td></tr><tr><td style="vertical-align: bottom;">Corporate debt securities</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - B17"> </td><td style="width: 9%; text-align: right; vertical-align: bottom;">349,545</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - B17"> </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - D17"> </td><td style="width: 9%; text-align: right; vertical-align: bottom;">87</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - D17"> </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - F17"> </td><td style="width: 9%; text-align: right; vertical-align: bottom;">(1,692</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - F17">) </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - H17"> </td><td style="width: 9%; text-align: right; vertical-align: bottom;">347,940</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - H17"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="vertical-align: bottom;">Debt securities issued by U.S. government agencies</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - B18"> </td><td style="width: 9%; text-align: right; vertical-align: bottom;">119,701</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - B18"> </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - D18"> </td><td style="width: 9%; text-align: right; vertical-align: bottom;">4</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - D18"> </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - F18"> </td><td style="width: 9%; text-align: right; vertical-align: bottom;">(878</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - F18">) </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - H18"> </td><td style="width: 9%; text-align: right; vertical-align: bottom;">118,827</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - H18"> </td></tr><tr><td style="vertical-align: bottom;">Debt securities issued by the U.S. Treasury </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - B19"> </td><td style="width: 9%; text-align: right; vertical-align: bottom;">181,168</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - B19"> </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - D19"> </td><td style="width: 9%; text-align: right; vertical-align: bottom;"> - </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - D19"> </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - F19"> </td><td style="width: 9%; text-align: right; vertical-align: bottom;">(1,340</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - F19">) </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - H19"> </td><td style="width: 9%; text-align: right; vertical-align: bottom;">179,828</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - H19"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="vertical-align: bottom;">Debt securities issued by states of the U.S. and political subdivisions of the states</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B20"> </td><td style="width: 9%; text-align: right; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">731</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B20"> </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D20"> </td><td style="width: 9%; text-align: right; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> - </td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D20"> </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F20"> </td><td style="width: 9%; text-align: right; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">(1</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F20">) </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H20"> </td><td style="width: 9%; text-align: right; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">730</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H20"> </td></tr><tr><td style="vertical-align: bottom; padding-left: 20px;">Total debt securities with a maturity of more than one year</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;" title="Note 7. Investments - B22"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;">651,145</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B22"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;" title="Note 7. Investments - D22"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;">91</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D22"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;" title="Note 7. Investments - F22"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;">(3,911</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F22">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;" title="Note 7. Investments - H22"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;">647,325</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H22"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="vertical-align: bottom; padding-left: 40px;">Total available-for-sale debt securities</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;" title="Note 7. Investments - B23">$</td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;">1,788,862</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B23"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;" title="Note 7. Investments - D23">$</td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;">516</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D23"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;" title="Note 7. Investments - F23">$</td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;">(5,012</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F23">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;" title="Note 7. Investments - H23">$</td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;">1,784,366</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H23"> </td></tr><tr><td style="text-decoration: underline; vertical-align: bottom;">Equity securities:</td><td style="width: 1%;" title="Note 7. Investments - B25"></td><td style="vertical-align: bottom; width: 9%;"> </td><td style="width: 1%;" title="Note 7. Investments - B25"></td><td> </td><td style="width: 1%;" title="Note 7. Investments - D25"></td><td style="vertical-align: bottom; width: 9%;"> </td><td style="width: 1%;" title="Note 7. Investments - D25"></td><td> </td><td style="width: 1%;" title="Note 7. Investments - F25"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 7. Investments - F25"></td><td> </td><td style="width: 1%;" title="Note 7. Investments - H25"></td><td style="vertical-align: bottom; width: 9%;"> </td><td style="width: 1%;" title="Note 7. Investments - H25"></td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="vertical-align: bottom;">Publicly traded equity securities included in other current assets (2)</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - B26">$</td><td style="width: 9%; text-align: right; vertical-align: bottom;">11,897</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - B26"> </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - D26">$</td><td style="width: 9%; text-align: right; vertical-align: bottom;">45,670</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - D26"> </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - F26">$</td><td style="width: 9%; text-align: right; vertical-align: bottom;">(9,799</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - F26">) </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - H26">$</td><td style="width: 9%; text-align: right; vertical-align: bottom;">47,768</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - H26"> </td></tr><tr><td style="vertical-align: bottom;">Privately held equity securities included in deposits and other assets (3)</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; vertical-align: bottom;" title="Note 7. Investments - B27"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; vertical-align: bottom;">10,000</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B27"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; vertical-align: bottom;" title="Note 7. Investments - D27"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; vertical-align: bottom;">9,816</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D27"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; vertical-align: bottom;" title="Note 7. Investments - F27"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; vertical-align: bottom;"> - </td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F27"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; vertical-align: bottom;" title="Note 7. Investments - H27"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; vertical-align: bottom;">19,816</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H27"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="vertical-align: bottom; padding-left: 20px;">Total equity securities </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; vertical-align: bottom;" title="Note 7. Investments - B28"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; vertical-align: bottom;">21,897</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B28"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; vertical-align: bottom;" title="Note 7. Investments - D28"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; vertical-align: bottom;">55,486</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D28"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; vertical-align: bottom;" title="Note 7. Investments - F28"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; vertical-align: bottom;">(9,799</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F28">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; vertical-align: bottom;" title="Note 7. Investments - H28"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-right: none; vertical-align: bottom;">67,584</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H28"> </td></tr><tr><td style="vertical-align: bottom; padding-left: 40px;">Total available-for-sale debt and equity securities</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;" title="Note 7. Investments - B29">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;">1,810,759</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B29"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;" title="Note 7. Investments - D29">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;">56,002</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D29"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;" title="Note 7. Investments - F29">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;">(14,811</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F29">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;" title="Note 7. Investments - H29">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;">1,851,950</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H29"> </td></tr></table><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; vertical-align: bottom; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td style="text-align: center; font-weight: bold; width: 1%;" title="Note 7. Investments - B30"></td><td style="text-align: center; font-weight: bold; width: 9%;">Amortized</td><td style="width: 1%;" title="Note 7. Investments - B30"></td><td> </td><td colspan="7" style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">Gross Unrealized</td><td> </td><td style="text-align: center; font-weight: bold; width: 1%;" title="Note 7. Investments - H30"></td><td style="text-align: center; font-weight: bold; width: 9%;">Estimated</td><td style="width: 1%;" title="Note 7. Investments - H30"></td></tr><tr><td style="font-weight: bold;">December 31, 2025</td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 7. Investments - B31"></td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">Cost</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B31"></td><td> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 7. Investments - D31"></td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">Gains</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D31"></td><td> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 7. Investments - F31"></td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">Losses</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F31"></td><td> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 7. Investments - H31"></td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">Fair Value</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H31"></td></tr><tr><td style="text-decoration: underline;">Available-for-sale debt securities:</td><td style="width: 1%;" title="Note 7. Investments - B32"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 7. Investments - B32"></td><td> </td><td style="width: 1%;" title="Note 7. Investments - D32"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 7. Investments - D32"></td><td> </td><td style="width: 1%;" title="Note 7. Investments - F32"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 7. Investments - F32"></td><td> </td><td style="width: 1%;" title="Note 7. Investments - H32"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 7. Investments - H32"></td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Corporate debt securities (1)</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B33">$</td><td style="width: 9%; text-align: right;">746,814</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B33"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - D33">$</td><td style="width: 9%; text-align: right;">991</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - D33"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - F33">$</td><td style="width: 9%; text-align: right;">(27</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - F33">) </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - H33">$</td><td style="width: 9%; text-align: right;">747,778</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - H33"> </td></tr><tr><td>Debt securities issued by U.S. government agencies</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B34"> </td><td style="width: 9%; text-align: right;">55,768</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B34"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - D34"> </td><td style="width: 9%; text-align: right;">92</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - D34"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - F34"> </td><td style="width: 9%; text-align: right;">(5</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - F34">) </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - H34"> </td><td style="width: 9%; text-align: right;">55,855</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - H34"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Debt securities issued by the U.S. Treasury (1)</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B35"> </td><td style="width: 9%; text-align: right;">769,034</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B35"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - D35"> </td><td style="width: 9%; text-align: right;">843</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - D35"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - F35"> </td><td style="width: 9%; text-align: right;">(13</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - F35">) </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - H35"> </td><td style="width: 9%; text-align: right;">769,864</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - H35"> </td></tr><tr><td>Debt securities issued by states of the U.S. and political subdivisions of the states</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B36"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">5,709</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B36"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D36"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">11</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D36"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F36"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> - </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F36"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H36"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">5,720</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H36"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="padding-left: 20px;">Total debt securities with a maturity of one year or less</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B37"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">1,577,325</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B37"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D37"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">1,937</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D37"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F37"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">(45</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F37">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H37"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">1,579,217</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H37"> </td></tr><tr><td>Corporate debt securities</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B38"> </td><td style="width: 9%; text-align: right;">435,350</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B38"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - D38"> </td><td style="width: 9%; text-align: right;">1,586</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - D38"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - F38"> </td><td style="width: 9%; text-align: right;">(106</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - F38">) </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - H38"> </td><td style="width: 9%; text-align: right;">436,830</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - H38"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Debt securities issued by U.S. government agencies</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B39"> </td><td style="width: 9%; text-align: right;">92,770</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B39"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - D39"> </td><td style="width: 9%; text-align: right;">100</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - D39"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - F39"> </td><td style="width: 9%; text-align: right;">(94</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - F39">) </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - H39"> </td><td style="width: 9%; text-align: right;">92,776</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - H39"> </td></tr><tr><td>Debt securities issued by the U.S. Treasury </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B40"> </td><td style="width: 9%; text-align: right;">242,288</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B40"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - D40"> </td><td style="width: 9%; text-align: right;">595</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - D40"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - F40"> </td><td style="width: 9%; text-align: right;">(1</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - F40">) </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - H40"> </td><td style="width: 9%; text-align: right;">242,882</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - H40"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Other municipal debt securities</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B41"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">1,219</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B41"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D41"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">4</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D41"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F41"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> - </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F41"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H41"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">1,223</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H41"> </td></tr><tr><td style="padding-left: 20px;">Total debt securities with a maturity of more than one year</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none;" title="Note 7. Investments - B42"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none;">771,627</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B42"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none;" title="Note 7. Investments - D42"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none;">2,285</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D42"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none;" title="Note 7. Investments - F42"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none;">(201</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F42">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none;" title="Note 7. Investments - H42"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none;">773,711</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H42"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="padding-left: 40px;">Total available-for-sale debt securities</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none;" title="Note 7. Investments - B43">$</td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none;">2,348,952</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B43"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none;" title="Note 7. Investments - D43">$</td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none;">4,222</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D43"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none;" title="Note 7. Investments - F43">$</td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none;">(246</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F43">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none;" title="Note 7. Investments - H43">$</td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-right: none;">2,352,928</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H43"> </td></tr><tr><td style="text-decoration: underline;">Equity securities:</td><td style="width: 1%;" title="Note 7. Investments - B44"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 7. Investments - B44"></td><td> </td><td style="width: 1%;" title="Note 7. Investments - D44"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 7. Investments - D44"></td><td> </td><td style="width: 1%;" title="Note 7. Investments - F44"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 7. Investments - F44"></td><td> </td><td style="width: 1%;" title="Note 7. Investments - H44"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 7. Investments - H44"></td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Publicly traded equity securities included in other current assets (2)</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B45">$</td><td style="width: 9%; text-align: right;">11,897</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B45"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - D45">$</td><td style="width: 9%; text-align: right;">35</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - D45"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - F45">$</td><td style="width: 9%; text-align: right;">(8,920</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - F45">) </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - H45">$</td><td style="width: 9%; text-align: right;">3,012</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - H45"> </td></tr><tr><td>Privately held equity securities included in deposits and other assets (3) (2)</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none;" title="Note 7. Investments - B46"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none;">4,905</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B46"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none;" title="Note 7. Investments - D46"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none;">54,395</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D46"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none;" title="Note 7. Investments - F46"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none;">(7,091</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F46">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none;" title="Note 7. Investments - H46"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none;">52,209</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H46"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="padding-left: 20px;">Total equity securities </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none;" title="Note 7. Investments - B47"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none;">16,802</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B47"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none;" title="Note 7. Investments - D47"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none;">54,430</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D47"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none;" title="Note 7. Investments - F47"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none;">(16,011</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F47">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none;" title="Note 7. Investments - H47"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-right: none;">55,221</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H47"> </td></tr><tr><td style="padding-left: 40px;">Total available-for-sale debt and equity securities</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B48">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">2,365,754</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B48"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D48">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">58,652</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D48"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F48">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">(16,257</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F48">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H48">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">2,408,149</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H48"> </td></tr></table><div style="text-align: justify;"> </div><div style="text-indent: -18pt; text-align: justify; padding-left: 18pt;"> <div> <span style="color: #000000;">(1)   Includes investments classified as cash equivalents in our condensed consolidated balance sheets.</span> </div> </div> <div style="margin-left: 18pt;">  </div> <div style="text-indent: -18pt; text-align: justify; padding-left: 18pt;"> <div> (2)  Our publicly traded equity securities are included in other current assets. We recognize publicly traded equity securities at fair value. <span style="letter-spacing: normal; text-indent: -24px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">In the first quarter of 2026, one of our privately held investees became a publicly traded entity after completing an initial public offering. As a result, we recorded a $23.4 million unrealized gain in our condensed consolidated statements of operations in the first quarter of 2026, which reflected the difference between the carrying value of this investment as of December 31, 2025 and its fair value of $55.8 million as of March 31, 2026. In the second quarter of 2026, we recorded an unrealized loss of $10.2 million, <span style="text-decoration-thickness: initial; float: none; display: inline !important;">which reflected the difference between the carrying value of this investment as of March 31, 2026 and its fair value of $45.7 million as of June 30, 2026. </span>This investment is subject to a 12-month contractual sale restriction that ends in January 2027. </span>In the six months ended June 30, 2026, we recorded a $0.9 million net unrealized loss in our condensed consolidated statements of operations related to changes in the fair value of our other investments in publicly traded companies.</div></div> <div style="margin-left: 18pt;">  </div> <div style="text-indent: -18pt; text-align: justify; padding-left: 18pt;"> <div> <span style="color: #000000;">(3)  Our privately held equity securities are included in deposits and other assets. We recognize our privately held equity securities at</span><span> cost minus impairments, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer, which are Level 3 inputs</span><span style="color: #000000;">. In the six months ended June 30, 2026, there were no changes to the carrying value of our privately held equity securities.</span></div> </div> 638688000 311000 474000 638525000 26439000 26000 20000 26445000 467565000 88000 604000 467049000 5025000 0 3000 5022000 1137717000 425000 1101000 1137041000 349545000 87000 1692000 347940000 119701000 4000 878000 118827000 181168000 0 1340000 179828000 731000 0 1000 730000 651145000 91000 3911000 647325000 1788862000 516000 5012000 1784366000 11897000 45670000 9799000 47768000 10000000 9816000 0 19816000 21897000 55486000 9799000 67584000 1810759000 56002000 14811000 1851950000 746814000 991000 27000 747778000 55768000 92000 5000 55855000 769034000 843000 13000 769864000 5709000 11000 0 5720000 1577325000 1937000 45000 1579217000 435350000 1586000 106000 436830000 92770000 100000 94000 92776000 242288000 595000 1000 242882000 1219000 4000 0 1223000 771627000 2285000 201000 773711000 2348952000 4222000 246000 2352928000 11897000 35000 8920000 3012000 4905000 54395000 7091000 52209000 16802000 54430000 16011000 55221000 2365754000 58652000 16257000 2408149000 23400000 55800000 10200000 45700000 P12M 900000 <div style="text-indent: 36pt; text-align: justify;"><span style="color: #000000;">The following is a summary of our investments we consider to be temporarily impaired at June 30, 2026 (in thousands, except for number of investments): </span> </div><div> </div> <table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; vertical-align: bottom; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td style="width: 1%;" title="Note 7. Investments - B52"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 7. Investments - B52"></td><td> </td><td colspan="7" style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">Less than 12 Months of Temporary Impairment</td><td> </td><td colspan="7" style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">More than 12 Months of Temporary Impairment</td><td> </td><td colspan="7" style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">Total Temporary Impairment</td></tr><tr><td> </td><td style="width: 1%;" title="Note 7. Investments - B53"></td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor black; width: 9%; vertical-align: bottom;">Number of Investments</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B53"></td><td> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 7. Investments - D53"></td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor black; width: 9%; vertical-align: bottom;">Estimated Fair Value</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D53"></td><td> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 7. Investments - F53"></td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor black; width: 9%; vertical-align: bottom;">Unrealized Losses</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F53"></td><td> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 7. Investments - H53"></td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor black; width: 9%; vertical-align: bottom;">Estimated Fair Value</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H53"></td><td> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 7. Investments - J53"></td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor black; width: 9%; vertical-align: bottom;">Unrealized Losses</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - J53"></td><td> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 7. Investments - L53"></td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor black; width: 9%; vertical-align: bottom;">Estimated Fair Value</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - L53"></td><td> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 7. Investments - N53"></td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor black; width: 9%; vertical-align: bottom;">Unrealized Losses</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - N53"></td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Corporate debt securities </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B54"> </td><td style="width: 9%; text-align: right;">303</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B54"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - D54">$</td><td style="width: 9%; text-align: right;">659,038</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - D54"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - F54">$</td><td style="width: 9%; text-align: right;">(2,154</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - F54">) </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - H54">$</td><td style="width: 9%; text-align: right;">3,984</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - H54"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - J54">$</td><td style="width: 9%; text-align: right;">(12</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - J54">) </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - L54">$</td><td style="width: 9%; text-align: right;">663,022</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - L54"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - N54">$</td><td style="width: 9%; text-align: right;">(2,166</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - N54">) </td></tr><tr><td style="text-indent: -10px; padding-left: 10px;">Debt securities issued by U.S. government agencies</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B55"> </td><td style="width: 9%; text-align: right;">62</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B55"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - D55"> </td><td style="width: 9%; text-align: right;">125,253</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - D55"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - F55"> </td><td style="width: 9%; text-align: right;">(885</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - F55">) </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - H55"> </td><td style="width: 9%; text-align: right;">2,866</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - H55"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - J55"> </td><td style="width: 9%; text-align: right;">(13</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - J55">) </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - L55"> </td><td style="width: 9%; text-align: right;">128,119</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - L55"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - N55"> </td><td style="width: 9%; text-align: right;">(898</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - N55">) </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="text-indent: -10px; padding-left: 10px;">Debt securities issued by the U.S. Treasury </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B56"> </td><td style="width: 9%; text-align: right;">75</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B56"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - D56"> </td><td style="width: 9%; text-align: right;">510,400</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - D56"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - F56"> </td><td style="width: 9%; text-align: right;">(1,944</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - F56">) </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - H56"> </td><td style="width: 9%; text-align: right;"> - </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - H56"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - J56"> </td><td style="width: 9%; text-align: right;"> - </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - J56"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - L56"> </td><td style="width: 9%; text-align: right;">510,400</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - L56"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - N56"> </td><td style="width: 9%; text-align: right;">(1,944</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - N56">) </td></tr><tr><td style="text-indent: -10px; padding-left: 10px;">Debt securities issued by states of the U.S. and political subdivisions of the states</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B58"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">8</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B58"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D58"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">5,002</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D58"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F58"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">(4</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F58">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H58"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> - </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H58"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - J58"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> - </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - J58"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - L58"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">5,002</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - L58"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - N58"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">(4</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - N58">) </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="text-indent: -10px; padding-left: 10px;">Total temporarily impaired debt securities</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B59"> </td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">448</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B59"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D59">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">1,299,693</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D59"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F59">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">(4,987</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F59">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H59">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">6,850</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H59"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - J59">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">(25</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - J59">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - L59">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">1,306,543</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - L59"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - N59">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">(5,012</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - N59">) </td></tr></table> 303 659038000 2154000 3984000 12000 663022000 2166000 62 125253000 885000 2866000 13000 128119000 898000 75 510400000 1944000 0 0 510400000 1944000 8 5002000 4000 0 0 5002000 4000 448 1299693000 4987000 6850000 25000 1306543000 5012000 <div> <span style="color: #000000; font-weight: bold;">8.  Fair Value Measurements</span> </div> <div>  </div> <div style="text-indent: 36pt; text-align: justify;"> <span style="color: #000000;">The following tables present the major security types we held at June 30, 2026 and December 31, 2025 that we regularly measure and carry at fair value. The following tables segregate each security type by the level within the fair value hierarchy of the valuation techniques we utilized to determine the respective security’s fair value (in thousands):</span> </div> <div> </div> <table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; vertical-align: bottom; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td style="width: 1%;" title="Note 8. Fair Value Measurements - B3"></td><td style="vertical-align: bottom; text-align: center; font-weight: bold; width: 9%;">At</td><td style="width: 1%;" title="Note 8. Fair Value Measurements - B3"></td><td> </td><td style="width: 1%;" title="Note 8. Fair Value Measurements - D3"></td><td style="text-align: center; font-weight: bold; vertical-align: bottom; width: 9%;">Quoted Prices in Active Markets</td><td style="width: 1%;" title="Note 8. Fair Value Measurements - D3"></td><td> </td><td style="width: 1%;" title="Note 8. Fair Value Measurements - F3"></td><td style="text-align: center; font-weight: bold; width: 9%;">Significant Other Observable Inputs</td><td style="width: 1%;" title="Note 8. Fair Value Measurements - F3"></td></tr><tr><td> </td><td style="border-bottom: 1px solid black; border-top: none; width: 1%;" title="Note 8. Fair Value Measurements - B4"></td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; width: 9%;">June 30, 2026</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 8. Fair Value Measurements - B4"></td><td> </td><td style="border-bottom: 1px solid black; border-top: none; width: 1%;" title="Note 8. Fair Value Measurements - D4"></td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; width: 9%;">(Level 1)</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 8. Fair Value Measurements - D4"></td><td> </td><td style="border-bottom: 1px solid black; border-top: none; width: 1%;" title="Note 8. Fair Value Measurements - F4"></td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; width: 9%;">(Level 2)</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 8. Fair Value Measurements - F4"></td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Cash equivalents (1) </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - B5">$</td><td style="text-align: right; width: 9%;">155,741</td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - B5"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - D5">$</td><td style="text-align: right; width: 9%;">155,741</td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - D5"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - F5">$</td><td style="text-align: right; width: 9%;"> - </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - F5"> </td></tr><tr><td>Corporate debt securities (2) </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - B6"> </td><td style="text-align: right; width: 9%;">986,465</td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - B6"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - D6"> </td><td style="text-align: right; width: 9%;"> - </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - D6"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - F6"> </td><td style="text-align: right; width: 9%;">986,465</td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - F6"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Debt securities issued by U.S. government agencies (3) </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - B7"> </td><td style="text-align: right; width: 9%;">145,272</td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - B7"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - D7"> </td><td style="text-align: right; width: 9%;"> - </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - D7"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - F7"> </td><td style="text-align: right; width: 9%;">145,272</td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - F7"> </td></tr><tr><td>Debt securities issued by the U.S. Treasury (4)</td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - B8"> </td><td style="text-align: right; width: 9%;">646,877</td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - B8"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - D8"> </td><td style="text-align: right; width: 9%;">646,877</td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - D8"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - F8"> </td><td style="text-align: right; width: 9%;"> - </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - F8"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="text-indent: -10px; padding-left: 10px;">Debt securities issued by states of the U.S. and political subdivisions of the states (3)</td><td style="text-align: left; vertical-align: bottom; width: 1%;" title="Note 8. Fair Value Measurements - B9"> </td><td style="text-align: right; vertical-align: bottom; width: 9%;">5,752</td><td style="text-align: left; vertical-align: bottom; width: 1%;" title="Note 8. Fair Value Measurements - B9"> </td><td> </td><td style="text-align: left; vertical-align: bottom; width: 1%;" title="Note 8. Fair Value Measurements - D9"> </td><td style="text-align: right; vertical-align: bottom; width: 9%;"> - </td><td style="text-align: left; vertical-align: bottom; width: 1%;" title="Note 8. Fair Value Measurements - D9"> </td><td> </td><td style="text-align: left; vertical-align: bottom; width: 1%;" title="Note 8. Fair Value Measurements - F9"> </td><td style="text-align: right; vertical-align: bottom; width: 9%;">5,752</td><td style="text-align: left; vertical-align: bottom; width: 1%;" title="Note 8. Fair Value Measurements - F9"> </td></tr><tr><td>Publicly traded equity securities included in other current assets (5)</td><td style="text-align: left; border-bottom: 1px solid black; border-top: none; vertical-align: bottom; width: 1%;" title="Note 8. Fair Value Measurements - B10"> </td><td style="text-align: right; border-bottom: 1px solid black; border-top: none; vertical-align: bottom; width: 9%;">47,768</td><td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 8. Fair Value Measurements - B10"> </td><td> </td><td style="text-align: left; border-bottom: 1px solid black; border-top: none; vertical-align: bottom; width: 1%;" title="Note 8. Fair Value Measurements - D10"> </td><td style="text-align: right; border-bottom: 1px solid black; border-top: none; vertical-align: bottom; width: 9%;">47,768</td><td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 8. Fair Value Measurements - D10"> </td><td> </td><td style="text-align: left; border-bottom: 1px solid black; border-top: none; vertical-align: bottom; width: 1%;" title="Note 8. Fair Value Measurements - F10"> </td><td style="text-align: right; border-bottom: 1px solid black; border-top: none; border-right: none; vertical-align: bottom; width: 9%;"> - </td><td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 8. Fair Value Measurements - F10"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="padding-left: 20px;">Total </td><td style="text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 8. Fair Value Measurements - B11">$</td><td style="text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 9%;">1,987,875</td><td style="text-align: left; width: 1%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 8. Fair Value Measurements - B11"> </td><td> </td><td style="text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 8. Fair Value Measurements - D11">$</td><td style="text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 9%;">850,386</td><td style="text-align: left; width: 1%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 8. Fair Value Measurements - D11"> </td><td> </td><td style="text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 8. Fair Value Measurements - F11">$</td><td style="text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 9%;">1,137,489</td><td style="text-align: left; width: 1%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 8. Fair Value Measurements - F11"> </td></tr></table><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; vertical-align: bottom; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td style="width: 1%;" title="Note 8. Fair Value Measurements - B13"></td><td style="vertical-align: bottom; text-align: center; font-weight: bold; width: 9%;">At</td><td style="width: 1%;" title="Note 8. Fair Value Measurements - B13"></td><td> </td><td style="width: 1%;" title="Note 8. Fair Value Measurements - D13"></td><td style="text-align: center; font-weight: bold; vertical-align: bottom; width: 9%;">Quoted Prices in Active Markets</td><td style="width: 1%;" title="Note 8. Fair Value Measurements - D13"></td><td> </td><td style="width: 1%;" title="Note 8. Fair Value Measurements - F13"></td><td style="text-align: center; font-weight: bold; width: 9%;">Significant Other Observable Inputs</td><td style="width: 1%;" title="Note 8. Fair Value Measurements - F13"></td></tr><tr><td> </td><td style="border-bottom: 1px solid black; border-top: none; width: 1%;" title="Note 8. Fair Value Measurements - B14"></td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; width: 9%;">December 31, 2025</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 8. Fair Value Measurements - B14"></td><td> </td><td style="border-bottom: 1px solid black; border-top: none; width: 1%;" title="Note 8. Fair Value Measurements - D14"></td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; width: 9%;">(Level 1)</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 8. Fair Value Measurements - D14"></td><td> </td><td style="border-bottom: 1px solid black; border-top: none; width: 1%;" title="Note 8. Fair Value Measurements - F14"></td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; width: 9%;">(Level 2)</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 8. Fair Value Measurements - F14"></td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Cash equivalents (1) </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - B15">$</td><td style="text-align: right; width: 9%;">213,579</td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - B15"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - D15">$</td><td style="text-align: right; width: 9%;">213,579</td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - D15"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - F15">$</td><td style="text-align: right; width: 9%;"> - </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - F15"> </td></tr><tr><td>Corporate debt securities (6)</td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - B16"> </td><td style="text-align: right; width: 9%;">1,184,608</td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - B16"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - D16"> </td><td style="text-align: right; width: 9%;"> - </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - D16"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - F16"> </td><td style="text-align: right; width: 9%;">1,184,608</td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - F16"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Debt securities issued by U.S. government agencies (3)</td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - B17"> </td><td style="text-align: right; width: 9%;">148,631</td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - B17"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - D17"> </td><td style="text-align: right; width: 9%;"> - </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - D17"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - F17"> </td><td style="text-align: right; width: 9%;">148,631</td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - F17"> </td></tr><tr><td>Debt securities issued by the U.S. Treasury (3)</td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - B18"> </td><td style="text-align: right; width: 9%;">1,012,746</td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - B18"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - D18"> </td><td style="text-align: right; width: 9%;">1,012,746</td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - D18"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - F18"> </td><td style="text-align: right; width: 9%;"> - </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - F18"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="text-indent: -10px; padding-left: 10px;">Debt securities issued by states of the U.S. and political subdivisions of the states (3)</td><td style="text-align: left; vertical-align: bottom; width: 1%;" title="Note 8. Fair Value Measurements - B19"> </td><td style="text-align: right; vertical-align: bottom; width: 9%;">6,943</td><td style="text-align: left; vertical-align: bottom; width: 1%;" title="Note 8. Fair Value Measurements - B19"> </td><td> </td><td style="text-align: left; vertical-align: bottom; width: 1%;" title="Note 8. Fair Value Measurements - D19"> </td><td style="text-align: right; vertical-align: bottom; width: 9%;"> - </td><td style="text-align: left; vertical-align: bottom; width: 1%;" title="Note 8. Fair Value Measurements - D19"> </td><td> </td><td style="text-align: left; vertical-align: bottom; width: 1%;" title="Note 8. Fair Value Measurements - F19"> </td><td style="text-align: right; vertical-align: bottom; width: 9%;">6,943</td><td style="text-align: left; vertical-align: bottom; width: 1%;" title="Note 8. Fair Value Measurements - F19"> </td></tr><tr><td>Publicly traded equity securities included in other current assets (5)</td><td style="text-align: left; vertical-align: bottom; border-top: none; border-right: none; border-bottom: 1px solid rgb(0, 0, 0); border-left: none; width: 1%;" title="Note 8. Fair Value Measurements - B20"> </td><td style="text-align: right; vertical-align: bottom; border-top: none; border-right: none; border-bottom: 1px solid rgb(0, 0, 0); border-left: none; width: 9%;">3,012</td><td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="Note 8. Fair Value Measurements - B20"> </td><td> </td><td style="text-align: left; vertical-align: bottom; border-top: none; border-right: none; border-bottom: 1px solid rgb(0, 0, 0); border-left: none; width: 1%;" title="Note 8. Fair Value Measurements - D20"> </td><td style="text-align: right; vertical-align: bottom; border-top: none; border-right: none; border-bottom: 1px solid rgb(0, 0, 0); border-left: none; width: 9%;">3,012</td><td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="Note 8. Fair Value Measurements - D20"> </td><td> </td><td style="text-align: left; vertical-align: bottom; border-top: none; border-right: none; border-bottom: 1px solid rgb(0, 0, 0); border-left: none; width: 1%;" title="Note 8. Fair Value Measurements - F20"> </td><td style="text-align: right; vertical-align: bottom; border-top: none; border-right: none; border-bottom: 1px solid rgb(0, 0, 0); border-left: none; width: 9%;"> - </td><td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="Note 8. Fair Value Measurements - F20"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="padding-left: 20px;">Total </td><td style="text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 8. Fair Value Measurements - B21">$</td><td style="text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 9%;">2,569,519</td><td style="text-align: left; width: 1%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 8. Fair Value Measurements - B21"> </td><td> </td><td style="text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 8. Fair Value Measurements - D21">$</td><td style="text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 9%;">1,229,337</td><td style="text-align: left; width: 1%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 8. Fair Value Measurements - D21"> </td><td> </td><td style="text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 8. Fair Value Measurements - F21">$</td><td style="text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 9%;">1,340,182</td><td style="text-align: left; width: 1%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 8. Fair Value Measurements - F21"> </td></tr></table><div style="text-align: justify; margin-left: 18pt;">  </div> <div style="text-align: justify;"> <span style="color: #000000;">The following footnotes reference lines in our condensed consolidated balance sheets:</span></div> <div style="text-align: justify;"> </div><div style="text-align: justify;">(1)    Included in cash and cash equivalents.</div><div style="text-align: justify;"> </div><div style="text-align: justify;">(2)    $57.6 million was included in cash and cash equivalents, with the difference included in short-term investments.</div><div style="text-align: justify;"> </div><div style="text-align: justify;">(3)    <span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Included in short-term investments.</span></div><div style="text-align: justify;"> </div><div style="text-align: justify;"><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(4)    <span style="text-decoration-thickness: initial; float: none; display: inline !important;">$21.0 million was included in cash and cash equivalents, with the difference included in short-term investments.</span></span></div><div style="text-align: justify;"> </div><div style="text-align: justify;">(5)    <span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Included in other current assets.</span></div><div style="text-align: justify;"> </div><div style="text-align: justify;">(6)    <span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">$47.8</span><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline !important;"> million was included in cash and cash equivalents, with the difference included in short-term investments.</span></div> <div style="text-indent: -18pt; text-align: justify; padding-left: 18pt;">  </div> <div style="text-indent: 36pt; font-weight: bold;"><span style="color: rgb(0, 0, 0);">Convertible Notes</span> </div><div>  </div> <div style="text-indent: 36pt; text-align: justify;"> Our 0% Notes due 2030 and 1.75% Notes due 2028 had a fair value of <span style="letter-spacing: normal; text-indent: 48px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">$828.3 million and $893.1 million </span> at June 30, 2026, respectively. Our <span style="letter-spacing: normal; text-indent: 48px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">0% Notes due 2030, 1.75% Notes due 2028 and 0% Notes due 2026</span> had a fair value of $830.3 million, $918.1 million and $594.6 million at December 31, 2025, respectively. We determine the fair value of our notes based on quoted market prices for these notes, which are Level 2 measurements because the notes do not trade regularly. </div> <div style="text-indent: 36pt; text-align: justify;"> <span style="color: #000000;">The following tables present the major security types we held at June 30, 2026 and December 31, 2025 that we regularly measure and carry at fair value. The following tables segregate each security type by the level within the fair value hierarchy of the valuation techniques we utilized to determine the respective security’s fair value (in thousands):</span> </div> <div> </div> <table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; vertical-align: bottom; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td style="width: 1%;" title="Note 8. Fair Value Measurements - B3"></td><td style="vertical-align: bottom; text-align: center; font-weight: bold; width: 9%;">At</td><td style="width: 1%;" title="Note 8. Fair Value Measurements - B3"></td><td> </td><td style="width: 1%;" title="Note 8. Fair Value Measurements - D3"></td><td style="text-align: center; font-weight: bold; vertical-align: bottom; width: 9%;">Quoted Prices in Active Markets</td><td style="width: 1%;" title="Note 8. Fair Value Measurements - D3"></td><td> </td><td style="width: 1%;" title="Note 8. Fair Value Measurements - F3"></td><td style="text-align: center; font-weight: bold; width: 9%;">Significant Other Observable Inputs</td><td style="width: 1%;" title="Note 8. Fair Value Measurements - F3"></td></tr><tr><td> </td><td style="border-bottom: 1px solid black; border-top: none; width: 1%;" title="Note 8. Fair Value Measurements - B4"></td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; width: 9%;">June 30, 2026</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 8. Fair Value Measurements - B4"></td><td> </td><td style="border-bottom: 1px solid black; border-top: none; width: 1%;" title="Note 8. Fair Value Measurements - D4"></td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; width: 9%;">(Level 1)</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 8. Fair Value Measurements - D4"></td><td> </td><td style="border-bottom: 1px solid black; border-top: none; width: 1%;" title="Note 8. Fair Value Measurements - F4"></td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; width: 9%;">(Level 2)</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 8. Fair Value Measurements - F4"></td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Cash equivalents (1) </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - B5">$</td><td style="text-align: right; width: 9%;">155,741</td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - B5"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - D5">$</td><td style="text-align: right; width: 9%;">155,741</td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - D5"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - F5">$</td><td style="text-align: right; width: 9%;"> - </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - F5"> </td></tr><tr><td>Corporate debt securities (2) </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - B6"> </td><td style="text-align: right; width: 9%;">986,465</td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - B6"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - D6"> </td><td style="text-align: right; width: 9%;"> - </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - D6"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - F6"> </td><td style="text-align: right; width: 9%;">986,465</td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - F6"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Debt securities issued by U.S. government agencies (3) </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - B7"> </td><td style="text-align: right; width: 9%;">145,272</td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - B7"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - D7"> </td><td style="text-align: right; width: 9%;"> - </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - D7"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - F7"> </td><td style="text-align: right; width: 9%;">145,272</td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - F7"> </td></tr><tr><td>Debt securities issued by the U.S. Treasury (4)</td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - B8"> </td><td style="text-align: right; width: 9%;">646,877</td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - B8"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - D8"> </td><td style="text-align: right; width: 9%;">646,877</td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - D8"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - F8"> </td><td style="text-align: right; width: 9%;"> - </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - F8"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="text-indent: -10px; padding-left: 10px;">Debt securities issued by states of the U.S. and political subdivisions of the states (3)</td><td style="text-align: left; vertical-align: bottom; width: 1%;" title="Note 8. Fair Value Measurements - B9"> </td><td style="text-align: right; vertical-align: bottom; width: 9%;">5,752</td><td style="text-align: left; vertical-align: bottom; width: 1%;" title="Note 8. Fair Value Measurements - B9"> </td><td> </td><td style="text-align: left; vertical-align: bottom; width: 1%;" title="Note 8. Fair Value Measurements - D9"> </td><td style="text-align: right; vertical-align: bottom; width: 9%;"> - </td><td style="text-align: left; vertical-align: bottom; width: 1%;" title="Note 8. Fair Value Measurements - D9"> </td><td> </td><td style="text-align: left; vertical-align: bottom; width: 1%;" title="Note 8. Fair Value Measurements - F9"> </td><td style="text-align: right; vertical-align: bottom; width: 9%;">5,752</td><td style="text-align: left; vertical-align: bottom; width: 1%;" title="Note 8. Fair Value Measurements - F9"> </td></tr><tr><td>Publicly traded equity securities included in other current assets (5)</td><td style="text-align: left; border-bottom: 1px solid black; border-top: none; vertical-align: bottom; width: 1%;" title="Note 8. Fair Value Measurements - B10"> </td><td style="text-align: right; border-bottom: 1px solid black; border-top: none; vertical-align: bottom; width: 9%;">47,768</td><td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 8. Fair Value Measurements - B10"> </td><td> </td><td style="text-align: left; border-bottom: 1px solid black; border-top: none; vertical-align: bottom; width: 1%;" title="Note 8. Fair Value Measurements - D10"> </td><td style="text-align: right; border-bottom: 1px solid black; border-top: none; vertical-align: bottom; width: 9%;">47,768</td><td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 8. Fair Value Measurements - D10"> </td><td> </td><td style="text-align: left; border-bottom: 1px solid black; border-top: none; vertical-align: bottom; width: 1%;" title="Note 8. Fair Value Measurements - F10"> </td><td style="text-align: right; border-bottom: 1px solid black; border-top: none; border-right: none; vertical-align: bottom; width: 9%;"> - </td><td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 8. Fair Value Measurements - F10"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="padding-left: 20px;">Total </td><td style="text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 8. Fair Value Measurements - B11">$</td><td style="text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 9%;">1,987,875</td><td style="text-align: left; width: 1%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 8. Fair Value Measurements - B11"> </td><td> </td><td style="text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 8. Fair Value Measurements - D11">$</td><td style="text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 9%;">850,386</td><td style="text-align: left; width: 1%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 8. Fair Value Measurements - D11"> </td><td> </td><td style="text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 8. Fair Value Measurements - F11">$</td><td style="text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 9%;">1,137,489</td><td style="text-align: left; width: 1%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 8. Fair Value Measurements - F11"> </td></tr></table><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; vertical-align: bottom; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td style="width: 1%;" title="Note 8. Fair Value Measurements - B13"></td><td style="vertical-align: bottom; text-align: center; font-weight: bold; width: 9%;">At</td><td style="width: 1%;" title="Note 8. Fair Value Measurements - B13"></td><td> </td><td style="width: 1%;" title="Note 8. Fair Value Measurements - D13"></td><td style="text-align: center; font-weight: bold; vertical-align: bottom; width: 9%;">Quoted Prices in Active Markets</td><td style="width: 1%;" title="Note 8. Fair Value Measurements - D13"></td><td> </td><td style="width: 1%;" title="Note 8. Fair Value Measurements - F13"></td><td style="text-align: center; font-weight: bold; width: 9%;">Significant Other Observable Inputs</td><td style="width: 1%;" title="Note 8. Fair Value Measurements - F13"></td></tr><tr><td> </td><td style="border-bottom: 1px solid black; border-top: none; width: 1%;" title="Note 8. Fair Value Measurements - B14"></td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; width: 9%;">December 31, 2025</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 8. Fair Value Measurements - B14"></td><td> </td><td style="border-bottom: 1px solid black; border-top: none; width: 1%;" title="Note 8. Fair Value Measurements - D14"></td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; width: 9%;">(Level 1)</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 8. Fair Value Measurements - D14"></td><td> </td><td style="border-bottom: 1px solid black; border-top: none; width: 1%;" title="Note 8. Fair Value Measurements - F14"></td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; width: 9%;">(Level 2)</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 8. Fair Value Measurements - F14"></td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Cash equivalents (1) </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - B15">$</td><td style="text-align: right; width: 9%;">213,579</td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - B15"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - D15">$</td><td style="text-align: right; width: 9%;">213,579</td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - D15"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - F15">$</td><td style="text-align: right; width: 9%;"> - </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - F15"> </td></tr><tr><td>Corporate debt securities (6)</td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - B16"> </td><td style="text-align: right; width: 9%;">1,184,608</td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - B16"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - D16"> </td><td style="text-align: right; width: 9%;"> - </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - D16"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - F16"> </td><td style="text-align: right; width: 9%;">1,184,608</td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - F16"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Debt securities issued by U.S. government agencies (3)</td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - B17"> </td><td style="text-align: right; width: 9%;">148,631</td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - B17"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - D17"> </td><td style="text-align: right; width: 9%;"> - </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - D17"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - F17"> </td><td style="text-align: right; width: 9%;">148,631</td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - F17"> </td></tr><tr><td>Debt securities issued by the U.S. Treasury (3)</td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - B18"> </td><td style="text-align: right; width: 9%;">1,012,746</td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - B18"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - D18"> </td><td style="text-align: right; width: 9%;">1,012,746</td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - D18"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - F18"> </td><td style="text-align: right; width: 9%;"> - </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - F18"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="text-indent: -10px; padding-left: 10px;">Debt securities issued by states of the U.S. and political subdivisions of the states (3)</td><td style="text-align: left; vertical-align: bottom; width: 1%;" title="Note 8. Fair Value Measurements - B19"> </td><td style="text-align: right; vertical-align: bottom; width: 9%;">6,943</td><td style="text-align: left; vertical-align: bottom; width: 1%;" title="Note 8. Fair Value Measurements - B19"> </td><td> </td><td style="text-align: left; vertical-align: bottom; width: 1%;" title="Note 8. Fair Value Measurements - D19"> </td><td style="text-align: right; vertical-align: bottom; width: 9%;"> - </td><td style="text-align: left; vertical-align: bottom; width: 1%;" title="Note 8. Fair Value Measurements - D19"> </td><td> </td><td style="text-align: left; vertical-align: bottom; width: 1%;" title="Note 8. Fair Value Measurements - F19"> </td><td style="text-align: right; vertical-align: bottom; width: 9%;">6,943</td><td style="text-align: left; vertical-align: bottom; width: 1%;" title="Note 8. Fair Value Measurements - F19"> </td></tr><tr><td>Publicly traded equity securities included in other current assets (5)</td><td style="text-align: left; vertical-align: bottom; border-top: none; border-right: none; border-bottom: 1px solid rgb(0, 0, 0); border-left: none; width: 1%;" title="Note 8. Fair Value Measurements - B20"> </td><td style="text-align: right; vertical-align: bottom; border-top: none; border-right: none; border-bottom: 1px solid rgb(0, 0, 0); border-left: none; width: 9%;">3,012</td><td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="Note 8. Fair Value Measurements - B20"> </td><td> </td><td style="text-align: left; vertical-align: bottom; border-top: none; border-right: none; border-bottom: 1px solid rgb(0, 0, 0); border-left: none; width: 1%;" title="Note 8. Fair Value Measurements - D20"> </td><td style="text-align: right; vertical-align: bottom; border-top: none; border-right: none; border-bottom: 1px solid rgb(0, 0, 0); border-left: none; width: 9%;">3,012</td><td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="Note 8. Fair Value Measurements - D20"> </td><td> </td><td style="text-align: left; vertical-align: bottom; border-top: none; border-right: none; border-bottom: 1px solid rgb(0, 0, 0); border-left: none; width: 1%;" title="Note 8. Fair Value Measurements - F20"> </td><td style="text-align: right; vertical-align: bottom; border-top: none; border-right: none; border-bottom: 1px solid rgb(0, 0, 0); border-left: none; width: 9%;"> - </td><td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="Note 8. Fair Value Measurements - F20"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="padding-left: 20px;">Total </td><td style="text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 8. Fair Value Measurements - B21">$</td><td style="text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 9%;">2,569,519</td><td style="text-align: left; width: 1%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 8. Fair Value Measurements - B21"> </td><td> </td><td style="text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 8. Fair Value Measurements - D21">$</td><td style="text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 9%;">1,229,337</td><td style="text-align: left; width: 1%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 8. Fair Value Measurements - D21"> </td><td> </td><td style="text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 8. Fair Value Measurements - F21">$</td><td style="text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 9%;">1,340,182</td><td style="text-align: left; width: 1%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 8. Fair Value Measurements - F21"> </td></tr></table><div style="text-align: justify; margin-left: 18pt;">  </div> <div style="text-align: justify;"> <span style="color: #000000;">The following footnotes reference lines in our condensed consolidated balance sheets:</span></div> <div style="text-align: justify;"> </div><div style="text-align: justify;">(1)    Included in cash and cash equivalents.</div><div style="text-align: justify;"> </div><div style="text-align: justify;">(2)    $57.6 million was included in cash and cash equivalents, with the difference included in short-term investments.</div><div style="text-align: justify;"> </div><div style="text-align: justify;">(3)    <span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Included in short-term investments.</span></div><div style="text-align: justify;"> </div><div style="text-align: justify;"><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(4)    <span style="text-decoration-thickness: initial; float: none; display: inline !important;">$21.0 million was included in cash and cash equivalents, with the difference included in short-term investments.</span></span></div><div style="text-align: justify;"> </div><div style="text-align: justify;">(5)    <span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Included in other current assets.</span></div><div style="text-align: justify;"> </div><div style="text-align: justify;">(6)    <span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">$47.8</span><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline !important;"> million was included in cash and cash equivalents, with the difference included in short-term investments.</span></div> 155741000 155741000 0 986465000 0 986465000 145272000 0 145272000 646877000 646877000 0 5752000 0 5752000 47768000 47768000 0 1987875000 850386000 1137489000 213579000 213579000 0 1184608000 0 1184608000 148631000 0 148631000 1012746000 1012746000 0 6943000 0 6943000 3012000 3012000 0 2569519000 1229337000 1340182000 57600000 21000000 47800000 0 0.0175 828300000 893100000 0 0.0175 0 830300000 918100000 594600000 <div> <span style="color: #000000; font-weight: bold;">9.  Stock-based Compensation Expense</span> </div> <div style="text-align: justify;">  </div> <div style="text-indent: 36pt; text-align: justify;"> <span style="color: #000000;">The following table summarizes stock-based compensation expense for the three and six months ended June 30, 2026 and 2025 (in thousands):</span> </div> <div style="text-indent: 36pt; text-align: justify;"> </div> <table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; vertical-align: bottom; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td colspan="7" style="text-align: center; font-weight: bold;">Three Months Ended</td><td> </td><td colspan="7" style="text-align: center; font-weight: bold;">Six Months Ended</td></tr><tr><td> </td><td colspan="7" style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">June 30,</td><td> </td><td colspan="7" style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">June 30,</td></tr><tr><td> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 9. Stock-based Compensation Expense - B5"> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%;">2026</td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 9. Stock-based Compensation Expense - B5"> </td><td> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 9. Stock-based Compensation Expense - D5"> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%;">2025</td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 9. Stock-based Compensation Expense - D5"> </td><td> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 9. Stock-based Compensation Expense - F5"> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%;">2026</td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 9. Stock-based Compensation Expense - F5"> </td><td> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 9. Stock-based Compensation Expense - H5"> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%;">2025</td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 9. Stock-based Compensation Expense - H5"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Cost of sales</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - B6">$</td><td style="width: 9%; text-align: right;">176</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - B6"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - D6">$</td><td style="width: 9%; text-align: right;">610</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - D6"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - F6">$</td><td style="width: 9%; text-align: right;">323</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - F6"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - H6">$</td><td style="width: 9%; text-align: right;">710</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - H6"> </td></tr><tr><td>Research, development and patent expense</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - B7"> </td><td style="width: 9%; text-align: right;">25,098</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - B7"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - D7"> </td><td style="width: 9%; text-align: right;">19,542</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - D7"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - F7"> </td><td style="width: 9%; text-align: right;">49,804</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - F7"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - H7"> </td><td style="width: 9%; text-align: right;">39,840</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - H7"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Selling, general and administrative expense</td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 9. Stock-based Compensation Expense - B8"> </td><td style="width: 9%; text-align: right; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">20,321</td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 9. Stock-based Compensation Expense - B8"> </td><td> </td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 9. Stock-based Compensation Expense - D8"> </td><td style="width: 9%; text-align: right; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">9,538</td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 9. Stock-based Compensation Expense - D8"> </td><td> </td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 9. Stock-based Compensation Expense - F8"> </td><td style="width: 9%; text-align: right; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">38,743</td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 9. Stock-based Compensation Expense - F8"> </td><td> </td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 9. Stock-based Compensation Expense - H8"> </td><td style="width: 9%; text-align: right; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">18,858</td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 9. Stock-based Compensation Expense - H8"> </td></tr><tr><td style="padding-left: 20px;">Stock-based compensation expense, net of amounts capitalized</td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 9. Stock-based Compensation Expense - B9"> </td><td style="width: 9%; text-align: right; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">45,595</td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 9. Stock-based Compensation Expense - B9"> </td><td> </td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 9. Stock-based Compensation Expense - D9"> </td><td style="width: 9%; text-align: right; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">29,690</td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 9. Stock-based Compensation Expense - D9"> </td><td> </td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 9. Stock-based Compensation Expense - F9"> </td><td style="width: 9%; text-align: right; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">88,870</td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 9. Stock-based Compensation Expense - F9"> </td><td> </td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 9. Stock-based Compensation Expense - H9"> </td><td style="width: 9%; text-align: right; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">59,408</td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 9. Stock-based Compensation Expense - H9"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Capitalized stock-based compensation expense</td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 9. Stock-based Compensation Expense - B10"> </td><td style="width: 9%; text-align: right; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> - </td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 9. Stock-based Compensation Expense - B10"> </td><td> </td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 9. Stock-based Compensation Expense - D10"> </td><td style="width: 9%; text-align: right; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">509</td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 9. Stock-based Compensation Expense - D10"> </td><td> </td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 9. Stock-based Compensation Expense - F10"> </td><td style="width: 9%; text-align: right; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">18</td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 9. Stock-based Compensation Expense - F10"> </td><td> </td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 9. Stock-based Compensation Expense - H10"> </td><td style="width: 9%; text-align: right; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">1,000</td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 9. Stock-based Compensation Expense - H10"> </td></tr><tr><td style="padding-left: 20px;">Total stock-based compensation expense</td><td style="width: 1%; text-align: left; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 9. Stock-based Compensation Expense - B11">$</td><td style="width: 9%; text-align: right; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);">45,595</td><td style="width: 1%; text-align: left; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 9. Stock-based Compensation Expense - B11"> </td><td> </td><td style="width: 1%; text-align: left; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 9. Stock-based Compensation Expense - D11">$</td><td style="width: 9%; text-align: right; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);">30,199</td><td style="width: 1%; text-align: left; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 9. Stock-based Compensation Expense - D11"> </td><td> </td><td style="width: 1%; text-align: left; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 9. Stock-based Compensation Expense - F11">$</td><td style="width: 9%; text-align: right; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);">88,888</td><td style="width: 1%; text-align: left; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 9. Stock-based Compensation Expense - F11"> </td><td> </td><td style="width: 1%; text-align: left; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 9. Stock-based Compensation Expense - H11">$</td><td style="width: 9%; text-align: right; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);">60,408</td><td style="width: 1%; text-align: left; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 9. Stock-based Compensation Expense - H11"> </td></tr></table><div style="text-indent: 36pt; text-align: justify;"> <span style="color: #000000;">As of June 30, 2026, total unrecognized estimated stock-based compensation expense related to non-vested stock options, RSUs and PRSUs was $58.4 million, $166.6 million and $23.9 million, respectively. Our actual expenses will likely differ from these estimates because we will adjust our unrecognized stock-based compensation expense for future forfeitures, including any PRSUs that do not vest. We expect to recognize the cost of stock-based compensation expense related to our non-vested stock options, RSUs and PRSUs over a weighted average amortization period of 1.3 years, 1.6 years and 1.6 years, respectively.</span> </div> <div> </div> <div style="font-weight: bold; text-indent: 36pt; line-height: 1.15; text-align: justify">Stock Options:</div><div> </div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">The weighted-average grant date fair value of stock options granted to employees for the </span><span style="cursor: pointer; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">six months ended June 30, 2026 </span><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">and </span><span style="cursor: pointer; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">2025</span><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"> was $38.07 and $16.51 per share, respectively.</span></div><div> </div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">In the second quarter of 2026, two new members were appointed to the Board of Directors following the retirement of two Board members. In June 2026, we issued stock options to the two new Board members. The weighted-average grant date fair value of stock options granted to non-employee members of the Board of Directors for the </span><span style="cursor: pointer; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">six months ended June 30, 2026</span><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"> was $39.04 per share. There were no stock options granted to non-employee members of the Board of Directors for the six months ended June 30, 2025 because no new members were appointed during the period.</span></div><div> </div><div style="font-weight: bold; text-indent: 36pt; line-height: 1.15; text-align: justify"><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">RSUs:</span></div><div> </div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">The weighted-average grant date fair value of RSUs granted to employees for the </span><span style="cursor: pointer; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">six months ended June 30, 2026</span><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"> and </span><span style="cursor: pointer; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">2025</span><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"> was $77.19 and $32.97 per share, respectively.</span></div><div> </div><div style="font-weight: bold; text-indent: 36pt; line-height: 1.15; text-align: justify"><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">PRSUs:</span></div><div> </div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Under the terms of the PRSUs we granted in </span><span style="cursor: pointer; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">2026</span><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"> and </span><span style="cursor: pointer; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">2025</span><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">, the PRSUs may vest at the end of the three-year performance period based on our relative total shareholder return, or TSR, as compared to a peer group of companies and as measured at the end of the performance period. Under the terms of the grants, no number of PRSUs is guaranteed to vest and the actual number of PRSUs that will vest at the end of each performance period may be anywhere from zero to 200 percent of the target number depending on our relative TSR.</span></div><div> </div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">The weighted-average grant date fair value of PRSUs we granted to our executive officers for the </span><span style="cursor: pointer; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">six months ended June 30, 2026</span><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"> and </span><span style="cursor: pointer; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">2025</span><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"> was $115.05 and $48.81 per share, respectively.</span></div><div> </div><div style="font-weight: bold; text-indent: 36pt; line-height: 1.15; text-align: justify">Black-Scholes Assumptions:</div><div> </div><div style="text-indent: 36pt; text-align: justify;"> <span style="color: #000000;">For the six months ended June 30, 2026 and 2025, we used the following weighted-average assumptions in our Black-Scholes calculations:</span> </div> <div>  </div> <div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"> <span style="color: #000000; font-style: italic;">Employee Stock Options:</span></div> <div style="text-indent: 36pt;"> </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; vertical-align: bottom; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td colspan="7" style="text-align: center; font-weight: bold;">Six Months Ended</td></tr><tr><td> </td><td colspan="7" style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">June 30,</td></tr><tr><td> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 9. Stock-based Compensation Expense - B17"></td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">2026</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 9. Stock-based Compensation Expense - B17"></td><td> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 9. Stock-based Compensation Expense - D17"></td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">2025</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 9. Stock-based Compensation Expense - D17"></td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Risk-free interest rate </td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - B18"> </td><td style="width: 9%; text-align: right;">3.9</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - B18">%</td><td> </td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - D18"> </td><td style="width: 9%; text-align: right;">4.5</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - D18">%</td></tr><tr><td>Dividend yield </td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - B19"> </td><td style="width: 9%; text-align: right;">0.0</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - B19">%</td><td> </td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - D19"> </td><td style="width: 9%; text-align: right;">0.0</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - D19">%</td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Volatility </td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - B20"> </td><td style="width: 9%; text-align: right;">43.1</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - B20">%</td><td> </td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - D20"> </td><td style="width: 9%; text-align: right;">42.0</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - D20">%</td></tr><tr><td>Expected life</td><td style="width: 1%;" title="Note 9. Stock-based Compensation Expense - B21"></td><td style="text-align: right; width: 9%;">6.3 years</td><td style="width: 1%;" title="Note 9. Stock-based Compensation Expense - B21"></td><td> </td><td style="width: 1%;" title="Note 9. Stock-based Compensation Expense - D21"></td><td style="text-align: right; width: 9%;">6.3 years</td><td style="width: 1%;" title="Note 9. Stock-based Compensation Expense - D21"></td></tr></table><div style="font-style: italic; text-indent: 36pt; line-height: 1.15; text-align: justify">Board of Directors Stock Options:</div><div> </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; vertical-align: bottom; border-spacing: 0px;"><tr><td> </td><td style="width: 1%; text-align: center; font-weight: bold;" title="Note 9. Stock-based Compensation Expense - B41"> </td><td style="width: 9%; text-align: center; font-weight: bold;">Six Months Ended</td><td style="width: 1%; text-align: center; font-weight: bold;" title="Note 9. Stock-based Compensation Expense - B41"> </td></tr><tr><td> </td><td style="width: 1%; text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 9. Stock-based Compensation Expense - B42"> </td><td style="width: 9%; text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">June 30,</td><td style="width: 1%; text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 9. Stock-based Compensation Expense - B42"> </td></tr><tr><td> </td><td style="width: 1%; text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 9. Stock-based Compensation Expense - B43"> </td><td style="width: 9%; text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">2026</td><td style="width: 1%; text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 9. Stock-based Compensation Expense - B43"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Risk-free interest rate </td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - B44"> </td><td style="width: 9%; text-align: right;">4.4</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - B44">%</td></tr><tr><td>Dividend yield </td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - B45"> </td><td style="width: 9%; text-align: right;">0.0</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - B45">%</td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Volatility </td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - B46"> </td><td style="width: 9%; text-align: right;">42.4</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - B46">%</td></tr><tr><td>Expected life</td><td style="width: 1%;" title="Note 9. Stock-based Compensation Expense - B47"> </td><td style="width: 9%; text-align: right;">7.3 years</td><td style="width: 1%;" title="Note 9. Stock-based Compensation Expense - B47"> </td></tr></table><div> </div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"> <span style="color: #000000; font-style: italic;">ESPP:</span></div> <div style="text-indent: 36pt; text-align: justify;"> </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; vertical-align: bottom; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td colspan="7" style="text-align: center; font-weight: bold;">Six Months Ended</td></tr><tr><td> </td><td colspan="7" style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">June 30,</td></tr><tr><td> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 9. Stock-based Compensation Expense - B26"></td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">2026</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 9. Stock-based Compensation Expense - B26"></td><td> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 9. Stock-based Compensation Expense - D26"></td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">2025</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 9. Stock-based Compensation Expense - D26"></td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Risk-free interest rate </td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - B27"> </td><td style="width: 9%; text-align: right;">3.6</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - B27">%</td><td> </td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - D27"> </td><td style="width: 9%; text-align: right;">4.3</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - D27">%</td></tr><tr><td>Dividend yield </td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - B28"> </td><td style="width: 9%; text-align: right;">0.0</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - B28">%</td><td> </td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - D28"> </td><td style="width: 9%; text-align: right;">0.0</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - D28">%</td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Volatility </td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - B29"> </td><td style="width: 9%; text-align: right;">51.7</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - B29">%</td><td> </td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - D29"> </td><td style="width: 9%; text-align: right;">41.3</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - D29">%</td></tr><tr><td>Expected life</td><td style="width: 1%;" title="Note 9. Stock-based Compensation Expense - B30"></td><td style="text-align: right; width: 9%;">6 months</td><td style="width: 1%;" title="Note 9. Stock-based Compensation Expense - B30"></td><td> </td><td style="width: 1%;" title="Note 9. Stock-based Compensation Expense - D30"></td><td style="text-align: right; width: 9%;">6 months</td><td style="width: 1%;" title="Note 9. Stock-based Compensation Expense - D30"></td></tr></table> <div style="text-indent: 36pt; text-align: justify;"> <span style="color: #000000;">The following table summarizes stock-based compensation expense for the three and six months ended June 30, 2026 and 2025 (in thousands):</span> </div> <div style="text-indent: 36pt; text-align: justify;"> </div> <table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; vertical-align: bottom; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td colspan="7" style="text-align: center; font-weight: bold;">Three Months Ended</td><td> </td><td colspan="7" style="text-align: center; font-weight: bold;">Six Months Ended</td></tr><tr><td> </td><td colspan="7" style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">June 30,</td><td> </td><td colspan="7" style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">June 30,</td></tr><tr><td> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 9. Stock-based Compensation Expense - B5"> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%;">2026</td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 9. Stock-based Compensation Expense - B5"> </td><td> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 9. Stock-based Compensation Expense - D5"> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%;">2025</td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 9. Stock-based Compensation Expense - D5"> </td><td> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 9. Stock-based Compensation Expense - F5"> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%;">2026</td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 9. Stock-based Compensation Expense - F5"> </td><td> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 9. Stock-based Compensation Expense - H5"> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%;">2025</td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 9. Stock-based Compensation Expense - H5"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Cost of sales</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - B6">$</td><td style="width: 9%; text-align: right;">176</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - B6"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - D6">$</td><td style="width: 9%; text-align: right;">610</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - D6"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - F6">$</td><td style="width: 9%; text-align: right;">323</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - F6"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - H6">$</td><td style="width: 9%; text-align: right;">710</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - H6"> </td></tr><tr><td>Research, development and patent expense</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - B7"> </td><td style="width: 9%; text-align: right;">25,098</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - B7"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - D7"> </td><td style="width: 9%; text-align: right;">19,542</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - D7"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - F7"> </td><td style="width: 9%; text-align: right;">49,804</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - F7"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - H7"> </td><td style="width: 9%; text-align: right;">39,840</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - H7"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Selling, general and administrative expense</td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 9. Stock-based Compensation Expense - B8"> </td><td style="width: 9%; text-align: right; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">20,321</td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 9. Stock-based Compensation Expense - B8"> </td><td> </td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 9. Stock-based Compensation Expense - D8"> </td><td style="width: 9%; text-align: right; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">9,538</td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 9. Stock-based Compensation Expense - D8"> </td><td> </td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 9. Stock-based Compensation Expense - F8"> </td><td style="width: 9%; text-align: right; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">38,743</td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 9. Stock-based Compensation Expense - F8"> </td><td> </td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 9. Stock-based Compensation Expense - H8"> </td><td style="width: 9%; text-align: right; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">18,858</td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 9. Stock-based Compensation Expense - H8"> </td></tr><tr><td style="padding-left: 20px;">Stock-based compensation expense, net of amounts capitalized</td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 9. Stock-based Compensation Expense - B9"> </td><td style="width: 9%; text-align: right; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">45,595</td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 9. Stock-based Compensation Expense - B9"> </td><td> </td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 9. Stock-based Compensation Expense - D9"> </td><td style="width: 9%; text-align: right; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">29,690</td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 9. Stock-based Compensation Expense - D9"> </td><td> </td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 9. Stock-based Compensation Expense - F9"> </td><td style="width: 9%; text-align: right; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">88,870</td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 9. Stock-based Compensation Expense - F9"> </td><td> </td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 9. Stock-based Compensation Expense - H9"> </td><td style="width: 9%; text-align: right; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">59,408</td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 9. Stock-based Compensation Expense - H9"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Capitalized stock-based compensation expense</td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 9. Stock-based Compensation Expense - B10"> </td><td style="width: 9%; text-align: right; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);"> - </td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 9. Stock-based Compensation Expense - B10"> </td><td> </td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 9. Stock-based Compensation Expense - D10"> </td><td style="width: 9%; text-align: right; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">509</td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 9. Stock-based Compensation Expense - D10"> </td><td> </td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 9. Stock-based Compensation Expense - F10"> </td><td style="width: 9%; text-align: right; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">18</td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 9. Stock-based Compensation Expense - F10"> </td><td> </td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 9. Stock-based Compensation Expense - H10"> </td><td style="width: 9%; text-align: right; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">1,000</td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 9. Stock-based Compensation Expense - H10"> </td></tr><tr><td style="padding-left: 20px;">Total stock-based compensation expense</td><td style="width: 1%; text-align: left; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 9. Stock-based Compensation Expense - B11">$</td><td style="width: 9%; text-align: right; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);">45,595</td><td style="width: 1%; text-align: left; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 9. Stock-based Compensation Expense - B11"> </td><td> </td><td style="width: 1%; text-align: left; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 9. Stock-based Compensation Expense - D11">$</td><td style="width: 9%; text-align: right; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);">30,199</td><td style="width: 1%; text-align: left; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 9. Stock-based Compensation Expense - D11"> </td><td> </td><td style="width: 1%; text-align: left; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 9. Stock-based Compensation Expense - F11">$</td><td style="width: 9%; text-align: right; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);">88,888</td><td style="width: 1%; text-align: left; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 9. Stock-based Compensation Expense - F11"> </td><td> </td><td style="width: 1%; text-align: left; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 9. Stock-based Compensation Expense - H11">$</td><td style="width: 9%; text-align: right; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);">60,408</td><td style="width: 1%; text-align: left; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 9. Stock-based Compensation Expense - H11"> </td></tr></table> 176000 610000 323000 710000 25098000 19542000 49804000 39840000 20321000 9538000 38743000 18858000 45595000 29690000 88870000 59408000 0 509000 18000 1000000 45595000 30199000 88888000 60408000 58400000 166600000 23900000 P1Y3M18D P1Y7M6D P1Y7M6D 38.07 16.51 2 2 2 39.04 0 0 77.19 32.97 P3Y P3Y 0 0 0 0 2 2 115.05 48.81 <div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"> <span style="color: #000000; font-style: italic;">Employee Stock Options:</span></div> <div style="text-indent: 36pt;"> </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; vertical-align: bottom; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td colspan="7" style="text-align: center; font-weight: bold;">Six Months Ended</td></tr><tr><td> </td><td colspan="7" style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">June 30,</td></tr><tr><td> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 9. Stock-based Compensation Expense - B17"></td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">2026</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 9. Stock-based Compensation Expense - B17"></td><td> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 9. Stock-based Compensation Expense - D17"></td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">2025</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 9. Stock-based Compensation Expense - D17"></td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Risk-free interest rate </td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - B18"> </td><td style="width: 9%; text-align: right;">3.9</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - B18">%</td><td> </td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - D18"> </td><td style="width: 9%; text-align: right;">4.5</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - D18">%</td></tr><tr><td>Dividend yield </td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - B19"> </td><td style="width: 9%; text-align: right;">0.0</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - B19">%</td><td> </td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - D19"> </td><td style="width: 9%; text-align: right;">0.0</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - D19">%</td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Volatility </td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - B20"> </td><td style="width: 9%; text-align: right;">43.1</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - B20">%</td><td> </td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - D20"> </td><td style="width: 9%; text-align: right;">42.0</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - D20">%</td></tr><tr><td>Expected life</td><td style="width: 1%;" title="Note 9. Stock-based Compensation Expense - B21"></td><td style="text-align: right; width: 9%;">6.3 years</td><td style="width: 1%;" title="Note 9. Stock-based Compensation Expense - B21"></td><td> </td><td style="width: 1%;" title="Note 9. Stock-based Compensation Expense - D21"></td><td style="text-align: right; width: 9%;">6.3 years</td><td style="width: 1%;" title="Note 9. Stock-based Compensation Expense - D21"></td></tr></table><div style="font-style: italic; text-indent: 36pt; line-height: 1.15; text-align: justify">Board of Directors Stock Options:</div><div> </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; vertical-align: bottom; border-spacing: 0px;"><tr><td> </td><td style="width: 1%; text-align: center; font-weight: bold;" title="Note 9. Stock-based Compensation Expense - B41"> </td><td style="width: 9%; text-align: center; font-weight: bold;">Six Months Ended</td><td style="width: 1%; text-align: center; font-weight: bold;" title="Note 9. Stock-based Compensation Expense - B41"> </td></tr><tr><td> </td><td style="width: 1%; text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 9. Stock-based Compensation Expense - B42"> </td><td style="width: 9%; text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">June 30,</td><td style="width: 1%; text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 9. Stock-based Compensation Expense - B42"> </td></tr><tr><td> </td><td style="width: 1%; text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 9. Stock-based Compensation Expense - B43"> </td><td style="width: 9%; text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">2026</td><td style="width: 1%; text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 9. Stock-based Compensation Expense - B43"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Risk-free interest rate </td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - B44"> </td><td style="width: 9%; text-align: right;">4.4</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - B44">%</td></tr><tr><td>Dividend yield </td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - B45"> </td><td style="width: 9%; text-align: right;">0.0</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - B45">%</td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Volatility </td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - B46"> </td><td style="width: 9%; text-align: right;">42.4</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - B46">%</td></tr><tr><td>Expected life</td><td style="width: 1%;" title="Note 9. Stock-based Compensation Expense - B47"> </td><td style="width: 9%; text-align: right;">7.3 years</td><td style="width: 1%;" title="Note 9. Stock-based Compensation Expense - B47"> </td></tr></table> 0.039 0.045 0 0 0.431 0.42 P6Y3M18D P6Y3M18D 0.044 0 0.424 P7Y3M18D <div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"> <span style="color: #000000; font-style: italic;">ESPP:</span></div> <div style="text-indent: 36pt; text-align: justify;"> </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; vertical-align: bottom; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td colspan="7" style="text-align: center; font-weight: bold;">Six Months Ended</td></tr><tr><td> </td><td colspan="7" style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">June 30,</td></tr><tr><td> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 9. Stock-based Compensation Expense - B26"></td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">2026</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 9. Stock-based Compensation Expense - B26"></td><td> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 9. Stock-based Compensation Expense - D26"></td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">2025</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 9. Stock-based Compensation Expense - D26"></td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Risk-free interest rate </td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - B27"> </td><td style="width: 9%; text-align: right;">3.6</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - B27">%</td><td> </td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - D27"> </td><td style="width: 9%; text-align: right;">4.3</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - D27">%</td></tr><tr><td>Dividend yield </td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - B28"> </td><td style="width: 9%; text-align: right;">0.0</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - B28">%</td><td> </td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - D28"> </td><td style="width: 9%; text-align: right;">0.0</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - D28">%</td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Volatility </td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - B29"> </td><td style="width: 9%; text-align: right;">51.7</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - B29">%</td><td> </td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - D29"> </td><td style="width: 9%; text-align: right;">41.3</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - D29">%</td></tr><tr><td>Expected life</td><td style="width: 1%;" title="Note 9. Stock-based Compensation Expense - B30"></td><td style="text-align: right; width: 9%;">6 months</td><td style="width: 1%;" title="Note 9. Stock-based Compensation Expense - B30"></td><td> </td><td style="width: 1%;" title="Note 9. Stock-based Compensation Expense - D30"></td><td style="text-align: right; width: 9%;">6 months</td><td style="width: 1%;" title="Note 9. Stock-based Compensation Expense - D30"></td></tr></table> 0.036 0.043 0 0 0.517 0.413 P6M P6M <div> <span style="font-weight: bold;">10.  Liability Related to Sale of Future Royalties</span> </div> <div>  </div> <div style="text-indent: 36pt; text-align: justify;"> <span style="color: #000000;">In 2023, we entered into a royalty purchase agreement with Royalty Pharma Investments, or Royalty Pharma, to monetize a portion of our future SPINRAZA and pelacarsen royalties we are entitled to under our arrangements with Biogen and Novartis, respectively. As a result, we received an upfront payment of $500 million and we are eligible to receive up to $625 million in additional milestone payments. Under the terms of the agreement, Royalty Pharma will receive 25 percent of our SPINRAZA royalty payments from 2023 through 2027, increasing to 45 percent of royalty payments in 2028, on up to $1.5 billion in annual sales. In addition, Royalty Pharma will receive 25 percent of any future royalty payments on pelacarsen, our medicine in development to treat patients with elevated lipoprotein(a)-driven cardiovascular disease. Royalty Pharma’s royalty interest in SPINRAZA will revert to us after total SPINRAZA royalty payments to Royalty Pharma reach either $475 million or $550 million, depending on the timing and occurrence of FDA approval of pelacarsen.</span> </div> <div style="text-align: justify;">  </div> <div style="text-indent: 36pt; text-align: justify;"> <span style="color: #000000;">We recorded the upfront payment of $500 million as a liability related to the sale of future royalties, net of transaction costs of $10.4 million, which we are amortizing over the estimated life of the arrangement using the effective interest rate method. We recognize royalty revenue in the period in which the counterparty sells the related product and recognizes the related revenue. We record royalty payments made to Royalty Pharma as a reduction of the liability.</span> </div> <div>  </div> <div style="text-indent: 36pt; text-align: justify;"> <span style="color: #000000;">We determine the effective interest rate used to record interest expense under this agreement based on an estimate of future royalty payments to Royalty Pharma. As of June 30, 2026 and 2025, the estimated effective interest rate under the agreement was 12.0 percent and 12.7 percent, respectively.</span> </div> <div style="text-align: justify;">  </div> <div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"> <span style="color: #000000;">The following table sets forth information on our liability related to sale of future royalties (in thousands):</span> </div> <div style="text-align: justify;"> </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; vertical-align: bottom; border-spacing: 0px;"><tr style="background-color: rgb(204, 238, 255);"><td>Liability related to sale of future royalties, net as of December 31, 2025</td><td style="width: 1%; text-align: left;" title="Note 11. Liability Related to Sale of Future Royalties - B4">$</td><td style="width: 9%; text-align: right;">563,042</td><td style="width: 1%; text-align: left;" title="Note 11. Liability Related to Sale of Future Royalties - B4"> </td></tr><tr><td>Royalty payments to Royalty Pharma</td><td style="width: 1%; text-align: left;" title="Note 11. Liability Related to Sale of Future Royalties - B5"> </td><td style="width: 9%; text-align: right;">(22,387</td><td style="width: 1%; text-align: left;" title="Note 11. Liability Related to Sale of Future Royalties - B5">) </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Interest expense related to sale of future royalties</td><td style="width: 1%; text-align: left;" title="Note 11. Liability Related to Sale of Future Royalties - B6"> </td><td style="width: 9%; text-align: right;">34,538</td><td style="width: 1%; text-align: left;" title="Note 11. Liability Related to Sale of Future Royalties - B6"> </td></tr><tr><td>Amortization of issuance costs related to sale of future royalties</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none;" title="Note 11. Liability Related to Sale of Future Royalties - B7"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none;">305</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 11. Liability Related to Sale of Future Royalties - B7"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Liability related to sale of future royalties, net as of June 30, 2026</td><td style="width: 1%; text-align: left;" title="Note 11. Liability Related to Sale of Future Royalties - B8">$</td><td style="width: 9%; text-align: right;">575,498</td><td style="width: 1%; text-align: left;" title="Note 11. Liability Related to Sale of Future Royalties - B8"> </td></tr><tr><td>Less: Current portion (1)</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none;" title="Note 11. Liability Related to Sale of Future Royalties - B9"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-right: none;">(12,924</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 11. Liability Related to Sale of Future Royalties - B9">) </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Liability related to sale of future royalties, net as of June 30, 2026 – Non-current</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 11. Liability Related to Sale of Future Royalties - B10">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">562,574</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 11. Liability Related to Sale of Future Royalties - B10"> </td></tr></table> <div>  </div> <div style="text-indent: -18pt; text-align: justify; padding-left: 18pt;"> <div> <span style="color: #000000;">(1)   Included in other current liabilities in our condensed consolidated balance sheet.</span> </div> </div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"><span style="color: #000000;">There are numerous factors, most of which are not within our control, that could materially impact the amount and timing of royalty payments from Biogen and Novartis, and result in changes to our estimate of future royalty payments to Royalty Pharma. Such factors include, but are not limited to, the commercial sales of SPINRAZA, the regulatory approval and commercial sales of pelacarsen, competing products or other significant events. </span> </div> 500000000 625000000 0.25 0.45 1500000000 0.25 475000000 550000000 500000000 10400000 0.12 0.127 <div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"> <span style="color: #000000;">The following table sets forth information on our liability related to sale of future royalties (in thousands):</span> </div> <div style="text-align: justify;"> </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; vertical-align: bottom; border-spacing: 0px;"><tr style="background-color: rgb(204, 238, 255);"><td>Liability related to sale of future royalties, net as of December 31, 2025</td><td style="width: 1%; text-align: left;" title="Note 11. Liability Related to Sale of Future Royalties - B4">$</td><td style="width: 9%; text-align: right;">563,042</td><td style="width: 1%; text-align: left;" title="Note 11. Liability Related to Sale of Future Royalties - B4"> </td></tr><tr><td>Royalty payments to Royalty Pharma</td><td style="width: 1%; text-align: left;" title="Note 11. Liability Related to Sale of Future Royalties - B5"> </td><td style="width: 9%; text-align: right;">(22,387</td><td style="width: 1%; text-align: left;" title="Note 11. Liability Related to Sale of Future Royalties - B5">) </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Interest expense related to sale of future royalties</td><td style="width: 1%; text-align: left;" title="Note 11. Liability Related to Sale of Future Royalties - B6"> </td><td style="width: 9%; text-align: right;">34,538</td><td style="width: 1%; text-align: left;" title="Note 11. Liability Related to Sale of Future Royalties - B6"> </td></tr><tr><td>Amortization of issuance costs related to sale of future royalties</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none;" title="Note 11. Liability Related to Sale of Future Royalties - B7"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none;">305</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 11. Liability Related to Sale of Future Royalties - B7"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Liability related to sale of future royalties, net as of June 30, 2026</td><td style="width: 1%; text-align: left;" title="Note 11. Liability Related to Sale of Future Royalties - B8">$</td><td style="width: 9%; text-align: right;">575,498</td><td style="width: 1%; text-align: left;" title="Note 11. Liability Related to Sale of Future Royalties - B8"> </td></tr><tr><td>Less: Current portion (1)</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none;" title="Note 11. Liability Related to Sale of Future Royalties - B9"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-right: none;">(12,924</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 11. Liability Related to Sale of Future Royalties - B9">) </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Liability related to sale of future royalties, net as of June 30, 2026 – Non-current</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 11. Liability Related to Sale of Future Royalties - B10">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">562,574</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 11. Liability Related to Sale of Future Royalties - B10"> </td></tr></table> 563042000 22387000 34538000 305000 575498000 12924000 562574000 <div> <span style="font-weight: bold;">11.  Convertible Debt</span> </div> <div style="font-size: 9pt;"> </div> <div style="font-size: 9pt; font-weight: bold; text-indent: 36pt; line-height: 1.15; text-align: justify"><span style="font-size: 10pt">0 Percent Convertible Senior Notes due 2030</span></div><div style="font-size: 10pt;"> </div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;">In November 2025, we completed a $770.0 million offering of our 0% Notes due 2030.</div><div> </div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">At </span>June 30, 2026<span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">, we had the following 0% Notes due 2030 outstanding (in millions except interest rate and price per share data):</span></div><div style="font-size: 10pt;"> </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; vertical-align: bottom; border-spacing: 0px;"><tr><td> </td><td style="width: 1%; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="Note 12. Convertible Debt - B27"> </td><td style="width: 9%; text-align: center; font-weight: bold; border-color: currentcolor currentcolor rgb(0, 0, 0); white-space: nowrap; border-width: medium medium 1px; border-style: none none solid;">0% Notes due 2030</td><td style="width: 1%; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="Note 12. Convertible Debt - B27"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Outstanding principal balance</td><td style="width: 1%; text-align: left;" title="Note 12. Convertible Debt - B28">$</td><td style="width: 9%; text-align: right;">770.0</td><td style="width: 1%; text-align: left;" title="Note 12. Convertible Debt - B28"> </td></tr><tr><td>Unamortized debt issuance costs</td><td style="width: 1%; text-align: left;" title="Note 12. Convertible Debt - B29">$</td><td style="width: 9%; text-align: right;">16.6</td><td style="width: 1%; text-align: left;" title="Note 12. Convertible Debt - B29"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Maturity date</td><td style="width: 1%;" title="Note 12. Convertible Debt - B30"> </td><td style="width : 9%; text-align : right; white-space : nowrap; "><div style="-sec-ix-hidden: hidden-fact-2">December 2030</div></td><td style="width: 1%;" title="Note 12. Convertible Debt - B30"> </td></tr><tr><td>Interest rate</td><td style="width: 1%; text-align: left;" title="Note 12. Convertible Debt - B31"> </td><td style="width: 9%; text-align: right;">0</td><td style="width: 1%; text-align: left;" title="Note 12. Convertible Debt - B31">%</td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Effective interest rate</td><td style="width: 1%; text-align: left;" title="Note 12. Convertible Debt - B32"> </td><td style="width: 9%; text-align: right;">0.5</td><td style="width: 1%; text-align: left;" title="Note 12. Convertible Debt - B32">%</td></tr><tr><td>Conversion price per share</td><td style="width: 1%; text-align: left;" title="Note 12. Convertible Debt - B33">$</td><td style="width: 9%; text-align: right;">98.10</td><td style="width: 1%; text-align: left;" title="Note 12. Convertible Debt - B33"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Total shares of common stock subject to conversion</td><td style="width: 1%; text-align: left;" title="Note 12. Convertible Debt - B34"> </td><td style="width: 9%; text-align: right;">7.8</td><td style="width: 1%; text-align: left;" title="Note 12. Convertible Debt - B34"> </td></tr></table><div style="font-size: 10pt;"> </div><div style="text-indent: 36pt; text-align: justify; font-weight: bold;"> <span style="color: rgb(0, 0, 0);">1.75 Percent Convertible Senior Notes due 2028</span></div> <div style="text-align: justify;">  </div> <div style="text-indent: 36pt; text-align: justify;"> <span style="font-family: Times;">In 2023, we completed a $575.0 million offering of our 1.75% Notes due 2028. </span> </div> <div style="text-align: justify;">  </div> <div style="text-indent: 36pt; text-align: justify;"> <span>At June 30, 2026, we had the following 1.75% Notes due 2028 outstanding (in millions except interest rate and price per share data):</span> </div> <div> </div> <table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; vertical-align: bottom; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 12. Convertible Debt - B4"></td><td style="text-align: center; font-weight: bold; width: 9%; border-color: currentcolor currentcolor rgb(0, 0, 0); white-space: nowrap; border-width: medium medium 1px; border-style: none none solid;">1.75% Notes due 2028</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 12. Convertible Debt - B4"></td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Outstanding principal balance</td><td style="text-align: left; width: 1%;" title="Note 12. Convertible Debt - B5">$</td><td style="text-align: right; width: 9%;">575.0</td><td style="text-align: left; width: 1%;" title="Note 12. Convertible Debt - B5"> </td></tr><tr><td>Unamortized debt issuance costs</td><td style="text-align: left; width: 1%;" title="Note 12. Convertible Debt - B6">$</td><td style="text-align: right; width: 9%;">5.7</td><td style="text-align: left; width: 1%;" title="Note 12. Convertible Debt - B6"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Maturity date</td><td style="width: 1%;" title="Note 12. Convertible Debt - B7"></td><td style="text-align: right; width: 9%;"><div style="-sec-ix-hidden: hidden-fact-3">June 2028</div></td><td style="width: 1%;" title="Note 12. Convertible Debt - B7"></td></tr><tr><td>Interest rate</td><td style="text-align: left; width: 1%;" title="Note 12. Convertible Debt - B8"> </td><td style="text-align: right; width: 9%;">1.75</td><td style="text-align: left; width: 1%;" title="Note 12. Convertible Debt - B8">%</td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Effective interest rate</td><td style="text-align: left; width: 1%;" title="Note 12. Convertible Debt - B9"> </td><td style="text-align: right; width: 9%;">2.3</td><td style="text-align: left; width: 1%;" title="Note 12. Convertible Debt - B9">%</td></tr><tr><td>Conversion price per share</td><td style="text-align: left; width: 1%;" title="Note 12. Convertible Debt - B10">$</td><td style="text-align: right; width: 9%;">53.73</td><td style="text-align: left; width: 1%;" title="Note 12. Convertible Debt - B10"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Total shares of common stock subject to conversion</td><td style="text-align: left; width: 1%;" title="Note 12. Convertible Debt - B11"> </td><td style="text-align: right; width: 9%;">10.7</td><td style="text-align: left; width: 1%;" title="Note 12. Convertible Debt - B11"> </td></tr></table><div> </div><div style="text-indent: 36pt; text-align: justify; font-weight: bold;"> <span style="color: rgb(0, 0, 0);">0 Percent Convertible Senior Notes due 2026 and Call Spread </span> </div> <div style="text-align: justify;">  </div> <div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"><span style="letter-spacing: normal; text-align: justify; text-indent: 48px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">In April 2026, we paid the remaining principal balance of our 0% Notes due 2026 with $432.5 million of cash at maturity. In addition, we settled the conversion obligation in excess of principal by issuing 1.8 million shares of common stock to the holders of the 0% Notes due 2026 who exercised their conversion option.</span></div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"> </div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;">In conjunction with the 2021 offering, we entered into a call spread transaction, which was comprised of purchasing note hedges and selling warrants, to minimize the impact of potential economic dilution upon conversion of our <span style="font-family: Times;">0%</span> Notes due 2026 by increasing the effective conversion price on these notes. We increased our effective conversion price to $76.39 with the same number of underlying shares as our <span style="font-family: Times;">0% </span>Notes due 2026. Our note hedges were exercisable upon conversion of the <span style="font-family: Times;">0%</span> Notes due 2026. In April 2026, we exercised the note hedges upon maturity of these notes. As a result, we received 2.6 million shares of common stock, which we retired upon receipt. The warrants began to expire in July 2026 and will fully expire in September 2026.</div><div style="text-indent: 36pt; text-align: justify;"><span>Upon the execution of the call spread transaction in 2021, we recorded the amount we paid for the note hedges and the amount we received for the warrants in additional paid-in capital in our condensed consolidated balance sheets. Refer to Part IV, Item 15, Note 1, </span><span style="font-style: italic;">Organization and Significant Accounting Policies</span><span>, of our audited financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2025 for our Call Spread accounting policy. We reassess our ability to continue to classify the warrants in shareholders’ equity at each reporting period.</span> </div><div>  </div> <div style="text-indent: 36pt; text-align: justify; font-weight: bold;"> Other Terms of Convertible Senior Notes </div> <div>  </div> <div style="text-indent: 36pt; text-align: justify;"> The 0% Notes due 2030 and 1.75% Notes due 2028 are convertible under certain conditions, at the option of the note holders. We can settle conversions of the notes, at our election, in cash, shares of our common stock or a combination of both. We may not redeem the notes prior to maturity, and we do not have to provide a sinking fund for them. Holders of the notes may require us to purchase some or all of their notes upon the occurrence of certain fundamental changes, as set forth in the indentures governing the notes, at a purchase price equal to 100 percent of the principal amount of the notes to be purchased, plus any accrued and unpaid interest. The <span style="letter-spacing: normal; text-indent: 48px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">0% Notes due 2026 were subject to similar terms.</span></div> 0 770000000 0 <div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">At </span>June 30, 2026<span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">, we had the following 0% Notes due 2030 outstanding (in millions except interest rate and price per share data):</span></div><div style="font-size: 10pt;"> </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; vertical-align: bottom; border-spacing: 0px;"><tr><td> </td><td style="width: 1%; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="Note 12. Convertible Debt - B27"> </td><td style="width: 9%; text-align: center; font-weight: bold; border-color: currentcolor currentcolor rgb(0, 0, 0); white-space: nowrap; border-width: medium medium 1px; border-style: none none solid;">0% Notes due 2030</td><td style="width: 1%; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="Note 12. Convertible Debt - B27"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Outstanding principal balance</td><td style="width: 1%; text-align: left;" title="Note 12. Convertible Debt - B28">$</td><td style="width: 9%; text-align: right;">770.0</td><td style="width: 1%; text-align: left;" title="Note 12. Convertible Debt - B28"> </td></tr><tr><td>Unamortized debt issuance costs</td><td style="width: 1%; text-align: left;" title="Note 12. Convertible Debt - B29">$</td><td style="width: 9%; text-align: right;">16.6</td><td style="width: 1%; text-align: left;" title="Note 12. Convertible Debt - B29"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Maturity date</td><td style="width: 1%;" title="Note 12. Convertible Debt - B30"> </td><td style="width : 9%; text-align : right; white-space : nowrap; "><div style="-sec-ix-hidden: hidden-fact-2">December 2030</div></td><td style="width: 1%;" title="Note 12. Convertible Debt - B30"> </td></tr><tr><td>Interest rate</td><td style="width: 1%; text-align: left;" title="Note 12. Convertible Debt - B31"> </td><td style="width: 9%; text-align: right;">0</td><td style="width: 1%; text-align: left;" title="Note 12. Convertible Debt - B31">%</td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Effective interest rate</td><td style="width: 1%; text-align: left;" title="Note 12. Convertible Debt - B32"> </td><td style="width: 9%; text-align: right;">0.5</td><td style="width: 1%; text-align: left;" title="Note 12. Convertible Debt - B32">%</td></tr><tr><td>Conversion price per share</td><td style="width: 1%; text-align: left;" title="Note 12. Convertible Debt - B33">$</td><td style="width: 9%; text-align: right;">98.10</td><td style="width: 1%; text-align: left;" title="Note 12. Convertible Debt - B33"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Total shares of common stock subject to conversion</td><td style="width: 1%; text-align: left;" title="Note 12. Convertible Debt - B34"> </td><td style="width: 9%; text-align: right;">7.8</td><td style="width: 1%; text-align: left;" title="Note 12. Convertible Debt - B34"> </td></tr></table> 0 0 770000000 16600000 0 0.005 98.1 7800000 0.0175 575000000 0.0175 <div style="text-indent: 36pt; text-align: justify;"> <span>At June 30, 2026, we had the following 1.75% Notes due 2028 outstanding (in millions except interest rate and price per share data):</span> </div> <div> </div> <table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; vertical-align: bottom; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 12. Convertible Debt - B4"></td><td style="text-align: center; font-weight: bold; width: 9%; border-color: currentcolor currentcolor rgb(0, 0, 0); white-space: nowrap; border-width: medium medium 1px; border-style: none none solid;">1.75% Notes due 2028</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 12. Convertible Debt - B4"></td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Outstanding principal balance</td><td style="text-align: left; width: 1%;" title="Note 12. Convertible Debt - B5">$</td><td style="text-align: right; width: 9%;">575.0</td><td style="text-align: left; width: 1%;" title="Note 12. Convertible Debt - B5"> </td></tr><tr><td>Unamortized debt issuance costs</td><td style="text-align: left; width: 1%;" title="Note 12. Convertible Debt - B6">$</td><td style="text-align: right; width: 9%;">5.7</td><td style="text-align: left; width: 1%;" title="Note 12. Convertible Debt - B6"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Maturity date</td><td style="width: 1%;" title="Note 12. Convertible Debt - B7"></td><td style="text-align: right; width: 9%;"><div style="-sec-ix-hidden: hidden-fact-3">June 2028</div></td><td style="width: 1%;" title="Note 12. Convertible Debt - B7"></td></tr><tr><td>Interest rate</td><td style="text-align: left; width: 1%;" title="Note 12. Convertible Debt - B8"> </td><td style="text-align: right; width: 9%;">1.75</td><td style="text-align: left; width: 1%;" title="Note 12. Convertible Debt - B8">%</td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Effective interest rate</td><td style="text-align: left; width: 1%;" title="Note 12. Convertible Debt - B9"> </td><td style="text-align: right; width: 9%;">2.3</td><td style="text-align: left; width: 1%;" title="Note 12. Convertible Debt - B9">%</td></tr><tr><td>Conversion price per share</td><td style="text-align: left; width: 1%;" title="Note 12. Convertible Debt - B10">$</td><td style="text-align: right; width: 9%;">53.73</td><td style="text-align: left; width: 1%;" title="Note 12. Convertible Debt - B10"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Total shares of common stock subject to conversion</td><td style="text-align: left; width: 1%;" title="Note 12. Convertible Debt - B11"> </td><td style="text-align: right; width: 9%;">10.7</td><td style="text-align: left; width: 1%;" title="Note 12. Convertible Debt - B11"> </td></tr></table> 0.0175 0.0175 575000000 5700000 0.0175 0.023 53.73 10700000 0 0 432500000 1800000 0 0 76.39 0 0 2600000 2600000 0 0.0175 1 1 1 0 <div> <span style="font-weight: bold;">12.  Legal Proceedings</span> </div> <div>  </div> <div style="text-indent: 36pt; text-align: justify;"> From time to time, we are involved in legal proceedings arising in the ordinary course of our business. Periodically, we evaluate the status of each legal matter and assess our potential financial exposure. If we consider the potential loss from any legal proceeding to be probable and we can reasonably estimate the amount, we accrue a liability for the estimated loss. The outcome of any proceeding is not determinable in advance. Therefore, we are required to use significant judgment to determine the probability of a loss and whether the amount of the loss is reasonably estimable. Our assessment of a potential liability and the amount of accruals we recorded are based only on the information available to us at the time. As additional information becomes available, we reassess the potential liability related to the legal proceeding and may revise our estimates. </div><div style="text-align: justify;">  </div> <div style="text-indent: 36pt; text-align: justify;">On September 11, 2025, we sued Arrowhead Pharmaceuticals, Inc., in the Central District of California asserting that Arrowhead's announced intention to commercialize plozasiran in November 2025 would infringe our patent US9,593,333. Arrowhead is now commercializing plozasiran and the lawsuit is ongoing. Arrowhead has filed its Answer to our Complaint and Counterclaims asserting that our patent US9,593,333 is invalid or not infringed by use of plozasiran.</div><div style="text-indent: 36pt; text-align: justify;"> </div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;">On June 1, 2026, Biogen received notice that Somerset Therapeutics, LLC had filed an Abbreviated New Drug Application, or ANDA, seeking approval to commercialize a generic version of SPINRAZA intrathecal injection, 12 mg/5 ml. The ANDA alleged that certain patents that cover SPINRAZA and its use are invalid or would not be infringed by Somerset. On June 22, 2026, Biogen, Cold Springs Harbor Laboratory and Ionis filed a lawsuit together in the District Court of Delaware asserting patent infringement. This lawsuit is ongoing.</div> <div> <span style="font-weight: bold;">13.  Segment Information</span> </div> <div>  </div> <div style="text-indent: 36pt; text-align: justify;"> <span>We operate as a <span style="-sec-ix-hidden: hidden-fact-4">single</span> operating segment, Ionis operations, focused on the research, development and commercialization of our RNA-targeted medicines to bring better futures to people with serious diseases. The CODM, our Chief Executive Officer, manages our company, reviews operating results, assesses performance and allocates resources on an aggregate basis using consolidated net income or loss as the key measure of segment profit or loss. As such, results of our operations are reported on a consolidated basis for purposes of management and segment reporting.</span> </div> <div style="text-align: justify;">  </div> <div style="text-indent: 36pt; text-align: justify;"> <span>Ionis operations derives its revenues from commercial and R&amp;D revenue sources. Refer to Note 4, </span><span style="font-style: italic;">Revenues</span><span>, for further details on our sources of revenue.</span> </div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;">The following table sets forth information on segment profit or loss, including significant segment expenses (in thousands): </div><div style="text-align: justify;"> </div> <table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; vertical-align: bottom; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td colspan="7" style="text-align: center; font-weight: bold;">Three Months Ended</td><td> </td><td colspan="7" style="text-align: center; font-weight: bold;">Six Months Ended</td></tr><tr><td> </td><td colspan="7" style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">June 30,</td><td> </td><td colspan="7" style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">June 30,</td></tr><tr><td> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 14. Segment Information - B5"> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%;">2026</td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 14. Segment Information - B5"> </td><td> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 14. Segment Information - D5"> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%;">2025</td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 14. Segment Information - D5"> </td><td> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 14. Segment Information - F5"> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%;">2026</td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 14. Segment Information - F5"> </td><td> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 14. Segment Information - H5"> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%;">2025</td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 14. Segment Information - H5"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Revenue</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - B6">$</td><td style="width: 9%; text-align: right;">267,949</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - B6"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - D6">$</td><td style="width: 9%; text-align: right;">452,049</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - D6"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - F6">$</td><td style="width: 9%; text-align: right;">514,042</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - F6"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - H6">$</td><td style="width: 9%; text-align: right;">583,660</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - H6"> </td></tr><tr><td> </td><td style="width: 1%;" title="Note 14. Segment Information - B7"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 14. Segment Information - B7"> </td><td> </td><td style="width: 1%;" title="Note 14. Segment Information - D7"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 14. Segment Information - D7"> </td><td> </td><td style="width: 1%;" title="Note 14. Segment Information - F7"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 14. Segment Information - F7"> </td><td> </td><td style="width: 1%;" title="Note 14. Segment Information - H7"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 14. Segment Information - H7"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Less:</td><td style="width: 1%;" title="Note 14. Segment Information - B8"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 14. Segment Information - B8"> </td><td> </td><td style="width: 1%;" title="Note 14. Segment Information - D8"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 14. Segment Information - D8"> </td><td> </td><td style="width: 1%;" title="Note 14. Segment Information - F8"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 14. Segment Information - F8"> </td><td> </td><td style="width: 1%;" title="Note 14. Segment Information - H8"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 14. Segment Information - H8"> </td></tr><tr><td>Cost of sales</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - B9"> </td><td style="width: 9%; text-align: right;">2,563</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - B9"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - D9"> </td><td style="width: 9%; text-align: right;">3,541</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - D9"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - F9"> </td><td style="width: 9%; text-align: right;">5,398</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - F9"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - H9"> </td><td style="width: 9%; text-align: right;">4,904</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - H9"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Drug discovery</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - B10"> </td><td style="width: 9%; text-align: right;">29,120</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - B10"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - D10"> </td><td style="width: 9%; text-align: right;">30,255</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - D10"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - F10"> </td><td style="width: 9%; text-align: right;">57,677</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - F10"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - H10"> </td><td style="width: 9%; text-align: right;">57,244</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - H10"> </td></tr><tr><td>Drug development</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - B11"> </td><td style="width: 9%; text-align: right;">103,958</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - B11"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - D11"> </td><td style="width: 9%; text-align: right;">117,689</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - D11"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - F11"> </td><td style="width: 9%; text-align: right;">208,140</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - F11"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - H11"> </td><td style="width: 9%; text-align: right;">230,635</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - H11"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Medical affairs</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - B12"> </td><td style="width: 9%; text-align: right;">11,318</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - B12"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - D12"> </td><td style="width: 9%; text-align: right;">7,826</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - D12"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - F12"> </td><td style="width: 9%; text-align: right;">21,307</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - F12"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - H12"> </td><td style="width: 9%; text-align: right;">13,468</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - H12"> </td></tr><tr><td>Manufacturing and development chemistry</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - B13"> </td><td style="width: 9%; text-align: right;">20,639</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - B13"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - D13"> </td><td style="width: 9%; text-align: right;">21,545</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - D13"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - F13"> </td><td style="width: 9%; text-align: right;">40,947</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - F13"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - H13"> </td><td style="width: 9%; text-align: right;">35,826</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - H13"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>R&amp;D support</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - B14"> </td><td style="width: 9%; text-align: right;">26,974</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - B14"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - D14"> </td><td style="width: 9%; text-align: right;">20,607</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - D14"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - F14"> </td><td style="width: 9%; text-align: right;">49,405</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - F14"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - H14"> </td><td style="width: 9%; text-align: right;">41,159</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - H14"> </td></tr><tr><td>Selling, general and administrative</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - B15"> </td><td style="width: 9%; text-align: right;">130,075</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - B15"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - D15"> </td><td style="width: 9%; text-align: right;">81,081</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - D15"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - F15"> </td><td style="width: 9%; text-align: right;">262,012</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - F15"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - H15"> </td><td style="width: 9%; text-align: right;">148,061</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - H15"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Other segment items (1)</td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 14. Segment Information - B16"> </td><td style="width: 9%; text-align: right; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">57,948</td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 14. Segment Information - B16"> </td><td> </td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 14. Segment Information - D16"> </td><td style="width: 9%; text-align: right; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">45,954</td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 14. Segment Information - D16"> </td><td> </td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 14. Segment Information - F16"> </td><td style="width: 9%; text-align: right; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">76,330</td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 14. Segment Information - F16"> </td><td> </td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 14. Segment Information - H16"> </td><td style="width: 9%; text-align: right; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">75,750</td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 14. Segment Information - H16"> </td></tr><tr><td>Consolidated net income (loss)</td><td style="width: 1%; text-align: left; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 14. Segment Information - B17">$</td><td style="width: 9%; text-align: right; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);">(114,646</td><td style="width: 1%; text-align: left; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 14. Segment Information - B17">) </td><td> </td><td style="width: 1%; text-align: left; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 14. Segment Information - D17">$</td><td style="width: 9%; text-align: right; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);">123,551</td><td style="width: 1%; text-align: left; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 14. Segment Information - D17"> </td><td> </td><td style="width: 1%; text-align: left; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 14. Segment Information - F17">$</td><td style="width: 9%; text-align: right; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);">(207,174</td><td style="width: 1%; text-align: left; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 14. Segment Information - F17">) </td><td> </td><td style="width: 1%; text-align: left; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 14. Segment Information - H17">$</td><td style="width: 9%; text-align: right; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);">(23,387</td><td style="width: 1%; text-align: left; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 14. Segment Information - H17">) </td></tr></table><div style="text-align: justify; margin-left: 18pt;">  </div> <div style="text-indent: -18pt; text-align: justify; padding-left: 18pt;"> <div style="text-align: justify;"> <span style="color: #000000;">(1)  Other segment items include stock-based compensation expense, investment income, interest expense, gain or loss on investments, other income or expense and income tax expense or benefit.</span> </div> </div> <div style="text-indent: 36pt; line-height: 1.15; text-align: justify;">The following table sets forth information on segment profit or loss, including significant segment expenses (in thousands): </div><div style="text-align: justify;"> </div> <table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; vertical-align: bottom; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td colspan="7" style="text-align: center; font-weight: bold;">Three Months Ended</td><td> </td><td colspan="7" style="text-align: center; font-weight: bold;">Six Months Ended</td></tr><tr><td> </td><td colspan="7" style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">June 30,</td><td> </td><td colspan="7" style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">June 30,</td></tr><tr><td> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 14. Segment Information - B5"> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%;">2026</td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 14. Segment Information - B5"> </td><td> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 14. Segment Information - D5"> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%;">2025</td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 14. Segment Information - D5"> </td><td> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 14. Segment Information - F5"> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%;">2026</td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 14. Segment Information - F5"> </td><td> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 14. Segment Information - H5"> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 9%;">2025</td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0); width: 1%;" title="Note 14. Segment Information - H5"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Revenue</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - B6">$</td><td style="width: 9%; text-align: right;">267,949</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - B6"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - D6">$</td><td style="width: 9%; text-align: right;">452,049</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - D6"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - F6">$</td><td style="width: 9%; text-align: right;">514,042</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - F6"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - H6">$</td><td style="width: 9%; text-align: right;">583,660</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - H6"> </td></tr><tr><td> </td><td style="width: 1%;" title="Note 14. Segment Information - B7"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 14. Segment Information - B7"> </td><td> </td><td style="width: 1%;" title="Note 14. Segment Information - D7"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 14. Segment Information - D7"> </td><td> </td><td style="width: 1%;" title="Note 14. Segment Information - F7"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 14. Segment Information - F7"> </td><td> </td><td style="width: 1%;" title="Note 14. Segment Information - H7"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 14. Segment Information - H7"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Less:</td><td style="width: 1%;" title="Note 14. Segment Information - B8"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 14. Segment Information - B8"> </td><td> </td><td style="width: 1%;" title="Note 14. Segment Information - D8"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 14. Segment Information - D8"> </td><td> </td><td style="width: 1%;" title="Note 14. Segment Information - F8"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 14. Segment Information - F8"> </td><td> </td><td style="width: 1%;" title="Note 14. Segment Information - H8"> </td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 14. Segment Information - H8"> </td></tr><tr><td>Cost of sales</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - B9"> </td><td style="width: 9%; text-align: right;">2,563</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - B9"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - D9"> </td><td style="width: 9%; text-align: right;">3,541</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - D9"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - F9"> </td><td style="width: 9%; text-align: right;">5,398</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - F9"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - H9"> </td><td style="width: 9%; text-align: right;">4,904</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - H9"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Drug discovery</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - B10"> </td><td style="width: 9%; text-align: right;">29,120</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - B10"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - D10"> </td><td style="width: 9%; text-align: right;">30,255</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - D10"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - F10"> </td><td style="width: 9%; text-align: right;">57,677</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - F10"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - H10"> </td><td style="width: 9%; text-align: right;">57,244</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - H10"> </td></tr><tr><td>Drug development</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - B11"> </td><td style="width: 9%; text-align: right;">103,958</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - B11"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - D11"> </td><td style="width: 9%; text-align: right;">117,689</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - D11"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - F11"> </td><td style="width: 9%; text-align: right;">208,140</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - F11"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - H11"> </td><td style="width: 9%; text-align: right;">230,635</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - H11"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Medical affairs</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - B12"> </td><td style="width: 9%; text-align: right;">11,318</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - B12"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - D12"> </td><td style="width: 9%; text-align: right;">7,826</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - D12"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - F12"> </td><td style="width: 9%; text-align: right;">21,307</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - F12"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - H12"> </td><td style="width: 9%; text-align: right;">13,468</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - H12"> </td></tr><tr><td>Manufacturing and development chemistry</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - B13"> </td><td style="width: 9%; text-align: right;">20,639</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - B13"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - D13"> </td><td style="width: 9%; text-align: right;">21,545</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - D13"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - F13"> </td><td style="width: 9%; text-align: right;">40,947</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - F13"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - H13"> </td><td style="width: 9%; text-align: right;">35,826</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - H13"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>R&amp;D support</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - B14"> </td><td style="width: 9%; text-align: right;">26,974</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - B14"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - D14"> </td><td style="width: 9%; text-align: right;">20,607</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - D14"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - F14"> </td><td style="width: 9%; text-align: right;">49,405</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - F14"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - H14"> </td><td style="width: 9%; text-align: right;">41,159</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - H14"> </td></tr><tr><td>Selling, general and administrative</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - B15"> </td><td style="width: 9%; text-align: right;">130,075</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - B15"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - D15"> </td><td style="width: 9%; text-align: right;">81,081</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - D15"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - F15"> </td><td style="width: 9%; text-align: right;">262,012</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - F15"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - H15"> </td><td style="width: 9%; text-align: right;">148,061</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - H15"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Other segment items (1)</td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 14. Segment Information - B16"> </td><td style="width: 9%; text-align: right; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">57,948</td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 14. Segment Information - B16"> </td><td> </td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 14. Segment Information - D16"> </td><td style="width: 9%; text-align: right; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">45,954</td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 14. Segment Information - D16"> </td><td> </td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 14. Segment Information - F16"> </td><td style="width: 9%; text-align: right; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">76,330</td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 14. Segment Information - F16"> </td><td> </td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 14. Segment Information - H16"> </td><td style="width: 9%; text-align: right; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">75,750</td><td style="width: 1%; text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 14. Segment Information - H16"> </td></tr><tr><td>Consolidated net income (loss)</td><td style="width: 1%; text-align: left; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 14. Segment Information - B17">$</td><td style="width: 9%; text-align: right; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);">(114,646</td><td style="width: 1%; text-align: left; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 14. Segment Information - B17">) </td><td> </td><td style="width: 1%; text-align: left; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 14. Segment Information - D17">$</td><td style="width: 9%; text-align: right; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);">123,551</td><td style="width: 1%; text-align: left; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 14. Segment Information - D17"> </td><td> </td><td style="width: 1%; text-align: left; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 14. Segment Information - F17">$</td><td style="width: 9%; text-align: right; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);">(207,174</td><td style="width: 1%; text-align: left; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 14. Segment Information - F17">) </td><td> </td><td style="width: 1%; text-align: left; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 14. Segment Information - H17">$</td><td style="width: 9%; text-align: right; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);">(23,387</td><td style="width: 1%; text-align: left; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor rgb(0, 0, 0);" title="Note 14. Segment Information - H17">) </td></tr></table><div style="text-align: justify; margin-left: 18pt;">  </div> <div style="text-indent: -18pt; text-align: justify; padding-left: 18pt;"> <div style="text-align: justify;"> <span style="color: #000000;">(1)  Other segment items include stock-based compensation expense, investment income, interest expense, gain or loss on investments, other income or expense and income tax expense or benefit.</span> </div> </div> 267949000 452049000 514042000 583660000 2563000 3541000 5398000 4904000 29120000 30255000 57677000 57244000 103958000 117689000 208140000 230635000 11318000 7826000 21307000 13468000 20639000 21545000 40947000 35826000 26974000 20607000 49405000 41159000 130075000 81081000 262012000 148061000 57948000 45954000 76330000 75750000 -114646000 123551000 -207174000 -23387000 Other segment items include stock-based compensation expense, investment income, interest expense, gain or loss on investments, other income or expense and income tax expense or benefit. <div style="text-indent: 36pt; text-align: justify;"> <span style="color: #000000;">During the quarter ended June 30, 2026, our directors and officers (as defined in Rule 16a-1(f) under the Exchange Act), or Section 16 officers and directors, adopted or terminated contracts, instructions or written plans for the purchase or sale of our securities as noted in the table below.</span></div><div>*       Contract, instruction or written plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act.</div><div>**    "Non-Rule 10b5-1 trading arrangement" as defined in item 408(c) of Regulation S-K under the Exchange Act.</div><table style="border-collapse: collapse; font-family: TimesNewRoman, &quot;Times New Roman&quot;, Times, Baskerville, Georgia, serif; font-size: 10pt; vertical-align: bottom"><tr style="height: 0px; font-size: 0px;"><td style="width: 7%;"></td><td style="width: 1%;"></td><td style="width: 18%;"></td><td style="width: 1%;"></td><td style="width: 5%;"></td><td style="width: 1%;"></td><td style="width: 6%;"></td><td style="width: 1%;"></td><td style="width: 7%;"></td><td style="width: 1%;"></td><td style="width: 7%;"></td><td style="width: 1%;"></td><td style="width: 20%;"></td><td style="width: 1%;"></td><td></td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td colspan="3" style="font-weight: bold; text-align: center;">Trading Arrangement</td><td> </td><td style="font-weight: bold; text-align: center; width: 20%;">Total Shares</td><td> </td><td> </td></tr><tr style="white-space : nowrap; "><td style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">Name</td><td style="font-weight: bold; text-align: center;"> </td><td style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">Title</td><td style="font-weight: bold; text-align: center;"> </td><td style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">Action</td><td style="font-weight: bold; text-align: center;"> </td><td style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">Date</td><td style="font-weight: bold; text-align: center;"> </td><td style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">Rule 10b5-1*</td><td style="font-weight: bold; text-align: center;"> </td><td style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">Non-Rule 10b5-1**</td><td style="font-weight: bold; text-align: center;"> </td><td style="font-weight: bold; text-align: center; width: 20%; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">to be Sold</td><td style="font-weight: bold; text-align: center;"> </td><td style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">Expiration Date</td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="vertical-align: top;">Shannon Devers</td><td> </td><td style="vertical-align: top;">Executive Vice President, Chief Human Resources Officer</td><td> </td><td style="text-align: center; vertical-align: top;">Termination</td><td> </td><td style="text-align: center; vertical-align: top;">April 14, 2026</td><td> </td><td style="text-align: center; vertical-align: top;">X</td><td> </td><td> </td><td> </td><td style="width: 20%; vertical-align: top;"> Indeterminable, as number of shares to be sold is dependent on total number of shares released upon vesting </td><td> </td><td style="vertical-align: top;">The earlier to occur of (i) April 4, 2027, and (ii) Upon the execution of all instructions provided in the plan</td></tr></table> false Shannon Devers Executive Vice President, Chief Human Resources Officer April 14, 2026 true April 4, 2027 1 P3Y6M 2030-12-31 2028-06-30 1 0000874015 false Q2 --12-31 Includes investments classified as cash equivalents in our condensed consolidated balance sheets. Our publicly traded equity securities are included in other current assets. We recognize publicly traded equity securities at fair value. In the first quarter of 2026, one of our privately held investees became a publicly traded entity after completing an initial public offering. As a result, we recorded a $23.4 million unrealized gain in our condensed consolidated statements of operations in the first quarter of 2026, which reflected the difference between the carrying value of this investment as of December 31, 2025 and its fair value of $55.8 million as of March 31, 2026. In the second quarter of 2026, we recorded an unrealized loss of $10.2 million, which reflected the difference between the carrying value of this investment as of March 31, 2026 and its fair value of $45.7 million as of June 30, 2026. This investment is subject to a 12-month contractual sale restriction that ends in January 2027. In the six months ended June 30, 2026, we recorded a $0.9 million net unrealized loss in our condensed consolidated statements of operations related to changes in the fair value of our other investments in publicly traded companies. Our privately held equity securities are included in deposits and other assets. We recognize our privately held equity securities at cost minus impairments, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer, which are Level 3 inputs. In the six months ended June 30, 2026, there were no changes to the carrying value of our privately held equity securities. Included in cash and cash equivalents. $57.6 million was included in cash and cash equivalents, with the difference included in short-term investments. Included in short-term investments. $21.0 million was included in cash and cash equivalents, with the difference included in short-term investments. Included in other current assets. $47.8 million was included in cash and cash equivalents, with the difference included in short-term investments. Included in other current liabilities in our condensed consolidated balance sheet. Other segment items include stock-based compensation expense, investment income, interest expense, gain or loss on investments, other income or expense and income tax expense or benefit.