| Investments in Debt Securities |
Investments in Debt Securities The Company’s investments in debt securities comprise U.S. Treasury securities and corporate bonds and are classified as available for sale (“AFS”), and recorded at fair value. Unrealized gains and losses on AFS investments, net of applicable taxes, are reported in other comprehensive (loss) income.
The table below summarizes the Company’s AFS investments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | Amortized cost | | Allowance for credit losses | | Gross unrealized gains | | Gross unrealized losses | | Fair value | | U.S. Treasury securities | $ | 101,014 | | | $ | — | | | $ | — | | | $ | (293) | | | $ | 100,721 | | | Corporate bonds | 273,381 | | | — | | | 1 | | | (578) | | | 272,804 | | | | | | | | | | | | Total | $ | 374,395 | | | $ | — | | | $ | 1 | | | $ | (871) | | | $ | 373,525 | | | | | | | | | | | | | December 31, 2025 | | Amortized cost | | Allowance for credit losses | | Gross unrealized gains | | Gross unrealized losses | | Fair value | | U.S. Treasury securities | $ | 131,229 | | | $ | — | | | $ | 123 | | | $ | (2) | | | $ | 131,350 | | | Corporate bonds | 243,028 | | | — | | | 129 | | | (97) | | | 243,060 | | | | | | | | | | | | Total | $ | 374,257 | | | $ | — | | | $ | 252 | | | $ | (99) | | | $ | 374,410 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30,
2026 | | December 31, 2025 | Weighted-average yield of AFS investments | | | | | | | 4.22 | % | | 3.85 | % |
The table below presents the interest income on AFS investments, included within interest income on the condensed consolidated statements of operations and comprehensive loss, and fair value of AFS investments sold during the following periods:
| | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2026 | | 2025 | | 2026 | | 2025 | | | | Interest income on AFS investments | $ | 3,479 | | | $ | — | | | $ | 6,925 | | | $ | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair value of AFS investments sold | $ | 1,229 | | | $ | — | | | $ | 1,229 | | | $ | — | | | |
Realized gains (losses) on the sale of AFS investments were immaterial during the three and six months ended June 30, 2026. The Company had no investments in debt securities during the six months ended June 30, 2025. The table below presents the contractual maturity by major class of AFS investments. In some cases, the issuers may have the right to call obligations without penalties prior to the contractual maturity date.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | | Within 1 year | | 1 to 5 years | | | | Total | Balance sheet caption: | | Available for sale investments
(current assets) | | | | Available for sale investments
(non-current assets) | | | | | | | | | Amortized cost | | Fair value | | | | | | Amortized cost | | Fair value | | | | | | Amortized cost | | Fair value | | U.S. Treasury securities | | $ | 72,181 | | | $ | 72,050 | | | | | | | $ | 28,833 | | | $ | 28,671 | | | | | | | $ | 101,014 | | | $ | 100,721 | | | Corporate bonds | | 211,204 | | | 210,863 | | | | | | | 62,177 | | | 61,941 | | | | | | | 273,381 | | | 272,804 | | | | | | | | | | | | | | | | | | | | | | | | Total | | $ | 283,385 | | | $ | 282,913 | | | | | | | $ | 91,010 | | | $ | 90,612 | | | | | | | $ | 374,395 | | | $ | 373,525 | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | | Within 1 year | | 1 to 5 years | | | | Total | Balance sheet caption: | | Available for sale investments
(current assets) | | | | Available for sale investments
(non-current assets) | | | | | | | | | Amortized cost | | Fair value | | | | | | Amortized cost | | Fair value | | | | | | Amortized cost | | Fair value | | U.S. Treasury securities | | $ | 72,075 | | | $ | 72,116 | | | | | | | $ | 59,154 | | | $ | 59,234 | | | | | | | $ | 131,229 | | | $ | 131,350 | | | Corporate bonds | | 128,393 | | | 128,345 | | | | | | | 114,635 | | | 114,715 | | | | | | | 243,028 | | | 243,060 | | | | | | | | | | | | | | | | | | | | | | | | Total | | $ | 200,468 | | | $ | 200,461 | | | | | | | $ | 173,789 | | | $ | 173,949 | | | | | | | $ | 374,257 | | | $ | 374,410 | |
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