Our marketable securities are classified as available-for-sale pursuant to ASC 320, Investments – Debt and Equity Securities, and are recorded at fair value. Unrealized gains and losses are included as a component of accumulated other comprehensive (loss) income in the condensed consolidated balance sheets and statements of stockholders’ equity, and a component of total comprehensive loss in the condensed consolidated statements of comprehensive loss, until realized. Unrealized losses are evaluated for impairment under ASC 326, Financial Instruments - Credit Losses, to determine if the impairment is credit-related or noncredit-related. Credit-related impairment is recognized as an allowance on the condensed consolidated balance sheets with a corresponding adjustment to earnings, and noncredit-related impairment is recognized in other comprehensive income, net of taxes. Realized gains and losses are included in investment income on a specific-identification basis. There were no material realized gains or losses on marketable securities for the three and six months ended June 30, 2026 or 2025.


(In thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Current:

U.S. Treasuries	$	96,509	$	102	$	(8)	$	96,603
Government securities	88,570		4		(61)		88,513
Corporate debt securities	332,977		100		(264)		332,813
Total current	518,056		206		(333)		517,929

Non-current:

U.S. Treasuries	155,754		15		(951)		154,818
Government securities	57,467		17		(220)		57,264
Corporate debt securities	135,701		2		(531)		135,172
Total non-current	348,922		34		(1,702)		347,254
Total marketable securities	$	866,978	$	240	$	(2,035)	$	865,183


(In thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Current:
Certificates of deposit	$	750	$	1	$	—	$	751
U.S. Treasuries	165,365		463		—		165,828
Government securities	110,182		92		(6)		110,268
Corporate debt securities	487,786		673		(11)		488,448
Total current	764,083		1,229		(17)		765,295

Non-current:

U.S. Treasuries	129,738		648		(1)		130,385
Government securities	54,527		31		(10)		54,548
Corporate debt securities	124,767		346		(33)		125,080
Total non-current	309,032		1,025		(44)		310,013
Total marketable securities	$	1,073,115	$	2,254	$	(61)	$	1,075,308

As of June 30, 2026 and December 31, 2025, we held both current and non-current investments. Investments classified as current have maturities of less than one year. Investments classified as non-current are those that: (i) have a maturity of greater than one year, and (ii) we do not intend to liquidate within the next twelve months, although these funds are available for use and, therefore, are classified as available-for-sale.

As of June 30, 2026 and December 31, 2025, we held 134 and 37 debt securities, respectively, that were in an unrealized loss position for less than one year. We did not record an allowance for credit losses as of June 30, 2026 and December 31, 2025 related to these securities. The aggregate fair value of debt securities in an unrealized loss position at June 30, 2026 and

December 31, 2025 was $572.7 million and $136.2 million, respectively. There were no individual securities that were in a significant unrealized loss position as of June 30, 2026 and December 31, 2025. We regularly review the securities in an unrealized loss position and evaluate the current expected credit loss by considering factors such as historical experience, market data, issuer-specific factors, and current economic conditions. We do not consider these marketable securities to be impaired as of June 30, 2026 and December 31, 2025.