MARKETABLE DEBT SECURITIES

6 Months Ended

Jun. 30, 2026

Investments, Debt and Equity Securities [Abstract]

6. MARKETABLE DEBT SECURITIES

We invest our excess cash balances in marketable debt securities and, at each balance sheet date presented, we classify all of our investments in debt securities as available-for-sale and as current assets as they represent the investment of funds available for current operations. We did not record any impairment charges related to our marketable debt securities during the three and six months ended June 30, 2026 or 2025.

The following tables summarize our marketable debt securities:


	As of June 30, 2026
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. treasury securities	$	810,231	$	163	$	(2,356)	$	808,038
Corporate notes	438,660		161		(874)		437,947
U.S. government-sponsored enterprise securities	340,633		30		(1,040)		339,623
Commercial paper	14,232		—		(11)		14,221

Total	$	1,603,756	$	354	$	(4,281)	$	1,599,829


	As of December 31, 2025
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. treasury securities	$	670,566	$	1,736	$	(9)	$	672,293
Corporate notes	332,104		1,152		(15)		333,241
U.S. government-sponsored enterprise securities	254,829		559		(64)		255,324
Commercial paper	9,012		—		—		9,012

Municipal securities	5,000		1		—		5,001
Total	$	1,271,511	$	3,448	$	(88)	$	1,274,871

The fair values of our marketable debt securities by classification in the condensed consolidated balance sheets were as follows:


(In thousands)	As of June 30, 2026		As of December 31, 2025
Marketable debt securities	$	1,599,829	$	1,251,234
Cash and cash equivalents	—		23,637
Total	$	1,599,829	$	1,274,871