v3.26.1
INVESTMENTS (Tables)
 6 Months Ended
Jun. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
Schedule of Marketable Securities
Marketable securities consisted of the following as of June 30, 2026 (in thousands):
Amortized CostGross
Unrealized
Gains		Gross
Unrealized
Losses		Fair Value
U.S. treasury securities$76,814 $13 $(109)$76,718 
Corporate notes and obligations84,838 5 (39)84,804 
Total marketable securities$161,652 $18 $(148)$161,522 
Marketable securities consisted of the following as of December 31, 2025 (in thousands):
Amortized CostGross
Unrealized
Gains		Gross
Unrealized
Losses		Fair Value
U.S. treasury securities$131,832 $205 $(1)$132,036 
Commercial paper14,308 2 — 14,310 
Corporate notes and obligations183,726 265 (6)183,985 
Total marketable securities$329,866 $472 $(7)$330,331 
Schedule of Investments Classified by Contractual Maturity Date
The following table summarizes the estimated fair value of investments classified as marketable securities by contractual maturity date (in thousands):
June 30,
2026		December 31,
2025
Due within 1 year$161,522 $287,802 
Due in 1 to 2 years— 42,529 
Total marketable securities$161,522 $330,331 
Schedule of Strategic Investments Activity
Strategic investment activity during the six months ended June 30, 2026 is summarized as follows (in thousands):
Equity SecuritiesLimited PartnershipsTotal
Balance as of December 31, 2025$8,216 $8,413 $16,629 
Purchases of strategic investments, net(1)
— 821 821 
Sales of strategic investments(2)
(372)— (372)
Unrealized gain on strategic investments6,088 47 6,135 
Balance as of June 30, 2026$13,932 $9,281 $23,213 
    (1) Includes net contributions and distributions from limited partnership securities.
(2) Sale excludes a realized gain of $0.6 million, which was recorded in other income, net on the condensed consolidated statements of operations and comprehensive income (loss).
During the three and six months ended June 30, 2026, the Company identified an observable price change for one of its strategic investments, and as a result, recorded an unrealized gain of $6.1 million which is recorded in other income, net on the condensed consolidated statements of operations and comprehensive income (loss).
Strategic investment activity during the six months ended June 30, 2025 is summarized as follows (in thousands):
Equity SecuritiesLimited PartnershipsTotal
Balance as of December 31, 2024$8,685 $5,669 $14,354 
Purchases of strategic investments, net(1)
— 902 902 
Unrealized gain on strategic investments— 194 194 
Impairment of strategic investments(377)— (377)
Balance as of June 30, 2025$8,308 $6,765 $15,073