INVESTMENTS

6 Months Ended

Jun. 30, 2026

Investments, Debt and Equity Securities [Abstract]

Marketable securities

Marketable securities consisted of the following as of June 30, 2026 (in thousands):


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. treasury securities	$	76,814	$	13	$	(109)	$	76,718
Corporate notes and obligations	84,838		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 Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. treasury securities	$	131,832	$	205	$	(1)	$	132,036
Commercial paper	14,308		2		—		14,310
Corporate notes and obligations	183,726		265		(6)		183,985
Total marketable securities	$	329,866	$	472	$	(7)	$	330,331

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

During the six months ended June 30, 2026 and 2025, there were maturities of marketable securities of $63.1 million and $223.7 million, respectively. There were $106.8 million of sales of marketable securities during the six months ended June 30, 2026. There were no sales of marketable securities during the six months ended June 30, 2025. Realized gains and losses on sales of marketable securities are recorded in other income (expense), net on the condensed consolidated statements of operations and comprehensive income (loss). There were no impairments of marketable securities during the six months ended June 30, 2026 or 2025.

Strategic investments

Strategic investment activity during the six months ended June 30, 2026 is summarized as follows (in thousands):


	Equity Securities		Limited Partnerships		Total
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 investments	6,088		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 Securities		Limited Partnerships		Total
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

Strategic investments are recorded in other assets on the accompanying condensed consolidated balance sheets.

As of June 30, 2026, in connection with the Company’s investments in limited partnerships, it has a contractual obligation to provide additional investment funding of up to $5.1 million at the option of the investees.