v3.26.1
Fair Value Instruments
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Instruments Fair Value Instruments
The following tables show the Company’s cash and cash equivalents and available-for-sale securities by significant investment category as of June 30, 2026 and December 31, 2025:
June 30, 2026
(in thousands)
Amortized Cost
Gross Unrealized Gains
Gross Unrealized (Losses)
Aggregate Fair Value
Cash and Cash Equivalents
Short-term Marketable Securities(1)
Long-term Marketable Securities(2)
Level 1:
Cash and cash equivalents$427,740 $— $— $427,740 $427,740 $— $— 
Subtotal427,740 — — 427,740 427,740 — — 
Level 2:
Corporate bonds351,823 45 (729)351,139 — 233,219 117,920 
U.S. government agency securities324,968 45 (970)324,043 — 184,672 139,371 
Subtotal676,791 90 (1,699)675,182 — 417,891 257,291 
Total$1,104,531 $90 $(1,699)$1,102,922 $427,740 $417,891 $257,291 
December 31, 2025
(in thousands)
Amortized Cost
Gross Unrealized Gains
Gross Unrealized (Losses)
Aggregate Fair Value
Cash and Cash Equivalents
Short-term Marketable Securities(1)
Long-term Marketable Securities(2)
Level 1:
Cash and cash equivalents$496,304 $— $— $496,304 $496,304 $— $— 
Subtotal496,304 — — 496,304 496,304 — — 
Level 2:
Commercial paper12,887 2 (1)12,888 — 12,888 — 
Corporate bonds211,268 535 (6)211,797 — 142,801 68,996 
U.S. government agency securities234,216 653 (1)234,868 — 175,798 59,070 
Subtotal458,371 1,190 (8)459,553 — 331,487 128,066 
Total$954,675 $1,190 $(8)$955,857 $496,304 $331,487 $128,066 
(1)The Company’s short-term marketable securities mature in one year or less.
(2)The Company’s long-term marketable securities mature between one and two years.