| Summary of Cash Equivalents and Marketable Securities Recorded at Fair Value |
The following table summarizes cash equivalents and marketable securities held at June 30, 2026 and December 31, 2025 (in thousands), which are recorded at fair value. The table below excludes $260.7 million and $295.4 million of cash at June 30, 2026 and December 31, 2025, respectively.
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Amortized
Cost |
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Gross
Unrealized
Gains |
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Gross
Unrealized
Losses |
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Fair Value |
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June 30, 2026 |
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Cash equivalents: |
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Money market funds |
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$ |
30,639 |
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$ |
— |
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$ |
— |
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$ |
30,639 |
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Total cash equivalents |
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30,639 |
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— |
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— |
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30,639 |
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Marketable securities: |
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Corporate debt securities |
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1,374,062 |
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|
579 |
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(3,367 |
) |
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1,371,274 |
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Certificates and term deposits |
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322,376 |
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— |
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— |
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322,376 |
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Government-sponsored enterprise securities |
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302,462 |
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4 |
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(1,893 |
) |
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300,573 |
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Commercial paper |
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68,390 |
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— |
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(34 |
) |
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68,356 |
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Total marketable debt securities |
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2,067,290 |
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|
583 |
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(5,294 |
) |
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2,062,579 |
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Corporate equity securities |
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7,500 |
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|
2,936 |
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— |
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|
10,436 |
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Total marketable securities |
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2,074,790 |
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|
3,519 |
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(5,294 |
) |
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|
2,073,015 |
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Total cash equivalents and marketable securities |
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$ |
2,105,429 |
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$ |
3,519 |
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$ |
(5,294 |
) |
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$ |
2,103,654 |
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December 31, 2025 |
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Cash equivalents: |
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Money market funds |
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$ |
37,255 |
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$ |
— |
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$ |
— |
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$ |
37,255 |
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Commercial paper |
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14,896 |
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— |
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(4 |
) |
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14,892 |
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Total cash equivalents |
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52,151 |
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— |
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(4 |
) |
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52,147 |
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Marketable securities: |
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Corporate debt securities |
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1,152,319 |
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3,827 |
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(181 |
) |
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1,155,965 |
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Certificates of deposit |
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101,100 |
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— |
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— |
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101,100 |
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Government-sponsored enterprise securities |
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304,259 |
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1,054 |
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(15 |
) |
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305,298 |
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Commercial paper |
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49,432 |
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28 |
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— |
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49,460 |
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Total marketable debt securities |
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1,607,110 |
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4,909 |
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(196 |
) |
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1,611,823 |
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Corporate equity securities |
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7,500 |
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|
8,946 |
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— |
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|
16,446 |
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Total marketable securities |
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1,614,610 |
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|
13,855 |
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(196 |
) |
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1,628,269 |
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Total cash equivalents and marketable securities |
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$ |
1,666,761 |
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$ |
13,855 |
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$ |
(200 |
) |
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$ |
1,680,416 |
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| Summary of Net Unrealized Gain (Loss) Recorded on Marketable Debt and Equity Securities |
The following table summarizes the net unrealized gain (loss) recorded on marketable debt and equity securities during the three and six months ended June 30, 2026 and 2025 (in millions):
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Three Months Ended |
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For the Six Months Ended |
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June 30, |
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June 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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Unrealized (loss) gain recorded on marketable debt securities |
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(2.7 |
) |
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(0.2 |
) |
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(9.4 |
) |
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2.1 |
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Unrealized gain (loss) recorded on marketable equity securities |
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6.1 |
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1.8 |
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(6.0 |
) |
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(6.4 |
) |
The following table summarizes the net unrealized gain (loss) position of the Company’s marketable debt and equity securities as of June 30, 2026 and December 31, 2025 (in millions):
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June 30, 2026 |
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December 31, 2025 |
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Unrealized (loss) gain position of marketable debt securities |
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$ |
(4.7 |
) |
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$ |
4.7 |
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Unrealized gain position of marketable equity securities |
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2.9 |
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8.9 |
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