The Company's marketable debt securities as of June 30, 2026 and December 31, 2025 were composed of available-for-sale commercial paper and corporate and government debt securities and municipal bonds. The primary objective of the Company’s investment portfolio is to preserve capital and liquidity while enhancing overall returns. The Company’s investment policy limits interest-bearing security investments to certain types of instruments issued by institutions with primarily investment grade credit ratings and places restrictions on maturities and concentration by asset class and issuer.


	June 30, 2026		December 31, 2025
Marketable debt securities:
Commercial paper	$	64,258	$	62,988
Corporate debt securities	271,194		151,777
Securities of government sponsored entities	19,868		9,993
Municipal bonds	16,122		5,003
Total available-for-sale marketable debt securities	$	371,442	$	229,761


	Remaining Contractual Maturity (in years)	Amortized Cost		Unrealized Gains		Unrealized Losses		Aggregate Estimated Fair Value
Marketable debt securities:
Commercial paper	Less than 1	$	64,341	$	—	$	(83)	$	64,258
Corporate debt securities	Less than 1	101,851		—		(154)		101,697
Securities of government-sponsored entities	Less than 1	10,000		—		(45)		9,955

Total maturity less than 1 year		176,192		—		(282)		175,910
Corporate debt securities	1 to 2	169,997		29		(529)		169,497
Securities of government-sponsored entities	1 to 2	9,933		—		(20)		9,913
Municipal bonds	1 to 2	16,179		—		(57)		16,122
Total maturity 1 to 2 years		196,109		29		(606)		195,532
Total available-for-sale marketable debt securities		$	372,301	$	29	$	(888)	$	371,442


	Remaining Contractual Maturity (in years)	Amortized Cost		Unrealized Gains		Unrealized Losses		Aggregate Estimated Fair Value
Marketable debt securities:
Commercial paper	Less than 1	$	62,974	$	20	$	(6)	$	62,988
Corporate debt securities	Less than 1	77,414		12		(33)		77,393

Municipal bonds	Less than 1	5,000		3		—		5,003
Total maturity less than 1 year		145,388		35		(39)		145,384
Corporate debt securities	1 to 2	74,389		69		(74)		74,384
Securities of government-sponsored entities	1 to 2	10,000		—		(7)		9,993
Total maturity 1 to 2 years		84,389		69		(81)		84,377
Total available-for-sale marketable debt securities		$	229,777	$	104	$	(120)	$	229,761

For the three and six months ended June 30, 2026 and 2025, realized gains and losses on marketable debt securities were immaterial. As of June 30, 2026 and December 31, 2025, the accrued interest receivable related to the Company's marketable debt securities was $2.3 million and $1.3 million, respectively, and was recorded in prepaid expenses and other current assets on the Consolidated Balance Sheets.

The Company reviews the available-for-sale marketable debt securities for declines in fair value below the cost basis each quarter. For any security whose fair value is below its amortized cost basis, the Company first evaluates whether it intends to sell the impaired security, or will otherwise be more likely than not required to sell the security before recovery. If either are true, the amortized cost basis of the security is written down to its fair value at the reporting date. If neither circumstance holds true, the Company assesses whether any portion of the unrealized loss is a result of a credit loss. Any amount deemed to be attributable to credit loss is recognized in the income statement, with the amount of the loss limited to the difference between fair value and amortized cost and recorded as an allowance for credit losses. The portion of the unrealized loss related to factors other than credit losses is recognized in other comprehensive income (loss).

The following is a summary of available-for-sale marketable debt securities in an unrealized loss position with no credit losses aggregated by investment category and length of time those individual securities have been in a continuous unrealized loss position reported as of June 30, 2026 (in thousands):


	Less Than 12 Months				12 Months or Greater				Total
Description of Securities	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Commercial paper	$	60,116	$	83	$	—	$	—	$	60,116	$	83
Corporate debt securities	266,227		683		—		—		266,227		683
Securities of government-sponsored entities	19,868		65		—		—		19,868		65
Municipal bonds	16,122		57		—		—		16,122		57
Total	$	362,333	$	888	$	—	$	—	$	362,333	$	888


	Less Than 12 Months				12 Months or Greater				Total
Description of Securities	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Commercial paper	$	12,317	$	6	$	—	$	—	$	12,317	$	6
Corporate debt securities	118,443		107		—		—		118,443		107
Securities of government-sponsored entities	9,993		7		—		—		9,993		7
Total	$	140,753	$	120	$	—	$	—	$	140,753	$	120

As of June 30, 2026 and December 31, 2025, the amortized cost of the available-for-sale marketable debt securities in an unrealized loss position was $363.2 million and $140.9 million, respectively.

As of June 30, 2026 and December 31, 2025, the Company does not intend to sell these investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost basis. The increase in unrealized losses for the six months ended June 30, 2026 was primarily due to fluctuations in short-term interest rates. The Company does not believe the unrealized losses incurred during the period are due to credit-related factors. The credit ratings of the securities held remain of the highest quality. Moreover, the Company continues to receive payments of interest and principal as they become due, and our expectation is that those payments will continue to be received timely. Factors unknown to us at this time may cause actual results to differ and require adjustments to the Company’s estimates and assumptions in the future.