| Cash Equivalents and Marketable Securities |
4. Cash Equivalents and Marketable Securities The Company’s investments consist of marketable securities classified as available-for-sale. The following tables provide a summary of the estimated fair value of the Company’s cash equivalents and marketable securities:
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June 30, 2026 |
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Classification |
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Amortized
Cost |
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|
Gross
Unrealized
Gain |
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Gross
Unrealized
Loss |
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Fair Value |
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Short-term |
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Long-term |
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Cash equivalents: |
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|
|
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Money market funds |
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$ |
80,568 |
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|
$ |
— |
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$ |
— |
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$ |
80,568 |
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$ |
80,568 |
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|
$ |
— |
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U.S. treasury securities |
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|
24,980 |
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|
— |
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|
— |
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|
24,980 |
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|
24,980 |
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|
— |
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Corporate debt securities |
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|
2,063 |
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— |
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— |
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|
2,063 |
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|
2,063 |
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|
— |
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Total cash equivalents |
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$ |
107,611 |
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$ |
— |
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$ |
— |
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$ |
107,611 |
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$ |
107,611 |
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$ |
— |
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Marketable securities: |
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U.S. treasury securities |
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$ |
721,969 |
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|
$ |
6 |
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|
$ |
(1,781 |
) |
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$ |
720,194 |
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$ |
472,845 |
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$ |
247,349 |
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Certificate of deposit |
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10,939 |
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— |
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(7 |
) |
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10,932 |
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|
10,932 |
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— |
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U.S. government agency securities |
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20,164 |
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2 |
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(70 |
) |
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20,096 |
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|
|
5,541 |
|
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|
14,555 |
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Corporate debt securities |
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|
260,452 |
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28 |
|
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(222 |
) |
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|
260,258 |
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|
218,529 |
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|
41,729 |
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Commercial paper |
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|
68,501 |
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— |
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(84 |
) |
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|
68,417 |
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68,417 |
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— |
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Total marketable securities |
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$ |
1,082,025 |
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|
$ |
36 |
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|
$ |
(2,164 |
) |
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$ |
1,079,897 |
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$ |
776,264 |
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$ |
303,633 |
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December 31, 2025 |
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Classification |
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Amortized
Cost |
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Gross
Unrealized
Gain |
|
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Gross
Unrealized
Loss |
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Fair Value |
|
|
Short-term |
|
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Long-term |
|
Cash equivalents: |
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|
|
|
|
|
|
|
|
|
|
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|
|
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Money market funds |
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$ |
50,247 |
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|
$ |
— |
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$ |
— |
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|
$ |
50,247 |
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|
$ |
50,247 |
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|
$ |
— |
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Total cash equivalents |
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$ |
50,247 |
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$ |
— |
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$ |
— |
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$ |
50,247 |
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$ |
50,247 |
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$ |
— |
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Marketable securities: |
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U.S. treasury securities |
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$ |
345,668 |
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|
$ |
402 |
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$ |
— |
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$ |
346,070 |
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$ |
274,152 |
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$ |
71,918 |
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Certificate of deposit |
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|
6,112 |
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9 |
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— |
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6,121 |
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|
6,121 |
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— |
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U.S. government agency securities |
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17,053 |
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17 |
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(7 |
) |
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17,063 |
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|
7,521 |
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|
9,542 |
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Corporate debt securities |
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|
89,709 |
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|
81 |
|
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(15 |
) |
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|
89,775 |
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|
61,100 |
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|
28,675 |
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Commercial paper |
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4,312 |
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2 |
|
|
|
— |
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|
4,314 |
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|
|
4,314 |
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|
|
— |
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Total marketable securities |
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$ |
462,854 |
|
|
$ |
511 |
|
|
$ |
(22 |
) |
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$ |
463,343 |
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|
$ |
353,208 |
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$ |
110,135 |
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Interest and Investment Income The following table provides a summary of the components of interest and investment income:
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Three Months Ended
June 30, |
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Six Months Ended
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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Interest income |
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$ |
5,888 |
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$ |
2,305 |
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$ |
10,935 |
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$ |
4,197 |
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Accretion of discount on marketable securities, net |
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|
5,654 |
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|
|
1,098 |
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|
6,872 |
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|
2,997 |
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Total interest and investment income |
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$ |
11,542 |
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$ |
3,403 |
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$ |
17,807 |
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$ |
7,194 |
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