v3.26.1
Cash Equivalents and Marketable Securities
6 Months Ended
Jun. 30, 2026
Cash Equivalents and Marketable Securities  
Cash Equivalents and Marketable Securities

Note 5. Cash Equivalents and Marketable Securities

Cash equivalents and marketable securities consisted of the following (in thousands):

June 30, 2026

Amortized

Gross Unrealized

 

  ​ ​ ​

Cost

  ​ ​ ​

Gains

  ​ ​ ​

Losses

  ​ ​ ​

Fair Value

Money market funds

$

124,167

$

$

$

124,167

Certificates of deposit

19,918

 

(12)

 

19,906

U.S. Treasury and agency securities

272,197

26

(501)

271,722

Commercial paper

 

294,401

1

(96)

 

294,306

Corporate debt securities

77,226

1

(105)

77,122

Total cash equivalents and marketable securities

$

787,909

$

28

  ​

$

(714)

$

787,223

Classified as:

  ​

  ​

  ​

Cash equivalents

  ​

  ​

  ​

$

357,850

Marketable securities - current

  ​

  ​

  ​

 

362,498

Marketable securities - noncurrent

  ​

  ​

  ​

 

66,875

Total cash equivalents and marketable securities

  ​

  ​

  ​

$

787,223

December 31, 2025

Amortized

Gross Unrealized

 

  ​ ​ ​

Cost

  ​ ​ ​

Gains

  ​ ​ ​

Losses

  ​ ​ ​

Fair Value

Money market funds

$

40,774

$

  ​

$

$

40,774

Certificates of deposit

11,387

4

 

11,391

U.S. Treasury and agency securities

348,250

706

(8)

348,948

Commercial paper

 

77,868

 

4

  ​

 

(7)

 

77,865

Corporate debt securities

159,127

 

93

  ​

 

(9)

 

159,211

Total cash equivalents and marketable securities

$

637,406

$

807

  ​

$

(24)

$

638,189

Classified as:

  ​

  ​

  ​

Cash equivalents

  ​

  ​

  ​

$

120,577

Marketable securities - current

  ​

  ​

  ​

 

438,974

Marketable securities - noncurrent

  ​

  ​

  ​

 

78,638

Total cash equivalents and marketable securities

  ​

  ​

  ​

$

638,189

All of the Company’s marketable securities are classified as available-for-sale. Current marketable securities of $362.5 million and $439.0 million held as of June 30, 2026 and December 31, 2025, respectively, had contractual maturities of less than one year. Noncurrent marketable securities of $66.9 million and $78.6 million held as of June 30, 2026 and December 31, 2025, respectively, had contractual maturities of at least one year but no more than two years. The Company does not intend to sell its securities that are in an unrealized loss position, and it is not more likely than not that the Company will be required to sell its securities before recovery of their amortized cost basis, which may be at maturity.

During the six months ended June 30, 2026 and 2025, the Company sold $3.4 million and $7.0 million of marketable securities and realized a net gain of $5.0 thousand and a net loss of $5.0 thousand, respectively. The Company evaluated securities with unrealized losses to determine whether such losses, if any, were due to credit-related factors and determined that there were no credit-related losses to be recognized as of June 30, 2026 and December 31, 2025.