| Schedule of Investments by Security Type |
Cash, cash equivalents and marketable securities consisted of the following (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | | Debt securities available-for-sale: | | | | | | | | | Commercial paper | $ | 158,312 | | | $ | — | | | $ | — | | | $ | 158,312 | | | Corporate bonds | 824,595 | | | 740 | | | (2,424) | | | 822,911 | | | U.S. Treasury and government-sponsored enterprises | 166,642 | | | 54 | | | (622) | | | 166,074 | | | Municipal bonds | 8,715 | | | 4 | | | (14) | | | 8,705 | | | Total debt securities available-for-sale | 1,158,264 | | | 798 | | | (3,060) | | | 1,156,002 | | | Cash | 575 | | | — | | | — | | | 575 | | | Money market funds | 171,852 | | | — | | | — | | | 171,852 | | | Certificates of deposit | 55,886 | | | — | | | — | | | 55,886 | | | Total cash, cash equivalents and marketable securities | $ | 1,386,577 | | | $ | 798 | | | $ | (3,060) | | | $ | 1,384,315 | |
| | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | | Debt securities available-for-sale: | | | | | | | | | Commercial paper | $ | 241,439 | | | $ | — | | | $ | — | | | $ | 241,439 | | | Corporate bonds | 882,390 | | | 4,138 | | | (28) | | | 886,500 | | | U.S. Treasury and government-sponsored enterprises | 154,449 | | | 700 | | | (10) | | | 155,139 | | | Municipal bonds | 8,715 | | | 49 | | | — | | | 8,764 | | | Total debt securities available-for-sale | 1,286,993 | | | 4,887 | | | (38) | | | 1,291,842 | | | Cash | 112 | | | — | | | — | | | 112 | | | Money market funds | 304,352 | | | — | | | — | | | 304,352 | | | Certificates of deposit | 66,388 | | | — | | | — | | | 66,388 | | | Total cash, cash equivalents and marketable securities | $ | 1,657,845 | | | $ | 4,887 | | | $ | (38) | | | $ | 1,662,694 | |
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| Schedule of Fair Value and Gross Unrealized Losses of Investments Available-for-Sale in an Unrealized Loss Position |
The fair value and gross unrealized losses on debt securities available-for-sale in an unrealized loss position were as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | In an Unrealized Loss Position Less than 12 Months | | In an Unrealized Loss Position 12 Months or Greater | | Total | | Fair Value | | Gross Unrealized Losses | | Fair Value | | Gross Unrealized Losses | | Fair Value | | Gross Unrealized Losses | | Corporate bonds | $ | 469,752 | | | $ | (2,422) | | | $ | 2,988 | | | $ | (2) | | | $ | 472,740 | | | $ | (2,424) | | | U.S. Treasury and government-sponsored enterprises | 113,845 | | | (582) | | | 4,958 | | | (40) | | | 118,803 | | | (622) | | | Municipal Bonds | 5,711 | | | (14) | | | — | | | — | | | 5,711 | | | (14) | | Total | $ | 589,308 | | | $ | (3,018) | | | $ | 7,946 | | | $ | (42) | | | $ | 597,254 | | | $ | (3,060) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | In an Unrealized Loss Position Less than 12 Months | | In an Unrealized Loss Position 12 Months or Greater | | Total | | Fair Value | | Gross Unrealized Losses | | Fair Value | | Gross Unrealized Losses | | Fair Value | | Gross Unrealized Losses | | Corporate bonds | $ | 46,851 | | | $ | (25) | | | $ | 5,104 | | | $ | (3) | | | $ | 51,955 | | | $ | (28) | | | U.S. Treasury and government-sponsored enterprises | 11,350 | | | (5) | | | 4,991 | | | (5) | | | 16,341 | | | (10) | | | Total | $ | 58,201 | | | $ | (30) | | | $ | 10,095 | | | $ | (8) | | | $ | 68,296 | | | $ | (38) | |
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| Schedule of Fair Value of Cash Equivalents and Investments by Contractual Maturity |
The fair values of debt securities available-for-sale by contractual maturity were as follows (in thousands): | | | | | | | | | | | | | June 30, 2026 | | December 31, 2025 | | Maturing in one year or less | $ | 611,072 | | | $ | 691,409 | | | Maturing after one year through five years | 544,930 | | | 600,433 | | | Total debt securities available-for-sale | $ | 1,156,002 | | | $ | 1,291,842 | |
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