| FINANCIAL INSTRUMENTS |
5. FINANCIAL INSTRUMENTS The following table summarizes the Company’s financial assets with maturities of less than three months at the date of acquisition included in cash equivalents in the unaudited condensed consolidated balance sheets for each of the periods indicated:
|
|
|
|
|
|
|
|
|
|
|
As of
June 30, 2026 |
|
|
As of
December 31, 2025 |
|
|
|
(in thousands) |
|
Money market funds |
|
$ |
196,171 |
|
|
$ |
474,914 |
|
Government and government agency bonds |
|
|
10,952 |
|
|
|
89,914 |
|
Corporate bonds |
|
|
2,132 |
|
|
|
— |
|
Total |
|
$ |
209,255 |
|
|
$ |
564,828 |
|
It is the Company’s policy to mitigate credit risk in its financial assets by maintaining a well-diversified portfolio that limits the amount of exposure as to maturity and investment type. The weighted average maturity of the Company's available-for-sale securities as of June 30, 2026 and December 31, 2025 was approximately eleven and three months, respectively. All of the Company's non-current investments as of June 30, 2026 and December 31, 2025 had maturities between one and two years. The following tables summarize the Company’s financial instruments for each of the periods indicated:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of June 30, 2026 |
|
|
|
Amortized
Cost |
|
|
Gross
Unrealized
Gains |
|
|
Gross
Unrealized
Losses |
|
|
Fair
Market
Value |
|
|
|
(in thousands) |
|
Cash and money market funds |
|
$ |
558,063 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
558,063 |
|
Government and government agency bonds |
|
|
270,965 |
|
|
|
1 |
|
|
|
(598 |
) |
|
|
270,368 |
|
Corporate bonds |
|
|
97,567 |
|
|
|
5 |
|
|
|
(108 |
) |
|
|
97,464 |
|
Commercial paper |
|
|
2,563 |
|
|
|
— |
|
|
|
— |
|
|
|
2,563 |
|
Certificates of deposit |
|
|
2,898 |
|
|
|
— |
|
|
|
— |
|
|
|
2,898 |
|
Bank time deposits |
|
|
2,505 |
|
|
|
— |
|
|
|
— |
|
|
|
2,505 |
|
Total cash, cash equivalents and investments |
|
$ |
934,561 |
|
|
$ |
6 |
|
|
$ |
(706 |
) |
|
$ |
933,861 |
|
As reported: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
571,149 |
|
|
$ |
— |
|
|
$ |
(1 |
) |
|
$ |
571,148 |
|
Short-term investments |
|
|
217,666 |
|
|
|
6 |
|
|
|
(331 |
) |
|
|
217,341 |
|
Non-current investments |
|
|
145,746 |
|
|
|
— |
|
|
|
(374 |
) |
|
|
145,372 |
|
Total cash, cash equivalents and investments |
|
$ |
934,561 |
|
|
$ |
6 |
|
|
$ |
(706 |
) |
|
$ |
933,861 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2025 |
|
|
|
Amortized
Cost |
|
|
Gross
Unrealized
Gains |
|
|
Gross
Unrealized
Losses |
|
|
Fair
Market
Value |
|
|
|
(in thousands) |
|
Cash and money market funds |
|
$ |
711,368 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
711,368 |
|
Government and government agency bonds |
|
|
179,615 |
|
|
|
150 |
|
|
|
— |
|
|
|
179,765 |
|
Corporate bonds |
|
|
42,527 |
|
|
|
56 |
|
|
|
— |
|
|
|
42,583 |
|
Commercial paper |
|
|
3,614 |
|
|
|
— |
|
|
|
— |
|
|
|
3,614 |
|
Certificates of deposit |
|
|
3,368 |
|
|
|
— |
|
|
|
— |
|
|
|
3,368 |
|
Total cash, cash equivalents and investments |
|
$ |
940,492 |
|
|
$ |
206 |
|
|
$ |
— |
|
|
$ |
940,698 |
|
As reported: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
801,269 |
|
|
$ |
13 |
|
|
$ |
— |
|
|
$ |
801,282 |
|
Short-term investments |
|
|
138,175 |
|
|
|
193 |
|
|
|
— |
|
|
|
138,368 |
|
Non-current investments |
|
|
1,048 |
|
|
|
— |
|
|
|
— |
|
|
|
1,048 |
|
Total cash, cash equivalents and investments |
|
$ |
940,492 |
|
|
$ |
206 |
|
|
$ |
— |
|
|
$ |
940,698 |
|
|