| Available-for-sale Securities |
4.Available-for-sale securities The following tables summarize the amortized cost and estimated fair value of the Company’s available-for-sale marketable securities and cash equivalents and the gross unrealized gains and losses:
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2026 |
|
|
|
|
|
|
Gross |
|
|
Gross |
|
|
|
|
|
|
Amortized |
|
|
unrealized |
|
|
unrealized |
|
|
Estimated |
|
|
|
cost |
|
|
gain |
|
|
loss |
|
|
fair value |
|
|
|
(in thousands) |
|
Marketable securities: |
|
|
|
|
|
|
|
|
|
|
|
|
Commercial paper |
|
$ |
252,580 |
|
|
$ |
2 |
|
|
$ |
(110 |
) |
|
$ |
252,472 |
|
U.S. government and agency securities |
|
|
1,165,385 |
|
|
|
61 |
|
|
|
(2,734 |
) |
|
|
1,162,712 |
|
Corporate bonds |
|
|
1,710,377 |
|
|
|
86 |
|
|
|
(3,113 |
) |
|
|
1,707,350 |
|
Total marketable securities |
|
|
3,128,342 |
|
|
|
149 |
|
|
|
(5,957 |
) |
|
|
3,122,534 |
|
Cash equivalents: |
|
|
|
|
|
|
|
|
|
|
|
|
Money market funds |
|
|
436,756 |
|
|
|
— |
|
|
|
— |
|
|
|
436,756 |
|
Commercial paper |
|
|
317,072 |
|
|
|
1 |
|
|
|
(43 |
) |
|
|
317,030 |
|
U.S. government and agency securities |
|
|
1,148 |
|
|
|
— |
|
|
|
— |
|
|
|
1,148 |
|
Corporate bonds |
|
|
5,504 |
|
|
|
1 |
|
|
|
— |
|
|
|
5,505 |
|
Total cash equivalents |
|
|
760,480 |
|
|
|
2 |
|
|
|
(43 |
) |
|
|
760,439 |
|
Total available-for-sale securities |
|
$ |
3,888,822 |
|
|
$ |
151 |
|
|
$ |
(6,000 |
) |
|
$ |
3,882,973 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
|
|
|
|
|
Gross |
|
|
Gross |
|
|
|
|
|
|
Amortized |
|
|
unrealized |
|
|
unrealized |
|
|
Estimated |
|
|
|
cost |
|
|
gain |
|
|
loss |
|
|
fair value |
|
|
|
(in thousands) |
|
Marketable securities: |
|
|
|
|
|
|
|
|
|
|
|
|
Commercial paper |
|
$ |
62,380 |
|
|
$ |
16 |
|
|
$ |
(3 |
) |
|
$ |
62,393 |
|
U.S. government and agency securities |
|
|
689,258 |
|
|
|
1,432 |
|
|
|
(7 |
) |
|
|
690,683 |
|
Corporate bonds |
|
|
887,058 |
|
|
|
1,833 |
|
|
|
(33 |
) |
|
|
888,858 |
|
Total marketable securities |
|
|
1,638,696 |
|
|
|
3,281 |
|
|
|
(43 |
) |
|
|
1,641,934 |
|
Cash equivalents: |
|
|
|
|
|
|
|
|
|
|
|
|
Money market funds |
|
|
369,376 |
|
|
|
— |
|
|
|
— |
|
|
|
369,376 |
|
Commercial paper |
|
|
12,688 |
|
|
|
— |
|
|
|
(1 |
) |
|
|
12,687 |
|
Corporate bonds |
|
|
199 |
|
|
|
— |
|
|
|
— |
|
|
|
199 |
|
Total cash equivalents |
|
|
382,263 |
|
|
|
— |
|
|
|
(1 |
) |
|
|
382,262 |
|
Total available-for-sale securities |
|
$ |
2,020,959 |
|
|
$ |
3,281 |
|
|
$ |
(44 |
) |
|
$ |
2,024,196 |
|
The amortized cost and estimated fair value of the Company’s available-for-sale securities by contractual maturity are summarized below as of June 30, 2026:
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|
|
|
|
|
|
|
|
|
June 30, 2026 |
|
|
|
|
|
|
Gross |
|
|
Gross |
|
|
|
|
|
|
Amortized |
|
|
unrealized |
|
|
unrealized |
|
|
Estimated |
|
|
|
cost |
|
|
gain |
|
|
loss |
|
|
fair value |
|
|
|
(in thousands) |
|
Mature in one year or less |
|
$ |
2,468,017 |
|
|
$ |
148 |
|
|
$ |
(1,738 |
) |
|
$ |
2,466,427 |
|
Mature after one year through two years |
|
|
1,420,805 |
|
|
|
3 |
|
|
|
(4,262 |
) |
|
|
1,416,546 |
|
Total available-for-sale securities |
|
$ |
3,888,822 |
|
|
$ |
151 |
|
|
$ |
(6,000 |
) |
|
$ |
3,882,973 |
|
|