| Investments |
2. Investments Investment Components The Company invests in short-term marketable securities which include money markets held in the investment portfolios, equity securities, and available-for-sale debt securities. Available-for-sale debt securities are carried at fair value, with unrealized gains and losses recorded in accumulated other comprehensive income (loss). Interest, dividends, and realized gains and losses are recorded in investment income and other income (loss) on the statement of operations. The components of investments consisted of the following:
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Fair Value Level |
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Amortized Cost Basis |
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Gross Unrealized Gain |
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Gross Unrealized Loss |
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Fair Value |
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June 30, 2026 |
|
(in thousands) |
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Corporate debt securities |
|
Level 2 |
|
$ |
185,590 |
|
|
$ |
5 |
|
|
$ |
(534 |
) |
|
$ |
185,061 |
|
United States government agency securities |
|
Level 2 |
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|
49,522 |
|
|
|
— |
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|
|
(316 |
) |
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|
49,206 |
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Asset-backed securities |
|
Level 2 |
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|
37,268 |
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|
— |
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(77 |
) |
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|
37,191 |
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Yankee debt securities |
|
Level 2 |
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|
15,670 |
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|
— |
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(28 |
) |
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|
15,642 |
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Commercial paper |
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Level 2 |
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16,411 |
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1 |
|
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(26 |
) |
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16,386 |
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Certificates of deposit |
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Level 2 |
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4,020 |
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— |
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(2 |
) |
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|
4,018 |
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Total debt investments |
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308,481 |
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6 |
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(983 |
) |
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307,504 |
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Money market investments |
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Level 1 |
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42,111 |
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— |
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— |
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|
42,111 |
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Total short-term marketable securities |
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|
$ |
350,592 |
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|
$ |
6 |
|
|
$ |
(983 |
) |
|
$ |
349,615 |
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Fair Value Level |
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Amortized Cost Basis |
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Gross Unrealized Gain |
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Gross Unrealized Loss |
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Fair Value |
|
December 31, 2025 |
|
(in thousands) |
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Corporate debt securities |
|
Level 2 |
|
$ |
168,802 |
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|
$ |
46 |
|
|
$ |
(102 |
) |
|
$ |
168,746 |
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United States government agency securities |
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Level 2 |
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|
53,380 |
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|
43 |
|
|
|
— |
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|
53,423 |
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Asset-backed securities |
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Level 2 |
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33,249 |
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35 |
|
|
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(1 |
) |
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33,283 |
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Yankee debt securities |
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Level 2 |
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10,599 |
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7 |
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(3 |
) |
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10,603 |
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Commercial paper |
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Level 2 |
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5,618 |
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4 |
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— |
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|
5,622 |
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Certificates of deposit |
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Level 2 |
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1,595 |
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1 |
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— |
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1,596 |
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Total debt investments |
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273,243 |
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|
136 |
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(106 |
) |
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|
273,273 |
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Equity investments |
|
Level 1 |
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|
19,997 |
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— |
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— |
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|
19,997 |
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Money market investments |
|
Level 1 |
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|
37,606 |
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|
|
— |
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|
— |
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|
37,606 |
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Total short-term marketable securities |
|
|
|
$ |
330,846 |
|
|
$ |
136 |
|
|
$ |
(106 |
) |
|
$ |
330,876 |
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As of June 30, 2026, certain available-for-sale securities were in an unrealized loss position. The Company does not intend to sell, and it is more-likely-than-not that the Company will not be required to sell, these securities before recovery of their amortized cost basis. Accordingly, the Company concluded that no credit losses were required to be recognized as of June 30, 2026. Contractual Maturities The contractual maturities of available-for-sale debt securities as of June 30, 2026 were as follows:
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June 30, 2026 |
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Amortized Cost Basis |
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Fair Value |
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(in thousands) |
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Due in one year or less |
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$ |
243,523 |
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$ |
243,040 |
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Due after one year through five years |
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|
107,069 |
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|
106,575 |
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Total |
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$ |
350,592 |
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$ |
349,615 |
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