| Summary of Fair Value of Available-for-Sale Investments by Type of Security |
The fair value of available-for-sale investments by type of security was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2026 |
|
|
|
Amortized
Cost |
|
|
Unrealized
Gains |
|
|
Unrealized
Losses |
|
|
Fair
Value |
|
|
|
(in thousands) |
|
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. treasury bills |
|
$ |
339,365 |
|
|
$ |
29 |
|
|
$ |
(313 |
) |
|
$ |
339,081 |
|
U.S. agency securities |
|
|
54,600 |
|
|
|
3 |
|
|
|
(47 |
) |
|
|
54,556 |
|
Total investments with a maturity of one year or less |
|
|
393,965 |
|
|
|
32 |
|
|
|
(360 |
) |
|
|
393,637 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. treasury bills |
|
|
366,604 |
|
|
|
27 |
|
|
|
(1,134 |
) |
|
|
365,497 |
|
U.S. agency securities |
|
|
30,729 |
|
|
|
— |
|
|
|
(118 |
) |
|
|
30,611 |
|
Total investments with a maturity of one to two years |
|
|
397,333 |
|
|
|
27 |
|
|
|
(1,252 |
) |
|
|
396,108 |
|
Total investments |
|
$ |
791,298 |
|
|
$ |
59 |
|
|
$ |
(1,612 |
) |
|
$ |
789,745 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
|
|
Amortized
Cost |
|
|
Unrealized
Gains |
|
|
Unrealized
Losses |
|
|
Fair
Value |
|
|
|
(in thousands) |
|
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. treasury bills |
|
$ |
357,852 |
|
|
$ |
513 |
|
|
$ |
(2 |
) |
|
$ |
358,363 |
|
U.S. agency securities |
|
|
49,430 |
|
|
|
48 |
|
|
|
(2 |
) |
|
|
49,476 |
|
Total investments with a maturity of one year or less |
|
|
407,282 |
|
|
|
561 |
|
|
|
(4 |
) |
|
|
407,839 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. treasury bills |
|
|
42,670 |
|
|
|
151 |
|
|
|
— |
|
|
|
42,821 |
|
U.S. agency securities |
|
|
19,815 |
|
|
|
27 |
|
|
|
(2 |
) |
|
|
19,840 |
|
Total investments with a maturity of one to two years |
|
|
62,485 |
|
|
|
178 |
|
|
|
(2 |
) |
|
|
62,661 |
|
Total investments |
|
$ |
469,767 |
|
|
$ |
739 |
|
|
$ |
(6 |
) |
|
$ |
470,500 |
|
|
| Available-for-sale Debt Securities in an Unrealized Loss Position |
The following tables summarize the Company's available-for-sale debt securities in an unrealized loss position, aggregated by major security type and length of time in a continuous unrealized loss position:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2026 |
|
|
|
Less than 12 Months |
|
|
12 Months or Longer |
|
|
Total |
|
|
|
Fair Value |
|
|
Unrealized
Losses |
|
|
Fair Value |
|
|
Unrealized
Losses |
|
|
Fair Value |
|
|
Unrealized
Losses |
|
|
|
(in thousands) |
|
U.S. treasury bills |
|
$ |
614,843 |
|
|
$ |
(1,447 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
614,843 |
|
|
$ |
(1,447 |
) |
U.S. agency securities |
|
|
71,666 |
|
|
|
(165 |
) |
|
|
— |
|
|
|
— |
|
|
|
71,666 |
|
|
|
(165 |
) |
Total |
|
$ |
686,509 |
|
|
$ |
(1,612 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
686,509 |
|
|
$ |
(1,612 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
|
|
Less than 12 Months |
|
|
12 Months or Longer |
|
|
Total |
|
|
|
Fair Value |
|
|
Unrealized
Losses |
|
|
Fair Value |
|
|
Unrealized
Losses |
|
|
Fair Value |
|
|
Unrealized
Losses |
|
|
|
(in thousands) |
|
U.S. treasury bills |
|
$ |
11,057 |
|
|
$ |
(1 |
) |
|
$ |
4,012 |
|
|
$ |
(1 |
) |
|
$ |
15,069 |
|
|
$ |
(2 |
) |
U.S. agency securities |
|
|
28,187 |
|
|
|
(4 |
) |
|
|
— |
|
|
|
— |
|
|
|
28,187 |
|
|
|
(4 |
) |
Total |
|
$ |
39,244 |
|
|
$ |
(5 |
) |
|
$ |
4,012 |
|
|
$ |
(1 |
) |
|
$ |
43,256 |
|
|
$ |
(6 |
) |
|