Marketable Securities

As of June 30, 2026, the Company did not hold any marketable securities, including available-for-sale debt securities.

As of December 31, 2025, available-for-sale debt securities were classified on the Condensed Consolidated Balance Sheets at fair value as follows:


	December 31, 2025
Cash and cash equivalents	$	—
Marketable securities	155,427
Total	$	155,427

The following table summarizes the available-for-sale securities held as of December 31, 2025:


December 31, 2025	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value







Corporate debt securities	$	139,833	$	487	(59)		140,261
U.S. Treasury securities	2,957		2		—		2,959
Government-sponsored securities	4,999		2		(1)		5,000
Commercial paper	7,206		1		—		7,207
Total	$	154,995	$	492	$	(60)	$	155,427

The following table summarizes the contractual maturities of available-for-sale securities other than investments in money market funds as of December 31, 2025:


	December 31, 2025
Matures within one year	$	52,078
Matures after one year through five years	103,349
Total	$	155,427

As of June 30, 2026, the Company had no marketable securities outstanding and no related unrealized gains or losses remained in accumulated other comprehensive income. As of December 31, 2025, unrealized losses on the Company’s available-for-sale securities were immaterial. In connection with funding the Azstarys Acquisition, proceeds from sales of available-for-sale securities were $151,805 during the six months ended June 30, 2026. Realized gains and losses are determined using the specific identification method. Gross realized gains and gross realized losses on these sales, and the corresponding amounts reclassified from accumulated other comprehensive income into earnings, were $78 and $295, respectively, during both the three and six months ended June 30, 2026. There were no sales of marketable securities during the three and six months ended June 30, 2025. Other comprehensive income related to marketable securities, net of tax, was $219 for the three months ended June 30, 2026 and the other comprehensive loss related to marketable securities, net of tax, was $319 for the six months ended June 30, 2026. Other comprehensive income related to marketable securities, net of tax, was $96 and $282 for the three and six months ended June 30, 2025, respectively. The Company had no transfers of available-for-sale securities into the trading category and did not hold trading securities during the periods presented.

The Company did not hold any securities with other-than-temporary impairment as of December 31, 2025. The Company reviews its investments for other-than-temporary impairment whenever the fair value of an investment is less than amortized cost and evidence indicates that an investment’s carrying amount is not recoverable within a reasonable period of time. To assess whether an impairment is other-than-temporary, the Company evaluates whether it has the ability and intent to hold the investment until recovery in market value, whether evidence supporting recovery of the investment’s amortized cost outweighs evidence to the contrary, and whether the decline in fair value below amortized cost is material.

The Company did not record any allowance for credit losses on its available-for-sale debt securities during the three and six months ended June 30, 2026 and 2025.