v3.26.1
Marketable Securities and Fair Value Measurements
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Marketable Securities and Fair Value Measurements Marketable Securities and Fair Value Measurements
Marketable Securities

Marketable securities, classified as available-for-sale, consisted of the following (in thousands):
As of June 30, 2026As of December 31, 2025
Amortized CostGross Unrealized GainsGross Unrealized LossesFair ValueAmortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Corporate securities$172,796 $25 $(225)$172,596 $184,414 $397 $(3)$184,808 
U.S. Treasury and agency securities101,879 16 (378)101,517 94,148 246 (4)94,390 
Asset-backed securities28,520 51 (15)28,556 27,419 99 (2)27,516 
Debt securities$303,195 $92 $(618)$302,669 $305,981 $742 $(9)$306,714 

During the three and six months ended June 30, 2026 and 2025, we did not reclassify any amount to earnings from accumulated other comprehensive income related to unrealized gains or losses.

The following table summarizes the cost and estimated fair value of our marketable securities based on stated effective maturities as of June 30, 2026 (excluding publicly held equity securities, in thousands):
As of June 30, 2026Amortized CostFair Value
Less than 1 year$186,302 $186,239 
Mature in 1 - 3 years116,893 116,430 
Debt securities$303,195 $302,669 
All available-for-sale securities have been classified as current because they are available for use in current operations.

Marketable securities in an unrealized loss position as of June 30, 2026 consisted of the following (in thousands):

Less Than 12 Months12 Months or MoreTotal
As of June 30, 2026Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
Corporate securities$111,040 $(218)$— $— $111,040 $(218)
U.S. Treasury and agency securities92,376 (385)— — 92,376 (385)
Asset-backed securities12,719 (15)— — 12,719 (15)
Total$216,135 $(618)$— $— $216,135 $(618)
Marketable securities in an unrealized loss position as of December 31, 2025 consisted of the following (in thousands):

Less Than 12 Months12 Months or MoreTotal
As of December 31, 2025Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
Corporate securities$12,024 $(3)$— $— $12,024 $(3)
U.S. Treasury and agency securities13,194 (4)— — 13,194 (4)
Asset-backed securities3,348 (2)— — 3,348 (2)
Total$28,566 $(9)$— $— $28,566 $(9)

Based on evaluation of securities that have been in a continuous loss position, we did not recognize any other-than-temporary impairment charges during the three and six months ended June 30, 2026 and 2025.

Fair Value Measurements

The following is a summary of our cash, cash equivalents and marketable securities measured at fair value on a recurring basis (in thousands):
As of June 30, 2026As of December 31, 2025
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Cash$47,484 $— $— $47,484 $62,348 $— $— $62,348 
Cash equivalents7,195 — — 7,195 8,791 — — 8,791 
Corporate securities— 172,596 — 172,596 — 184,808 — 184,808 
U.S. Treasury and agency securities79,315 22,202 — 101,517 73,458 20,932 — 94,390 
Asset-backed securities— 28,556 — 28,556 — 27,516 — 27,516 
$133,994 $223,354 $— $357,348 $144,597 $233,256 $— $377,853 

There were no transfers between Level 1 and Level 2 fair value measurement categories during the three and six months ended June 30, 2026 and 2025.
The Company measures the fair value of the 2030 Notes (as defined below) using inputs of quoted prices for disclosure purposes on a recurring basis. The fair value of the 2030 Notes was $382.8 million as of June 30, 2026. The 2030 Notes are categorized as Level 2 since their fair values is based on Level 2 inputs of quoted prices.