| MARKETABLE SECURITIES |
MARKETABLE SECURITIES The composition of our short-term and long-term marketable securities as of June 30, 2026 and December 31, 2025 were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | (In thousands) | Amortized
Cost | | Gross
Unrealized
Gains | | Gross
Unrealized
Losses | | Fair
Value | | Short-term: | | | | | | | | | Municipal bonds | $ | 9,881 | | | $ | — | | | $ | (9) | | | $ | 9,872 | | | Corporate debt securities | 2,387 | | | — | | | (3) | | | 2,384 | | | Commercial paper | 63,926 | | | 1 | | | (26) | | | 63,901 | | | Government, federal agency, and other sovereign obligations | 11,267 | | | — | | | (27) | | | 11,240 | | | Total short-term marketable securities | $ | 87,461 | | | $ | 1 | | | $ | (65) | | | $ | 87,397 | | | | | | | | | | | Long-term: | | | | | | | | | Municipal bonds | $ | 3,400 | | | $ | 2 | | | $ | (18) | | | $ | 3,384 | | | Corporate debt securities | 101,773 | | | — | | | (618) | | | 101,155 | | | Asset-backed securities | 104,237 | | | 17 | | | (466) | | | 103,788 | | | Government, federal agency, and other sovereign obligations | 37,256 | | | 3 | | | (228) | | | 37,031 | | | Total long-term marketable securities | $ | 246,666 | | | $ | 22 | | | $ | (1,330) | | | $ | 245,358 | |
| | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | (In thousands) | Amortized
Cost | | Gross
Unrealized
Gains | | Gross
Unrealized
Losses | | Fair
Value | | Short-term: | | | | | | | | | Municipal bonds | $ | 5,943 | | | $ | 4 | | | $ | — | | | $ | 5,947 | | | Corporate debt securities | 4,180 | | | 1 | | | — | | | 4,181 | | | Commercial paper | 15,622 | | | 5 | | | — | | | 15,627 | | | Government, federal agency, and other sovereign obligations | 5,323 | | | 9 | | | — | | | 5,332 | | | Total short-term marketable securities | $ | 31,068 | | | $ | 19 | | | $ | — | | | $ | 31,087 | | | | | | | | | | | Long-term: | | | | | | | | | Municipal bonds | $ | 3,600 | | | $ | 9 | | | $ | — | | | $ | 3,609 | | | Corporate debt securities | 33,187 | | | 61 | | | (2) | | | 33,246 | | | Asset-backed securities | 19,151 | | | 31 | | | (4) | | | 19,178 | | | Government, federal agency, and other sovereign obligations | 15,742 | | | 44 | | | — | | | 15,786 | | | Total long-term marketable securities | $ | 71,680 | | | $ | 145 | | | $ | (6) | | | $ | 71,819 | |
The short-term marketable securities have effective maturity dates of less than one year and the long-term marketable securities have effective maturity dates ranging from one to three years as of June 30, 2026 and December 31, 2025, respectively.
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