FINANCIAL INSTRUMENTS

6 Months Ended

Jun. 30, 2026

Investments, Debt and Equity Securities [Abstract]

The following tables show the Company’s cash, cash equivalents and available-for-sale securities by significant investment category as of the dates presented. There were no marketable securities as of June 30, 2026, and all marketable securities as of December 31, 2025 were classified as available-for-sale.


	June 30, 2026
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Aggregate Fair Value		Cash and Cash Equivalents
Level 1:
Cash	$	527,517	$	—	$	—	$	527,517	$	527,517

Level 2:
Money market instruments	346,488		—		—		346,488		346,488






Total	$	874,005	$	—	$	—	$	874,005	$	874,005


	December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Aggregate Fair Value		Cash and Cash Equivalents		Short-term Marketable Securities (1)		Long-term Marketable Securities (2)
Level 1:
Cash	$	415,760	$	—	$	—	$	415,760	$	415,760	$	—	$	—

Level 2:
Money market instruments	895,919		—		—		895,919		895,919		—		—
Corporate debt securities	472,572		3,286		(3)		475,855		—		189,566		286,289
U.S. government agency securities	206,018		1,197		(1)		207,214		—		59,115		148,099
Asset-backed securities	57,687		420		(4)		58,103		—		249		57,854


Subtotal	1,632,196		4,903		(8)		1,637,091		895,919		248,930		492,242
Total	$	2,047,956	$	4,903	$	(8)	$	2,052,851	$	1,311,679	$	248,930	$	492,242

(1) The Company’s short-term marketable securities as of December 31, 2025 matured in one year or less.

(2) The Company’s long-term marketable securities as of December 31, 2025 matured between one and five years.