v3.26.1
Investments, Debt and Equity Securities (Tables)
6 Months Ended
Jun. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
Marketable Securities
Investments in marketable securities, including those classified in cash and cash equivalents, are summarized as follows (in thousands):
As of June 30, 2026
Amortized CostUnrealized GainsUnrealized LossesFair Value
U.S. Treasury securities$142,301 $$(100)$142,208 
Corporate bonds74,170 12 (83)74,099 
Commercial paper916 — — 916 
Marketable equity securities— — — 19,718 
Total cash equivalents and marketable securities217,387 19 (183)236,941 
Less: cash equivalents(19,315)— (19,313)
Marketable securities$198,072 $19 $(181)$217,628 
As of December 31, 2025
Amortized CostUnrealized GainsUnrealized LossesFair Value
U.S. Treasury securities$117,919 $171 $(52)$118,038 
Corporate bonds114,640 147 (121)114,666 
Commercial paper4,079 — (19)4,060 
Marketable equity securities— — — 18,654 
Total marketable securities236,638 318 (192)255,418 
Less: cash equivalents— — — — 
Marketable securities$236,638 $318 $(192)$255,418 
Debt Securities, Available-for-Sale
The amortized cost and estimated fair value of marketable debt securities at June 30, 2026, including $19.3 million classified in cash and cash equivalents, are summarized below by contractual maturity dates (in thousands):

Amortized costFair value
Due within one year$169,607 $169,553 
Due after one year through five years47,777 47,670