v3.26.1
CASH, CASH EQUIVALENTS AND INVESTMENTS
 6 Months Ended
Jun. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
CASH, CASH EQUIVALENTS AND INVESTMENTS CASH, CASH EQUIVALENTS AND INVESTMENTS
The following table presents the Company’s cash, cash equivalents and short-term investments:
June 30, 2026December 31, 2025
(in thousands)Amortized Cost BasisUnrealized GainsUnrealized LossesEstimated Fair ValueAmortized Cost BasisUnrealized GainsUnrealized LossesEstimated Fair Value
Cash:
Demand deposits$15,877 $— $— $15,877 $16,536 $— $— $16,536 
Cash equivalents:
Money market funds152,987 — — 152,987 748,322 — — 748,322 
U.S. Treasury securities92,725 1 — 92,726 334,339 59 — 334,398 
Commercial paper
161,000 4 (2)161,002 48,762 7 — 48,769 
Certificates of deposit
6,482 1 — 6,483 17,985 1 — 17,986 
Total cash equivalents413,194 6 (2)413,198 1,149,408 67 — 1,149,475 
Total cash and equivalents429,071 6 (2)429,075 1,165,944 67 — 1,166,011 
Short-term investments:
U.S. Treasury securities1,015,855 5 (349)1,015,511 636,214 367 — 636,581 
Commercial paper
1,553 — — 1,553 21,767 4 — 21,771 
Certificates of deposit
6,500 — — 6,500 5,923 — — 5,923 
Total short-term investments1,023,908 5 (349)1,023,564 663,904 371 — 664,275 
Total cash, cash equivalents and short-term investments$1,452,979 $11 $(351)$1,452,639 $1,829,848 $438 $— $1,830,286 
The Company does not intend to sell, nor is it more likely than not that the Company will be required to sell any investments in unrealized loss positions before recovery of their amortized cost basis. The Company did not recognize any credit losses related to its available-for-sale investments during the three and six months ended June 30, 2026, and 2025. The unrealized losses on the Company’s available-for-sale investments were primarily due to unfavorable changes in interest rates subsequent to initial purchase. None of the available-for-sale investments held as of June 30, 2026, were in a continuous unrealized loss position for greater than 12 months and the unrealized losses and the related risk of expected credit losses were not material. The Company’s gross realized gains and losses were not material for the three and six months ended June 30, 2026 and 2025.
The Company’s interest and investment income, which is included in “Other income, net” within the Company’s unaudited Condensed Consolidated Statements of Operations, was as follows:
For the three months ended June 30,For the six months ended June 30,
(in thousands)2026202520262025
Interest and investment income(1)
$13,715 $8,146 $29,318 $16,711 
(1)Includes interest and investment income on the Company’s available-for-sale securities and other money market funds.
As of June 30, 2026, all outstanding available-for-sale investments had contractual maturities within one year and aggregated to a fair value of $1,283.8 million.