v3.26.1
CASH, CASH EQUIVALENTS AND INVESTMENTS (Tables)
 6 Months Ended
Jun. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
Schedule of Debt Securities, Available-for-Sale
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 
Schedule of Cash and Cash Equivalents
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 
Interest and Other Income
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.