v3.26.1
Cash, Cash Equivalents and Short-Term Investments (Tables)
 6 Months Ended
Jun. 30, 2026
Cash and Cash Equivalents [Abstract]  
Schedule of Amortized Cost, Unrealized Gains and Losses and Estimated Fair Value of Cash, Cash Equivalents and Short-Term Investments
The amortized cost, unrealized gains and losses and estimated fair value of the Company's cash, cash equivalents and short-term investments as of June 30, 2026 and December 31, 2025 consisted of the following:

As of June 30, 2026
Amortized CostUnrealized GainUnrealized LossEstimated Fair Value
Cash$135.6 $— $— $135.6 
Cash equivalents
Money market funds920.6 — — 920.6 
Total cash & cash equivalents$1,056.2 $— $— $1,056.2 
Short-term investments
Corporate notes and obligations34.8 — (0.2)34.6 
U.S. Treasury securities11.7 — — 11.7 
Municipal securities10.8 — — 10.8 
Asset backed securities0.5 — — 0.5 
Total short-term investments57.8 — (0.2)57.6 
Total$1,114.0 $— $(0.2)$1,113.8 

As of December 31, 2025
Amortized CostUnrealized GainUnrealized LossEstimated Fair Value
Cash$126.5 $— $— $126.5 
Cash equivalents
Money market funds764.8 — — 764.8 
Total cash & cash equivalents$891.3 $— $— $891.3 
Short-term investments
Corporate notes and obligations79.60.1(0.6)79.1
U.S. Treasury securities45.40.1(0.2)45.3
Municipal securities10.8— (0.1)10.7
Asset backed securities6.3— (0.1)6.2
U.S. agency obligations3.8— — 3.8
Supranational securities1.8— — 1.8
Total short-term investments147.7 0.2 (1.0)146.9 
Total$1,039.0 $0.2 $(1.0)$1,038.2 
Schedule of Contractual Maturities of Short Term Investments
The following table presents the contractual maturities of the Company’s short-term investments as of June 30, 2026:

As of June 30, 2026
Amortized CostEstimated Fair Value
Due within one year$45.8 $45.6 
Due between one to three years11.6 11.6 
Due after three years0.4 0.4 
Total$57.8 $57.6 
Schedule of Breakdown of the Short-Term Investments The following tables present the breakdown of the short-term investments that have been in a continuous unrealized loss position aggregated by investment category, as of June 30, 2026 and December 31, 2025:
As of June 30, 2026
Less than 12 monthsMore than 12 monthsTotal
Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
Corporate notes and obligations$0.8 $— $24.0 $(0.2)$24.8 $(0.2)
Total$0.8 $— $24.0 $(0.2)$24.8 $(0.2)

As of December 31, 2025
Less than 12 monthsMore than 12 monthsTotal
Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
Corporate notes and obligations$1.1 $— $58.5 $(0.6)$59.6 $(0.6)
U.S. Treasury securities5.0 — 28.4 (0.2)33.4 (0.2)
Municipal securities— — 4.5 (0.1)4.5 (0.1)
Asset backed securities— — 4.8 (0.1)4.8 (0.1)
Total$6.1 $— $96.2 $(1.0)$102.3 $(1.0)