| investments |
3. Investments The following is a summary of the Company’s investment portfolio (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of June 30, 2026 |
|
|
|
Amortized Cost |
|
|
Unrealized gains |
|
|
Unrealized losses |
|
|
Fair value |
|
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
Current marketable securities: |
|
|
|
|
|
|
|
|
|
|
|
|
U.S treasury securities |
|
$ |
111,481 |
|
|
$ |
2 |
|
|
$ |
(122 |
) |
|
$ |
111,361 |
|
U.S. government-sponsored agency securities |
|
|
61,045 |
|
|
|
— |
|
|
|
(246 |
) |
|
|
60,799 |
|
Commercial paper |
|
|
3,939 |
|
|
|
— |
|
|
|
— |
|
|
|
3,939 |
|
Corporate debt securities |
|
|
178,051 |
|
|
|
5 |
|
|
|
(200 |
) |
|
|
177,856 |
|
Total |
|
$ |
354,516 |
|
|
$ |
7 |
|
|
$ |
(568 |
) |
|
$ |
353,955 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2025 |
|
|
|
Amortized Cost |
|
|
Unrealized gains |
|
|
Unrealized losses |
|
|
Fair value |
|
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
Current marketable securities: |
|
|
|
|
|
|
|
|
|
|
|
|
U.S treasury securities |
|
$ |
54,881 |
|
|
$ |
46 |
|
|
$ |
— |
|
|
$ |
54,927 |
|
U.S. government-sponsored agency securities |
|
|
61,310 |
|
|
|
25 |
|
|
|
(20 |
) |
|
|
61,315 |
|
Commercial paper |
|
|
8,904 |
|
|
|
3 |
|
|
|
— |
|
|
|
8,907 |
|
Corporate debt securities |
|
|
122,468 |
|
|
|
104 |
|
|
|
(1 |
) |
|
|
122,571 |
|
Total |
|
$ |
247,563 |
|
|
$ |
178 |
|
|
$ |
(21 |
) |
|
$ |
247,720 |
|
As of both June 30, 2026 and December 31, 2025, all of the Company’s investments were available to the Company for use in current operations. As a result, the Company classified all investments as current assets even though the stated maturity of some individual investments may be one year or more beyond the balance sheet date. The following table shows the fair value of the Company’s investments, by contractual maturity, as of June 30, 2026 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of June 30, 2026 |
|
|
|
Due within one year |
|
|
Due after one year through five years |
|
|
Total |
|
Contractual Maturities: |
|
|
|
|
|
|
|
|
|
U.S. treasury securities |
|
$ |
52,500 |
|
|
$ |
58,861 |
|
|
$ |
111,361 |
|
U.S. government-sponsored agency securities |
|
|
16,656 |
|
|
|
44,143 |
|
|
|
60,799 |
|
Commercial paper |
|
|
3,939 |
|
|
|
— |
|
|
|
3,939 |
|
Corporate debt securities |
|
|
84,653 |
|
|
|
93,203 |
|
|
|
177,856 |
|
Total |
|
$ |
157,748 |
|
|
$ |
196,207 |
|
|
$ |
353,955 |
|
The following table shows the fair value of the Company’s investments, by contractual maturity, as of December 31, 2025 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2025 |
|
|
|
Due within one year |
|
|
Due after one year through five years |
|
|
Total |
|
Contractual Maturities: |
|
|
|
|
|
|
|
|
|
U.S. treasury securities |
|
$ |
49,893 |
|
|
$ |
5,034 |
|
|
$ |
54,927 |
|
U.S. government-sponsored agency securities |
|
|
10,045 |
|
|
|
51,270 |
|
|
|
61,315 |
|
Commercial paper |
|
|
8,907 |
|
|
|
— |
|
|
|
8,907 |
|
Corporate debt securities |
|
|
60,659 |
|
|
|
61,912 |
|
|
|
122,571 |
|
Total |
|
$ |
129,504 |
|
|
$ |
118,216 |
|
|
$ |
247,720 |
|
|