The Company values its marketable securities using independent pricing services which normally derive security prices from recently reported trades for identical or similar securities, making adjustments based on significant observable transactions. At each balance sheet date, observable market inputs may include trade information, broker or dealer quotes, bids, offers or a combination of these data sources.

The following table summarizes the Company’s marketable debt securities, classified as available-for-sale:


	Fair Value Measurements as of June 30, 2026
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Loss			Fair Value
	(in thousands)
Marketable debt securities
U.S. Treasury bills	$	189,569	$	8	$	(79	)	$	189,498
U.S. government agency bonds		479,496		134		(696	)		478,934
	$	669,065	$	142	$	(775	)	$	668,432


	Fair Value Measurements as of December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Loss		Fair Value
	(in thousands)
Marketable debt securities
U.S. Treasury bills	$	134,666	$	103	$	—	$	134,769
U.S. government agency bonds		95,969		121		—		96,090
	$	230,635	$	224	$	—	$	230,859

The following table summarizes the fair value and gross unrealized losses aggregated by category and the length of time that individual securities have been in an unrealized loss position at June 30, 2026:


	June 30, 2026
	Less than twelve months					Greater than twelve months				Total
	Fair value		Unrealized loss			Fair value		Unrealized loss		Fair value		Unrealized loss
	(in thousands)
U.S. Treasury bills	$	165,105	$	(79	)	$	-	$	-	$	165,105	$	(79	)
U.S. government agency bonds		338,439		(696	)		-		-		338,439		(696	)
	$	503,544	$	(775	)	$	-	$	-	$	503,544	$	(775	)

The Company did not hold investment grade marketable securities considered to be in an unrealized loss position at December 31, 2025.

The Company holds investment grade marketable securities considered to be in an unrealized loss position at June 30, 2026. Although these marketable securities are held at an unrealized loss position at June 30, 2026, the Company does not intend to sell the marketable securities prior to the value of the securities being recovered and the Company has concluded that it is more likely than not that the marketable securities cost basis values will be recovered prior to sale of the securities and that there are no conditions or events that might require the Company to sell the securities before recovery of the cost basis occurs. Further, the Company did not record any impairments to marketable securities or reserves for credit losses related to its marketable debt securities during the periods then ended. Marketable securities include $4.4 million and $1.0 million in accrued interest at June 30, 2026 and December 31, 2025, respectively.