v3.26.1
Marketable Securities (Tables)
 6 Months Ended
Jun. 30, 2026
Marketable Securities [Abstract]  
Summary of Debt Securities, Available-for-sale

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

 
Summary of Fair value and Gross Unrealized Losses on Securities

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

)