Marketable Securities

6 Months Ended

Jun. 30, 2026

Investments, Debt and Equity Securities [Abstract]

The fair value of available-for-sale marketable securities by type of security was as follows (in thousands):


	June 30, 2026
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Marketable Securities:
U.S. Treasury Bills with original maturity of one year or less	$	134,091	$	—	$	(40)	$	134,051
U. S. Treasury Bills with original maturity of one to two years	267,135		—		(526)		266,609
Total marketable securities	$	401,226	$	—	$	(566)	$	400,660


	December 31, 2025
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Marketable Securities:
U.S. Treasury Bills with original maturity of one year or less	$	233,672	$	146	$	—	$	233,818
U.S. Treasury Bills with original maturity of one to two years	84,201		97		—		84,298
Total marketable securities	$	317,873	$	243	$	—	$	318,116

The following table summarizes the Company's available-for-sale securities in an unrealized loss position, aggregated by type and length of time in a continuous unrealized position (in thousands):


	June 30, 2026
	Less than 12 Months				12 Months or Longer				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Marketable Securities:
U.S. Treasury Bills	$	400,660	$	(566)	$	—	$	—	$	400,660	$	(566)
Total	$	400,660	$	(566)	$	—	$	—	$	400,660	$	(566)

As summarized in the tables immediately above, the Company held nineteen debt securities that were in an unrealized loss position as of June 30, 2026. The unrealized losses at June 30, 2026 were attributable to changes in interest rates and do not represent credit losses. The Company does not intend to sell these securities, and it is not more likely than not that it will be required to sell them before recovery of their amortized cost basis. The Company held no debt securities that were in an unrealized loss position as of December 31, 2025.