v3.26.1
Available-for-sale debt securities
 6 Months Ended
Jun. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
Available-for-sale debt securities Available-for-sale debt securities
The amortized cost and fair value of our available-for-sale debt securities by type of security as of June 30, 2026 are as follows:
(in thousands)Fair Value Hierarchy LevelAmortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Money market fundsLevel 1$95,644 $— $— $95,644 
U.S. treasury securitiesLevel 1636,953 10 (788)636,175 
U.S. government agency securitiesLevel 283,761 — (118)83,643 
The amortized cost and fair value of our available-for-sale debt securities by type of security as of December 31, 2025 are as follows:
(in thousands)Fair Value Hierarchy LevelAmortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Money market fundsLevel 1$12,204 $— $— $12,204 
U.S. treasury securitiesLevel 178,268 46 — 78,314 
U.S. government agency securitiesLevel 249,767 15 (1)49,781 
The fair values of available-for-sale debt securities, by classification, included in the condensed consolidated balance sheets as of June 30, 2026 and December 31, 2025 are as follows:
(in thousands)As of June 30, 2026As of December 31, 2025
Cash and cash equivalents$314,901 $20,203 
Marketable securities500,561 120,097 
As of June 30, 2026 and December 31, 2025, the amounts shown for marketable securities on our condensed consolidated balance sheets are inclusive of $3.7 million and $0.9 million of earned interest receivable, respectively.
The fair value of available-for-sale debt securities as of June 30, 2026 and December 31, 2025, by contractual maturity, are summarized as follows:
As of June 30, 2026As of December 31, 2025
(in thousands)Amortized CostFair ValueAmortized CostFair Value
Due in one year or less$656,055 $655,768 $114,003 $114,047 
Due in one year through five years160,303 159,694 26,237 26,253 
Total$816,358 $815,462 $140,240 $140,300 
The aggregate fair value of available-for-sale debt securities in an unrealized loss position as of June 30, 2026 and December 31, 2025 was $590.7 million and $9.6 million, respectively. The Company had no realized gains or losses during the six months ended June 30, 2026 or 2025. As of June 30, 2026 and December 31, 2025, the Company believes that the cost basis of our available-for-sale debt securities is recoverable and no allowance for credit losses was recorded.