| Marketable Securities |
3. Marketable Securities The amortized cost and estimated fair value of marketable securities, by remaining contractual maturity, are as follows:
|
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|
June 30, 2026 |
|
(in thousands) |
|
Amortized Cost |
|
|
Gross Unrealized Holding Gains |
|
|
Gross Unrealized Holding Losses |
|
|
Fair Value |
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|
|
|
|
|
|
|
|
|
|
|
|
|
Maturing in one year or less |
|
|
|
|
|
|
|
|
|
|
|
|
Corporate bonds |
|
$ |
64,673 |
|
|
|
— |
|
|
$ |
(190 |
) |
|
$ |
64,483 |
|
Commercial paper |
|
|
8,424 |
|
|
|
— |
|
|
|
— |
|
|
|
8,424 |
|
Yankee bonds |
|
|
2,510 |
|
|
|
— |
|
|
|
(15 |
) |
|
|
2,495 |
|
U.S. Treasuries |
|
|
131,087 |
|
|
|
— |
|
|
|
(252 |
) |
|
|
130,835 |
|
U.S. Treasury bills |
|
|
45,913 |
|
|
|
— |
|
|
|
(5 |
) |
|
|
45,908 |
|
Maturing after one year through five years |
|
|
|
|
|
|
|
|
|
|
|
|
Corporate bonds |
|
|
48,200 |
|
|
|
— |
|
|
|
(245 |
) |
|
|
47,955 |
|
U.S. Treasuries |
|
|
58,389 |
|
|
|
— |
|
|
|
(215 |
) |
|
|
58,174 |
|
Total |
|
$ |
359,196 |
|
|
$ |
— |
|
|
$ |
(922 |
) |
|
$ |
358,274 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
(in thousands) |
|
Amortized Cost |
|
|
Gross Unrealized Holding Gains |
|
|
Gross Unrealized Holding Losses |
|
|
Fair Value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maturing in one year or less |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasuries |
|
$ |
25,772 |
|
|
$ |
16 |
|
|
$ |
— |
|
|
$ |
25,788 |
|
U.S. Treasury bills |
|
|
13,636 |
|
|
|
6 |
|
|
|
— |
|
|
|
13,642 |
|
Maturing after one year through five years |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasuries |
|
|
19,273 |
|
|
|
19 |
|
|
|
— |
|
|
|
19,292 |
|
Total |
|
$ |
58,681 |
|
|
$ |
41 |
|
|
$ |
— |
|
|
$ |
58,722 |
|
The following table presents the fair value of the Company’s securities that were in an unrealized loss position as of June 30, 2026, and the total unrealized loss by each type of security. The Company did not record any impairments to marketable securities or reserves for credit losses related to its marketable debt securities during the periods presented. There were no securities in an unrealized loss position as of December 31, 2025.
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|
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|
June 30, 2026 |
|
|
|
Less than twelve months |
|
|
Greater than twelve months |
|
|
Total |
|
(in thousands) |
|
Fair value |
|
|
Unrealized loss |
|
|
Fair value |
|
|
Unrealized loss |
|
|
Fair value |
|
|
Unrealized loss |
|
Corporate bonds |
|
$ |
112,438 |
|
|
$ |
(435 |
) |
|
|
— |
|
|
|
— |
|
|
$ |
112,438 |
|
|
$ |
(435 |
) |
Commercial paper |
|
|
8,424 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
8,424 |
|
|
|
— |
|
U.S. Treasury bills |
|
|
45,908 |
|
|
|
(5 |
) |
|
|
— |
|
|
|
— |
|
|
|
45,908 |
|
|
|
(5 |
) |
U.S. Treasuries |
|
|
189,009 |
|
|
|
(467 |
) |
|
|
— |
|
|
|
— |
|
|
|
189,009 |
|
|
|
(467 |
) |
Yankee bonds |
|
|
2,495 |
|
|
|
(15 |
) |
|
|
— |
|
|
|
— |
|
|
|
2,495 |
|
|
|
(15 |
) |
Total |
|
$ |
358,274 |
|
|
$ |
(922 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
358,274 |
|
|
$ |
(922 |
) |
|