The following table summarizes the amortized cost and estimated fair value of the Company’s investments, which are considered to be available-for-sale investments, and were included in marketable securities and long-term marketable securities (in thousands):


	June 30, 2026
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Marketable securities:
U.S. government agency debt securities	$	248,546	$	—	$	(359	)	$	248,187
Corporate debt securities		296,772		1		(620	)		296,153
Commercial paper		242,318		6		(224	)		242,100
	$	787,636	$	7	$	(1,203	)	$	786,440

Long-term marketable securities:
U.S. government agency debt securities	$	138,073	$	14	$	(303	)		137,784
Corporate debt securities		117,599		—		(307	)		117,292
	$	255,672	$	14	$	(610	)	$	255,076


	December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Marketable securities:
U.S. government agency debt securities	$	169,690	$	108	$	—		$	169,798
Corporate debt securities		122,737	23			(47	)		122,713
Commercial paper		93,241	37			—			93,278
	$	385,668	$	168	$	(47	)	$	385,789

Long-term marketable securities:
U.S. government agency debt securities	$	62,038	$	80	$	—		$	62,118
Corporate debt securities		44,537	18			(1	)		44,554
	$	106,575	$	98	$	(1	)	$	106,672

Certain short-term marketable securities with original maturities of less than 90 days are included in cash and cash equivalents on the consolidated balance sheets and are not included in the tables above. As of June 30, 2026, all short-term marketable securities had contractual maturities within one year and all long-term marketable securities had contractual maturities between one to two years.

As of June 30, 2026 and December 31, 2025, the Company held 146 and 12 securities, respectively, that were in an unrealized loss position, with a total fair market value of $977.8 million and $79.0 million, respectively. As of June 30, 2026 and December 31, 2025, there were no available-for-sale securities in a continuous unrealized loss position for greater than 12 months. The Company evaluated its securities for potential impairment and considered the decline in market value to be primarily attributable to current economic and market conditions. Additionally, the Company does not intend to sell the investments in an unrealized loss position and does not expect it will be required to sell the investments before recovery of their amortized cost bases, which may be at maturity. Given the Company’s intent and ability to hold such investments until recovery, and the lack of a significant change in credit risk for these investments, the Company does not consider these investments to be impaired and there were no allowances for credit losses as of June 30, 2026 and as of December 31, 2025.