Investments

9 Months Ended

Sep. 30, 2026

Investments, Debt and Equity Securities [Abstract]

Note 4. Investments

Our investments, which are all classified as available-for-sale, consisted of the following (in thousands):


	As of September 30, 2026
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Description:
U.S government agencies	$	396,409	$	—	$	(556)	$	395,853



Total assets	$	396,409	$	—	$	(556)	$	395,853


	As of December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Description:


U.S government agencies	$	411,424	$	701	$	—	$	412,125

Total assets	$	411,424	$	701	$	—	$	412,125

As of September 30, 2026 and December 31, 2025, our available-for-sale investments had maturities ranging from one to five months and from one to fourteen months, respectively.

On October 30, 2025, we entered into a $5.5 million investment in a privately-held cybersecurity company via a Simple Agreement for Future Equity (“SAFE”). The investment in the SAFE is accounted for at cost, subject to adjustments for impairment and observable changes in fair value, and is presented on the unaudited condensed consolidated balance sheets within the category of Other Assets. During the three months ended September 30, 2026, we identified indicators of impairment

related to our SAFE investment resulting from the financial and operating conditions of the underlying entity, Based on our assessment of the entity’s financial condition and operational outlook as of September 30, 2026, we determined the investment was fully impaired and recorded an impairment charge of $5.5 million to Other income (expense) on our unaudited condensed consolidated statement of operations. As a result of the impairment, the investment was measured at fair value on a nonrecurring basis as of September 30, 2026. The fair value was based on the estimated proceeds available to us from a sale or wind-down of the entity, which are unobservable inputs (Level 3). We expect to receive minimal, if any, proceeds and, therefore, concluded the fair value of the SAFE was $0.0 million as of September 30, 2026

For all of our investments for which the amortized cost basis was greater than the fair value at September 30, 2026 and December 31, 2025, we have concluded that there is no plan to sell the security nor is it more likely than not that we would be required to sell the security before its anticipated maturity. In making the determination as to whether a credit loss exists, we evaluated factors such as the extent to which fair value is less than amortized cost, adverse conditions specifically related to the security or industry, changes in the financial condition and credit ratings of the issuers, payment history, and expected future cash flows.