| Short-Term Investments |
4. Short-Term Investments Short-term investments consist of bank deposits and marketable securities. As of September 30, 2026 and December 31, 2025, bank deposits were $200.9 million and $147.5 million, respectively. Marketable securities consist of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2026 |
|
|
|
Amortized
Cost |
|
|
Gross
Unrealized
Gains |
|
|
Gross
Unrealized
Losses |
|
|
Estimated
Fair Value |
|
|
|
(in thousands) |
|
Certificates of deposit |
|
$ |
1,765 |
|
|
$ |
— |
|
|
$ |
(18 |
) |
|
$ |
1,747 |
|
Commercial paper |
|
|
24,788 |
|
|
|
— |
|
|
|
(80 |
) |
|
|
24,708 |
|
Corporate debt securities |
|
|
332,613 |
|
|
|
12 |
|
|
|
(2,682 |
) |
|
|
329,943 |
|
Municipal securities |
|
|
35,388 |
|
|
|
— |
|
|
|
(260 |
) |
|
|
35,128 |
|
Government and agency debt |
|
|
214,955 |
|
|
|
5 |
|
|
|
(1,733 |
) |
|
|
213,227 |
|
Total marketable securities |
|
$ |
609,509 |
|
|
$ |
17 |
|
|
$ |
(4,773 |
) |
|
$ |
604,753 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
|
|
Amortized
Cost |
|
|
Gross
Unrealized
Gains |
|
|
Gross
Unrealized
Losses |
|
|
Estimated
Fair Value |
|
|
|
(in thousands) |
|
Certificates of deposit |
|
$ |
1,503 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,503 |
|
Commercial paper |
|
|
11,764 |
|
|
|
2 |
|
|
|
(3 |
) |
|
|
11,763 |
|
Corporate debt securities |
|
|
275,555 |
|
|
|
531 |
|
|
|
(50 |
) |
|
|
276,036 |
|
Municipal securities |
|
|
29,460 |
|
|
|
43 |
|
|
|
(10 |
) |
|
|
29,493 |
|
Government and agency debt |
|
|
162,162 |
|
|
|
174 |
|
|
|
(35 |
) |
|
|
162,301 |
|
Total marketable securities |
|
$ |
480,444 |
|
|
$ |
750 |
|
|
$ |
(98 |
) |
|
$ |
481,096 |
|
The following table summarizes the Company’s marketable securities by contractual maturities:
|
|
|
|
|
|
|
September 30, 2026 |
|
|
|
(in thousands) |
|
Due in 1 year or less |
|
$ |
321,202 |
|
Due in 1 year through 3 years |
|
|
283,551 |
|
Total |
|
$ |
604,753 |
|
The following tables present fair value and gross unrealized losses of the Company’s marketable securities that have been in a continuous loss position, aggregated by length of time:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2026 |
|
|
|
Less Than 12 Months |
|
|
12 Months or Greater |
|
|
Total |
|
|
|
Fair Value |
|
|
Gross Unrealized Losses |
|
|
Fair Value |
|
|
Gross Unrealized Losses |
|
|
Fair Value |
|
|
Gross Unrealized Losses |
|
|
|
(in thousands) |
|
Certificates of deposit |
|
$ |
1,747 |
|
|
$ |
(18 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,747 |
|
|
$ |
(18 |
) |
Commercial paper |
|
|
24,708 |
|
|
|
(80 |
) |
|
|
— |
|
|
|
— |
|
|
|
24,708 |
|
|
|
(80 |
) |
Corporate debt securities |
|
|
310,025 |
|
|
|
(2,677 |
) |
|
|
1,189 |
|
|
|
(5 |
) |
|
|
311,214 |
|
|
|
(2,682 |
) |
Municipal securities |
|
|
34,920 |
|
|
|
(260 |
) |
|
|
— |
|
|
|
— |
|
|
|
34,920 |
|
|
|
(260 |
) |
Government and agency debt |
|
|
210,347 |
|
|
|
(1,731 |
) |
|
|
3,018 |
|
|
|
(2 |
) |
|
|
213,365 |
|
|
|
(1,733 |
) |
Total |
|
$ |
581,747 |
|
|
$ |
(4,766 |
) |
|
$ |
4,207 |
|
|
$ |
(7 |
) |
|
$ |
585,954 |
|
|
$ |
(4,773 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
|
|
Less Than 12 Months |
|
|
12 Months or Greater |
|
|
Total |
|
|
|
Fair Value |
|
|
Gross Unrealized Losses |
|
|
Fair Value |
|
|
Gross Unrealized Losses |
|
|
Fair Value |
|
|
Gross Unrealized Losses |
|
|
|
(in thousands) |
|
Commercial paper |
|
$ |
9,786 |
|
|
$ |
(3 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
9,786 |
|
|
$ |
(3 |
) |
Corporate debt securities |
|
|
50,218 |
|
|
|
(50 |
) |
|
|
— |
|
|
|
— |
|
|
|
50,218 |
|
|
|
(50 |
) |
Municipal securities |
|
|
6,600 |
|
|
|
(10 |
) |
|
|
— |
|
|
|
— |
|
|
|
6,600 |
|
|
|
(10 |
) |
Government and agency debt |
|
|
55,141 |
|
|
|
(35 |
) |
|
|
— |
|
|
|
— |
|
|
|
55,141 |
|
|
|
(35 |
) |
Total |
|
$ |
121,745 |
|
|
$ |
(98 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
121,745 |
|
|
$ |
(98 |
) |
As of September 30, 2026 and December 31, 2025, the unrealized losses related to marketable securities were determined to be not due to credit related losses. Therefore, the Company did not recognize an allowance for credit losses. See Note 12, Accumulated Other Comprehensive Income (Loss), for the realized gains or losses from available-for-sale marketable securities that were reclassified out of accumulated other comprehensive income (loss) (“AOCI”) during the periods presented.
|