Short-Term Investments (Tables)
|
9 Months Ended |
Sep. 30, 2026 |
|---|
| Investments, All Other Investments [Abstract] |
|
| Summary of Marketable Securities |
Marketable securities consist of the following:
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|
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|
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|
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 |
|
|
| Summary of Company's Marketable Securities by Contractual Maturities |
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 |
|
|
| Summary of Presents Fair Value and Gross Unrealized Losses of the Company's Marketable Securities |
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:
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|
September 30, 2026 |
|
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|
Less Than 12 Months |
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|
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 |
) |
|