The Company’s investment securities as of September 30, 2026 and December 31, 2025 primarily consist of government debt securities that are classified as held-to-maturity. Held-to-maturity securities are recorded at amortized cost.

The following tables summarize the Company’s held-to-maturity securities at September 30, 2026 and December 31, 2025:


	September 30, 2026
(in thousands)	Amortized cost, as adjusted		Gross unrealized holding gains		Gross unrealized holding losses		Estimated fair value
Short-term obligations of domestic governmental agencies (maturing between October 2026 and September 2027) (held-to-maturity)	$	75,295	$	—	$	(232)	$	75,063
Long-term obligations of domestic governmental agencies (maturing between October 2027 and August 2028) (held-to-maturity)	52,038		—		(613)		51,425
Total held-to-maturity investment securities	$	127,333	$	—	$	(845)	$	126,488


	December 31, 2025
(in thousands)	Amortized cost, as adjusted		Gross unrealized holding gains		Gross unrealized holding losses		Estimated fair value
Short-term obligations of domestic governmental agencies (maturing between January 2026 and December 2026) (held-to-maturity)	$	62,822	$	130	$	—	$	62,952
Long-term obligations of domestic governmental agencies (maturing between January 2027 and November 2027) (held-to-maturity)	57,541		201		—		57,742
Total held-to-maturity investment securities	$	120,363	$	331	$	—	$	120,694

Included in long-term investment securities on the condensed consolidated balance sheet are equity securities held in connection with the Precision License Agreement and an agreement to purchase Imugene Shares. See Note 5 – Fair Value Measurements for a description of the Precision License Agreement, Imugene Shares, and for further information on the Company’s equity investments.