| MARKETABLE DEBT SECURITIES |
6. MARKETABLE DEBT SECURITIES The following tables summarize our marketable debt securities: | | | | | | | | | | | | | | | | | | | | | | | | | As of December 31, 2025 | | (In thousands) | Amortized
Cost | | Gross
Unrealized
Gains | | Gross
Unrealized
Losses | | Fair Value | | U.S. treasury securities | $ | 670,566 | | | $ | 1,736 | | | $ | (9) | | | $ | 672,293 | | | Corporate notes | 332,104 | | | 1,152 | | | (15) | | | 333,241 | | | U.S. government-sponsored enterprise securities | 254,829 | | | 559 | | | (64) | | | 255,324 | | | Commercial paper | 9,012 | | | — | | | — | | | 9,012 | | | | | | | | | | | Municipal securities | 5,000 | | | 1 | | | — | | | 5,001 | | | Total | $ | 1,271,511 | | | $ | 3,448 | | | $ | (88) | | | $ | 1,274,871 | |
| | | | | | | | | | | | | | | | | | | | | | | | | As of December 31, 2024 | | (In thousands) | Amortized
Cost | | Gross
Unrealized
Gains | | Gross
Unrealized
Losses | | Fair Value | | U.S. treasury securities | $ | 957,145 | | | $ | 1,377 | | | $ | (467) | | | $ | 958,055 | | | U.S. government-sponsored enterprise securities | 405,890 | | | 575 | | | (370) | | | 406,095 | | | Corporate notes | 361,311 | | | 769 | | | (341) | | | 361,739 | | | Commercial paper | 58,117 | | | — | | | — | | | 58,117 | | | Municipal securities | 5,002 | | | 1 | | | — | | | 5,003 | | | | | | | | | | | Total | $ | 1,787,465 | | | $ | 2,722 | | | $ | (1,178) | | | $ | 1,789,009 | |
The following table summarizes classification of our marketable debt securities in the consolidated balance sheets: | | | | | | | | | | | | | As of December 31, | | (In thousands) | 2025 | | 2024 | | Cash and cash equivalents | $ | 23,637 | | | $ | 69,089 | | | Marketable debt securities | 1,251,234 | | | 1,719,920 | | | Total | $ | 1,274,871 | | | $ | 1,789,009 | |
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