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Marketable Securities | 12 Months Ended
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Dec. 31, 2025
Debt Securities, Available-for-Sale [Abstract] |
Marketable Securities | 8. Marketable Securities All cash equivalents and marketable securities are classified as available-for-sale. Total cash, cash equivalents and marketable securities are summarized as follows:
|  | As of December 31, 2025 |
(In thousands) |  | Fair Value |  |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |
Cash |  | $ | 67,833 |  |  | $ | 67,833 |  |  | $ | — |  |  | $ | — |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  |  | 47,277 |  |  |  | 47,277 |  |  |  | — |  |  |  | — |
U.S. Government bonds and notes |  |  | 16,936 |  |  |  | 16,932 |  |  |  | 4 |  |  |  | — |
Corporate bonds, commercial paper and notes |  |  | 50,780 |  |  |  | 50,780 |  |  |  | 3 |  |  |  | (3 | )
Total cash equivalents |  |  | 114,993 |  |  |  | 114,989 |  |  |  | 7 |  |  |  | (3 | )
Total cash and cash equivalents |  |  | 182,826 |  |  |  | 182,822 |  |  |  | 7 |  |  |  | (3 | )
Marketable securities: |  |  |  |  |  |  |  |  |  |  |  |
Time deposits |  |  | 15,540 |  |  |  | 15,540 |  |  |  | — |  |  |  | — |
U.S. Government bonds and notes |  |  | 161,361 |  |  |  | 161,231 |  |  |  | 180 |  |  |  | (50 | )
Non-U.S. Government bonds and notes |  |  | 3,983 |  |  |  | 3,980 |  |  |  | 3 |  |  |  | — |
Corporate bonds, commercial paper and notes |  |  | 398,121 |  |  |  | 397,755 |  |  |  | 429 |  |  |  | (63 | )
Total marketable securities |  |  | 579,005 |  |  |  | 578,506 |  |  |  | 612 |  |  |  | (113 | )
Total cash, cash equivalents and marketable securities |  | $ | 761,831 |  |  | $ | 761,328 |  |  | $ | 619 |  |  | $ | (116 | )
|  | As of December 31, 2024 |
(In thousands) |  | Fair Value |  |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |
Cash |  | $ | 87,415 |  |  | $ | 87,415 |  |  | $ | — |  |  | $ | — |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  |  | 6,025 |  |  |  | 6,025 |  |  |  | — |  |  |  | — |
Corporate bonds, commercial paper and notes |  |  | 6,335 |  |  |  | 6,334 |  |  |  | 1 |  |  |  | — |
Total cash equivalents |  |  | 12,360 |  |  |  | 12,359 |  |  |  | 1 |  |  |  | — |
Total cash and cash equivalents |  |  | 99,775 |  |  |  | 99,774 |  |  |  | 1 |  |  |  | — |
Marketable securities: |  |  |  |  |  |  |  |  |  |  |  |
Time deposits |  |  | 12,870 |  |  |  | 12,870 |  |  |  | — |  |  |  | — |
U.S. Government bonds and notes |  |  | 220,056 |  |  |  | 220,034 |  |  |  | 184 |  |  |  | (162 | )
Corporate bonds, commercial paper and notes |  |  | 149,097 |  |  |  | 149,085 |  |  |  | 121 |  |  |  | (109 | )
Total marketable securities |  |  | 382,023 |  |  |  | 381,989 |  |  |  | 305 |  |  |  | (271 | )
Total cash, cash equivalents and marketable securities |  | $ | 481,798 |  |  | $ | 481,763 |  |  | $ | 306 |  |  | $ | (271 | )
Available-for-sale securities are reported at fair value on the balance sheets and were classified along with cash as follows:
|  | As of December 31, |
(In thousands) |  | 2025 |  |  | 2024 |
Cash |  | $ | 67,833 |  |  | $ | 87,415 |
Cash equivalents |  |  | 114,993 |  |  |  | 12,360 |
Total cash and cash equivalents |  |  | 182,826 |  |  |  | 99,775 |
Marketable securities |  |  | 579,005 |  |  |  | 382,023 |
Total cash, cash equivalents and marketable securities |  | $ | 761,831 |  |  | $ | 481,798 |
The Company continues to invest in highly rated, liquid debt securities. The Company holds all of its marketable securities as available-for-sale, marks them to market and regularly reviews its portfolio to ensure adherence to its investment policy and to monitor individual investments for risk analysis, proper valuation and impairment. The estimated fair value and gross unrealized losses of cash equivalents and marketable securities classified by the length of time that the securities have been in a continuous unrealized loss position as of December 31, 2025 and 2024 are as follows:
|  | Fair Value |  |  | Gross Unrealized Losses |
(In thousands) |  | December 31, 2025 |  |  | December 31, 2024 |  |  | December 31, 2025 |  |  | December 31, 2024 |
Less than 12 months |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government bonds and notes |  | $ | 38,473 |  |  | $ | 83,162 |  |  | $ | (48 | ) |  | $ | (162 | )
Corporate bonds, commercial paper and notes |  |  | 88,597 |  |  |  | 48,360 |  |  |  | (65 | ) |  |  | (109 | )
Total cash equivalents and marketable securities in a continuous unrealized loss position for less than 12 months |  |  | 127,070 |  |  |  | 131,522 |  |  |  | (113 | ) |  |  | (271 | )
12 months or greater |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government bonds and notes |  |  | 1,692 |  |  |  | — |  |  |  | (2 | ) |  |  | — |
Corporate bonds, commercial paper and notes |  |  | 1,660 |  |  |  | — |  |  |  | (1 | ) |  |  | — |
Total marketable securities in a continuous unrealized loss position for 12 months or greater |  |  | 3,352 |  |  |  | — |  |  |  | (3 | ) |  |  | — |
Total cash equivalents and marketable securities in a continuous unrealized loss position |  | $ | 130,422 |  |  | $ | 131,522 |  |  | $ | (116 | ) |  | $ | (271 | )
The gross unrealized losses as of December 31, 2025 and 2024 were not material in relation to the Company’s total available-for-sale portfolio. The gross unrealized losses can be primarily attributed to a combination of market conditions as well as the demand for and duration of the U.S. government-sponsored obligations and corporate bonds, commercial paper and notes. The Company reasonably believes that there is no need to sell these investments and that it can recover the amortized cost of these investments. The Company has found no evidence of impairment due to credit losses in its portfolio. Therefore, these unrealized losses were recorded in other comprehensive income. The Company cannot provide any assurance that its portfolio of cash, cash equivalents and marketable securities will not be impacted by adverse conditions in the financial markets, which may require the Company in the future to record an impairment charge for credit losses which could adversely impact its financial results. The contractual maturities of cash equivalents (excluding money market funds which have no maturity) and marketable securities are summarized as follows:
(In thousands) |  | December 31, 2025 |
Due in less than one year |  | $ | 514,036 |
Due from one year through three years |  |  | 132,685 |
Total |  | $ | 646,721 |
Refer to Note 9, “Fair Value of Financial Instruments,” for a discussion regarding the fair value of the Company’s cash equivalents and marketable securities.

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- Definition The entire disclosure for cash, cash equivalent, investment in debt and equity securities, equity method investment, investment in joint venture, and investment classified as other. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 65 -Paragraph 13 -Subparagraph (d)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482477/820-10-65-13 + Details
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