Marketable Securities

12 Months Ended

Dec. 31, 2025

Debt Securities, Available-for-Sale [Abstract]

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.