XML 22 R14.htm IDEA: XBRL DOCUMENT v3.26.1
Short-Term Investments
 6 Months Ended
Jun. 30, 2026
Investments, All Other Investments [Abstract]  
Short-Term Investments

4. Short-Term Investments

Short-term investments consist of bank deposits and marketable securities. As of June 30, 2026 and December 31, 2025, bank deposits were $173.4 million and $147.5 million, respectively.

Marketable securities consist of the following:

 

 

June 30, 2026

 

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Estimated
Fair Value

 

 

 

(in thousands)

 

Certificates of deposit

 

$

1,755

 

 

$

—

 

 

$

(11

)

 

$

1,744

 

Commercial paper

 

 

20,215

 

 

 

—

 

 

 

(23

)

 

 

20,192

 

Corporate debt securities

 

 

308,351

 

 

 

42

 

 

 

(836

)

 

 

307,557

 

Municipal securities

 

 

33,955

 

 

 

2

 

 

 

(126

)

 

 

33,831

 

Government and agency debt

 

 

191,614

 

 

 

8

 

 

 

(588

)

 

 

191,034

 

Total marketable securities

 

$

555,890

 

 

$

52

 

 

$

(1,584

)

 

$

554,358

 

 

 

 

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

 

The following table summarizes the Company’s marketable securities by contractual maturities:

 

 

June 30, 2026

 

 

 

(in thousands)

 

Due in 1 year or less

 

$

306,145

 

Due in 1 year through 3 years

 

 

248,213

 

Total

 

$

554,358

 

 

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:

 

 

June 30, 2026

 

 

December 31, 2025

 

 

 

Less Than 12 Months

 

 

Less Than 12 Months

 

 

 

Fair Value

 

 

Gross Unrealized Losses

 

 

Fair Value

 

 

Gross Unrealized Losses

 

 

 

(in thousands)

 

Certificates of deposit

 

$

1,744

 

 

$

(11

)

 

$

—

 

 

$

—

 

Commercial paper

 

 

20,192

 

 

 

(23

)

 

 

9,786

 

 

 

(3

)

Corporate debt securities

 

 

240,782

 

 

 

(836

)

 

 

50,218

 

 

 

(50

)

Municipal securities

 

 

30,448

 

 

 

(126

)

 

 

6,600

 

 

 

(10

)

Government and agency debt

 

 

177,727

 

 

 

(588

)

 

 

55,141

 

 

 

(35

)

Total

 

$

470,893

 

 

$

(1,584

)

 

$

121,745

 

 

$

(98

)

 

As of June 30, 2026 and December 31, 2025, the unrealized losses related to marketable securities were determined to be not due to credit related losses. Therefore, the Company did not recognize an allowance for credit losses. See Note 12, Accumulated

Other Comprehensive Income, for the realized gains or losses from available-for-sale marketable securities that were reclassified out of accumulated other comprehensive income (“AOCI”) during the periods presented.