XML 29 R20.htm IDEA: XBRL DOCUMENT v3.26.1
Investments in Marketable Securities (Tables)
 6 Months Ended
Jun. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
Summary of Investments Classified As Available-For-Sale Securities

Investments classified as available-for-sale as of June 30, 2026 consisted of the following (in thousands):

 

As of June 30, 2026

 

Amortized
Cost

 

 

Gross
Unrealized
Gains (1)

 

 

Gross
Unrealized
Losses (1)

 

 

Aggregate
Estimated
Fair Value

 

Commercial paper (2)

 

$

42,246

 

 

$

—

 

 

$

—

 

 

$

42,246

 

Corporate debt securities (2)

 

 

301,844

 

 

 

54

 

 

 

(700

)

 

 

301,198

 

Government debt securities (2)

 

 

32,527

 

 

 

6

 

 

 

(64

)

 

 

32,469

 

 

 

$

376,617

 

 

$

60

 

 

$

(764

)

 

$

375,913

 

 

(1)
Unrealized gains and losses on available-for-sale securities are included as a component of comprehensive loss. At June 30, 2026, there were 52 securities in an unrealized gain position and there were 118 securities in an unrealized loss position. The unrealized gains were less than $7,000 individually and $60,000 in the aggregate. The unrealized losses were less than $57,000 individually and $765,000 in the aggregate. Although historically the Company has chosen not to sell its investments before maturity, the Company expects that it may need to do so from time to time as its expenses increase. The Company reviews its investments to identify and evaluate investments that have an indication of possible other-than-temporary impairment. Factors considered in determining whether a loss is other-than-temporary include the length of time and extent to which fair value has been less than the cost basis, the financial condition and near-term prospects of the investee, and the Company’s intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value.
(2)
At June 30, 2026, none of these securities were classified as cash and cash equivalents on the Company’s condensed consolidated balance sheet, and $59.7 million of the corporate debt securities were scheduled to mature outside of one year at the time of purchase.

Investments classified as available-for-sale as of December 31, 2025 consisted of the following (in thousands):

 

As of December 31, 2025

 

Amortized
Cost

 

 

Gross
Unrealized
Gains (1)

 

 

Gross
Unrealized
Losses (1)

 

 

Aggregate
Estimated
Fair Value

 

Commercial paper (2)

 

$

12,713

 

 

$

—

 

 

$

—

 

 

$

12,713

 

Corporate debt securities (2)

 

 

489,335

 

 

 

864

 

 

 

(85

)

 

 

490,114

 

Government debt securities (2)

 

 

37,037

 

 

 

68

 

 

 

(3

)

 

 

37,102

 

 

 

$

539,085

 

 

$

932

 

 

$

(88

)

 

$

539,929

 

 

(1)
Unrealized gains and losses on available-for-sale securities are included as a component of comprehensive loss. At December 31, 2025, there were 176 securities in an unrealized gain position and 59 securities in an unrealized loss position. The unrealized gains were less than $51,000 individually and $932,000 in the aggregate. The unrealized losses were less than $11,000 individually and $88,000 in the aggregate. None of these securities have been in a continuous unrealized loss or unrealized gain position for more than 12 months. The Company does not intend to sell these investments and it is not more likely than not that the Company will be required to sell these investments before recovery of their amortized cost basis, which may be at maturity. The Company reviews its investments to identify and evaluate investments that have an indication of possible other-than-temporary impairment. Factors considered in determining whether a loss is other-than-temporary include the length of time and extent to which fair value has been less than the cost basis, the financial condition and near-term prospects of the investee, and the Company’s intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value.
(2)
At December 31, 2025, none of these securities were classified as cash and cash equivalents on the Company’s balance sheet and $105.0 million of the corporate debt securities were scheduled to mature outside of one year at the time of purchase.