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Marketable Securities | 6 Months Ended
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Jun. 30, 2026
Marketable Securities [Abstract] |
Marketable Securities | 4. Marketable Securities Marketable securities as of June 30, 2026 consisted of the following (in thousands):
|  |  |  |  | Gross Unrealized |  |  |  |
|  | Amortized Cost |  |  | Gains |  |  | Losses |  |  | Estimated Fair Value |
Marketable securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury securities |  | $ | 441,097 |  |  | $ | 57 |  |  | $ | (1,119 | ) |  | $ | 440,035 |
Corporate debt securities |  |  | 89,493 |  |  |  | — |  |  |  | (89 | ) |  |  | 89,404 |
U.S. government agency securities |  |  | 90,048 |  |  |  | 4 |  |  |  | (421 | ) |  |  | 89,631 |
Total available-for-sale securities |  | $ | 620,638 |  |  | $ | 61 |  |  | $ | (1,629 | ) |  | $ | 619,070 |
Marketable securities as of December 31, 2025 consisted of the following (in thousands):
|  |  |  |  | Gross Unrealized |  |  |  |
|  | Amortized Cost |  |  | Gains |  |  | Losses |  |  | Estimated Fair Value |
Marketable securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury securities |  | $ | 484,670 |  |  | $ | 859 |  |  | $ | — |  |  | $ | 485,529 |
Corporate debt securities |  |  | 132,913 |  |  |  | 44 |  |  |  | (16 | ) |  |  | 132,941 |
U.S. government agency securities |  |  | 81,431 |  |  |  | 110 |  |  |  | (4 | ) |  |  | 81,537 |
Total available-for-sale securities |  | $ | 699,014 |  |  | $ | 1,013 |  |  | $ | (20 | ) |  | $ | 700,007 |
As of June 30, 2026, all of the Company’s marketable securities are available to the Company for use in current operations. As a result, the Company has classified all of these securities as current assets even though the stated maturity of some individual securities may be one year or more beyond the balance sheet date. The following table shows the fair value of the Company’s marketable securities, by contractual maturity, as of June 30, 2026 (in thousands):
|  | June 30, 2026 |
Due within one year |  | $ | 446,965 |
Due after one year through five years |  |  | 172,105 |
Total available-for-sale securities |  | $ | 619,070 |
The aggregate fair value of marketable securities with unrealized losses w as $486.8 million and $41.3 million as of June 30, 2026 and December 31, 2025, respectively. As of June 30, 2026 and December 31, 2025, seventy-two i nvestments and five investments were in an unrealized loss position, respectively. All such investments have been in an unrealized loss position for less than a year and these losses are considered temporary. The Company has the ability and intent to hold these investments until a recovery of their amortized cost, which may not occur until maturity. The Company expects that U.S. treasury, U.S. government agency, and corporate debt securities are subject to minimal credit risk. As a result, the Company did no t record any charges for credit-related impairments for its available-for-sale securities for the three and six months ended June 30, 2026 and 2025.

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 940 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/940-320/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph b -Publisher SEC Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/320/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-10 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/942-320/tableOfContent + Details
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