Marketable Securities

6 Months Ended

Jun. 30, 2026

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 was $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 investments 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 not 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.