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Marketable Securities

9 Months Ended

Sep. 30, 2025

Marketable Securities

Marketable Securities

(5) Marketable Securities

The following is a summary of marketable debt securities, classified as available-for-sale:


		Amortized			Gross Unrealized			Gross Unrealized			Fair
		Cost			Gains			Losses			Value

		(In thousands)
September 30, 2025
Marketable securities
U.S. government and municipal obligations
Maturing in one year or less		$	153,745		$	355		$	(2)		$	154,098
Maturing after one year through three years			54,675			264			—			54,939
Total U.S. government and municipal obligations		$	208,420		$	619		$	(2)		$	209,037
Corporate debt securities
Maturing in one year or less		$	305,427		$	470		$	—		$	305,897
Maturing after one year through three years			32,171			82			(1)			32,252
Total corporate debt securities		$	337,598		$	552		$	(1)		$	338,149
Total marketable securities		$	546,018		$	1,171		$	(3)		$	547,186


		Amortized			Gross Unrealized			Gross Unrealized			Fair
		Cost			Gains			Losses			Value

		(In thousands)
December 31, 2024
Marketable securities
U.S. government and municipal obligations
Maturing in one year or less		$	185,388		$	467		$	—		$	185,855
Maturing after one year through three years			102,331			316			(144)			102,503
Total U.S. government and municipal obligations		$	287,719		$	783		$	(144)		$	288,358
Corporate debt securities
Maturing in one year or less		$	336,350		$	350		$	(54)		$	336,646
Maturing after one year through three years			72,139			36			(254)			71,921
Total corporate debt securities		$	408,489		$	386		$	(308)		$	408,567
Total marketable securities		$	696,208		$	1,169		$	(452)		$	696,925

The Company holds investment-grade marketable securities. Unrealized losses are generally attributable to changes in interest rates. The aggregate fair value of marketable securities held by the Company in an unrealized loss position as of September 30, 2025 and December 31, 2024 was $33.5 million and $142.5 million, respectively. The Company has the intent and ability to hold its marketable securities until recovery and has determined that there has been no material change to the Company’s credit risk. As a result, the Company determined it did not hold any investments with a credit loss at September 30, 2025.

Marketable securities include $6.0 million and $6.1 million in accrued interest at September 30, 2025 and December 31, 2024, respectively.