Cash Equivalents and Marketable Securities

3 Months Ended

Mar. 31, 2026

Cash and Cash Equivalents [Abstract]

Cash Equivalents and Marketable Securities

The following is a summary of the Company's investment portfolio as of March 31, 2026 and December 31, 2025 (in thousands):


	As of March 31, 2026
			Gross Unrealized				Estimated
	Cost		Gains		Losses		Fair Value
Cash equivalents:
Money market funds	$	245,659	$	—	$	—	$	245,659
Available-for-sale securities:
Debt securities issued by U.S. government agencies	257,475		—		(177)		257,298
Corporate debt securities	311,749		—		(643)		311,106
Asset backed securities	88,419				(31)		88,388
Commercial paper	6,552		—		(15)		6,537
Other debt securities	248,869		—		(728)		248,141
Total cash equivalents and marketable securities	$	1,158,723	$	—	$	(1,594)	$	1,157,129


	As of December 31, 2025
			Gross Unrealized				Estimated
	Cost		Gains		Losses		Fair Value
Cash equivalents:
Money market funds	$	195,296	$	—	$	—	$	195,296
Debt securities issued by U.S. government agencies	7,003		—		(1)		7,002
Available-for-sale securities:
Corporate debt securities	198,036		282		—		198,318
Debt securities issued by U.S. government agencies	183,739		258		—		183,997
Asset backed securities	61,282		70		—		61,352
Commercial paper	7,714		4		—		7,718
Other debt securities	117,424		—		(50)		117,374
Total cash equivalents and marketable securities	$	770,494	$	614	$	(51)	$	771,057

As of March 31, 2026, the Company had 178 securities with a total fair market value of $763.2 million in an unrealized loss position. The Company believes that any unrealized losses associated with the decline in value of its securities is temporary and primarily related to the change in market interest rates since purchase, and believes that it is more likely than not that it will be able to hold its debt securities to maturity. The Company anticipates a full recovery of the amortized cost basis of its debt securities at maturity and an allowance was not recognized.

Contractual maturities of the marketable securities at each balance sheet date are as follows (in thousands):


	March 31, 2026		December 31, 2025
Within one year	$	250,532	$	242,002
After one year through five years	660,938		326,757
Total	$	911,470	$	568,759

Securities are evaluated for impairment at the end of each reporting period. The Company did not record any impairment related to its available-for-sale securities during the three months ended March 31, 2026 and 2025.