Equity and Debt Securities

6 Months Ended

Jun. 30, 2026

Investments, Debt and Equity Securities [Abstract]

Note 3. Equity and Debt Securities

The Company’s equity and debt securities consisted of the following:


	June 30, 2026
	Amortized Cost Basis			Unrealized Gains		Unrealized Losses			Aggregate Fair Value
	(in thousands)
Equity securities
Long-term
Preferred stock of privately-held companies	$	15,001		$	—	$	—		$	15,001
Total equity securities		15,001			—		—			15,001
Available-for-sale debt securities
Short-term
U.S. government debt securities		156,278			220		—			156,498
Corporate debt securities		40,855			35		(3	)		40,887
U.S. agency debt securities		32,960			11		(4	)		32,967
Municipal bonds		375			—		—			375
Money market accounts		5,108			—		—			5,108
Less: Cash equivalents		(5,108	)		—		—			(5,108	)
Total debt securities due within 1 year		230,468			266		(7	)		230,727
After 1 year through 5 years
U.S. government debt securities		246,904			195		(1,688	)		245,411
U.S. agency debt securities		48,617			—		(630	)		47,987
Municipal bonds		920			1		(3	)		918
Total debt securities due after 1 year through 5 years		296,441			196		(2,321	)		294,316
Total available-for-sale debt securities		526,909			462		(2,328	)		525,043
Total equity and debt securities	$	541,910		$	462	$	(2,328	)	$	540,044


	December 31, 2025
	Amortized Cost Basis			Unrealized Gains		Unrealized Losses			Aggregate Fair Value
	(in thousands)
Equity securities
Long-term
Preferred stock of privately-held companies	$	15,001		$	—	$	—		$	15,001
Total equity securities		15,001			—		—			15,001
Available-for-sale debt securities
Short-term
U.S. government debt securities		159,875			748		(1	)		160,622
U.S. agency debt securities		86,786			133		(1	)		86,918
Corporate debt securities		37,333			157		(16	)		37,474
Yankee debt securities		500			—		(5	)		495
Municipal bonds		375			—		—			375
Money market accounts		18,398			—		—			18,398
Less: Cash equivalents		(18,398	)		—		—			(18,398	)
Total debt securities due within 1 year		284,869			1,038		(23	)		285,884
After 1 year through 5 years
U.S. government debt securities		284,857			2,821		(67	)		287,611
U.S. agency debt securities		70,567			123		(51	)		70,639
Corporate debt securities		9,922			85		—			10,007
Municipal bonds		1,015			1		(4	)		1,012
Total debt securities due after 1 year through 5 years		366,361			3,030		(122	)		369,269
Total available-for-sale debt securities		651,230			4,068		(145	)		655,153
Total equity and debt securities	$	666,231		$	4,068	$	(145	)	$	670,154

Gross unrealized losses on the Company’s equity and debt securities were $2.3 million and $0.1 million as of June 30, 2026, and December 31, 2025, respectively. Proceeds from sale of available-for-sale securities were $33.1 million for each of the three and six months ended June 30, 2026. The gross realized gain was $0.1 million for each of the three and six months ended June 30, 2026. There was no sale of available-for-sale securities or realized gain or loss for each of the three and six months ended June 30, 2025. The cost of any marketable securities sold is based on the specific-identification method.

The Company did not recognize any credit losses for its marketable available-for-sale debt securities during the three and six months ended June 30, 2026, and 2025.