FINANCIAL INSTRUMENTS

12 Months Ended

Dec. 31, 2025

Investments, Debt and Equity Securities [Abstract]

The following tables show the Company’s cash, cash equivalents and available-for-sale securities by significant investment category as of December 31, 2025 and 2024, respectively:


	December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Aggregate Fair Value		Cash and Cash Equivalents		Short-term Marketable Securities (1)		Long-term Marketable Securities (2)
Level 1:
Cash	$	415,760	$	—	$	—	$	415,760	$	415,760	$	—	$	—

Level 2:
Money market instruments	895,919		—		—		895,919		895,919		—		—
Corporate debt securities	472,572		3,286		(3)		475,855		—		189,566		286,289
U.S. government agency securities	206,018		1,197		(1)		207,214		—		59,115		148,099
Asset-backed securities	57,687		420		(4)		58,103		—		249		57,854


Subtotal	1,632,196		4,903		(8)		1,637,091		895,919		248,930		492,242
Total	$	2,047,956	$	4,903	$	(8)	$	2,052,851	$	1,311,679	$	248,930	$	492,242


	December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Aggregate Fair Value		Cash and Cash Equivalents		Short-term Marketable Securities (1)		Long-term Marketable Securities (2)
Level 1:
Cash	$	329,619	$	—	$	—	$	329,619	$	329,619	$	—	$	—

Level 2:
Money market instruments	613,223		—		—		613,223		613,223		—		—
Corporate debt securities	503,202		2,410		(390)		505,222		—		168,104		337,118
U.S. government agency securities	72,027		359		(33)		72,353		—		896		71,457

Asset-backed securities	138,508		363		(344)		138,527		—		25,864		112,663

Subtotal	1,326,960		3,132		(767)		1,329,325		613,223		194,864		521,238
Total	$	1,656,579	$	3,132	$	(767)	$	1,658,944	$	942,842	$	194,864	$	521,238

(1)The Company’s short-term marketable securities mature in one year or less.

(2)The Company’s long-term marketable securities mature between one and five years.

As of December 31, 2025, the Company had the ability and intent to hold all investments that were in an unrealized loss position until maturity. The Company considered its intent and ability to hold the securities until recovery of amortized cost basis, the extent to which fair value is less than amortized cost basis, conditions specifically related to the security’s industry and geography, payment structure and history and changes to the ratings (if any) in determining that the decline in fair value compared to carrying value is not related to a credit loss.

See Note 1 to these Consolidated Financial Statements for additional discussion regarding the Company’s fair value measurements.