Marketable Securities

6 Months Ended

Jun. 30, 2025

Investments, Debt and Equity Securities [Abstract]

3. Marketable Securities

The following table summarizes the Company’s available-for-sale marketable securities:


	June 30, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
	(In thousands)
Marketable securities:
U.S. Treasury and other government-backed securities	$	248,233	$	190	$	(106	)	$	248,317
Financial institution debt securities		146,226		461		(40	)		146,647
Corporate debt securities		79,222		193		(45	)		79,370
Total	$	473,681	$	844	$	(191	)	$	474,334

	December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
	(In thousands)
Marketable securities:
U.S. Treasury and other government-backed securities	$	352,309	$	580	$	(273	)	$	352,616
Financial institution debt securities		217,544		528		(245	)		217,827
Corporate debt securities		94,924		163		(160	)		94,927
Other asset-backed securities		7,168		10		-			7,178
Total	$	671,945	$	1,281	$	(678	)	$	672,548

The amortized cost of available-for-sale securities is adjusted for amortization of premiums and accretion of discounts to maturity. There were no material realized gains or losses in the six months ended June 30, 2025 or the year ended December 31, 2024. The Company did not reclassify any amounts out of accumulated other comprehensive income during these periods. The Company generally does not intend to sell any investments prior to recovery of their amortized cost basis for any investment in an unrealized loss position. As such, the Company has classified these losses as temporary in nature.

The Company’s available-for-sale securities that are classified as short-term marketable securities in the condensed consolidated balance sheets mature within one year or less as of the balance sheet date. Available-for-sale securities that are classified as noncurrent in the condensed consolidated balance sheets are those that mature after one year but within five years from the

balance sheet date and that the Company does not intend to dispose of within the next twelve months. At June 30, 2025 and December 31, 2024, the Company did not hold any marketable securities that matured beyond five years of the balance sheet date. Accrued interest on marketable securities is included in “Prepaid expenses and other current assets” on the Company's condensed consolidated balance sheets.