Marketable Securities

3 Months Ended

Mar. 31, 2026

Marketable Securities [Abstract]

Marketable Securities

3. Marketable Securities

The following tables provide the amortized cost and fair value of the Company’s available-for-sale securities by security type (in thousands):

	March 31, 2026
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Commercial paper	$	124,045	$	2	$	(82	)	$	123,965
Corporate bonds		791,990		644		(1,707	)		790,927
Government and agency securities		193,418		100		(316	)		193,202
U.S. treasury bills		19,645		4		—			19,649
	$	1,129,098	$	750	$	(2,105	)	$	1,127,743

	December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Commercial paper	$	107,889	$	17	$	(22	)	$	107,884
Corporate bonds		772,457		2,233		(184	)		774,506
Government and agency securities		207,684		340		(34	)		207,990
U.S. treasury bills		19,824		3		—			19,827
	$	1,107,854	$	2,593	$	(240	)	$	1,110,207

The following table summarizes the amortized cost and fair value of the Company’s available-for-sale securities by contractual maturity (in thousands):

	March 31, 2026
	Amortized Cost		Fair Value
Due within one year	$	580,387	$	580,435
Due after one year through three years		548,711		547,308
	$	1,129,098	$	1,127,743

The Company’s available-for-sale securities are classified as current assets as they are readily available to be converted to cash and for use in the Company’s current operations. There were no credit losses recorded during the three months ended March 31, 2026 and 2025. Interest income for the three months ended March 31, 2026 and 2025 was $12.9 million and $11.8 million, respectively.