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In conjunction with our initial public offering, we reorganized as a Delaware corporation in April 1991. We are a fully integrated commercial-stage biotechnology company and a leader in the discovery and development of RNA-targeted therapeutics. </span></div> <div style="text-align: justify;">  </div> <div style="text-indent: 36pt; text-align: justify;"> <span style="color: #000000; font-weight: bold;">Basis of Presentation</span> </div> <div>  </div> <div style="text-indent: 36pt; text-align: justify;"> <span style="color: #000000;">We prepared the unaudited interim condensed consolidated financial statements for the three months ended March 31, 2026 and 2025 on the same basis as the audited financial statements for the year ended December 31, 2025. We included all normal recurring adjustments in the financial statements, which we considered necessary for a fair presentation of our financial position at such dates and our operating results and cash flows for those periods. Our operating results for the interim periods may not be indicative of what our operating results will be for the entire year. For more complete financial information, these financial statements, and notes thereto, should be read in conjunction with the audited financial statements for the year ended December 31, 2025 included in our Annual Report on Form 10-K filed with the Securities and Exchange Commission, or SEC. </span> </div> <div>  </div> <div style="text-indent: 36pt; text-align: justify;"> <span style="color: #000000;">In our condensed consolidated financial statements, we included the accounts of Ionis Pharmaceuticals, Inc. and the consolidated results of its wholly owned subsidiaries (“we”, “us” or “our”).</span> </div> <div style="text-align: justify;">  </div> <div style="text-indent: 36pt; text-align: justify;"> <span>We operate as a </span><span style="color: #000000;">single </span><span>segment, Ionis operations, because our chief operating decision maker, or CODM, reviews operating results on an aggregate basis and manages our operations as a </span><span style="color: #000000;"><span style="-sec-ix-hidden: hidden-fact-1">single</span> </span><span>operating segment. Refer to Note 13, </span><span style="font-style: italic;">Segment Information</span><span>, for further details on our segment information.</span> </div> <div style="text-align: justify;">  </div> <div style="text-indent: 36pt; text-align: justify;"> <span style="color: #000000; font-weight: bold;">Use of Estimates</span> </div> <div style="text-align: justify;">  </div> <div style="text-indent: 36pt; text-align: justify;"> <span style="color: #000000;">We prepare our condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States, or </span><span>U.S., that require us to make estimates and assumptions that affect the amounts reported in our condensed consolidated financial statements and accompanying notes. Actual results could differ from our estimates.</span> </div> <div style="text-indent: 36pt; text-align: justify;"> <span style="color: #000000; font-weight: bold;">Basis of Presentation</span> </div><div style="text-indent: 36pt; text-align: justify;"> <span style="color: #000000;">We prepared the unaudited interim condensed consolidated financial statements for the three months ended March 31, 2026 and 2025 on the same basis as the audited financial statements for the year ended December 31, 2025. We included all normal recurring adjustments in the financial statements, which we considered necessary for a fair presentation of our financial position at such dates and our operating results and cash flows for those periods. Our operating results for the interim periods may not be indicative of what our operating results will be for the entire year. For more complete financial information, these financial statements, and notes thereto, should be read in conjunction with the audited financial statements for the year ended December 31, 2025 included in our Annual Report on Form 10-K filed with the Securities and Exchange Commission, or SEC. </span> </div> <div style="text-indent: 36pt; text-align: justify;"> <span style="color: #000000;">In our condensed consolidated financial statements, we included the accounts of Ionis Pharmaceuticals, Inc. and the consolidated results of its wholly owned subsidiaries (“we”, “us” or “our”).</span> </div> <div style="text-indent: 36pt; text-align: justify;"> <span>We operate as a </span><span style="color: #000000;">single </span><span>segment, Ionis operations, because our chief operating decision maker, or CODM, reviews operating results on an aggregate basis and manages our operations as a </span><span style="color: #000000;"><span style="-sec-ix-hidden: hidden-fact-1">single</span> </span><span>operating segment. Refer to Note 13, </span><span style="font-style: italic;">Segment Information</span><span>, for further details on our segment information.</span> </div> <div style="text-indent: 36pt; text-align: justify;"> <span style="color: #000000; font-weight: bold;">Use of Estimates</span> </div><div style="text-indent: 36pt; text-align: justify;"> <span style="color: #000000;">We prepare our condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States, or </span><span>U.S., that require us to make estimates and assumptions that affect the amounts reported in our condensed consolidated financial statements and accompanying notes. Actual results could differ from our estimates.</span> </div> <div> <span style="color: #000000; font-weight: bold;">2.  Significant Accounting Policies</span> </div> <div>  </div> <div style="text-indent: 36pt; text-align: justify;"> <span style="color: #000000;"> Our significant accounting policies have not changed substantially from those included in our Annual Report on Form 10-K for the year ended December 31, 2025.</span></div><div style="text-indent: 36pt;"><span style="color: #000000; font-weight: bold;">Recent Accounting Standards</span> </div><div>  </div> <div style="text-indent: 36pt; line-height: 1.15; text-align: justify;">In July 2025, the FASB issued ASU 2025-05, which amended the guidance in ASC 326 to simplify the estimation of credit losses on accounts receivable and contract assets from revenue transactions. The amended guidance allows companies to elect a practical expedient to assume that conditions as of the balance sheet date will remain unchanged for the remaining life of the asset when estimating the expected credit losses of the asset. This update is effective for annual periods beginning after December 15, 2025 and interim periods within those annual periods. Companies that elect the practical expedient are required to apply the amendments prospectively. We adopted this update in the first quarter of 2026 on a prospective basis and elected the practical expedient. The updated guidance did not have a material impact on our condensed consolidated financial statements.</div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"> </div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"><span style="letter-spacing: normal; text-align: justify; text-indent: 48px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">In September 2025, the FASB issued ASU 2025-06, which amended and simplified the existing guidance for software costs. The amended guidance removes references to software development stages and allows companies to begin capitalizing software costs when management has authorized and committed to funding the software project and it is probable that the project will be completed with the software performing the intended function. This update is effective for annual periods beginning after December 15, 2027 and interim periods within those annual periods. Early adoption of this guidance is permitted at the beginning of an annual reporting period. The guidance may be applied on a prospective or retrospective basis. We early adopted this update in the first quarter of 2026 on a prospective basis. The updated guidance did not have a material impact on our condensed consolidated financial statements.</span></div><div style="text-align: justify;"> </div><div style="text-indent: 36pt; text-align: justify;"> <span style="color: #000000;">We do not expect any recently issued accounting standards other than the standards mentioned above and those included in our Annual Report on Form 10-K for the year ended December 31, 2025 to have a material impact to our financial results.</span> </div> <div style="text-indent: 36pt; text-align: justify;"> <span style="color: #000000;"> Our significant accounting policies have not changed substantially from those included in our Annual Report on Form 10-K for the year ended December 31, 2025.</span></div> <div style="text-indent: 36pt;"><span style="color: #000000; font-weight: bold;">Recent Accounting Standards</span> </div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;">In July 2025, the FASB issued ASU 2025-05, which amended the guidance in ASC 326 to simplify the estimation of credit losses on accounts receivable and contract assets from revenue transactions. The amended guidance allows companies to elect a practical expedient to assume that conditions as of the balance sheet date will remain unchanged for the remaining life of the asset when estimating the expected credit losses of the asset. This update is effective for annual periods beginning after December 15, 2025 and interim periods within those annual periods. Companies that elect the practical expedient are required to apply the amendments prospectively. We adopted this update in the first quarter of 2026 on a prospective basis and elected the practical expedient. The updated guidance did not have a material impact on our condensed consolidated financial statements.</div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"><span style="letter-spacing: normal; text-align: justify; text-indent: 48px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">In September 2025, the FASB issued ASU 2025-06, which amended and simplified the existing guidance for software costs. The amended guidance removes references to software development stages and allows companies to begin capitalizing software costs when management has authorized and committed to funding the software project and it is probable that the project will be completed with the software performing the intended function. This update is effective for annual periods beginning after December 15, 2027 and interim periods within those annual periods. Early adoption of this guidance is permitted at the beginning of an annual reporting period. The guidance may be applied on a prospective or retrospective basis. We early adopted this update in the first quarter of 2026 on a prospective basis. The updated guidance did not have a material impact on our condensed consolidated financial statements.</span></div><div style="text-indent: 36pt; text-align: justify;"> <span style="color: #000000;">We do not expect any recently issued accounting standards other than the standards mentioned above and those included in our Annual Report on Form 10-K for the year ended December 31, 2025 to have a material impact to our financial results.</span> </div> <div style="text-align: justify;"> <span style="color: #000000; font-weight: bold;">3.  Supplemental Financial Data</span> </div> <div style="text-align: justify;">  </div> <div style="text-align: justify; margin-left: 36pt;"> <span style="color: #000000; font-weight: bold;">Inventories</span> </div> <div>  </div> <div style="text-indent: 36pt; text-align: justify;"> <span style="color: #000000;">Our inventories consisted of the following (in thousands): </span> </div> <div style="text-align: justify; color: #000000;"> </div> <table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; vertical-align: bottom; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor black; width: 1%;" title="Note 3. Supplemental Financial Data - B4"></td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor black; width: 9%;">March 31, 2026</td><td style="border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor black; width: 1%;" title="Note 3. Supplemental Financial Data - B4"></td><td> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor black; width: 1%;" title="Note 3. Supplemental Financial Data - D4"></td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor black; width: 9%;">December 31, 2025</td><td style="border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor black; width: 1%;" title="Note 3. Supplemental Financial Data - D4"></td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Raw materials</td><td style="text-align: left; width: 1%;" title="Note 3. Supplemental Financial Data - B5">$</td><td style="text-align: right; width: 9%;">490</td><td style="text-align: left; width: 1%;" title="Note 3. Supplemental Financial Data - B5"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 3. Supplemental Financial Data - D5">$</td><td style="text-align: right; width: 9%;">1,039</td><td style="text-align: left; width: 1%;" title="Note 3. Supplemental Financial Data - D5"> </td></tr><tr><td>Work in process</td><td style="text-align: left; width: 1%;" title="Note 3. Supplemental Financial Data - B6"> </td><td style="text-align: right; width: 9%;">24,678</td><td style="text-align: left; width: 1%;" title="Note 3. Supplemental Financial Data - B6"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 3. Supplemental Financial Data - D6"> </td><td style="text-align: right; width: 9%;">24,051</td><td style="text-align: left; width: 1%;" title="Note 3. Supplemental Financial Data - D6"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Finished goods</td><td style="text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor black; width: 1%;" title="Note 3. Supplemental Financial Data - B7"> </td><td style="text-align: right; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor black; width: 9%;">990</td><td style="text-align: left; width: 1%; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor black;" title="Note 3. Supplemental Financial Data - B7"> </td><td> </td><td style="text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor black; width: 1%;" title="Note 3. Supplemental Financial Data - D7"> </td><td style="text-align: right; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor black; width: 9%;">1,096</td><td style="text-align: left; width: 1%; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor black;" title="Note 3. Supplemental Financial Data - D7"> </td></tr><tr><td style="padding-left: 20px;">Total</td><td style="text-align: left; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor black; width: 1%;" title="Note 3. Supplemental Financial Data - B8">$</td><td style="text-align: right; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor black; width: 9%;">26,158</td><td style="text-align: left; width: 1%; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor black;" title="Note 3. Supplemental Financial Data - B8"> </td><td> </td><td style="text-align: left; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor black; width: 1%;" title="Note 3. Supplemental Financial Data - D8">$</td><td style="text-align: right; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor black; width: 9%;">26,186</td><td style="text-align: left; width: 1%; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor black;" title="Note 3. Supplemental Financial Data - D8"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Reported as:</td><td style="text-align: left; border-width: initial; border-style: none; border-color: initial; width: 1%;" title="Note 3. Supplemental Financial Data - B8"> </td><td style="text-align: right; border-width: initial; border-style: none; border-color: initial; width: 9%;"></td><td style="text-align: left; width: 1%; border-width: initial; border-style: none; border-color: initial;" title="Note 3. Supplemental Financial Data - B8"> </td><td> </td><td style="text-align: left; border-width: initial; border-style: none; border-color: initial; width: 1%;" title="Note 3. Supplemental Financial Data - D8"> </td><td style="text-align: right; border-width: initial; border-style: none; border-color: initial; width: 9%;"></td><td style="text-align: left; width: 1%; border-width: initial; border-style: none; border-color: initial;" title="Note 3. Supplemental Financial Data - D8"> </td></tr><tr><td style="padding-left: 10px;">Inventories</td><td style="text-align: left; border-width: initial; border-style: none; border-color: initial; width: 1%;" title="Note 3. Supplemental Financial Data - B8">$</td><td style="text-align: right; border-width: initial; border-style: none; border-color: initial; width: 9%;">5,557</td><td style="text-align: left; width: 1%; border-width: initial; border-style: none; border-color: initial;" title="Note 3. Supplemental Financial Data - B8"> </td><td> </td><td style="text-align: left; border-width: initial; border-style: none; border-color: initial; width: 1%;" title="Note 3. Supplemental Financial Data - D8">$</td><td style="text-align: right; border-width: initial; border-style: none; border-color: initial; width: 9%;">10,048</td><td style="text-align: left; width: 1%; border-width: initial; border-style: none; border-color: initial;" title="Note 3. Supplemental Financial Data - D8"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="padding-left: 10px;">Deposits and other assets</td><td style="text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor black; width: 1%;" title="Note 3. Supplemental Financial Data - B8"> </td><td style="text-align: right; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor black; width: 9%;">20,601</td><td style="text-align: left; width: 1%; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor black;" title="Note 3. Supplemental Financial Data - B8"> </td><td> </td><td style="text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor black; width: 1%;" title="Note 3. Supplemental Financial Data - D8"> </td><td style="text-align: right; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor black; width: 9%;">16,138</td><td style="text-align: left; width: 1%; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor black;" title="Note 3. Supplemental Financial Data - D8"> </td></tr><tr><td style="padding-left: 20px;">Total</td><td style="text-align: left; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor black; width: 1%;" title="Note 3. Supplemental Financial Data - B8">$</td><td style="text-align: right; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor black; width: 9%;">26,158</td><td style="text-align: left; width: 1%; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor black;" title="Note 3. Supplemental Financial Data - B8"> </td><td> </td><td style="text-align: left; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor black; width: 1%;" title="Note 3. Supplemental Financial Data - D8">$</td><td style="text-align: right; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor black; width: 9%;">26,186</td><td style="text-align: left; width: 1%; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor black;" title="Note 3. Supplemental Financial Data - D8"> </td></tr></table><div> </div> <div style="text-indent: 36pt; line-height: 1.15; text-align: justify;">We classify inventories as non-current assets when we expect the inventories to remain on hand beyond one year. We include non-current inventories in deposits and other assets in our condensed consolidated balance sheets. The amounts reported as deposits and other assets as of March 31, 2026 and December 31, 2025 consist of work in process inventory.</div><div style="text-indent: 36pt;"><span style="font-weight: bold;">Accrued Liabilities</span> </div><div>  </div> <div style="text-indent: 36pt;"> <span>Our accrued liabilities consisted of the following (in thousands):</span> </div> <div> </div> <table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; vertical-align: bottom; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 3. Accrued Liabilities - B4"></td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">March 31, 2026</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 3. Accrued Liabilities - B4"></td><td> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 3. Accrued Liabilities - D4"></td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">December 31, 2025</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 3. Accrued Liabilities - D4"></td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Clinical expenses</td><td style="text-align: left; width: 1%;" title="Note 3. Accrued Liabilities - B5">$</td><td style="text-align: right; width: 9%;">53,325</td><td style="text-align: left; width: 1%;" title="Note 3. Accrued Liabilities - B5"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 3. Accrued Liabilities - D5">$</td><td style="text-align: right; width: 9%;">53,659</td><td style="text-align: left; width: 1%;" title="Note 3. Accrued Liabilities - D5"> </td></tr><tr><td>In-licensing expenses</td><td style="text-align: left; width: 1%;" title="Note 3. Accrued Liabilities - B6"> </td><td style="text-align: right; width: 9%;">6,655</td><td style="text-align: left; width: 1%;" title="Note 3. Accrued Liabilities - B6"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 3. Accrued Liabilities - D6"> </td><td style="text-align: right; width: 9%;">8,588</td><td style="text-align: left; width: 1%;" title="Note 3. Accrued Liabilities - D6"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Commercial expenses, including gross-to-net product accruals</td><td style="text-align: left; width: 1%;" title="Note 3. Accrued Liabilities - B7"> </td><td style="text-align: right; width: 9%;">40,468</td><td style="text-align: left; width: 1%;" title="Note 3. Accrued Liabilities - B7"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 3. Accrued Liabilities - D7"> </td><td style="text-align: right; width: 9%;">15,556</td><td style="text-align: left; width: 1%;" title="Note 3. Accrued Liabilities - D7"> </td></tr><tr><td>Other miscellaneous expenses</td><td style="text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 3. Accrued Liabilities - B8"> </td><td style="text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">26,101</td><td style="text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 3. Accrued Liabilities - B8"> </td><td> </td><td style="text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 3. Accrued Liabilities - D8"> </td><td style="text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">28,286</td><td style="text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 3. Accrued Liabilities - D8"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="padding-left: 20px;">Total accrued liabilities</td><td style="text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 3. Accrued Liabilities - B9">$</td><td style="text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 9%;">126,549</td><td style="text-align: left; width: 1%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 3. Accrued Liabilities - B9"> </td><td> </td><td style="text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 3. Accrued Liabilities - D9">$</td><td style="text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 9%;">106,089</td><td style="text-align: left; width: 1%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 3. Accrued Liabilities - D9"> </td></tr></table> <div style="text-indent: 36pt; text-align: justify;"> <span style="color: #000000;">Our inventories consisted of the following (in thousands): </span> </div> <div style="text-align: justify; color: #000000;"> </div> <table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; vertical-align: bottom; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor black; width: 1%;" title="Note 3. Supplemental Financial Data - B4"></td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor black; width: 9%;">March 31, 2026</td><td style="border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor black; width: 1%;" title="Note 3. Supplemental Financial Data - B4"></td><td> </td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor black; width: 1%;" title="Note 3. Supplemental Financial Data - D4"></td><td style="text-align: center; font-weight: bold; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor black; width: 9%;">December 31, 2025</td><td style="border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor black; width: 1%;" title="Note 3. Supplemental Financial Data - D4"></td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Raw materials</td><td style="text-align: left; width: 1%;" title="Note 3. Supplemental Financial Data - B5">$</td><td style="text-align: right; width: 9%;">490</td><td style="text-align: left; width: 1%;" title="Note 3. Supplemental Financial Data - B5"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 3. Supplemental Financial Data - D5">$</td><td style="text-align: right; width: 9%;">1,039</td><td style="text-align: left; width: 1%;" title="Note 3. Supplemental Financial Data - D5"> </td></tr><tr><td>Work in process</td><td style="text-align: left; width: 1%;" title="Note 3. Supplemental Financial Data - B6"> </td><td style="text-align: right; width: 9%;">24,678</td><td style="text-align: left; width: 1%;" title="Note 3. Supplemental Financial Data - B6"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 3. Supplemental Financial Data - D6"> </td><td style="text-align: right; width: 9%;">24,051</td><td style="text-align: left; width: 1%;" title="Note 3. Supplemental Financial Data - D6"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Finished goods</td><td style="text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor black; width: 1%;" title="Note 3. Supplemental Financial Data - B7"> </td><td style="text-align: right; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor black; width: 9%;">990</td><td style="text-align: left; width: 1%; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor black;" title="Note 3. Supplemental Financial Data - B7"> </td><td> </td><td style="text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor black; width: 1%;" title="Note 3. Supplemental Financial Data - D7"> </td><td style="text-align: right; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor black; width: 9%;">1,096</td><td style="text-align: left; width: 1%; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor black;" title="Note 3. Supplemental Financial Data - D7"> </td></tr><tr><td style="padding-left: 20px;">Total</td><td style="text-align: left; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor black; width: 1%;" title="Note 3. Supplemental Financial Data - B8">$</td><td style="text-align: right; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor black; width: 9%;">26,158</td><td style="text-align: left; width: 1%; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor black;" title="Note 3. Supplemental Financial Data - B8"> </td><td> </td><td style="text-align: left; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor black; width: 1%;" title="Note 3. Supplemental Financial Data - D8">$</td><td style="text-align: right; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor black; width: 9%;">26,186</td><td style="text-align: left; width: 1%; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor black;" title="Note 3. Supplemental Financial Data - D8"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Reported as:</td><td style="text-align: left; border-width: initial; border-style: none; border-color: initial; width: 1%;" title="Note 3. Supplemental Financial Data - B8"> </td><td style="text-align: right; border-width: initial; border-style: none; border-color: initial; width: 9%;"></td><td style="text-align: left; width: 1%; border-width: initial; border-style: none; border-color: initial;" title="Note 3. Supplemental Financial Data - B8"> </td><td> </td><td style="text-align: left; border-width: initial; border-style: none; border-color: initial; width: 1%;" title="Note 3. Supplemental Financial Data - D8"> </td><td style="text-align: right; border-width: initial; border-style: none; border-color: initial; width: 9%;"></td><td style="text-align: left; width: 1%; border-width: initial; border-style: none; border-color: initial;" title="Note 3. Supplemental Financial Data - D8"> </td></tr><tr><td style="padding-left: 10px;">Inventories</td><td style="text-align: left; border-width: initial; border-style: none; border-color: initial; width: 1%;" title="Note 3. Supplemental Financial Data - B8">$</td><td style="text-align: right; border-width: initial; border-style: none; border-color: initial; width: 9%;">5,557</td><td style="text-align: left; width: 1%; border-width: initial; border-style: none; border-color: initial;" title="Note 3. Supplemental Financial Data - B8"> </td><td> </td><td style="text-align: left; border-width: initial; border-style: none; border-color: initial; width: 1%;" title="Note 3. Supplemental Financial Data - D8">$</td><td style="text-align: right; border-width: initial; border-style: none; border-color: initial; width: 9%;">10,048</td><td style="text-align: left; width: 1%; border-width: initial; border-style: none; border-color: initial;" title="Note 3. Supplemental Financial Data - D8"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="padding-left: 10px;">Deposits and other assets</td><td style="text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor black; width: 1%;" title="Note 3. Supplemental Financial Data - B8"> </td><td style="text-align: right; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor black; width: 9%;">20,601</td><td style="text-align: left; width: 1%; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor black;" title="Note 3. Supplemental Financial Data - B8"> </td><td> </td><td style="text-align: left; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor black; width: 1%;" title="Note 3. Supplemental Financial Data - D8"> </td><td style="text-align: right; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor black; width: 9%;">16,138</td><td style="text-align: left; width: 1%; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor black;" title="Note 3. Supplemental Financial Data - D8"> </td></tr><tr><td style="padding-left: 20px;">Total</td><td style="text-align: left; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor black; width: 1%;" title="Note 3. Supplemental Financial Data - B8">$</td><td style="text-align: right; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor black; width: 9%;">26,158</td><td style="text-align: left; width: 1%; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor black;" title="Note 3. Supplemental Financial Data - B8"> </td><td> </td><td style="text-align: left; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor black; width: 1%;" title="Note 3. Supplemental Financial Data - D8">$</td><td style="text-align: right; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor black; width: 9%;">26,186</td><td style="text-align: left; width: 1%; border-width: medium medium 3px; border-style: none none double; border-color: currentcolor currentcolor black;" title="Note 3. Supplemental Financial Data - D8"> </td></tr></table> 490000 1039000 24678000 24051000 990000 1096000 26158000 26186000 5557000 10048000 20601000 16138000 26158000 26186000 <div style="text-indent: 36pt;"> <span>Our accrued liabilities consisted of the following (in thousands):</span> </div> <div> </div> <table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; vertical-align: bottom; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 3. Accrued Liabilities - B4"></td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">March 31, 2026</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 3. Accrued Liabilities - B4"></td><td> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 3. Accrued Liabilities - D4"></td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">December 31, 2025</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 3. Accrued Liabilities - D4"></td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Clinical expenses</td><td style="text-align: left; width: 1%;" title="Note 3. Accrued Liabilities - B5">$</td><td style="text-align: right; width: 9%;">53,325</td><td style="text-align: left; width: 1%;" title="Note 3. Accrued Liabilities - B5"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 3. Accrued Liabilities - D5">$</td><td style="text-align: right; width: 9%;">53,659</td><td style="text-align: left; width: 1%;" title="Note 3. Accrued Liabilities - D5"> </td></tr><tr><td>In-licensing expenses</td><td style="text-align: left; width: 1%;" title="Note 3. Accrued Liabilities - B6"> </td><td style="text-align: right; width: 9%;">6,655</td><td style="text-align: left; width: 1%;" title="Note 3. Accrued Liabilities - B6"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 3. Accrued Liabilities - D6"> </td><td style="text-align: right; width: 9%;">8,588</td><td style="text-align: left; width: 1%;" title="Note 3. Accrued Liabilities - D6"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Commercial expenses, including gross-to-net product accruals</td><td style="text-align: left; width: 1%;" title="Note 3. Accrued Liabilities - B7"> </td><td style="text-align: right; width: 9%;">40,468</td><td style="text-align: left; width: 1%;" title="Note 3. Accrued Liabilities - B7"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 3. Accrued Liabilities - D7"> </td><td style="text-align: right; width: 9%;">15,556</td><td style="text-align: left; width: 1%;" title="Note 3. Accrued Liabilities - D7"> </td></tr><tr><td>Other miscellaneous expenses</td><td style="text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 3. Accrued Liabilities - B8"> </td><td style="text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">26,101</td><td style="text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 3. Accrued Liabilities - B8"> </td><td> </td><td style="text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 3. Accrued Liabilities - D8"> </td><td style="text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">28,286</td><td style="text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 3. Accrued Liabilities - D8"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="padding-left: 20px;">Total accrued liabilities</td><td style="text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 3. Accrued Liabilities - B9">$</td><td style="text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 9%;">126,549</td><td style="text-align: left; width: 1%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 3. Accrued Liabilities - B9"> </td><td> </td><td style="text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 3. Accrued Liabilities - D9">$</td><td style="text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 9%;">106,089</td><td style="text-align: left; width: 1%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 3. Accrued Liabilities - D9"> </td></tr></table> 53325000 53659000 6655000 8588000 40468000 15556000 26101000 28286000 126549000 106089000 <div><span style="font-weight: bold;">4.  Revenues</span> </div><div>  </div> <div style="text-indent: 36pt; text-align: justify;"> <span>During the three months ended March 31, 2026 and 2025, our revenues consisted of the following (in thousands):</span> </div> <div> </div> <table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; vertical-align: bottom; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td colspan="7" style="text-align: center; font-weight: bold;">Three Months Ended</td></tr><tr><td> </td><td colspan="7" style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">March 31,</td></tr><tr><td> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 4. Revenues - B4"></td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">2026</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 4. Revenues - B4"></td><td> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 4. Revenues - D4"></td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">2025</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 4. Revenues - D4"></td></tr><tr><td>Revenue:</td><td style="width: 1%;" title="Note 4. Revenues - B5"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 4. Revenues - B5"></td><td> </td><td style="width: 1%;" title="Note 4. Revenues - D5"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 4. Revenues - D5"></td></tr><tr><td style="padding-left: 10px;">Commercial revenue:</td><td style="width: 1%;" title="Note 4. Revenues - B6"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 4. Revenues - B6"></td><td> </td><td style="width: 1%;" title="Note 4. Revenues - D6"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 4. Revenues - D6"></td></tr><tr><td style="padding-left: 20px;">Product sales, net:</td><td style="width: 1%;" title="Note 4. Revenues - B7"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 4. Revenues - B7"></td><td> </td><td style="width: 1%;" title="Note 4. Revenues - D7"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 4. Revenues - D7"></td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="padding-left: 30px;">TRYNGOLZA sales, net</td><td style="text-align: left; border-width: initial; border-style: none; border-color: initial; width: 1%;" title="Note 4. Revenues - B8">$</td><td style="text-align: right; border-width: initial; border-style: none; border-color: initial; width: 9%;">27,100</td><td style="text-align: left; width: 1%; border-width: initial; border-style: none; border-color: initial;" title="Note 4. Revenues - B8"> </td><td> </td><td style="text-align: left; border-width: initial; border-style: none; border-color: initial; width: 1%;" title="Note 4. Revenues - D8">$</td><td style="text-align: right; border-width: initial; border-style: none; border-color: initial; width: 9%;">6,287</td><td style="text-align: left; width: 1%; border-width: initial; border-style: none; border-color: initial;" title="Note 4. Revenues - D8"> </td></tr><tr><td style="padding-left: 30px;">DAWNZERA sales, net</td><td style="text-align: left; border-top: none; border-right: none; border-bottom: 1px solid black; border-left: none; width: 1%;" title="Note 4. Revenues - B8"> </td><td style="text-align: right; border-top: none; border-right: none; border-bottom: 1px solid black; border-left: none; width: 9%;">15,855</td><td style="text-align: left; width: 1%; border-top: none; border-right: none; border-bottom: 1px solid black; border-left: none;" title="Note 4. Revenues - B8"> </td><td> </td><td style="text-align: left; border-top: none; border-right: none; border-bottom: 1px solid black; border-left: none; width: 1%;" title="Note 4. Revenues - D8"> </td><td style="text-align: right; border-top: none; border-right: none; border-bottom: 1px solid black; border-left: none; width: 9%;"> - </td><td style="text-align: left; width: 1%; border-top: none; border-right: none; border-bottom: 1px solid black; border-left: none;" title="Note 4. Revenues - D8"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="padding-left: 30px;">Total product sales, net</td><td style="text-align: left; width: 1%; border-width: initial; border-style: none; border-color: initial;" title="Note 4. Revenues - B9"> </td><td style="text-align: right; width: 9%; border-width: initial; border-style: none; border-color: initial;">42,955</td><td style="text-align: left; width: 1%; border-width: initial; border-style: none; border-color: initial;" title="Note 4. Revenues - B9"> </td><td> </td><td style="text-align: left; width: 1%; border-width: initial; border-style: none; border-color: initial;" title="Note 4. Revenues - D9"> </td><td style="text-align: right; width: 9%; border-width: initial; border-style: none; border-color: initial;">6,287</td><td style="text-align: left; width: 1%; border-width: initial; border-style: none; border-color: initial;" title="Note 4. Revenues - D9"> </td></tr><tr><td style="padding-left: 20px;">Royalty revenue:</td><td style="width: 1%;" title="Note 4. Revenues - B10"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 4. Revenues - B10"></td><td> </td><td style="width: 1%;" title="Note 4. Revenues - D10"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 4. Revenues - D10"></td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="padding-left: 30px;">SPINRAZA royalties</td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - B11"> </td><td style="text-align: right; width: 9%;">43,710</td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - B11"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - D11"> </td><td style="text-align: right; width: 9%;">48,010</td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - D11"> </td></tr><tr><td style="padding-left: 30px;">WAINUA royalties</td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - B12"> </td><td style="text-align: right; width: 9%;">10,709</td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - B12"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - D12"> </td><td style="text-align: right; width: 9%;">9,372</td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - D12"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="padding-left: 30px;">Other royalties</td><td style="text-align: left; border-bottom: 1px solid black; border-top: none; width: 1%;" title="Note 4. Revenues - B13"> </td><td style="text-align: right; border-bottom: 1px solid black; border-top: none; width: 9%;">3,904</td><td style="text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 4. Revenues - B13"> </td><td> </td><td style="text-align: left; border-bottom: 1px solid black; border-top: none; width: 1%;" title="Note 4. Revenues - D13"> </td><td style="text-align: right; border-bottom: 1px solid black; border-top: none; width: 9%;">6,784</td><td style="text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 4. Revenues - D13"> </td></tr><tr><td style="padding-left: 50px;">Total royalty revenue</td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - B14"> </td><td style="text-align: right; width: 9%;">58,323</td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - B14"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - D14"> </td><td style="text-align: right; width: 9%;">64,166</td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - D14"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="padding-left: 20px;">Other commercial revenue</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; text-align: left;" title="Note 4. Revenues - B15"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">6,532</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; text-align: left;" title="Note 4. Revenues - B15"> </td><td> </td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; text-align: left;" title="Note 4. Revenues - D15"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">5,715</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; text-align: left;" title="Note 4. Revenues - D15"> </td></tr><tr><td style="padding-left: 70px;">Total commercial revenue</td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - B19"> </td><td style="text-align: right; width: 9%;">107,810</td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - B19"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - D19"> </td><td style="text-align: right; width: 9%;">76,168</td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - D19"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="padding-left: 10px;">Research and development revenue:</td><td style="width: 1%;" title="Note 4. Revenues - B20"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 4. Revenues - B20"></td><td> </td><td style="width: 1%;" title="Note 4. Revenues - D20"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 4. Revenues - D20"></td></tr><tr><td style="padding-left: 30px;">Collaborative agreement revenue</td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - B21"> </td><td style="text-align: right; width: 9%;">120,660</td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - B21"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - D21"> </td><td style="text-align: right; width: 9%;">45,031</td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - D21"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="padding-left: 30px;">WAINUA joint development revenue</td><td style="text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 4. Revenues - B22"> </td><td style="text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">17,621</td><td style="text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 4. Revenues - B22"> </td><td> </td><td style="text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 4. Revenues - D22"> </td><td style="text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">10,413</td><td style="text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 4. Revenues - D22"> </td></tr><tr><td style="padding-left: 70px;">Total research and development revenue</td><td style="text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 4. Revenues - B23"> </td><td style="text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">138,281</td><td style="text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 4. Revenues - B23"> </td><td> </td><td style="text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 4. Revenues - D23"> </td><td style="text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">55,444</td><td style="text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 4. Revenues - D23"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="padding-left: 90px;">Total revenue </td><td style="text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 4. Revenues - B24">$</td><td style="text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 9%;">246,091</td><td style="text-align: left; width: 1%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 4. Revenues - B24"> </td><td> </td><td style="text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 4. Revenues - D24">$</td><td style="text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 9%;">131,612</td><td style="text-align: left; width: 1%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 4. Revenues - D24"> </td></tr></table><div>  </div> <div style="text-indent: 36pt; text-align: justify;"> <span style="font-weight: bold; text-decoration: underline;">Revenue Sources </span> </div> <div style="text-align: justify;">  </div> <div style="text-indent: 36pt; text-align: justify;"> <span>The following are sources of revenue and when we typically recognize revenue.</span> </div> <div style="text-align: justify;">  </div> <div style="text-indent: 36pt; text-align: justify;"> <span style="font-style: italic;">Commercial Revenue </span> </div> <div style="text-align: justify;">  </div> <div style="text-indent: 36pt; text-align: justify;"> <span>In December 2024, the U.S. Food and Drug Administration, or FDA, approved TRYNGOLZA for the treatment of familial chylomicronemia syndrome, or FCS. Following the approval, we launched TRYNGOLZA and began earning revenue from TRYNGOLZA sales. </span> </div> <div style="text-align: justify;"> </div> <div style="text-indent: 36pt; line-height: 1.15; text-align: justify;">In August 2025, the FDA approved DAWNZERA for prophylaxis to prevent attacks of hereditary angioedema, or HAE, in adult and pediatric patients 12 years of age and older. Following the approval, we launched DAWNZERA and began earning revenue from DAWNZERA sales.</div><div style="text-indent: 36pt; text-align: justify;"> <span>We earn royalty payments primarily on net sales of SPINRAZA, WAINUA and QALSODY. We include QALSODY royalties within other royalties in the table above.</span></div> <div style="text-indent: 36pt; text-align: justify;"> </div> <div style="text-indent: 36pt; text-align: justify;"><span>We earn commercial revenue from TEGSEDI and WAYLIVRA sales under our distribution agreements with Swedish Orphan Biovitrum AB, or Sobi. In addition, we receive royalties from PTC Therapeutics International Limited, or PTC, for TEGSEDI and WAYLIVRA sales. Refer to Part IV, Item 15, Note 4, </span><span style="font-style: italic;">Collaborative Arrangements and Licensing Agreements</span><span>, of our audited financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2025 for details on our commercialization partnerships with Sobi and PTC.</span> </div><div style="text-align: justify;"> </div> <div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Under our distribution agreements with Sobi, we concluded that our performance obligation is to provide services to Sobi over the term of the agreement, which includes supplying finished goods inventory to Sobi. We are also responsible for maintaining the marketing authorization for TEGSEDI and WAYLIVRA in major markets and for leading the global commercial strategy for each medicine. We view this performance obligation as a series of distinct activities that are substantially the same. We recognize as revenue the price Sobi pays us for the inventory when we deliver the finished goods inventory to Sobi. We also recognize distribution fee revenue based on Sobi’s net sales of TEGSEDI and WAYLIVRA. Under our agreements with Sobi, Sobi does not generally have a right of return.</span></div><div style="text-align: justify;"> </div><div style="text-indent: 36pt; text-align: justify;"> <span style="font-style: italic;">Research and development revenue under collaboration agreements</span> </div> <div style="text-align: justify;">  </div> <div style="text-indent: 36pt; text-align: justify;"> <span>We enter into collaboration agreements to license and sell our technology on an exclusive or non-exclusive basis. Our collaboration agreements typically contain multiple elements, or performance obligations, including technology licenses or options to obtain technology licenses, R&amp;D services and manufacturing services.</span> </div> <div style="text-align: justify;">  </div> <div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"> </div> <div style="text-indent: 36pt; line-height: 1.15; text-align: justify;">For R&amp;D services that we recognize over time, we measure our progress using an input method. The input methods we use are based on the effort we expend or costs we incur toward the satisfaction of our performance obligation. We estimate the amount of effort we expend, including the time we estimate it will take us to complete the activities, or costs we incur in a given period, relative to the estimated total effort or costs to satisfy the performance obligation. This results in a percentage that we multiply by the transaction price to determine the amount of revenue we recognize each period. This approach requires us to make numerous estimates and use judgement. If our estimates or judgements change over the course of the collaboration, they may affect the timing and amount of revenue that we recognize in the current and future periods. </div><div style="text-align: justify;">  </div> <div style="text-indent: 36pt; text-align: justify;"> <span style="font-style: italic; text-decoration: underline;">Upfront payments:</span><span> When we enter into a collaboration agreement and receive an upfront payment, we record the entire upfront payment as deferred revenue if our only performance obligation is for R&amp;D services we will provide in the future. We amortize the upfront payment into revenue as we perform the R&amp;D services. If part or all of the upfront payment is a license fee, we recognize as revenue the portion related to the license when we deliver the license to our partner because our partner has full use of the license and we do not have any additional performance obligations related to the license after delivery.</span> </div> <div style="text-align: justify;">  </div> <div style="text-indent: 36pt; text-align: justify;"> <span style="font-style: italic; text-decoration: underline;">Milestone payments:</span> We include variable consideration in the transaction price when it is probable. We typically include milestone payments for R&amp;D services in the transaction price when they are achieved. We include these milestone payments when they are achieved because there is considerable uncertainty in the research and development processes that trigger these payments. Similarly, we include regulatory milestone payments in the transaction price once the medicine is approved by the applicable regulatory agency. We will recognize sales-based milestone payments in the period in which we achieve the milestone under the sales-based royalty exception allowed under accounting rules. </div><div style="text-align: justify;">  </div> <div style="text-indent: 36pt; text-align: justify;"> <span>We recognize milestone payments that relate to an ongoing performance obligation over our period of performance. For example, when we achieve a milestone payment from a partner for advancing a clinical study under a collaboration agreement, we add the milestone payment to the transaction price if the milestone relates to an ongoing R&amp;D services performance obligation and recognize revenue related to the milestone payment over our estimated period of performance. If we have partially completed our performance obligation, we record a cumulative-effect adjustment in the period we add the milestone payment to the transaction price.</span> </div><div style="text-indent: 36pt; text-align: justify;"><span>Conversely, we recognize in full those milestone payments that we earn based on our partners’ activities when our partner achieves the milestone event and we do not have a remaining performance obligation.</span> </div><div style="text-align: justify;">  </div> <div style="text-indent: 36pt; text-align: justify;"> <span style="font-style: italic; text-decoration: underline;">License fees:</span><span> We recognize as revenue the total amount we determine to be the relative stand-alone selling price of a license when we deliver the license to our partner because our partner has full use of the license and we do not have any additional performance obligations related to the license after delivery.</span> </div> <div style="text-align: justify;">  </div> <div style="text-indent: 36pt; text-align: justify;"> <span style="font-style: italic;">WAINUA (Eplontersen) Collaboration with AstraZeneca</span> </div> <div style="text-align: justify;">  </div> <div style="text-indent: 36pt; text-align: justify;"> <span>In 2021, we entered into a joint development and commercialization agreement with AstraZeneca to develop and commercialize WAINUA for the treatment of transthyretin amyloidosis, or ATTR. Under the terms of the agreement, we received a $200 million upfront payment in 2021.</span> </div> <div style="text-align: justify;">  </div> <div style="text-indent: 36pt; text-align: justify;"> <span>We evaluated our WAINUA collaboration under ASC Topic 808, </span><span style="font-style: italic;">Collaborative Arrangements</span><span>, or ASC 808, and identified four material components: (i) the license we granted to AstraZeneca in 2021, (ii) the co-development activities that we and AstraZeneca are performing, (iii) the co-commercialization activities that we and AstraZeneca are performing and (iv) the co-medical affairs activities that we and AstraZeneca are performing.</span> </div> <div style="text-align: justify;">  </div> <div style="text-indent: 36pt; text-align: justify;"> <span>We determined that we had a vendor-customer relationship within the scope of ASC Topic 606, </span><span style="font-style: italic;">Revenue from Contracts with Customers</span><span>, or ASC 606, for the license we granted to AstraZeneca and as a result we had one performance obligation. For our sole performance obligation, we determined the transaction price was the $200 million upfront payment we received. We recognized the upfront payment in full in 2021 because we did not have any remaining performance obligations after we delivered the license to AstraZeneca.</span> </div> <div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"> </div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;">We also concluded that the co-development activities, the co-commercialization activities and the co-medical affairs activities are within the scope of ASC 808 because we and AstraZeneca are active participants exposed to the risks and benefits of the activities under the collaboration and therefore do not have a vendor-customer relationship. From inception through December 31, 2025, AstraZeneca was responsible for 55 percent of the costs associated with the ongoing global Phase 3 development program. After December 31, 2025, AstraZeneca is responsible for 75 percent of costs for development activities intended solely to support U.S. regulatory approvals and 87.5 percent of costs for development activities intended to support global regulatory approvals. Because we are leading the Phase 3 development program, we made an accounting policy election to recognize as non-customer revenue the cost-share funding from AstraZeneca, net of our share of AstraZeneca’s development expenses, in the same period we incur the related development expenses. As AstraZeneca is responsible for the majority of the commercial and medical affairs costs in the U.S. and all costs associated with bringing WAINUA to market outside the U.S., we made an accounting policy election to recognize cost-share funding we receive from AstraZeneca related to commercial and medical affairs activities as reductions of our selling, general and administrative, or SG&amp;A, expense and R&amp;D expense, respectively. </div> <div style="text-indent: 36pt; text-align: justify;"> <span>During the three months ended March 31, 2026 and 2025, our revenues consisted of the following (in thousands):</span> </div> <div> </div> <table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; vertical-align: bottom; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td colspan="7" style="text-align: center; font-weight: bold;">Three Months Ended</td></tr><tr><td> </td><td colspan="7" style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">March 31,</td></tr><tr><td> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 4. Revenues - B4"></td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">2026</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 4. Revenues - B4"></td><td> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 4. Revenues - D4"></td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">2025</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 4. Revenues - D4"></td></tr><tr><td>Revenue:</td><td style="width: 1%;" title="Note 4. Revenues - B5"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 4. Revenues - B5"></td><td> </td><td style="width: 1%;" title="Note 4. Revenues - D5"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 4. Revenues - D5"></td></tr><tr><td style="padding-left: 10px;">Commercial revenue:</td><td style="width: 1%;" title="Note 4. Revenues - B6"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 4. Revenues - B6"></td><td> </td><td style="width: 1%;" title="Note 4. Revenues - D6"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 4. Revenues - D6"></td></tr><tr><td style="padding-left: 20px;">Product sales, net:</td><td style="width: 1%;" title="Note 4. Revenues - B7"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 4. Revenues - B7"></td><td> </td><td style="width: 1%;" title="Note 4. Revenues - D7"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 4. Revenues - D7"></td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="padding-left: 30px;">TRYNGOLZA sales, net</td><td style="text-align: left; border-width: initial; border-style: none; border-color: initial; width: 1%;" title="Note 4. Revenues - B8">$</td><td style="text-align: right; border-width: initial; border-style: none; border-color: initial; width: 9%;">27,100</td><td style="text-align: left; width: 1%; border-width: initial; border-style: none; border-color: initial;" title="Note 4. Revenues - B8"> </td><td> </td><td style="text-align: left; border-width: initial; border-style: none; border-color: initial; width: 1%;" title="Note 4. Revenues - D8">$</td><td style="text-align: right; border-width: initial; border-style: none; border-color: initial; width: 9%;">6,287</td><td style="text-align: left; width: 1%; border-width: initial; border-style: none; border-color: initial;" title="Note 4. Revenues - D8"> </td></tr><tr><td style="padding-left: 30px;">DAWNZERA sales, net</td><td style="text-align: left; border-top: none; border-right: none; border-bottom: 1px solid black; border-left: none; width: 1%;" title="Note 4. Revenues - B8"> </td><td style="text-align: right; border-top: none; border-right: none; border-bottom: 1px solid black; border-left: none; width: 9%;">15,855</td><td style="text-align: left; width: 1%; border-top: none; border-right: none; border-bottom: 1px solid black; border-left: none;" title="Note 4. Revenues - B8"> </td><td> </td><td style="text-align: left; border-top: none; border-right: none; border-bottom: 1px solid black; border-left: none; width: 1%;" title="Note 4. Revenues - D8"> </td><td style="text-align: right; border-top: none; border-right: none; border-bottom: 1px solid black; border-left: none; width: 9%;"> - </td><td style="text-align: left; width: 1%; border-top: none; border-right: none; border-bottom: 1px solid black; border-left: none;" title="Note 4. Revenues - D8"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="padding-left: 30px;">Total product sales, net</td><td style="text-align: left; width: 1%; border-width: initial; border-style: none; border-color: initial;" title="Note 4. Revenues - B9"> </td><td style="text-align: right; width: 9%; border-width: initial; border-style: none; border-color: initial;">42,955</td><td style="text-align: left; width: 1%; border-width: initial; border-style: none; border-color: initial;" title="Note 4. Revenues - B9"> </td><td> </td><td style="text-align: left; width: 1%; border-width: initial; border-style: none; border-color: initial;" title="Note 4. Revenues - D9"> </td><td style="text-align: right; width: 9%; border-width: initial; border-style: none; border-color: initial;">6,287</td><td style="text-align: left; width: 1%; border-width: initial; border-style: none; border-color: initial;" title="Note 4. Revenues - D9"> </td></tr><tr><td style="padding-left: 20px;">Royalty revenue:</td><td style="width: 1%;" title="Note 4. Revenues - B10"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 4. Revenues - B10"></td><td> </td><td style="width: 1%;" title="Note 4. Revenues - D10"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 4. Revenues - D10"></td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="padding-left: 30px;">SPINRAZA royalties</td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - B11"> </td><td style="text-align: right; width: 9%;">43,710</td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - B11"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - D11"> </td><td style="text-align: right; width: 9%;">48,010</td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - D11"> </td></tr><tr><td style="padding-left: 30px;">WAINUA royalties</td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - B12"> </td><td style="text-align: right; width: 9%;">10,709</td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - B12"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - D12"> </td><td style="text-align: right; width: 9%;">9,372</td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - D12"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="padding-left: 30px;">Other royalties</td><td style="text-align: left; border-bottom: 1px solid black; border-top: none; width: 1%;" title="Note 4. Revenues - B13"> </td><td style="text-align: right; border-bottom: 1px solid black; border-top: none; width: 9%;">3,904</td><td style="text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 4. Revenues - B13"> </td><td> </td><td style="text-align: left; border-bottom: 1px solid black; border-top: none; width: 1%;" title="Note 4. Revenues - D13"> </td><td style="text-align: right; border-bottom: 1px solid black; border-top: none; width: 9%;">6,784</td><td style="text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 4. Revenues - D13"> </td></tr><tr><td style="padding-left: 50px;">Total royalty revenue</td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - B14"> </td><td style="text-align: right; width: 9%;">58,323</td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - B14"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - D14"> </td><td style="text-align: right; width: 9%;">64,166</td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - D14"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="padding-left: 20px;">Other commercial revenue</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; text-align: left;" title="Note 4. Revenues - B15"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">6,532</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; text-align: left;" title="Note 4. Revenues - B15"> </td><td> </td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; text-align: left;" title="Note 4. Revenues - D15"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">5,715</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; text-align: left;" title="Note 4. Revenues - D15"> </td></tr><tr><td style="padding-left: 70px;">Total commercial revenue</td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - B19"> </td><td style="text-align: right; width: 9%;">107,810</td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - B19"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - D19"> </td><td style="text-align: right; width: 9%;">76,168</td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - D19"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="padding-left: 10px;">Research and development revenue:</td><td style="width: 1%;" title="Note 4. Revenues - B20"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 4. Revenues - B20"></td><td> </td><td style="width: 1%;" title="Note 4. Revenues - D20"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 4. Revenues - D20"></td></tr><tr><td style="padding-left: 30px;">Collaborative agreement revenue</td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - B21"> </td><td style="text-align: right; width: 9%;">120,660</td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - B21"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - D21"> </td><td style="text-align: right; width: 9%;">45,031</td><td style="text-align: left; width: 1%;" title="Note 4. Revenues - D21"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="padding-left: 30px;">WAINUA joint development revenue</td><td style="text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 4. Revenues - B22"> </td><td style="text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">17,621</td><td style="text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 4. Revenues - B22"> </td><td> </td><td style="text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 4. Revenues - D22"> </td><td style="text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">10,413</td><td style="text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 4. Revenues - D22"> </td></tr><tr><td style="padding-left: 70px;">Total research and development revenue</td><td style="text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 4. Revenues - B23"> </td><td style="text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">138,281</td><td style="text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 4. Revenues - B23"> </td><td> </td><td style="text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 4. Revenues - D23"> </td><td style="text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">55,444</td><td style="text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 4. Revenues - D23"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="padding-left: 90px;">Total revenue </td><td style="text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 4. Revenues - B24">$</td><td style="text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 9%;">246,091</td><td style="text-align: left; width: 1%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 4. Revenues - B24"> </td><td> </td><td style="text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 4. Revenues - D24">$</td><td style="text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 9%;">131,612</td><td style="text-align: left; width: 1%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 4. Revenues - D24"> </td></tr></table> 27100000 6287000 15855000 0 42955000 6287000 43710000 48010000 10709000 9372000 3904000 6784000 58323000 64166000 6532000 5715000 107810000 76168000 120660000 45031000 17621000 10413000 138281000 55444000 246091000 131612000 P12Y 200000000 4 1 200000000 0.55 0.75 0.875 <div> <span style="color: #000000; font-weight: bold;">5.  Collaborative Arrangements and Licensing Agreements</span> </div> <div>  </div> <div style="font-family: Calibri; font-size: 11pt; color: rgb(0, 0, 0); text-indent: 36pt; line-height: 1.15; text-align: justify"> <span style="font-family: Times New Roman; font-size: 10.0pt;">Below, we have included our GSK, Otsuka and Roche collaborations, which were the only collaborations that had substantive changes from those included in Part IV, Item 15, Note 4, </span><span style="font-family: Times New Roman; font-size: 10.0pt; font-style: italic;">Collaborative Arrangements and Licensing Agreements</span><span style="font-family: Times New Roman; font-size: 10.0pt;">, of our audited financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2025. </span> </div> <div> </div> <div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"><b>GSK</b></div><div> </div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;">In 2010, we entered into a collaboration with GSK using our antisense drug discovery platform to discover and develop new medicines against targets for serious and rare diseases, including infectious diseases. Under our collaboration, GSK is developing bepirovirsen for the treatment of chronic hepatitis B, or CHB, infection. In 2019, following positive Phase 2 results, GSK licensed our CHB program. GSK is responsible for all global development, regulatory and commercialization activities and costs for the CHB program. From inception through March 31, 2026, we have received more than $105 million in an upfront payment and other payments related to the CHB program.</div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;">In the first quarter of 2026, we earned a $15 million milestone payment when the Japanese Ministry of Health, Labour and Welfare, or MHLW, accepted for review a New Drug Application, or NDA, filing for bepirovirsen. In addition, we earned a $15 million milestone payment when the European Medicines Agency, or EMA, accepted for review a Marketing Authorization Application, or MAA, filing for bepirovirsen. We recognized these milestone payments as R&amp;D revenue in full in the first quarter of 2026 because we did not have any remaining performance obligations related to the milestone payments. We will achieve the next payment of $35 million if bepirovirsen is approved in a major country other than China.</div><div> </div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;">During the three months ended March 31, 2026 and 2025, we earned the following revenue from our relationship with GSK (in thousands, except percentage amounts):</div><div> </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; vertical-align: bottom; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td colspan="7" style="text-align: center; font-weight: bold;">Three Months Ended</td></tr><tr><td> </td><td colspan="7" style="text-align: center; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">March 31,</td></tr><tr><td> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 5. Collaborations - B20"> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 9%;">2026</td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 5. Collaborations - B20"> </td><td> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 5. Collaborations - D20"> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 9%;">2025</td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 5. Collaborations - D20"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Revenue from our relationship with GSK</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - B21">$</td><td style="width: 9%; text-align: right;">30,000</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - B21"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - D21">$</td><td style="width: 9%; text-align: right;"> - </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - D21"> </td></tr><tr><td>Percentage of total revenue</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - B22"> </td><td style="width: 9%; text-align: right;">12</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - B22">%</td><td> </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - D22"> </td><td style="width: 9%; text-align: right;"> - </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - D22">%</td></tr></table><div> </div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"> We did not have any deferred revenue from our relationship with GSK at March 31, 2026 and December 31, 2025.</div><div> </div><div style="font-style: italic; text-indent: 36pt; line-height: 1.15; text-align: justify"> <span style="color: rgb(0, 0, 0); font-weight: bold; font-style: normal;">Otsuka</span></div> <div style="text-align: justify;">  </div> <div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"> In 2023, we entered into an agreement with Otsuka Pharmaceutical Co., Ltd., or Otsuka, to commercialize DAWNZERA in Europe. In the second quarter of 2024, we expanded the agreement to include commercialization rights for DAWNZERA in the Asia-Pacific region. We are responsible for the ongoing development of DAWNZERA. We retained the rights to commercialize DAWNZERA in the U.S. and in the rest of the world, assuming regulatory approval. In November 2024, we entered into an agreement with Otsuka to commercialize ulefnersen, an investigational medicine for the treatment of amyotrophic lateral sclerosis, or ALS, caused by mutations in the <i>FUS</i> gene, worldwide. We are responsible for the ongoing development of ulefnersen. From inception through March 31, 2026, we have received more than $125 million in payments from Otsuka. </div><div style="text-align: justify;">  </div> <div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"> In the first quarter of 2026, we achieved a $15 million milestone payment when the European Commission approved DAWNZERA in the EU. <span style="letter-spacing: normal; text-align: justify; text-indent: 48px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">We recognized this milestone payment as R&amp;D revenue in full in the first quarter of 2026 because we did not have any remaining performance obligations related to the milestone payment.</span> We will achieve the next payment of $20 million if Otsuka receives reimbursement approval in three of the five major European countries, which include the United Kingdom, France, Germany, Italy and Spain.</div><div style="text-indent: 36pt; text-align: justify;"> </div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">During the three months ended </span><span style="cursor: pointer; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">March 31, 2026</span><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"> and </span><span style="cursor: pointer; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">2025</span><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">, we earned the following revenue from our relationship with Otsuka (in thousands, except percentage amounts):</span></div><div style="text-indent: 36pt; text-align: justify;"> </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; vertical-align: bottom; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td colspan="7" style="text-align: center; font-weight: bold;">Three Months Ended</td></tr><tr><td> </td><td colspan="7" style="text-align: center; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">March 31,</td></tr><tr><td> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 5. Collaborations - B41"> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 9%;">2026</td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 5. Collaborations - B41"> </td><td> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 5. Collaborations - D41"> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 9%;">2025</td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 5. Collaborations - D41"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Revenue from our relationship with Otsuka</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - B42">$</td><td style="width: 9%; text-align: right;">19,932</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - B42"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - D42">$</td><td style="width: 9%; text-align: right;">6,528</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - D42"> </td></tr><tr><td>Percentage of total revenue</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - B43"> </td><td style="width: 9%; text-align: right;">8</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - B43">%</td><td> </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - D43"> </td><td style="width: 9%; text-align: right;">5</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - D43">%</td></tr></table><div style="text-indent: 36pt; text-align: justify;"> </div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Our condensed consolidated balance sheets at March 31, 2026 and December 31, 2025 included deferred revenue of $3.4 million and $4.3 million, respectively, from our relationship with Otsuka. </span></div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"><b>Roche</b></div><div> </div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;">We have three collaborations with Hoffmann-La Roche Inc. and F. Hoffmann-La Roche Ltd, collectively Roche: one to develop treatments for Huntington’s disease, or HD, one to develop sefaxersen for the treatment of immunoglobulin A, or IgA, nephropathy, or IgAN, and one to develop RNA-targeted programs for Alzheimer's disease, or AD, and HD. From inception through March 31, 2026, we have received more than $405 million in payments from our Roche collaborations.</div><div> </div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;">In the first quarter of 2026, we earned a $50 million milestone payment when Roche initiated a Phase 1 trial for an investigational medicine for the treatment of AD. <span style="letter-spacing: normal; text-align: justify; text-indent: 48px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">We recognized this milestone payment as R&amp;D revenue in full in the first quarter of 2026 because we did not have any remaining performance obligations related to the milestone payment. </span>We will achieve the next payment of $10 million if Roche initiates a Phase 2 trial for an investigational medicine for the treatment of AD under our collaboration for RNA-targeted programs.</div><div> </div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">During the three months ended </span><span style="cursor: pointer; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">March 31, 2026</span><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"> and </span><span style="cursor: pointer; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">2025</span><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">, we earned the following revenue from our relationship with Roche (in thousands, except percentage amounts):</span></div><div> </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; vertical-align: bottom; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td colspan="7" style="text-align: center; font-weight: bold;">Three Months Ended</td></tr><tr><td> </td><td colspan="7" style="text-align: center; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">March 31,</td></tr><tr><td> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 5. Collaborations - B48"> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 9%;">2026</td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 5. Collaborations - B48"> </td><td> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 5. Collaborations - D48"> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 9%;">2025</td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 5. Collaborations - D48"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Revenue from our relationship with Roche</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - B49">$</td><td style="width: 9%; text-align: right;">50,000</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - B49"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - D49">$</td><td style="width: 9%; text-align: right;">1,965</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - D49"> </td></tr><tr><td>Percentage of total revenue</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - B50"> </td><td style="width: 9%; text-align: right;">20</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - B50">%</td><td> </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - D50"> </td><td style="width: 9%; text-align: right;">1</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - D50">%</td></tr></table><div> </div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">We did not have any deferred revenue from our relationship with Roche at </span><span style="cursor: pointer; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">March 31, 2026</span><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"> and </span><span style="cursor: pointer; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">December 31, 2025</span><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">.</span></div> 105000000 15000000 15000000 35000000 <div style="text-indent: 36pt; line-height: 1.15; text-align: justify;">During the three months ended March 31, 2026 and 2025, we earned the following revenue from our relationship with GSK (in thousands, except percentage amounts):</div><div> </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; vertical-align: bottom; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td colspan="7" style="text-align: center; font-weight: bold;">Three Months Ended</td></tr><tr><td> </td><td colspan="7" style="text-align: center; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">March 31,</td></tr><tr><td> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 5. Collaborations - B20"> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 9%;">2026</td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 5. Collaborations - B20"> </td><td> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 5. Collaborations - D20"> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 9%;">2025</td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 5. Collaborations - D20"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Revenue from our relationship with GSK</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - B21">$</td><td style="width: 9%; text-align: right;">30,000</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - B21"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - D21">$</td><td style="width: 9%; text-align: right;"> - </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - D21"> </td></tr><tr><td>Percentage of total revenue</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - B22"> </td><td style="width: 9%; text-align: right;">12</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - B22">%</td><td> </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - D22"> </td><td style="width: 9%; text-align: right;"> - </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - D22">%</td></tr></table> 30000000 0 0.12 0 0 0 125000000 15000000 20000000 3 5 <div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">During the three months ended </span><span style="cursor: pointer; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">March 31, 2026</span><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"> and </span><span style="cursor: pointer; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">2025</span><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">, we earned the following revenue from our relationship with Otsuka (in thousands, except percentage amounts):</span></div><div style="text-indent: 36pt; text-align: justify;"> </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; vertical-align: bottom; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td colspan="7" style="text-align: center; font-weight: bold;">Three Months Ended</td></tr><tr><td> </td><td colspan="7" style="text-align: center; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">March 31,</td></tr><tr><td> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 5. Collaborations - B41"> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 9%;">2026</td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 5. Collaborations - B41"> </td><td> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 5. Collaborations - D41"> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 9%;">2025</td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 5. Collaborations - D41"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Revenue from our relationship with Otsuka</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - B42">$</td><td style="width: 9%; text-align: right;">19,932</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - B42"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - D42">$</td><td style="width: 9%; text-align: right;">6,528</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - D42"> </td></tr><tr><td>Percentage of total revenue</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - B43"> </td><td style="width: 9%; text-align: right;">8</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - B43">%</td><td> </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - D43"> </td><td style="width: 9%; text-align: right;">5</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - D43">%</td></tr></table> 19932000 6528000 0.08 0.05 3400000 4300000 3 1 1 1 405000000 50000000 10000000 <div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">During the three months ended </span><span style="cursor: pointer; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">March 31, 2026</span><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"> and </span><span style="cursor: pointer; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">2025</span><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">, we earned the following revenue from our relationship with Roche (in thousands, except percentage amounts):</span></div><div> </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; vertical-align: bottom; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td colspan="7" style="text-align: center; font-weight: bold;">Three Months Ended</td></tr><tr><td> </td><td colspan="7" style="text-align: center; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">March 31,</td></tr><tr><td> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 5. Collaborations - B48"> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 9%;">2026</td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 5. Collaborations - B48"> </td><td> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 5. Collaborations - D48"> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 9%;">2025</td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 5. Collaborations - D48"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Revenue from our relationship with Roche</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - B49">$</td><td style="width: 9%; text-align: right;">50,000</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - B49"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - D49">$</td><td style="width: 9%; text-align: right;">1,965</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - D49"> </td></tr><tr><td>Percentage of total revenue</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - B50"> </td><td style="width: 9%; text-align: right;">20</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - B50">%</td><td> </td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - D50"> </td><td style="width: 9%; text-align: right;">1</td><td style="width: 1%; text-align: left;" title="Note 5. Collaborations - D50">%</td></tr></table> 50000000 1965000 0.20 0.01 0 0 <div> <span style="color: #000000; font-weight: bold;">6.  Basic and Diluted Net Loss Per Share</span> </div> <div style="font-size: 8pt;">  </div> <div style="text-indent: 36pt; text-align: justify;"> <span style="color: #000000; font-weight: bold;">Basic net loss per share</span> </div> <div style="text-align: justify; font-size: 8pt;">  </div> <div style="text-indent: 36pt; text-align: justify;"> <span style="color: #000000;">We calculated our basic net loss per share for the three months ended March 31, 2026 and 2025 by dividing our net loss by our weighted-average number of common shares outstanding during the period.</span> </div> <div>  </div> <div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"> <span style="color: #000000; font-weight: bold;">Diluted net loss per share</span> </div> <div style="text-indent: 36pt; text-align: justify;"> </div><div style="text-indent: 36pt; text-align: justify;"><span style="color: #000000;">For the three months ended March 31, 2026 and 2025, we incurred a net loss; therefore, we did not include dilutive common equivalent shares in the computation of diluted net loss per share because the effect would have been anti-dilutive. Common stock from the following would have had an anti-dilutive effect on net loss per share:</span> </div><div> </div> <div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">●    1.75 percent convertible senior notes due 2028, or 1.75% Notes due 2028;</span></div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"><span style="letter-spacing: normal; text-indent: -24px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">●    0 percent convertible senior notes due 2026, or 0% Notes due 2026;</span></div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"><span style="letter-spacing: normal; text-indent: -24px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">●    Note hedges related to the 0% Notes due 2026;</span></div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"><span style="letter-spacing: normal; text-indent: -24px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">●    Warrants related to the 0% Notes due 2026;</span></div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"><span style="letter-spacing: normal; text-indent: -24px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">●    Dilutive stock options;</span></div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"><span style="letter-spacing: normal; text-indent: -24px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">●    Unvested restricted stock units, or RSUs;</span></div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"><span style="letter-spacing: normal; text-indent: -24px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">●    Unvested performance restricted stock units, or PRSUs; and</span></div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"><span style="letter-spacing: normal; text-indent: -24px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">●    Employee Stock Purchase Plan, or ESPP.</span></div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"> </div> <div style="text-indent: 36pt; text-align: justify;"> <span>For the three months ended March 31, 2026, common stock underlying the 0 percent</span><span style="color: #000000;"> convertible senior notes due 2030, or 0% Notes due 2030</span><span style="color: #000000;"> </span><span>would also have had an anti-dilutive effect on net loss per share.</span> </div> <div style="text-indent: 36pt; text-align: justify;"> <span style="color: #000000; font-weight: bold;">Basic net loss per share</span> </div><div style="text-indent: 36pt; text-align: justify;"> <span style="color: #000000;">We calculated our basic net loss per share for the three months ended March 31, 2026 and 2025 by dividing our net loss by our weighted-average number of common shares outstanding during the period.</span> </div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"> <span style="color: #000000; font-weight: bold;">Diluted net loss per share</span> </div><div style="text-indent: 36pt; text-align: justify;"><span style="color: #000000;">For the three months ended March 31, 2026 and 2025, we incurred a net loss; therefore, we did not include dilutive common equivalent shares in the computation of diluted net loss per share because the effect would have been anti-dilutive. Common stock from the following would have had an anti-dilutive effect on net loss per share:</span> </div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">●    1.75 percent convertible senior notes due 2028, or 1.75% Notes due 2028;</span></div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"><span style="letter-spacing: normal; text-indent: -24px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">●    0 percent convertible senior notes due 2026, or 0% Notes due 2026;</span></div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"><span style="letter-spacing: normal; text-indent: -24px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">●    Note hedges related to the 0% Notes due 2026;</span></div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"><span style="letter-spacing: normal; text-indent: -24px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">●    Warrants related to the 0% Notes due 2026;</span></div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"><span style="letter-spacing: normal; text-indent: -24px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">●    Dilutive stock options;</span></div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"><span style="letter-spacing: normal; text-indent: -24px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">●    Unvested restricted stock units, or RSUs;</span></div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"><span style="letter-spacing: normal; text-indent: -24px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">●    Unvested performance restricted stock units, or PRSUs; and</span></div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"><span style="letter-spacing: normal; text-indent: -24px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">●    Employee Stock Purchase Plan, or ESPP.</span></div><div style="text-indent: 36pt; text-align: justify;"> <span>For the three months ended March 31, 2026, common stock underlying the 0 percent</span><span style="color: #000000;"> convertible senior notes due 2030, or 0% Notes due 2030</span><span style="color: #000000;"> </span><span>would also have had an anti-dilutive effect on net loss per share.</span> </div> 0.0175 0.0175 0.0175 0.0175 0 0 0 0 0 0 0 0 0 0 <div><span style="color: #000000; font-weight: bold;">7.  Investments</span> </div><div>  </div> <div style="text-indent: 36pt; text-align: justify;"> <span style="color: #000000;">The following table summarizes the contract maturity of the available-for-sale securities we held as of March 31, 2026:</span> </div> <div> </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; vertical-align: bottom; border-spacing: 0px;"><tr style="background-color: rgb(204, 238, 255);"><td>One year or less </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B4"> </td><td style="width: 9%; text-align: right;">67</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B4">%</td></tr><tr><td>After one year but within two years </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B5"> </td><td style="width: 9%; text-align: right;">27</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B5">%</td></tr><tr style="background-color: rgb(204, 238, 255);"><td>After two years but within <span style="-sec-ix-hidden: hidden-fact-2">three and a half years</span></td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B6"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">6</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B6">%</td></tr><tr><td>Total </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B7"> </td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">100</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B7">%</td></tr></table> <div>  </div> <div style="text-indent: 36pt; text-align: justify;"> <span style="color: #000000;">As illustrated above, at March 31, 2026, 94 percent of our available-for-sale securities had a maturity of less than two years.</span> </div> <div>  </div> <div style="text-indent: 36pt; text-align: justify;"> <span style="color: #000000;">All of our available-for-sale debt securities are available to us for use in our current operations. As a result, we categorize all of these securities as current assets even though the stated maturity of some individual securities may be one year or more beyond the balance sheet date.</span> </div> <div style="text-align: justify;">  </div> <div style="text-indent: 36pt; text-align: justify;"> <span style="color: #000000;">We invest in debt securities</span><span> with strong credit ratings and an investment grade rating at or above A-1, P-1 or F-1 by Standard &amp; Poor’s, Moody’s or Fitch, respectively. </span> </div> <div style="text-align: justify;">  </div> <div style="text-indent: 36pt; text-align: justify;"> <span style="color: #000000;">At March 31, 2026, we had an equity ownership interest of less than 20 percent in four private companies and four public companies with which we conduct business. </span> </div> <div>  </div> <div> <span style="color: #000000;">The following is a summary of our investments (in thousands):</span> </div> <div> </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; vertical-align: bottom; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td style="width: 1%;" title="Note 7. Investments - B9"></td><td style="font-weight: bold; text-align: center; width: 9%;">Amortized</td><td style="width: 1%;" title="Note 7. Investments - B9"></td><td> </td><td colspan="7" style="font-weight: bold; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">Gross Unrealized</td><td> </td><td style="width: 1%;" title="Note 7. Investments - H9"></td><td style="font-weight: bold; text-align: center; width: 9%;">Estimated</td><td style="width: 1%;" title="Note 7. Investments - H9"></td></tr><tr><td style="font-weight: bold; text-align: left;">March 31, 2026</td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 7. Investments - B10"></td><td style="font-weight: bold; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">Cost</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B10"></td><td> </td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 7. Investments - D10"></td><td style="font-weight: bold; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">Gains</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D10"></td><td> </td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 7. Investments - F10"></td><td style="font-weight: bold; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">Losses</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F10"></td><td> </td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 7. Investments - H10"></td><td style="font-weight: bold; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">Fair Value</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H10"></td></tr><tr><td style="text-decoration: underline;">Available-for-sale debt securities:</td><td style="width: 1%;" title="Note 7. Investments - B11"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 7. Investments - B11"></td><td> </td><td style="width: 1%;" title="Note 7. Investments - D11"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 7. Investments - D11"></td><td> </td><td style="width: 1%;" title="Note 7. Investments - F11"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 7. Investments - F11"></td><td> </td><td style="width: 1%;" title="Note 7. Investments - H11"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 7. Investments - H11"></td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="vertical-align: bottom;">Corporate debt securities (1)</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - B12">$</td><td style="width: 9%; text-align: right; vertical-align: bottom;">574,026</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - B12"> </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - D12">$</td><td style="width: 9%; text-align: right; vertical-align: bottom;">424</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - D12"> </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - F12">$</td><td style="width: 9%; text-align: right; vertical-align: bottom;">(288</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - F12">) </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - H12">$</td><td style="width: 9%; text-align: right; vertical-align: bottom;">574,162</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - H12"> </td></tr><tr><td style="vertical-align: bottom;">Debt securities issued by U.S. government agencies</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - B13"> </td><td style="width: 9%; text-align: right; vertical-align: bottom;">41,038</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - B13"> </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - D13"> </td><td style="width: 9%; text-align: right; vertical-align: bottom;">68</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - D13"> </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - F13"> </td><td style="width: 9%; text-align: right; vertical-align: bottom;">(11</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - F13">) </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - H13"> </td><td style="width: 9%; text-align: right; vertical-align: bottom;">41,095</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - H13"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="vertical-align: bottom;">Debt securities issued by the U.S. Treasury (1)</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - B14"> </td><td style="width: 9%; text-align: right; vertical-align: bottom;">497,599</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - B14"> </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - D14"> </td><td style="width: 9%; text-align: right; vertical-align: bottom;">272</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - D14"> </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - F14"> </td><td style="width: 9%; text-align: right; vertical-align: bottom;">(295</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - F14">) </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - H14"> </td><td style="width: 9%; text-align: right; vertical-align: bottom;">497,576</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - H14"> </td></tr><tr><td style="vertical-align: bottom;">Debt securities issued by states of the U.S. and political subdivisions of the states</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;" title="Note 7. Investments - B15"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;">4,908</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B15"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;" title="Note 7. Investments - D15"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;">2</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D15"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;" title="Note 7. Investments - F15"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;"> - </td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F15"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;" title="Note 7. Investments - H15"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;">4,910</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H15"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="vertical-align: bottom; padding-left: 20px;">Total debt securities with a maturity of one year or less</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;" title="Note 7. Investments - B16"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;">1,117,571</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B16"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;" title="Note 7. Investments - D16"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;">766</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D16"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;" title="Note 7. Investments - F16"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;">(594</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F16">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;" title="Note 7. Investments - H16"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;">1,117,743</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H16"> </td></tr><tr><td style="vertical-align: bottom;">Corporate debt securities</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - B17"> </td><td style="width: 9%; text-align: right; vertical-align: bottom;">363,131</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - B17"> </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - D17"> </td><td style="width: 9%; text-align: right; vertical-align: bottom;">279</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - D17"> </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - F17"> </td><td style="width: 9%; text-align: right; vertical-align: bottom;">(1,084</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - F17">) </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - H17"> </td><td style="width: 9%; text-align: right; vertical-align: bottom;">362,326</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - H17"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="vertical-align: bottom;">Debt securities issued by U.S. government agencies</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - B18"> </td><td style="width: 9%; text-align: right; vertical-align: bottom;">76,885</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - B18"> </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - D18"> </td><td style="width: 9%; text-align: right; vertical-align: bottom;">14</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - D18"> </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - F18"> </td><td style="width: 9%; text-align: right; vertical-align: bottom;">(350</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - F18">) </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - H18"> </td><td style="width: 9%; text-align: right; vertical-align: bottom;">76,549</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - H18"> </td></tr><tr><td style="vertical-align: bottom;">Debt securities issued by the U.S. Treasury </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - B19"> </td><td style="width: 9%; text-align: right; vertical-align: bottom;">191,229</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - B19"> </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - D19"> </td><td style="width: 9%; text-align: right; vertical-align: bottom;">45</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - D19"> </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - F19"> </td><td style="width: 9%; text-align: right; vertical-align: bottom;">(704</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - F19">) </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - H19"> </td><td style="width: 9%; text-align: right; vertical-align: bottom;">190,570</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - H19"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="vertical-align: bottom;">Debt securities issued by states of the U.S. and political subdivisions of the states</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B20"> </td><td style="width: 9%; text-align: right; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">1,224</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B20"> </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D20"> </td><td style="width: 9%; text-align: right; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">1</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D20"> </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F20"> </td><td style="width: 9%; text-align: right; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">(1</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F20">) </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H20"> </td><td style="width: 9%; text-align: right; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">1,224</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H20"> </td></tr><tr><td style="vertical-align: bottom; padding-left: 20px;">Total debt securities with a maturity of more than one year</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;" title="Note 7. Investments - B22"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;">632,469</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B22"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;" title="Note 7. Investments - D22"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;">339</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D22"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;" title="Note 7. Investments - F22"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;">(2,139</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F22">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;" title="Note 7. Investments - H22"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;">630,669</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H22"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="vertical-align: bottom; padding-left: 40px;">Total available-for-sale debt securities</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;" title="Note 7. Investments - B23">$</td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;">1,750,040</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B23"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;" title="Note 7. Investments - D23">$</td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;">1,105</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D23"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;" title="Note 7. Investments - F23">$</td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;">(2,733</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F23">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;" title="Note 7. Investments - H23">$</td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;">1,748,412</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H23"> </td></tr><tr><td style="text-decoration: underline; vertical-align: bottom;">Equity securities:</td><td style="width: 1%;" title="Note 7. Investments - B25"></td><td style="vertical-align: bottom; width: 9%;"> </td><td style="width: 1%;" title="Note 7. Investments - B25"></td><td> </td><td style="width: 1%;" title="Note 7. Investments - D25"></td><td style="vertical-align: bottom; width: 9%;"> </td><td style="width: 1%;" title="Note 7. Investments - D25"></td><td> </td><td style="width: 1%;" title="Note 7. Investments - F25"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 7. Investments - F25"></td><td> </td><td style="width: 1%;" title="Note 7. Investments - H25"></td><td style="vertical-align: bottom; width: 9%;"> </td><td style="width: 1%;" title="Note 7. Investments - H25"></td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="vertical-align: bottom;">Publicly traded equity securities included in other current assets (2)</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - B26">$</td><td style="width: 9%; text-align: right; vertical-align: bottom;">11,897</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - B26"> </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - D26">$</td><td style="width: 9%; text-align: right; vertical-align: bottom;">55,855</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - D26"> </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - F26">$</td><td style="width: 9%; text-align: right; vertical-align: bottom;">(9,802</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - F26">) </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - H26">$</td><td style="width: 9%; text-align: right; vertical-align: bottom;">57,950</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - H26"> </td></tr><tr><td style="vertical-align: bottom;">Privately held equity securities included in deposits and other assets (3)</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; vertical-align: bottom;" title="Note 7. Investments - B27"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; vertical-align: bottom;">10,000</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B27"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; vertical-align: bottom;" title="Note 7. Investments - D27"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; vertical-align: bottom;">9,816</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D27"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; vertical-align: bottom;" title="Note 7. Investments - F27"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; vertical-align: bottom;"> - </td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F27"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; vertical-align: bottom;" title="Note 7. Investments - H27"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; vertical-align: bottom;">19,816</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H27"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="vertical-align: bottom; padding-left: 20px;">Total equity securities </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; vertical-align: bottom;" title="Note 7. Investments - B28"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; vertical-align: bottom;">21,897</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B28"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; vertical-align: bottom;" title="Note 7. Investments - D28"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; vertical-align: bottom;">65,671</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D28"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; vertical-align: bottom;" title="Note 7. Investments - F28"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; vertical-align: bottom;">(9,802</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F28">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; vertical-align: bottom;" title="Note 7. Investments - H28"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-right: none; vertical-align: bottom;">77,766</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H28"> </td></tr><tr><td style="vertical-align: bottom; padding-left: 40px;">Total available-for-sale debt and equity securities</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;" title="Note 7. Investments - B29">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;">1,771,937</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B29"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;" title="Note 7. Investments - D29">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;">66,776</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D29"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;" title="Note 7. Investments - F29">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;">(12,535</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F29">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;" title="Note 7. Investments - H29">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;">1,826,178</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H29"> </td></tr></table><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; vertical-align: bottom; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td style="text-align: center; font-weight: bold; width: 1%;" title="Note 7. Investments - B30"></td><td style="text-align: center; font-weight: bold; width: 9%;">Amortized</td><td style="width: 1%;" title="Note 7. Investments - B30"></td><td> </td><td colspan="7" style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">Gross Unrealized</td><td> </td><td style="text-align: center; font-weight: bold; width: 1%;" title="Note 7. Investments - H30"></td><td style="text-align: center; font-weight: bold; width: 9%;">Estimated</td><td style="width: 1%;" title="Note 7. Investments - H30"></td></tr><tr><td style="font-weight: bold;">December 31, 2025</td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 7. Investments - B31"></td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">Cost</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B31"></td><td> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 7. Investments - D31"></td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">Gains</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D31"></td><td> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 7. Investments - F31"></td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">Losses</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F31"></td><td> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 7. Investments - H31"></td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">Fair Value</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H31"></td></tr><tr><td style="text-decoration: underline;">Available-for-sale debt securities:</td><td style="width: 1%;" title="Note 7. Investments - B32"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 7. Investments - B32"></td><td> </td><td style="width: 1%;" title="Note 7. Investments - D32"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 7. Investments - D32"></td><td> </td><td style="width: 1%;" title="Note 7. Investments - F32"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 7. Investments - F32"></td><td> </td><td style="width: 1%;" title="Note 7. Investments - H32"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 7. Investments - H32"></td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Corporate debt securities (1)</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B33">$</td><td style="width: 9%; text-align: right;">746,814</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B33"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - D33">$</td><td style="width: 9%; text-align: right;">991</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - D33"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - F33">$</td><td style="width: 9%; text-align: right;">(27</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - F33">) </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - H33">$</td><td style="width: 9%; text-align: right;">747,778</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - H33"> </td></tr><tr><td>Debt securities issued by U.S. government agencies</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B34"> </td><td style="width: 9%; text-align: right;">55,768</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B34"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - D34"> </td><td style="width: 9%; text-align: right;">92</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - D34"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - F34"> </td><td style="width: 9%; text-align: right;">(5</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - F34">) </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - H34"> </td><td style="width: 9%; text-align: right;">55,855</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - H34"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Debt securities issued by the U.S. Treasury (1)</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B35"> </td><td style="width: 9%; text-align: right;">769,034</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B35"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - D35"> </td><td style="width: 9%; text-align: right;">843</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - D35"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - F35"> </td><td style="width: 9%; text-align: right;">(13</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - F35">) </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - H35"> </td><td style="width: 9%; text-align: right;">769,864</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - H35"> </td></tr><tr><td>Debt securities issued by states of the U.S. and political subdivisions of the states</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B36"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">5,709</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B36"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D36"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">11</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D36"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F36"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> - </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F36"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H36"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">5,720</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H36"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="padding-left: 20px;">Total debt securities with a maturity of one year or less</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B37"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">1,577,325</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B37"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D37"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">1,937</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D37"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F37"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">(45</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F37">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H37"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">1,579,217</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H37"> </td></tr><tr><td>Corporate debt securities</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B38"> </td><td style="width: 9%; text-align: right;">435,350</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B38"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - D38"> </td><td style="width: 9%; text-align: right;">1,586</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - D38"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - F38"> </td><td style="width: 9%; text-align: right;">(106</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - F38">) </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - H38"> </td><td style="width: 9%; text-align: right;">436,830</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - H38"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Debt securities issued by U.S. government agencies</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B39"> </td><td style="width: 9%; text-align: right;">92,770</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B39"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - D39"> </td><td style="width: 9%; text-align: right;">100</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - D39"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - F39"> </td><td style="width: 9%; text-align: right;">(94</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - F39">) </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - H39"> </td><td style="width: 9%; text-align: right;">92,776</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - H39"> </td></tr><tr><td>Debt securities issued by the U.S. Treasury </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B40"> </td><td style="width: 9%; text-align: right;">242,288</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B40"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - D40"> </td><td style="width: 9%; text-align: right;">595</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - D40"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - F40"> </td><td style="width: 9%; text-align: right;">(1</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - F40">) </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - H40"> </td><td style="width: 9%; text-align: right;">242,882</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - H40"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Other municipal debt securities</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B41"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">1,219</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B41"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D41"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">4</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D41"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F41"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> - </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F41"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H41"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">1,223</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H41"> </td></tr><tr><td style="padding-left: 20px;">Total debt securities with a maturity of more than one year</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none;" title="Note 7. Investments - B42"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none;">771,627</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B42"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none;" title="Note 7. Investments - D42"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none;">2,285</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D42"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none;" title="Note 7. Investments - F42"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none;">(201</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F42">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none;" title="Note 7. Investments - H42"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none;">773,711</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H42"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="padding-left: 40px;">Total available-for-sale debt securities</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none;" title="Note 7. Investments - B43">$</td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none;">2,348,952</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B43"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none;" title="Note 7. Investments - D43">$</td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none;">4,222</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D43"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none;" title="Note 7. Investments - F43">$</td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none;">(246</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F43">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none;" title="Note 7. Investments - H43">$</td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-right: none;">2,352,928</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H43"> </td></tr><tr><td style="text-decoration: underline;">Equity securities:</td><td style="width: 1%;" title="Note 7. Investments - B44"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 7. Investments - B44"></td><td> </td><td style="width: 1%;" title="Note 7. Investments - D44"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 7. Investments - D44"></td><td> </td><td style="width: 1%;" title="Note 7. Investments - F44"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 7. Investments - F44"></td><td> </td><td style="width: 1%;" title="Note 7. Investments - H44"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 7. Investments - H44"></td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Publicly traded equity securities included in other current assets (2)</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B45">$</td><td style="width: 9%; text-align: right;">11,897</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B45"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - D45">$</td><td style="width: 9%; text-align: right;">35</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - D45"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - F45">$</td><td style="width: 9%; text-align: right;">(8,920</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - F45">) </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - H45">$</td><td style="width: 9%; text-align: right;">3,012</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - H45"> </td></tr><tr><td>Privately held equity securities included in deposits and other assets (3) (2)</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none;" title="Note 7. Investments - B46"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none;">4,905</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B46"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none;" title="Note 7. Investments - D46"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none;">54,395</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D46"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none;" title="Note 7. Investments - F46"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none;">(7,091</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F46">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none;" title="Note 7. Investments - H46"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none;">52,209</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H46"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="padding-left: 20px;">Total equity securities </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none;" title="Note 7. Investments - B47"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none;">16,802</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B47"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none;" title="Note 7. Investments - D47"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none;">54,430</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D47"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none;" title="Note 7. Investments - F47"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none;">(16,011</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F47">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none;" title="Note 7. Investments - H47"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-right: none;">55,221</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H47"> </td></tr><tr><td style="padding-left: 40px;">Total available-for-sale debt and equity securities</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B48">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">2,365,754</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B48"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D48">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">58,652</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D48"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F48">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">(16,257</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F48">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H48">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">2,408,149</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H48"> </td></tr></table><div style="text-align: justify;"> </div><div style="text-indent: -18pt; text-align: justify; padding-left: 18pt;"> <div> <span style="color: #000000;">(1)   Includes investments classified as cash equivalents in our condensed consolidated balance sheets.</span> </div> </div> <div style="margin-left: 18pt;">  </div> <div style="text-indent: -18pt; text-align: justify; padding-left: 18pt;"> <div> (2)  Our publicly traded equity securities are included in other current assets. We recognize publicly traded equity securities at fair value. <span style="letter-spacing: normal; text-indent: -24px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">In the first quarter of 2026, one of our privately held investees became a publicly traded entity after completing an initial public offering. As a result, we recorded a $23.4 million unrealized gain in our condensed consolidated statements of operations, which reflects the difference between the carrying value of this investment as of December 31, 2025 and its fair value of $55.8 million as of March 31, 2026. This investment is subject to a 12-month contractual sale restriction that ends in January 2027. </span>In the three months ended March 31, 2026, we recorded a $0.9 million net unrealized loss in our condensed consolidated statements of operations related to changes in the fair value of our other investments in publicly traded companies.</div></div> <div style="margin-left: 18pt;">  </div> <div style="text-indent: -18pt; text-align: justify; padding-left: 18pt;"> <div> <span style="color: #000000;">(3)  Our privately held equity securities are included in deposits and other assets. We recognize our privately held equity securities at</span><span> cost minus impairments, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer, which are Level 3 inputs</span><span style="color: #000000;">. In the three months ended March 31, 2026, there were no changes to the carrying value of our privately held equity securities.</span></div> </div><div style="text-indent: 36pt; text-align: justify;"><span style="color: #000000;">The following is a summary of our investments we consider to be temporarily impaired at March 31, 2026 (in thousands, except for number of investments): </span> </div><div> </div> <table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; vertical-align: bottom; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td style="width: 1%;" title="Note 7. Investments - B52"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 7. Investments - B52"></td><td> </td><td colspan="7" style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">Less than 12 Months of Temporary Impairment</td><td> </td><td colspan="7" style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">More than 12 Months of Temporary Impairment</td><td> </td><td colspan="7" style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">Total Temporary Impairment</td></tr><tr><td> </td><td style="width: 1%;" title="Note 7. Investments - B53"></td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">Number of Investments</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B53"></td><td> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 7. Investments - D53"></td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">Estimated Fair Value</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D53"></td><td> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 7. Investments - F53"></td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">Unrealized Losses</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F53"></td><td> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 7. Investments - H53"></td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">Estimated Fair Value</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H53"></td><td> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 7. Investments - J53"></td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">Unrealized Losses</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - J53"></td><td> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 7. Investments - L53"></td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">Estimated Fair Value</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - L53"></td><td> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 7. Investments - N53"></td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">Unrealized Losses</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - N53"></td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Corporate debt securities </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B54"> </td><td style="width: 9%; text-align: right;">267</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B54"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - D54">$</td><td style="width: 9%; text-align: right;">516,847</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - D54"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - F54">$</td><td style="width: 9%; text-align: right;">(1,358</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - F54">) </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - H54">$</td><td style="width: 9%; text-align: right;">4,480</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - H54"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - J54">$</td><td style="width: 9%; text-align: right;">(14</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - J54">) </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - L54">$</td><td style="width: 9%; text-align: right;">521,327</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - L54"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - N54">$</td><td style="width: 9%; text-align: right;">(1,372</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - N54">) </td></tr><tr><td style="text-indent: -10px; padding-left: 10px;">Debt securities issued by U.S. government agencies</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B55"> </td><td style="width: 9%; text-align: right;">41</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B55"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - D55"> </td><td style="width: 9%; text-align: right;">85,793</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - D55"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - F55"> </td><td style="width: 9%; text-align: right;">(350</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - F55">) </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - H55"> </td><td style="width: 9%; text-align: right;">6,841</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - H55"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - J55"> </td><td style="width: 9%; text-align: right;">(11</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - J55">) </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - L55"> </td><td style="width: 9%; text-align: right;">92,634</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - L55"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - N55"> </td><td style="width: 9%; text-align: right;">(361</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - N55">) </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="text-indent: -10px; padding-left: 10px;">Debt securities issued by the U.S. Treasury </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B56"> </td><td style="width: 9%; text-align: right;">56</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B56"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - D56"> </td><td style="width: 9%; text-align: right;">417,944</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - D56"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - F56"> </td><td style="width: 9%; text-align: right;">(999</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - F56">) </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - H56"> </td><td style="width: 9%; text-align: right;"> - </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - H56"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - J56"> </td><td style="width: 9%; text-align: right;"> - </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - J56"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - L56"> </td><td style="width: 9%; text-align: right;">417,944</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - L56"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - N56"> </td><td style="width: 9%; text-align: right;">(999</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - N56">) </td></tr><tr><td style="text-indent: -10px; padding-left: 10px;">Debt securities issued by states of the U.S. and political subdivisions of the states</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B58"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">4</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B58"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D58"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">1,541</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D58"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F58"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">(1</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F58">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H58"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> - </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H58"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - J58"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> - </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - J58"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - L58"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">1,541</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - L58"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - N58"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">(1</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - N58">) </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="text-indent: -10px; padding-left: 10px;">Total temporarily impaired debt securities</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B59"> </td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">368</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B59"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D59">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">1,022,125</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D59"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F59">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">(2,708</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F59">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H59">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">11,321</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H59"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - J59">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">(25</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - J59">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - L59">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">1,033,446</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - L59"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - N59">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">(2,733</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - N59">) </td></tr></table><div>  </div> <div style="text-indent: 36pt; text-align: justify;"> <span>We believe that the decline in value of these securities is temporary and is primarily related to the change in market interest rates since purchase rather than underlying credit deterioration for any of the issuers. We believe it is more likely than not that we will be able to hold our debt securities with declines in value to maturity. Therefore, we intend to hold these securities to maturity and anticipate full recovery of our debt securities’ amortized cost basis at maturity.</span> </div> <div style="text-indent: 36pt; text-align: justify;"> <span style="color: #000000;">The following table summarizes the contract maturity of the available-for-sale securities we held as of March 31, 2026:</span> </div> <div> </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; vertical-align: bottom; border-spacing: 0px;"><tr style="background-color: rgb(204, 238, 255);"><td>One year or less </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B4"> </td><td style="width: 9%; text-align: right;">67</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B4">%</td></tr><tr><td>After one year but within two years </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B5"> </td><td style="width: 9%; text-align: right;">27</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B5">%</td></tr><tr style="background-color: rgb(204, 238, 255);"><td>After two years but within <span style="-sec-ix-hidden: hidden-fact-2">three and a half years</span></td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B6"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">6</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B6">%</td></tr><tr><td>Total </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B7"> </td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">100</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B7">%</td></tr></table> P1Y 0.67 P1Y P2Y 0.27 P2Y 0.06 1 0.94 P2Y 4 4 <div> <span style="color: #000000;">The following is a summary of our investments (in thousands):</span> </div> <div> </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; vertical-align: bottom; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td style="width: 1%;" title="Note 7. Investments - B9"></td><td style="font-weight: bold; text-align: center; width: 9%;">Amortized</td><td style="width: 1%;" title="Note 7. Investments - B9"></td><td> </td><td colspan="7" style="font-weight: bold; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">Gross Unrealized</td><td> </td><td style="width: 1%;" title="Note 7. Investments - H9"></td><td style="font-weight: bold; text-align: center; width: 9%;">Estimated</td><td style="width: 1%;" title="Note 7. Investments - H9"></td></tr><tr><td style="font-weight: bold; text-align: left;">March 31, 2026</td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 7. Investments - B10"></td><td style="font-weight: bold; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">Cost</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B10"></td><td> </td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 7. Investments - D10"></td><td style="font-weight: bold; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">Gains</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D10"></td><td> </td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 7. Investments - F10"></td><td style="font-weight: bold; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">Losses</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F10"></td><td> </td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 7. Investments - H10"></td><td style="font-weight: bold; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">Fair Value</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H10"></td></tr><tr><td style="text-decoration: underline;">Available-for-sale debt securities:</td><td style="width: 1%;" title="Note 7. Investments - B11"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 7. Investments - B11"></td><td> </td><td style="width: 1%;" title="Note 7. Investments - D11"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 7. Investments - D11"></td><td> </td><td style="width: 1%;" title="Note 7. Investments - F11"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 7. Investments - F11"></td><td> </td><td style="width: 1%;" title="Note 7. Investments - H11"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 7. Investments - H11"></td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="vertical-align: bottom;">Corporate debt securities (1)</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - B12">$</td><td style="width: 9%; text-align: right; vertical-align: bottom;">574,026</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - B12"> </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - D12">$</td><td style="width: 9%; text-align: right; vertical-align: bottom;">424</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - D12"> </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - F12">$</td><td style="width: 9%; text-align: right; vertical-align: bottom;">(288</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - F12">) </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - H12">$</td><td style="width: 9%; text-align: right; vertical-align: bottom;">574,162</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - H12"> </td></tr><tr><td style="vertical-align: bottom;">Debt securities issued by U.S. government agencies</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - B13"> </td><td style="width: 9%; text-align: right; vertical-align: bottom;">41,038</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - B13"> </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - D13"> </td><td style="width: 9%; text-align: right; vertical-align: bottom;">68</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - D13"> </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - F13"> </td><td style="width: 9%; text-align: right; vertical-align: bottom;">(11</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - F13">) </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - H13"> </td><td style="width: 9%; text-align: right; vertical-align: bottom;">41,095</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - H13"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="vertical-align: bottom;">Debt securities issued by the U.S. Treasury (1)</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - B14"> </td><td style="width: 9%; text-align: right; vertical-align: bottom;">497,599</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - B14"> </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - D14"> </td><td style="width: 9%; text-align: right; vertical-align: bottom;">272</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - D14"> </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - F14"> </td><td style="width: 9%; text-align: right; vertical-align: bottom;">(295</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - F14">) </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - H14"> </td><td style="width: 9%; text-align: right; vertical-align: bottom;">497,576</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - H14"> </td></tr><tr><td style="vertical-align: bottom;">Debt securities issued by states of the U.S. and political subdivisions of the states</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;" title="Note 7. Investments - B15"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;">4,908</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B15"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;" title="Note 7. Investments - D15"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;">2</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D15"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;" title="Note 7. Investments - F15"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;"> - </td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F15"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;" title="Note 7. Investments - H15"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;">4,910</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H15"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="vertical-align: bottom; padding-left: 20px;">Total debt securities with a maturity of one year or less</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;" title="Note 7. Investments - B16"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;">1,117,571</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B16"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;" title="Note 7. Investments - D16"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;">766</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D16"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;" title="Note 7. Investments - F16"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;">(594</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F16">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;" title="Note 7. Investments - H16"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;">1,117,743</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H16"> </td></tr><tr><td style="vertical-align: bottom;">Corporate debt securities</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - B17"> </td><td style="width: 9%; text-align: right; vertical-align: bottom;">363,131</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - B17"> </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - D17"> </td><td style="width: 9%; text-align: right; vertical-align: bottom;">279</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - D17"> </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - F17"> </td><td style="width: 9%; text-align: right; vertical-align: bottom;">(1,084</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - F17">) </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - H17"> </td><td style="width: 9%; text-align: right; vertical-align: bottom;">362,326</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - H17"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="vertical-align: bottom;">Debt securities issued by U.S. government agencies</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - B18"> </td><td style="width: 9%; text-align: right; vertical-align: bottom;">76,885</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - B18"> </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - D18"> </td><td style="width: 9%; text-align: right; vertical-align: bottom;">14</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - D18"> </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - F18"> </td><td style="width: 9%; text-align: right; vertical-align: bottom;">(350</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - F18">) </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - H18"> </td><td style="width: 9%; text-align: right; vertical-align: bottom;">76,549</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - H18"> </td></tr><tr><td style="vertical-align: bottom;">Debt securities issued by the U.S. Treasury </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - B19"> </td><td style="width: 9%; text-align: right; vertical-align: bottom;">191,229</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - B19"> </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - D19"> </td><td style="width: 9%; text-align: right; vertical-align: bottom;">45</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - D19"> </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - F19"> </td><td style="width: 9%; text-align: right; vertical-align: bottom;">(704</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - F19">) </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - H19"> </td><td style="width: 9%; text-align: right; vertical-align: bottom;">190,570</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - H19"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="vertical-align: bottom;">Debt securities issued by states of the U.S. and political subdivisions of the states</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B20"> </td><td style="width: 9%; text-align: right; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">1,224</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B20"> </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D20"> </td><td style="width: 9%; text-align: right; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">1</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D20"> </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F20"> </td><td style="width: 9%; text-align: right; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">(1</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F20">) </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H20"> </td><td style="width: 9%; text-align: right; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">1,224</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H20"> </td></tr><tr><td style="vertical-align: bottom; padding-left: 20px;">Total debt securities with a maturity of more than one year</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;" title="Note 7. Investments - B22"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;">632,469</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B22"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;" title="Note 7. Investments - D22"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;">339</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D22"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;" title="Note 7. Investments - F22"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;">(2,139</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F22">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;" title="Note 7. Investments - H22"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;">630,669</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H22"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="vertical-align: bottom; padding-left: 40px;">Total available-for-sale debt securities</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;" title="Note 7. Investments - B23">$</td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;">1,750,040</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B23"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;" title="Note 7. Investments - D23">$</td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;">1,105</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D23"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;" title="Note 7. Investments - F23">$</td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;">(2,733</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F23">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;" title="Note 7. Investments - H23">$</td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;">1,748,412</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H23"> </td></tr><tr><td style="text-decoration: underline; vertical-align: bottom;">Equity securities:</td><td style="width: 1%;" title="Note 7. Investments - B25"></td><td style="vertical-align: bottom; width: 9%;"> </td><td style="width: 1%;" title="Note 7. Investments - B25"></td><td> </td><td style="width: 1%;" title="Note 7. Investments - D25"></td><td style="vertical-align: bottom; width: 9%;"> </td><td style="width: 1%;" title="Note 7. Investments - D25"></td><td> </td><td style="width: 1%;" title="Note 7. Investments - F25"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 7. Investments - F25"></td><td> </td><td style="width: 1%;" title="Note 7. Investments - H25"></td><td style="vertical-align: bottom; width: 9%;"> </td><td style="width: 1%;" title="Note 7. Investments - H25"></td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="vertical-align: bottom;">Publicly traded equity securities included in other current assets (2)</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - B26">$</td><td style="width: 9%; text-align: right; vertical-align: bottom;">11,897</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - B26"> </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - D26">$</td><td style="width: 9%; text-align: right; vertical-align: bottom;">55,855</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - D26"> </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - F26">$</td><td style="width: 9%; text-align: right; vertical-align: bottom;">(9,802</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - F26">) </td><td> </td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - H26">$</td><td style="width: 9%; text-align: right; vertical-align: bottom;">57,950</td><td style="width: 1%; text-align: left; vertical-align: bottom;" title="Note 7. Investments - H26"> </td></tr><tr><td style="vertical-align: bottom;">Privately held equity securities included in deposits and other assets (3)</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; vertical-align: bottom;" title="Note 7. Investments - B27"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; vertical-align: bottom;">10,000</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B27"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; vertical-align: bottom;" title="Note 7. Investments - D27"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; vertical-align: bottom;">9,816</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D27"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; vertical-align: bottom;" title="Note 7. Investments - F27"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; vertical-align: bottom;"> - </td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F27"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; vertical-align: bottom;" title="Note 7. Investments - H27"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; vertical-align: bottom;">19,816</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H27"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="vertical-align: bottom; padding-left: 20px;">Total equity securities </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; vertical-align: bottom;" title="Note 7. Investments - B28"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; vertical-align: bottom;">21,897</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B28"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; vertical-align: bottom;" title="Note 7. Investments - D28"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; vertical-align: bottom;">65,671</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D28"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; vertical-align: bottom;" title="Note 7. Investments - F28"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; vertical-align: bottom;">(9,802</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F28">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; vertical-align: bottom;" title="Note 7. Investments - H28"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-right: none; vertical-align: bottom;">77,766</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H28"> </td></tr><tr><td style="vertical-align: bottom; padding-left: 40px;">Total available-for-sale debt and equity securities</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;" title="Note 7. Investments - B29">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;">1,771,937</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B29"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;" title="Note 7. Investments - D29">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;">66,776</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D29"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;" title="Note 7. Investments - F29">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;">(12,535</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F29">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;" title="Note 7. Investments - H29">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; vertical-align: bottom;">1,826,178</td><td style="width: 1%; text-align: left; vertical-align: bottom; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H29"> </td></tr></table><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; vertical-align: bottom; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td style="text-align: center; font-weight: bold; width: 1%;" title="Note 7. Investments - B30"></td><td style="text-align: center; font-weight: bold; width: 9%;">Amortized</td><td style="width: 1%;" title="Note 7. Investments - B30"></td><td> </td><td colspan="7" style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">Gross Unrealized</td><td> </td><td style="text-align: center; font-weight: bold; width: 1%;" title="Note 7. Investments - H30"></td><td style="text-align: center; font-weight: bold; width: 9%;">Estimated</td><td style="width: 1%;" title="Note 7. Investments - H30"></td></tr><tr><td style="font-weight: bold;">December 31, 2025</td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 7. Investments - B31"></td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">Cost</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B31"></td><td> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 7. Investments - D31"></td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">Gains</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D31"></td><td> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 7. Investments - F31"></td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">Losses</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F31"></td><td> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 7. Investments - H31"></td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">Fair Value</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H31"></td></tr><tr><td style="text-decoration: underline;">Available-for-sale debt securities:</td><td style="width: 1%;" title="Note 7. Investments - B32"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 7. Investments - B32"></td><td> </td><td style="width: 1%;" title="Note 7. Investments - D32"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 7. Investments - D32"></td><td> </td><td style="width: 1%;" title="Note 7. Investments - F32"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 7. Investments - F32"></td><td> </td><td style="width: 1%;" title="Note 7. Investments - H32"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 7. Investments - H32"></td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Corporate debt securities (1)</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B33">$</td><td style="width: 9%; text-align: right;">746,814</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B33"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - D33">$</td><td style="width: 9%; text-align: right;">991</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - D33"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - F33">$</td><td style="width: 9%; text-align: right;">(27</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - F33">) </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - H33">$</td><td style="width: 9%; text-align: right;">747,778</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - H33"> </td></tr><tr><td>Debt securities issued by U.S. government agencies</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B34"> </td><td style="width: 9%; text-align: right;">55,768</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B34"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - D34"> </td><td style="width: 9%; text-align: right;">92</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - D34"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - F34"> </td><td style="width: 9%; text-align: right;">(5</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - F34">) </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - H34"> </td><td style="width: 9%; text-align: right;">55,855</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - H34"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Debt securities issued by the U.S. Treasury (1)</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B35"> </td><td style="width: 9%; text-align: right;">769,034</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B35"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - D35"> </td><td style="width: 9%; text-align: right;">843</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - D35"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - F35"> </td><td style="width: 9%; text-align: right;">(13</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - F35">) </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - H35"> </td><td style="width: 9%; text-align: right;">769,864</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - H35"> </td></tr><tr><td>Debt securities issued by states of the U.S. and political subdivisions of the states</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B36"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">5,709</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B36"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D36"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">11</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D36"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F36"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> - </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F36"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H36"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">5,720</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H36"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="padding-left: 20px;">Total debt securities with a maturity of one year or less</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B37"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">1,577,325</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B37"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D37"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">1,937</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D37"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F37"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">(45</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F37">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H37"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">1,579,217</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H37"> </td></tr><tr><td>Corporate debt securities</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B38"> </td><td style="width: 9%; text-align: right;">435,350</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B38"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - D38"> </td><td style="width: 9%; text-align: right;">1,586</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - D38"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - F38"> </td><td style="width: 9%; text-align: right;">(106</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - F38">) </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - H38"> </td><td style="width: 9%; text-align: right;">436,830</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - H38"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Debt securities issued by U.S. government agencies</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B39"> </td><td style="width: 9%; text-align: right;">92,770</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B39"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - D39"> </td><td style="width: 9%; text-align: right;">100</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - D39"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - F39"> </td><td style="width: 9%; text-align: right;">(94</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - F39">) </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - H39"> </td><td style="width: 9%; text-align: right;">92,776</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - H39"> </td></tr><tr><td>Debt securities issued by the U.S. Treasury </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B40"> </td><td style="width: 9%; text-align: right;">242,288</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B40"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - D40"> </td><td style="width: 9%; text-align: right;">595</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - D40"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - F40"> </td><td style="width: 9%; text-align: right;">(1</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - F40">) </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - H40"> </td><td style="width: 9%; text-align: right;">242,882</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - H40"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Other municipal debt securities</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B41"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">1,219</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B41"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D41"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">4</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D41"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F41"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> - </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F41"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H41"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">1,223</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H41"> </td></tr><tr><td style="padding-left: 20px;">Total debt securities with a maturity of more than one year</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none;" title="Note 7. Investments - B42"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none;">771,627</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B42"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none;" title="Note 7. Investments - D42"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none;">2,285</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D42"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none;" title="Note 7. Investments - F42"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none;">(201</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F42">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none;" title="Note 7. Investments - H42"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none;">773,711</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H42"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="padding-left: 40px;">Total available-for-sale debt securities</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none;" title="Note 7. Investments - B43">$</td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none;">2,348,952</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B43"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none;" title="Note 7. Investments - D43">$</td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none;">4,222</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D43"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none;" title="Note 7. Investments - F43">$</td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none;">(246</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F43">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none;" title="Note 7. Investments - H43">$</td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-right: none;">2,352,928</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H43"> </td></tr><tr><td style="text-decoration: underline;">Equity securities:</td><td style="width: 1%;" title="Note 7. Investments - B44"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 7. Investments - B44"></td><td> </td><td style="width: 1%;" title="Note 7. Investments - D44"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 7. Investments - D44"></td><td> </td><td style="width: 1%;" title="Note 7. Investments - F44"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 7. Investments - F44"></td><td> </td><td style="width: 1%;" title="Note 7. Investments - H44"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 7. Investments - H44"></td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Publicly traded equity securities included in other current assets (2)</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B45">$</td><td style="width: 9%; text-align: right;">11,897</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B45"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - D45">$</td><td style="width: 9%; text-align: right;">35</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - D45"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - F45">$</td><td style="width: 9%; text-align: right;">(8,920</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - F45">) </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - H45">$</td><td style="width: 9%; text-align: right;">3,012</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - H45"> </td></tr><tr><td>Privately held equity securities included in deposits and other assets (3) (2)</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none;" title="Note 7. Investments - B46"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none;">4,905</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B46"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none;" title="Note 7. Investments - D46"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none;">54,395</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D46"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none;" title="Note 7. Investments - F46"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none;">(7,091</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F46">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none;" title="Note 7. Investments - H46"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none;">52,209</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H46"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="padding-left: 20px;">Total equity securities </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none;" title="Note 7. Investments - B47"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none;">16,802</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B47"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none;" title="Note 7. Investments - D47"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none;">54,430</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D47"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none;" title="Note 7. Investments - F47"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none;">(16,011</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F47">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none;" title="Note 7. Investments - H47"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-right: none;">55,221</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H47"> </td></tr><tr><td style="padding-left: 40px;">Total available-for-sale debt and equity securities</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B48">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">2,365,754</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B48"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D48">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">58,652</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D48"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F48">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">(16,257</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F48">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H48">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">2,408,149</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H48"> </td></tr></table><div style="text-align: justify;"> </div><div style="text-indent: -18pt; text-align: justify; padding-left: 18pt;"> <div> <span style="color: #000000;">(1)   Includes investments classified as cash equivalents in our condensed consolidated balance sheets.</span> </div> </div> <div style="margin-left: 18pt;">  </div> <div style="text-indent: -18pt; text-align: justify; padding-left: 18pt;"> <div> (2)  Our publicly traded equity securities are included in other current assets. We recognize publicly traded equity securities at fair value. <span style="letter-spacing: normal; text-indent: -24px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">In the first quarter of 2026, one of our privately held investees became a publicly traded entity after completing an initial public offering. As a result, we recorded a $23.4 million unrealized gain in our condensed consolidated statements of operations, which reflects the difference between the carrying value of this investment as of December 31, 2025 and its fair value of $55.8 million as of March 31, 2026. This investment is subject to a 12-month contractual sale restriction that ends in January 2027. </span>In the three months ended March 31, 2026, we recorded a $0.9 million net unrealized loss in our condensed consolidated statements of operations related to changes in the fair value of our other investments in publicly traded companies.</div></div> <div style="margin-left: 18pt;">  </div> <div style="text-indent: -18pt; text-align: justify; padding-left: 18pt;"> <div> <span style="color: #000000;">(3)  Our privately held equity securities are included in deposits and other assets. We recognize our privately held equity securities at</span><span> cost minus impairments, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer, which are Level 3 inputs</span><span style="color: #000000;">. In the three months ended March 31, 2026, there were no changes to the carrying value of our privately held equity securities.</span></div> </div> 574026000 424000 288000 574162000 41038000 68000 11000 41095000 497599000 272000 295000 497576000 4908000 2000 0 4910000 1117571000 766000 594000 1117743000 363131000 279000 1084000 362326000 76885000 14000 350000 76549000 191229000 45000 704000 190570000 1224000 1000 1000 1224000 632469000 339000 2139000 630669000 1750040000 1105000 2733000 1748412000 11897000 55855000 9802000 57950000 10000000 9816000 0 19816000 21897000 65671000 9802000 77766000 1771937000 66776000 12535000 1826178000 746814000 991000 27000 747778000 55768000 92000 5000 55855000 769034000 843000 13000 769864000 5709000 11000 0 5720000 1577325000 1937000 45000 1579217000 435350000 1586000 106000 436830000 92770000 100000 94000 92776000 242288000 595000 1000 242882000 1219000 4000 0 1223000 771627000 2285000 201000 773711000 2348952000 4222000 246000 2352928000 11897000 35000 8920000 3012000 4905000 54395000 7091000 52209000 16802000 54430000 16011000 55221000 2365754000 58652000 16257000 2408149000 23400000 55800000 P12M 900000 <div style="text-indent: 36pt; text-align: justify;"><span style="color: #000000;">The following is a summary of our investments we consider to be temporarily impaired at March 31, 2026 (in thousands, except for number of investments): </span> </div><div> </div> <table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; vertical-align: bottom; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td style="width: 1%;" title="Note 7. Investments - B52"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 7. Investments - B52"></td><td> </td><td colspan="7" style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">Less than 12 Months of Temporary Impairment</td><td> </td><td colspan="7" style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">More than 12 Months of Temporary Impairment</td><td> </td><td colspan="7" style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">Total Temporary Impairment</td></tr><tr><td> </td><td style="width: 1%;" title="Note 7. Investments - B53"></td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">Number of Investments</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B53"></td><td> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 7. Investments - D53"></td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">Estimated Fair Value</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D53"></td><td> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 7. Investments - F53"></td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">Unrealized Losses</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F53"></td><td> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 7. Investments - H53"></td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">Estimated Fair Value</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H53"></td><td> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 7. Investments - J53"></td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">Unrealized Losses</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - J53"></td><td> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 7. Investments - L53"></td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">Estimated Fair Value</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - L53"></td><td> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 7. Investments - N53"></td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">Unrealized Losses</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - N53"></td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Corporate debt securities </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B54"> </td><td style="width: 9%; text-align: right;">267</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B54"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - D54">$</td><td style="width: 9%; text-align: right;">516,847</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - D54"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - F54">$</td><td style="width: 9%; text-align: right;">(1,358</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - F54">) </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - H54">$</td><td style="width: 9%; text-align: right;">4,480</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - H54"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - J54">$</td><td style="width: 9%; text-align: right;">(14</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - J54">) </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - L54">$</td><td style="width: 9%; text-align: right;">521,327</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - L54"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - N54">$</td><td style="width: 9%; text-align: right;">(1,372</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - N54">) </td></tr><tr><td style="text-indent: -10px; padding-left: 10px;">Debt securities issued by U.S. government agencies</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B55"> </td><td style="width: 9%; text-align: right;">41</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B55"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - D55"> </td><td style="width: 9%; text-align: right;">85,793</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - D55"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - F55"> </td><td style="width: 9%; text-align: right;">(350</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - F55">) </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - H55"> </td><td style="width: 9%; text-align: right;">6,841</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - H55"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - J55"> </td><td style="width: 9%; text-align: right;">(11</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - J55">) </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - L55"> </td><td style="width: 9%; text-align: right;">92,634</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - L55"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - N55"> </td><td style="width: 9%; text-align: right;">(361</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - N55">) </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="text-indent: -10px; padding-left: 10px;">Debt securities issued by the U.S. Treasury </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B56"> </td><td style="width: 9%; text-align: right;">56</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - B56"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - D56"> </td><td style="width: 9%; text-align: right;">417,944</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - D56"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - F56"> </td><td style="width: 9%; text-align: right;">(999</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - F56">) </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - H56"> </td><td style="width: 9%; text-align: right;"> - </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - H56"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - J56"> </td><td style="width: 9%; text-align: right;"> - </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - J56"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - L56"> </td><td style="width: 9%; text-align: right;">417,944</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - L56"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 7. Investments - N56"> </td><td style="width: 9%; text-align: right;">(999</td><td style="width: 1%; text-align: left;" title="Note 7. Investments - N56">) </td></tr><tr><td style="text-indent: -10px; padding-left: 10px;">Debt securities issued by states of the U.S. and political subdivisions of the states</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B58"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">4</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B58"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D58"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">1,541</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D58"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F58"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">(1</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F58">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H58"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> - </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H58"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - J58"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> - </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - J58"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - L58"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">1,541</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - L58"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - N58"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">(1</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - N58">) </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="text-indent: -10px; padding-left: 10px;">Total temporarily impaired debt securities</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B59"> </td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">368</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - B59"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D59">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">1,022,125</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - D59"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F59">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">(2,708</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - F59">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H59">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">11,321</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - H59"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - J59">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">(25</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - J59">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - L59">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">1,033,446</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - L59"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - N59">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">(2,733</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 7. Investments - N59">) </td></tr></table> 267 516847000 1358000 4480000 14000 521327000 1372000 41 85793000 350000 6841000 11000 92634000 361000 56 417944000 999000 0 0 417944000 999000 4 1541000 1000 0 0 1541000 1000 368 1022125000 2708000 11321000 25000 1033446000 2733000 <div> <span style="color: #000000; font-weight: bold;">8.  Fair Value Measurements</span> </div> <div>  </div> <div style="text-indent: 36pt; text-align: justify;"> <span style="color: #000000;">The following tables present the major security types we held at March 31, 2026 and December 31, 2025 that we regularly measure and carry at fair value. The following tables segregate each security type by the level within the fair value hierarchy of the valuation techniques we utilized to determine the respective security’s fair value (in thousands):</span> </div> <div> </div> <table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; vertical-align: bottom; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td style="width: 1%;" title="Note 8. Fair Value Measurements - B3"></td><td style="vertical-align: bottom; text-align: center; font-weight: bold; width: 9%;">At</td><td style="width: 1%;" title="Note 8. Fair Value Measurements - B3"></td><td> </td><td style="width: 1%;" title="Note 8. Fair Value Measurements - D3"></td><td style="text-align: center; font-weight: bold; vertical-align: bottom; width: 9%;">Quoted Prices in Active Markets</td><td style="width: 1%;" title="Note 8. Fair Value Measurements - D3"></td><td> </td><td style="width: 1%;" title="Note 8. Fair Value Measurements - F3"></td><td style="text-align: center; font-weight: bold; width: 9%;">Significant Other Observable Inputs</td><td style="width: 1%;" title="Note 8. Fair Value Measurements - F3"></td></tr><tr><td> </td><td style="border-bottom: 1px solid black; border-top: none; width: 1%;" title="Note 8. Fair Value Measurements - B4"></td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; width: 9%;">March 31, 2026</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 8. Fair Value Measurements - B4"></td><td> </td><td style="border-bottom: 1px solid black; border-top: none; width: 1%;" title="Note 8. Fair Value Measurements - D4"></td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; width: 9%;">(Level 1)</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 8. Fair Value Measurements - D4"></td><td> </td><td style="border-bottom: 1px solid black; border-top: none; width: 1%;" title="Note 8. Fair Value Measurements - F4"></td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; width: 9%;">(Level 2)</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 8. Fair Value Measurements - F4"></td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Cash equivalents (1) </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - B5">$</td><td style="text-align: right; width: 9%;">85,534</td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - B5"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - D5">$</td><td style="text-align: right; width: 9%;">85,534</td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - D5"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - F5">$</td><td style="text-align: right; width: 9%;"> - </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - F5"> </td></tr><tr><td>Corporate debt securities (2) </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - B6"> </td><td style="text-align: right; width: 9%;">936,488</td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - B6"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - D6"> </td><td style="text-align: right; width: 9%;"> - </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - D6"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - F6"> </td><td style="text-align: right; width: 9%;">936,488</td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - F6"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Debt securities issued by U.S. government agencies (3) </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - B7"> </td><td style="text-align: right; width: 9%;">117,644</td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - B7"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - D7"> </td><td style="text-align: right; width: 9%;"> - </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - D7"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - F7"> </td><td style="text-align: right; width: 9%;">117,644</td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - F7"> </td></tr><tr><td>Debt securities issued by the U.S. Treasury (3)</td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - B8"> </td><td style="text-align: right; width: 9%;">688,146</td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - B8"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - D8"> </td><td style="text-align: right; width: 9%;">688,146</td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - D8"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - F8"> </td><td style="text-align: right; width: 9%;"> - </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - F8"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="text-indent: -10px; padding-left: 10px;">Debt securities issued by states of the U.S. and political subdivisions of the states (3)</td><td style="text-align: left; vertical-align: bottom; width: 1%;" title="Note 8. Fair Value Measurements - B9"> </td><td style="text-align: right; vertical-align: bottom; width: 9%;">6,134</td><td style="text-align: left; vertical-align: bottom; width: 1%;" title="Note 8. Fair Value Measurements - B9"> </td><td> </td><td style="text-align: left; vertical-align: bottom; width: 1%;" title="Note 8. Fair Value Measurements - D9"> </td><td style="text-align: right; vertical-align: bottom; width: 9%;"> - </td><td style="text-align: left; vertical-align: bottom; width: 1%;" title="Note 8. Fair Value Measurements - D9"> </td><td> </td><td style="text-align: left; vertical-align: bottom; width: 1%;" title="Note 8. Fair Value Measurements - F9"> </td><td style="text-align: right; vertical-align: bottom; width: 9%;">6,134</td><td style="text-align: left; vertical-align: bottom; width: 1%;" title="Note 8. Fair Value Measurements - F9"> </td></tr><tr><td>Publicly traded equity securities included in other current assets (4)</td><td style="text-align: left; border-bottom: 1px solid black; border-top: none; vertical-align: bottom; width: 1%;" title="Note 8. Fair Value Measurements - B10"> </td><td style="text-align: right; border-bottom: 1px solid black; border-top: none; vertical-align: bottom; width: 9%;">57,950</td><td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 8. Fair Value Measurements - B10"> </td><td> </td><td style="text-align: left; border-bottom: 1px solid black; border-top: none; vertical-align: bottom; width: 1%;" title="Note 8. Fair Value Measurements - D10"> </td><td style="text-align: right; border-bottom: 1px solid black; border-top: none; vertical-align: bottom; width: 9%;">57,950</td><td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 8. Fair Value Measurements - D10"> </td><td> </td><td style="text-align: left; border-bottom: 1px solid black; border-top: none; vertical-align: bottom; width: 1%;" title="Note 8. Fair Value Measurements - F10"> </td><td style="text-align: right; border-bottom: 1px solid black; border-top: none; border-right: none; vertical-align: bottom; width: 9%;"> - </td><td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 8. Fair Value Measurements - F10"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="padding-left: 20px;">Total </td><td style="text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 8. Fair Value Measurements - B11">$</td><td style="text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 9%;">1,891,896</td><td style="text-align: left; width: 1%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 8. Fair Value Measurements - B11"> </td><td> </td><td style="text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 8. Fair Value Measurements - D11">$</td><td style="text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 9%;">831,630</td><td style="text-align: left; width: 1%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 8. Fair Value Measurements - D11"> </td><td> </td><td style="text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 8. Fair Value Measurements - F11">$</td><td style="text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 9%;">1,060,266</td><td style="text-align: left; width: 1%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 8. Fair Value Measurements - F11"> </td></tr></table><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; vertical-align: bottom; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td style="width: 1%;" title="Note 8. Fair Value Measurements - B13"></td><td style="vertical-align: bottom; text-align: center; font-weight: bold; width: 9%;">At</td><td style="width: 1%;" title="Note 8. Fair Value Measurements - B13"></td><td> </td><td style="width: 1%;" title="Note 8. Fair Value Measurements - D13"></td><td style="text-align: center; font-weight: bold; vertical-align: bottom; width: 9%;">Quoted Prices in Active Markets</td><td style="width: 1%;" title="Note 8. Fair Value Measurements - D13"></td><td> </td><td style="width: 1%;" title="Note 8. Fair Value Measurements - F13"></td><td style="text-align: center; font-weight: bold; width: 9%;">Significant Other Observable Inputs</td><td style="width: 1%;" title="Note 8. Fair Value Measurements - F13"></td></tr><tr><td> </td><td style="border-bottom: 1px solid black; border-top: none; width: 1%;" title="Note 8. Fair Value Measurements - B14"></td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; width: 9%;">December 31, 2025</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 8. Fair Value Measurements - B14"></td><td> </td><td style="border-bottom: 1px solid black; border-top: none; width: 1%;" title="Note 8. Fair Value Measurements - D14"></td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; width: 9%;">(Level 1)</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 8. Fair Value Measurements - D14"></td><td> </td><td style="border-bottom: 1px solid black; border-top: none; width: 1%;" title="Note 8. Fair Value Measurements - F14"></td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; width: 9%;">(Level 2)</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 8. Fair Value Measurements - F14"></td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Cash equivalents (1) </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - B15">$</td><td style="text-align: right; width: 9%;">213,579</td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - B15"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - D15">$</td><td style="text-align: right; width: 9%;">213,579</td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - D15"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - F15">$</td><td style="text-align: right; width: 9%;"> - </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - F15"> </td></tr><tr><td>Corporate debt securities (5)</td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - B16"> </td><td style="text-align: right; width: 9%;">1,184,608</td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - B16"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - D16"> </td><td style="text-align: right; width: 9%;"> - </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - D16"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - F16"> </td><td style="text-align: right; width: 9%;">1,184,608</td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - F16"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Debt securities issued by U.S. government agencies (3)</td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - B17"> </td><td style="text-align: right; width: 9%;">148,631</td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - B17"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - D17"> </td><td style="text-align: right; width: 9%;"> - </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - D17"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - F17"> </td><td style="text-align: right; width: 9%;">148,631</td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - F17"> </td></tr><tr><td>Debt securities issued by the U.S. Treasury (3)</td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - B18"> </td><td style="text-align: right; width: 9%;">1,012,746</td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - B18"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - D18"> </td><td style="text-align: right; width: 9%;">1,012,746</td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - D18"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - F18"> </td><td style="text-align: right; width: 9%;"> - </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - F18"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="text-indent: -10px; padding-left: 10px;">Debt securities issued by states of the U.S. and political subdivisions of the states (3)</td><td style="text-align: left; vertical-align: bottom; width: 1%;" title="Note 8. Fair Value Measurements - B19"> </td><td style="text-align: right; vertical-align: bottom; width: 9%;">6,943</td><td style="text-align: left; vertical-align: bottom; width: 1%;" title="Note 8. Fair Value Measurements - B19"> </td><td> </td><td style="text-align: left; vertical-align: bottom; width: 1%;" title="Note 8. Fair Value Measurements - D19"> </td><td style="text-align: right; vertical-align: bottom; width: 9%;"> - </td><td style="text-align: left; vertical-align: bottom; width: 1%;" title="Note 8. Fair Value Measurements - D19"> </td><td> </td><td style="text-align: left; vertical-align: bottom; width: 1%;" title="Note 8. Fair Value Measurements - F19"> </td><td style="text-align: right; vertical-align: bottom; width: 9%;">6,943</td><td style="text-align: left; vertical-align: bottom; width: 1%;" title="Note 8. Fair Value Measurements - F19"> </td></tr><tr><td>Publicly traded equity securities included in other current assets (4)</td><td style="text-align: left; vertical-align: bottom; border-top: none; border-right: none; border-bottom: 1px solid rgb(0, 0, 0); border-left: none; width: 1%;" title="Note 8. Fair Value Measurements - B20"> </td><td style="text-align: right; vertical-align: bottom; border-top: none; border-right: none; border-bottom: 1px solid rgb(0, 0, 0); border-left: none; width: 9%;">3,012</td><td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="Note 8. Fair Value Measurements - B20"> </td><td> </td><td style="text-align: left; vertical-align: bottom; border-top: none; border-right: none; border-bottom: 1px solid rgb(0, 0, 0); border-left: none; width: 1%;" title="Note 8. Fair Value Measurements - D20"> </td><td style="text-align: right; vertical-align: bottom; border-top: none; border-right: none; border-bottom: 1px solid rgb(0, 0, 0); border-left: none; width: 9%;">3,012</td><td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="Note 8. Fair Value Measurements - D20"> </td><td> </td><td style="text-align: left; vertical-align: bottom; border-top: none; border-right: none; border-bottom: 1px solid rgb(0, 0, 0); border-left: none; width: 1%;" title="Note 8. Fair Value Measurements - F20"> </td><td style="text-align: right; vertical-align: bottom; border-top: none; border-right: none; border-bottom: 1px solid rgb(0, 0, 0); border-left: none; width: 9%;"> - </td><td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="Note 8. Fair Value Measurements - F20"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="padding-left: 20px;">Total </td><td style="text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 8. Fair Value Measurements - B21">$</td><td style="text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 9%;">2,569,519</td><td style="text-align: left; width: 1%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 8. Fair Value Measurements - B21"> </td><td> </td><td style="text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 8. Fair Value Measurements - D21">$</td><td style="text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 9%;">1,229,337</td><td style="text-align: left; width: 1%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 8. Fair Value Measurements - D21"> </td><td> </td><td style="text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 8. Fair Value Measurements - F21">$</td><td style="text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 9%;">1,340,182</td><td style="text-align: left; width: 1%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 8. Fair Value Measurements - F21"> </td></tr></table><div style="text-align: justify; margin-left: 18pt;">  </div> <div style="text-align: justify;"> <span style="color: #000000;">The following footnotes reference lines in our condensed consolidated balance sheets:</span></div> <div style="text-align: justify;"> </div><div style="text-align: justify;">(1)    Included in cash and cash equivalents.</div><div style="text-align: justify;"> </div><div style="text-align: justify;">(2)    $2.7 million was included in cash and cash equivalents, with the difference included in short-term investments.</div><div style="text-align: justify;"> </div><div style="text-align: justify;">(3)    <span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Included in short-term investments.</span></div><div style="text-align: justify;"> </div><div style="text-align: justify;">(4)    <span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Included in other current assets.</span></div><div style="text-align: justify;"> </div><div style="text-align: justify;">(5)    <span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">$47.8</span><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline !important;"> million was included in cash and cash equivalents, with the difference included in short-term investments.</span></div> <div style="text-indent: -18pt; text-align: justify; padding-left: 18pt;">  </div> <div style="text-indent: 36pt;"><span style="color: #000000; font-style: italic;">Convertible Notes</span> </div><div>  </div> <div style="text-indent: 36pt; text-align: justify;"> Our 0% Notes due 2030, 1.75% Notes due 2028 and 0% Notes due 2026 had a fair value of <span style="letter-spacing: normal; text-indent: 48px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">$802.6 million, $869.0 million and $564.2</span> million at March 31, 2026, respectively. Our <span style="letter-spacing: normal; text-indent: 48px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">0% Notes due 2030, 1.75% Notes due 2028 and 0% Notes due 2026</span> had a fair value of $830.3 million, $918.1 million and $594.6 million at December 31, 2025, respectively. We determine the fair value of our notes based on quoted market prices for these notes, which are Level 2 measurements because the notes do not trade regularly. </div> <div style="text-indent: 36pt; text-align: justify;"> <span style="color: #000000;">The following tables present the major security types we held at March 31, 2026 and December 31, 2025 that we regularly measure and carry at fair value. The following tables segregate each security type by the level within the fair value hierarchy of the valuation techniques we utilized to determine the respective security’s fair value (in thousands):</span> </div> <div> </div> <table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; vertical-align: bottom; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td style="width: 1%;" title="Note 8. Fair Value Measurements - B3"></td><td style="vertical-align: bottom; text-align: center; font-weight: bold; width: 9%;">At</td><td style="width: 1%;" title="Note 8. Fair Value Measurements - B3"></td><td> </td><td style="width: 1%;" title="Note 8. Fair Value Measurements - D3"></td><td style="text-align: center; font-weight: bold; vertical-align: bottom; width: 9%;">Quoted Prices in Active Markets</td><td style="width: 1%;" title="Note 8. Fair Value Measurements - D3"></td><td> </td><td style="width: 1%;" title="Note 8. Fair Value Measurements - F3"></td><td style="text-align: center; font-weight: bold; width: 9%;">Significant Other Observable Inputs</td><td style="width: 1%;" title="Note 8. Fair Value Measurements - F3"></td></tr><tr><td> </td><td style="border-bottom: 1px solid black; border-top: none; width: 1%;" title="Note 8. Fair Value Measurements - B4"></td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; width: 9%;">March 31, 2026</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 8. Fair Value Measurements - B4"></td><td> </td><td style="border-bottom: 1px solid black; border-top: none; width: 1%;" title="Note 8. Fair Value Measurements - D4"></td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; width: 9%;">(Level 1)</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 8. Fair Value Measurements - D4"></td><td> </td><td style="border-bottom: 1px solid black; border-top: none; width: 1%;" title="Note 8. Fair Value Measurements - F4"></td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; width: 9%;">(Level 2)</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 8. Fair Value Measurements - F4"></td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Cash equivalents (1) </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - B5">$</td><td style="text-align: right; width: 9%;">85,534</td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - B5"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - D5">$</td><td style="text-align: right; width: 9%;">85,534</td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - D5"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - F5">$</td><td style="text-align: right; width: 9%;"> - </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - F5"> </td></tr><tr><td>Corporate debt securities (2) </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - B6"> </td><td style="text-align: right; width: 9%;">936,488</td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - B6"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - D6"> </td><td style="text-align: right; width: 9%;"> - </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - D6"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - F6"> </td><td style="text-align: right; width: 9%;">936,488</td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - F6"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Debt securities issued by U.S. government agencies (3) </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - B7"> </td><td style="text-align: right; width: 9%;">117,644</td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - B7"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - D7"> </td><td style="text-align: right; width: 9%;"> - </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - D7"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - F7"> </td><td style="text-align: right; width: 9%;">117,644</td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - F7"> </td></tr><tr><td>Debt securities issued by the U.S. Treasury (3)</td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - B8"> </td><td style="text-align: right; width: 9%;">688,146</td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - B8"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - D8"> </td><td style="text-align: right; width: 9%;">688,146</td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - D8"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - F8"> </td><td style="text-align: right; width: 9%;"> - </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - F8"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="text-indent: -10px; padding-left: 10px;">Debt securities issued by states of the U.S. and political subdivisions of the states (3)</td><td style="text-align: left; vertical-align: bottom; width: 1%;" title="Note 8. Fair Value Measurements - B9"> </td><td style="text-align: right; vertical-align: bottom; width: 9%;">6,134</td><td style="text-align: left; vertical-align: bottom; width: 1%;" title="Note 8. Fair Value Measurements - B9"> </td><td> </td><td style="text-align: left; vertical-align: bottom; width: 1%;" title="Note 8. Fair Value Measurements - D9"> </td><td style="text-align: right; vertical-align: bottom; width: 9%;"> - </td><td style="text-align: left; vertical-align: bottom; width: 1%;" title="Note 8. Fair Value Measurements - D9"> </td><td> </td><td style="text-align: left; vertical-align: bottom; width: 1%;" title="Note 8. Fair Value Measurements - F9"> </td><td style="text-align: right; vertical-align: bottom; width: 9%;">6,134</td><td style="text-align: left; vertical-align: bottom; width: 1%;" title="Note 8. Fair Value Measurements - F9"> </td></tr><tr><td>Publicly traded equity securities included in other current assets (4)</td><td style="text-align: left; border-bottom: 1px solid black; border-top: none; vertical-align: bottom; width: 1%;" title="Note 8. Fair Value Measurements - B10"> </td><td style="text-align: right; border-bottom: 1px solid black; border-top: none; vertical-align: bottom; width: 9%;">57,950</td><td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 8. Fair Value Measurements - B10"> </td><td> </td><td style="text-align: left; border-bottom: 1px solid black; border-top: none; vertical-align: bottom; width: 1%;" title="Note 8. Fair Value Measurements - D10"> </td><td style="text-align: right; border-bottom: 1px solid black; border-top: none; vertical-align: bottom; width: 9%;">57,950</td><td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 8. Fair Value Measurements - D10"> </td><td> </td><td style="text-align: left; border-bottom: 1px solid black; border-top: none; vertical-align: bottom; width: 1%;" title="Note 8. Fair Value Measurements - F10"> </td><td style="text-align: right; border-bottom: 1px solid black; border-top: none; border-right: none; vertical-align: bottom; width: 9%;"> - </td><td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 8. Fair Value Measurements - F10"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="padding-left: 20px;">Total </td><td style="text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 8. Fair Value Measurements - B11">$</td><td style="text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 9%;">1,891,896</td><td style="text-align: left; width: 1%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 8. Fair Value Measurements - B11"> </td><td> </td><td style="text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 8. Fair Value Measurements - D11">$</td><td style="text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 9%;">831,630</td><td style="text-align: left; width: 1%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 8. Fair Value Measurements - D11"> </td><td> </td><td style="text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 8. Fair Value Measurements - F11">$</td><td style="text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 9%;">1,060,266</td><td style="text-align: left; width: 1%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 8. Fair Value Measurements - F11"> </td></tr></table><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; vertical-align: bottom; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td style="width: 1%;" title="Note 8. Fair Value Measurements - B13"></td><td style="vertical-align: bottom; text-align: center; font-weight: bold; width: 9%;">At</td><td style="width: 1%;" title="Note 8. Fair Value Measurements - B13"></td><td> </td><td style="width: 1%;" title="Note 8. Fair Value Measurements - D13"></td><td style="text-align: center; font-weight: bold; vertical-align: bottom; width: 9%;">Quoted Prices in Active Markets</td><td style="width: 1%;" title="Note 8. Fair Value Measurements - D13"></td><td> </td><td style="width: 1%;" title="Note 8. Fair Value Measurements - F13"></td><td style="text-align: center; font-weight: bold; width: 9%;">Significant Other Observable Inputs</td><td style="width: 1%;" title="Note 8. Fair Value Measurements - F13"></td></tr><tr><td> </td><td style="border-bottom: 1px solid black; border-top: none; width: 1%;" title="Note 8. Fair Value Measurements - B14"></td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; width: 9%;">December 31, 2025</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 8. Fair Value Measurements - B14"></td><td> </td><td style="border-bottom: 1px solid black; border-top: none; width: 1%;" title="Note 8. Fair Value Measurements - D14"></td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; width: 9%;">(Level 1)</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 8. Fair Value Measurements - D14"></td><td> </td><td style="border-bottom: 1px solid black; border-top: none; width: 1%;" title="Note 8. Fair Value Measurements - F14"></td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; width: 9%;">(Level 2)</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 8. Fair Value Measurements - F14"></td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Cash equivalents (1) </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - B15">$</td><td style="text-align: right; width: 9%;">213,579</td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - B15"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - D15">$</td><td style="text-align: right; width: 9%;">213,579</td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - D15"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - F15">$</td><td style="text-align: right; width: 9%;"> - </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - F15"> </td></tr><tr><td>Corporate debt securities (5)</td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - B16"> </td><td style="text-align: right; width: 9%;">1,184,608</td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - B16"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - D16"> </td><td style="text-align: right; width: 9%;"> - </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - D16"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - F16"> </td><td style="text-align: right; width: 9%;">1,184,608</td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - F16"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Debt securities issued by U.S. government agencies (3)</td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - B17"> </td><td style="text-align: right; width: 9%;">148,631</td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - B17"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - D17"> </td><td style="text-align: right; width: 9%;"> - </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - D17"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - F17"> </td><td style="text-align: right; width: 9%;">148,631</td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - F17"> </td></tr><tr><td>Debt securities issued by the U.S. Treasury (3)</td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - B18"> </td><td style="text-align: right; width: 9%;">1,012,746</td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - B18"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - D18"> </td><td style="text-align: right; width: 9%;">1,012,746</td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - D18"> </td><td> </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - F18"> </td><td style="text-align: right; width: 9%;"> - </td><td style="text-align: left; width: 1%;" title="Note 8. Fair Value Measurements - F18"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="text-indent: -10px; padding-left: 10px;">Debt securities issued by states of the U.S. and political subdivisions of the states (3)</td><td style="text-align: left; vertical-align: bottom; width: 1%;" title="Note 8. Fair Value Measurements - B19"> </td><td style="text-align: right; vertical-align: bottom; width: 9%;">6,943</td><td style="text-align: left; vertical-align: bottom; width: 1%;" title="Note 8. Fair Value Measurements - B19"> </td><td> </td><td style="text-align: left; vertical-align: bottom; width: 1%;" title="Note 8. Fair Value Measurements - D19"> </td><td style="text-align: right; vertical-align: bottom; width: 9%;"> - </td><td style="text-align: left; vertical-align: bottom; width: 1%;" title="Note 8. Fair Value Measurements - D19"> </td><td> </td><td style="text-align: left; vertical-align: bottom; width: 1%;" title="Note 8. Fair Value Measurements - F19"> </td><td style="text-align: right; vertical-align: bottom; width: 9%;">6,943</td><td style="text-align: left; vertical-align: bottom; width: 1%;" title="Note 8. Fair Value Measurements - F19"> </td></tr><tr><td>Publicly traded equity securities included in other current assets (4)</td><td style="text-align: left; vertical-align: bottom; border-top: none; border-right: none; border-bottom: 1px solid rgb(0, 0, 0); border-left: none; width: 1%;" title="Note 8. Fair Value Measurements - B20"> </td><td style="text-align: right; vertical-align: bottom; border-top: none; border-right: none; border-bottom: 1px solid rgb(0, 0, 0); border-left: none; width: 9%;">3,012</td><td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="Note 8. Fair Value Measurements - B20"> </td><td> </td><td style="text-align: left; vertical-align: bottom; border-top: none; border-right: none; border-bottom: 1px solid rgb(0, 0, 0); border-left: none; width: 1%;" title="Note 8. Fair Value Measurements - D20"> </td><td style="text-align: right; vertical-align: bottom; border-top: none; border-right: none; border-bottom: 1px solid rgb(0, 0, 0); border-left: none; width: 9%;">3,012</td><td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="Note 8. Fair Value Measurements - D20"> </td><td> </td><td style="text-align: left; vertical-align: bottom; border-top: none; border-right: none; border-bottom: 1px solid rgb(0, 0, 0); border-left: none; width: 1%;" title="Note 8. Fair Value Measurements - F20"> </td><td style="text-align: right; vertical-align: bottom; border-top: none; border-right: none; border-bottom: 1px solid rgb(0, 0, 0); border-left: none; width: 9%;"> - </td><td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="Note 8. Fair Value Measurements - F20"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="padding-left: 20px;">Total </td><td style="text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 8. Fair Value Measurements - B21">$</td><td style="text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 9%;">2,569,519</td><td style="text-align: left; width: 1%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 8. Fair Value Measurements - B21"> </td><td> </td><td style="text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 8. Fair Value Measurements - D21">$</td><td style="text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 9%;">1,229,337</td><td style="text-align: left; width: 1%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 8. Fair Value Measurements - D21"> </td><td> </td><td style="text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 8. Fair Value Measurements - F21">$</td><td style="text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; width: 9%;">1,340,182</td><td style="text-align: left; width: 1%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 8. Fair Value Measurements - F21"> </td></tr></table><div style="text-align: justify;">(1)    Included in cash and cash equivalents.</div><div style="text-align: justify;"> </div><div style="text-align: justify;">(2)    $2.7 million was included in cash and cash equivalents, with the difference included in short-term investments.</div><div style="text-align: justify;"> </div><div style="text-align: justify;">(3)    <span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Included in short-term investments.</span></div><div style="text-align: justify;"> </div><div style="text-align: justify;">(4)    <span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Included in other current assets.</span></div><div style="text-align: justify;"> </div><div style="text-align: justify;">(5)    <span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">$47.8</span><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline !important;"> million was included in cash and cash equivalents, with the difference included in short-term investments.</span></div> 85534000 85534000 0 936488000 0 936488000 117644000 0 117644000 688146000 688146000 0 6134000 0 6134000 57950000 57950000 0 1891896000 831630000 1060266000 213579000 213579000 0 1184608000 0 1184608000 148631000 0 148631000 1012746000 1012746000 0 6943000 0 6943000 3012000 3012000 0 2569519000 1229337000 1340182000 2700000 47800000 0 0.0175 0 802600000 869000000 564200000 0 0 0.0175 830300000 918100000 594600000 <div> <span style="color: #000000; font-weight: bold;">9.  Stock-based Compensation Expense</span> </div> <div style="text-align: justify;">  </div> <div style="text-indent: 36pt; text-align: justify;"> <span style="color: #000000;">The following table summarizes stock-based compensation expense for the three months ended March 31, 2026 and 2025 (in thousands):</span> </div> <div style="text-indent: 36pt; text-align: justify;"> </div> <table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; vertical-align: bottom; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td colspan="7" style="text-align: center; font-weight: bold;">Three Months Ended</td></tr><tr><td> </td><td colspan="7" style="text-align: center; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">March 31,</td></tr><tr><td> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 9. Stock-based Compensation Expense - B5"> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 9%;">2026</td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 9. Stock-based Compensation Expense - B5"> </td><td> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 9. Stock-based Compensation Expense - D5"> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 9%;">2025</td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 9. Stock-based Compensation Expense - D5"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Cost of sales</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - B6">$</td><td style="width: 9%; text-align: right;">147</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - B6"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - D6">$</td><td style="width: 9%; text-align: right;">100</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - D6"> </td></tr><tr><td>Research, development and patent expense</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - B7"> </td><td style="width: 9%; text-align: right;">24,706</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - B7"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - D7"> </td><td style="width: 9%; text-align: right;">20,298</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - D7"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Selling, general and administrative expense</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="Note 9. Stock-based Compensation Expense - B8"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">18,422</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="Note 9. Stock-based Compensation Expense - B8"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="Note 9. Stock-based Compensation Expense - D8"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">9,320</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="Note 9. Stock-based Compensation Expense - D8"> </td></tr><tr><td style="padding-left: 20px;">Stock-based compensation expense, net of amounts capitalized</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="Note 9. Stock-based Compensation Expense - B9"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">43,275</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="Note 9. Stock-based Compensation Expense - B9"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="Note 9. Stock-based Compensation Expense - D9"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">29,718</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="Note 9. Stock-based Compensation Expense - D9"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Capitalized stock-based compensation expense</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="Note 9. Stock-based Compensation Expense - B10"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">18</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="Note 9. Stock-based Compensation Expense - B10"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="Note 9. Stock-based Compensation Expense - D10"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">491</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="Note 9. Stock-based Compensation Expense - D10"> </td></tr><tr><td style="padding-left: 20px;">Total stock-based compensation expense</td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="Note 9. Stock-based Compensation Expense - B11">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">43,293</td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="Note 9. Stock-based Compensation Expense - B11"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="Note 9. Stock-based Compensation Expense - D11">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">30,209</td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="Note 9. Stock-based Compensation Expense - D11"> </td></tr></table><div style="text-indent: 36pt; text-align: justify;"> <span style="color: #000000;">As of March 31, 2026, total unrecognized estimated stock-based compensation expense related to non-vested stock options, RSUs and PRSUs was $69.5 million, $190.3 million and $27.3 million, respectively. Our actual expenses will likely differ from these estimates because we will adjust our unrecognized stock-based compensation expense for future forfeitures, including any PRSUs that do not vest. We expect to recognize the cost of stock-based compensation expense related to our non-vested stock options, RSUs and PRSUs over a weighted average amortization period of 1.3 years, 1.8 years and 1.9 years, respectively.</span> </div> <div>  </div> <div style="text-indent: 36pt; text-align: justify;"> <span style="color: #000000;">For the three months ended March 31, 2026 and 2025, we used the following weighted-average assumptions in our Black-Scholes calculations:</span> </div> <div>  </div> <div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"> <span style="color: #000000; font-style: italic;">Employee Stock Options:</span></div> <div style="text-indent: 36pt;"> </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; vertical-align: bottom; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td colspan="7" style="text-align: center; font-weight: bold;">Three Months Ended</td></tr><tr><td> </td><td colspan="7" style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">March 31,</td></tr><tr><td> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 9. Stock-based Compensation Expense - B17"></td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">2026</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 9. Stock-based Compensation Expense - B17"></td><td> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 9. Stock-based Compensation Expense - D17"></td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">2025</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 9. Stock-based Compensation Expense - D17"></td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Risk-free interest rate </td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - B18"> </td><td style="width: 9%; text-align: right;">3.9</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - B18">%</td><td> </td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - D18"> </td><td style="width: 9%; text-align: right;">4.5</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - D18">%</td></tr><tr><td>Dividend yield </td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - B19"> </td><td style="width: 9%; text-align: right;">0.0</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - B19">%</td><td> </td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - D19"> </td><td style="width: 9%; text-align: right;">0.0</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - D19">%</td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Volatility </td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - B20"> </td><td style="width: 9%; text-align: right;">43.1</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - B20">%</td><td> </td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - D20"> </td><td style="width: 9%; text-align: right;">41.9</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - D20">%</td></tr><tr><td>Expected life</td><td style="width: 1%;" title="Note 9. Stock-based Compensation Expense - B21"></td><td style="text-align: right; width: 9%;">6.3 years</td><td style="width: 1%;" title="Note 9. Stock-based Compensation Expense - B21"></td><td> </td><td style="width: 1%;" title="Note 9. Stock-based Compensation Expense - D21"></td><td style="text-align: right; width: 9%;">6.3 years</td><td style="width: 1%;" title="Note 9. Stock-based Compensation Expense - D21"></td></tr></table><div> </div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"> <span style="color: #000000; font-style: italic;">ESPP:</span></div> <div style="text-indent: 36pt; text-align: justify;"> </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; vertical-align: bottom; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td colspan="7" style="text-align: center; font-weight: bold;">Three Months Ended</td></tr><tr><td> </td><td colspan="7" style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">March 31,</td></tr><tr><td> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 9. Stock-based Compensation Expense - B26"></td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">2026</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 9. Stock-based Compensation Expense - B26"></td><td> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 9. Stock-based Compensation Expense - D26"></td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">2025</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 9. Stock-based Compensation Expense - D26"></td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Risk-free interest rate </td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - B27"> </td><td style="width: 9%; text-align: right;">3.6</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - B27">%</td><td> </td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - D27"> </td><td style="width: 9%; text-align: right;">4.3</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - D27">%</td></tr><tr><td>Dividend yield </td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - B28"> </td><td style="width: 9%; text-align: right;">0.0</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - B28">%</td><td> </td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - D28"> </td><td style="width: 9%; text-align: right;">0.0</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - D28">%</td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Volatility </td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - B29"> </td><td style="width: 9%; text-align: right;">51.7</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - B29">%</td><td> </td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - D29"> </td><td style="width: 9%; text-align: right;">41.3</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - D29">%</td></tr><tr><td>Expected life</td><td style="width: 1%;" title="Note 9. Stock-based Compensation Expense - B30"></td><td style="text-align: right; width: 9%;">6 months</td><td style="width: 1%;" title="Note 9. Stock-based Compensation Expense - B30"></td><td> </td><td style="width: 1%;" title="Note 9. Stock-based Compensation Expense - D30"></td><td style="text-align: right; width: 9%;">6 months</td><td style="width: 1%;" title="Note 9. Stock-based Compensation Expense - D30"></td></tr></table><div> </div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"><i>Stock Options:</i></div> <div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"> </div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"><span style="letter-spacing: normal; text-align: justify; text-indent: 48px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">The weighted-average grant date fair value of stock options granted to employees for the </span><span style="cursor: pointer; letter-spacing: normal; text-align: justify; text-indent: 48px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">three months ended March 31, 2026</span><span style="letter-spacing: normal; text-align: justify; text-indent: 48px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"> and </span><span style="cursor: pointer; letter-spacing: normal; text-align: justify; text-indent: 48px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">2025</span><span style="letter-spacing: normal; text-align: justify; text-indent: 48px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"> was $38.13 and $16.62 per share, respectively.</span></div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"> </div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"><span style="color: #000000; font-style: italic;">RSUs:</span> </div><div style="text-align: justify;">  </div> <div style="text-indent: 36pt; text-align: justify;"> <span style="color: #000000;">The weighted-average grant date fair value of RSUs granted to employees for the three months ended March 31, 2026 and 2025 was $77.21 and $33.21 per share, respectively. </span> </div> <div style="text-align: justify;">  </div> <div style="text-indent: 36pt;"> <span style="color: #000000; font-style: italic;">PRSUs:</span> </div> <div>  </div> <div style="text-indent: 36pt; text-align: justify;"> <span>Under the terms of the PRSUs we granted in 2026 and 2025, the PRSUs may vest at the end of the three-year performance period based on our relative total shareholder return, or TSR, as compared to a peer group of companies and as measured at the end of the performance period. Under the terms of the grants, no number of PRSUs is guaranteed to vest and the actual number of PRSUs that will vest at the end of each performance period may be anywhere from zero to 200 percent of the target number depending on our relative TSR.</span> </div> <div>  </div> <div style="text-indent: 36pt; text-align: justify;"> <span>The weighted-average grant date fair value of PRSUs we granted to our executive officers for the three months ended March 31, 2026 and 2025 was $115.05 and $48.81 per share, respectively.</span> </div> <div style="text-indent: 36pt; text-align: justify;"> <span style="color: #000000;">The following table summarizes stock-based compensation expense for the three months ended March 31, 2026 and 2025 (in thousands):</span> </div> <div style="text-indent: 36pt; text-align: justify;"> </div> <table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; vertical-align: bottom; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td colspan="7" style="text-align: center; font-weight: bold;">Three Months Ended</td></tr><tr><td> </td><td colspan="7" style="text-align: center; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">March 31,</td></tr><tr><td> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 9. Stock-based Compensation Expense - B5"> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 9%;">2026</td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 9. Stock-based Compensation Expense - B5"> </td><td> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 9. Stock-based Compensation Expense - D5"> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 9%;">2025</td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 9. Stock-based Compensation Expense - D5"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Cost of sales</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - B6">$</td><td style="width: 9%; text-align: right;">147</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - B6"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - D6">$</td><td style="width: 9%; text-align: right;">100</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - D6"> </td></tr><tr><td>Research, development and patent expense</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - B7"> </td><td style="width: 9%; text-align: right;">24,706</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - B7"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - D7"> </td><td style="width: 9%; text-align: right;">20,298</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - D7"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Selling, general and administrative expense</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="Note 9. Stock-based Compensation Expense - B8"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">18,422</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="Note 9. Stock-based Compensation Expense - B8"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="Note 9. Stock-based Compensation Expense - D8"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">9,320</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="Note 9. Stock-based Compensation Expense - D8"> </td></tr><tr><td style="padding-left: 20px;">Stock-based compensation expense, net of amounts capitalized</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="Note 9. Stock-based Compensation Expense - B9"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">43,275</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="Note 9. Stock-based Compensation Expense - B9"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="Note 9. Stock-based Compensation Expense - D9"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">29,718</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="Note 9. Stock-based Compensation Expense - D9"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Capitalized stock-based compensation expense</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="Note 9. Stock-based Compensation Expense - B10"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">18</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="Note 9. Stock-based Compensation Expense - B10"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="Note 9. Stock-based Compensation Expense - D10"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">491</td><td style="width: 1%; text-align: left; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="Note 9. Stock-based Compensation Expense - D10"> </td></tr><tr><td style="padding-left: 20px;">Total stock-based compensation expense</td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="Note 9. Stock-based Compensation Expense - B11">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">43,293</td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="Note 9. Stock-based Compensation Expense - B11"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="Note 9. Stock-based Compensation Expense - D11">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">30,209</td><td style="width: 1%; text-align: left; border-bottom: 3px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="Note 9. Stock-based Compensation Expense - D11"> </td></tr></table> 147000 100000 24706000 20298000 18422000 9320000 43275000 29718000 18000 491000 43293000 30209000 69500000 190300000 27300000 P1Y3M18D P1Y9M18D P1Y10M24D <div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"> <span style="color: #000000; font-style: italic;">Employee Stock Options:</span></div> <div style="text-indent: 36pt;"> </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; vertical-align: bottom; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td colspan="7" style="text-align: center; font-weight: bold;">Three Months Ended</td></tr><tr><td> </td><td colspan="7" style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">March 31,</td></tr><tr><td> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 9. Stock-based Compensation Expense - B17"></td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">2026</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 9. Stock-based Compensation Expense - B17"></td><td> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 9. Stock-based Compensation Expense - D17"></td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">2025</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 9. Stock-based Compensation Expense - D17"></td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Risk-free interest rate </td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - B18"> </td><td style="width: 9%; text-align: right;">3.9</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - B18">%</td><td> </td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - D18"> </td><td style="width: 9%; text-align: right;">4.5</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - D18">%</td></tr><tr><td>Dividend yield </td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - B19"> </td><td style="width: 9%; text-align: right;">0.0</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - B19">%</td><td> </td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - D19"> </td><td style="width: 9%; text-align: right;">0.0</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - D19">%</td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Volatility </td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - B20"> </td><td style="width: 9%; text-align: right;">43.1</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - B20">%</td><td> </td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - D20"> </td><td style="width: 9%; text-align: right;">41.9</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - D20">%</td></tr><tr><td>Expected life</td><td style="width: 1%;" title="Note 9. Stock-based Compensation Expense - B21"></td><td style="text-align: right; width: 9%;">6.3 years</td><td style="width: 1%;" title="Note 9. Stock-based Compensation Expense - B21"></td><td> </td><td style="width: 1%;" title="Note 9. Stock-based Compensation Expense - D21"></td><td style="text-align: right; width: 9%;">6.3 years</td><td style="width: 1%;" title="Note 9. Stock-based Compensation Expense - D21"></td></tr></table> 0.039 0.045 0 0 0.431 0.419 P6Y3M18D P6Y3M18D <div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"> <span style="color: #000000; font-style: italic;">ESPP:</span></div> <div style="text-indent: 36pt; text-align: justify;"> </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; vertical-align: bottom; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td colspan="7" style="text-align: center; font-weight: bold;">Three Months Ended</td></tr><tr><td> </td><td colspan="7" style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">March 31,</td></tr><tr><td> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 9. Stock-based Compensation Expense - B26"></td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">2026</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 9. Stock-based Compensation Expense - B26"></td><td> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 9. Stock-based Compensation Expense - D26"></td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">2025</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 9. Stock-based Compensation Expense - D26"></td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Risk-free interest rate </td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - B27"> </td><td style="width: 9%; text-align: right;">3.6</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - B27">%</td><td> </td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - D27"> </td><td style="width: 9%; text-align: right;">4.3</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - D27">%</td></tr><tr><td>Dividend yield </td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - B28"> </td><td style="width: 9%; text-align: right;">0.0</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - B28">%</td><td> </td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - D28"> </td><td style="width: 9%; text-align: right;">0.0</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - D28">%</td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Volatility </td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - B29"> </td><td style="width: 9%; text-align: right;">51.7</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - B29">%</td><td> </td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - D29"> </td><td style="width: 9%; text-align: right;">41.3</td><td style="width: 1%; text-align: left;" title="Note 9. Stock-based Compensation Expense - D29">%</td></tr><tr><td>Expected life</td><td style="width: 1%;" title="Note 9. Stock-based Compensation Expense - B30"></td><td style="text-align: right; width: 9%;">6 months</td><td style="width: 1%;" title="Note 9. Stock-based Compensation Expense - B30"></td><td> </td><td style="width: 1%;" title="Note 9. Stock-based Compensation Expense - D30"></td><td style="text-align: right; width: 9%;">6 months</td><td style="width: 1%;" title="Note 9. Stock-based Compensation Expense - D30"></td></tr></table> 0.036 0.043 0 0 0.517 0.413 P6M P6M 38.13 16.62 77.21 33.21 P3Y P3Y 0 0 0 0 2 2 115.05 48.81 <div> <span style="font-weight: bold;">10.  Liability Related to Sale of Future Royalties</span> </div> <div>  </div> <div style="text-indent: 36pt; text-align: justify;"> <span style="color: #000000;">In 2023, we entered into a royalty purchase agreement with Royalty Pharma Investments, or Royalty Pharma, to monetize a portion of our future SPINRAZA and pelacarsen royalties we are entitled to under our arrangements with Biogen and Novartis, respectively. As a result, we received an upfront payment of $500 million and we are eligible to receive up to $625 million in additional milestone payments. Under the terms of the agreement, Royalty Pharma will receive 25 percent of our SPINRAZA royalty payments from 2023 through 2027, increasing to 45 percent of royalty payments in 2028, on up to $1.5 billion in annual sales. In addition, Royalty Pharma will receive 25 percent of any future royalty payments on pelacarsen, our medicine in development to treat patients with elevated lipoprotein(a)-driven cardiovascular disease. Royalty Pharma’s royalty interest in SPINRAZA will revert to us after total SPINRAZA royalty payments to Royalty Pharma reach either $475 million or $550 million, depending on the timing and occurrence of FDA approval of pelacarsen.</span> </div> <div style="text-align: justify;">  </div> <div style="text-indent: 36pt; text-align: justify;"> <span style="color: #000000;">We recorded the upfront payment of $500 million as a liability related to the sale of future royalties, net of transaction costs of $10.4 million, which we are amortizing over the estimated life of the arrangement using the effective interest rate method. We recognize royalty revenue in the period in which the counterparty sells the related product and recognizes the related revenue. We record royalty payments made to Royalty Pharma as a reduction of the liability.</span> </div> <div>  </div> <div style="text-indent: 36pt; text-align: justify;"> <span style="color: #000000;">We determine the effective interest rate used to record interest expense under this agreement based on an estimate of future royalty payments to Royalty Pharma. As of March 31, 2026 and 2025, the estimated effective interest rate under the agreement was 12.0 percent and 13.5 percent, respectively.</span> </div> <div style="text-align: justify;">  </div> <div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"> <span style="color: #000000;">The following table sets forth information on our liability related to sale of future royalties (in thousands):</span> </div> <div style="text-align: justify;"> </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; vertical-align: bottom; border-spacing: 0px;"><tr style="background-color: rgb(204, 238, 255);"><td>Liability related to sale of future royalties, net as of December 31, 2025</td><td style="width: 1%; text-align: left;" title="Note 11. Liability Related to Sale of Future Royalties - B4">$</td><td style="width: 9%; text-align: right;">563,042</td><td style="width: 1%; text-align: left;" title="Note 11. Liability Related to Sale of Future Royalties - B4"> </td></tr><tr><td>Royalty payments to Royalty Pharma</td><td style="width: 1%; text-align: left;" title="Note 11. Liability Related to Sale of Future Royalties - B5"> </td><td style="width: 9%; text-align: right;">(11,689</td><td style="width: 1%; text-align: left;" title="Note 11. Liability Related to Sale of Future Royalties - B5">) </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Interest expense related to sale of future royalties</td><td style="width: 1%; text-align: left;" title="Note 11. Liability Related to Sale of Future Royalties - B6"> </td><td style="width: 9%; text-align: right;">17,184</td><td style="width: 1%; text-align: left;" title="Note 11. Liability Related to Sale of Future Royalties - B6"> </td></tr><tr><td>Amortization of issuance costs related to sale of future royalties</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none;" title="Note 11. Liability Related to Sale of Future Royalties - B7"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none;">153</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 11. Liability Related to Sale of Future Royalties - B7"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Liability related to sale of future royalties, net as of March 31, 2026</td><td style="width: 1%; text-align: left;" title="Note 11. Liability Related to Sale of Future Royalties - B8">$</td><td style="width: 9%; text-align: right;">568,690</td><td style="width: 1%; text-align: left;" title="Note 11. Liability Related to Sale of Future Royalties - B8"> </td></tr><tr><td>Less: Current portion (1)</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none;" title="Note 11. Liability Related to Sale of Future Royalties - B9"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-right: none;">(10,925</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 11. Liability Related to Sale of Future Royalties - B9">) </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Liability related to sale of future royalties, net as of March 31, 2026 – Non-current</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 11. Liability Related to Sale of Future Royalties - B10">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">557,765</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 11. Liability Related to Sale of Future Royalties - B10"> </td></tr></table> <div>  </div> <div style="text-indent: -18pt; text-align: justify; padding-left: 18pt;"> <div> <span style="color: #000000;">(1)   Included in other current liabilities in our condensed consolidated balance sheet.</span> </div> </div> <div style="text-align: justify;">  </div> <div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"> <span style="color: #000000;">There are numerous factors, most of which are not within our control, that could materially impact the amount and timing of royalty payments from Biogen and Novartis, and result in changes to our estimate of future royalty payments to Royalty Pharma. Such factors include, but are not limited to, the commercial sales of SPINRAZA, the regulatory approval and commercial sales of pelacarsen, competing products or other significant events. </span> </div> 500000000 625000000 0.25 0.45 1500000000 0.25 475000000 550000000 500000000 10400000 0.12 0.135 <div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"> <span style="color: #000000;">The following table sets forth information on our liability related to sale of future royalties (in thousands):</span> </div> <div style="text-align: justify;"> </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; vertical-align: bottom; border-spacing: 0px;"><tr style="background-color: rgb(204, 238, 255);"><td>Liability related to sale of future royalties, net as of December 31, 2025</td><td style="width: 1%; text-align: left;" title="Note 11. Liability Related to Sale of Future Royalties - B4">$</td><td style="width: 9%; text-align: right;">563,042</td><td style="width: 1%; text-align: left;" title="Note 11. Liability Related to Sale of Future Royalties - B4"> </td></tr><tr><td>Royalty payments to Royalty Pharma</td><td style="width: 1%; text-align: left;" title="Note 11. Liability Related to Sale of Future Royalties - B5"> </td><td style="width: 9%; text-align: right;">(11,689</td><td style="width: 1%; text-align: left;" title="Note 11. Liability Related to Sale of Future Royalties - B5">) </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Interest expense related to sale of future royalties</td><td style="width: 1%; text-align: left;" title="Note 11. Liability Related to Sale of Future Royalties - B6"> </td><td style="width: 9%; text-align: right;">17,184</td><td style="width: 1%; text-align: left;" title="Note 11. Liability Related to Sale of Future Royalties - B6"> </td></tr><tr><td>Amortization of issuance costs related to sale of future royalties</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none;" title="Note 11. Liability Related to Sale of Future Royalties - B7"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none;">153</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 11. Liability Related to Sale of Future Royalties - B7"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Liability related to sale of future royalties, net as of March 31, 2026</td><td style="width: 1%; text-align: left;" title="Note 11. Liability Related to Sale of Future Royalties - B8">$</td><td style="width: 9%; text-align: right;">568,690</td><td style="width: 1%; text-align: left;" title="Note 11. Liability Related to Sale of Future Royalties - B8"> </td></tr><tr><td>Less: Current portion (1)</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none;" title="Note 11. Liability Related to Sale of Future Royalties - B9"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-right: none;">(10,925</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 11. Liability Related to Sale of Future Royalties - B9">) </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Liability related to sale of future royalties, net as of March 31, 2026 – Non-current</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 11. Liability Related to Sale of Future Royalties - B10">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">557,765</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 11. Liability Related to Sale of Future Royalties - B10"> </td></tr></table> <div>  </div> <div style="text-indent: -18pt; text-align: justify; padding-left: 18pt;"> <div> <span style="color: #000000;">(1)   Included in other current liabilities in our condensed consolidated balance sheet.</span> </div> </div> 563042000 11689000 17184000 153000 568690000 10925000 557765000 <div> <span style="font-weight: bold;">11.  Convertible Debt</span> </div> <div style="font-size: 9pt;"> </div> <div style="font-size: 9pt; font-style: italic; text-indent: 36pt; line-height: 1.15; text-align: justify"><span style="font-size: 10pt">0 Percent Convertible Senior Notes due 2030</span></div><div style="font-size: 10pt;"> </div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;">In November 2025, we completed a $770.0 million offering of our 0% Notes due 2030.</div><div> </div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">At </span><span style="cursor: pointer; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">March 31, 2026</span><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">, we had the following 0% Notes due 2030 outstanding (in millions except interest rate and price per share data):</span></div><div style="font-size: 10pt;"> </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; vertical-align: bottom; border-spacing: 0px;"><tr><td> </td><td style="width: 1%; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="Note 12. Convertible Debt - B27"> </td><td style="width: 9%; text-align: center; font-weight: bold; border-color: currentcolor currentcolor rgb(0, 0, 0); white-space: nowrap; border-width: medium medium 1px; border-style: none none solid;">0% Notes due 2030</td><td style="width: 1%; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="Note 12. Convertible Debt - B27"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Outstanding principal balance</td><td style="width: 1%; text-align: left;" title="Note 12. Convertible Debt - B28">$</td><td style="width: 9%; text-align: right;">770.0</td><td style="width: 1%; text-align: left;" title="Note 12. Convertible Debt - B28"> </td></tr><tr><td>Unamortized debt issuance costs</td><td style="width: 1%; text-align: left;" title="Note 12. Convertible Debt - B29">$</td><td style="width: 9%; text-align: right;">17.6</td><td style="width: 1%; text-align: left;" title="Note 12. Convertible Debt - B29"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Maturity date</td><td style="width: 1%;" title="Note 12. Convertible Debt - B30"> </td><td style="width : 9%; text-align : right; white-space : nowrap; "><div style="-sec-ix-hidden: hidden-fact-3">December 2030</div></td><td style="width: 1%;" title="Note 12. Convertible Debt - B30"> </td></tr><tr><td>Interest rate</td><td style="width: 1%; text-align: left;" title="Note 12. Convertible Debt - B31"> </td><td style="width: 9%; text-align: right;">0</td><td style="width: 1%; text-align: left;" title="Note 12. Convertible Debt - B31">%</td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Effective interest rate</td><td style="width: 1%; text-align: left;" title="Note 12. Convertible Debt - B32"> </td><td style="width: 9%; text-align: right;">0.5</td><td style="width: 1%; text-align: left;" title="Note 12. Convertible Debt - B32">%</td></tr><tr><td>Conversion price per share</td><td style="width: 1%; text-align: left;" title="Note 12. Convertible Debt - B33">$</td><td style="width: 9%; text-align: right;">98.10</td><td style="width: 1%; text-align: left;" title="Note 12. Convertible Debt - B33"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Total shares of common stock subject to conversion</td><td style="width: 1%; text-align: left;" title="Note 12. Convertible Debt - B34"> </td><td style="width: 9%; text-align: right;">7.8</td><td style="width: 1%; text-align: left;" title="Note 12. Convertible Debt - B34"> </td></tr></table><div style="font-size: 10pt;"> </div><div style="text-indent: 36pt; text-align: justify;"> <span style="color: #000000; font-style: italic;">1.75 Percent Convertible Senior Notes due 2028</span></div> <div style="text-align: justify;">  </div> <div style="text-indent: 36pt; text-align: justify;"> <span style="font-family: Times;">In 2023, we completed a $575.0 million offering of our 1.75% Notes due 2028. </span> </div> <div style="text-align: justify;">  </div> <div style="text-indent: 36pt; text-align: justify;"> <span>At March 31, 2026, we had the following 1.75% Notes due 2028 outstanding (in millions except interest rate and price per share data):</span> </div> <div> </div> <table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; vertical-align: bottom; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 12. Convertible Debt - B4"></td><td style="text-align: center; font-weight: bold; width: 9%; border-color: currentcolor currentcolor rgb(0, 0, 0); white-space: nowrap; border-width: medium medium 1px; border-style: none none solid;">1.75% Notes due 2028</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 12. Convertible Debt - B4"></td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Outstanding principal balance</td><td style="text-align: left; width: 1%;" title="Note 12. Convertible Debt - B5">$</td><td style="text-align: right; width: 9%;">575.0</td><td style="text-align: left; width: 1%;" title="Note 12. Convertible Debt - B5"> </td></tr><tr><td>Unamortized debt issuance costs</td><td style="text-align: left; width: 1%;" title="Note 12. Convertible Debt - B6">$</td><td style="text-align: right; width: 9%;">6.5</td><td style="text-align: left; width: 1%;" title="Note 12. Convertible Debt - B6"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Maturity date</td><td style="width: 1%;" title="Note 12. Convertible Debt - B7"></td><td style="text-align: right; width: 9%;"><div style="-sec-ix-hidden: hidden-fact-4">June 2028</div></td><td style="width: 1%;" title="Note 12. Convertible Debt - B7"></td></tr><tr><td>Interest rate</td><td style="text-align: left; width: 1%;" title="Note 12. Convertible Debt - B8"> </td><td style="text-align: right; width: 9%;">1.75</td><td style="text-align: left; width: 1%;" title="Note 12. Convertible Debt - B8">%</td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Effective interest rate</td><td style="text-align: left; width: 1%;" title="Note 12. Convertible Debt - B9"> </td><td style="text-align: right; width: 9%;">2.3</td><td style="text-align: left; width: 1%;" title="Note 12. Convertible Debt - B9">%</td></tr><tr><td>Conversion price per share</td><td style="text-align: left; width: 1%;" title="Note 12. Convertible Debt - B10">$</td><td style="text-align: right; width: 9%;">53.73</td><td style="text-align: left; width: 1%;" title="Note 12. Convertible Debt - B10"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Total shares of common stock subject to conversion</td><td style="text-align: left; width: 1%;" title="Note 12. Convertible Debt - B11"> </td><td style="text-align: right; width: 9%;">10.7</td><td style="text-align: left; width: 1%;" title="Note 12. Convertible Debt - B11"> </td></tr></table><div style="text-indent: 36pt; text-align: justify;"> <span style="color: #000000; font-style: italic;">0 Percent Convertible Senior Notes due 2026 and Call Spread</span><span style="color: #000000; font-weight: bold; font-style: italic;"> </span> </div> <div style="text-align: justify;">  </div> <div style="text-indent: 36pt; text-align: justify;"> <span>In 2021, we completed a $632.5 million offering of our 0% Notes due 2026. </span></div> <div style="text-align: justify;">  </div> <div style="text-indent: 36pt; text-align: justify;"> <span>At March 31, 2026, we had the following </span><span style="font-family: Times;">0%</span><span> Notes due 2026 outstanding (in millions except interest rate and price per share data):</span> </div> <div style="text-align: justify; color: #000000;"> </div> <table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; vertical-align: bottom; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 12. Convertible Debt - B15"></td><td style="text-align: center; font-weight: bold; width: 9%; border-color: currentcolor currentcolor rgb(0, 0, 0); white-space: nowrap; border-width: medium medium 1px; border-style: none none solid;">0% Notes due 2026</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 12. Convertible Debt - B15"></td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Outstanding principal balance</td><td style="text-align: left; width: 1%;" title="Note 12. Convertible Debt - B16">$</td><td style="text-align: right; width: 9%;">432.5</td><td style="text-align: left; width: 1%;" title="Note 12. Convertible Debt - B16"> </td></tr><tr><td>Unamortized debt issuance costs</td><td style="text-align: left; width: 1%;" title="Note 12. Convertible Debt - B17">$</td><td style="text-align: right; width: 9%;"> - </td><td style="text-align: left; width: 1%;" title="Note 12. Convertible Debt - B17"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Maturity date</td><td style="width: 1%;" title="Note 12. Convertible Debt - B18"></td><td style="text-align: right; width: 9%;"><div style="-sec-ix-hidden: hidden-fact-5">April 2026</div></td><td style="width: 1%;" title="Note 12. Convertible Debt - B18"></td></tr><tr><td>Interest rate</td><td style="text-align: left; width: 1%;" title="Note 12. Convertible Debt - B19"> </td><td style="text-align: right; width: 9%;">0</td><td style="text-align: left; width: 1%;" title="Note 12. Convertible Debt - B19">%</td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Effective interest rate</td><td style="text-align: left; width: 1%;" title="Note 12. Convertible Debt - B20"> </td><td style="text-align: right; width: 9%;">0.5</td><td style="text-align: left; width: 1%;" title="Note 12. Convertible Debt - B20">%</td></tr><tr><td>Conversion price per share</td><td style="text-align: left; width: 1%;" title="Note 12. Convertible Debt - B21">$</td><td style="text-align: right; width: 9%;">57.84</td><td style="text-align: left; width: 1%;" title="Note 12. Convertible Debt - B21"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Effective conversion price per share with call spread</td><td style="text-align: left; width: 1%;" title="Note 12. Convertible Debt - B22">$</td><td style="text-align: right; width: 9%;">76.39</td><td style="text-align: left; width: 1%;" title="Note 12. Convertible Debt - B22"> </td></tr><tr><td>Total shares of common stock subject to conversion</td><td style="text-align: left; width: 1%;" title="Note 12. Convertible Debt - B23"> </td><td style="text-align: right; width: 9%;">7.5</td><td style="text-align: left; width: 1%;" title="Note 12. Convertible Debt - B23"> </td></tr></table><div style="text-align: justify; color: #000000;">  </div> <div style="text-indent: 36pt; line-height: 1.15; text-align: justify;">In November 2025, we used $267.6 million of the net proceeds from the issuance of the 0% Notes due 2030 to repurchase $200.0 million in principal of our 0% Notes due 2026 at a premium, which we subsequently held in treasury. As of March 31, 2026, we had an escrow deposit of $632.5 million, which we recorded as a current asset in our condensed consolidated balance sheet. In April 2026, we used $432.5 million to repay the remaining outstanding balance of the 0% Notes due 2026 and used the remaining $200.0 million to extinguish the 0% Notes due 2026 held in treasury. In the second quarter of 2026, this $200.0 million was returned to us and will be reflected in our cash, cash equivalents and short-term investments. </div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"> </div><div style="text-indent: 36pt; line-height: 1.15; text-align: justify;">In conjunction with the 2021 offering, we entered into a call spread transaction, which was comprised of purchasing note hedges and selling warrants, to minimize the impact of potential economic dilution upon conversion of our <span style="font-family: Times;">0%</span> Notes due 2026 by increasing the effective conversion price on our <span style="font-family: Times;">0%</span> Notes due 2026. We increased our effective conversion price to $76.39 with the same number of underlying shares as our <span style="font-family: Times;">0% </span>Notes due 2026. The call spread cost us $46.9 million, of which $136.7 million was for the note hedge purchase, offset by $89.8 million we received for selling the warrants. Similar to our <span style="font-family: Times;">0%</span> Notes due 2026, our note hedges were subject to adjustment. Additionally, our note hedges were exercisable upon conversion of the <span style="font-family: Times;">0%</span> Notes due 2026. The note hedges were exercised upon maturity of the <span style="font-family: Times;">0%</span> Notes due 2026 in April 2026. The warrants will begin to expire in July 2026. The note hedges and warrants are separate transactions and are not part of the terms of our <span style="font-family: Times;">0%</span> Notes due 2026. The holders of the <span style="font-family: Times;">0%</span> Notes due 2026 do not have any rights with respect to the note hedges and warrants. </div><div style="text-align: justify; color: #000000;">  </div> <div style="text-indent: 36pt; text-align: justify;"> <span>We recorded the amount we paid for the note hedges and the amount we received for the warrants in additional paid-in capital in our condensed consolidated balance sheets. Refer to Part IV, Item 15, Note 1, </span><span style="font-style: italic;">Organization and Significant Accounting Policies</span><span>, of our audited financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2025 for our Call Spread accounting policy. We reassess our ability to continue to classify the note hedges and warrants in shareholders’ equity at each reporting period.</span> </div> <div>  </div> <div style="text-indent: 36pt; text-align: justify;"> <span style="font-style: italic;">Other Terms of Convertible Senior Notes</span> </div> <div>  </div> <div style="text-indent: 36pt; text-align: justify;"> The 0% Notes due 2030 and 1.75% Notes due 2028 are convertible under certain conditions, at the option of the note holders. We can settle conversions of the notes, at our election, in cash, shares of our common stock or a combination of both. We may not redeem the notes prior to maturity, and we do not have to provide a sinking fund for them. Holders of the notes may require us to purchase some or all of their notes upon the occurrence of certain fundamental changes, as set forth in the indentures governing the notes, at a purchase price equal to 100 percent of the principal amount of the notes to be purchased, plus any accrued and unpaid interest. The <span style="letter-spacing: normal; text-indent: 48px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">0% Notes due 2026 were subject to similar terms.</span></div> 0 770000000 0 <div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">At </span><span style="cursor: pointer; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">March 31, 2026</span><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">, we had the following 0% Notes due 2030 outstanding (in millions except interest rate and price per share data):</span></div><div style="font-size: 10pt;"> </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; vertical-align: bottom; border-spacing: 0px;"><tr><td> </td><td style="width: 1%; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="Note 12. Convertible Debt - B27"> </td><td style="width: 9%; text-align: center; font-weight: bold; border-color: currentcolor currentcolor rgb(0, 0, 0); white-space: nowrap; border-width: medium medium 1px; border-style: none none solid;">0% Notes due 2030</td><td style="width: 1%; border-bottom: 1px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" title="Note 12. Convertible Debt - B27"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Outstanding principal balance</td><td style="width: 1%; text-align: left;" title="Note 12. Convertible Debt - B28">$</td><td style="width: 9%; text-align: right;">770.0</td><td style="width: 1%; text-align: left;" title="Note 12. Convertible Debt - B28"> </td></tr><tr><td>Unamortized debt issuance costs</td><td style="width: 1%; text-align: left;" title="Note 12. Convertible Debt - B29">$</td><td style="width: 9%; text-align: right;">17.6</td><td style="width: 1%; text-align: left;" title="Note 12. Convertible Debt - B29"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Maturity date</td><td style="width: 1%;" title="Note 12. Convertible Debt - B30"> </td><td style="width : 9%; text-align : right; white-space : nowrap; "><div style="-sec-ix-hidden: hidden-fact-3">December 2030</div></td><td style="width: 1%;" title="Note 12. Convertible Debt - B30"> </td></tr><tr><td>Interest rate</td><td style="width: 1%; text-align: left;" title="Note 12. Convertible Debt - B31"> </td><td style="width: 9%; text-align: right;">0</td><td style="width: 1%; text-align: left;" title="Note 12. Convertible Debt - B31">%</td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Effective interest rate</td><td style="width: 1%; text-align: left;" title="Note 12. Convertible Debt - B32"> </td><td style="width: 9%; text-align: right;">0.5</td><td style="width: 1%; text-align: left;" title="Note 12. Convertible Debt - B32">%</td></tr><tr><td>Conversion price per share</td><td style="width: 1%; text-align: left;" title="Note 12. Convertible Debt - B33">$</td><td style="width: 9%; text-align: right;">98.10</td><td style="width: 1%; text-align: left;" title="Note 12. Convertible Debt - B33"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Total shares of common stock subject to conversion</td><td style="width: 1%; text-align: left;" title="Note 12. Convertible Debt - B34"> </td><td style="width: 9%; text-align: right;">7.8</td><td style="width: 1%; text-align: left;" title="Note 12. Convertible Debt - B34"> </td></tr></table> 0 770000000 17600000 0 0.005 98.1 7800000 0.0175 575000000 0.0175 <div style="text-indent: 36pt; text-align: justify;"> <span>At March 31, 2026, we had the following 1.75% Notes due 2028 outstanding (in millions except interest rate and price per share data):</span> </div> <div> </div> <table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; vertical-align: bottom; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 12. Convertible Debt - B4"></td><td style="text-align: center; font-weight: bold; width: 9%; border-color: currentcolor currentcolor rgb(0, 0, 0); white-space: nowrap; border-width: medium medium 1px; border-style: none none solid;">1.75% Notes due 2028</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 12. Convertible Debt - B4"></td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Outstanding principal balance</td><td style="text-align: left; width: 1%;" title="Note 12. Convertible Debt - B5">$</td><td style="text-align: right; width: 9%;">575.0</td><td style="text-align: left; width: 1%;" title="Note 12. Convertible Debt - B5"> </td></tr><tr><td>Unamortized debt issuance costs</td><td style="text-align: left; width: 1%;" title="Note 12. Convertible Debt - B6">$</td><td style="text-align: right; width: 9%;">6.5</td><td style="text-align: left; width: 1%;" title="Note 12. Convertible Debt - B6"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Maturity date</td><td style="width: 1%;" title="Note 12. Convertible Debt - B7"></td><td style="text-align: right; width: 9%;"><div style="-sec-ix-hidden: hidden-fact-4">June 2028</div></td><td style="width: 1%;" title="Note 12. Convertible Debt - B7"></td></tr><tr><td>Interest rate</td><td style="text-align: left; width: 1%;" title="Note 12. Convertible Debt - B8"> </td><td style="text-align: right; width: 9%;">1.75</td><td style="text-align: left; width: 1%;" title="Note 12. Convertible Debt - B8">%</td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Effective interest rate</td><td style="text-align: left; width: 1%;" title="Note 12. Convertible Debt - B9"> </td><td style="text-align: right; width: 9%;">2.3</td><td style="text-align: left; width: 1%;" title="Note 12. Convertible Debt - B9">%</td></tr><tr><td>Conversion price per share</td><td style="text-align: left; width: 1%;" title="Note 12. Convertible Debt - B10">$</td><td style="text-align: right; width: 9%;">53.73</td><td style="text-align: left; width: 1%;" title="Note 12. Convertible Debt - B10"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Total shares of common stock subject to conversion</td><td style="text-align: left; width: 1%;" title="Note 12. Convertible Debt - B11"> </td><td style="text-align: right; width: 9%;">10.7</td><td style="text-align: left; width: 1%;" title="Note 12. Convertible Debt - B11"> </td></tr></table> 0.0175 575000000 6500000 0.0175 0.023 53.73 10700000 0 632500000 0 <div style="text-indent: 36pt; text-align: justify;"> <span>At March 31, 2026, we had the following </span><span style="font-family: Times;">0%</span><span> Notes due 2026 outstanding (in millions except interest rate and price per share data):</span> </div> <div style="text-align: justify; color: #000000;"> </div> <table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; vertical-align: bottom; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 12. Convertible Debt - B15"></td><td style="text-align: center; font-weight: bold; width: 9%; border-color: currentcolor currentcolor rgb(0, 0, 0); white-space: nowrap; border-width: medium medium 1px; border-style: none none solid;">0% Notes due 2026</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 12. Convertible Debt - B15"></td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Outstanding principal balance</td><td style="text-align: left; width: 1%;" title="Note 12. Convertible Debt - B16">$</td><td style="text-align: right; width: 9%;">432.5</td><td style="text-align: left; width: 1%;" title="Note 12. Convertible Debt - B16"> </td></tr><tr><td>Unamortized debt issuance costs</td><td style="text-align: left; width: 1%;" title="Note 12. Convertible Debt - B17">$</td><td style="text-align: right; width: 9%;"> - </td><td style="text-align: left; width: 1%;" title="Note 12. Convertible Debt - B17"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Maturity date</td><td style="width: 1%;" title="Note 12. Convertible Debt - B18"></td><td style="text-align: right; width: 9%;"><div style="-sec-ix-hidden: hidden-fact-5">April 2026</div></td><td style="width: 1%;" title="Note 12. Convertible Debt - B18"></td></tr><tr><td>Interest rate</td><td style="text-align: left; width: 1%;" title="Note 12. Convertible Debt - B19"> </td><td style="text-align: right; width: 9%;">0</td><td style="text-align: left; width: 1%;" title="Note 12. Convertible Debt - B19">%</td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Effective interest rate</td><td style="text-align: left; width: 1%;" title="Note 12. Convertible Debt - B20"> </td><td style="text-align: right; width: 9%;">0.5</td><td style="text-align: left; width: 1%;" title="Note 12. Convertible Debt - B20">%</td></tr><tr><td>Conversion price per share</td><td style="text-align: left; width: 1%;" title="Note 12. Convertible Debt - B21">$</td><td style="text-align: right; width: 9%;">57.84</td><td style="text-align: left; width: 1%;" title="Note 12. Convertible Debt - B21"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Effective conversion price per share with call spread</td><td style="text-align: left; width: 1%;" title="Note 12. Convertible Debt - B22">$</td><td style="text-align: right; width: 9%;">76.39</td><td style="text-align: left; width: 1%;" title="Note 12. Convertible Debt - B22"> </td></tr><tr><td>Total shares of common stock subject to conversion</td><td style="text-align: left; width: 1%;" title="Note 12. Convertible Debt - B23"> </td><td style="text-align: right; width: 9%;">7.5</td><td style="text-align: left; width: 1%;" title="Note 12. Convertible Debt - B23"> </td></tr></table> 0 432500000 0 0 0.005 57.84 76.39 7500000 267600000 0 200000000 0 632500000 432500000 0 200000000 0 200000000 0 0 76.39 0 46900000 136700000 89800000 0 0 0 0 0 0 0.0175 1 1 1 0 <div> <span style="font-weight: bold;">12.  Legal Proceedings</span> </div> <div>  </div> <div style="text-indent: 36pt; text-align: justify;"> <span style="color: #000000;">From time to time, we are involved in legal proceedings arising in the ordinary course of our business. Periodically, we evaluate the status of each legal matter and assess our potential financial exposure. If we consider the potential loss from any legal proceeding to be probable and we can reasonably estimate the amount, we accrue a liability for the estimated loss. The outcome of any proceeding is not determinable in advance. Therefore, we are required to use significant judgment to determine the probability of a loss and whether the amount of the loss is reasonably estimable. Our assessment of a potential liability and the amount of accruals we recorded are based only on the information available to us at the time. As additional information becomes available, we reassess the potential liability related to the legal proceeding and may revise our estimates.</span> </div> <div style="text-align: justify;">  </div> <div style="text-indent: 36pt; text-align: justify;">On September 11, 2025, we sued Arrowhead Pharmaceuticals, Inc., in the Central District of California asserting that Arrowhead's announced intention to commercialize plozasiran in November 2025 would infringe our patent US9,593,333. Arrowhead is now commercializing plozasiran and the lawsuit is ongoing. Arrowhead has filed its Answer to our Complaint and Counterclaims asserting that our patent US9,593,333 is invalid or not infringed by use of plozasiran.</div> <div> <span style="font-weight: bold;">13.  Segment Information</span> </div> <div>  </div> <div style="text-indent: 36pt; text-align: justify;"> <span>We operate as a <span style="-sec-ix-hidden: hidden-fact-6">single</span> operating segment, Ionis operations, focused on the research, development and commercialization of our RNA-targeted medicines to bring better futures to people with serious diseases. The CODM, our Chief Executive Officer, manages our company, reviews operating results, assesses performance and allocates resources on an aggregate basis using consolidated net income or loss as the key measure of segment profit or loss. As such, results of our operations are reported on a consolidated basis for purposes of management and segment reporting.</span> </div> <div style="text-align: justify;">  </div> <div style="text-indent: 36pt; text-align: justify;"> <span>Ionis operations derives its revenues from commercial and R&amp;D revenue sources. Refer to Note 4, </span><span style="font-style: italic;">Revenues</span><span>, for further details on our sources of revenue.</span> </div> <div style="text-align: justify;">  </div> <div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"> The following table sets forth information on segment profit or loss, including significant segment expenses (in thousands): </div> <div style="text-align: justify;"> </div> <table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; vertical-align: bottom; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td colspan="7" style="text-align: center; font-weight: bold;">Three Months Ended</td></tr><tr><td> </td><td colspan="7" style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">March 31,</td></tr><tr><td> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 14. Segment Information - B5"></td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">2026</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 14. Segment Information - B5"></td><td> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 14. Segment Information - D5"></td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">2025</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 14. Segment Information - D5"></td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Revenue</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - B6">$</td><td style="width: 9%; text-align: right;">246,091</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - B6"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - D6">$</td><td style="width: 9%; text-align: right;">131,612</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - D6"> </td></tr><tr><td> </td><td style="width: 1%;" title="Note 14. Segment Information - B7"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 14. Segment Information - B7"></td><td> </td><td style="width: 1%;" title="Note 14. Segment Information - D7"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 14. Segment Information - D7"></td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Less:</td><td style="width: 1%;" title="Note 14. Segment Information - B8"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 14. Segment Information - B8"></td><td> </td><td style="width: 1%;" title="Note 14. Segment Information - D8"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 14. Segment Information - D8"></td></tr><tr><td style="padding-left: 10px;">Cost of sales</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - B9"> </td><td style="width: 9%; text-align: right;">2,836</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - B9"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - D9"> </td><td style="width: 9%; text-align: right;">1,363</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - D9"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="padding-left: 10px;">Drug discovery</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - B10"> </td><td style="width: 9%; text-align: right;">28,557</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - B10"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - D10"> </td><td style="width: 9%; text-align: right;">26,989</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - D10"> </td></tr><tr><td style="padding-left: 10px;">Drug development</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - B11"> </td><td style="width: 9%; text-align: right;">104,182</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - B11"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - D11"> </td><td style="width: 9%; text-align: right;">112,946</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - D11"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="padding-left: 10px;">Medical affairs</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - B12"> </td><td style="width: 9%; text-align: right;">9,989</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - B12"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - D12"> </td><td style="width: 9%; text-align: right;">5,642</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - D12"> </td></tr><tr><td style="padding-left: 10px;">Manufacturing and development chemistry</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - B13"> </td><td style="width: 9%; text-align: right;">20,308</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - B13"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - D13"> </td><td style="width: 9%; text-align: right;">14,281</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - D13"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="padding-left: 10px;">R&amp;D support</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - B14"> </td><td style="width: 9%; text-align: right;">22,431</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - B14"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - D14"> </td><td style="width: 9%; text-align: right;">20,553</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - D14"> </td></tr><tr><td style="padding-left: 10px;">Selling, general and administrative</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - B15"> </td><td style="width: 9%; text-align: right;">131,937</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - B15"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - D15"> </td><td style="width: 9%; text-align: right;">66,980</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - D15"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="padding-left: 10px;">Other segment items (1)</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 14. Segment Information - B16"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">18,379</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 14. Segment Information - B16"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 14. Segment Information - D16"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">29,796</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 14. Segment Information - D16"> </td></tr><tr><td>Consolidated net loss</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 14. Segment Information - B17">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">(92,528</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 14. Segment Information - B17">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 14. Segment Information - D17">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">(146,938</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 14. Segment Information - D17">) </td></tr></table><div style="text-align: justify; margin-left: 18pt;">  </div> <div style="text-indent: -18pt; text-align: justify; padding-left: 18pt;"> <div style="text-align: justify;"> <span style="color: #000000;">(1)  Other segment items include stock-based compensation expense, investment income, interest expense, gain or loss on investments, other income or expense and income tax expense or benefit.</span> </div> </div> <div style="text-indent: 36pt; line-height: 1.15; text-align: justify;"> The following table sets forth information on segment profit or loss, including significant segment expenses (in thousands): </div> <div style="text-align: justify;"> </div> <table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; vertical-align: bottom; border-spacing: 0px;"><tr style="height: 0px; font-size: 0px;"><td></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr><td> </td><td colspan="7" style="text-align: center; font-weight: bold;">Three Months Ended</td></tr><tr><td> </td><td colspan="7" style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">March 31,</td></tr><tr><td> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 14. Segment Information - B5"></td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">2026</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 14. Segment Information - B5"></td><td> </td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;" title="Note 14. Segment Information - D5"></td><td style="text-align: center; font-weight: bold; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%;">2025</td><td style="width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 14. Segment Information - D5"></td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Revenue</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - B6">$</td><td style="width: 9%; text-align: right;">246,091</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - B6"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - D6">$</td><td style="width: 9%; text-align: right;">131,612</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - D6"> </td></tr><tr><td> </td><td style="width: 1%;" title="Note 14. Segment Information - B7"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 14. Segment Information - B7"></td><td> </td><td style="width: 1%;" title="Note 14. Segment Information - D7"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 14. Segment Information - D7"></td></tr><tr style="background-color: rgb(204, 238, 255);"><td>Less:</td><td style="width: 1%;" title="Note 14. Segment Information - B8"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 14. Segment Information - B8"></td><td> </td><td style="width: 1%;" title="Note 14. Segment Information - D8"></td><td style="width: 9%;"> </td><td style="width: 1%;" title="Note 14. Segment Information - D8"></td></tr><tr><td style="padding-left: 10px;">Cost of sales</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - B9"> </td><td style="width: 9%; text-align: right;">2,836</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - B9"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - D9"> </td><td style="width: 9%; text-align: right;">1,363</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - D9"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="padding-left: 10px;">Drug discovery</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - B10"> </td><td style="width: 9%; text-align: right;">28,557</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - B10"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - D10"> </td><td style="width: 9%; text-align: right;">26,989</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - D10"> </td></tr><tr><td style="padding-left: 10px;">Drug development</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - B11"> </td><td style="width: 9%; text-align: right;">104,182</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - B11"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - D11"> </td><td style="width: 9%; text-align: right;">112,946</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - D11"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="padding-left: 10px;">Medical affairs</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - B12"> </td><td style="width: 9%; text-align: right;">9,989</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - B12"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - D12"> </td><td style="width: 9%; text-align: right;">5,642</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - D12"> </td></tr><tr><td style="padding-left: 10px;">Manufacturing and development chemistry</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - B13"> </td><td style="width: 9%; text-align: right;">20,308</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - B13"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - D13"> </td><td style="width: 9%; text-align: right;">14,281</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - D13"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="padding-left: 10px;">R&amp;D support</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - B14"> </td><td style="width: 9%; text-align: right;">22,431</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - B14"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - D14"> </td><td style="width: 9%; text-align: right;">20,553</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - D14"> </td></tr><tr><td style="padding-left: 10px;">Selling, general and administrative</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - B15"> </td><td style="width: 9%; text-align: right;">131,937</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - B15"> </td><td> </td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - D15"> </td><td style="width: 9%; text-align: right;">66,980</td><td style="width: 1%; text-align: left;" title="Note 14. Segment Information - D15"> </td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="padding-left: 10px;">Other segment items (1)</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 14. Segment Information - B16"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">18,379</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 14. Segment Information - B16"> </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 14. Segment Information - D16"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">29,796</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;" title="Note 14. Segment Information - D16"> </td></tr><tr><td>Consolidated net loss</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 14. Segment Information - B17">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">(92,528</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 14. Segment Information - B17">) </td><td> </td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 14. Segment Information - D17">$</td><td style="width: 9%; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">(146,938</td><td style="width: 1%; text-align: left; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;" title="Note 14. Segment Information - D17">) </td></tr></table><div style="text-align: justify; margin-left: 18pt;">  </div> <div style="text-indent: -18pt; text-align: justify; padding-left: 18pt;"> <div style="text-align: justify;"> <span style="color: #000000;">(1)  Other segment items include stock-based compensation expense, investment income, interest expense, gain or loss on investments, other income or expense and income tax expense or benefit.</span> </div> </div> 246091000 131612000 2836000 1363000 28557000 26989000 104182000 112946000 9989000 5642000 20308000 14281000 22431000 20553000 131937000 66980000 18379000 29796000 -92528000 -146938000 Other segment items include stock-based compensation expense, investment income, interest expense, gain or loss on investments, other income or expense and income tax expense or benefit. <div style="text-indent: 36pt; text-align: justify;"> <span style="color: #000000;">During the quarter ended March 31, 2026, our directors and officers (as defined in Rule 16a-1(f) under the Exchange Act), or Section 16 officers and directors, adopted or terminated contracts, instructions or written plans for the purchase or sale of our securities as noted in the table below.</span></div><div>*       Contract, instruction or written plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act.</div><div>**    "Non-Rule 10b5-1 trading arrangement" as defined in item 408(c) of Regulation S-K under the Exchange Act.</div><table style="border-collapse: collapse; font-family: TimesNewRoman, &quot;Times New Roman&quot;, Times, Baskerville, Georgia, serif; font-size: 10pt; vertical-align: bottom"><tr style="height: 0px; font-size: 0px;"><td style="width: 7%;"></td><td style="width: 1%;"></td><td style="width: 18%;"></td><td style="width: 1%;"></td><td style="width: 5%;"></td><td style="width: 1%;"></td><td style="width: 6%;"></td><td style="width: 1%;"></td><td style="width: 7%;"></td><td style="width: 1%;"></td><td style="width: 7%;"></td><td style="width: 1%;"></td><td style="width: 20%;"></td><td style="width: 1%;"></td><td></td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td colspan="3" style="font-weight: bold; text-align: center;">Trading Arrangement</td><td> </td><td style="font-weight: bold; text-align: center; width: 20%;">Total Shares</td><td> </td><td> </td></tr><tr style="white-space : nowrap; "><td style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">Name</td><td style="font-weight: bold; text-align: center;"> </td><td style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">Title</td><td style="font-weight: bold; text-align: center;"> </td><td style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">Action</td><td style="font-weight: bold; text-align: center;"> </td><td style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">Date</td><td style="font-weight: bold; text-align: center;"> </td><td style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">Rule 10b5-1*</td><td style="font-weight: bold; text-align: center;"> </td><td style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">Non-Rule 10b5-1**</td><td style="font-weight: bold; text-align: center;"> </td><td style="font-weight: bold; text-align: center; width: 20%; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">to be Sold</td><td style="font-weight: bold; text-align: center;"> </td><td style="font-weight: bold; text-align: center; border-width: medium medium 1px; border-style: none none solid; border-color: currentcolor currentcolor rgb(0, 0, 0);">Expiration Date</td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="vertical-align: top;">Eric Swayze</td><td> </td><td style="vertical-align: top;">Executive Vice President, Research</td><td> </td><td style="text-align: center; vertical-align: top;">Termination</td><td> </td><td style="text-align : center; vertical-align : top; white-space : nowrap; ">March 6, 2026</td><td> </td><td style="text-align: center; vertical-align: top;">X</td><td> </td><td> </td><td> </td><td style="width: 20%; text-align: right;">177,770</td><td> </td><td style="vertical-align: top;">The earlier to occur of (i) December 31, 2027, and (ii) Upon the execution of all instructions provided in the plan</td></tr><tr><td style="vertical-align: top;">Holly Kordasiewicz</td><td> </td><td style="vertical-align: top;">Executive Vice President, Chief Development Officer</td><td> </td><td style="text-align: center; vertical-align: top;"><span style="-sec-ix-hidden: hidden-fact-7">Adoption</span></td><td> </td><td style="text-align: center; vertical-align: top;">March 13, 2026</td><td> </td><td style="text-align: center; vertical-align: top;">X</td><td> </td><td> </td><td> </td><td style="width: 20%; vertical-align: top;"> Indeterminable, as number of shares to be sold is dependent on total number of shares released upon vesting </td><td> </td><td style="vertical-align: top;">The earlier to occur of (i) May 31, 2027, and (ii) Upon the execution of all instructions provided in the plan</td></tr><tr style="background-color: rgb(204, 238, 255);"><td style="vertical-align: top;">Eric Swayze</td><td> </td><td style="vertical-align: top;">Executive Vice President, Research</td><td> </td><td style="text-align: center; vertical-align: top;"><span style="-sec-ix-hidden: hidden-fact-8">Adoption</span></td><td> </td><td style="text-align: center; vertical-align: top;">March 6, 2026</td><td> </td><td style="text-align: center; vertical-align: top;">X</td><td> </td><td> </td><td> </td><td style="width: 20%; vertical-align: top;"> Indeterminable, as number of shares to be sold is dependent on total number of shares released upon vesting </td><td> </td><td style="vertical-align: top;">The earlier to occur of (i) December 31, 2030, and (ii) Upon the execution of all instructions provided in the plan</td></tr><tr><td style="vertical-align: top;">Frank Bennett</td><td> </td><td style="vertical-align: top;">Executive Vice President, Chief Scientific Officer</td><td> </td><td style="text-align: center; vertical-align: top;"><span style="-sec-ix-hidden: hidden-fact-9">Adoption</span></td><td> </td><td style="text-align : center; vertical-align : top; white-space : nowrap; ">March 31, 2026</td><td> </td><td style="text-align: center; vertical-align: top;">X</td><td> </td><td> </td><td> </td><td style="width: 20%; text-align: right; vertical-align: top;">67,386</td><td> </td><td style="vertical-align: top;">The earlier to occur of (i) July 5, 2027, and (ii) Upon the execution of all instructions provided in the plan</td></tr></table> false false false false Eric Swayze Executive Vice President, Research March 6, 2026 true 177770 December 31, 2027 Holly Kordasiewicz Executive Vice President, Chief Development Officer March 13, 2026 true May 31, 2027 Eric Swayze Executive Vice President, Research March 6, 2026 true December 31, 2030 Frank Bennett Executive Vice President, Chief Scientific Officer March 31, 2026 true 67386 July 5, 2027 --12-31 1 P3Y6M 2030-12-31 2028-06-30 2026-04-30 1 P444D P1761D P461D 0000874015 false Q1 Includes investments classified as cash equivalents in our condensed consolidated balance sheets. Our publicly traded equity securities are included in other current assets. We recognize publicly traded equity securities at fair value. In the first quarter of 2026, one of our privately held investees became a publicly traded entity after completing an initial public offering. As a result, we recorded a $23.4 million unrealized gain in our condensed consolidated statements of operations, which reflects the difference between the carrying value of this investment as of December 31, 2025 and its fair value of $55.8 million as of March 31, 2026. This investment is subject to a 12-month contractual sale restriction that ends in January 2027. In the three months ended March 31, 2026, we recorded a $0.9 million net unrealized loss in our condensed consolidated statements of operations related to changes in the fair value of our other investments in publicly traded companies. Our privately held equity securities are included in deposits and other assets. We recognize our privately held equity securities at cost minus impairments, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer, which are Level 3 inputs. In the three months ended March 31, 2026, there were no changes to the carrying value of our privately held equity securities. Included in cash and cash equivalents. $2.7 million was included in cash and cash equivalents, with the difference included in short-term investments. Included in short-term investments. Included in other current assets. $47.8 million was included in cash and cash equivalents, with the difference included in short-term investments. Included in other current liabilities in our condensed consolidated balance sheet. Other segment items include stock-based compensation expense, investment income, interest expense, gain or loss on investments, other income or expense and income tax expense or benefit.