| Investments Investments as of September 30, 2025, consist of the following (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Adjusted
Cost | | Unrealized
Gains | | Unrealized
Losses | | Fair
Value | | Corporate bonds | $ | 150,954 | | | $ | 22 | | | $ | (16) | | | $ | 150,960 | | | Government and government agency | 107,454 | | | 168 | | | (3) | | | 107,619 | | | U.S. Treasury bills | 25,383 | | | 4 | | | — | | | 25,387 | | | | | | | | | | | Total short-term investments | $ | 283,791 | | | $ | 194 | | | $ | (19) | | | $ | 283,966 | | | | | | | | | | | Adjusted
Cost | | Unrealized
Gains | | Unrealized
Losses | | Fair
Value | | Government and government agency | $ | 343,418 | | | $ | 502 | | | $ | (97) | | | $ | 343,823 | | | Corporate bonds | 94,447 | | | 103 | | | (33) | | | 94,517 | | | | | | | | | | | | | | | | | | | Total long-term investments | $ | 437,865 | | | $ | 605 | | | $ | (130) | | | $ | 438,340 | |
Investments as of December 31, 2024, consist of the following (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | Adjusted
Cost | | Unrealized
Gains | | Unrealized
Losses | | Fair
Value | | U.S. Treasury bills | $ | 60,040 | | | $ | 120 | | | $ | — | | | $ | 60,160 | | | Corporate bonds | 18,058 | | | 3 | | | (1) | | | 18,060 | | | Government and government agency | 1,446 | | | 1 | | | — | | | 1,447 | | | | | | | | | | | Total short-term investments | $ | 79,544 | | | $ | 124 | | | $ | (1) | | | $ | 79,667 | |
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